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Stage 1: Professionalism Course

The Professionalism Course is Stage 1 of the IFoA’s 3-stage mandatory Professional Skills Training.

This is the foundation of our 3-Stage mandatory Professional Skills Training designed to assist Student members to understand and fulfil their obligations as professionals at an early point in their actuarial careers. This in turn helps the IFoA to fulfil its duty to regulate Members in the public interest. All Members are bound by the IFoA’s regulatory framework of the Bye-laws, the Rules and Regulations and the Actuaries’ Code. The course is designed to equip actuaries to appreciate the practical implications of professionalism and, through practical scenarios using a range of different media, be able to articulate an understanding of the Actuaries' Code and making professional decisions.

What’s involved in the course?

This is a self-access e-learning course comprising of 4 Modules:

  • Module 1: Introduction to professionalism
  • Module 2: The IFoA; structure, regulation and compliance
  • Module 3: The Actuaries’ Code
  • Module 4: Professionalism in practice

You will need to work through each module in order but in your own time at a pace that suits you. Each module contains hyperlinks to relevant material on the IFoA’s website as well as video and illustrative content. You should access all of this content. At the end of each module there are a number of multiple choice questions for you to complete. You will need to achieve a minimum score of 60% to allow you to move on to the next module. You may have as many attempts as you need to achieve the pass rate. The aim is for you to absorb the content sufficiently before you move on. The whole course should take around a ½ day to complete.

Who is required to do the Stage 1 Professionalism Course?

Students who joined the IFoA on or after 1 July 2020:

  • must complete the new Stage 1 Professionalism Course before they can apply to sit the CB3 exam.

  • must complete both the new Stage 1 and Stage 2 Professionalism Courses before they will be eligible to qualify as an Associate. 
  • 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 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:

  • (who have not already completed the previous style Professional Skills course(s) (Stage 1 and/or Stage 2)) will be required to complete the relevant Stage of the new Professionalism Courses.
  • must complete the new Stage 1 Professionalism Course before they can apply to sit the CB3 exam.
  • must complete both the new Stage 1 and Stage 2 Professionalism Courses before they will be eligible to qualify as an Associate. 

Students or Newly Qualified Members who joined the IFoA before 1 March 2012:

  • are not required to do the Stage 1 Professionalism Course, but may opt to do so if they are required to complete the new Stage 2 Online Professionalism Course. This is being offered free of charge due to the substantial shift of content from the previous Stage 2 Professional Skills Course (PSC) to the new Stage 1 Professionalism Course.

How do you book on the course?

To book your Stage 1 Professionalism Course log in to your online account, and follow the link to Book a Professionalism Course and select the Stage 1 option. 

What is the course fee?

Course Full rate Reduced rate
Stage 1 Professionalism Course £75.00 £55.00

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. 

Related documents and information

Contact Details

Education Services Team

education.services@actuaries.org.uk

Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD

+44 01865 268207

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

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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.