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Old 01-24-2018, 07:51 AM
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Originally Posted by jonbon View Post
I am a UK qualified actuary and was keen to learn how SOA qualified actuaries meet their ongoing CPD requirement. I understand that they have to meet 30 hours of cpd in a year. Are these met via seminars, society events (free), online videos, external paid events? How much do you typically end up paying in a year to meet these requirement.
I'm a CAS actuary, but I think the answers will be within the range of normality for US-based actuaries, given that SOA actuaries have the option and CAS actuaries the requirement to comply with the CPD requirement established by the AAA (which is similar, but not precisely the same, as the SOA and CAS's standards).

For most of us, the AAA requirements are essentially:
  • 30 hours per year
  • 6 of the hours must be "organized"
  • 3 of the hours must be on professionalism

The "organized" credit requirement can be interpreted as "you have the opportunity to ask a question of someone not from your company". I generally go to regional actuarial meetings to meet that requirement. Many employers will pay for a trip to one of the big meetings (CAS spring/annual meetings, CAS reserving seminar, etc.) every couple of years.

Once or twice I've expensed a webinar, and there is at least one large actuarial employer that simply signs up for every CAS webinar and distributes login information through email to all of its actuaries.

Some employers will have internal seminars (which count as CPD, but not "organized"unless someone is brought in).

The societies publish tomes of papers every year, so keeping up with that literature makes it not too difficult to meet the non-organized element of the CPD.

The requirement for 3 hours of "professionalism" is perhaps the hardest part of the requirement for me to meet. At seminars, there's usually something more interesting competing with the professionalism session, and professionalism isn't a hot topic for internal seminars. I have a near-tradition of spending the last business hours of the year reading/reciting standards of practice or statements of principles to get the requirement done in time to make my annual attestation of compliance.
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