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PART III RESULTS SEMESTER 2 2013

In Semester 2 2013 the new computer-based exams were used for the first time in General Insurance and Investment Management and Finance subjects, as well as Life Insurance subjects (which had used the new exams for the previous two semesters).

The overall pass rate for Semester 2 2013 dropped to 35% (including non-Fellows only for C7A ERM, the UK ST1 Heath and Care and ASSA F101 Health Principles subjects). This represents a 6% decrease on the previous semester. Low pass rates in the UK exams contributed to this decrease. The pass rate excluding the UK exams was 39%, which was only a 2% decrease on the previous semester.

The pass rates over the last ten semesters (including C7A for non- Fellows since 2010, the UK ST1 and ASSA F101 exams since 2012) are as follows:

2013

(2)

2013

(1) 

2012

(2)

2012

(1)

2011

(2) 

2011

(1)

2010

(2) 

2010

(1) 

2009

(2) 

2009

(1) 

 35% 41% 39%  37%  33%  36%  40%  40%  40%  44% 

 

It was pleasing to see increases in the pass rate on the previous semester in three courses: Course 2B Life Insurance, Course 6B Global Retirement Income Systems and Course 10 Commercial Actuarial Practice. Pass rates dropped for all other courses and it was disappointing to see particularly low pass rates and significant decreases on the previous semester in General Insurance and the UK ERM and Health and Care exams.

Below are the pass rates for each course in Semester 2 2013 compared with the previous four semesters:

 Course

2013

(2)

2013

(1)

2012

(2)

2011

(1)

 2010

(2)

 Course 1 Investments

n/a n/a 42%

30%

31%

Course 2A Life Insurance

42%

52%

33%

33%

20%

Course 2B Life Insurance

39%

26%

40%

25%

15%

Course 3A General Insurance

18%

32%

30%

28%

23%

Course 3B General Insurance

27%

35%

38%

38%

31%

Course 5A Investment Management and Finance

51%

n/a

57%

n/a

62%

Course 5B Investment Management and Finance

n/a

57%

n/a

59%

n/a

Course 6A Global Retirement Income Systems

n/a

42%

n/a

31%

n/a

Course 6B Global Retirement Income Systems

41%

n/a

21%

n/a

63%

Course 7A Enterprise Risk Management*

22%

40%

33%

37%

26%

UK ST1 Health and Care

10%

45%

38%

38%

n/a

Course 10 Commercial Actuarial Practice

58%

53%

56%

   

* Pass rates for C7A ERM above are for non-Fellows only. The pass rates for Fellows in the C7A ERM subject have been as follows:
Semester 2 2013: 6 sat, 2 passed, (33%). Pass rate for all members 39%.
Semester 1 2013: 3 sat, 0 passed, (0%). Pass rate for all members 39%.
Semester 2 2012: 4 sat, 2 passed, (50%). Pass rate for all members 33%.
Semester 1 2012: 6 sat, 4 passed, (67%). Pass rate for all members 39%.
Semester 2 2011: 7 sat, 2 passed, (29%). Pass rate for all members 26%.

PASS RATES AND EXAM CENTRES

 Location

2013

(2) 

2013

(1) 

2012

(2) 

2012

(1) 

2011

(2) 

 Sydney 34%  41%  37%  34%  35% 

Melbourne

31%

38%

38%

45%

36%

Other Australian

57%

41%

59%

29%

24%

Overseas

35%

47%

36%

30%

21%

 

It was pleasing to see that the highest pass rate in Semester 1 2013 was in the Overseas category with 47%. The Other Australian category achieved a significantly higher pass rate in Semester 2 2013, as it did in Semester 2 2012. There was no significant difference in the pass rates for Sydney, Melbourne and Overseas categories in Semester 2 2013.

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