Additional Transition Rules
Students who have passed one or more Part III subjects will receive a credit for each of these passes under the new Fellowship Program. These will count towards both the three (Group B) or four (Group A) subjects they need to pass in the Part III/Fellowship Program.
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.
Students who have passed an existing Part III subject cannot also enrol in the replacement Fellowship subject and count this towards their three or four modules required for Fellowship.
Replacement subjects are outlined in the table below.
Existing Part III and new Fellowship replacement subjects
Note: There is no ‘replacement’ subject for 5B and therefore students who have taken 5B are not restricted in which new Fellowship subjects they may enrol in.
Students currently studying Part III in 2018 will be given a minimum of two additional attempts to pass an existing subject.
Students who have attempted and not passed an existing Part III subject that ceases to be offered may choose to transition to the most similar new Fellowship subject as outlined in the table below.
Existing Part III and new Fellowship most similar subjects
Note: There is no ‘most similar’ subject currently identified for 5B Wealth Management and Finance. As future subjects are developed we will advise students part-way through 5A/5B of their options.
Specific credits will also be provided to students who have studied nominated Part III subjects (see table below) in recognition of the pre-requisite requirements for the following new Fellowship subjects:
- Life Insurance Applications
- General and Health Insurance Applications
- Retirement Applications
Specific Part III credit recognition for pre-requisite requirements of new Fellowship subjects
Existing transition rules regarding the Investments related study will change from 2020. See below:
Members who have only completed Part II the Actuarial Control Cycle (i.e. have not also completed Part IIB – Investment and Asset Modelling) must take the Investments Bridging Course (until end 2019) or the Asset Management subject (from 2020) to become Associates, unless they completed all Part I and Part II study to the exemption standard before end 2009.
Members who have only completed Part II the Actuarial Control Cycle (i.e. have not also completed Part IIB – Investment and Asset Modelling) by 1 January 2010 must take the Investments Bridging Course (until end 2019) or the Asset Management subject (from 2020) to become Fellows (unless they have completed Part III past subject C1, Part III existing subject 5A or passed the CFA qualification) to ensure that they have met the International Actuarial Association’s minimum Investments standards.