In 2019 the Actuaries Institute will commence the implementation of changes to enhance the actuarial education program. These changes are designed to:
- improve the consistency and quality of students’ education experience;
- modernise the program delivery using up-to-date technology;
- ensure the curriculum is better able to keep pace with industry changes over time;
- provide broader pathway options for students in the Fellowship program; and
- boost the data analytics, communication skills and business acumen of all actuaries.
CHANGES COMMENCING IN 2019
Part III will be replaced by the new Fellowship Program.
The new Fellowship Program comprises three half-year modules delivered in an online format. Student experience will be enriched through improved quality of learning resources, teaching, assessment, and feedback.
Students can choose from 11 subject options within three modules depending on their chosen area of specialisation.
The program will be phased in from 2019 and the transition rules have been designed to minimise disruption to current students.
Individual Fellowship subjects will be more expensive than current Part III subjects, however the new Fellowship Program (three modules) will be less expensive overall than the existing Part III Program (four modules).
2019 is the last year that the current Professionalism Course will be run. From 2020 onwards, it will be replaced with a new assessed subject Communications, Modelling and Professionalism which all students will need to complete to become an Associate or Fellow.
There will be no change to the qualification standard.
All subjects will be taught and assessed by the Actuaries Institute, with the first two new subjects introduced in 2019:
- Life Insurance and Retirement Valuation (semester 1 only); and
- Life Insurance and Retirement Product Development (semester 2 only).
To obtain Fellowship designation under the new education model, students will have to:
- achieve the new Associateship designation;
- pass each of the three Fellowship modules; and
- undertake a further one year of supervised work experience.
Overview of new education model
FIND OUT MORE
Existing Part III subjects and New Fellowship Subjects