Part II
The Institute’s Part II syllabus changed from 1 January 2011. The previous Part II syllabus will continue to be known as "Part II The Actuarial Control Cycle" while the new Part II syllabus will be known as "Part II 2011". Part II 2011 is comprised of:
- Part IIA – The Actuarial Control Cycle
- Part IIB – Investment and Asset Modelling
The Institute has a process of accrediting universities to teach and examine Part II. Five universities - the Australian National University (Canberra), Macquarie University (Sydney), the University of Melbourne (Melbourne), the University of New South Wales (Sydney) and Curtin University (Perth) - offer accredited education programs that cover the Institute Part II syllabus.
Distance education options are available from Macquarie University and the University of Melbourne.
These programs are offered either as part of an undergraduate honours degree, as part of a post graduate qualification or as non-award subjects. Students are advised to contact the respective University directly for full details on prerequisites, assessments, course work and fees.
The Institute monitors educational standards through an accreditation process that reviews syllabus coverage, examination setting and marking, grade distribution and exemption level at each university.
Part IIB – Investment and Asset Modelling
Part IIB – Investment and Asset Modelling was introduced as a result of the new ‘actuary’ designation, which was introduced on 1 January 2010 to bring new Associates into alignment with the International Actuarial Association’s (IAA) standards for a fully qualified actuary. This content was designed to cover the IAA subject 8 syllabus and units one and two of the old Part III Course 1 Investment.
The Part IIB Syllabus has two Units:
- Unit 1: Investment Background
- Unit 2: Asset Liability Management
Exemptions
The Institute grants exemptions from Part II on the basis of university grades, which are consistent with Institute standards. Once the student has given authorisation to the relevant university, the university advises the Institute of the students’ eligibility for Part II exemption. The student is then advised that they are eligible for exemption from Part II.
For the purpose of university grades, each semester will be assessed separately. For the purpose of exemption from Part II, results in the two semesters will be combined.
The Institute considers Part II B to be one subject in its education program with one exemption. Students who did not complete Part II The Actuarial Control Cycle to the required exemption standard by the end of 2010 are required to complete Part II 2011 (i.e. Part IIA The Actuarial Control Cycle and Part IIB Investment and Asset Modelling).
Exemption eligibility
| Australian National University | | An overall grade of Distinction with a
minimum grade of Credit in each unit |
| Macquarie University | | An overall grade of Credit (B grade) |
| University of Melbourne | | Performance in end of semester examinations
and satisfactory completion of assignments |
| University of New South Wales | | An overall grade of Distinction (75%) |
| Curtin University | | An overall grade of 70% |
Transition Arrangements
This now means that there will be a transition period where there are different pathways to Associateship and Fellowship depending on when Part II was completed. For more information about transition arrangements, view our Frequently Asked Questions.
For further information on the Part II Education Program, please refer to Pathways to Associateship and Pathways to Fellowship or contact the Education Team via:
T: +61 (02) 9233 3466
E: Education Team
