Actuary designation to include AIAAs

The Institute of Actuaries of Australia has decided to broaden the definition of actuary to include Associates of the Institute of Actuaries of Australia (AIAAs). Currently only Fellows and Accredited Members can call themselves actuaries.

To be an AIAA, one has to complete:

• Parts I and II of the exams
• Relevant compulsory investment course, which will be moved from Part III to Part II after 2011
• Professionalism Course
• 3 years practical experience

The decision was announced during lunch at the close of IAAust's Biennial Convention on 22 April 2009 by the President. This was after a presentation on the results of plebiscite where members voted on their views on the change of the designation 'actuary'.

The plebiscite attracted 1,636 responses or a participation rate of 45%. 53% voted 'yes' to the change however the the decision was not unanimous across the membership:

• 38% Fellows voted 'yes', 20% voted 'support Council decision'
• 64% Associates voted 'yes', 18% voted 'support Council decision'
• 65% Students voted 'yes', 17% voted 'support Council decision'

In general, Associates and Students are in favour, while newly qualified Fellows are against it.

Source: IAAust

The Biennial Convention attracted over 550 delegates from 13 countries. There were 5 plenary and 55 concurrent sessions.