Actuary Program: Transition Arrangements
Students who commenced their actuarial studies prior to 2019 may be subject to transition arrangements as the new syllabus is rolled out.
The transition arrangements seek to give credit to students for subjects they may already have completed and consider the timing of the implementation of the new syllabus.
In effect, students who need to work through the transition arrangement will be categorised into one of two groups based on their completion of the old syllabus’ Part II (which consisted of Part IIA - The Actuarial Control Cycle and Part IIB - Investment and Asset Modelling).
The two groups are
Group A: Students who obtained a full exemption from Part II by the end of 2019.
Group B: Students who did not obtain a full exemption from Part II by the end of 2019.
Group B includes:
- those who attempted Part II prior to 2020 but did not gain a full exemption
- those commencing the new Actuary Program from 2020.
Becoming an Associate
If you obtained a full exemption from Part II by the end of 2019, you can qualify as an actuary and become an Associate if you:
- Have already attended the Professionalism course (prior to 2019) and completed three years of relevant work experience OR
- Pass the new Communication, Modelling and Professionalism (CMP) subject and complete one year of relevant work experience.
Note: Group A students can elect to become a Group B student if they gain exemption for what they have completed under the existing Part II program and complete the additional Actuary Program subjects: Communication, Modelling and Professionalism and Data Science Principles.
If you did not obtain a full exemption from Part II by the end of 2019 you can qualify as an Actuary and become an Associate if you:
- Pass all components of the new Actuary Program.
- Complete one year of relevant work experience.
Subject exemptions – Group B students.
- Group B students who achieved an exemption standard in Actuarial Control Cycle 1&2 in 2019 or earlier gain an automatic exemption from the new Actuarial Control Cycle subject.
- Group B students who achieved an exemption standard in Investment & Asset Modelling in 2019 or earlier gain an automatic exemption from the Asset Liability Management subject.
If you have questions about the Transition Arrangements and how they might apply to you, contact the Education Team.
The diagram below outlines the different study pathways to be taken by Group A and Group B students to become an Associate.