Actuarial Guide

ACTUARIAL SOCIETY
OF SOUTH AFRICA
STUDENT GUIDE
TO BECOMING AN
ACTUARY
MARCH 2023
QUANTIFYING RISK | ENABLING OPPORTUNITY

STUDENT GUIDE TO BECOMING AN ACTUARY
CONTENTS The Actuarial Society has changed the delivery of its education
offerings to suit a flexible structure as the way of work has changed
since the COVID 19 pandemic. Examinations are all offered online Guide Note
and candidates have the option to attempt the exam at an Refer to the Student Hub
Welcome.................................................................... 3
ASSA co-ordinated venue or virtually at a venue of their choice. on the ASSA website
Student Curriculum Roadmap................................ 4 Education support offerings such as tuition courses and counselling
are provided virtually. Normative Skills and professionalism courses
Student Services........................................................ 6 are currently offered both virtually and in-person during different
sessions and members may choose which session suits them best.
Membership............................................................... 8 We will update members regularly via our weekly email newsletter:
newsbytes with changes as they arise. Alternatively you can keep
Qualifications............................................................. 10 track of updates to all online exam details via the ASSA website
Normative Skills.......................................................... 22
Work-Based Learning................................................ 34
Accredited Universities and Exemptions................ 50
Examinations.............................................................. 54
Tuition.......................................................................... 66
International Recognition and Transition............... 78
Annexures
ASSA STUDENT GUIDE | MARCH 2023 3

1.Student Services 3.Qualification
Curriculum requirements for
Student Curriculum Roadmap

obtaining the Designations
awarded by ASSA
START
2.Membership
The academic and administrative process to becoming an Actuary
The TASSA designation was approved
to recognise the achievement of
TASSA
successfully completing all A1 and
A2 level exams as well as completing
ASSA
TECHNICAL 5.Work-Based Learning 6.Accredited
subject N111, the Foundation Actuarial
Professional Practice module of the
MEMBER Implementation platform for
Normative Skills in the workplace
Universities
Normative Skills Programme. & Exemptions
from the ASSA Exams
A2 A1 N1
COGNITIVE STRAND
Technical Skills
7.Examinations
The Associateship training provides a general background in Financial Risk

Management and will enable Members to apply their toolkit of Actuarial 8.Support
techniques in a wide variety of areas. It is particularly useful for those who NORMATIVE STRAND
Initiatives
AMASSA
PROFESSIONALISM
Professional Skills Communication Skills
are not working in one of the traditional practice areas for Actuaries, such Business Skills Management Skills
as Life Insurance or Retirement Funds. The Associateship designation does
ASSA not, however, entitle the holder to perform statutory roles in South Africa,
ASSOCIATE such as being the Valuator of a pension fund or the Statutory Actuary of 9.International
MEMBER a Life Insurer.
Associate designation entitles member to use the title: Associate Actuary
ORGANISATIONAL STRAND
Professional Skills Recognition
The South African
qualification is part of the
Normative Skills family of world-class and
Courses & Workshops
globally recognised actuarial
WORK-
qualifications.
BASED
LEARNING
A3 N2 N3 Assignment & Research
through Review Questions
Other Formal
Learning Programmes
On-the-job skills development

Learning and Mentoring
The Fellowship training builds on the foundation of subjects required
for the Associateship and provides an in-depth specialisation in any FASSA
one of the main practice areas. There is further development in higher- ASSA
order thinking skills, particularly in Actuarial judgement. The Fellowship FELLOW
designation is required for statutory roles in South Africa.
MEMBER
Fellow designation entitles the member to use the title: Actuary 1. PROFILE
WBL 03 Fellowship APP

2. SELF ASSESSMENT
3. ACTION PLAN SKILLS FASSA
4. SKILLS Normative Skills Programme
N1
DEVELOPMENT/
WORK- FEEDBACK
F2 F1 N3 N2 A3 A2 A1
5. REVIEW QUESTIONS
BASED 6. FINAL ASSESSMENT
LEARNING
N4
WBL 02 Core APP
Normative Skills Programme
AMASSA
The Actuarial Society has also been
CERA awarded International Signatory Status
CHARTERED
to award the CERA designation, which
allows Actuaries to apply their acquired 4.Normative Skills
ENTERPRISE skills as Enterprise Risk Management Actuarial Professional Practice (APP) Course
RISK ACTUARY Practitioners.
01 Foundation APP TASSA

STUDENT SUPERVISOR NON-FELLOW

ATO ASSESSOR
F106 C100 SUPERVISOR
4 ASSA STUDENT GUIDE | MARCH 2023 ASSA STUDENT GUIDE | MARCH 2023 5
1. Student Services
ASSA Management and Administration of
Member’s profile and education activities
STUDENT SERVICES MEMBER ADMIN & EDUCATION MANAGEMENT
ASSA manages their MEMBER ENGAGEMENT &

Member’s profiles and OTHER SOURCES OF INFORMATION
educational activities CONTACT
Apart from the Student Guide, other sources of information are
and events, including provided throughout the year via: a 087 073 8940
administration of ASSAadmin@actuarialsociety.org.za
examinations and Website
a www.actuarialsociety.org.za
Student Hub: www.actuarialsociety.org.za/student-zone
exemptions, courses, @ActuarialSA
Contact: https://www.actuarialsociety.org.za/contact-details/
counselling and Office Hours: Monday to Friday from 08:30 - 16:30
normative skills.
E-mail
Weekly Newsletter, Events, Event Alerts,
Newsletters from Practicing Areas, President and CEO
Social-media
Facebook, Twitter, Linkedin, Instagram, YouTube
Guide Note
Keep your Online Member Profile
up to date at all times. Members
ONLINE MEMBER PROFILE are kept informed throughout
the year via Website, e-mail and
Personal details Social-media.
You must keep your Online Member Profile up to date at all times,
including any change to your contact, personal or employer details.
Student records
• Confirmation of Good Standing letter
• Summary and Full Academic Record
• Progress reports for Normative Skills
• TASSA Certificate
• Finance related documents e.g. invoices and statements
Non-members will need to pay a fee for an official Academic
Record to be sent to them.
2. Membership
Become a Student Member in order to register
for ASSA Examinations and Exemptions
MEMBERSHIP & APPLICATIONS BECOME A STUDENT MEMBER
In order for students to INTEREST GROUP MEMBER SUBSCRIPTIONS

enter for examinations ASSA has introduced a new Interest Group category for individuals South African students only need to register with one professional Guide Note
or apply for exemptions, who are currently studying towards a university degree with a body, namely the Actuarial Society of South Africa. All members
Mathematics or Statistics major. Those who have a particular must renew their membership annually by 1 January for that year of Membership
they must first apply for interest in ASSA events and initiatives and wish to know more about membership. must be
Student Membership. the profession could sign up for this category. Applications must be renewed on an
made annually to be a part of the Interest Group. Members are responsible for updating all their details including annual basis by
changes in status i.e., unemployed/active (employed)/overseas. 1 January.
For further information, contact Member Services:

Requirements for application memberservices@actuarialsociety.org.za
to join the Interest Group
Online Application via the ASSA website as per 3.1.1
It is important to note that this Interest Group has no link toward
LAPSED MEMBERSHIP
becoming an ASSA member. All enquires about the university Any member whose membership has lapsed and wishes to reinstate
academic process to graduation must be directed to the university their membership must contact the ASSA office for the costs and
concerned. process involved. Before members can register for events and
education activities, renewal of membership subscription for that
specific year must be complete.
MEMBERSHIP APPLICATIONS
Candidates may apply for membership by completing the online
membership application process, which can be accessed through
the ASSA website.
Note that all prospective students must comply with the minimum
academic requirements for membership, found in Annexure C.
Applications for membership are open throughout the year, however,

once the examination sitting has ended for a given semester, all
incomplete applications which have not been actioned will be
removed and candidates will have to re-apply.
Applicants who would like to register for an examination sitting must

ensure that their membership applications are submitted at least
6 weeks before registration for that examination session opens to
ensure that the application is processed in time.
Membership confirmation letters are sent once an application for

membership has been approved and will indicate the fees due,
based on the category of membership the applicant had been
admitted to.
3. Qualification
Curriculum requirements for obtaining the
Designations awarded by ASSA
QUALIFICATION REQUIREMENTS FOR OBTAINING DESIGNATIONS
This section presents the complete curriculum

required for obtaining the designations awarded
by ASSA. CERA
CHARTERED
ENTERPRISE
The successful completion of a Degree or SAQA RISK ACTUARY
equivalent qualification is a requirement for
admission as Technical, Associate, Fellow or CERA
Member of ASSA.
FASSA
ASSA
FELLOW
MEMBER
Guide Note
Detailed syllabi for
AMASSA all the subjects can
be found on the
ASSA
ASSA website under
ASSOCIATE
the Student Hub.
MEMBER
TASSA
ASSA
TECHNICAL
MEMBER
TECHNICAL MEMBER OF ASSA TASSA SUBJECT REQUIREMENTS
NORMATIVE SKILLS PROGRAMME

All these subjects have
to be completed to meet
FOUNDATION APP A, F, N ASSA Members
the requirements for the N1. FOUNDATION APP A2. INTERMEDIATE TECHNICAL
TASSA designation. ASSA Non-Members
The Foundation APP course is designed to develop
students’ Normative skills to a level appropriate as
The four subjects in this part provide the basic toolkit
of actuarial techniques that are used in a number of B (incl International
Students)
The subjects are a TASSA. practical applications.
grouped into three parts: N111 A211 Financial Mathematics
• N1 Module 1 Professional Actuary in SA A212 Risk Modelling and Survival Analysis
• A1 Module 2 Professional Communications for Actuaries A213 Contingencies
• A2 Module 3 Fundamentals of Modelling A214 Loss Reserving and Financial Engineering
Credits for subjects in Part A2

can be obtained as follows:
A1. FOUNDATION TECHNICAL • By achieving an exemption recommendation
The three subjects in this part draw from a number for an equivalent subject as part of a degree
of disciplines outside actuarial science and form the programme at universities accredited by the
foundation required to pursue in-depth actuarial studies. Actuarial Society.
• Writing the Actuarial Society examination. The
A111 Actuarial Statistics Actuarial Society uses the Institute and Faculty
of Actuaries exams for subjects A212 and A214 in
A112 Business Economics
Part A2.
A113 Business Finance
Pre-requisite for Attempting the Subject A213
Credits for subjects in Part A1
• A pass or exemption in subject A211 is required
can be obtained as follows:
before or whilst attempting subject A213, OR
• By achieving an exemption recommendation • Concurrent registration for A211 and A213 in the
for an equivalent subject as part of a degree same semester.
programme at universities accredited by the
Actuarial Society.
• Writing the Actuarial Society examination. The
Actuarial Society outsources these exams to the TASSA
Institute and Faculty of Actuaries exams, but ASSA
students must register with us. TECHNICAL
MEMBER
N1 A1 A2
N111 A111 A211

Module 1 A112 A212
Module 2 A113 A213
Module 3 A214
ASSOCIATE MEMBER OF ASSA AMASSA SUBJECT REQUIREMENTS
NORMATIVE SKILLS PROGRAMME N2. COMMUNICATIONS

The subjects leading
to the Associateship
CORE APP N211 N211 develops the key skill of communicating
technical concepts to non-technical audiences:
N1 N111
Module 1
Refer to section 4 of this document on what components of
(AMASSA) designation Normative Skills need to be completed for AMASSA. Module 2
are grouped into six A3. ACTUARIAL RISK MANAGEMENT Module 3
parts. N1. FOUNDATION APP The subject in this part provides the background
and core principles that allow students to apply their
N111 actuarial techniques in a wide variety of situations.
All subjects in Parts A1 Module 1 Professional Actuary in SA A1 A111
and A2 as well as the Module 2 Professional Communications for Actuaries A311 Actuarial Risk Management A112
Normative Skills modules Module 3 Fundamentals of Modelling A113
Credits for these subjects A311 can be obtained as
in N111 need to be follows:
completed, in addition A1. FOUNDATION TECHNICAL • By achieving an exemption recommendation
for the equivalent subject as part of a degree
to Part A3, as well as the The three subjects in this part draw from a number programme at universities accredited by the A2 A211
Normative Skills modules of disciplines outside actuarial science and form the Actuarial Society. A212
foundation required to pursue in-depth actuarial studies.
in N211 and N311. • Writing the professional examination which is A213
A111 Actuarial Statistics offered by ASSA. A214
Detailed syllabi for all the A112 Business Economics
subjects can be found A113 Business Finance N3. CORE APP
on the ASSA website. N311 N2 N211
Credits for subjects in Part A1 can be obtained as follows:
Module 1 Work-Based Learning for Associates
• By achieving an exemption recommendation
for an equivalent subject as part of a degree Module 2 Actuarial Business and Legal Awareness
programme at universities accredited by the Module 3 Model Documentation Analysis and Reporting A3 A311
Actuarial Society.
Module 4 Presentation Skills and Communication
Writing the Actuarial Society examination. The Actuarial Society
outsources these exams to the Institute and Faculty of Actuaries
Module 5 General Practice Module
exams, but students must register with us. Module 6 Strategic Thinking and Interpersonal Skills
WORK-
Module 7 Professionalism for Associates BASED
LEARNING
A2. INTERMEDIATE TECHNICAL
The four subjects in this part provide the basic toolkit
of actuarial techniques that are used in a number of
practical applications.
A211 Financial Mathematics

A212 Risk Modelling and Survival Analysis
A213 Contingencies N311
A214 Loss Reserving and Financial Engineering AMASSA
N3
Module 1
ASSA
ASSOCIATE Module 2
MEMBER Module 3
Module 4
Module 5
Module 6
Module 7
FELLOWS OF ASSA FASSA SUBJECT REQUIREMENTS
NORMATIVE SKILLS PROGRAMME

The subjects leading
to the Fellowship
FELLOWSHIP ACTUARIAL PROFESSIONAL N111
N1
designation are grouped PRACTICE (APP) Module 1
Module 2
into nine parts. Refer to section 4 of this document on what components of Module 3
Normative Skills need to be completed for FASSA.
All subjects in Parts A1, N211 develops the key skill of communicating technical concepts to A111
A2 and A3 as well as the non-technical audiences: A1 A112
Normative Skills modules A113
N1. FOUNDATION APP A3. ACTUARIAL RISK MANAGEMENT
in N111, N211 and N311 A211
N111 A311 Actuarial Risk Management
need to be completed, Module 1 Professional Actuary in SA A2 A212
in addition to all subjects Module 2 Professional Communications for Actuaries N3. CORE APP A213
in Parts F1 and F2 as well Module 3 Fundamentals of Modelling A214
N311
as the Normative Skills Work-Based Learning for Associates
Module 1 N211
modules in N411. A1. FOUNDATION TECHNICAL Module 2 Actuarial Business and Legal Awareness N2
A111 Actuarial Statistics Module 3 Model Documentation Analysis and Reporting
Detailed syllabi for all the A311
A112 Business Economics Module 4 Presentation Skills and Communication
subjects can be found Module 5 General Practice Module
A3
A113 Business Finance
on the ASSA website. Module 6 Strategic Thinking and Interpersonal Skills
A2. INTERMEDIATE TECHNICAL Module 7 Professionalism for Associates
Refer to section 5
WORK-
for information on A211 Financial Mathematics
N4. FELLOWSHIP APP BASED
what components of A212 Risk Modelling and Survival Analysis LEARNING
A213 Contingencies N411
Normative Skills are
Module 1 Work-Based Learning for Fellows
required to qualify for A214 Loss Reserving and Financial Engineering
Module 2 Professionalism for Fellows N311
the Fellowship (FASSA)
N2. COMMUNICATIONS N3 Module 1
designation.
Module 2
N211
Module 3
Module 4
Module 5
Module 6
Module 7
N411
N4 Module 1
Module 2
F1/B1. FELLOWSHIP PRINCIPLES F2.B2. FELLOWSHIP APPLICATIONS
These subjects extend the techniques and These subjects focus on the in-depth applications F101
applications learned in the Associate level subjects in a specific area with a focus on South African F102
to a more in-depth level by focusing on specific practice, as well as international best practice.
practice areas. Students will have to pass one of the six options
F103
below for the Fellowship Applications examinations F104
Students are required to pass two of the following
six subjects.
(F201 to F206 below) in order to attain the FASSA F105
designation.
F106
The Fellowship Applications examination focuses on F107/B100
Select 2 subjects higher-order thinking skills and actuarial judgement.
F101 Health and Care Principles Select 1 subject

F102 Life Insurance Principles
F103 General Insurance Principles F1
F201 Health and Care Applications
F104 Retirement and Related Benefits Principles
F202 Life Insurance Applications
F105 Finance and Investment Principles
F203 General Insurance Applications
F106 Enterprise Risk Management
F204 Retirement and Related Benefits Applications
F107/B100 Banking Principles
F205 Investment Applications
There are two options for students to complete this part:
F2071/B200 Banking Applications
FASSA
1. Students do these courses at accredited universities as part of a ASSA
Recommendation for Attempting an F2 Subject. FELLOW
postgraduate course and, on attaining a sufficient standard in
the examination, they will be recommended for exemption from MEMBER
We recommend that all students make a reasonable attempt at
the equivalent professional subject; or a Part F1 subject before attempting the associated Fellowship
Applications (Part F2 series) subject. The Part F1 subjects contain
2. Students pass the Actuarial Society examination in the subject.
important and necessary technical knowledge that is assumed
These examinations are the same as the university papers, and
learning before attempting a Part F2 subject.
the pass standard is the same as the exemption standard for the
equivalent university course. F2 subjects are set at a level that assumes 3 years of appropriate
work experience. It will, therefore, be advantageous to attempt a
For F106, Actuarial Society members write the equivalent Institute Part F2 subject in a field where you have experience. Should this not F2
and Faculty of Actuaries examination (ST9) as members of the be possible, we recommend that you retain an active interest in
Society, without having to join the UK IFoA. developments in your chosen Part F2 area of practice.
Prerequisites for Attempting the F1 Subjects:
Knowledge and understanding of Actuarial Risk Management F201

(A311) are fundamental for the successful completion of the Part F1
subjects. F202
The pre-requisite is at least an FA grade for subject A311, or a
F203
university pass for the equivalent subject, before a student can F204
attempt a Part F1 subject. F205
F2071/B200
1. F207 replaced F206. There is no more F206.
CHARTERED ENTERPRISE RISK ACTUARY CERA SUBJECT REQUIREMENTS
ASSA Members are eligible to receive the CERA qualification if they: The course leader has to sign off that a student has completed the
course, and this sign-off will be withheld for any student if there is
• Complete all the requirements to be an Associate or Fellow of little evidence of active participation.
ASSA
In assessing active participation, the course leader will consider the C100
• Pass F106
following:
• Complete a two-day Seminar (C100)
• The satisfactory completion of the pre-course assignment and
The satisfactory completion of the one-day Applied ERM Course is a • The degree to which the student participates in the class, particularly in –
requirement to be awarded the CERA qualification by ASSA. • Demonstrating an understanding of the pre-course reading F1
• Actively participating in discussions and
The satisfactory completion of the one-day Applied Enterprise Risk • Asking questions that demonstrate an acquisition of higher-
Management (ERM) Course is a requirement to be awarded the order skills in the course topics.
CERA qualification by ASSA.
The purpose of this course is to provide a practical context for the
F106 subject and apply ERM concepts to practical South African
business issues.
To register for the course, candidates must have been exempted
from or passed the F106 exam.
Active participation is expected from all attendees, in assessing
active participation, the following is required: CERA
CHARTERED
• Satisfactory completion of the pre-course assignment and ENTERPRISE
• Visible Participation in the class, particularly in – RISK ACTUARY
• Demonstrating an understanding of the pre-course reading

• Actively participating in discussions and
• Asking questions that demonstrate an acquisition of higher-order
skills in the course topics.
F2
NOTE: Refer
to the ASSA
calendar for
dates of the
next C100
course
1. F207 replaced F206. There is no more F206.
4. Normative Skills
Actuarial Professional Practice (APP) course
NORMATIVE SKILLS THREE-TIERED PROGRAMME
As of January 2021, all INTRODUCTION OVERVIEW OF THE THREE-TIERED NORMATIVE SKILLS PROGRAMME
Members journeying In developing a distinct South African qualification, ASSA strives
towards qualification must to provide an education programme that focuses on delivering
professionals that are not only technically adept but capable of
follow the Normative Skills delivering on the full rounded professional promise.
Programme as part of the
In the current environment actuaries need a lot more than the basic
curriculum roadmap. technical skills to meet market demands.
STUDENT SUPERVISOR NON-FELLOW
SUPERVISOR
ATO ASSESSOR
Additional delivery skills are required in areas such as engaging with
The transitional and presenting to clients and line managers, the ability to justify and
concession expired as of structure recommendations, as well as professional behavioural skills.
30 November 2020. These skills in the actuarial profession will be known as normative
skills, which need to be combined with the technical skills and a
professional organisational infrastructure to ensure the effectiveness
01 Foundation APP TASSA
of the professional actuary. Normative Skills Programme
ASSA’s Normative Skills programme was developed as a three-
tiered programme, with each tier consisting of a number of modules
that were designed in such a way that skills build on one another
throughout the modules of the programme.
The Normative Skills programme consists of the following three tiers in

Actuarial Professional Practice (APP) courses:
WORK 1. Foundation APP WBL 02 Core APP AMASSA
BASED 2. Core APP
LEARNING 3. Fellowship APP
AHEAD Underpinning the Normative Skills programme is Work-Based Learning
that serves as the practical implementation platform for the skills
students are exposed to during the Normative Skills programme.

FASSA
REGISTRATION FOR PRINCIPLES OF NORMATIVE SKILLS
NORMATIVE SKILLS PROGRAMME • Normative Skills should be developed in parallel to the Technical Skills.
• Students should have the required technical knowledge to be
Registration for the Normative Skills Programme will take place via
admitted to NS Core APP.
the Society’s online registration system and students will be notified
via email of the opening and closing dates for registration, which • Students should have the appropriate technical and industry
can also be obtained on the ASSA website calendar. Please note knowledge to be able to put each Normative Skills module and
that you are expected to have the required pre-requisites at the workshop into perspective and gain value from it.
time of registration for the Normative Skills component you are • Exceptions should be dealt with on a case to case basis and not
intending to register for: dictate the overall business rules to pre-requisites.
• Normative Skills and Work-Based Learning should promote a culture
• Registration dates are communicated at the start of each
of ongoing learning and growth and not be a point in time quick fix.
semester, and no late registrations may be considered.
After registration, you will attain login credentials to the ASSA

Learning Platform that will give you access to all the information and OVERVIEW
material you will need for the Normative Skills courses per module.
Below is an overview of each of the three Normative Skills tiers. Each
A number of sessions are made available to register and space is tier will be discussed in detail thereafter.
LE 2
allocated on a first come first serve basis. DU
MO
For Normative Skills modules where workshops are required, the

Society aims to offer each of the workshops in 3 different sessions: 01 Foundation APP TASSA MO
DU
LE 1
D ULE
3 1 YEAR
Normative Skills Programme MO
• First Session: February/March
• Mid-Session: June/July
• Late Session: November/December The Foundation APP is a 1-year course and consists of three modules that
may be completed online via the ASSA Learning Platform. Foundation
It is recommended that you register for these workshops as soon as APP is targeted at the entry level working professional or students who will
possible to secure a place on a desired date, the workshops are enter the workplace within 1 year of completing this course.
capped at a certain number of attendees per day due to practical
and logistical reasons. The Foundation APP course is designed to develop students’ normative
skills to a level appropriate for membership as a TASSA.
Cancellations
WBL 02 Core APP 2 YEARS
If a student wishes to cancel a specific module or workshop, the AMASSA
COMMS
Member Refund Policy applies and can be obtained CLICK HERE. Normative Skills Programme EXAMS
WORKSHOPS
The Actuarial Society reserves the right to cancel any workshop, EXPERT FACILITATION
for any reason, not less than 10 working days before the scheduled The Core APP course is a 2-year course and consists of seven modules, as DULE
2
SUPERVISION
MO
starting date of the workshop. Enrolled students will then have to well as the Communications Course and exam. Students need to ensure 4
ULE
LE 1 D
register for another date. Under these circumstances, there will be they have the necessary learning in place before they register for the MO
DU MO
LE 7
no additional cost to the student. Core APP course. The course is designed to develop students’ normative D ULE
3
MO
DU
MO
skills to a level appropriate for membership as an Associate (AMASSA). LE 6
DU
LE 5 MO
DU
To ensure that you will effectively gain the knowledge, skills and MO
dispositions, the Core APP modules have been structured to encourage

active learning and application of the skills required. Work-Based Learning
(during which capabilities are developed with a supervisor at work) is
fundamental to the course and is supplemented with the Normative
Skills online sessions and workshops. These workshops will be facilitated by
experienced actuaries in the industry and other industry experts.
SUPERVISOR

FASSA 1 YEAR
The Fellowship APP course is designed to further develop students’ normative

skills to a level appropriate for membership as a Fellow (FASSA) and will be
an additional 1 year after the successful completion of the Core APP course.
01 FOUNDATION APP Technical Normative Skills Programme
N111
TABLE 1: FOUNDATION APP OVERVIEW -N111 01. FOUNDATION APP
N111
Module 1 Professional Actuary in SA
Module 2 Professional Communications for Actuaries
Module 3 Fundamentals of Modelling
Module Admission Criteria Course Format/
Assessment N211 02. COMMUNICATIONS
EXEMPTION FROM FOUNDATION APP N311 03. CORE APP
Module 1: Students who are not Pre-Reading: Module 1 Work-Based Learning for Associates
Foundation APP is open to all students who embark on the TASSA The Professional exempted by the Online E-Learning Module 2 Actuarial Business and Legal Awareness
qualification path. Actuary in South exemption criteria as Course and Online MCQ Module 3 Model Documentation Analysis and Reporting
Africa state above. Assessment
Guide Note
Presentation Skills and Communication
Module 4
Students who are exempted in accordance with the exemption Module 5 General Practice Module
criteria do not have to register for N111. Module 2: Students who are not Pre-Reading: Module 6 Strategic Thinking and Interpersonal Skills
Professional exempted by the Online E-Learning Course Since Foundation APP is
Module 7 Professionalism for Associates
Communications exemption criteria as and Online Assessment presented via an E-learning
EXEMPTION CRITERIA for Actuaries stated above. N411 Platform,
04. FELLOWSHIPthe
APPfollowing
Module 1 Work-based
technicalLearning for Fellowsare
requirements
• Students who join ASSA as a student member before 1 January 2018. Pass for Foundation APP Module 2 Professionalism
suggested for for Fellows
your PC or
[These have been automatically processed by the ASSA office.] Module 1.
tablet:
Module 3: Students who are not Online E-Learning Course
• Students who join ASSA as a student member before 1 January • Internet browser –
Fundamentals of exempted by the and Online Assessment Chrome or Firefox
2020 and who meet the admission criteria for Core APP. [These
Modelling exemption criteria as with a GOOD internet
have been automatically processed by the ASSA office.] stated above. connection. (Some of
• Students who meet the university requirements to graduate with Pass for Foundation APP the courses contain
an accredited degree from an ASSA level 2 or 3 accredited Module 2. videos as well.)
university before 1 January 2021. • PC requirements –
Windows 7 or higher OS
TABLE 2: FOUNDATION APP MODULE TIME ALLOCATION or Apple OS.
THERE ARE TWO OPTIONS FOR STUDENTS
TO COMPLETE FOUNDATION APP (N111): • Sound – Your PC/tablet’s
Module Activity Estimated Time Allocation/ sound should be ON to
1. Students complete courses at accredited universities as part of Recommendation hear the voice-overs for
a postgraduate programme accredited by ASSA for exemption the E-learning. (You may
Module 1 Pre Reading 1 hour use earphones as well.)
of N111 and, on attaining a sufficient standard in the accredited
courses for N111, they will be recommended for exemption from E-Learning Course 1-2 hours
Foundation APP by ASSA; or
Online Assessment 1
/2 hour
NOTE: The E-learning courses
2. Students complete the Foundation APP subject (N111) Module 2 Pre Reading 2 hours may be completed in phases
requirements via the Actuarial Society course. where a student can stop the
E-Learning Course 2 - 3 hours course at a logical point and
All three modules can be completed within a 1-year period. Students
Online Assessment 1
/2 hour re-enter the course later at
are, however, required to complete the modules sequentially that point and continue. We
one after the other. The study material and E-learning courses are Module 3 Preparation Depends on the candidate’s do, however, recommend
available via the ASSA online Learning Platform. Access to the existing Excel skills. Students may that you complete each
Learning Platform will be granted with registration for N111. want to upskill themselves to be E-learning course over not
familiar with basic Excel formatting more than a 3-day period.
It is the responsibility of each student to check that they have access and the use of formulas and
to a stable and good internet connection when attempting the V-Lookups.
various online modules.
E-Learning Course 2 1/2 - 3 hours
Assignment 2 hours
LE 2
DU
MO
Assessment 1 hour
LE 1 3
MO
DU
DULE
MO
TASSA
ASSA
FOUNDATION APP CREDIT
1 YEAR TECHNICAL To obtain credit for Foundation APP, each of the 3 modules listed
MEMBER
above must be passed successfully.
02 Core APP Associateship Normative Skills Programme
N111 01. FOUNDATION APP
Module 1 Professional Actuary in SA
Module 2 Professional Communications for Actuaries
TYPICAL WORK REQUIRED PER MODULE N211 02. COMMUNICATIONS
The Core APP N211 N311 • Pre-work and pre-reading that may include an assessment to N311 03. CORE APP
Module 1 Work-Based Learning for Associates
modules form a 2-year ensure work was read and understood before the day of the Module 2 Actuarial Business and Legal Awareness
workshop. In order to benefit fully from the course, it is essential
programme which N211 is the Communications subject credit for
N211 can be:
N311 consists of seven modules. Module
1 is Work-Based Learning for Associates, that students carry out all the pre-workshop preparation.
Module 3
Module 4
Model Documentation Analysis and Reporting
Presentation Skills and Communication
includes workshops • Exempted if a recommendation is granted which serves as the practical on-the-job • Assignments that may require peer review and marking or that Module 5 General Practice Module
for the equivalent subject as part of a implementation platform for the skills will be marked by the module facilitator or lecturer. Module 6 Strategic Thinking and Interpersonal Skills
that the student must degree programme at an ASSA accredited the student is exposed to in Modules
• Preparation for the workshop, e.g. group work to prepare
university. 2 – 7. We will elaborate on Work-Based
attend. These workshops • Passed after writing the ASSA co-ordinated Learning later in this document. presentations for Module 4. N411
Module 1
04. FELLOWSHIP APP
Work-Based Learning for Fellows
exam. • Attendance and ACTIVE participation at workshops.
will be facilitated by • Post-workshop assessments or exams.
Module 2 Professionalism for Fellows
TABLE 3: CORE APP OVERVIEW -N311
experienced actuaries
and professionals in Course/Module Admission Criteria Exams/Assessment
the industry as well as N211 - Communications

relevant industry experts. Communications Course N/A Typed 3-hour exam. Exam details will be provided once you have registered for this exam.
N311.03.E - MDAR Exam

Model Documentation Analysis and Completion of N311.03.C Module 3: (MDAR) Course day MDAR EXAM: It is recommended that the examination be taken within 12 months after the N311.03.C
Reporting (MDAR) exam workshop. Results will be released within roughly 13 weeks of the completion of the exam.
RE-TAKERS: Councelling is compulsory for candidates who achieved less than an FA result
in their previous attempt. Candidate who have obtained at least an FA result or received
counselling since the previous examination can re-take the exam with the next session.
N311 - Core APP

Module 1: To register fro N311.01: WBL must be captured on the ASSA online WBL system.
WBL for Associates You must be an employed ASSA Member, working under the supervision of Criteria before Student can submit WBL for assessment by an Independent Assessor:
(More WBL details are provided in a Fellow or ASSA approved Non-Fellow Line Manager who will sign off the • 24 months active skills development
section 6) Self-Assessment and Action Plan • Minimum of 20 skills developed to the complete level
• At least 4 Review Questions approved by the assigned Fellow Supervisor
• Successful assessment by an ASSA Assessor
All WBL programmes must be assessed at Core APP level (Associate level) before a Student can
continue to the Fellowship APP WBL programme.
Module 2: • Passed (or been exempted from) Foundation APP Components:

Actuarial business and legal awareness • Passed (or been exempted from) all three A1 level subjects, and • Pre-work Assignment Workshop attendance and the Online Business Awareness exam
• Passed (or been exempted from) at least four subjects from the following: that will be available after the workshop attendance and it will be available for 3
• A2: level subjects months. The exam is not timed but normally takes less than 2 hours to complete.
• A311: Actuarial Risk Management
• N211: Communications
• F1 level subjects and F2 level subject
Module 3: To register for N311.03C: Components:

Model documentation, analysis and • Actively participated in N311.02.C and passed N311.02.E • Pre-work Assignment and peer review of another attendee’s assignment.
reporting • Completed the specified WBL requirements for N311.03 • Active participation during course attendance
Module 4: • Actively participated in N311.03.C Components:

Presentation skills and communication • Completed the specified WBL requirements for N311.04 Pre-work preparation that includes group work to prepare for the workshop. Workshop
attendance and assessment.
Module 5: N/A • Self-study module with an online MCQ exam

General Practice Module (GPM) (This • N311.05 study material may be ordered from the ASSA online web shop
module will test your knowledge of • The exam is available via the ASSA Exam Platform from mid-January until mid-December
the South African financial services and can be attempted once at any time
landscape.) • The exam is open book and refreence can be made to study notes and subject material
• Pass mark for the examination is 75%
Module 6: • Actively participated in N311.04 • 2-day Workshop attendance, active participation and assessment
Strategic thinking and interpersonal skills • Pass in N311.05
• Completed the specified WBL requirements for N311.06
Module 7: N311.06
28 Professionalism for Associates
• Actively
ASSA STUDENT GUIDEparticipated
| MARCHin2023
• Completed the AMASSA academic requirements
Pre-reading,
ASSA STUDENT GUIDE | MARCH 2023 workshop attendance, active participation and assessment
29
• Completed the specified WBL requirements for N311.07
TIMELINES TABLE 4: MODULE TIMES ALLOCATION
• In terms of Module 2, you may take the assessment as many times
as necessary over the 3-month period. Module - Activity Time of Workshop / Estimated Time
Deadline before next Allocation/ Guide Note
• In terms of Module 5, you may only attempt the exam once and Workshop
re-registration for the exam can only occur after 6 weeks from the The rules for all Online Exams
last attempt of the exam. Registration for Module 6 is dependent N311.02 2 weeks before Workshop 25 hours are governed by the ASSA
on a pass in the GPM exam. It is best to complete this exam as Course - Pre-reading Online Exam Policy and all
soon as possible as there are no pre-requisites. N311.02 2 weeks before Workshop 8 hours candidates must adhere to
Course - Assignment these rules when attempting
You will receive further instruction once registration for the relevant the N311.02.E and the N311.05
exams have been approved. N311.02 before attending 1 - 3 hours exams.
Course - Videos Workshop
You will receive the outcome
N311.02 Approximately 4 months 2 x 4.5 hours of the examination immediately
Course - Attendance after registration of Work- Workshops after completing it. Please
Based Learning (N311.01) screen grab this result for
record purposes.
N311.02 After completion of final Online, untimed
DU
LE 2 SUPERVISOR Exam Workshop of the semester. exam
MO
Must be completed within
LE 4
DULE
1
MO
DU 3 months of final Workshop
MO
LE 7 NOTE: Students who have not
DU
LE 3 N311.03 2 weeks before Workshop 25 hours
MOD
U MO
2 YEARS AMASSA Course - Assignment completed the required pre-
LE 6
5 MO
DU ASSA course preparation 1 week in
ULE ASSOCIATE
MO
D COMMS N311.03 Approximately 4 months 1 day advance of the course date
EXAMS MEMBER Course - Attendance after N311.02 will forfeit their place on the
WORKSHOPS workshop, with no refund.
EXPERT FACILITATION N311.03 Within 12 months after 1 day (Preparation:
SUPERVISION Exam - Modelling attendance of N311.03 Additional 15 hours
documentation Workshop day after N311.03.C)
Assessment
N311.04 1 month before N311.04 5 hours

Pre-work
N311.04 Approximately 4 months 1 day

Course - Attendance after N311.03
N311.06 Before attending 24 hours

Pre-work Workshop, recommend
starting 1 month before
Workshop
N311.06 Approximately 4 months 2 Workshops over

Workshops after N311.04 2 days
N311.06 After attendance of Online, 1 hour

Assessment Workshop. Must be
completed within 3 months
of the Workshop
N311.07 1 month before WS4 10 hours

Pre-work

after N311.06

after N311.06
CORE APP CREDIT

To obtain a credit for Core APP, each component as listed above
(under Assessment/Exam) must be passed successfully to obtain
a credit for the module. You will need to pass all seven modules,
including Work-Based Learning – Module 1 to obtain a full credit for
Core APP.
Professional Communications for Actuaries
N211 02. COMMUNICATIONS
N311 03. CORE APP
Module 1 Work-based Learning for Associates
Module 2 Actuarial Business and Legal Awareness
03 FELLOWSHIP APP Fellowship Normative Skills Programme Model Documentation Analysis and Reporting
Module 3
Module 4 Presentation Skills and Communication
Module 5 General Practice Module
Module 6 Strategic Thinking and Interpersonal Skills
TABLE 5: FELLOWSHIP APP OVERVIEW -N411 N411 04. FELLOWSHIP APP

The Fellowship APP N411 Module 1
Module 2
Work-Based Learning for Fellows
Professionalism for Fellows
Subject Admission Criteria Exams/Assessment
course is designed to components
further develop students’ ADMISSION CRITERIA (sub-credits)
normative skills to a The following criteria apply in order to register for N411 – Fellowship Module 1: To register for N411.01 Criteria before Studen
APP modules: Work-Based you must have can submit WBL for
level appropriate for Learning for Fellows completed N311.01 Assessment by an
• Fellowship WBL requirement:
membership as a Fellow (More detail on
Core APP WBL and
continue working
independent Assessor:
• Active 36 months skills
• Minimum 36 months supervised WBL (includes time WBL is provided in
and will be an additional completed for Core APP) section 6)
under the supervision development (on-
of an approved WBL the-job training) and
1 year after the • Completion of 9 [Fellowship specific] skills Supervisor who will sign Assessment
successful completion of • Completion of 2 Review Questions off the Fellowship WBL
APP.
• 24 months Core APP
WBL and an additional
the Core APP course. • Completion of Foundation APP; 12 months Fellowship
all A-level (Parts A1, A2 , and A3) subjects WBL
• A minimum of 9 (F)
• All the academic requirements for Fellowship skills completed
(additional skills
are added for the
Fellowship WBL
programme
• 2 Review Questions
• Successful Assessment
by an ASSA Assessor
FASSA *See note: Continuing with
1 YEAR ASSA WBL until you can qualify Guide Note
FELLOW
Module 2: • Completed all Pre-Reading: You are encouraged to
MEMBER
Professionalism for subjects required to Attendance and active register early for Module 2
Fellows be an academic participation in 2-day when you are ready to attend
qualifier for the workshop as desired dates tend to fill
FASSA designation up quickly. Workshops are
held both in Johannesburg
• Successful
and Cape Town and virtually
completion: N111,
at different sessions.
N211 and N311
• Completed the
specified WBL
requirements for NOTE: Students who have
N411.02 achieved the criteria to finalise
their Fellowship WBL and it has
been assessed and approved,
TABLE 6: FELLOWSHIP APP MODULE TIME ALLOCATION but still have other subjects
outstanding for qualification,
will continue with the Extended
Module Activity Estimated Time Allocation/ WBL programme until they are
Recommendation ready for qualification and the
Fellowship will then be signed
Module 1 Fellowship WBL Active participation for an off for qualification.
additional 1 year (total 36 months) More information about
Module 2 Pre-Reading 10 hours the Extended WBL will be
published to the ASSA
Module 3 Workshop 2-day attendance (stay over website.
arrangement)
FELLOWSHIP APP CREDIT

To obtain credit for Fellowship APP, each module as listed above
must be passed successfully.
5. Work-Based
Learning
Implementation platform for Normative Skills
in the workplace
WORK-BASED LEARNING
OVERVIEW Obtaining formal learning should not be limited to the Normative

Skills Workshop, but students should look for opportunities to gain
Work-Based Learning (WBL) is the implementation platform for skills and knowledge within their Work Environment and through
Normative Skills in the workplace. Students must demonstrate participating in other learning opportunities based on their own
and develop the skills they’ve been exposed to in the Normative requirements and skills levels:
Skills programme. A supervisor will help guide them through the
development of these skills.
The overarching objective of the Work-Based Learning (WBL) Normative Skills
Programme is to assist students in the training and development
of the core workplace skills and areas of competency required to Courses & Workshops
be a fully qualified professional actuary. This process will continue
once the student has qualified and they must meet the Continuing
Professional Development (CPD) requirements as qualified actuaries. Assignment & Research
WBL OBJECTIVES ARE TO ASSIST STUDENTS

through Review Questions WBL
WORK-BASED
• To understand the interaction between theory and practice Other Formal LEARNING
PROGRAMME
when using actuarial techniques
• To understand the commercial and legislative environment
Learning Programmes
• To work within a professional and ethical framework
• To communicate effectively and professionally with clients,
stakeholders and colleagues
On-the-job skills development 1. PROFILE
• To develop management skills, including self-management Learning and Mentoring 2. SELF ASSESSMENT
3. ACTION PLAN SKILLS
• To satisfy the public need for competence
4. DEVELOPMENT/FEEDBACK
• To understand the need for continuing development
Supervisors are required to help guide students through the process of 5. REVIEW QUESTIONS
• To develop processes for reflection and self-assessment of
competence obtaining and demonstrating skills required in the workplace. Students 6. FINAL ASSESSMENT
must provide evidence of their progress and skills growth in the workplace
• To develop a culture of lifelong professional learning
to show that appropriate development of capabilities has taken place.
• To encourage logging training and development
• To ensure continuity with respect to the outcomes-based Reflection on the feedback from supervisors is encouraged and
continuous professional development (CPD) scheme incorporated into Work-Based Learning to ensure that the skills students
are exposed to at the Normative Skills workshops are considered and
• To ensure exposure with regards to training and development needs.
applied in practice. This approach encourages introspection after
feedback is received, which should foster lifelong professional learning.
WBL is the foundation of the Normative Skills programme.
Development and learning at work will be integrated with Normative To help ensure a consistent approach and execution of the WBL
Skills workshops. The Normative Skills courses / modules and workshops process, the Actuarial Training Office (ATO) will be monitoring
provide guidance and knowledge that must be implemented and progress and active participation of the students and supervisors.
demonstrated in the workplace. This practical application of skills in
the workplace is then captured and tracked through the WBL process.
WHERE DOES WBL FIT INTO THE WBL REGISTRATION
NORMATIVE SKILLS PROGRAMME? Once you are an employed member of the Actuarial Society N1 N2 N3 N4
working under the supervision of an assigned WBL supervisor, you
WBL forms Module 1 for both the Core APP and the Fellowship APP. must register for the Core APP WBL code: N311.01. Registration is
(Foundation APP does not require WBL as a module.) done online through the ASSA Member Profile for which a student will NORMATIVE SKILLS
receive access details when he or she becomes an ASSA member.
WBL must run parallel to CORE APP
N3. CORE APP All students must register for the Core APP WBL first, and once they
the other Normative Skills have completed the requirements to qualify for Associateship WBL,
modules and not be a N311 they must register for the Fellowship APP WBL to continue with the NORMATIVE SKILLS
Module 1 Work-Based Learning for Associates additional year of WBL. FELLOWSHIP APP
stand-alone module. An
Module 2 Actuarial Business and Legal Awareness
integrated approach to
Module 3 Model Documentation Analysis and Reporting Requirements to register for WBL
WBL with other formal
Module 4 Presentation Skills and Communication • Student must be an employed ASSA member
learning activities both Module 5 General Practice Module • Student must comply with the requirements for Normative Skills –
internally and externally Core APP.
Module 6 Strategic Thinking and Interpersonal Skills
to the workplace is key Module 7 Professionalism for Associates • Students who are required to do Foundation APP first, must
to its success. complete the Foundation APP modules before registering for
Core APP and WBL
N4. FELLOWSHIP APP • Student must be employed in an actuarial field of employment
N411 • Student must select a (Fellow) supervisor preferably within the
same organisation. (More information on the role of the supervisor
Module 1 Work-Based Learning for Fellows
will be provided later in this document.)
Module 2 Professionalism for Fellows
• The employer must be registered with ASSA as an Actuarial
Training Office (ATO).
Time frame requirements

The time frame requirement of 24-month (Associateship) or 36-month
(Fellowship) ACTIVE participation and learning does not commence
with registration but rather with the submission of the student’s self-
assessment.
Time gaps in the learning and WBL participation (e.g. for career
changes/breaks) are allowed. However, the total time (active
participation) covered must still be at least 3 years for Fellowship
and at least 2 years for Associateship membership.
WBL SKILLS DIMENSIONS TECHNICAL
• Valid data
The Normative Skills Workshops are based on the Bellis Framework
• Build models under supervision.
and recognise the valuable link between acquiring technical skills
• Build or specify models for a variety of different purposes.
and delivering on the professional promise. The diagram below
• Analyse and validate results from a model.
indicates the WBL Skills dimensions in support of the Bellis model.
• Apply actuarial principles and methods to solving defined and
WBL covers the acquisition of specific skills in the following skills routine problems.
dimensions: • F: Perform useful checks on work including work of others
• F: Apply actuarial principles and methods to solving
Each of the dimensions, also known as Skills Categories, is expanded unstructured problems.
into several more specific skills based per designations level –
Associate level skills and Fellowship level skills as indicated below: INFORMATION TECHNOLOGY
• Use a variety of forms of Information Communications
Technology effectively in the workplace.
PROFESSIONAL
• Accept professional resonsibility and accountability.
• Understand the purpose of guidance notes. F: Use professional
guidance notes.
• F: Justify professional opinion in the face of questioning.
COGNITIVE STRAND
GENERAL BUSINESS
Technical Skills
• Understand wide range of stakeholder interest
• Understand specifid business products and processes
• Understand the bigger pciture as well as the individual role in
projects
Guide Note
• Understand internal and external customer needs However, ASSA does
• Manage expectations of clients and customers recognise that this is a more
• Find solutions which adds business value generic list of skills and with
• Demonstrate an awareness of budgetary constraints the wider application of
actuarial skills, we encourage
COMMUNICATION students to discuss skills
outside of the provided
• Communicate in writing to a range of audiences.
NORMATIVE STRAND • Communicate in writing using a range of communication
lists and add these to your
personal development plan
Professional Skills media.
as part of WBL.
General Business Skills • Communicate orally to a range of audiences.
Communication • F: Demonstrate an understanding of business implications in Students will select a
Management Skills presentation of results. few skills at a time to
develop based on their
MANAGEMENT own work requirements
and environment. Where
• Accept personal responsibility for work possible, skills development
• Plan a workstream should be mapped back
• Manage projects effectively to the employer’s own
• Develop controls to manage risks development framework
ORGANISATIONAL STRAND • Manage own time effectively and process.
• Manage other people
Professional Body In the WBL programme,
JUDGEMENT these skills are supplemented
by Review Questions as well
• Prepare actuarial report under supervision as Formal Learning activities.
• Understand and comply with regulatory requirements
• F: Make reasoned judgements in a defined situation.
• F: Prepare an actuarial report for a defined problem
• F: Understand the interaction of assets and liabilities
• F: Understand the risk of inaccurate results
• F: Display creative approach to problem solving
• F: Consider different approaches to problem solving.
• F: Act as a peer reviewer.
REVIEW QUESTIONS FORMAL LEARNING ACTIVITIES
Review Questions exist for each of the skills categories. Students are This includes any formal events or courses that were attended by
required to complete one Review Question every 6 months. the student. The Normative Skills workshops offered by the Actuarial
Society can also be included. However, tutorials and computer-
The aim of the Review Questions is for students to reflect on based learning for examinations may not be included.
their current work experience and to discuss the questions with
colleagues before presenting a reasoned answer to the questions. It is not intended that there will be a need to send students on
The Review Questions will be part of the portfolio of evidence that numerous costly external events. Internal training events, e.g.
will be reviewed by the supervisor. lunchtime briefing sessions, may be included in the learning log, as
well as computer-based learning activities. Formal learning activities
The answers would typically be 500–1 000 words and the emphasis is must be related to the development of WBL and if a student is not
on content, rather than literary style. Where appropriate, bullet points sure whether an activity can be included, the supervisor or the
or notes may be used in preference to an essay. The supervisor may Actuarial Society should be contacted.
require the student to add to the answers if it is felt that insufficient
thought has been given to the question. It is also possible that a All formal learning can be captured in the WBL system. 1. PROFILE
student might revisit a question at a later stage in their training.
2. SELF ASSESSMENT
All answers and supporting documentation should be uploaded
onto the Work Based Learning system. You will receive system 3. ACTION PLAN SKILLS
guidance and log-on details after registration. All the skills and 4. DEVELOPMENT/
Review Questions are available on the ASSA online WBL system..
FEEDBACK
Examples of Review Questions: 5. REVIEW QUESTIONS
6. FINAL ASSESSMENT
A. Technical applications of actuarial skills
1. Give an example of how your company implemented
to manage risk with respect to a recent project you
have been involved in. How successful do you consider
the controls to be?
2. Describe the assumptions that have been made in

implementing a a particular model you have been
working with recently. How realisitc are these assumptions
and is it possible to make any adjustments?
3. etc...
C. Professional and ethical

1. Prepare some notes on some potentail ethical and
professional judgement issue that you have encountered
in your work and discuss them with your mentor.
WBL
WORK-BASED
2. Discuss a current hot topic within the actuarial profession,
considering the matter from several different viewpoints. LEARNING
3. etc... PROCESS
THE WBL PROCESS
The Work-Based Learning (WBL) process will be guided through the
online WBL system. You will obtain access to the WBL system once
you have successfully registered for WBL. The ASSA office will send
you all the details. The diagram below provides an overview of the
WBL system process within the WBL system.
Guide Note
1. Profile 4. Development/Feedback Ongoing communication
Normative Skills Programme WBL Process Normative Skills Programme WBL Process between Student / Line
Manager / Supervisor is
essential.
Initialise Profile and Self-Assessment before 5. At any time during your development, CAPTURE EVIDENCE on
Development of Skills can commence development progress and indicate how Skills was developed. The system does not replace
the interactions and
MEMBER LOGIN: CAPTURE FORMAL LEARNING Activities. conversations that are still
required.
1. Agree to Declaration and complete your Profile When you feel the proficiency level for a Skill has been
2. Add or confirm your Personal details and Supervisor reached and enough evidence is in place, SUBMIT Skill to your Submit for all Skills
Supervisor. (Programme View)
Member number
SUBMIT TO SUPERVISOR FOR REVIEW, EDITS/APPROVAL Submit per Skill that is
selected as focus Skill at
that time.
2. Self-Assessment 5. Review Question Information / comments /

requests may be sent back
Normative Skills Programme WBL Process Normative Skills Programme WBL Process and forth between parties
until approval is provided.
3. Rate all skills listed in your Self Assessment: 6. Complete a REVIEW QUESTION (RQ) every 6 months
• Not started (no/limited development) (All questions are listed in the WBL system)
• Started (some/planned development) Once you have selected a RQ from the list,
• Completed (fully competent) it will move to the STARTED list.
Submit for approval before you can continue. Answer or write-up the RQ in a document and attach for review.
SUBMIT TO SUPERVISOR FOR REVIEW, EDITS/APPROVAL SUBMIT TO SUPERVISOR FOR REVIEW, EDITS/APPROVAL
SELECT A START DATE that coincides with when your MINIMUM REQUIREMENTS
development started and where evidence can be • One RQ every 6 months
provided. For most new Students this will be when
• Active WBL participation of 24 months (AMASSA) or 36 months
your Self-Assessment is completed.
(FASSA)
• Minimium of Skills signed-off as completed (competent)
3. Action Plan 6. Final Assessment

Normative Skills Programme WBL Process Normative Skills Programme WBL Process
4. Select Skills you need to focus on fo rthe next 3 - 12 months. 7. After 24/36 months and meeting the minimum requirements:
Draft an Action Plan to show how you will develop SUBMIT TO SUPERVISOR FOR FINAL ASSESSMENT TO REDEEM
these Skills. Skills with Action Plans will now appear CREDIT FOR WBL
in the Started List.
ON THE SUPERVISOR’S APPROVAL OF THE FULL PROGRAMME,
Provide enough details on current GAP and HOW/ THE SUPERVISOR WILL SUBMIT IT TO AN ASSESSOR FOR FINAL
WHEN you want to achieve this plan. REVIEW AND APPROVAL FOR QUALIFICATION.
SUBMIT TO SUPERVISOR FOR REVIEW, EDITS/APPROVAL
Use the COMMENT field to indicate and capture any

changes or additions to the Action Plan as you progress.
The system is based on workflow between the various roles – the 7. Keep record in the WBL system of any development/formal
student, his or her supervisor, the ATO and ultimately the assessor. It learning/Review Questions completed. Comments on
is crucial that each role interacts with the system as required (email development must be detailed enough so that the assessor can Guide Note
notifications will be sent out if action in the system is required) to easily track your development over a time frame.
*The ASSA Team will conduct
keep the process in motion, e.g. the student cannot capture skills periodic reviews on progress
development evidence before the supervisor has approved the Supervisor comments and requests on your development are
and active participation of
skills action plan, etc. crucial to indicate their involvement and supervision of your
students. These reviews will
development. also be conducted during
It is also important to note that the system workflow does not replace registration for the various
the need for personal interaction and discussions between the 8. Keep record of completed Review Questions, including the
Normative Skills workshop
various roles. discussion and comments from the supervisor. The student’s components. If a student
attempts on the Review Questions should be attached in the WBL does not meet the WBL
system. Refer to the section on Review Questions for more detail. requirements for the course
All students are required to maintain the evidence of Approval by the supervisor after each review. This will either they have registered for,
learning for their professional development over time. indicate that a particular skill has been addressed satisfactorily they will be declined from
This will include: (skill will be moved into the COMPLETED list) or recommend further attending a workshop.
work on the skills.
1. You will log on to the WBL system with your membership credentials
and agree to the declaration provided. 9. Final submission to the assessors once the student has met all the
criteria (criteria for submission are discussed in section 6.9) for final Refer to the online
2. You need to complete your profile (most information will already sign-off by the assessor. WBL Student Guide
be updated based on your member profile from the ASSA on the ASSA website.
Member Profile) and enter your supervisor’s membership number.
3. As part of the profile you must select a WBL start date. This is the
date that you started with development work on WBL skills. It may
be that you started development before you even registered for THE VARIOUS ROLES IN THE WBL PROCESS
WBL. Please enter this start date and ensure that the evidence
you provide in the WBL system supports the start date.
Candidate who Qualified Fellow Where the Organisations An experienced
4. Complete a self-assessment of all skills to establish a baseline for has successfully preferably organisation with WBL students Fellow who will
future development. The submission of your self-assessment will registered for within the same has no Fellows, are registered as assess a student’s
be flagged as the start date of your WBL journey. In your self- WBL and is organisation and a non-Fellow or Actuarial Training full WBL submissions
assessment you indicate, for each skill listed, what you think your undergoing skills working closely non-actuarial line Offices (ATO) with and determine if
current proficiency is: development and with the student to manager working ASSA. Each ATO a credit can be
gaining workplace guide and review closely with the has one or more recorded against
• Not Started – you have very limited or no experience in this skill experience. The the student’s skills student may assist ATO representatives the student’s
and will draft action plans to develop this skill over the course student, together development. a Fellow outside of who oversee the academic record.
with his or her the organisation to WBL process for
of your WBL programme.
supervisor, plan guide and review the organisation.
• Started – you have already gained some experience in this skill and execute a the student’s skills Maintain your
skills development development. ATO in your ASSA
and will continue to develop this skill based on an action plan
or action plan (ASSA approval Member Profile.
until it is fully developed. supported by is required for the
Review Questions formal involvement
• Completed – you, together with your supervisor, feel that
and other formal of a non-Fellow in
you have gained enough experience to view this skill’s learning activities. the WBL process.)
development as complete (fully competent) based on your
work requirements.
5. Keep a record of formal learning activities, including computer-

based training, training events and courses attended, both
internal and external to your company.
6. Supply a clear Action Plan for the skills you intend to develop over
the next period (normally 6–9 months). The Action Plan needs to
clearly state the skills gap and then a plan on how to obtain the
knowledge and experience to achieve a competent proficiency STUDENT SUPERVISOR NON-FELLOW ATO ASSESSOR
for the skill. Provide estimated timelines for your development. Once SUPERVISOR
you’ve completed an action plan for a skill, it will move out of the
NOT STARTED list on the system into the STARTED list on the system.
SELECTING A SUPERVISOR WBL CREDIT
The table below provides an overview of the criteria for WBL, both Guide Note
Each student should have an assigned Supervisor, either their own
selection or assigned by the organisation. The supervisor must be a for Associateship (CORE APP) and Fellowship level. Note that all Students who have achieved the criteria
students will have to complete the Associateship WBL before they to finalise their Fellowship WBL but still have
Fellow member of the Actuarial Society or from another Actuarial other subjects outstanding for qualification,
body with whom the Society has a Mutual Recognition Agreement, can continue with Fellowship WBL. That said, all skills (Core APP and must continue with WBL until they have
e.g., the IFoA. Fellow level skills) will be available to students during Associate WBL passed or are close to finalising all their
to capture any development goals and progress against, however subjects for qualification and then only
only skills development from Core APP skills will be considered for submit WBL for assessment. Once you have
met all the criteria for WBL you are required
Responsibility of the Supervisor milestones and progress on Associate WBL. Any development to continue with WBL by:
captured against Fellowship level skills will be carried over into the
• Completing 1 Review Question a year
• Jointly determine the level of competence that a student must Fellowship WBL program once the Associate level WBL program is (only a requirement until the Extended
reach for a skill. complete. WBL program is launched during 2021)
• Review and sign off on the student’s self-assessment that will form Fellowship skills are built on a foundation of Core APP skills and • Registering for the Extended WBL
the baseline for the student’s WBL programme. program where students will self-identify
therefore it is important to 1st prioritise the Associateship skills development needs for the year and
• Monitor the development of the student during their learning development path before you can build on this with the Fellowship capture their progress against
period and be willing to provide guidance on the student’s skills skills development. this for final sign-off annually or
before qualification.
SUPERVISOR development.
All students’ WBL submissions will be assessed by an Assessor at
• Review the student’s progress regularly and approve skills that Associate level and then again later at Fellowship level.
were developed to a competent proficiency.
• Discuss Review Questions that were answered and approve. TABLE 7: N311.01 AND N411.01 WBL CRITERIA
• It is expected that the supervisor will meet with the student at WBL Module Admission Criteria Criteria for completion of WBL Module
least once every 6 months. Progress as well as what skills should
Core APP WBL You must be an Active 24 months skills development (on-the-job training) and assessment.
be addressed in the next review period should be discussed.
(Module of N311) employed ASSA WBL must be captured on the ASSA online WBL system.
• Consider what training is needed — both on-the-job and through Member, working
Criteria before Student can submit WBL for assessment by an Independent
relevant courses. under the supervision
Assessor:
of a Fellow or ASSA
• Monitor that no confidential or client data or information is approved Non- • 24 months active skills development
uploaded into the system. Fellow Line Manager • Minimum of 20 skills completed
Who will sign off the • 4 Review Questions completed
It is envisaged that this person will be the student’s manager or Self-Assessment and • Successful assessment by an ASSA Assessor
superior who is responsible for the student’s regular work appraisals Action Plan All WBL programmes must be assessed at Core APP level (Associate level)
NON-FELLOW and who will be able to influence the learning opportunities made before a Student can continue to the Fellowship APP WBL programme.
SUPERVISOR available to the student. The supervisor should be able to provide
Fellowship APP WBL Completion of N311 - Criteria before Student can submit WBL for assessment by an Independent
meaningful input on the student’s development and training needs (Module of N411) Core APP Assessor:
and, if not his or her direct line manager, be able to obtain regular (Students must register • Active 36 months skills development (on-the-job training) and
feedback and input from the line manager. for Fellowship WBL assessment (24 months Core APP WBL and an additional 12 months
after completing Core Fellowship WBL)
Where a student works in an organisation where there are no APP WBL) • A minimum of 9 (Fellowship specific) skills completed and signed off
Fellows to act as supervisors, a non-actuarial manager may act as • Completion of 2 Review Questions
a student’s supervisor, but in such cases another supervisor, who is a • Successful assessment by an ASSA Assessor.
qualified Fellow, will be required to sign off on the skills development • See note below regarding continuing with WBL until you can qualify.
as well. Students who are in this situation should contact the Society
for assistance in allocating line managers and then a supervisor To ensure ongoing progress the following progress criteria will apply for WBL in line with other Normative Skills modules:
external to the organisation. The employer may also appoint a
supervisor from outside the organisation if they, or the student, know TABLE 8: WBL CRITERIA PER NORMATIVE SKILLS MODULE
of a Fellow who is willing to take on this role.
N311: Minimum WBL WBL Skills Progress Expected Review
Contact: assaadmin@actuarialsociety.org.za Core APP Timeline Questions
N311.02 4 months Self-Assessment completed and signed off
Change in Supervisor N311.03 At least 5 skills started (Action Plans in place) 1
If there is a change of supervisor (e.g., the student or the current N311.04 5 skills completed and at least 5 skills started (Action Plans in place) 2
supervisor has resigned and joined another company) a proper
handover must take place between the “old” and the “new” N311.05 NA
supervisor. It is the responsibility of the student to update his or her N311.06 10 skills completed and 5 new skills started (Action Plans in place) 3
supervisor details in the WBL system as well as his or her employment & GPM exam Passed
details in the ASSA Member Profile.
N311.07 22-24 months 20 skills completed 4
Complying with the requirements of WBL is the student’s responsibility N411.02 36 months 9 Fellowship skills completed 2
and not the responsibility of the student’s supervisor.
SUPERVISOR GUIDELINES THE ROLE OF EMPLOYERS OR
Supervisor Expectations
ACTUARIAL TRAINING OFFICES (ATO)
All employers are encouraged to support the WBL of their students.
All supervisors MUST be Fellow members of ASSA or equivalent from WBL offers the opportunity to help students understand how practical
partner associations with whom ASSA has MRA in place. For details considerations can affect theoretical models. In addition, personal
on what is expected from the Supervisor. skills are developed, which will assist students to perform their future
Where a Fellow is not available within the student’s employer job as actuaries well. Students are encouraged to develop a culture
organisation, ASSA may assist to identify a Supervisor to assist and of self-assessment and professional development to help them plan ATO
sign-off on a student’s WBL program. In these situations, a line their future as an actuary.
manager working closely with the student will also be asked to
oversee the WBL development with sign-off from the supervisor The necessary commitment will be required from
that was appointed from outside the organisation. A close working
employers to ensure that students gain experience in a
relationship between the student, line manager and supervisor must
be put in place. wide range of skills. It is recognised that there may be
additional costs for the employer:
Supervisors can refer to the Supervisor’s Guide for more information
on their roles and expectations. This guide can be found on the • In terms of sending students on relevant courses, where deemed
ASSA website – Supervisor’s Guide. appropriate; and
• In terms of the time spent by supervisors and students in order to

Assessment of Skills comply with the specific WBL requirements.
However, it is hoped that the WBL process would largely map on to

The main emphasis is that the student has been through a learning
existing staff development processes in the company and will hold
process. Approval for each skill, to move from the STARTED list in ASSESSOR
benefits for employers, too.
the online system to the COMPLETED list, will be by the allocated
supervisor who is expected to provide enough comments so that
the Assessors may track the progress of the student. All employers of actuarial students will be required to
register as an Actuarial Training Office (ATO). By registering
The Supervisor will sign off each skill when it is considered that:
as an ATO, an employer will commit to, inter alia:
• The student has been exposed to appropriate skills and
experiences and demonstrated an understanding of the skill to • Providing a workplace that is supportive of the training and
the level that was agreed on between the supervisor and student. development needs of the actuarial students employed
• The student has satisfactorily presented reasoned answers on • Ensuring proper supervision, including the appointment of a
Review Questions relating to that area. supervisor for each student, for the purposes of WBL requirements
of actuarial students
• The student has attended some additional formal learning in line
with the skill being developed. (Not all skills development requires • Endeavouring to ensure that each individual actuarial student
formal learning, but it is expected that the student will identify in their employment who needs to comply with WBL submits his
some learning opportunities over the 2–3 year WBL period). or her WBL progress on the online system on a regular basis in
Events or courses attended, such as Normative Skills workshops accordance with the requirements.
offered by the Actuarial Society, may be included as supporting For the purposes of WBL, ATOs will play a key role in facilitating the STUDENT
evidence to show that certain skills have been developed. training, development and supervision of actuarial students. The ATO
Supervisors must play an active role in the WBL process and react will also be an important means for communicating WBL-related
promptly to requests to provide input or review development information to actuarial students and supervisors.
work. Face-to-face interaction and discussions are encouraged Such information could be guidelines, new developments, non-
throughout the process. compliance of students with the WBL process, etc. Every ATO must
When students change supervisors, e.g. when they change nominate a contact person (whether an actuary or an HR person)
employment, there must be a handover between supervisors. It to whom all communication from the Actuarial Society to actuarial
is crucial that supervisors be proactive in the handover period to students and supervisors will be sent. This person will be required to
ensure that no confidential and client data and information are
transferred between companies.
Please refer to
the online WBL
Supervisor Guide on
the ASSA website.
6. Accredited
Universities
& Exemptions
ACCREDITED UNIVERSITIES & EXAMINATION EXEMPTIONS
Accredited South African universities have a long and EXEMPTIONS FROM THE ASSA EXAMS
successful track record of providing a large part of the
education necessary to become actuaries. The majority Depending on the subjects taken at university and the marks
obtained, completion of a university degree or diploma can lead to
of students who qualify as actuaries in South Africa have a recommendation for exemption from some or all of the actuarial
completed an actuarial degree at an accredited South examinations for A111–A113, A211–A214, A311, N111 and N211.
African university.
Certain universities may also offer students courses which can
lead to exemption from some of the later subjects, i.e. F101–F105.
With these subjects, unlike those listed above, it is not necessary to
complete a full degree/diploma for an exemption to be recognised
by the Actuarial Society. Students often complete such subjects on
a part-time basis.
Students who do not achieve the required exemption standard

must write the Actuarial Society examination. The application form
and procedure to be followed to apply for an exemption can be
found on the ASSA website.
Guide Note
The successful completion of
a degree or SAQA equivalent
qualification is compulsory in
order to be admitted as an
Associate or Fellow member
of the Actuarial Society.
50 ASSA STUDENT GUIDE | MARCH 2023 ASSA STUDENT GUIDE | MARCH

JANUARY
2023
2023 51
SELECTING AN EXEMPTIONS FROM
ACCREDITED UNIVERSITY ACCREDITED UNIVERSITIES
When a student is considering entering an actuarial programme at
a university, it is important that the student is fully aware of how many Applications for Exemptions
exemptions may be available on completion of the programme, as • There is no specified period within which you should register an
well as the range of other subjects covered in the programme. exemption, however, some of your exemptions may no longer
Certain universities hold accreditation with ASSA and can grant be valid if there is a material change to the subject structure of
exemptions based on the level of accreditation they have. The level the curriculum. We therefore strongly advise you to apply for
of accreditation is based on the extent of the actuarial programme(s) your exemptions as soon as possible after becoming a member
offered and the proven ability of the university to offer sustained or after completing an actuarial qualification at an accredited
actuarial education at an appropriate standard. university.
• All exemption registrations should include an upload of a
The level of accreditation awarded to a university indicates the recommendation by the accredited institutions and a copy of
subject range for which students at the university may obtain the latest academic transcript. Exemptions cannot be processed
Actuarial Society subject exemptions and is as follows: without this recommendation from the university concerned.
TABLE 9: FOUNDATION APP OVERVIEW -N111 • If you do not formally register your exemptions your ASSA
academic record will be incomplete, and you may not be
eligible to register for certain subjects as you will be seen to have
Accreditation Exemptions may be available for the following pre-requisites outstanding.
Level examinations
• Exemptions will appear on your ASSA academic record, once
Level 1 Some or all of A111 - A113 payment has been made.
Level 2 A111 - A113 and some or all of the A211 - A214 and
N211 Fees
Level 3 A111 - A113, A211 - A214 and some or all of A311, Details regarding fees can be found on the ASSA website. Payment
N211 and F101 - F105 via EFT should only be made upon receipt of an invoice after an
application has been approved.
TABLE 10: UNIVERSITY SUBJECTS WHICH CARRY

EXEMPTION AGREEMENTS
EXEMPTIONS FROM THE INSTITUTE
University A1 A2 A3 Subjects A4
AND FACULTY OF ACTUARIES
Subjects Subjects Subjects Any credits earned for specific UK IFoA subjects passed after 2009, i.e.
Cape Town A111 - A113 A211 - A214 A311 & N211 F101 - F105 A100 / A200 / F106 exams, will require the payment of an exemption
fee before it will be recognised as an Actuarial Society credit. The
Pretoria A111 - A113 A211 - A214 A311 & 100 F102 - F105 new curriculum does mean that you will no longer be able to obtain
Stellenbosch A111 - A113 A211 - A214 A311 & 100 F101 - F105
an exemption for the UK IFoA equivalent of A211 and A213. See
image below for specific detail:
Witwaterstrand A111 - A113 A211 - A214 A311 & 100 F101 - F105
Free State A111 - A113 A211 - A214 A311 KEY STRUCTURAL ELEMENTS THAT YOU SHOULD KEEP IN MIND
North West A111 - A113 A211 - A214 A311
A211 ASSA will keep Financial Mathematics and
Contingencies as separate subjects (as opposed to
Johannesburg A111 - A113
A213 the UK’s combined CM1 subject)
Nairobi A111 - A112
A202 You will need an exemption from

BOTH A202
A204 and A204
to obtain a credit for A212.
A212
A111 Exam Components:

PART A: THEORY
A212 PART B: PRACTICAL (PC based)
*A213 Subjects A111, A212, A213, A214 will have a Part A &
Part B exams. You will have to do both Part A & Part B
A214 assessments for these subjects in the same Semester,
and the overall Pass / Fail decisions will be based on a
combined mark for both Assessments.
7. Examinations
Examinations offered by ASSA
EXAMINATIONS GENERAL INFORMATION
TABLE 11: EXAMS OFFERED BY ASSA IFoA CO-ORDINATED EXAMS

*This exam is co-ordinated by the UK Institute and Faculty of Actuaries
Subject Exam set by (IFoA) and will be written online using the Institute and Faculty of
A111, A112, A113 Insistitute and Faculty of Actuaries Actuaries (IFoA) exam system. Information pertaining to this exam
and their system, including testing will be communicated via e-mail.
A211, A213 ASSA under supervision of Board of Examiners
The exams will be written at UK time only, please refer to the
A212, A214 Institue and Faculty of Actuaries
communication e-mailed to you shortly before the exam date by
A311 ASSA under supervision of Board of Examiners the Institute and Faculty of Acctuaries (IFoA) to confirm the starting
time of the online exam. Exam start times may vary and so it is
N211 ASSA under supervision of Board of Examiners
important that your personal details on your ASSA member profile
N311.03E ASSA under supervision of Board of Examiners are updated so that the information from the Institute and Faculty
of Actuaries (IFoA) reaches you. Please ensure that you check the
F101, F102, F103, ASSA under supervision of Board of Examiners
IFoA news updates page for last minute updates to the exam dates
F104, F105 working with Accredited Universities
and times.
F106 Institute oand Faculty of Actuaries
F201, F202, F203, ASSA under supervision of Board of Examiners

TABLE 12: ASSA CODES AND EQUIVALENT IFoA CODE
F204, F205, F206
ASSA Code Insititue and Faculty of Actuaries (IFoA)
Two examination semesters per subject per year are available. A111 CS1
Students can enter for all subjects using the online examination A112 CB2
registration facility on the ASSA website under Student Zone.
A113 A212
For examination dates, please refer to the ASSA website where
A214 CM2
dates will be listed as part of the Student Calendar.
F106 SP9
Registration and de-registration from these exams after the closing

date will not be accepted. Please ensure that you register (and de-
register) within the stipulated period.
Virtual Exams
All exams will be offered online and further information about the
technical requirements and opportunities for testing and familiarising
yourself with this online environment will be communicated via
e-mail to all registered candidates and through the ASSA online
exams web page.
ASSA CO-ORDINATED EXAMS EXAM SCAFFOLDING
ASSA has introduced a scaffolded approach to exam progression
A211 Financial Mathematics in the second semester of 2022. Experience has shown that students
following this approach have better exam performance. The ASSA
A213 Contingencies Education board have put a great deal of thought, work, and
A311 Actuarial Risk Management engagement with all stakeholders to come up with this structure
to assist those preparing for exams to put their best foot forward in
N211 Communications
succeeding in their next attempt.
F201-F206
Based on analysis, many students are writing exams before they are
F101-F105 ready, and before they have the necessary base skills to enable them
N311.03.E Model, Documentation,] to pass later exams. This means that students are unnecessarily failing
Analysis & Reporting (MDAR) – virtual only exams, with the consequent impact on morale and confidence. The
scaffolding puts a student on a sensible exam path that they should
be following.
All exams are online and when you register for the above exams,
you will be prompted to select an option: The scaffolded exam structure will be instituted by the following
requirements that will become mandatory as of semester 2, 2022,
Gauteng or Western Cape: you will sit the online exam at an ASSA after semester 1 exam result publication:
provided venue in Cape Town or Johannesburg, where resources
and in-person invigilation will be provided.
F1 Exam pre-requisite
Registration and de-registration from these exams after the closing
date will not be accepted, please ensure that you register (and de- • Students will be required to have at least an FA in A311 from ASSA.
register) within the stipulated period as per below: or a Pass in the University course[s] for A311 from an accredited
university before they can write an F100 exam.
Opt-out option: is available to candidates registered for an exam
and who feel that they are ill-prepared for a successful examination
outcome. [See additional document on opt-out] F2 Exam pre-requisite
• Students will be required to have a Pass (or an exemption from an
FREQUENTLY ASKED QUESTIONS ASSA accredited university) in A311 before they will be allowed
to sit the F200 exam.
The ASSA website will be updated with FAQ’s which will assist with
• Students will only be able to write an F200 exam if they have
any scenarios that concern you about the exams. The FAQs will
achieved at least an FA grade in an F100 exam. The F100 does
be updated in response to further questions we receive, and we
not need to be the same practice area of specialisation as the
recommend you visit this site regularly. https://www.actuarialsociety.
F200 equivalent.
org.za/student-zone/exams/online-exams
We acknowledge that is a challenging time for all our members and

remain sympathetic with the knowledge that some difficult decisions FC/FD Education Support Initiative (ESI)
need to be taken. effective 2022 S2
• Students who obtained an FC/FD grade in the most recent exam
setting will not be allowed to write that, or any other ASSA exam,
until they have completed a support intervention, of the student’s
choice.
• The intervention could be one of the following:

a. Tution course
b. Content Practice Exam (CPE)
• The student can write an exam other than the one for which they
obtained an FC/FD grade. Kindly refer to section 9 for information
about tuition and CPE.
WHAT IS THE PRIMARY AIM OF THE WHAT DOES IT MEAN WHEN YOU
FC|FD EDUCATION SUPPORT INITIATIVE? GET AN FC|FD EXAM RESULT?
Before answering this means that the student got
ASSA wants: question it is important FC between 15-25% less than < pass mark
to reflect on ASSA’s
• more Qualified Actuaries |
broader Education Example
Number of Students passing -35
strategy. As has been 25 If the pass mark is 50%, FC means the
exams has to be be higher 0
articulated in several 10 student got between 25-35% for exam.
• a more Effective and Efficient presentations by the This suggests that the student was a very
Education Process | Exam pass ASSA Executive and long way from passing the exam.
rate has to be higher Education teams over
the last year or so, we
• to maintain ASSA’s means that the student got
Internationally Recognised
believe very strongly
in the following
FD more than 25% > less than pass mark
Educational Standards statements (which
are endorsed by Example
• to meet its Diversity and 25
Council and the ASSA 0 If the pass mark is 50%, FD means that the
Inclusivity Objectives | Education Board) 10 student got below 25% for exam.
The profile must change
This suggests that the student was a very
long way from passing the exam.
WHY? 1. Student did not prepare properly for the exam, or

2. Students did not understand concepts and the
application thereof required to pass exam
Guide Note
For at least 30% of these students this would not be
These are all “and” statements. It would be
their first ASSA exam. Most of these students would
relatively easy to fix some of these issues if these
have passed at least some technical exam subjects
were “or” statements.
at university but they are clearly struggling to progress
Example, it would be easy to increase pass further outside of the university environment, or with less
rates, and numbers of students passing, if we technical and more application based subjects.
compromised the standards, but that would
clearly devalue the qualification for everyone. Failing an exam with a mark significantly below the pass mark has an
impact on student morale and also takes into question the student’s
Given these overarching goals, ASSA spent a lot of ability to prepare for the exam themselves without any additional
time trying to get into details to really understand support. Most ASSA students completed their tertiary studies at
what is hindering students progressing through an university where support, in the form of full time lectures, study
their studies. A key issue that stood out is that there groups, assignments and additional classes, was provided, and in
are a lot of students who get an FC or an FD in an most cases was mandatory. Therefore, it is not surprising that many
exam. In the last exam sitting this was 277 students, students underestimate the need for additional support in their further
or 17% of all students who sat an exam. studies through ASSA, where many of them are also grappling with
studying while working full time. There are some students who are
able to progress seamlessly through their actuarial studies without
intervention but these students are very much in the minority.
Failing exams is traumatic for the student and one of the aims of
this support structure is to prevent unnecessary failures. In addition,
the current system results in a significant amount of actual costs
(fees paid for exams where the student is not going to pass, fees
paid to examiners for marking a script where the student will not
pass), as well as hidden costs in the system, mainly related to the
administrative support base of exams. The fact that many people
are writing exams when they will not pass means that the system is
much less efficient than it could be.
If a student gets an FC/FD in an exam, certainly more than once,

we would strongly recommend that the student speaks to a trusted
friend, colleague, manager, supervisor, mentor, or someone in the
ASSA Member Engagement team, to consider whether an actuarial
career is the best journey for them.
WHAT IS THE FC|FD EDUCATION ASSA EXAMS: OPT-OUT OPTION
SUPPORT INITIATIVE? The Opt-out option is available to candiates registered for an exam
and who feel that they are ill-prepared for a successful examination
The FC/FD Education Support Initiative means that if a student gets an outcome.
FC/FD for an exam, from Semester 2, 2022, they will not be able to write
that, or any other ASSA exam, until they have completed an intervention. 1. 24 hours ahead of the exam
The intervention could be taking a full Tuition course that will include 2. An opt-out course will be available on the ASSA Exam Platform,
lectures, marked assignments and a Content Practice Exam (CPE), the day before the exam. This section will close at 07:00 the
or doing the Content Practice Exam (CPE) only option which includes morning of the exam.
access to marked assignments. The intervention covers the A2, A3,
F1, F2 and N211 exams. The intervention can be done in the same
semester that the exam is being written. Terms and conditions you must be aware of:
This ESI does not include the Normative Skills exams (the Modelling, • You may only opt-out of the examination once the option is
Business and Legal Awareness, and the General Practice Module made available on the ASSA Exam Platform as per option 1.
exams).
We now have evidence that students who undertake and • You will be awarded an Opt-out or 0 result on your Academic
Record Detail Report when the results are released for this subject.
A1 A2
participate in a Tuition course / CPE have a significant “bump”, (do
better), in pass rates. In the last exam sitting this bump was 53%, or This will not reflect on your Academic Record Summary.
74 students passed, whereas only 49 would have passed at the pass
rates of students who didn’t do a Tuition intervention.
• You will receive a rebate of 25% of the exam registration fee, A111 A211
this will be awarded against your next exam registration. Please
Participation in a full Tuition course is the best way to ensure that a consider all your options and what you are sacrificing before A112 A212
student is prepared for an exam, and students who are struggling opting out o fthe exam. A113 A213
with exams are strongly encouraged to do a Tuition intervention. A214
Not only will the student receive regular face to face time with a
lecture, but also get feedback on assignments and a CPE that may
indicate clearly to the student the areas is that he/she needs to work
PLANNING A ROUTE
on before an exam. ASSA has put in a great deal of effort over the THROUGH THE EXAMINATIONS
last two years to enhance the quality of the tuition courses and is
now delivering full tuition on all its subjects.
Foundation Technical
However, if the student feels that they do not have the time, or
financial resources, to do a Tuition course, they can take the CPE
and Intermediate Technical
only option. Again the student will get feedback on their practice When attempting the Foundation and Intermediate Technical
(CPE) exam around technique and content and also have the subjects, it is worth remembering that some subjects build upon TASSA
option to get actuary marked feedback on assignments. This option others. There are therefore some logical routes through the subjects ASSA
will cost about R2,600, and the time requirement is the time to write for students who are doing these subjects for the first time using TECHNICAL
the CPE exam, which is the same as the final exam, with the option MEMBER
the Actuarial Society examinations. (University degrees will be
of getting additional support through marked assignments. structured to teach the material in a logical order.) The route chosen A1
When preparing for an exam every student should attempt at least may depend on the area in which a student is working or on any
one exam under exam conditions, even if it is self-marked. Hence exemptions that have been awarded to the student.
the CPE only option is not requiring the student to do anything over
• A113 Business Finance assumes some knowledge of A211.
and above what they should be doing anyway, but now with the
additional benefit of pre-exam feedback that will assist in the student • A212 Risk Modelling and Survival Analysis assumes knowledge of
to assess how ready they are for the final exam. A211 and A111.
• A213 Contingencies assumes knowledge of A111, A211 and
Some students may not have the financial means to take up these support
products, however most employers should pay for the intervention. If
A212. A2
the employer does not support these interventions then ASSA is happy • A214 Loss Reserving and Financial Engineering assumes
to engage with the employer to try and understand why they are not knowledge of A112, A211 and A212.
funding the intervention. If the student requires financial assistance they • Anyone working in general insurance may prefer to take A212 at
can apply for a bursary from ASSA. Financial considerations should not any stage after studying A211.
get in the way of a student doing an intervention, or writing exams. During • Someone working in investments may prefer to take A112 and
2022 only 7 students applied to ASSA for financial assistance in their studies. A214 before A212 and A213.
Students who do need the support must please make use of applying for
financial assistance to ensure they get the support they need. This is not a compulsory sequential order. Students should decide
their own routes through the Foundation and Intermediate Technical
In closing the aim of the FC/FD Education Support Initiative is not
subjects, based on their preference and experience.
to frustrate the student or add additional costs to their studies but
rather to help the student have a better and more efficient journey
through their actuarial studies. Well timed interventions will avoid See Annexure D
the student incurring unnecessary costs and study time.
Core Principles and Fellowship Principles GUIDANCE ON STUDY HOURS AND
The aim of the Core Principles subjects is to provide a solid EXAMINATION PREPARATION
foundation in general principles applicable to a wide variety of
actuarial applications, while the Fellowship Principles subjects deal The number of hours each student needs to spend on a subject
with practice area-specific principles in greater depth. will vary from student to student. Quality of study time is more
important than quantity of study time. The table presents the
The Core Principles subjects, and in particular subject A311 Actuarial Risk minimumfollowing minimum guidelines are suggested:
Management, should accordingly be seen as an important foundation
for the Fellowship Principles and Fellowship Applications subjects.
TABLE 13: STUDY HOURS & EXAM PREPARATION GUIDE
Knowledge and understanding of A311 Actuarial Risk Management
are fundamental for the successful completion of the F1 series subject. ASSA (2019) Subject codes Hours Recommended by
A student needs to obtain at least an FA for A311, or a university pass
for the equivalent subject, before attempting an F1 subject. Foundation Technical Subjects
As the ability to communicate one’s point clearly in writing is a A111: Actuarial Statistics 200 IFoA
cornerstone of assessment at Fellowship Principles level, passing A112: Business Economics 150 IFoA
subject N211 Communications prior to attempting the Fellowship
Principles subjects is also likely to prove advantageous. A113: Business Finance 150 IFoA N2 A3
Intermediate Technical Subjects
Fellowship Applications A211: Financial Mathematics 150-180 ASSA

N211 A311
The Fellowship Applications subjects require the student to have both A212: Risk Modelling & Survival Analysis 250 IFoA
knowledge of South African practice and a good understanding of A213: Contingencies 150-180 ASSA
practical issues. Students with little practical experience may find
these subjects difficult if they attempt them early in their career. A214: Loss Reserving & Financial Engineering 200 IFoA
Normative Skills Programme Reference Section 5 for

A practical approach will be expected from candidates in all
recommended preparation
subjects. While evidence of practical experience may help the tiem for each Workshop
candidate, it will not be demanded, but breadth of knowledge and
evidence of judgement are expected of candidates taking the N211: Communications 50
Fellowship Applications subjects. F101 - F106: Fellowship Principles subjects 300 per subject
Statistics from analysis of previous examination results under the UK F201 - F206: Fellowship Applications subjects 400 per subject
system have shown that students who attempt the equivalent of a
Fellowship Principles subject and the linked Fellowship Applications
subject in the same examination session are less likely to attain a pass Students studying while working will need to be mindful of the AMASSA
in both than students who write the subjects in separate sessions. This examination dates for the various subjects that are conducted at ASSA
suggests that the amount of work required to take a subject at the different times of the year, and the demands of their own working ASSOCIATE
schedule. Students should also be aware that adapting to studying MEMBER
Fellowship Principles and Fellowship Applications stages together is
often underestimated. It also emphasises the need for students to and working on a full-time basis can take time and students must be
realistic when entering for examinations.
A3
develop maturity of thought and understanding before attempting
the Fellowship Applications papers. If these subjects are to be
attempted in one examination session, it is recommended that this
be done towards the end of a student’s attempts at the Fellowship EXAMINATION PREPARATION SESSIONS
Principles series, rather than at the start.
Many examiners with experience of marking actuarial scripts have
noted that students may be unsuccessful, not because they do
not have the fundamental knowledge and understanding of the
subject, but because they have weaknesses in their examination N2
technique. This is particularly true for the later academic subjects
(A311, F1 and F2 subjects).
The Actuarial Society offers sessions in Johannesburg and Cape Town

a few weeks before each examination semester to assist students in
developing good examination skills. Notice of preparation sessions
will be given via email. Booking is required to ensure adequate
venue and parking facilities.
EXAMINATION ADMINISTRATION Late Entries
The Actuarial Society conducts its assessments under formal Examination entry requests received after the online examination
assessment regulations. The full examination regulations are registration closing date will not be accepted.
available on the Actuarial Society’s website. Candidates are urged
to ensure that they are familiar with these regulations. The regulations
apply specifically to the examinations run by the Actuarial Society Proof of Registration
in the Part F1 and Part F2 subjects, as well as subjects A311 and
N211. Actuarial Society examinations that use the UK papers in the During the online examination registration process, candidates will
Part A1 and Part A2 subjects, and subject F106, will follow the UK be able to download a PDF copy of their “Proof of Registration”.
examinations regulations. Candidates must print this Proof of Registration and ensure that all
the details contained therein are correct.
Online Examination Entries Entry Changes

Only student members in good standing can enter for examinations.
Exam entries are done via the online examination registration facility. Any changes requested to examination entries after the closing
The dates for online registration pertaining to all ASSA exams and date must be made in writing. Each case will be considered on an
courses are published to the ASSA website calendar. All updates individual basis.
and changes will be made to the calendar.
Students requiring special requirements must complete the Bulk Entries by Companies
Candidate with Specific Requirements Application Form available
when registering for the relevant exam. These students should ensure Although students need to register themselves for examinations,
that they have read the Candidate with Specific Requirements companies can still process bulk payments on behalf of their
Policy. employees. Students have to ensure that they provide either their
Proof of Registration or the invoice received to the appropriate
person at their employer to ensure that payment is made. Invoices
De-registration for Courses and Sessions are emailed within 1 week after the student has completed the
online exam registration. This invoice is sent to the email address
De-registration needs to take place before registration has closed, at which the student receives all Actuarial Society notifications,
i.e. during the open registration period, online. Students who wish to statements, communications, etc.
de-register for an examination AFTER the examination registration
period is closed, are referred to the policies, procedure and Any company that pays on behalf of employees must ensure that
application forms on the ASSA website: the subject and student details are sent to the Society’s Office, to
ensure accurate and timeous allocation of the payment. Electronic
• Examination Policy payment must be made in good time to ensure that the payment
• Fees and Registration is reflected in the Society’s account before the payment due date.
• Refund Policy.
Please note that until a candidate has received confirmation
from the Actuarial Society that de-registration has been
Examination Permits Guide Note
successful, such candidate is still liable for payment. An examination permit will be available for download from the Examination permits
candidate’s member profile on the Actuarial Society website no plus photo identification
later than 2 weeks before the examinations, advising candidates must be presented at
of their candidate numbers that have to be used on examination examination venues
scripts. Candidates who are unable to download their permits should in order to sit the
contact assaadmin@actuarialsociety.org.za. The permit includes examination. The only
details of the examination centre and the time of the examination. acceptable forms of
Candidates should check all details on the permit to ensure that photo identification are:
they are correct.
• Identity document
• South African driver’s
license; or
Examination Centres • Passport
All ASSA co-ordinated exams are offered online with exam venues
available in the following regional centres in cases where members
are uncomfortable attempting the exam at their own venue with
their own resources:
• Gauteng
• Western Cape
8. Education
Support Initiatives
EDUCATION LIST OF EDUCATION SUPPORT INITIATIVES
1. ADVANCING ACTUARY
2. TUITION
3. CONTENT PRACTICE EXAM [CPE]
4. COUNCELLING
5. EXAMINER WORKSHOPS
TUITION SUPPORT FOR PART F1 TUITION SUPPORT FOR PART F2
F1 F2
(FELLOWSHIP PRINCIPLES) SUBJECTS (FELLOWSHIP APPLICATIONS) SUBJECTS
The Society offers F100 online support via the ASSA offers tuition support sessions to assist students in preparing for
South African Fellowship Applications examinations.
ASSA Learning Platform
The presentation of the courses is based on the principles of adult
The Actuarial Society will host an online support course for F101– learning, where students must take full responsibility for their own
F105 + F107/B100, which will run over a 10–12-week period. learning. Course Leaders facilitate learning, but actual learning will
depend on the students’ own efforts and internalisation, and ability
Allocated topics for the week have been identified to set the to demonstrate practical application.
pace at which you should prepare for the upcoming exams. It
is, however, very important to acquaint yourself with the course The purpose of the Fellowship Applications (Part F2) examinations is
content beforehand. to assess a student’s capability to practice as a Fellow Actuary in a
professional environment. This requires students to analyse, evaluate
Each week will consist of a weekly presentation, questions, forum and make complex judgements to solve problems. Although a
discussion question and a memorandum for the questions. Each comprehensive and thorough knowledge of the practice area is an
week will follow the same format. Via the online system you will essential requirement to enable the thinking and judgement activities,
gain access to the week’s presentation, questions/assignment and testing of basic knowledge is not the major focus of this paper.
forum discussion questions on a Thursday preceding the week.
The presentation strategies used in the courses are therefore not
based on covering the full range of knowledge content in the
Attendance of short courses field. The core reading for the subject provides the outline for the
knowledge that needs to be acquired. Course Leaders provide
(offered by universities) guidance on other resources that should be consulted and may
complement the core reading with additional notes in some cases.
Advertisements for university courses are circulated via email by
universities that may offer a specific course in a specific semester. This requires students to read and to study the assigned readings
Students are required to register with the relevant university and, in before attending the tuition session. Study material and reading can
some cases, for a postgraduate diploma/degree, in order to attend be ordered from the ASSA online WEB SHOP.
these courses. Completion of the postgraduate diploma/degree is It will be expected that students arrive at each of the sessions well
not required for an exemption recommendation to be recognised prepared and eager to learn through active participation. The
by the Actuarial Society, and students will only need to register strategies used will focus more on solving problems and the exercising
and pay for the courses that they attend. The minimum entrance of complex judgement. Strategies will include the use of case studies
requirements for courses are set by the universities. or scenarios for discussions or assignments, amongst others.
University tuition in 2019 is likely to be available as follows for the F1 These courses are designed specifically for each of the subjects
subjects, although the number of students attending a particular concerned, taking into account their unique features. South Africa-
course may be limited by the relevant university. Students are specific legislation, regulation, taxation and practice, as it applies to
therefore encouraged to apply early for these courses. actuaries working in the appropriate specialist field, are a feature of
these courses, as is the application of more general principles and
concepts in a South African environment.
TABLE 14: STUDY HOURS & EXAM PREPARATION GUIDE
International best practice is an underpinning principle of study
Subject Semester 1 Semester 2 material.
F101 Health & Care Principles UCT / US* WITS The organisation of each course has been assigned to a Course
Leader, who is a senior Fellow actuary with an academic
F102 Life Insurance Principles UCT* / US WITS / UP
background, as well as a specialist in the field.
F103 General Insurance Principles UCT*/US/WITS
F104 Pensions & other benefits Principles UCT/US* WITS
F105 Finance & Investment Principles UCT/US*/WITS/UP
Guide Note
*Offered as part of postgraduate course,
but hosted by another university
Via the distance learning option, where the
material can be ordered through ActEd.
Tuition Strategy Learning and Reading Material
As an alternative to a lecture / traditional course presentation Core reading for each F200 subject as well as the core reading for the
strategy, most of the courses have components of or are presented Generic Practice Module can be obtained from ASSA online shop.
following a seminar tuition strategy. The seminar series times and
venues are arranged by course leaders to suit all concerned as The purpose of core reading is to ensure that tutors, examiners and
far as possible. All tuition courses are presented virtually. After the students have a clear and shared appreciation of the requirements for
information of the courses has been circulated via Actuarial Society the examinations. The core reading gives a complete coverage of the
email and posted on the ASSA website, students must register via syllabus so that the appropriate depth and breadth are apparent. In
the online facility as soon as possible to facilitate planning. examinations, you are expected to demonstrate your understanding
of the concepts in the core reading. These are based on the legislation,
Course Leaders will provide guidance on resources that should be guidance notes, etc. that are in force when the core reading is
consulted and may provide a schedule for knowledge preparation published, i.e. in November in the year preceding the examinations.
before the scheduled seminar. The Seminar Tuition also includes Examiners consult the core reading when setting papers.
access to the ASSA Learning Platform and a Mock Exam.
The Core Reading is updated each year to:
Some Course Leaders also make use of an interactive web-based • Reflect changes in the syllabus
learning system that includes core reading, lectures and other notes.
• Reflect current practice
Facilities for forums, electronic interactive sessions and chat lines are
included and will be facilitated by at least one senior practicing • Improve clarity
actuary. Information on when and how to register for scheduled courses is
Individual students’ difficulties with particular sections of the syllabus posted on the Actuarial Society’s website and is also circulated to
are addressed online. students via Society email. For further information, please CONTACT.
Content Practice Exam [CPE] STUDENT CAN REGISTER FOR THE

ASSA also offers a CPE option, across all subjects.
FOLLOWING TUITION PRODUCTS
This will consist of access to additional reading, three assignments
with marked feedback, and a practice exam with marked feedback. Leading up to the Exam
This will not replace the Fellowship tuition courses currently offered
but will be an additional resource you can utilise if you wish to not 1. 2. 3. 4. 5.
attend lectures/content sessions.
The assignments included in the CPE option are not compulsory.

However, ASSA encourages completing and submitting all
assignments in aid of preparing for the final exam.
All CPE will be written under the following conditions:

1. The CPE will be typed online (no written option will be available)
using the ASSA Learning Platform, accessible via your member
profile.
2. The exam will be available over a number of days (depending
on the subject and course leader).
STUDY TUITION FULL CONTENT COUNSELLING EXAMINER’S
MATERIAL PACKAGE PRACTICE One-on-one
WORKSHOP
3. The CPE is not an assimilation of the final exam. The purpose
(NOTES) Approximately
EXAM [CPE] session post exam. Group session
of the CPE is to test submect content through possible exam
questions. E-book notes that 30 hours of contact - STANDALONE Applicable to the discussion to look at
time, including an last exam sitting the past exam with
can be printed x1 1 x CPE marked only.
4. Students will have one attempt at the exam during the period or hard copy notes Exam Preparation candidates having
and they may create their own exam environment. session (specific with feedback access to their
subjects only). before final exam. script.
5. The CPE is not an invigilated assessment, and they will not have Additional material
may be provided/ 50 hours for A311.
access to the actual exam invigilation platform. Students will Marked
prescribed by the Assignments of 100
have the opportunity to test the online invigilation system as part Marked
course leader marks [optional]
of their final exam preparation. Assignments at at
least 100 marks
6. Students will be given feedback online with the CPE examiner as (compulsory)
well as written feedback on their marked exam. F200 General exam
prep session hosted
7. Students who plan on attempting the exam from their workplace should 1 x CPE, marked
by the Chairman
check if they can access the ASSA Learning Platform and ensure that with feedback
of the Examination
before final exam.
firewalls etc. have been dealth with before they start the CPE. Board - FREE
TUITION PRODUCTS TABLE 15: ASSA TUITION OFFERINGS - AVAILABILITY PER SUBJECT LEVEL
Subject Study Tuition CPE only Exam Counselling F2 Exam Examiners
SYLLABUS Level Material Prep Session Workshop
Published on ASSA website. Updates to syllabi are published at A2
October-end annually.
A311
STUDY MATERIAL N211
F2 Level: Available in the following formats: e-book (can be printed F100
x1) or hard copy. Hard copies for students outside of South Africa is
available on request only and will include additional courier costs. F200
Available on ASSA online shop. N311.03.E Provided by
Course Leader
All A-level, F1-level and N211-level study notes are available in

e-book format on the ActEd website. Course leaders may provide
additional reading and notes where required. THINK ACTUARY MARKED PAST PAPERS
Note packs for F207 / B200 / F107 / B100: available in e-book format Self marked or marked by an exercised Actuary - available for:
(can be printed x1) or hard copy. Available on request (Note:
Courier costs outside SA will be for the student’s account). Available A311 | F101 | F102 | F103 | F201 | F202 | F203 | Other subject coming soon
on ASSA online shop.
TUITION
Online tuition with an approximate 30 hours of contact time, which
may include lectures, one-on-one sessions, assignment sessions,
workshops, pre-recorded videos, CPE feedback, etc.
Compulsory marked assignments of at least 100 marks. Assignments
will be provided by the course leader or done through ThinkActuary,
if available for the subject (The course leader decides how to split
assignments over the semester). Marked by the course leader or
appointed assignment teams.
Compulsory CPE as described below. A session on exam preparation
for the specific subject. (CPE for N311.03.E is not available)
CONTENT PRACTICE EXAMS [CPE]

Available on the ASSA Online Learning Platform. Marked and
feedback provided to the student. Set by course leader, and course
leader peer reviewed. CPE only candidates also have access to the
course assignments which is voluntary. Registered on ASSA Member
site for CPE exams. CPE exams are also available for IFoA outsourced
subjects through ASSA.
COUNSELLING
Will be available post final exams for that applicable exam session
only. Format: real-time one-on-one session. Recommended for
FA and FB candidates only. Register on ASSA Member site for
Counselling.
F200 EXAM PREP SESSION

A general (free) exam preparation session for Fellowship Application
level studies is held by the Examination Board to assist students in
exam technique. F200 subjects only. Presented by Christoff Raath
who is the chairman of the exam board.
EXAMINER’S WORKSHOP
(Post exam) The subject specific examiner takes participating candidates
through the exam and trends that been picked up in the exam session.
Participants have access to their scripts from the past session. The
workshop is applicable to the exam written in the previous semester.
REGISTRATION AND FEES ADVANCING ACTUARIES
Member engagement is committed to changing the low pass rate
Registration amongst members and assisting members in removing the barriers
to qualification. Advancing Actuaries [AA] is not only a programme
All students who are interested in enrolling for any of the above but a vision to ajust the ratio of Student to TASSA, TASSA to AMASSA
tuition offerings must please make use of the online registration to Fellow significantly.
facility. Please note that your registration will remain pending a
confirmation of the entrance requirements being met. AA is a formal mentoring programme designed to support members
struggling to qualify at TASSA, AMASSA and Fellowship levels. The
A letter/certificate confirming your Associal or Fellow designation emphasis is on psycho-social support with mentor/mentee training
from the institution must be e-mailed to: assaadmin@actuarialsociety. provided to equip both parties for a fruitful journey towards a
org.za before registration closes. significant exam that mentees may have been struggling with for
some time.
Please ensure that your have registered for the actual exam. The
actual exam is not included in the tuition registration; you must enter Mentors are drawn from within the membership ranks but preference
yourself for the examination via your member profile. If you have not will be given to those who may also have exeprienced challenges
received a proof of registration or pending registration you have not with the subjects specific to their mentee, however this is not a
been registered and ASSA cannot accommodate late registrations prerequisite.
outside of the registration period. Once registration has closed, you Key aspects fo the programme’s success is a good match of mentor
will be given access to the ASSA online Learning Platform where you to mentee and the training for these two roles.
will receive all relevant information and assignment deadlines.
We have engaged in the services of expert coaches who have
worked successfully with SAICA to implement and run their
Fees mentorship programme which has flourished in the past three years
after their pilot phase in 2018.
For each tuition offering can be viewed on the ASSA website:
Education Fees. After selection, the mentors and mentees will be given training
separately according to their specific roles. Thereafter two mentees
will be paired to one mentor. The two to one ratio is very good for
feedback and interpersonal relations.
There will be regular weekly meetings between mentors and mentees
and both will have a chance to debrief and gain further skills on a
monthly basis in a workshop facilitated by the coaches. These are
run separately for mentors and mentees allowing for unconditional
feedback to occur.
The AA is a serious commitment for all parties involved, but mostly
the mentors and mentees who will pledge to be with each other
for the full six-month period attending weekly meetups and monthly
monitoring workshops. Contact: assaadmin@actuarialsociety.org.za
Fees
B100 B200 Fees will be charged in South African Rand (ZAR) and will be payable
on registration by credit card. Please make sure that you have your
card information available when transacting.
BANKING CERTIFICATION TABLE 17: REGISTER WITHIN THIS PERIOD
ASSA has led global
efforts to prepare
Syllabus B200: Actuarial Banking Practice Fee in ZAR
Actuaries for the Examination R7,210.00
A successful pass is required for the subject B100 and B200: Actuarial
varied roles that Banking Practice to obtain the Certificate in Actuarial Banking Tuition
they can play in the Practice from the Actuarial Society of South Africa (ASSA). To access
Real Time Tuition Support [includes Mock Examination] R16,150.00
the subject syllabus on the ASSA website.
development and Online Marking Option [includes Mock Examination] R6,560.00
management of the Admission Requirements Mock Examination only R2,790.00
banking sector. You will be granted automatic admission for the assessment Study Material
* Courier fees for the
of B100 and B200: Actuarial in Banking Practice if you are an E-Book R1,120.00 distribution of notes and
ASSA first offered Associate or Fellow member in good standing with a full member the combo packs will be for
Notes* R1,350.00
its flagship Banking association of the International Actuarial Association (IAA). your account and will be
Combo Pack* R1,670.00 charged in addition to the
Fellowship exam in E-mail your proof of pending registration together with your letter fees quoted above.
of good standing that confirms your designation of Associate
2015. After successfully or Fellow to assaadmin@actuarialsociety.org.za. Alternatively, if
administering 11 you are still studying towards your actuarial qualification and wish Registration
to write the examination to attain the certification, you can submit
exam sessions, we a transcript of your academic record together with a motivational You must register as a Non-Member first before you can register for the
examination and / or tuition services including the mock examination.
are now making this letter for consideration.
For instructions of how to apply for non-membership and to register for
subject available as a B200: Actuarial Banking Practice services, refer to Annexure A. Guide Note
separate qualification
Examination Contact the team on e-mail
to non-ASSA members. The B100 and B200: Actuarial Banking Practice subject is a three- Study Material should you have questions
hour assessment with an additional 15-minutes permitted for or need support with your
reading time. The assessment is a closed book invigilated online You will need to purchase study material for B100 and B200: Actuarial registration.
This is part of our efforts assessment. Invigilation is done through proctoring. Once you have Banking Practice. You will be required to login to your member profile
and navigate to the SHOP. Start Shopping and make sure you select
to ensure that we registered for the examination you will receive instructions to
the correct study material.
prepare you operationally for your assessment.
continue to add value
to the global financial
If you have any special requirements for the examination, you
must indicate this when you register. You will be required to upload
Tuition Options
services industry and supporting document in support of your special requirements. ASSA offers tuition support through various channels. To read more about
our Real Time Tuition Support or Mock Exam option, refer to Annexure B.
maintain the high
TABLE 16: ASSESSMENT & REGISTRATION DATES In addition to the tuition options, ASSA also offers a mock examination
level of professional that is assessed in the same operational environment as your
and excellent service Assessment Date Time examination. Your mock examination will be marked, and you will
be provided with feedback on your attempt in preparation of your
that Actuaries are well Examination B100 26 May 2022, 09:00-12:15 SAST examination. The mock examination can be taken as a stand-alone
B200 24 May 2022
known for. option to improve your chance of success outside of the tuition
Mock Examination B100 20 May 2022, 09:00-12:15 SAST options referred to above.
B200 30 April 2022
Registration Opens Closes Certification

Examination 28 February 2022 25 March 2022 You will receive a certificate to confirm that you have completed
Mock Examination 16 December 2021 16 January 2022 the requirements to be awarded a Certificate in Actuarial Banking
Practice (CABP) by the Actuarial Society of South Africa.
Tuition 16 December 2021 16 January 2022
Note that this certificate is currently not accredited through mutual
recognition between ASSA and IAA full member associations.
The assessment is made available to Actuaries in their individual
capacity who want to further their technical skills in the practice
area of banking, with ASSA being the first actuarial association
globally to assess the |practice
MARCHarea2023of banking.
76 ASSA STUDENT GUIDE | MARCH 2023 ASSA STUDENT GUIDE 77
9. International
Recognition & Transition
The South African qualification is part to the
family of world-class and globally recognised
Actuarial qualification.
INTERNATIONAL RECOGNITION AND TRANSITION
PRE-2010 ARRANGEMENTS
There is no deadline to apply for
This chapter sets out the TRANSITIONAL ARRANGEMENTS: exemptions. Exemptions granted
on the old codes will translate into
detail of the transitional All UK credits earned prior to 2010 will have a one-to-one mapping BASED ON NEW 2019 CURRICULUM the new curriculum and codes.
to a credit in the South African system. Where the UK subject does
arrangements from the not have a direct South African equivalent (such as SA5 and ST6), Code mapping from the pre-2019 to the new 2019 codes:
We recommend that you apply
for exemptions as soon as possible.
UK education system as a credit for a subject at the appropriate level will be given on the
South African system. A table of South African subjects and the
well as the international equivalent UK subjects is provided as Annexure B. These credits will TABLE 18: STUDY HOURS & EXAM PREPARATION GUIDE
recognition that ensures be transferred free of charge at whatever point the student chooses
to join the South African system. ASSA (2019) Subject Codes Semester 2
that the South African
A11: Actuarial Statistics A101: Probability & Mathematical
qualification is part of Any credits earned for specific UK subjects passed after 2009, i.e.
Statistics
A100 and A200 and F106 exams, will require the payment of an
the family of world-class exemption fee before they will be recognised as Actuarial Society A112: Business Economics A102: Economics
and globally recognised credits. A113: Business Finance A103: Finance & Financial Reporting
actuarial qualifications. A211: Financial Mathematics A201: Financial Mathematics
A212: Risk Modelling & Survival Analysis A202: Models & A204: Statistical Methods
A213: Contingencies A203: Contingencies
A214: Loss Reserving & Financial A205: Financial Economics

Engineering
A311: Actuarial Risk Management A301: Actuarial Risk Management
N111: Foundation Actuarial Practice** NA111: Foundation Actuarial Practice**
N211: Communications A302: Communications
N311: Core Actuarial Professional A400: Core Actuarial Professional

Practice Practice
INTERNATIONAL RECOGNITION INTERNATIONAL ACTUARIAL
Mutual Recognition Agreements ASSOCIATION
The actuarial qualifications of the Actuarial Society of South Africa
A Mutual Recognition Agreement (MRA) is a formal agreement
are recognised by the International Actuarial Association (IAA)
between two professional actuarial organisations formalising
as fully compliant with its educational requirements. Fellows and
recognition of each other’s professional designation as equivalent
Associates of the ASSA are recognised as Fully Qualified Actuaries in
to their own and certifying that they will award members of the other
terms of membership of the IAA.
country membership of their professional body after complying with
certain specified professional requirements.
At the core of the agreement lies a mutual recognition of equivalence CERA

of education standards. Mutual recognitions provide the South
African qualification with international recognition and confirm The Actuarial Society of South Africa was the fourth actuarial
South African actuaries’ equal status as world-class professionals. association to be given award signatory status by the Global CERA
Given the global mobility of the profession, mutual recognition is Agency. This authorises the Society to award the prestigious CERA
vital to members of any actuarial organisation. (Chartered Enterprise Risk Actuary) and is an endorsement of the
standards of South African actuarial education.
The Actuarial Society has concluded MRAs with RECOGNITION OF FASSA

the following Associations to date: IN THE REST OF AFRICA
• the Institute and Faculty of Actuaries in the United The regulations of Botswana, Ghana, Lesotho, Malawi, Swaziland,
Kingdom Tanzania, Uganda and Zambia make no specific reference to the
• the Institute of Actuaries of Australia professional qualifications of an actuary in a statutory role. In all of
• the Society of Actuaries in Ireland. these countries, someone with the FASSA designation may be able
to perform a statutory role. In all of these instances, the regulator
• Deutche Aktuarvereingung
of the country concerned should be approached to approve a
• Actuarial Association of Europe specific individual for performing a statutory function.
• Canadian Institute of Actuaries
The regulations of Kenya, Mauritius, Namibia, Nigeria and Zimbabwe
• Actuarial Association of Europe
refer to specific actuarial designations for statutory roles, but do not
• Koninklijk Actuarieel Genootschap. include FASSA. In most cases, however, there is some latitude for the
regulators to approve individuals at their discretion. In particular, for
Please refer to the ASSA website for more details on Mutual
Kenya, Mauritius and Namibia, the Actuarial Society has received
Recognition Agreements
written indications from the regulators that they would consider
those with FASSA designations in statutory roles and there is a verbal
agreement between the Actuarial Society and the regulator in
Zimbabwe that FASSA would be recognised there as well.
The Actuarial Society continues engaging with regulators and

local actuarial societies in other African countries to promote
the recognition of FASSA and ensure formal recognition in local
legislation where necessary.
ANNEXURE A ANNEXURE B
Non-Member Registration Tuition Support Options
If you are not an ASSA member you must first register as a Non-Member before you can register for any ASSA ASSA will be running tuition support sessions to help you prepare for the B100 and B200 examinations.
events open to non-members, this includes the A211 exam. This is a two-step process as explained below, please There are two difference support offerings: Real Time Support and Mock Exam only.
take special note of the registration instructions. Registration and de-registration must be completed before the
closing date of registration. 1. Real-time Support
The presentation of this course will be based on the principles of adult learning where you need to take full
STEP-1: Create a Non-Member Account responsibility for your learning. The Course Leaders will facilitate learning, but actual learning will depend on
CLICK HERE: your own effort. The Course Leaders will cover key aspects of the course, but it is your responsibility to ensure
that you cover the full syllabus requirements that include wider reading.
1. “Join as Non-Member”
The course structure includes the following:
2. “Create Account” ~ fill in required details
• Between 20-30 hours of contact time which includes discussion of course content, current topics, past
3. “Apply” ~ you will receive a confirmation e-mail of your Non-Member registration. Follow applicable links in
exam question review and discussion points.
this communication.
• Marked assignments with additional discussion questions discussed and self-makred.
STEP-2: Register for an Event • A Mock exam and group feedback session.
Please follow the registration process as per below and ensure that you registered (and deregister) within the The Course Leader is a Senior Fellow Actuary and has both an academic background and is also a specialist
period that registration is open. You will be required to make payment by credit card as part of the registration in the field. The Course Leader will provide guidance on resources that should be consulted an dmay provide
process. Your will receive your confirmation of registration or pending registration where admission requirements a schedule for knowledge preparation before the schedule Seminar.
apply immediately after you have reigstered. A tax invoice will be issued to you within 24-hours of registration.
CLICK HERE:
2. Assignments
The course will have assignments that Students should attempt and submit for marking. Feedback will be
1. “ASSA Home page”
given on your submitted assignments.
2. “Member Login”
3. “Member Profile” 3. Content Practice Exam [CPE]
4. “Registration” ~ select “New Registration” All CPE assessments will be written under exam conditions online and allexamination rules will apply. You are
reminded to login to your examination 30 minutes prior to the exam start time. You will receive reading time as
5. “Regional Centre” ~ select where you are based. For online attendance, the regional centre is “Virtual” allowed in the examination instructions. All candidates will receive feedback on their papers. The feedback
6. Select the Event that you want to register for including any tuition support offerings where you are registering will be done in a group and candidates will have the opportunity to ask questions.
for an examination and want additional support to improve your chance of success.
4. Interactive Web-Based Learning
7. “Register” ~ select on the Event you registering for
The Course Leader will make use of the ASSA online learning platform
8. Check that all details are correct and make sure that you note your special requirements if you have any. The platform allows you to access the following:
9. Update the “Your details” section under your Membership Profile, to update any “special requirements”. • Lecture notes
10. Please note that where an Event has admission requirements your registration will remain pending a • Additional reading
confirmation of the entrance requirements being met. • Online discussion forums and chats
11. Your will be prompted to pay for the Event by credit card. • Electronic interactive sessions
12. Once your registration has been approved, you will receive an e-mail confirming your registration or pending Successful completion of the course will include active particpation in the course and interaction with the
registration. A tax invoice will be e-mailed to you within 24-hours of your registration. above online activities.
Once registration has closed, you will be given access to the ASSA online Learning Platform whereby you will
STEP-3: Deregister for an Event receive all relevant information and assignment deadlines.
You can deregistere without any penalty during the period that registration is open. Refer to the Member Refund 5. Registration
Policy for deregistrations after registration has closed. To deregister within the registration period:
All Students who are interested in enrolling for any of the above tuition support offerings must please make use
CLICK HERE: of the online registration facility. Please note that your registration will remain pending a confirmation of the
1. “ASSA Home page” entrance requirements being met. A letter/certificate confirming your Associate or Fellow designation from
the Institution must be e-mailed before registration closes.
2. “Member Login”
PLEASE ENSURE THAT YOU HAVE REGISTERED FOR THE ACTUAL EXAM
3. “Member Profile”
The actual exam is not included int he tuition registration: You must enter yourself for the examination via your
4. “Registration” ~ then select “Deregistration” and select the Event you are registered for
Member Profile. If you have not received a proof of registration or pending registration, you have not been
5. “Deregister” ~ and confirm action. You cannot deregister once the registration period has closed. registered and ASSA cannot accommodate late registrations outside of the registration period.
Once registration has closed, you will be given access to the ASSA online Learning Platform
where you will receive all relevant information and assignment deadlines.
ANNEXURE C ANNEXURE D
Student Membership What does the Education Support Initiative (ESI)
ADMISSION REQUIREMENTS FOR STUDENT MEMBERSHIP for FC|FD Candidates mean?
The Student Admissions Committee will, subject to its discretion, admit as student members of the Actuarial The FC / FD ESI means that if a student gets an FC/FD for an exam, from Semester 2, 2022, they will not be able to
Society, applicants who satisfy the academic requirements outlined below. write that exam, until they have completed a specific ESI.
For admission as a Student Member of the Actuarial Society of South Africa, a person must have passed either The ESI could be taking a full Tuition course that will include lectures, marked assignments and a Content Practice
Mathematics II or Mathematical Statistics II (on the mainstream level, rather than any ancillary level) through a Exam (CPE), or doing the Content Practice Exam (CPE) only option which includes access to marked assignments.
SAQA recognised university, and have met at least one of the following minimum performance requirements: The ESI can be done in the same semester that the exam is being written.
• A Bachelor’s degree with a major in Actuarial Science, including courses equivalent to at least seven of the The Normative Skills exams (the Modelling, Business and Legal Awareness, and the General Practice Module
eight A100 and A200 level subjects of the Actuarial Society, from a university with full Level 2 accreditation exams) do not form part of the ESI.
from the Actuarial Society; or
We now have evidence that students who undertake and participate in a Tuition course / CPE have a significant
• An Honours (or equivalent 4-year) degree in Actuarial Science, including a course equivalent to Subject A311 “bump”, (do better), in pass rates. In the last exam sitting this bump was 53%, or 74 students passed, whereas only
Actuarial Risk Management of the Actuarial Society, from a university with Level 3 accreditation from the 49 would have passed at the pass rates of students who didn’t do a Tuition intervention.
Actuarial Society; or
Participation in a full Tuition course is the best way to ensure that a student is prepared for an exam, and students
• Have reached the standard required for an exemption from any of the A200 examinations at a university with who are struggling with exams are strongly encouraged to do a Tuition course. Not only will the student receive
Level 2 accreditation from the Actuarial Society; or regular face to face time with a lecture, but also get feedback on assignments and a CPE that may indicate
clearly to the student the areas is that he/she needs to work on before an exam. ASSA has put in a great deal
• A pass in Subject A211 (which may be written as a non-member of the Actuarial Society); or of effort over the last two years to enhance the quality of the tuition courses and is now delivering full tuition on
all its subjects.
• A pass in an A200-equivalent examination of the Institute and Faculty of Actuaries; or
However, if the student feels that they do not have the time, or financial resources, to do a Tuition course,
• At least 65% for Mathematics II / III or Mathematical Statistics II / III; or
they can take the CPE only option. Again the student will get feedback on their practice (CPE) exam around
• At least 70% for Mathematics I. technique and content and also have the option to get actuary marked feedback on assignments. This option
does cost significantly less than the tuition course, and the time requirement is the time to write the CPE exam,
which is the same as the final exam, with the option of getting additional support through marked assignments.
Being proactive in improving your chances of passing

When preparing for an exam every student should attempt at least one exam under exam conditions, even if it
is self-marked. Hence the CPE only option is not requiring the student to do anything over and above what they
should be doing anyway, but now with the additional benefit of pre-exam feedback that will assist in the student
to assess how ready they are for the final exam.
Academy Bursary Program

Some students may not have the financial means to take up these support products, however most employers
should pay for the intervention. If the employer does not support these interventions then ASSA is happy to
engage with the employer to try and understand why they are not funding the intervention. If the student
requires financial assistance they can apply for a bursary from ASSA. Financial considerations should not get in
the way of a student doing an intervention, or writing exams. Please see Annexure D for more information about
the Academy Bursary Program.
Planning for the pass

In closing the aim of the ESI is not to frustrate the student or add additional costs to their studies but rather to help
the student have a better and more efficient journey through their actuarial studies. Well timed interventions
and proactive measures to improving chances of passing will avoid the student incurring unnecessary costs and
study time.
OUR PARTNERS
We partner with other bodies where we

believe we have a common purpose
and desire to transform the actuarial
profession and its members.
CONTACT
a 087 073 8940
ASSAadmin@actuarialsociety.org.za
a www.actuarialsociety.org.za
@ActuarialSA

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ACTUARIAL SOCIETY

QUANTIFYING RISK | ENABLING OPPORTUNITY

ASSA STUDENT GUIDE | MARCH 2023 3

Student Curriculum Roadmap

The Associateship training provides a general background in Financial Risk

On-the-job skills development

WBL 03 Fellowship APP

RISK ACTUARY Practitioners.

01 Foundation APP TASSA

STUDENT SUPERVISOR NON-FELLOW

STUDENT SERVICES MEMBER ADMIN & EDUCATION MANAGEMENT

ASSA manages their MEMBER ENGAGEMENT &

MEMBERSHIP & APPLICATIONS BECOME A STUDENT MEMBER

In order for students to INTEREST GROUP MEMBER SUBSCRIPTIONS

For further information, contact Member Services:

Applications for membership are open throughout the year, however,

Applicants who would like to register for an examination sitting must

Membership confirmation letters are sent once an application for

QUALIFICATION REQUIREMENTS FOR OBTAINING DESIGNATIONS

This section presents the complete curriculum

NORMATIVE SKILLS PROGRAMME

Credits for subjects in Part A2

N111 A111 A211

NORMATIVE SKILLS PROGRAMME N2. COMMUNICATIONS

A211 Financial Mathematics

NORMATIVE SKILLS PROGRAMME

F101 Health and Care Principles Select 1 subject

Prerequisites for Attempting the F1 Subjects:

Knowledge and understanding of Actuarial Risk Management F201

1. F207 replaced F206. There is no more F206.

• Demonstrating an understanding of the pre-course reading

1. F207 replaced F206. There is no more F206.

NORMATIVE SKILLS THREE-TIERED PROGRAMME

The Normative Skills programme consists of the following three tiers in

WBL 03 Fellowship APP

After registration, you will attain login credentials to the ASSA

For Normative Skills modules where workshops are required, the

dispositions, the Core APP modules have been structured to encourage

WBL 03 Fellowship APP

The Fellowship APP course is designed to further develop students’ normative

the industry as well as N211 - Communications

N311.03.E - MDAR Exam

N311 - Core APP

Module 2: • Passed (or been exempted from) Foundation APP Components:

Module 3: To register for N311.03C: Components:

Module 4: • Actively participated in N311.03.C Components:

Module 5: N/A • Self-study module with an online MCQ exam

N311.04 1 month before N311.04 5 hours

N311.04 Approximately 4 months 1 day

N311.06 Before attending 24 hours

N311.06 Approximately 4 months 2 Workshops over

N311.06 After attendance of Online, 1 hour

N311.07 1 month before WS4 10 hours

N311.07 Approximately 4 months 1 day

N311.07 Approximately 6 months 1 day

CORE APP CREDIT

TABLE 5: FELLOWSHIP APP OVERVIEW -N411 N411 04. FELLOWSHIP APP

FELLOWSHIP APP CREDIT

OVERVIEW Obtaining formal learning should not be limited to the Normative

WBL OBJECTIVES ARE TO ASSIST STUDENTS

Time frame requirements

2. Describe the assumptions that have been made in

C. Professional and ethical

N111: Foundation Actuarial Practice NA111: Foundation Actuarial Practice