Commercial Actuarial Practice’ was first offered to Part III students in Semester 2, 2005. The course is compulsory for all new Part III students. The overall objectives of this course are to provide students with the skills and knowledge to be able to:
- apply actuarial skills across a range of traditional practice areas and in unfamiliar (i.e. non-traditional) areas by contextualising actuarial solutions or approaches in the wider commercial environment of the business as a whole
- apply ethical concepts, corporate governance requirements and actuarial professional standards when contextualising actuarial solutions or approaches.
- successfully communicate the actuarial solutions or approaches to a range of audiences.
It consists of:
- pre-reading materials
- a four-day course (the nature of the program is such that residence is not mandatory but highly recommended)
- two assessments: a one day case study exam, and a post-course assignment to be completed within two weeks after the residential course.
This is an online resource for Course 7A ERM (Module 1 of Part III) This resource contains important information on course materials, the ST9 exam, and the ERM workshop. The aim of the Enterprise Risk Management subject is to instill in successful candidates the key principles underlying the implementation and application of ERM within an organisation, including governance and process as well as quantitative methods of risk measurement and modelling. The student should gain the ability to apply the knowledge and understanding of ERM practices to any type of organisation.
Part A of this Course introduces the general insurance market in terms that enable you to understand the role that the actuary plays in the management of risk within the industry. In particular it develops key skills developed in your previous actuarial studies into tools to be applied to:
- estimation of insurance liabilities
- measurement of the uncertainty surrounding such liabilities; and
- accounting provisions for actuarial calculations.
Part A of this Course introduced the general insurance market in terms that enable you to understand the role that the actuary plays in the management of risk within the industry. It also developed the key actuarial skills gained from earlier stages of the education process into core techniques and methodologies. Application of thee tools was then put in the context of management of general insurance liabilities and accounting for these liabilities.
Part B of the Course extends the skills of the actuary to include all areas of financial management of a general insurance entity, with particular focus on pricing of risks, premium rating and capital management.
The goal of Course 3 Part B, it to put the student in a position of understanding and being able to apply techniques for the construction of a Financial Condition Report for a general insurer.
This is the Part A (Module 2) course in the Institute's Part III Investment Management and Finance specialist stream. Your familiarity with its subject matter will probably have been largely gained within the Actuarial Control Cycle course and the Part III Module 1 course in Investments. The material in these courses will be taken as assumed knowledge for this Module 2 course, so you should take the opportunity to reacquaint yourself with it should you feel the need to do so.
What distinguishes Module 1 from Module 2 is depth of treatment and you will be expected to display a corresponding depth of knowledge and understanding. When Module 3 is added in, the Institute’s aim is to make you as "practitioner ready" as any course of study can. This reflects the Part III program’s key requirements for each practice area:
- Environmental and technical knowledge,
- The application of relevant actuarial skills, and
- The exercise of judgement and the development of problem solving abilities.
This subject is the second of two modules comprising the Investment Management and Finance Part III subject of the actuarial education program in Australia.
The aim of the Part III actuarial program, which requires students to complete two Part III subjects for Fellowship, is outlined below.
You are required to demonstrate:
- Environmental knowledge - a strong knowledge of the nature, operations, legislation and current issues of the selected practice area(s).
- Actuarial skills - a detailed knowledge and understanding of the application of actuarial concepts and skills to the chosen practice area(s).
- Judgement - an ability to apply judgement to solve problems in the chosen practice area(s) that may be characterised by complexity, varying degree of clarity of definition and novel or unforeseen circumstances.
- Ability to distil important issues from a mass of detail.
- Teacher: Marlon Chan
The aim of Part A of the Life Insurance Course is to provide the actuary with the knowledge, skills and judgement necessary to tackle a range of management related problems relating to the pricing, general environment and risk management practices of life offices and associated funds management companies.
The aim of Part 2B of the Life Insurance Course is to provide the actuary with the knowledge, skills and judgement necessary to tackle a range of management related problems in the life insurance field relating to placing a value on liabilities, reporting and interpreting profit.