© 2011 The Actuarial Profession www.actuaries.org.uk

CPD Co-ordinators’ Briefing

29 November 2011

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The Profession’s Strategy – June 2011

Key elements relevant to Professional Skills Training:

A new qualification structure that is integrated with regulatory oversight to create an holistic approach for members and their employers that will be effective on a global basis;

A step change in our member support to meet the evolving needs of a membership body which is increasingly diverse by geography and area of work;

An international strategy of “proactive engagement” where we provide a more comprehensive overseas offering to members…..

© 2011 The Actuarial Profession www.actuaries.org.uk

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Relevant Strategic Objectives:

Education: To provide high quality qualifications for our students and lifelong education for our members.

Licensing and Regulation: To license and regulate the members of the Institute and Faculty in such a way as to assure public confidence.

Member Support: To offer excellent support that meets members’ varied and evolving needs.

© 2011 The Actuarial Profession www.actuaries.org.uk

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Why is Professional Skills Training important?

As Professionals, our members have a duty to act in the public interest and to ensure public confidence in the Profession by maintaining its good standing in the public eye.

The Profession’s regulatory framework of the Bye-Laws, The Rules and Regulations and the Actuaries’ Code is applicable to all members. 

Relevant training assists members to understand and fulfil their obligations as professionals.

 

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Why are we changing the Professional Skills Training Requirements?

A cradle to grave approach

No longer tied in to qualification levels

Affects all members from early on and throughout their whole careers at more regular intervals

All members are brought into scope (not just Associates and Fellows)

© 2011 The Actuarial Profession www.actuaries.org.uk

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The new structure

3 Stages:

Stage 1 – On-line Professional Awareness Test

Stage 2 – Professional Skills Course (face-to-face and web-based)

Stage 3 – Professional Skills Training for experienced members

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Stage 1 - On-line Professional Awareness Test

Applicable to all students who join from 1 March 2012.

Students will need to pass the test before they can take the Business Awareness exam (CT9).

Tests knowledge and understanding of the Actuaries’ Code and assists students to understand their Professional obligations.

© 2011 The Actuarial Profession www.actuaries.org.uk

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Stage 2 – Professional Skills Course

Applicable to members:

Within one year of qualification (transferring to class of Fellow), or,

Between the 4th and 6th anniversaries of their admission to the Profession, whichever comes first.

© 2011 The Actuarial Profession www.actuaries.org.uk

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Stage 2 – Professional Skills Course

When?

From February 2012 (1-day face-to-face event), and

From June 2012 as a web-based version

For Whom?

Initially members admitted on or after 1 July 2006 who:

– Have not qualified as a Fellow by 1 July 2011; or

– Have not transferred to the category of Associate by 1 July 2011; or

– Have qualified as a Fellow by 1 July 2011 but who do not attend

the current 2 day New Fellows Professionalism Course by end

December 2011.© 2011 The Actuarial Profession www.actuaries.org.uk

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Stage 3 – Professional Skills for Experienced Members

Previous regime of 10 year events has ended.

Currently no mandatory requirement; members encouraged to do relevant professional CPD voluntarily.

Developing a suite of professional skills events and web-based modules in partnership with Leeds University.

A revised mandatory requirement from mid 2013 aligned to the Profession’s overall strategy.

© 2011 The Actuarial Profession www.actuaries.org.uk

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Content

Working in partnership with Leeds University Inter-Disciplinary Applied Ethics Centre, to develop bespoke content for the Actuarial Profession which is:

– Practical,

– Relevant,

– Engaging, and…

© 2011 The Actuarial Profession www.actuaries.org.uk

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Content

Tailored to the specific outcomes specified in the CPD regime as well as supporting the specific ‘Drivers’ and ‘Indicators’ specified in the FRC’s Actuarial Quality Framework.

© 2011 The Actuarial Profession www.actuaries.org.uk

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Delivery

Recognising the geographic spread of our members - 40% overseas, we will focus on:

– Web-based learning for ease of access

– Provision of face-to-face events in collaboration with other associations worldwide

– A wider spread of UK events according to the locus of our members

© 2011 The Actuarial Profession www.actuaries.org.uk

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Questions or comments?

© 2011 The Actuarial Profession www.actuaries.org.uk