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actuarial exemptions (1 Viewer)

dvse

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If you do any combined degree, you still have to complete the UNSW Part II courses ACTL4001 and ACTL4002 along with your combined degree if you want the part II exemptions. Also, in order to enrol for ACTL4001 and ACTL4002 you need to first:

1) complete your part I
2) average mark of at least 70% in the ACTL courses completed to date and have at least 3 months work experience in a financial services company

For more info, check out this site. It's got a pretty detailed explanation towards the end:

School of Mathematics and Statistics - With Actuarial Studies
There is actually no sensible reason at all for these prerequisites other than to get people to enroll in Masters. Just about anyone can do these courses at MQ non-award.
 

keithmoon

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If you do any combined degree, you still have to complete the UNSW Part II courses ACTL4001 and ACTL4002 along with your combined degree if you want the part II exemptions. Also, in order to enrol for ACTL4001 and ACTL4002 you need to first:

1) complete your part I
2) average mark of at least 70% in the ACTL courses completed to date and have at least 3 months work experience in a financial services company

For more info, check out this site. It's got a pretty detailed explanation towards the end:

School of Mathematics and Statistics - With Actuarial Studies
That is 1) OR 2), not both are needed.
 

shinn

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Not sure if its relevant, but has anyone heard about the recent changes to how AIAA (associate) is awarded and the term "actuary" is used? I just stumbled upon the institute of actuaries of australia website and found some changes.

Apparently to become an associate (AIAA) now you not only need to complete part I and II but also extra courses and work experience. Any thoughts on this?

source:
http://www.actuaries.asn.au/NR/rdonlyres/86954990-955E-466E-8A3A-9D566DFEC327/5527/Presidentsletter.pdf

Institute of Actuaries of Australia
 

tintin_6

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Not sure if its relevant, but has anyone heard about the recent changes to how AIAA (associate) is awarded and the term "actuary" is used? I just stumbled upon the institute of actuaries of australia website and found some changes.

Apparently to become an associate (AIAA) now you not only need to complete part I and II but also extra courses and work experience. Any thoughts on this?

source:
http://www.actuaries.asn.au/NR/rdonlyres/86954990-955E-466E-8A3A-9D566DFEC327/5527/Presidentsletter.pdf

Institute of Actuaries of Australia
yep, these were the requirements to gain FIAA status before but now you have to fulfil them earlier in order to gain AIAA status. Don't know why they did this but I guess its because many students stop continuing their studies right after gaining their associate status. So probably they want these associates to have some credibility before calling themselves AIAA. Does anyone know the real reason?
 

shaon0

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Hi guys, in regards to Actuarial Studies, is it better to be very adept in Maths & Stats or have a deep understand of the accting and eco aspects of economy/markets/whatever is relevant. Also, is it possible to do a Masters in Actuarial Studies (not saying i will in any certain terms) in just a year?

Thanks
 

shinn

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Hi guys, in regards to Actuarial Studies, is it better to be very adept in Maths & Stats or have a deep understand of the accting and eco aspects of economy/markets/whatever is relevant. Also, is it possible to do a Masters in Actuarial Studies (not saying i will in any certain terms) in just a year?

Thanks
Having the technical knowledge is mandatory to pass the part I exams but having a deep understanding the acct/eco theory will definitely help a lot.

Yes, it's possible to do a masters in actuarial studies in one year but it requires you to have full part I background. Check the unsw actuarial website for more details.
 

shaon0

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A general query about Level I Exemptions. I've heard a rumour that one needs to achieve at least a credit in corequisite courses in Level I to be able to obtain Exemption Level I. Is this true?
 

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Hey guys just a quick question about the actuarial exemptions. For the exemptions that have more than one course eg ACCT1501+1511 and FINS1613 do we need a credit in each individual course or credit average in the 3 combined to meet the exemption requirement?
 

halapenyo

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is it true that we need to do at least 4 years at university as part of actuarial exemptions?
 

garrry

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is it true that we need to do at least 4 years at university as part of actuarial exemptions?
Don't think so, I think what you mean is that if you take a double degree... (4+ years), you will be able to complete Part II exemptions assuming you have met the required conditions. If you are doing a single degree, they are introducing a "Graduate Program" which will allow you to proceed to Part II exemptions.
 

4025808

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You can still take Part IIs as part of a non-award basis, according to the ASOC president.
 

gahyunkk

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I accepted an offer (B.Actuarial/ B.commerce at UNSW). Is this course eligible for getting exemption for part1?
I checked actuaries institute website http://www.actuaries.asn.au/becoming-an-actuary/how-to-become-an-actuary/university-courses
and it only mentions following courses, but not B.act/B.comm.

UNSW
Bachelor of Actuarial Studies
Bachelor of Actuarial Studies/Bachelor of Science (Advanced Mathematics)
Bachelor of Actuarial Studies/Bachelor of Economics
Master of Actuarial Studies
Master of Actuarial Studies (Extension)
 

mreditor16

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Just thought I'd post some updated information about actuarial exemptions at UNSW for all actuarial degrees which began in 2014 or after -

Part I

So, Part I is made up of 8 Core Technical (CT) areas. And, to get exemptions for Part I at UNSW, you have obtain an overall average of 65 or above (i.e. Credit Average minimum) in the course(s) that correspond to each CT. Note, that an overall average of 65 for each CT area is required to obtain your part I.


CT1 - Financial Mathematics - ACTL2111
CT2 - Finance and Financial Reporting - FINS1613, ACCT1501, ACCT1511 (one-third weighting for each subject)
CT3 - Probability and Mathematics Statistics - ACTL2131
CT4 - Models - ACTL2102 (one-third weighting), ACTL3162 (two-thirds weighting)
CT5 - Contingencies - ACTL3151
CT6 - Statistical Methods - ACTL2102 (one-third weighting), ACTL3141 (two-thirds weighting)
CT7 - Economics - ECON1101, ECON1102 (one-half weighting for each subject)
CT8 - Financial Economics - ACTL3182


For example, for CT7, if I obtain 70 in ECON1101 but 52 in ECON1102, my overall average for CT7 is 61, which is below the required overall average of 65 - hence, I would not obtain exemptions for the CT7 component of Part I. In such an instance, since I have still passed the two CT7 courses, I do not need to recomplete these courses at university to obtain exemptions for CT7, but instead all I have to do is sit the Institute's examination for that CT area. This saves your time and money! :)

Another hypothetical example would be if I get 60 for ACTL2102 and 69 for ACTL3141 - thus, my overall average (take note of the weightings) for CT6 would be 66 and hence I would still get exemptions for CT6, regardless of not obtaining a credit in ACTL2102. So, from this, you can see that if a CT area has more than one subject that counts towards it, not all hope is lost if you do not obtain a credit in one of them.

All actuarial degrees offered at UNSW will have more than enough time to finish all these subjects! :) Also, take into consideration how some subjects will not actually count towards exemptions, such as ACTL1101, however ACTL1101 (and hence passing it) is a prerequisite for ACTL2111 and ACTL2131, which are two subjects that DO count towards exemptions.

Finally, note how FOUR third-year actuarial courses are required to be completed for exemptions - ACTL2141, ACTL3151, ACTL3162 and ACTL3182. However, UNSW only requires students to do at least three third year ACTL courses. Hence, this becomes a case of having to do more subjects than course requirements in order to obtain the Institute's exemptions.

More information (especially about Part II and III) to come soon.
 
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mreditor16

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Also, feel free to point out any mistakes made above or give any further suggestions. I'm looking to constantly add to the post, especially since this thread has become quite outdated!
 

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Don't forget that you have to pay $500 (or there abouts) to sit the CT exams if you want to pass those.
 

mreditor16

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Don't forget that you have to pay $500 (or there abouts) to sit the CT exams if you want to pass those.
That is very true. But its >$1000 plus one semester for redoing a course vs $500 or so for resitting a CT exam :)
 
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