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MountainHawk 03-02-2011 03:46 PM

The Ultimate Continuing Education Thread
 
I still see people complaining that they are confused by the CE requirements, so hopefully this will help.


If you are a practicing actuary in the United States of America:

You MUST meet the qualification standards of the AAA, even if you are not a member (stop freeloading!). The AAA sets the qualification standards in the United States, the SoA and CAS do not. They can only issue their credentials.

US Qualification Standard

High Level: 30 hours per year, 6 organized, 3 professionalism, no more than 3 General Business.

If you are a practicing actuary in Canada:

Note: If you are an ACAS/ASA in Canada, these may not apply to you, so you will have to meet the SOA/CAS standard below until you are subject to the CIA CPD requirements.

This looks to be the CPD requirements:

Canadian Qualification Standards

High Level: 2 year cycle: 100 hours, 24 structured (12 related to technical skills), 4 professionalism


If you are a practicing actuary in the United Kingdom:

This looks to be the CPD requirements:

Faculty and Institute of Actuaries CPD Scheme

High Level: 30 per year, 20 technical (10 of those structured), 6 professionalism, plus 1 professionalism event per 10 years. Up to 15 hours can be claimed for 'service to profession'.


If you are a practicing actuary in Australia

This looks to be the CPD requirements:

Institute of Actuaries of Australia CPD Requirements

High level: 80 hours in last 2 years (if >20 both years) OR 40 hours in the last year


Those all address practice rights. If you want to do your job in those countries, you have to meet those standards. Presumably, it's like the US, where you have to meet those standards even if you haven't joined the local organization, but I'm not positive of that for all the other countries.


If you are a CAS or SOA member and you are not subject to any of those requirements:


There are 3 basic reasons why you might not be subject to those requirements:

1) You aren't working in those countries or a member of those organizations
2) You lack the experience to be a 'practicing actuary'
3) You aren't doing actuarial work


Now, the SoA and CAS are global credentializing societies. They both have actuaries all over the world. In order to protect their credential, they have put in their own CPD requirements to "keep the credential" (or not be marked as non-compliant, etc).

Both the CAS and SoA give credit for the above, which you MUST meet if you are working in the US, and presumably MUST meet if you are working in Canada, the UK, or Australia. However, if you aren't subject to any of them, in order to keep the credential from being 'non-compliant', you must meet the CAS or SOA standards below:

CAS Continuing Education Policy

High Level: Per 2 year cycle: 60 total, 45 job related ex. prof, 6 professionalism, 30 structured, no more than 6 general business

SOA Continuing Education Policy

High Level: Per 2 year cycle: 60 total, 45 job related including prof., 3 professionalism, 30 structured, no more than 15 general business


Finally, both the SOA and CAS require all members to attest that they qualified. No one ever has to meet two standards, just one of the 4 country qualification standards OR the society's standard if the qualification standards aren't applicable.

country squire 03-02-2011 04:00 PM

Great job!

One category I'd add is ASA/ACAS who are practicing in Canada but who are not members of the CIA. I believe they must follow the SoA/CAS CPD requirements until they attain FCIA. Please correct me if I've misunderstood.

ETA: But I suppose those folks are included in "However, if you aren't subject to any of them, in order to keep the credential from being 'non-compliant', you must meet the CAS or SOA standards below:"

MountainHawk 03-02-2011 04:02 PM

Quote:

Originally Posted by country squire (Post 5062095)
Great job!

One category I'd add is ASA/ACAS who are practicing in Canada but who are not members of the CIA. I believe they must follow the SoA/CAS CPD requirements until they attain FCIA. Please correct me if I've misunderstood.

That's probably true, because as I understand it, you don't get "practice rights" in Canada until fellowship.

Heathen 03-03-2011 01:24 AM

Before I get too deep into the actuarial profession, what are the CPD requirements for medicine, theology, or law?

JMO 03-03-2011 07:49 AM

I believe it is possible for an ASA, or even a new FSA in the US, to fail to meet the general qualification standards due to lack of necessary experience. Wouldn't those people be able to follow the SOA rules?

(I have no idea about the situation with CAS.)

MountainHawk 03-03-2011 07:55 AM

Quote:

Originally Posted by JMO (Post 5062853)
I believe it is possible for an ASA, or even a new FSA in the US, to fail to meet the general qualification standards due to lack of necessary experience. Wouldn't those people be able to follow the SOA rules?

(I have no idea about the situation with CAS.)

I believe this to be true. If you don't have the 3 years experience, you can't qualify as a "practicing actuary" in the US, so you will have to meet the SOA or CAS CPD requirements until you do.

MountainHawk 03-03-2011 08:05 AM

Quote:

Originally Posted by Heathen (Post 5062807)
Before I get too deep into the actuarial profession, what are the CPD requirements for medicine, theology, or law?

Medicine: Depends on the state: Anywhere from 12 (AL) to 50 (several states) hours annually, and some states disturbingly have no requirements (CO, CT, DC, IN, MT, NY, OR, SD, VT)

Law: Seems to average between 10-15 hours per year, against depends on the state.

Arthur Kade 03-03-2011 09:42 AM

I still don't really understand why most actuaries don't have CE >> 30 hours a year. I would have expected the requirement to be nothing more than a minor red-tape inconvenience, but for many of my colleagues it's actually a mad dash for credits.

JMO 03-03-2011 09:46 AM

Quote:

Originally Posted by Arthur Kade (Post 5063038)
I still don't really understand why most actuaries don't have CE >> 30 hours a year. I would have expected the requirement to be nothing more than a minor red-tape inconvenience, but for many of my colleagues it's actually a mad dash for credits.

People who do continuing education for their own edification may need to scramble for "organized"/"structured" credit. And possibly for "professionalism."

Darkness Falls 03-03-2011 10:14 AM

Good idea Mountain Hawk :tup:

What exactly qualifies as professionalism? Looking at the schedule for the CAS RPM seminar this is listed under that (Ratemaking Survey results from the Joint CAS/Faculty and Institute of Actuaries Working Parties). So is it pretty generic or stuff more in line with the ASOPs?


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