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Changes to IFoA Professional Skills Training

The IFoA is committed to supporting our members in attaining the high levels of professionalism that assures our profession’s global reputation.

Our Professional Skills Team and IFoA members have been working together to deliver planned improvements to the IFoA Professional Skills Training regime. The changes are designed to support a more flexible learning approach and to ensure we deliver the appropriate professionalism training at the right time in members’ careers, in a way that better fits around members’ busy working lives.

How is the IFoA changing its Professional Skills Training regime?

New Stage 1 Professionalism Course

We are replacing the current Stage 1 Online Professionalism Awareness Test (OPAT) with a 4 part modular e-learning course.

The course content will cover material included in the previous Stage 2 Professional Skills Course (PSC), so that Student members will benefit from developing this knowledge early on in their actuarial careers. 

The new Stage 1 Professionalism Course can be accessed at any time of your choosing, but must be completed before you can apply to sit CB3 Business Management Exam.  The online course should take around 3 to 4 hours to complete.  Computer based assessments are included but an unlimited number of attempts are permitted. 

New Stage 2 Online Professionalism Course

We are replacing the current Stage 2 Professional Skills Course with a new Stage 2 Online Professionalism Course.   

The course will build on the knowledge acquired in Stage 1, with a format based around discussion of case studies with input from specialist ethicist and actuary facilitators. We have responded to member feedback, condensing the course into a shorter time period and focussing the course content on developing advanced ethical reasoning skills with expert input. The new course case studies will be more accessible and globally relevant as we move away from a practice specific approach.

The new Stage 2 Online Professionalism course will take place over a 1 week period, with pre-reading of case studies to be undertaken and online contributions to be made in advance of the course beginning. The course must be completed, either before you qualify as an Associate, or within 6 years of joining the IFoA.

New course fees

In order for these new courses to be sustainable we will need to charge a course fee for each stage. 

There will be a charge for each of these new style courses from 1 July 2020. A reduced rate fee will be available, for members currently on a reduced rate membership subscription fee, consistent with our pricing structure for other elements of the qualification. 

The fees will be:

Course

Full rate

Reduced rate

Stage 1 Professionalism Course

£75.00

£55.00

Stage 2 Online Professionalism Course

£150.00

£105.00

Who will the new Professional Skills regime apply to?

The new arrangements will apply to all Students who join the IFoA on or after 1 July 2020.

There will also be transitional arrangements for Students and newly qualified Fellows who joined before 1 July 2020.

Students who join the IFoA on or after 1 July 2020

  • Student members who join on or after 1 July 2020 must complete the new Stage 1 Professionalism Course before they can apply to sit the CB3 exam.
  • Student members who join the IFoA on or after 1 July 2020 must complete both the new Stage 1 and Stage 2 Professionalism Courses before they will be eligible to qualify as an Associate
  • Student members who join on or after 1 July 2020, who are not eligible to qualify as an Associate within 6 years of joining the IFoA, must complete the new Stage 1 and Stage 2 Professionalism Courses within 6 years of joining the IFoA.

Students who join the IFoA under the Transfer of Prior Learning (TPL) process

  • Student members who are accepted under the Transfer of Prior Learning (TPL) process, on or after 1 July 2020, must complete the new Stage 1 Professionalism Course within 6 months from the date of their admission to the IFoA.

What are the transitional arrangements for Students and newly qualified Fellows?

Students who joined the IFoA before 1 July 2020

  • Students who joined the IFoA before 1 July 2020, who have not already completed the relevant Professional Skills course (Stage 1 and/ or Stage 2) will be required to complete the relevant Stage of the new Professional Skills course.

Newly qualified Fellows who joined as Student members before 1 January 2019

  • Newly qualified Fellows, who joined as Student members before 1 January 2019, and have not yet completed the Stage 2 Professional Skills course will be required to complete the new Stage 2 Professional Skills course within one year of transferring to Fellowship.

Members who have completed (current) Stage 1 and are required to complete the New Stage 2 under the transitional arrangements will also have the option to do the New Stage 1 at no charge, at a point of their choosing should they wish to do so.

Withdrawal of current Professional Skills courses

The current Online Professionalism Awareness Test (OPAT) will be withdrawn from 1 July 2020.

An additional, final Stage 2 Online Professional Skills Course will begin on 6 July 2020, to accommodate demand on a first come first served basis before the new regime is implemented. This course is now fully booked.

For further information please contact professional.skills@actuaries.org.uk.

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Events calendar

  • Spaces available

    A Trusted Profession

    This free 1 hour CPD webinar is designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020 and is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC. 

  • Fully booked.

    This event is now fully booked. To join the wait list, please register here.

    Get ready for the new CPD Scheme launching on 1 September. Join us for a discussion on what the new Scheme will look like in practice. There will be an opportunity to field questions to the IFoA Executive on how the Scheme’s requirements will affect you.

  • Asia Conference Webinar Series

    Webinars
    1 September 2020 - 24 September 2020

    Spaces available

    There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia.  The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.

    This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.

     

  • Spaces available

    In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.

  • Spaces available

    This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. 

    The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise.  In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.