Duration is the first derivative of the price-yield function. â Duration is the discounted mean term of cash flows, weighted by the present value of the bond. â Duration is a measure of approximate sensitivity of the bond's value to change in yie
The site issues potentially affect: Insiders: Members and students struggle with the basics e.g. logging CPD, finding papers relating to past actuarial events. Outsiders looking in: users of actuarial advice and graduates who are potential actuaries.
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PART I Part 1 consists of eight core technical (CT) subjects: CT1 - Financial Mathematics CT2 - Finance and Financial Reporting CT3 - Probability and Mathematical Statistics CT4 - Models CT5 - Contingencies CT6 - Statistical Methods CT7 - Business Economics CT8 - Financial Economics
The eight core technical exams that make up Part I can be completed through the various study pathways available for students to gain their exemptions.
Part I may be completed by: studying at one of seven universities accredited by the Actuaries Institute; studying at a university accredited by the Institute and Faculty of Actuaries; examination - members of the Actuaries Institute of Australia can sit the Part I examinations offered through the Institute and Faculty of Actuaries. Students wishing to enrol in Part I examinations can enrol online through the Actuaries Institute during the specified enrolment periods; studying at a non-accredited university in Australia or New Zealand; or credit transfer from another actuarial society.
UNIVERSITIES ACCREDITED BY THE ACTUARIES INSTITUTE Seven Australian universities currently offer accredited education programs that cover the Institute’s Part I syllabus. Students may be granted exemption from Part I based on university grades that are consistent with Institute standards.
Exemption eligibility Australian National University (http://anu.edu.au)
A Credit average
Bond University (https://bond.edu.au/aboutbond/academia/bondbusiness-school/creditsexemptions)
A Credit average with a minimum of a pass for each subject
Curtin University (http://www.curtin.edu.au/)
An average of at least 73%, with a minimum mark of 73% for CT1 and CT6 subjects and 65% for all other subjects
Macquarie University (http://www.mq.edu.au/)
A Credit average. Where more than one subject is required to meet the professional exam requirements, a minimum of 60 on each subject is required except for CT2 and CT7 where a minimum of 65 on each subject is required.
Monash University (http://www.monash.edu.au/)
A Distinction average, with a minimum Credit grade for each subject
University of Melbourne (http://www.unimelb.edu.au)
An average approximating 73%, with a minimum of 73% for CT2, CT3 and CT7 subjects
University of New South Wales (http://www.unsw.edu.au)
A Credit average
Upon authorisation, the student’s university advises the Institute of the student's eligibility for Part I subject exemptions. The Institute then advises the student of their exemption eligibility. For more information about undergraduate and postgraduate courses at Australian accredited universities, see University Courses (/becoming-an-actuary/university-courses).
UNIVERSITIES ACCREDITED BY THE INSTITUTE AND FACULTY OF ACTUARIES Students who study at a university outside of Australia and New Zealand, which is accredited by the Institute and Faculty of Actuaries (http://www.actuaries.org.uk/studying/examexemptions/how-apply-exemption/university-courses-exemptions), and can provide a certified copy of the recommendation letter from the relevant Professor or the Institute and Faculty of Actuaries, and certified copies of the academic transcript(s) may be eligible for Part I exemptions. Students who study at a university outside of Australia and New Zealand that is not accredited by the Institute and Faculty of Actuaries are not eligible for Part I exemptions through the Actuaries Institute. To apply for exemption, students should submit an Application for Exemption (IFoA Accredited University) (https://actuaries.asn.au/Library/Education/2016/PartIExemptionApplicationforCoursesCompletedw ithaUniversityAccreditedbyIFoA.pdf).
EXAMINATION THROUGH THE INSTITUTE AND FACULTY OF ACTUARIES Students are able to sit Part I examinations offered through the Institute and Faculty of Actuaries, which are held in April and September of each year. Students wishing to enrol in Part I examinations must first become a student member (/becomingan-actuary/becoming-a-member/becoming-a-student-member) and enrol online through the Actuaries Institute. Students must not apply directly to the Institute and Faculty of Actuaries for examination entry. Applications made directly to the Institute and Faculty of Actuaries will not be accepted. To find out more about the Institute and Faculty of Actuaries Examinations read Part I Examinations (/studying-with-the-institute/part-i/examinations).
NON-ACCREDITED UNIVERSITIES IN AUSTRALIA AND NEW ZEALAND Students who study at a university in Australia or New Zealand that is not accredited by the Actuaries Institute may apply for an exemption from CT2 - Finance and Financial Reporting, CT3 Probability & Mathematical Statistics, CT7 - Economics or CT8 - Financial Economics. Students attending non-accredited universities cannot gain exemption from CT1 - Financial Mathematics, CT4 - Models, CT5 - Contingencies or CT6 - Statistical Methods. To apply for exemption, students should submit an Application for Exemption (Non-Accredited University) (https://www.actuaries.asn.au/Library/Education/2017/Part1ExemptionCommitteeApplication.pdf). Applications for exemption are assessed by the Institute Exemptions Committee, which meets in March, July and November. Applicants are notified of decisions following these meetings. For more information about the Exemptions Committee and exemption applications, please see Part I Application for Exemption. (https://www.actuaries.asn.au/Library/Education/2017/Part1ExemptionCommitteeApplication.pdf)
CREDIT TRANSFER Students may be eligible for a direct credit transfer at no additional cost, if they have completed one or more Core Technical subjects (CT1 – CT8), Specialist Technical subjects (ST1 and ST9) and the Professionalism Course through a recognised Actuarial Professional Body. The Actuaries Institute will honour credit transfers from other professional bodies based on their respective arrangements with the Institute and Faculty of Actuaries. For more information see: Institute and Faculty of Actuaries (http://www.actuaries.org.uk/studying/examexemptions/how-apply-exemption/university-courses-exemptions) Society of Actuaries (http://www.actuaries.org.uk/studying/exam-exemptions/membersother-actuarial-associations/exemptions-society-actuaries-students) Casualty Actuarial Society (http://www.actuaries.org.uk/studying/examexemptions/members-other-actuarial-associations/exemptions-students-casualty-actuarial) Actuarial Society of South Africa (http://www.actuaries.org.uk/studying/examexemptions/members-other-actuarial-associations/exemptions-students-actuarial-society) Institute of Actuaries of India (http://www.actuaries.org.uk/studying/examexemptions/members-other-actuarial-associations/exemptions-students-institute-0) Applications for Credit Transfer (http://www.actuaries.asn.au/Library/Education/2013/PartICreditTransfer.pdf) will only be accepted for current members of the Actuaries Institute.