Part II 2011 Frequently Asked Questions

Q1: I’m taking Part II in 2011. As Part IIB covers the same content as Units 1 and 2 of Course 1 Investments, if I intend to take Course 1 Investments as my Module 1 elective, can I be exempt from taking the Part IIB subject and just do the Control Cycle?

A1: No, Part IIB is not considered to be a separate subject by the Institute. If you have not completed the study for Part II The Actuarial Control Cycle by the end of 2010, you must complete Part II 2011. The Institute does not consider Part IIB and the Investments Bridging Courses to be alternatives that students can choose. The Institute is doing this to ensure that there will be a consistent Part II standard from 2011, i.e. that all students who complete Parts I and II will have completed all the assessable components of Associateship.

Q2: If I studied Part II in 2010 and I passed one semester of the Actuarial Control to the exemption standard, but not the other semester, do I have to take the Part IIB subject in 2011?

A2: Yes, if you have not completed the whole of Part II to the required exemption standard by the end of 2010, you must complete Part II 2011. You would not be eligible to enrol in the Investments Bridging Course. In this case you would need to complete the remaining one semester of the Actuarial Control and Part IIB to complete Part II 2011. You should consult your university about their particular rules for repeating Part II subjects.

Q3: I finished Part II in 2010,which means I need to take the Investments Bridging Course to become an Associate. As the Part IIB subject has the same syllabus as the Investments Bridging Course, can I take the Part IIB subject separately with an accredited university instead of doing the online Investments Bridging Course?

A3: No, the Part IIB subject is not considered to be a separate subject by the Institute, it is considered to be one component of Part II 2011. If you have completed Part II The Actuarial Control Cycle, you have already met the standard for completing Part II and are, therefore, not eligible to receive the exemption for Part II 2011. You would need to complete the Investments Bridging Course to become an Associate.

Q4: I’m doing Part II in 2011. Can I study Part IIB and Part III Course 1 Investments at the same time?

A4: Yes, completing Parts I and II are not a pre-requisite for completing Part III study. The Institute recommends that students have completed the study of Parts I and II before taking Part III studies, as Part I and II are considered assumed knowledge for Part III. However, if you choose to take a Part III subject while you are studying Part II, you will not be restricted from doing so. The Institute advises students contemplating this to fully consider their study workload and any other competing commitments before making this decision.

Q5: If I pass the two Control Cycle semesters in 2011 but fail Part IIB, as the Part IIB is the same syllabus as the Investments Bridging Course, can I take the Investments Bridging Course instead of repeating Part IIB?

A5: No, if you commence Part II 2011 at university you will need to complete it under the Part II 2011 rules according to the exemption standards at your particular university. The Institute does not consider Part IIB and the Investments Bridging Courses to be alternatives that students can choose.

Q6: How long is the Investments Bridging Course going to continue for?

A6: The Institute has not yet decided on an end date for the Investments Bridging Course. There will need to be sufficient overlap between the introduction of the Investments Bridging Course and Part II 2011 to ensure that those who completed Part II in 2010 can complete it to achieve Associateship or Fellowship if they elect Course 7A ERM for Module 1. The Institute’s intention is for the course to continue for long enough to allow all students who need to complete it to do so. Students will be informed in well in advance if a decision on an end date for the Investments Bridging Course has been determined.

If you have any further questions about Part II 2011 and the pathways to Associateship or Fellowship you can contact us via: 

T: +61 (0) 2 9233 3466

E: education@actuaries.asn.au