1. Part III Orientation Sarah Tedesco, Head of Learning Karenna Chhoeung, Education Manager

2. The Institute Education Team Sarah Tedesco, Head of Learning Karenna Chhoeung, Education Manager Eleanor Mazando, Senior Education Officer Carolina Vilches, Education Officer 2

3. 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. 3 Becoming an Associate

4. Becoming a Fellow 4 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

5. Course 3A General Insurance Course 5A Investment Management and Finance PLUS 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 Course 10 Commercial Actuarial Practice MODULE 2 MODULE 3 MODULE 4 OR Course 7A ERM Any other Part A or B PhD CPA/ICACFA UK ST1 or ASSA F101 + online PHI 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. 5 Part III

6. Institute delivery of Part III Tutorials (3 per semester – except CAP) Learning Management System (LMS) - News forum (compulsory subscription) - Course calendar of upcoming events (tutorial dates) - Discussion forums (managed by Course Leaders/Fellows). - Course readings - Past exams, assignments, tutorial presentations and tutorial audio Institute website - BoE reports Access to the Education Team via education@actuaries.asn.au (questions and forum submissions). education@actuaries.asn.au 6

7. Learning Management System 7 Course overview Calendar Unit readings Discussion forums per unit

8. Assessments Course 2A, 2B, 3A, 3B, 5B/6A (Semester 1) and 5A/6B (Semester 2). Online forum participation mark (10%) Exam – three long answer questions (90%) 8

9. Assessment (cont) Module 4 (CAP) –post course assignment(20%) –case study exam (80%) Course 7A ERM –UK ST9 exam (100%) –Compulsory attendance at workshop (once) UK ST1 Health and Care or ASSA F101 –exam(100%) –Completion of online Private Health Insurance course 9

10. Exam (Long Answer Questions) Sample questions in the LMS uses MS Word and Excel Access to internet blocked 3 hour time limit Education Council Committee have recommended 3 long answer questions Open book conditions, you can bring: - A calculator - Any hard copy textbooks or printed notes Standard digital materials will be provided - Textbooks, Course materials, readings (all copy protected) - Associated spreadsheets 10

11. Online Course Discussion Forum All Institute delivered Part III courses - 2A, 2B, 3A, 3B, 5A, 5B, 6A, 6B and 7A. (excluding CAP) 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 11

12. Online course discussion forum 12

13. Forum participation marking guide 13 MarksDescription 2Candidate 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 2Candidate 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.

14. 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 2015: –The proportion of students achieving the maximum mark of 10/10 was only 37% –For Semester 2 2015 and the previous semester, 2B has the lowest average participation mark of all the subjects. 14

15. Semester 2 2015 Participation Marks 15 ParticipationSubject Mark2A2B3A3B5A6BTotal 10 25 9 3315295116 9 181012161360 8 91118147665 7 23121110 6 04511011 5 04637121 4 0400004 3 0030104 2 2010014 1 0010001 0 15432015 No. of Candidates 575084544917311 Average Mark 8.8 7.0 7.98.28.38.28.0

16. 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 “16” for 2016 and “1” for semester 1 e.g.161XXX 16

17. Part III Pass Rates 17 *Includes non-Fellows taking C7A ERM. ** Excludes UK ST9 & ST1

18. Part III Policies and Procedures Fee relief (50% of full fees) Special consideration Students with disabilities (access arrangement) Exam performance interviews Standard vs temporary exam centres Academic honesty (PS1 Code of Professional Conduct) Withdrawal from subjects (early and late) See the Education > Forms section of the website: http://www.actuaries.asn.au/studying-with-the- institute/forms http://www.actuaries.asn.au/studying-with-the- institute/forms 18

19. 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 19

20. 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 ! 20

21. Who Are the Part III Students? Over 80% based in Australia Over 500 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 21

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