Institute of Actuaries of Australia
Encyclopedia
The Institute of Actuaries of Australia (Institute), commonly referred to as the Institute, is an organisation representing the actuarial profession in Australia. The Institute has origins which trace back to 1897.
on 19 October 1897. Prior to this date a handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.
By 1919, actuaries resident in other States and New Zealand
had joined the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia
. The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.
Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated. When New Zealand actuaries formed their own society in 1977, the name changed to The Institute of Actuaries of Australia.
The Institute:
Initially, Australian actuaries served the public interest by helping to ensure the soundness of life insurance offices and friendly societies and acting as arbiters of equity in life company bonus distributions. Actuarial fields of activity broadened following the second world war to include superannuation, investment, and, from the 1970s, general insurance.
The Institute represents the involvement of actuaries working in traditional fields and emerging fields of actuarial work. These include:
Traditional fields
Emerging fields
The Institute plays an active role in making submissions on public policy.
in 1968. The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in this country. Prior to this, Australian actuaries had to pass UK final examinations in order to qualify.
As part of the worldwide actuarial profession, the Institute maintains regular contact with overseas actuarial associations. In particular, the current examination system ensures close links with the Faculty and Institute of Actuaries
(Edinburgh
& London
).
There are three phases of the Institutes qualification process:
The Australian actuarial examination process is regarded as being of high quality characterized by low pass rates.
Past Presidents include:
(2010) Bozenna Hinton
(2009) Trevor Thompson
(2008) Greg Martin
(2007) Fred Rowley
(2006) Martin Stevenson
(2005) Andrew Gale
(2004) Graham Rogers
(2003) Chris Lewis
(2002) Helen Martin
(2001) Tony Coleman
(2000) David Knox
History
The Actuarial Society of New South Wales was formed in 1897. The inaugural meeting of seventeen members took place in SydneySydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
on 19 October 1897. Prior to this date a handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.
By 1919, actuaries resident in other States and New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
had joined the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia
Australasia
Australasia is a region of Oceania comprising Australia, New Zealand, the island of New Guinea, and neighbouring islands in the Pacific Ocean. The term was coined by Charles de Brosses in Histoire des navigations aux terres australes...
. The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.
Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated. When New Zealand actuaries formed their own society in 1977, the name changed to The Institute of Actuaries of Australia.
Role
The Institute of Actuaries of Australia represents the actuarial profession by creating, expanding and maintaining an environment where the skills of actuaries are widely used and valued.The Institute:
- establishes and maintains professional standards for the protection of the public
- provides pre-qualification and continuing professional education
- creates forums for discussion about contemporary and relevant issues
- promotes research and the development of actuarial science, and
- contributes to and informs the debate on public policy.
Initially, Australian actuaries served the public interest by helping to ensure the soundness of life insurance offices and friendly societies and acting as arbiters of equity in life company bonus distributions. Actuarial fields of activity broadened following the second world war to include superannuation, investment, and, from the 1970s, general insurance.
The Institute represents the involvement of actuaries working in traditional fields and emerging fields of actuarial work. These include:
Traditional fields
- Life insurance
- General insurance
- Health insurance
- Superannuation
- Banking and finance
Emerging fields
- Enterprise Risk Management
- Energy and climate change
The Institute plays an active role in making submissions on public policy.
Membership
There are three levels of membership, which are linked to the number of examinations passed by members.- Affiliate of the Institute of Actuaries of Australia
- Associate of the Institute of Actuaries of Australia (AIAA)
- Fellow of the Institute of Actuaries of Australia (FIAA)
Education
The Institute was instrumental in the introduction of actuarial education at Macquarie UniversityMacquarie University
Macquarie University is an Australian public teaching and research university located in Sydney, with its main campus situated in Macquarie Park. Founded in 1964 by the New South Wales Government, it was the third university to be established in the metropolitan area of Sydney...
in 1968. The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in this country. Prior to this, Australian actuaries had to pass UK final examinations in order to qualify.
As part of the worldwide actuarial profession, the Institute maintains regular contact with overseas actuarial associations. In particular, the current examination system ensures close links with the Faculty and Institute of Actuaries
Institute of Actuaries
The Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...
(Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
& London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
).
There are three phases of the Institutes qualification process:
- Part I - which has a technical focus, members can gain exemption for Part I subjects either by performing sufficiently well in examinations at accredited universities or by passing the relevant Institute of ActuariesInstitute of ActuariesThe Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...
examinations. - Part II - also known as the Actuarial Control Cycle (ACC), exemption is granted based on sufficiently high performance in relevant subjects at accredited universities.
- Part III - which focuses on application of actuarial judgment to practical business situations. Part III is taught and examined directly by the Institute of Actuaries of Australia.
The Australian actuarial examination process is regarded as being of high quality characterized by low pass rates.
Presidents
The 2011 President of the Institute is Barry Rafe.Past Presidents include:
(2010) Bozenna Hinton
(2009) Trevor Thompson
(2008) Greg Martin
(2007) Fred Rowley
(2006) Martin Stevenson
(2005) Andrew Gale
(2004) Graham Rogers
(2003) Chris Lewis
(2002) Helen Martin
(2001) Tony Coleman
(2000) David Knox
See also
- ActuaryActuaryAn actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
- Actuarial examActuarial examActuarial exams are a series of professional level examinations which must be passed in order to be admitted into an actuarial society, if the society has a "membership through examination" requirement...
- Actuarial scienceActuarial scienceActuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience...
- List of learned societies