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Definitions

This glossary provides definitions of terminology used in the CPD Scheme

Term

Definition

Actuarial Work

Work undertaken by a Member in their capacity as a person with actuarial skills on which the intended recipient of that work is entitled to rely. This may include carrying out calculations, modelling or the rendering of advice, recommendations, findings, or opinions.

Actuaries’ Code

The ethical professional code for Members issued by the Institute and Faculty of Actuaries.

Appropriate Person

An individual identified by the Member, who understands the nature of the Member’s Actuarial Work, their development and their Learning Outcomes. Such an individual could be a peer, a colleague, a line manager or a volunteer of the IFoA, amongst others.

CPD Requirements

The requirements imposed upon Members in relation to Continuing Professional Development including this CPD Scheme and the wider development and learning requirements of the Actuaries’ Code.

CPD Activities

Activities that involve development and 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.

CPD Period

The period between 1 September and 31 August.

IFoA

The Institute and Faculty of Actuaries.

Learning Outcome

 

 

Knowledge and/or skills which the Member gained as a result of taking part in an activity.

Member

A member of the IFoA

Non-Practising Member

A Member that has been registered, following application, with the IFoA as ‘Non-Practising’. This may include, for example, Members that are: retired from actuarial practice; not carrying out technical Actuarial Work; or on a career break.

Optional Recording System

The IFoA’s non-mandatory CPD recording system, available for use by Members to assist with keeping track of CPD Activities and recording Learning Outcomes

Professional Skills Training

CPD Activities with a Learning Outcome related to managing professional ethical challenges.

Reflective Practice Discussion

A discussion to allow the Member to reflect on the CPD Activities carried out during the previous CPD Period, Learning Outcomes achieved and how they have applied what was learnt; as well as to discuss how they intend to approach future development and learning, including anticipated other work and/or roles.

Student Member

A Member that is not a Fellow, Associate, Affiliate, Honorary Fellow, or Certified Actuarial Analyst.

QAS Member

A Member that is employed by an organisation or part of an organisation accredited under the Quality Assurance Scheme, that is registered with the IFoA as being part of the QAS CPD Scheme

QAS CPD Scheme

The outcomes focused CPD scheme available to organisations accredited under the Quality Assurance Scheme.

Contact Details

If you have any enquires about CPD, please contact the Membership Team

cpd_feedback@actuaries.org.uk

We aim to respond to all enquiries within two working days.

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Events calendar

  • Spaces available

    Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators

  • Spaces available

    Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.

  • Actuarial Innovation in the COVID-19 era

    This event is online. 
    26 April 2021 - 7 May 2021
    Spaces available

    Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.

  • Spaces available

    This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place. 

    Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.

  • Europe Town Hall

    28 April 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.

  • Spaces available

    Sessional Meeting - Free to viewMis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern

  • Spaces available

    This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.

  • Spaces available

    Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.

     

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    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.