2020 Curriculum Information Page
Overview
The IAA (International Actuarial Association) introduced a new syllabus for the Associate level (A level) subjects for 2019. In the light of this, ASSA have revised their syllabuses to ensure aligning with the IAA. In doing this, ASSA will largely maintain its alignment with the IFoA syllabus for the equivalent of the A1 and A2 subjects.
However, ASSA will implement 1 important deviation from the IFoA structure:
The IFoA will combine the Contingencies and Financial Mathematic subjects into 1 larger subject called Actuarial Mathematics (CM1). ASSA will keep this as 2 subjects in 2019 called Mathematics for Finance (A211) and Contingencies (A213)
ASSA Student Admissions
The Student Admissions Committee will, subject to its discretion, admit as student members of the Actuarial Society applicants who satisfy the academic requirements outlined in the following document:
A-Level study Notes: 
NEW NOTES for 2020 are available from Acted.
A311 Notes for 2020 were updated and localised for SA during last year. We recommend that all A311 students purchase new notes from ActEd for 2020. Buy A311 Notes.
Sample papers and Study notes are available on the Acted website.
Subject Codes to use when buying new notes – click here
ASSA Course Structure Information
| IFoA SUBJECTS | ASSA SUBJECT | EXAMS / ASSESSMENT |
| CS1: Actuarial Statistics 1 | A111: Actuarial Statistics | * Written 3-hour 15 minutes exam; and 1 hour and 45 minutes problem based exam |
| CB2: Business Economics | A112: Business Economics | Written 3-hour 15 minutes exam |
| CB1: Business Finance | A113: Business Finance | Written 3-hour 15 minutes exam |
*Exam Note 1:
For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem based assessment). A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of assessment to be retaken. The problem-based assessments will be computer based and take place as per IFoA arrangements – taken at home or in your office.
Credit for Part A1 can be obtained as follows:
- By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
- Writing the Actuarial Society examination. The Actuarial Society make use of the Institute and Faculty of Actuaries exams for subjects in Part A1.
Part A2 (Intermediate Technical)
| PART | ASSA SUBJECT | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| Part A2 (Intermediate Technical) | A211: Financial Mathematics | N/A | Written 2-hour exam. |
A212: Risk Modelling and Survival Analysis
(A212 combines the old A202 and A204) |
N/A | *Written 3-hour 15 minutes exam; and 1 hour and 45 minutes problem based (practical) exam | |
| A213: Contingencies | If not taken in the same semester as A211 then A211 must be passed 1st | *Written 2-hour exam; and 1 hour and 30 minutes problem based (practical) exam. | |
| A214: Loss Reserving and Financial Engineering | N/A | *Written 3-hour 15 minutes exam; and 1 hour and 45 minutes problem based (practical) exam. |
*Exam Note 1:
For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem based assessment). A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of assessment to be retaken. The problem-based assessment for A213 will be taken at an ASSA venue. The problem-based assessments for the other subjects will take place as per IFoA arrangements – taken at home or in your office.
Credit for Part A2 can be obtained as follows:
- By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
- Writing the Actuarial Society examination. The Actuarial Society make use of the Institute and Faculty of Actuaries exams for subjects A212 and A214 in Part A2.
Part A3 (Core Principles)
For 2019 students should purchase the CA1 (current A301) notes. Re-takers may use their 2018 notes.
| PART | ASSA SUBJECT | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| Part A3 (Core Principles) | A311: Actuarial Risk Management | N/A | Two written/typed exams (the assessment consists of two 3-hour exams that need to be passed together) |
Credit for Part A3 can be obtained as follows:
- By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
- Writing the Actuarial Society examination.
Exemptions: All Student members who did not attend an ASSA accredited programme at an ASSA accredited university. Students who qualify for the exemption criteria for Foundation APP does not have to do this part and can register for N1 – Core APP
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| N111: Foundation APP (Actuarial Professional Practice) | Module 1 – The Professional Actuary in South Africa | Students that are exempted by the exemption criteria do not have to register for NA111.
Exemption criteria: |
Online E-learning course and online assessment |
| Module 2 – Professional Communications for Actuaries | Online E-learning course and online assessment | ||
| Module 3 – Modelling Fundamentals | Online E-learning course and online assessment |
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| N211: Communications | Communications Course | N/A | Typed 3 hour exam |
| N311: Core Actuarial Professional Practice | Module 1: Work Based Learning for Associates | Have a university degree.
Employed with an appointed qualified Fellow as WBL supervisor at an ASSA ATO employer. Approval of Core APP WBL submissions by an assessor towards the AMASSA designation. |
Active 24 months skills development (on the job training) and assessment |
| Module 2: Actuarial Business and Legal Awareness | Passed (or been exempted from) Foundation APP
Passed (or been exempted from) all three A1 level subjects; and Passed (or been exempted from) at least four subjects from the following: A2 level subjects, A311: Actuarial Risk Management, N211: Communications, F1 level subjects and F2 level subject. |
Components: Pre-work Assignment, Workshop attendance, Business Awerness exam | |
| Module 3: Model Documentation, Analysis and Reporting | Passed (or been exempted from) Foundation APP
Passed (or been exempted from) all three A1 level subjects; and Passed (or been exempted from) at least four subjects from the following: A2 level subjects, A311: Actuarial Risk Management, N211: Communications, F1 level subjects and F2 level subject. |
Components: Pre-work Assignment, Workshop attendance, Modelling exam | |
| Module 4: Presentation skills and Communication | Actively participated in N311.02 and N311.03
N211 – Communications exam requirements: – Pass /exemption / FA in N211 OR |
Components: Pre-work preparation, Workshop attendance and active participation and assessment | |
| Module 5: General Practice Module (GPM) | NA | Self study module with an online MCQ exam | |
| Module 6: Strategic Thinking and Interpersonal skills | Attendance and active participation: N311.02 / N311.03 / N311.04
Passed (or been exempted from) subjects: N311.05 and exams for N311.02 and N311.03 |
2 Day workshop attendance, active participation and assessment | |
| Module 7: Professionalism for Associates | Successful completion of: N311.02 / N311.03 / N311.04 / N311.06
Passed (or been exempted from) subjects: all A100’s & A200’s; N211, A311, N311.05 and exams for N311.02 and N311.03 In the final stages of the submission towards completion of the Core APP WBL |
Pre-work, 1 Day workshop attendance, active participation |
Part N4 – Fellowship APP (Actuarial Professional Practice) – Requires sucessfull completion of N311.
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| N411: Fellowship Actuarial Professional Practice | Module 1: Work Based Learning for Fellowship | Approval of Fellowship APP WBL submissions by an assessor towards the FASSA designation | Active 36 months skills development (on the job training) and assessment. (24 months Associate WBL and an additional 12 months Fellowship WBL) |
| Module 2: Professionalism for Fellowship | Passed (or been exempted from) subjects required to be an academic qualifier for the FASSA designation
Successful Completion: N311.02 / N311.03 / N311.04 / N311.05 / N311.06 and N311.07 In the final stages of the submission towards completion of the Fellowship APP WBL for the FASSA designation |
Pre-work; attendance and active participation in 2 day (stay -over) workshop |
Part F1 (Fellowship Principles):
The pre-requisite for Part F1 subjects is at least an FA for Actuarial Risk Management (A311), or a University pass for the equivalent subject, before a student can attempt an F1 series subject.
| PART | ASSA SUBJECT | ADMISSION CRITERIA | EXAMS |
| Part F1 (Fellowship Principles)
Need to select 2 subjects |
F101: Health and Care Principles | Pass | exempted | FA grade | University Pass: A311 (A301) | Written/typed 3 hour exam |
| F102: Life Insurance Principles | Pass | exempted | FA grade | University Pass: A311 (A301) | Written/typed 3 hour exam | |
| F103: General Insurance Principles | Pass | exempted | FA grade | University Pass: A311 (A301) | Written/typed 3 hour exam | |
| F104: Retirement and Related Benefits Principles | Pass | exempted | FA grade | University Pass: A311 (A301) | Written/typed 3 hour exam | |
| F105: Finance and Investment Principles | Pass | exempted | FA grade | University Pass: A311 (A301) | Written/typed 3 hour exam | |
| F106: Enterprise Risk Management | UK subject | Written 3 hour exam |
Part F2 (Fellowship Applications):
| PART | ASSA SUBJECT | ADMISSION CRITERIA | EXAMS |
| Part F2 (Fellowship Applications)
Need to select 1 subject, preferably in line with F1 subjects. |
F200: Research Option | Recommended that student had a good attempt at the corresponding F1 subject. | Thesis |
| F201: Health and Care Applications | Written/typed 3 hour exam | ||
| F202: Life Insurance Applications | Written/typed 3 hour exam | ||
| F203: General Insurance Applications | Written/typed 3 hour exam | ||
| F204: Retirement and Related Benefits Applications | Written/typed 3 hour exam | ||
| F205: Investment and Finance Applications | Written/typed 3 hour exam | ||
| F206: Banking Applications | Written/typed 3 hour exam |
REQUIREMENTS FOR COMPLETION OF CHARTERED ENTERPRISE RISK ACTUARY (CERA)
The CERA Enterprise Risk Management credential is the most comprehensive and rigorous globally-recognised Enterprise Risk Management (ERM) designation and is supported by 15 member associations in 14 countries worldwide, including many of the major economies. In order to qualify with the CERA designation with the Actuarial Society of South Africa, you must meet the following requirements:
- Complete all the requirements for either the Associateship or Fellowship of the Actuarial Society [including all the Professional Skills requirements]
- Pass: F106 (ST9) – Enterprise Risk Management
- Completion of the 2 day ERM course (C100)
Once you have met all the above requirements, you will need to complete the Application for CERA Credential form and send it to the ASSA office, in order for the qualification to be awarded to you.
CERA – a global risk management qualification for the future, for more information refer to the global CERA website
| ASSA Subject | UK Subject |
| F106 : Enterprise Risk Management | ST9 : Enterprise Risk Management |
| C100 : Applied Enterprise Risk Management Course | N/A |
When will the 1st exams be on the 2019 Curriculum?
The first examinations for the new 2019 curriculum will be sat in the first session of 2019.
Will current (2018) material be relevant to 2019 exams?
The new syllabi for 2019 involve a fair amount of changes to course structures that will reflect in the study notes. We therefor encourage students to purchase new notes for the 2019 exams. (re-takers discounts may still be available for the 2019 Notes)
The only set of notes that will stay the same as 2018 is A311 (current A301). Students registered for A311 must buy the “old” CA1 notes from ActEd and NOT the new CP1 notes. In time ActEd will re-brand the CA1 notes to ASSA’s A311 code.
Please refer to the ActEd website for more information on the release of study notes: https://www.acted.co.uk/news_2019_exams.html
Where to get the study material that will be used for the A311?
ASSA will still rely on study notes from ActEd (UK) for A311. For 2019 students must purchase the A311 Notes that ActEd made available for SA students and not the CP1 notes.
Students that already have the A301 Notes may use these again in 2019.
How can I start preparing now already for 2019 exams?
Specimen papers and certain materials are already available on the IFoA’s website
Do I need to write the theory paper and the computer based practical paper (problem-based exam) in the same sitting?
Yes, you will have to sit both papers at the same sitting. You should view this as an examination with two elements of assessment. The papers will be weighed 70% and 30% to provide a final mark.
For A213, both the theory and practical papers will be sit at an ASSA venue and for the practical paper you will use an ASSA supplied PC. All other practical exams will be written as per IFoA instructions.
Some exam duration are indicated as ‘written 3-hour 15 minutes exam’, is this 15 minutes reading time as the case is currently?
Students will have the choice of how to use this time. Exam time is indicated as the overall time; for example, a 3-hour paper is now 3 hours and 15 minutes.
Will I have to learn ‘R’ coding to write the exams?
We recommend that for the Actuarial Statistics subjects – A111 and A212 – you familiarise yourself with ‘R’. There are lots of free resources available to help you with this.
Support for Excel and “R” is provided by ActEd. Please refer to the PBOR products (Paper B Online Resources) on the ActEd website for the different subjects.
The support that the PBOR is provided by taking students through the syllabus, step by step showing students the type of questions to expect. It also show alternative ways to approach questions.
The Communications subject (current A302) is referred to as NA211 for 2019 – is it changing from A302?
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With the combination of CT4 (A202) and CT6(A204) into A212, what will the transitional arrangements be?
In most cases, there is a one-to-one correspondence between the old and new subjects. The one exception to the above is subject A212, which will require passes in both subjects A202 and A204. Students must have passed or been exempted from both of these subjects to get a credit for subject A212. Students who have only passed one of these subjects will not be awarded any corresponding credit under the new structure. It is important that students should bear this in mind in choosing their subjects over the exam sessions prior to the implementation of the new structure in 2019.
Which subject may I register for to write as a non-member for the 2019 exams?
A211 will be an admission exam and may be written as a non-member for ASSA.