Quick Site Search

Skip to content

Login / Logout

The Actuarial Profession

Toolbar navigation

Skip to content

 

Main navigation

Skip to content

 
Site Search


Advanced Search

A right column banner

Sub navigation

Skip to content

Work-based skills

Learning log | Forms, including application forms for university students | Frequently asked questions

The Actuarial Profession is keen to develop the practical aspects of a student's training as well as the theoretical aspects. The work-based aspect of a student's training is a further opportunity for the student to learn. The student gets an opportunity to understand how practical considerations can affect theoretical models. In addition, the student develops personal skills in the work environment. We want to encourage young professionals to develop a culture of self-assessment and professional development to help them plan their future as an actuary. We also want to encourage them to discuss ideas and thoughts with colleagues.

Work-based skills form an important part of the route to qualifying as an Associate or as a Fellow.


Key dimensions

The aims of the work-based learning period cover acquisition of specific skills in the following key areas:

  • technical application of actuarial skills
  • judgement
  • professional and ethical
  • communication
  • commercial
  • information communications technology
  • management

In addition, bearing in mind the continuing development aim, skills associated with being a positive reflective learner will also be emphasised.

You are required to maintain a learning log of your programme of professional development. This will need to cover a period of three years for Fellowship and one year for Associateship.

You will have a supervisor who will normally be a Fellow of the Faculty or Institute of Actuaries. The supervisor will be responsible for the development of the student during their learning period. The supervisor will be expected to meet with the student regularly.

We appreciate that not all supervisors will be a Fellow of the Faculty or Institute. Non-actuarial managers and more experienced students can act as the Supervisor, but the final sign-off will need to be undertaken by a Fellow. Should you need assistance with the final sign-off please contact Napier House.

University students may join the profession as Affiliates if they wish to start their learning log during periods of work experience.

More information can be found in the following documents:


Learning log

All students are required to maintain a learning log of their programme of professional development.

This will include:

  • A self-assessment by the student of skills addressed which will include on-the-job-training.
  • A record of formal learning activities, including computer-based training, training events and courses attended, with reasons for attendance and comments on what was gained from the activities.
  • A record of review questions addressed as part of the review on skills acquisition, including a summary of discussion on these questions. The student's attempts on the review questions should be attached.
  • A sign-off by the supervisor of the review period. This will either say particular skills have been addressed satisfactorily or recommend further work on the skills.
  • A statement of the skills to be addressed in the next period of development
  • A final sign-off on qualification by a Fellow of an IAA-recognised actuarial association. This would normally be done by a Fellow of the Faculty or the Institute.


Review questions

You are expected to answer review questions that aim to make you reflect on your current work experience, discussing the questions with colleagues before presenting a reasoned answer as part of the evidence for the next supervisor review. It is suggested that you answer two questions in each six month period.

The answers would typically be not more than 1,000 words and the emphasis is on content rather than literary style. Where appropriate bullet points or notes may be used in preference to an essay. The supervisor may require you to add to the answers provided, if it is felt that insufficient thought has been given to the question.

It is also possible that you might revisit a question at a later stage in your training.

For Fellowship you are required to answer a minimum of twelve different questions with at least one question addressing each key dimension. The remaining questions can be drawn from any key dimension.

Associates will need to undertake one year's work-based skills covering the following four key dimensions:

  • Practical application of actuarial skills (analyse and validate results from a financial model)
  • Professional and ethical (understand priorities and sensitivities)
  • Communication (communicate to a range of audiences)
  • Commercial (understand both internal and external customer needs)

One review question will need to be answered from each key dimension.

A record of review questions addressed and a note on the discussion should be included as part of the review on skills acquisition. Your attempts on the review questions will normally be attached.

However if the material is confidential to the company this requirement will be waived for some questions. This requirement can be waived for up to half the questions.


Time taken for acquisition of skills

This will differ from individual to individual. You would start on joining the profession to maintain your learning log. This would then need to be reviewed six months after joining and then after six/twelve months to ensure there has been time for evidence of development. After one year if the supervisor is satisfied, then the work-based learning requirements for the Associate qualification will have been met. After three years, with periodic reviews normally at six-month or twelve-month intervals if the supervisor is satisfied then the work-based learning requirements for the Fellowship qualification will have been met. The period of time helps to ensure that you have an exposure to a variety of work and technical situations and to develop your professional judgement. While these are the normal time periods special cases will be considered. You will be required to continue your learning logs up to qualification. These can then form the basis of records for Continuing Professional Development (CPD).

A university student undertaking work experience might join the profession as an Affiliate to start the learning log.

It is appreciated that some students may have been in employment prior to joining the Profession and would like this previous experience to count. In order for it to be considered the following criteria should be noted:

  • Your past experience will need to fall under one of the seven key dimensions
  • Your past experience will need to be signed off by the previous employer that the experience was gained from
  • You will still need to answer 12 review questions from the current set of review questions working in conjunction with your nominated Supervisor

You will need to complete a learning log in the normal way to record this past experience.

If you work for an organisation, which does not employ any Fellows, you should contact wbs@actuaries.org.uk

An actuary will be appointed by the profession to supplement the work of the supervisor.


Supervisor

You will have a supervisor who would normally be a Fellow of the Faculty or Institute of Actuaries. The supervisor will be responsible for your development during their learning period. We envisage the supervisor as being the person who is also responsible for carrying out the employer’s own internal appraisals. We anticipate that the profession’s requirements for the development of work-based skills will be easily subsumed into existing internal appraisal systems. The supervisor will normally sign off your learning log. Non-actuarial managers and more experienced actuarial students can act as the supervisor, but in such cases the final supervisor who signs off of the learning log must be by a Fellow who is familiar with your work and progress.

The supervisor will be expected to meet with you regularly and normally at last once every six months. The purpose of these meetings is to:

  • review your progress to date
  • discuss review questions that you have answered
  • discuss what skills should be addressed in the next review period
  • consider what training is needed — both on-the-job and through relevant courses

If you work for an organisation which does not employ any Fellows both yourself and your supervisor should contact: wbs@actuaries.org.uk

An actuary will be appointed by the profession to supplement the work of the supervisor.


Practicalities

On completion of the examinations, Learning Logs and the final sign off form should be submitted to Napier House for review in hard copy by post. You should ensure that your Supervisor has signed the logs and that you have included evidence of your discussions with your Supervisor. We also ask that your Supervisor initials the last page of each essay.


Learning log forms


Specimen forms

Application forms to be used by applicants who are studying for a degree course who wish to begin to complete a learning log for work-based skills:


Questions


 
Page updated: 11 February 2010
Contact: Web editor