The Actuaries Institute's Practical Experience Requirement (PER) provides a structured framework to assist students in achieving relevant practical workplace skills while completing their studies.
Activities that qualify for the PER are those that make professional use of what members have studied in order to become an actuary. They include:
- work that makes use of economic, financial or statistical principles to solve professional problems;
- work that deals with the financial implications of uncertain events;
- work in the financial services sector, including insurance, superannuation, banking and investments; or
- actuarial work in health, energy or academic areas.
The Two-Year PER
It is recommended that members meet the two-year PER before attending the Institute's Professionalism Course.
Two years is the equivalent of 90 full-time working weeks (with a full-time working week considered to be at least 35 hours of work time). In other words, members need to complete at least 3,150 (90 x 35) hours of ‘Practical Experience’ before completing the sign-off form and attending the Institute's Professionalism Course.
The Three-Year PER
After 1 January 2010, members are required to have three years practical experience in order to become an Associate and attain the designation ‘actuary’. Three years is the equivalent of 135 full-time working weeks (with a full-time working week considered to be at least 35 hours of work time). The PER must span at least three calendar years.
Counting your Practical Experience
Members can begin counting their PER from the date they commence eligible work, provided it is after commencing approved actuarial tertiary study or Part I examinations via correspondence.
Completion of PER and Sign-offs
Members are not required to register or enrol for the PER, but do need to submit a PER sign-off form upon completion of three years practical experience.
At the end of 90 or 135 full-time working weeks, members must submit a PER sign-off form, counter-signed by their Manager, confirming they have met the PER.