The actuary designation
Changes to the designation ‘actuary’ were made from 1 January 2010. Prior to that date, only Fellows of the Institute could describe themselves as an ‘actuary’. From 1 January 2010, however, the following Members may describe themselves as an ‘actuary’:
- Fellows; and
- all members who meet the Associate requirements, as set out below.
In order to avoid misleading the public, however, clause 6.1.2 of the Institute’s Code of Professional Conduct requires that a Member entitled to use the designation of ‘actuary’ must disclose his or her qualification in the following circumstances (as relevant):
- prior to entering into an employment agreement or a retainer agreement as an actuary with a prospective Principal; and
- in circumstances (including giving any written advice or report) where the Member is acting as an actuary and, were the Member’s qualification not to be disclosed, an intended third party recipient would be, or would be likely to be, misled or deceived as to such.
Members who became Associates after 1 January 2010
Members who became Associates after 1 January 2010 are entitled to use the designation "actuary" without meeting any further requirements.
The only exception to this rule are members who were given until 30 June 2010 to pay any outstanding exemption fees to qualify as Associates under the pre-2010 rules. Members in this situation have the same requirements to be entitled to use the designation "actuary", as those who became Associates before 1 January 2010 (see below).
Members who became Associates before 1 January 2010
Members who had already achieved Associate (AIAA) status by 1 January 2010 must complete the following requirements.
- Part I
- Part II – The Actuarial Control Cycle
- 3 year Practical Experience Requirement (PER)
- Professionalism Course (2 days)
Members who had completed Parts I & II before 1 January 2010 but had not become Associates by that time
Members who had completed the study of all Part I and II subjects to the exemption standard by 1 January 2010, but had not become Associates by that time, need to complete the same requirements as members who were Associates before 1 January 2010 (as outlined above).
Other members
Other members who completed Part II the Actuarial Control Cycle, but had not completed all Part I and II study to the exemption standard before 1 January 2010, are required to complete the following requirements.
- Part I
- Part II – The Actuarial Control Cycle
- The Investments Bridging Course
- 3 year Practical Experience Requirement (PER)
- Professionalism Course
