part iii orientation semester 1, 2018 - actuaries
TRANSCRIPT
Part III OrientationSemester 1, 2018
The Institute Education Team• Tony Burke, Head of Member Operations• Eleanor Mazando, Education Manager and Team Leader• Ausa Chanthaphone, Education Coordinator
Guests Course Leaders• Bruce Thomson FIAA, – Chief Examiner, C10 Commercial
Actuarial Practice (CAP)• Anthony Brien FIAA, – Chief Examiner, C2A Life Insurance• David Ticehurst FIAA, – Assistant Examiner, C3A General
InsurancePart III Prize Winners Panel • Grant Knapman• Richard Dunn 2
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 BPhD 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
How Part III is Different from University
• Greater responsibility for learning
• Work/life balance
• Increased individual pressure
• Less contact with others (more isolated)
• Open book exams
• Complex judgement and assessment on
application methods
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What You Can Do to Help
• Form study groups with people (tutorials, forums,
work)
• Discuss requirements with work
• Be familiar with the web support mechanisms
• Prioritise tasks and responsibilities
• Set up a study routine and stick to it!
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Who Are the Part III Students?
• Over 400 enrolments each semester (over 80% based in Australia)
• Majority work in General/Life Insurance• 97% have completed Part I and Part II• 70% spend 11-20+ hours per week studying Part III• Average time to complete Part III is three years• 60-80 new Fellows qualify each year
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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 - Past exams, assignments & BoE reports • Contact the Education Team -
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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 “18” for 2018 and “1” for semester 1 e.g.181XXX
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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 18
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 2017:
– The proportion of students achieving the maximum mark of 10/10 was 47%
– For Semester 2 2017, C6A had the lowest average participation mark of all the subjects followed by C2A.
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Semester 2 2017 Participation Marks
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Participation Subject
Mark 2A 2B 3A 3B 5A 6B Total
10 8 24 40 11 18 5 159
9 21 16 25 18 0 2 85
8 22 7 21 21 1 3 52
7 9 0 1 4 0 1 10
6 1 0 1 0 0 1 4
5 1 0 1 0 0 0 12
4 0 0 0 1 1 0 0
3 0 0 0 0 0 0 0
2 0 0 1 0 0 0 0
1 0 0 0 0 0 2 0
0 2 3 4 0 1 2 13
No. of Candidates 64 50 94 54 21 16 335Average Mark 8.4 8.7 8.6 8.8 9.1 6.7 8.6
Part III Pass Rates
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• *Includes non-Fellows taking C7A ERM.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2006 2007 2008 2009 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017*
Sem 1
Sem 2
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Bruce Thomson FIAA – Chief ExaminerC10 Commercial Actuarial Practice CAP
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Anthony Brien FIAA – Chief ExaminerCourse 2A Life Insurance
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David Ticehurst FIAA – Assistant ExaminerCourse 3A General Insurance
Study & Exam Tips
Study Tips Exam Tips• Study regularly, it does not have to be
everyday.• Your aim is to pass the exam, not to be
an expert in all facets of the course.• Ask questions at work to help put what
you are studying into context.• Don’t be afraid to approach
experienced actuaries at work to ask questions.
• Try to understand things from first principles, as this will save you a lot of time from memorising a lot of things (as part III specialist subject is not about memorising).
• Make sure you understand the materials before walking into the exam, as there is not much time for you to think/ ponder during exam. Focus on keywords as this will help to score marks.
• Study before work, not after. • Do the easiest questions first to build up confidence.
Study & Exam Tips
Study Tips Exam Tips• Make a detailed study plan and
constantly revise your progress against the plan and make adjustments where necessary. Stick to the plan but also know when you need to reprioritise and what to prioritise.
• Highlight all interesting information in the question and make sure they are addressed in the answer. This can be helpful in keeping the response relevant to the situation.
• Practise writing out answers to questions in past papers and check your answer against the provided solution, and do this multiple times until you can write out most of the relevant points in the solution without looking at the solution.
• Include points about tax and reinsurance to get a few more marks.
• Spread your study out over the term -don’t concentrate your study leave just before the exam
• Don’t get stuck on questions.
• Start early • Read the question twice, answer it once
Study & Exam Tips
Study Tips Exam Tips• Make time, don’t let work / life limit your
study to the point you have no hope of passing. Everything in moderation but to give yourself the best chance of passing, study as much as you can and balance well.
• Read the question and be clear on what it is asking of you.
• Study regularly but make sure you also have time off to relax/ pursue hobbies or interests – reward yourself.
• Don’t fall behind in your timetable as it is virtually impossible to catch up.
Study & Exam Tips
Study Tips Exam Tips• Focus on past exam questions (because
they apply theory) and study the text book in reference to the questions asked.
• Prepare an index for yourself so you can quickly look up where topics are covered in the textbook and past exams. This is important as information is scattered all over the place.
• The textbooks aren’t great at giving the overall picture of how the bits fit together. So practice linking topics / apply a control cycle type framework and speak to people who work in a life office to get practical application.
• Take an interest in current issues for the industry.
• If a question is worth 5 marks, assume 1 mark per point and therefore include 5 points.
• Time management. Plan you time and move on to the next question if you get stuck. It’s much easier to get the first few marks of a question than the last few.
Study & Exam Tips
Study Tips Exam Tips• Review past papers with model solutions
before the exam to learn and understand exactly what markers are looking for.
• Remember to have a banana and a red bull before the exam!
• Once you have understand the technical content, ask yourself what questions could be asked. Often a single list can answer many questions eg. what are the differences between two methods of doing something, adv / disadv of each methods, or guiding which method to use in particular circumstance.
• Don’t forget the easy marks for clearly answering the easy parts of the question, this may mean stating the obvious.
• Draw up a mind map to connect between topics/concepts.
• Pay attention to keywords/”flags” in questions.
• Get someone else to mark our practice exams – they will be more honest than yourself.
Study & Exam Tips
Study Tips Exam Tips• Study in groups to share knowledge and
maintain/increase motivation.• Always comment on your answers for
reasonableness (especially if it looks unreasonable) and make clear the logic behind the thinking.
• Study the past exam papers a few times – at least once to understand concepts, and at least once to practise under exam conditions.
• Aim to get (at least) 60% - 70% for each question rather than 100%, i.e. grab as many points as you can across multiple questions, rather than focusing to perfect one question.
• Time management is always important, I recommend to do any past papers/questions in timed conditions.
Study & Exam Tips
Study Tips Exam Tips• Spend some time thinking about how
you will create a summary structure where you can access the appropriate key information within 30 seconds or less.
• You get most marks for providing basic information, so ensure that you cover all the basics before getting fancy.
• Questions are rarely “trick” questions. Nor are question writers frustrated novelists. Thus it is likely that all the facts within the question will need to influence your response.
• If you can’t work what the question is asking go over some of the key principles of the course and see how they apply given the context of the background provided.
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Grant KnapmanAndrew Prescott Prize: C10
Commercial Actuarial Practice
About Me• Pricing Analyst at AIA Australia• Just finished up all my exams at the end of last year• Received the Andrew Prescott Memorial Prize in 2A
in Semester 1 2017Received the Andrew Prescott Memorial Prize in CAP
in Semester 2 2017
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• ~33% pass rate is biased because everyone who takes the exam is smart
• The ONLY way to pass is to work hard
Given that:
It makes no sense to put in anything less than 100% effort into any attempt of the part 3 exams
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If you take one thing away
• It is important to use all the time available (start tonight!!). Don’t waste your study leave!
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How to Study
Education Related Event Dates # of Days # of WeekendsUK ST9 Examination 19/04/2018 92 25
Course 3A General Insurance Examination 23/04/2018 96 27
Course 3B General Insurance Examination 24/04/2018 97 27
Course 2A Life Insurance Examination 26/04/2018 99 27UK ST1 Health Examination 27/04/2018 100 27Course 2B Life Insurance Examination 30/04/2018 103 29Course 5B Investment Management and Finance Examination 2/05/2018 105 29
Course 6A Global Retirement Income Systems Examination 3/05/2018 106 29Course 10 Commercial Actuarial Practice Case Study Exam 4/05/2018 107 29
• You need a deep understanding of the material. Wrote learning is not sufficient.
• The text book is not enough. It is helpful and it should be the first thing you read, but it is not a complete guide– Additional Reading– Prudential Standards– Actuarial Information/Discussion Notes– Insight Presentations and Papers – available on YouTube– Documents/Reports and Colleagues from your place of work– Forum Posts of other students
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Material
• It is important to start doing these as soon as possible
• I suggest putting aside time in the next 2-3 weeks to read the textbook in its entirety
• This gives you time to:– Attempt past papers and get to grips with difficulty of
questions and structure of the exam.
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Past Papers
• Talk to people who have failed the exams before – they usually have valuable insight
• Time management is king – if you struggle with this make sure to practice under exam conditions
• Check your work!– This is particularly relevant for the excel spreadsheet component
of the exam• Practise creating spreadsheets that are readable, logical and
error free• Only put down the CORRECT information
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The Actual Exam
• The forum posts are worth getting a start on early –original posts are easier to make early on and responses are easier later in the course– You can set up the LMS so that you receive an email when
a new post is made, this way you can keep an eye on the forum
– If you cannot think of an original post, check the news. There is always something going on.
– Forum posts are a great source of information on current events.
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Forum Posts
CAP Specific Advice• Watch the orientation videos early• Make sure to pay attention at the seminar – it is the most valuable
part of the course• Contextualisation is REALLY important – it is actually what the entire
course is about• Read the questions carefully, multiple times and take time to think –
for the assignment you have days to think about it. • Take advantage of the fact you can bring in templates• CAP is difficult to study for but some helpful tips include:
– Have a buddy and critique each others practice papers or get the help of someone who has passed CAP already
– If you don’t have time to do a whole past paper (9 hours or so) try just attempting to contextualise the problem and figure out what the business issue is.
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Richard DunnAndrew Prescott Prize: Course 5B
Investment Management and Finance
5B – The First Encounter
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Round 2 – 5A and 5B
– Forum participation
– Coding models
– Past Papers
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CAP – Contextualising Part IIIs
• YOU
• YOUR PEERS
• AND EVERYTHING ELSE
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Thank you for coming
All the best in your studies this semester
Please contact the Education Team with any enquiries