Part II 2011
The Institute’s Part II syllabus is changing from 1 January 2011. The Part II syllabus before 2011 will continue to be known as “Part II The Actuarial Control Cycle”. The new Part II syllabus will be known as “Part II 2011”. The Part II 2011 is comprised of:
- Part IIA – The Actuarial Control Cycle
- Part IIB – Investment and Asset Modeling
Background
The Part IIB Investments and Asset Modeling subject was introduced as 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. A mapping exercise of the coverage of Investments in the Institute’s Part I and II Education Program and Part III Course 1 Investments against the IAA syllabus for their Subject 8: Investment and Asset Analysis was completed by Institute members. While some of the content of the IAA Subject 8 is covered by the CT courses e.g. CT8 or Part II The Actuarial Control Cycle, most content is in Unit 1 and 2 of the existing Part III Course 1 Investments Course.
The Part IIB Syllabus has two Units:
- Unit 1: Investment Background
- Unit 2: Asset Liability Management
The Investments Bridging Course
The online Investments Bridging Course, which has the same syllabus as Part IIB Investment and Asset Modelling, has been made available for a temporary period (TBC) for members who completed university when Part II was only comprised of the Actuarial Control Cycle after 2009 for the purposes of fulfilling the 2010 Associate requirements and the new designation ‘actuary’.
The following people will be eligible to do the Investments Bridging Course:
- Members who completed Part II before 2010 and were not Associates
- Students enrolled in the Actuarial Control Cycle course at accredited universities in 2010 who meet the exemption standard.
The following people will be ineligible to do the Investments Bridging Course:
- Students who are currently enrolled in an actuarial studies program at an accredited or non-accredited university except for those eligible in point 2 above.
The Investments Bridging Course is also a requirement for completing Part III for those who choose the Course 7A Enterprise Risk Management as their Module 1 elective.
Refer to The Investments Bridging Course for more information from this link.
Investments Bridging Course Exemption for the designation ‘actuary’ for pre-2009 Associates
In introducing the new designation ‘actuary’ in 2010, Council decided that members who had achieved Associate status before the end of 2009 and those who had completed the study of all Part I and II subjects to the required exemption standard before the end of 2009 would be exempt from completing the Investments Bridging Course. This is because there was additional investments material in the Part II syllabus before 2009, which was moved into Unit 1 of the Part III Course 1 Investments Course in 2009. It was also assumed that those in this situation would have gained investments knowledge through work experience.
This Investments Bridging Course exemption is only for the purposes of achieving the designation ‘actuary’ or Associate status under the 2010 rules, it does not apply for the purposes of completing Part III for those who choose Course 7A Enterprise Risk Management as their Module 1 elective.
Part IIB delivery
The Part IIB subject is being delivered in different ways by different accredited universities. Some universities are offering Part IIB as a separate one semester subject which is completed after two one semester subjects of the Actuarial Control Cycle. Other universities are offering Part IIB as a one semester subject which is done at the same time as the Actuarial Control Cycle.
Part II 2011 Exemptions
The Institute considers Part II 2011 to be one subject in its education program with one exemption. Students who do not complete Part II The Actuarial Control Cycle to the required exemption standard by the end of 2010 will be required to complete Part II 2011 (i.e. Part IIA The Actuarial Control Cycle and Part IIB Investment and Asset Modeling).
The same exemption standards for Part II The Actuarial Control Cycle in 2010 at each accredited university (as approved by the Institute though its university accreditation policy) will apply to Part II 2011. Where an average standard has been set for two subjects in Part II the Actuarial Control Cycle, this average will now apply to all subjects in Part II 2011.
Students who have completed the Actuarial Control Cycle in 2010 cannot complete the Part IIB subject through accredited universities and must complete the Investments Bridging Course. It is anticipated that, if a choice were available, almost all students would prefer to take the Investments Bridging Course as it is a cheaper and easier option.
Pathways in 2011
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.
Refer to Pathways to Associateship from this link and Pathways to Fellowship from this link for more information on pathways in 2011.
