2019 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 Course Structure Information – 2019
| IFoA SUBJECTS | ASSA SUBJECT | EXAMS / ASSESSMENT |
| CS1: Actuarial Statistics 1 | A111: Actuarial Statistics 1 | * 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 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: Actuarial Statistics II
(A212 combines the old A202 and A204) |
N/A | **Written 3-hour 15 minutes exam; and 1 hour and 45 minutes problem based exam | |
| A213: Contingencies | Pass A211 | **Written 2-hour exam; and 1½-hour computer-based exam (the computer-based exam includes the A211 material) |
|
| A214: Actuarial Mathematics | N/A | *Written 3-hour 15 minutes exam; and 1 hour and 45 minutes problem based 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 taken at home or in your office.
** Exam Note 2:
ASSA is still investigating the exam structure for the split CM1 subject into A211 and A113. Final exam structures and session requirements will be communicated in due course.
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)
| 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: Students who qualify for the exemption criteria for Foundation APP does not have to do this part and can register for NA – Core APP
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| NA111 – 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 | (Course format and assessment in development) |
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| NA211: Communications | Communications Course | N/A | Typed 3 hour exam |
| NA311: Core Actuarial Professional Practice | Module 1: Work Based Learning for Associates | Started work | Active 24 months skills development (on the job training) and assessment |
| Module 2: Actuarial Business and Legal Awareness | Pass | exempted from all A1 and A2 series subjects | Components: Pre-work Assignment, Workshop attendance, Business Awerness exam | |
| Module 3: Model Documentation, Analysis and Reporting | Pass | exempted from all A1 and A2 series subjects | Components: Pre-work Assignment, Workshop attendance, Modelling exam | |
| Module 4: Presentation skills and Communication | Pass | exempted | FA grade | University Pass: A302 Attend and actively participate in: Module 2 and Module 3 |
Components: Pre-work preparation, Workshop attendance and assessment | |
| Module 5: General Practice Module (GPM) | NA | Self study module with an online MCQ exam | |
| Module 6: Strategic Thinking and Interpersonal skills | Pass | exempted: A302 | A410 | A440 Attend and actively participate in: Module 4 -Presentation skills and Communications workshop |
2 Day workshop attendance, active participation and assessment | |
| Module 7: Professionalism for Associates | Pass A420 I Attend and actively participate in: Module 6 – Strategic Thinking and Interpersonal Skills workshops |
Workshop attendance, active participation and assessment |
Part NF – Fellowship APP (Actuarial Professional Practice)
| ASSA SUBJECT | SUBJECT COMPONENTS (Sub-Credits) | ADMISSION CRITERIA | EXAMS / ASSESSMENT |
| NF111: Fellowship Actuarial Professional Practice | Module 1: Work Based Learning for Fellowship | Continue from 2 year Associateship WBL | 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 | Pass all A level subjects I Attendance and active participation of Core APP Module 7: Professionalism for Associates | Attendance and active participation in 2 day 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/typed 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. At this stage, ActEd have indicated that study notes for 2019 will be released in September 2018 for the 2019 exams.
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, however ASSA is in a process of writing addendums to some of the units to provide more localised South African context.
We have not yet made a final decision on how these notes will be distributed as it is dependant on the ActEd timelines. We hope to receive the final ActEd notes in September 2018 and can then work in our localised addendums and make these notes available either on the ActEd platform or on the ASSA Webshop.
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 time. 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.
Note: ASSA is still considering the exam structure for the CM1 split subject (ASSA will keep this as 2 subjects – A211 and A213).
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.
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.