30 July 2018
The Institute and Faculty of Actuaries (IFoA) has launched a pilot to investigate how an outcomes focused Continuing Professional Development (CPD) scheme might benefit our members.
Outcomes focused CPD is gaining recognition across sectors as better able to take account of CPD scheme participants’ current role, specialism and individual needs.
The pilot scheme is being trialled by firms accredited under the IFoA’s Quality Assurance Scheme (QAS). To be accredited these organisations have already demonstrated their commitment to the training and development of their actuarial staff. Seven firms have volunteered to take part in the pilot, meaning over 900 IFoA members will be involved. The organisations involved in the pilot have a wide remit to determine how to apply the scheme and we look forward to seeing the different forms it takes.
Each organisation will be assessed on its application of the scheme through the normal QAS assessment process. This will ensure that the organisations are effectively supporting our members in meeting their CPD requirements.
The hope is that the pilot scheme will ease some of the regulatory burdens placed on the QAS accredited organisations and their IFoA members.
The IFoA will survey participating scheme members to gather feedback and opinions on the scheme. The pilot will run for two years and, if successful, the scheme may be rolled out to all QAS firms.