The course prepares you for the increasing levels of responsibility placed upon you in your career. It will build on previous training and help you to develop the skills you will need to manage, and where possible, prevent ethical dilemmas which may arise, and to exercise appropriate judgement and decisions to resolve them.
Who is required to sit the PSC?
- If you are a student member who joined on or after the 1 July 2006 you will need to complete the course between the 4th and 6th anniversaries of your admission, or within a year of qualifying as a Fellow, whichever comes first.
- If you wish to become an Associate you will need to complete the course, in addition to passing the relevant exams, before you can transfer
To book your place on the free-of-charge Professional Skills Course: login to your online account, and follow the link to My Exams to see the available dates. Please be aware that if you cancel or change your course booking a £150.00 administration fee will be charged.
You must have completed a course, or have a confirmed booking in place, within the required time frame as failure to do so will lead to penalties being imposed on you.
The PSC is an online course run within our Virtual Learning Environment (VLE)
The online course runs over a three week period, but should take you approximately 8-10 hours to complete.
The course uses discussions and case studies to explore concepts of professionalism, awareness of the Actuaries' Code, and business ethics. Some of the case studies will be generic and apply to all areas of work; some will be specific to your own area of work.
Read the Professional Skills Course participants' guide for more information about the course.
All members of the IFoA are required, under the Actuaries' Code, to maintain their professional competence by undertaking Continuing Professional Development (CPD)
Student members have been placed in Category 5: this means that you do not need to complete any technical learning, and your CPD requirement is limited to the professional skills training shown above
Professionalism courses overseas
Members of the IFoA are expected to complete a Professional Skills Course organised by the IFoA. However, a number of overseas professionalism courses have been approved as equivalent to our courses. This includes professionalism events organised by:
- Society of Actuaries
- Casualty Actuarial Society
- Society of Actuaries in Ireland
- Actuarial Society of South Africa
- Actuaries Institute
Members of other associations may take the IFoA course if places are available. Please contact the Education Services team to discuss this.
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General information and practical advice that will be useful in your studies
If you have any questions about Professional Skills Training Stage 2 - Professional Skills Course please contact Education Services.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.