Transcript Document
University of New South Wales Presentation to Actuarial Students Helen Martin BA FIAA IAAust Past President August 2003 The Actuarial Profession in Australia • • • • Role of the Institute Initiatives & activities Education – Part III Review Why it’s a great profession! Role of the Institute • Professional body: representing, and providing services to, members of the actuarial profession since 1897 • Over 2600 members, including students, Associates, Fellows & Affiliates • Vision: IAAust aims to position the profession so that wherever there is uncertainty of future financial outcomes, actuaries are sought after for their valued advice and authoritative comment. Role of the Institute • IAAust represents the actuarial profession by creating, expanding and maintaining an environment where the skills of actuaries are widely used and valued through: • development of professional standards • providing education, CPD & forums for discussion • promoting research & development of actuarial science, and • contributing to public policy. Initiatives & Activities Education • • • • Recognised as world class - flexible and innovative Continually evolving – eg current Part III changes Partnership with universities important Asian education strategy CPD, Discussion forums, member services • • • • Conventions, forums & seminars Journals, magazine, web-site Links with industry and other bodies Research, experience studies Initiatives & Activities Policy submissions & representation • • • • • • General Insurance Public Liability & Medical Indemnity Health Financing Ageing & Retirement Incomes Governance & prudential issues Financial reporting, accounting and executive options International involvement • International Actuarial Association • International Accounting Standards Board • International Association of Insurance Supervisors Education – Part III Review Part I • equivalent to UK 100 series subjects • covers core technical material Part II (Actuarial Control Cycle) • practical application across all areas • leads to AIAA qualification Part III • Specialist subjects by practice area • leads to FIAA qualification Education – Part III Review Current Part III Structure • Pass two Specialist subjects in: - Finance - Investment - Life Insurance - General Insurance - Superannuation & Planned Savings Education – Part III Review Proposed Part III structure Module 1 Investment Management Module 2 Specific Practice Area Skills Module 3 Specific Practice Area Skills Module 4 Business Applications Part III Each module is a half-year subject, all four modules must be completed Education – Part III Review Proposed Part III Structure Module 1 - compulsory • provide adequate level of investment knowledge Modules 2 and 3 - at selection of student • only one specialist area required • develop technical and judgment skills Module 4 – compulsory • non-practice area specific • use judgement & apply knowledge and skills to simulated commercial problems. Education – Part III Review Proposed Part III Structure Modules 2 and 3 • Existing courses split into two modules for: - Life Insurance - General Insurance - Superannuation & Planned Savings • New combined Investment and Finance course established as two modules Education – Part III Review Proposed Part III Structure Module 4 • combination of self study material & 5 day intensive residential course • traditional and non-traditional areas • ethical issues & corporate governance • professional standards • accredited communications course Education – Part III Review Assessment • Modules 1 - 3: combination of assignments & exam (max. 20% based on assignments) • Module 4: combination of case study (completed under exam conditions) & examination • Exploring possibility of other methods eg Viva Voce Education – Part III Review Transition 2005 & 2006 • modules offered twice yearly from 2005 • two years to qualify under old structure • Part III subjects passed prior to 2004 = credit of two modules in the new structure • Pass in one paper in 2004 = credit of one module in new structure Why it’s a great profession! • • • • • • • Valuable technical skills with wide application Areas of work many and varied Opportunities in financial services and beyond Member of respected profession Global qualification - mutual recognition Access to IAAust services and programs Industry/professional/political/regulatory involvement The opportunity to make a difference! Want more information? Visit the IAAust website www.actuaries.asn.au Contact the IAAust Secretariat Institute of Actuaries of Australia Level 7 Challis House, 4 Martin Place Sydney 2000 AUSTRALIA Telephone: 02 9233 3466 Fax: 02 9233 3446 Email: [email protected]