Institute of Actuaries of Australia

The Institute of Actuaries of Australia (IAA or IAAust), commonly referred to as the Institute, is an organization representing the actuarial profession in Australia. The Institute has origins which trace back to 1897.

Infobox Non-profit
Non-profit_name = Institute of Actuaries of Australia| Non-profit_
Non-profit_type = Professional Organization
founded_date = 1963
founder =
location =
origins =
key_people = Greg Martin (current president)
area_served = Australia
focus =
method =
revenue = 6,910,844 AUD
endowment =
num_volunteers =
num_employees =
num_members = 3,400
owner =
Non-profit_slogan =
homepage = [http://www.actuaries.asn.au/ www.actuaries.asn.au]
tax_exempt =
dissolved =
footnotes =

History

The Actuarial Society of New South Wales was formed in 1897. The inaugural meeting of seventeen members took place in Sydney 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.

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 University 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:

* Part I - which has a technical focus, generally studied through a university or through correspondence.
* Part II - also known as the Actuarial Control Cycle (ACC) which is studied through an accredited university.
* Part III - which focuses on application of actuarial judgment to practical business situations, studied through correspondence.

The Australian actuarial examination process is regarded as being of high quality characterized by low pass rates.

Publications

* Actuary Australia
* Australian Actuarial Journal (AAJ)
* Education material

Presidents

The 2008 president of the IAA is Greg Martin.

Actuary of the Year

The winner of the 2007 Actuary of the Year award was Professor Michael Sherris of The University of New South Wales.

ee also

* Actuary

External links

* [http://www.actuaries.asn.au The Institute of Actuaries of Australia]