PD - a couple questions

[Erica]

OK, I've been busy studying for Course 8 and procrastinating on filing for PD credits. So today, I've picked it back up and have a couple questions that I'm hoping someone out there can shed some light on. Why do they make this so complicated????

1. Since I have 15 pre-2000 credits, I don't have to wait until completing Course 1 - 8 to file. I also have the EA designation (25 credits), so I was planning to submit initial and final filing at the same time using 10 non-SOA approved credits (internal employer training). In the "Professional Developent Requirement - Overview" document on the SOA website specifically says the INITIAL filing can be filed prior to completion of Course 1 - 8. Does this mean that I have to pass course 7 (taking seminar in Dec) and 8 (took yesterday) before filing FINAL?

Since there is transitional rules for having PD, and not Course 8, it seems like we should be allowed to COMPLETE PD before completing the exams.

2. As I mentioned before, I am being encouraged to use internal training for the remaining 10 credits. My understanding is that my 25 month period starts at the earliest session I include. There are well over 10 hours of training related to my field that I can use over the last couple years. However, the topics are pretty diverse and I'm not sure I can draw 10 together under a specific educational objective. Does anyone have any experience with how broad the objective can be? Can a plan be rejected if the objective is too broad?

[DoppelGranger]

1) I'd wait to hear others weigh in on this rather than trusting my two cents here, but I'm pretty sure you're allowed to complete PD, initial and executed filings, before course 8 due to your pre-conversion credits.

2) Your plan can be fairly broad. Mine was on medical pricing. That's pretty broad. So really, if you have internal trainings that are relevant to the work you do, even if they're trainings on things like presentation skills (which isn't directly related to a PD plan topic but helpful and relevant for any actuary in their career), I think you can get away with it. Having said that though, what I would be worried about is not fitting these trainings into the scope of your plan. Rather, I'd be concerned that they might not be considered "at or above the level of Course 8" in the eyes of the SOA. I think that particular requirement is pretty subjective, and lots of SOA approved credits (like writing up annual meeting sessions) probably don't really meet that criterion, but nonetheless I'd be worried that since you're talking about using internal training time, there may be a slightly bigger burden of proof to show that the trainings were at the appropriate level for a PD plan. Just my two cents though.

[Paul Brand]

1)With conversion PD credits, you are allowed to file as at Jan 2006, and there are no other exam requirements.
2)25 months is the maximum span between your execution date and the time you earned your first credits. I'm unsure about the level of diversity in your plan, but I think theoretically, if the diversity helps your professional development, rather than a bunch of credits with no strategic focus, it should be permitted. I think I agree with you that your plan seems to be legitimate.

I'm going to be joining the club at getting PD done. I've actually attended all the required seminars, but I need to write up a report on the last conference I attended (in September), and do some more than minor editing of what else I have written. I also had 15 credits of conversion (but no EA designation), and I filed my plan earlier this year. I hope to get it done soon, so that I can get it approved before Course 8 results come out. FSA may not be that far away.