New CPD Scheme
Unless you are a Student member or a non-practising member, or your employer participates in the QAS CPD scheme, you must complete 15 hours CPD, two hours of which should be professional skills training. Practising Certificate holders have extra CPD requirements to meet.
You can find useful information about the new CPD Scheme below.
CPD activities: what counts
Any activities that involve learning relevant to a member’s actuarial work (current or future) or professional development, which address a personal development need and have an identifiable learning outcome. Those activities can be wide ranging and include, for example, lectures, seminars, workshops, webinars, personal reading and research. It could also potentially include carrying out actuarial work where that has a relevant learning outcome.
As there is no longer a requirement to record CPD with the IFoA, it is no longer necessary for the IFoA to recognise the CPD schemes of other bodies. In most cases, if you are currently carrying out CPD under the requirements of another IAA body, it is very likely that you will be able to count those activities towards your IFoA hours too. During your reflective practice discussions you would be required to reflect on the CPD that you had carried out during the year, as a member of the IFoA.
If you are required to prove compliance with the IFoA Scheme to another body, we would be willing to do that for you. Please contact the Membership Team to discuss.
CPD activities that relate to future roles
All activities must have a learning outcome relevant to your current or future role. Therefore any learning that builds on an area you are considering moving into can be counted.
It is up to you to determine your learning and development needs depending on your current or future roles, and which activities are right for you. We encourage members to try to obtain CPD from different sources, so that they benefit from a range of different perspectives. External events can be helpful in providing those alternative insights and perspectives.
Support to meet your obligations
There will no longer be disciplinary consequences for failure to comply with the CPD Scheme, except in cases where the Actuaries’ Code has been breached. Instead, the IFoA is aiming to better support members in meeting their needs and to assist members in their professional development. However, members are still required to comply with the Actuaries’ Code and this requires members to develop their knowledge and skill in a manner appropriate to their role.
Recording your CPD
You must keep a record of activities to facilitate your reflective practice discussions but this can be in whatever form you choose. You no longer have to submit the record to the IFoA every year or use the IFoA’s recording facility. If selected for a reflective practices discussion with the IFoA, you will be asked to provide your record to the IFoA team in advance. This is simply to inform the discussion. The CPD recording facility will still be available for those that would like to continue using it. It has been updated to reflect the requirements of the new Scheme and allows you to record your objectives, activities and learning outcomes.
CPD scheme exemptions
Exemptions are available for students, those with Non-Practising status and members working for organisations that adopt the QAS CPD Scheme.
Any member can apply for Non-Practising status if they are not currently involved in technical actuarial work. This might include members who have retired completely or it might include those members who are working but not involved in technical actuarial work, such as those acting as Non-Executive Directors or Trustees. Whether work is paid or not is not relevant to your eligibility. Applications can only be made where a member has, or intends to have, that status for 5 weeks or more (other than in relation to absence for parental or medical reasons where there is no such limitation).
If the work that you carry out is technical actuarial work, you will not be eligible for Non-Practising status for as long as you are carrying out that work.
You can apply for Non-Practising status by completing a short online application form. This will reflect in your entry in the Actuarial Directory.
The requirement for the rest of the year will be on a pro rata basis according to the number of weeks that your status is no longer in place (rounded down to the nearest week). The hours requirement will be rounded to the nearest minute. The Membership Team will be able to confirm this.
Does Non-Practising status affect my IFoA membership in any other way, such as my subscription rate or the professional standards that apply to me?
No, the status does not have any bearing on your membership, other than to exempt you from the CPD Scheme. Your category of membership, subscription and access to member benefits all remain the same, as do your professional requirements such as compliance with standards and the Actuaries’ Code. You are not obliged to apply for Non-Practising status even where you are eligible for it. For those members not carrying out any technical actuarial work, you can, of course, elect not to apply for Non-Practising Status and to remain in scope of the Scheme, if that suits your particular circumstances better. In those circumstances, Members will not be noted as Non-Practising in the Actuarial Directory. You should contact the Membership Team if you have any questions about your Membership category or the subscription rates that would apply to you.
Parental leave and leave due to ill health
During this period you will be treated as being Non-Practising. You do not need to apply for the status, but you should notify the Membership Team by email so that they can mark this in your record and confirm your pro-rata requirement. Members who are on parental leave or are absent from work for health reasons, will be deemed to have Non-Practising status for the period that they are away from work. The Actuarial Directory will not reflect any change in status if the reasons for absence relates to parental or medical leave.
Change in status
Please notify the Membership Team. Your CPD requirement for the year would be pro-rated from the time of the change of status. If you are unclear about what that means in practice then the Membership Team can help.
Reflective practice discussions
Reflective practice discussions are a conversation in which you reflect on what your learning needs and objectives were for the year and the outcomes of your CPD activities. You consider what you learned and whether you fully addressed your needs. The two way exchange may also help to identify any gaps in your learning and allow for suggestions of further topics to explore. It’s also an opportunity to talk about your development, future plans, ambitions, and goals.
To get the most out of the discussion you should ensure that the individual you have the discussion with understands the nature of your actuarial work, your development and the outcomes of your CPD activities. It could be a peer, a colleague, a line manager or a volunteer of the IFoA. The person does not need to be a member of the IFoA nor an actuary. If you cannot identify such a person, the IFoA has set up a pool of volunteers to assist.
The discussion can take place any time after you have completed your CPD activities for the year. This will allow you to reflect on all your activities and whether you met your learning objectives for the year. If you complete your 2020/21 CPD on 30 August 2021, for example, you should have the discussion after that, even if it takes place after 1 September in the 2021/22 CPD year.
It may be useful for you to keep a record of the discussion which may help you to help reflect on the past year and to help plan your future learning activities, however this is not mandatory.
Some members will also be selected for a Reflective Practice Discussion with the IFoA’s specialist team. You will be asked to submit your record of activities in advance of this to inform the discussion.
Virtual Learning Environment (VLE)
If you are experiencing problems with the VLE, please try clearing your browser’s cache or using an alternative browser (Internet Explorer or Edge, Firefox, Safari, etc). If you continue to have difficulties with accessing IFoA video content or recording your CPD, please contact us.
How to make a declaration of compliance
You will be asked to declare your compliance with the CPD Scheme in your membership renewal notice beginning in September 2021. This will be an online declaration in your own member record. Once you have declared compliance with the CPD Scheme you will be able to renew your membership in the usual way. Those who are exempt will be able to confirm that their details are correct and that they are still eligible for that status.
If you have any further queries, please contact us.
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Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Mathematical Futures: The Actuary in a World Transformed – Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive.
This session will explore how the new index has revealed previously uncaptured mortality inequalities by using predictive variables at a high degree of granularity. Globally renowned leader in actuarial science Professor Andrew Cairns and his co-investigator Torsten Kleinow will demonstrate the uses of new LIFE index such as the causes of high or low mortality and regional differences in mortality.
Given our commitment to the safety of our members and employees, and as the easing of restrictions in respect of COVID-19 cannot be guaranteed at this point in time, we have decided to hold our AGM virtually again this year.
The Business of the AGM
Join newly inaugurated IFoA President Dr. Louise Pryor as she explores what we need to do to keep abreast of the changing world – and how we can seize the resulting opportunities – in her Presidential Address, ‘A Learning Society’
Dr Patrick Sun Cheong Poon, lead sponsor of the IFoA’s 2021 Thought Leadership Programme, will be discussing his motivation for supporting the new events programme with Immediate Past President Tan Suee Chieh. The IFoA’s Thought Leadership Programme seeks to reposition the IFoA at the centre of key societ
The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable and steady are now faster and more profound.
This is a free webinar on the consultation on changes to the Practising Certificates (PC) Scheme.
The proposals come from a recent review of the PC Scheme which was the first substantive look at the IFoA’s approach to the requirements and process for PCs since 2010. It responds directly to feedback received on how the current scheme works especially that received from members and PC Holders.
Actuaries in all practice areas have had an “alert” to consider climate risk. A plethora of scenarios and tools are being developed both internally and as part of industry-wide initiatives but is there yet a sense of good practice?
We have entered the global age which is invalidating most of the assumptions upon which our success up till now has depended. For example, in the global planetary society there can be no externalities. Although there is increasing clamour for new ways of thinking, sadly, our attempts to invent such new ways remain trapped in the same historical set of assumptions. The result is that we are faced with three tragedies.
The paper “Asset liability modelling in the quantum era” shall be presented by its authors, Tim Berry and James Sharpe, and chaired by Andrew Smith, Assistant Professor in the School of Mathematics and Statistics at University College Dublin.
The elements of climate change that influence and impact on health & care, both in terms of the direct and indirect impact on mortality and morbidity, and the sustainability of healthcare globally are many.
Today’s breakneck pace of technological change has an immense impact on leaders—and as a result, on their organizations’ capacity to transform. All too often, executives remain stuck in outdated mindsets and modes of operating, even when they recognize the need to reinvent themselves. Leadership expert Herminia Ibarra upends traditional, introspective advice and says act first—in order to change your way of thinking. Following her presentation, Herminia Ibarra will be joined by Louise Pryor, incoming IFoA President and Hash Piperdy, Managing Director at Epitome Global, for a panel discussion around the themes of the session. The panel will be chaired by Tan Suee Chieh.
The IFoA’s Actuarial Review Team will publish its second thematic review in June 2021. The review is looking at the involvement of actuaries in the pricing of UK home and motor insurance, during a period of significant developments in the sector from both regulation and innovation.
As part of the Behavioural Science Series, David Rooke will explore the leadership capacities and capabilities that may enable actuaries to successfully navigate the challenges of our times. He will discuss how actuaries can apply these principles to ensure the profession succeeds, flourishes, and plays a positive societal role in our global community.
Following his presentation, David Rooke will be joined by Stephen Mann, CEO at the Institute and Faculty of Actuaries and Anusha Thavarajah, Allianz’s Regional Chief Executive Officer, Life and Health for Asia Pacific for a panel discussion around the themes of the session The panel will be chaired by Tan Suee Chieh.
We have made it through 2020 but the COVID-19 crisis continues to have a significant impact on individuals, societies, businesses and the wider economy across the globe. Navigating the world post COVID-19 in an uncertain and highly unstable time brings along many uncertainties, challenges and exciting opportunities. Hence the theme of this year’s IFoA Asia Conference Webinar Series is “Risk. Adapt. Thrive.”
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.