Presentation on theme: "Part III Orientation session 7 January 2015. The Institute Education Team Philip Latham, Head of Education Liz Harding, Education Manager (on maternity."— Presentation transcript:
The Institute Education Team Philip Latham, Head of Education Liz Harding, Education Manager (on maternity leave) Jennifer Robinson, Acting Education Manager Karenna Chhoeung, Education Officer Taylor Dennis, Education Officer
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. Part III in 2015
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. Becoming an Associate
Becoming a Fellow 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
Institute delivery of Part III Tutorials (3 per semester – except CAP) Learning Management System (LMS) News forum Course calendar of upcoming events Discussion forums (managed by Course Leaders/Fellows). Course readings Past exams, assignments, tutorial presentations and tutorial audio Institute website - BoE reports Access to Institute staff via firstname.lastname@example.org email email@example.com Study groups (formal/informal)
Assessments Sem 1 2015 Course 2A, 2B, 3A, 3B, 5B, 6A –Participation mark (10%) –New Exam on computer(90%) MCQs (20%) Longer answer (70%)
Assessment Sem 1 2015 (cont) Module 4 (CAP) –Post course Assignment(20%) –Case Study Exam (80%) Course 7A ERM –UK ST9 exam (100%) –Compulsory attendance at two-day workshop UK ST1 Health and Care or ASSA F101 –exam(100%) –Completion of online Private Health Insurance course
Pass Criteria Sem 1 2015 Aggregate mark meets pass mark No serious misunderstandings NB - Borderlines are reviewed
Multiple Choice exam sample questions in the LMS (more later) uses an online exam system from ANZIIF security built into browser – no Excel or other apps 1 hour time limit approximately 30 questions closed book conditions you can bring a calculator questions may be 2, 3 or 4 marks questions may have… one correct answer (radio buttons) more than one correct answer (check boxes) ;
Longer Answer exam sample questions in the LMS (more later) uses MS Word and Excel access to internet blocked 3 hour time limit ECC have recommended 3 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 (copy protected) Associated spreadsheets
Discussion forum participation mar k All Institute delivered Part III courses except CAP i.e. 2A, 2B, 3A, 3B, 5A, 5B, 6A, 6B. Candidates will be required to make 6 posts of up to 200 words to the specified 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
Participation mark marking guide 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.
Importance of the 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 –The average marks decreased from the previous semester in 2B and 5A/5B due to fewer students gaining 8 or more marks –48% of 2B students received 8 or more marks in S2 2014 compared to 71% in S1 2014 –In S2 2014 34% of 5A students received 8 or more marks compared to 79% for 5B in S1 2014
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 “15” for 2015 and “1” for semester 1 e.g.151xxx
Part III Pass Rates * Includes non-Fellows taking C7A ERM.
Part III Policies and Procedures Student Handbook (available soon on web) Fee relief (50% of full fees) Special consideration Students with disabilities Exam Performance Interviews Temporary exam centres Academic honesty 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
How Part III is different from university Greater responsibility for learning Less structure to study Imbalance of life roles (competing) Increased individual pressure Less contact with others (more isolated) Open book exams Complex judgement Mastery learning approach – requires deep learning
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 Set up a study routine and stick to it !
Motivation – a fun game A Part III student has developed a fun interactive game called StudyRPG to help motivate students to study. You enter information about study tasks such as reading course notes, doing past exams and get points allocated There is a leader board that shows the points scored by all of the registered users To join up go to www.studyrpg.comwww.studyrpg.com NB – the Institute does not create the content for this site and does not provide any technical support. The Institute does not officially endorse the listed tasks and allocated points as being the ideal way of studying to pass the course
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
Myths and Facts The Institute sets pass rates at a certain percentage –Myth. If you meet the standard, you pass. Last semester the pass rate was 42%. You must pass the assignment or discussion forum participation mark to pass the subject –Myth. Discussion Forums are just for Q and A –Myth. Qualified Fellows recommend at least 15+ hours of study per week –Fact. Highly unlikely that you will pass the subject if you don’t pass the exam –Fact. Students who fail the exam will generally not pass the subject, or may fall into the borderline category.
Learning Management System Course overview Discussion forums per unit Unit readings Calendar