You are here

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. If this applies to you please contact education.services@actuaries.org.uk to book your free place.

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.

Filter or search events

Start date
E.g., 26/10/2020
End date
E.g., 26/10/2020

Events calendar

  • GIRO 2020 Virtual Conference

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

     

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.