Part III OrientationSemester 1, 2017

The Institute Education Team• Sarah Tedesco, Chief Operating Officer• Eleanor Mazando, Education Manager and Team Leader• Ausa Chanthaphone, Education Coordinator

GuestsCourse Leaders• Danny Bechara FIAA, CERA – Chief Examiner, C2B Life Insurance

Part III students• Tim Hillman FIAA – 2016 Prize Winner• David Barnes FIAA – 2016 Prize Winner

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Associate - AIAA

Part I(Foundation)

Part II(PART IIA ACC + Part IIB Inv)

3 Year PER

Professionalism Course

All members who met the Associate requirements from 1 January 2010 also meet the requirements to use the designation “actuary”. Members who completed Part II the Actuarial Control Cycle only (i.e. have not also completed Part IIB Investments) must take the

Investments Bridging Course to become Associates, unless they completed all Part I and Part II study to the exemption standard before the end of 2009. Part III Course 1 Investments is recognised as the equivalent of the Investments Bridging Course.

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Becoming an Associate

Becoming a Fellow

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Members who completed Part II the Actuarial Control Cycle only (i.e. have not completed Part IIB Investments) must take the Investments Bridging Course if they do not take any Investments related options in Part III (i.e. C1, C5A or CFA)

to become Fellows.

Fellow - FIAA

Part I(Foundation)

Part II(PART IIA ACC + Part IIB Inv)

Part III

Professionalism Course

Course 3A General Insurance

Course 5A Investment Management

and Finance

PLUS

OR OR OR

PLUS

MODULE 1

Course 6A Global Retirement Income Systems

Course 3B General Insurance

Course 5B Investment Management

and Finance

Course 6B Global Retirement Income Systems

PLUS PLUS PLUS

Course 10 Commercial Actuarial Practice

MODULE 2

MODULE 3

MODULE 4

OR ORCourse 7A

ERM – UK ST9 + workshop

Any otherPart A or B PhD CPA/ICA CFA

UK ST1 or ASSA F101 + online PHI

OR OR OR

Course 2A Life Insurance

Course 2B Life Insurance

PLUS

C1 Investments has been discontinued from 2013, but will continue to be recognised for Part III Module 1.

Members who have not completed Part II 2011 (The Actuarial Control Cycle + Part IIB Investment and Asset Modeling) must take the Investments Bridging Course if they do not take any Investments related options in Part III (i.e. C1, C5A or CFA) to become Fellows.

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Part III

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Eleanor Mazando – Education Manager and Team Leader

Actuaries Institute

Institute delivery of Part III

• Learning Management System (LMS)– News forum (compulsory subscription)– Course calendar of upcoming events (tutorial dates)– Participation Discussion forums (managed by Course

Leaders/Fellows).– Course notes and readings.– Past exams, assignments, tutorial presentations and tutorial

audio.• Module 2 & 3

– 3 Tutorials per semester• Institute’s website - BoE reports • Contact the Education Team -

education@actuaries.asn.au

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Learning Management System

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Course overview

Calendar

Unit readings

Discussion forums per unit

Tutorials

Part III Policies and Procedures

• Academic honesty (PS1 Code of Professional Conduct)

• Fee relief (50% of full fees)• Withdrawal from subjects (early and late)• Standard vs temporary exam centres• Students with disabilities (access arrangement)• Special consideration• Exam performance interviews • All forms are available in the Education section

of the website: http://www.actuaries.asn.au/studying-with-the-institute/forms

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Candidate Number

• Candidates will be issued with a candidate number by email (usually after week 5) which is to be used for assignments and exams.

• Candidate numbers will start with “17” for 2017 and “1” for semester 1 e.g.171XXX

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Assessments• Module 1

Course 7A ERM– UK ST9 exam (100%)– Compulsory attendance at workshop (once)– ERM ST9 exam discussion forum (non assessed

participation)

UK ST1 Health and Care or ASSA F101– exam(100%)– Completion of online Private Health Insurance

course

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Assessment (cont)• Module 2 and 3

Course 2A, 2B, 3A, 3B, 5B/6A (Semester 1) and 5A/6B (Semester 2).– Online forum participation mark (10%)– Exam – three questions (90%)

• Module 4 Commercial Actuarial Practice (CAP)– Residential course attendance (first time

students)– post course assignment(20%)– case study exam (80%)

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Exam – Module 2 and 3

• Makes up 90 % of the assessment mark for Module 2 and 3

• 3 hour exam with 15 minute planning and reading time (total 3hrs and 15mins)

• Open book conditions, you can bring:- A calculator- Any hard copy textbooks or printed notes

• Conducted using MS Word and Excel• Access to internet blocked throughout exam• Standard digital materials will be provided

- Textbooks, Course materials, readings (all copy protected)- Associated question spreadsheets

• Past exam questions and solutions link in the LMS 14

Online Course Discussion Forum• Makes up 10 % of the assessment mark for Module 2

and 3• All Institute delivered Part III courses - 2A, 2B, 3A, 3B,

5A, 5B, 6A, 6B (excluding CAP and C7A)

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Online Course Discussion Forum

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Candidates will be required to make at least 6 posts of up to 200 words to the compulsory discussion forum throughout the semester (not all at the beginning or end) and be a considered discussion on some aspect of the course:

– 2 must be original posts that initiate a discussion on some aspect of the course

– 4 posts must respond critically to other posts– The overall contributions will be assessed to earn up to 10%

of the assessment for the course– If you do not make the required 2 original and 4 response

posts, you will be limited to a maximum of 5 marks– Posts must be made before the end of week 15 of the

semester – Marks for the discussion forum will be given to candidates

in their final results letter

Forum Participation Marking Guide

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Marks Description

2 Candidate meets the minimum standard of 2 original posts and 4 responses to other students’ posts

PLUS

3 Posts are usually well communicated

2 Posts are sometimes well communicated

0 Posts are never well communicated

PLUS

3 Posts usually discuss the issues and recommend a solution or practical difficulties, in the context of the current discussion (where relevant)

2 Posts sometimes discuss the issues and recommend a solution or practical difficulties, in the context of the current discussion (where relevant)

0 Posts never discuss the issues and recommend a solution or practical difficulties, in the context of the current discussion (where relevant)

PLUS

2 Candidate makes additional posts which assist other candidates

*Maximum of 10 marks

If the candidate does not meet the minimum requirement of 2 original posts and 4 responses to other students’ post they will be limited to a maximum of 5 marks.

Importance of Forum Participation Mark

• Do not underestimate the importance of the 10% from the discussion forum participation mark

• The Chair of the Board of Examiners noted that for Semester 2 2016:

– The proportion of students achieving the maximum mark of 10/10 was only 36%

– For Semester 2 2016 and the previous semester, 2B had the lowest average participation mark of all the subjects.

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Semester 2 2016 Participation Marks

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Participation Subject

Mark 2A 2B 3A 3B 5B 6A Total

10 20 5 50 21 24 2 1229 24 7 13 32 4 7 878 15 21 19 17 8 1 817 1 6 3 1 0 1 126 1 2 0 0 2 0 55 1 0 2 1 3 0 74 0 0 0 0 1 1 23 1 0 1 0 0 0 22 2 1 0 1 1 2 71 0 1 0 0 0 0 10 1 3 3 2 0 1 10

No. of Candidates 66 46 91 75 43 15 336Average Mark 8.5 7.3 8.8 8.6 8.7 7.1 8.4

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Danny Bechara FIAA – Chief ExaminerC2B Life Insurance

Insights from a Course LeaderBruce Thomson, C2A Course Leader

Knowing the textbook and course material is necessary, but it is not sufficient to pass.

You also need a broad industry understanding.• Talk with colleagues and acquaintances re issues in their work• Read widely e.g. industry newsfeeds

Value of the discussion forum is to encourage research, both in raising issues and replying to them

3 questions in a 3-hour exam now means that time pressure is a given. Prepare for it.

Consider why you should pass when only 30% of your predecessors have passed each semester.

This is not university. Make a specific lifestyle sacrifice in order to increase your chances.

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Sarah Tedesco – Chief Operating OfficerActuaries Institute

Part III Pass Rates

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• *Includes non-Fellows taking C7A ERM.• ** Excludes UK ST9 & ST1

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2005 2006 2007 2008 2009 2010* 2011* 2012* 2013* 2014* 2015* 2016*

Sem 1

Sem 2

How Part III is Different from University

• Greater responsibility for learning• Less structure to study• Imbalance of life roles (work/life balance)• Increased individual pressure • Less contact with others (more isolated)• Open book exams• Complex judgement and assessment on

application methods• Mastery learning approach – requires deep

learning and commitment

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What You Can Do to Help

• Form links/study groups with people (tutorials, forums, work)

• Discuss requirements with work• Be familiar with the web support mechanisms• Better juggle work/life commitments• Prioritise tasks and responsibilities• Set up a study routine and stick to it !

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Who Are the Part III Students?

• Over 80% based in Australia• Over 400 enrolments each semester• Majority work in General/Life Insurance• 97% have completed Part I and Part II• 40% spend 11-15 hours per week studying Part III

(70% spend 11-20+ hours)• Average time to complete Part III is three years• 60-80 new Fellows qualify each year

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Tim Hillman FIAA

• Tim Hillman

• FIAA– Completed my Part-III exams in Semester 1,

2016

Part-III pass rate

• Overall, Semester 1, 2016: 32%– A chastening statistic!

• How do you improve your chances of success?– Just showing up for this orientation session is a start!

• My first piece of advice:If you understand the course material, you’ll pass the exam.

• A problem:– There is a lot of material to cover

Part-III material

• Course notes– Reading included with course notes– Extra reading referenced in course notes

• Textbook– Examples/exercises in textbook

• Discussion forums• Past exams (and assignments)• Tutorials

– Preparation and “homework”• Topical issues in your field

My suggestions

• Very hard to be on top of everything!• Necessary to prioritise

My suggestions• Read through a couple of past exams early (with marking

guide!)– There are plenty of others to practice on later– You’ll appreciate the scope of the course and the required level

of understanding right from the start– You’ll see that the margins between success and failure are small

• Get 10/10 for the forum posts– … and don’t leave them too late!– Do at least 2 posts in January, and 3 in February– Keep the posts succinct (200-word limit – not so easy!)– If you’re stuck, find a relevant issue, do some internet research,

and summarise your thoughts

My suggestions• Attend the tutorials

– Great opportunities to challenge yourself throughout the semester– Anecdotal observation: way more than 32% of tutorial attendees

pass their exam!

• Study groups– If they work for you

• Base your 15-week study schedule around the course notes– Don’t get stuck on anything– Don’t let two days go by without making some progress– Leave a few weeks to concentrate on past exams

My suggestions for CAP

• Do the pre-course work well ahead of time– … especially the case studies

• Enjoy the course!– Highlight of the Part-III experience

• The course instructors will give the best advice for passing CAP

Best wishes for your exams!

• We’re privileged to have the opportunity to attempt them

• Don’t worry about failing, but don’t give up– You get the same qualification no matter how

many attempts you need– “You’re not a real actuary unless you fail at

least one exam”

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David Barnes FIAA

Top tips

1. Keep exams in perspective2. Expect to pass3. Prepare accordingly!4. Past exams versus course materials5. Use any study days well6. Ask questions at work7. Discussion forums