HELP - Continuing Education Requirements

[Cecil Bykerk]

I don't think that we should be afraid of continuing education. If all I knew today is what I learned when I took the exams, I would not be qualified to work as an actuary. But we need to be careful how we move forward with any requirement failure of which would result in expulsion from the SOA or effectively do that. We encourage our members to rise up to be the leaders of the financial services community. We can't expect such individuals to pursue the same type of continuing education since they are very likely not functioning as an actuary on a day to day basis. But we still want them to be recognized as actuaries. Similar comments apply to non-traditional actuaries. On the other hand we want to maintain our credentials in as positive a light as possible. How would you feel about going to a physician who has not updated their knowledge base since they received they medical education in the 1960s or 1970s?

We need to move forward but with great care. The requirements don't necessarily need to include proctored exams. Another point of consideration is whether the FSA should be treated more as a bachelor's degree. Clearly, we must walk a very careful line.

[JMO]

Originally Posted by Cecil Bykerk

I don't think that we should be afraid of continuing education. If all I knew today is what I learned when I took the exams, I would not be qualified to work as an actuary. But we need to be careful how we move forward with any requirement failure of which would result in expulsion from the SOA or effectively do that. We encourage our members to rise up to be the leaders of the financial services community. We can't expect such individuals to pursue the same type of continuing education since they are very likely not functioning as an actuary on a day to day basis. But we still want them to be recognized as actuaries. Similar comments apply to non-traditional actuaries. On the other hand we want to maintain our credentials in as positive a light as possible. How would you feel about going to a physician who has not updated their knowledge base since they received they medical education in the 1960s or 1970s?

We need to move forward but with great care. The requirements don't necessarily need to include proctored exams. Another point of consideration is whether the FSA should be treated more as a bachelor's degree. Clearly, we must walk a very careful line.

Given that the actuarial profession relies a great deal on self-study for initial qualification, I think it is important to recognize self-study for continuing education as well. The problem is validating it.

Continuing education credits from formal meetings, on the other hand, should be "validated" by records maintained by the professional societies - i.e., SOA meeting/seminar attendance records should be all the validation needed to count toward CPE requirements.

[m_m]

When does an new FSA need to start worrying about CPE requirements?

[bdschobel]

That depends on whose requirements you need to worry about. The CIA's requirements are in effect already for Canadian practitioners. The U.S. qualification standards already exist but will become much broader in scope and more difficult to meet starting in 2008, with further strengthening in 2009. The SOA's standard, not yet approved by the Board, is likely to be effective in 2009.

Bruce

[Old Actuary]

Originally Posted by Cecil Bykerk

How would you feel about going to a physician who has not updated their knowledge base since they received they medical education in the 1960s or 1970s?.

Cecil, thanks for taking the time to respond.

My medical preference is to find a doctor who has certificates for several competencies. For me, that would provide a great deal of confidence.

[Brad Gile]

Originally Posted by Old Actuary

Cecil, thanks for taking the time to respond.

My medical preference is to find a doctor who has certificates for several competencies. For me, that would provide a great deal of confidence.

Don't count on that! When I was ten years old (1952), my parents took me to a Board Certified ENT doctor who had a ton of credentials (including a degree from Harvard) to see what could be done about the deafness in my left ear. The first diagnosis was that my adenoids must be pulling on my eustachian tube, so I got a T&A. Naturally, that didn't help. So then the doctor suggested a new treatment: implant radium in the inner ear! Even at age ten, I knew that was nuts and said "no way!". Good thing I did. The doc was a quack and I'd have been dead long ago.

The real diagnosis? High fever with mumps had burned it the hair follicles in my inner left ear.

Yes, get the credentials, but don't stop there.

Brad

[Dan Anderson]

cross-reference thread under "general actuarial":

http://actuary.ca/actuarial_discussi...d.php?t=113878

Proposed SOA CPD - requiring "X" hours of continuing professional development

[Mary Hardy]

I think to suppose that the CPD discussion involves a decision between advanced certificates (as in the UKs CiD) or mandatory participation in continuing ed is a false dichotomy. In fact, the UK has a rigorous mandatory CPD program as well as voluntary post-fellowship certification.

I think that mandatory CPD is more important -- we need to ensure that all actuaries are aware of their professional obligation to stay up-to-date. I also think that additional certification is a good idea, to indicate those actuaries who have done more than merely stay up-to-date, by studying an advanced subject in more depth.

[Jack]

If CPE becomes a requirement for all and not just for signing actuaries the Society and Academy will have to increase the number of webcasts. It'll be a stretch to ask management to send us to more meetings.

[Mary Hardy]

Originally Posted by Jack

If CPE becomes a requirement for all and not just for signing actuaries the Society and Academy will have to increase the number of webcasts. It'll be a stretch to ask management to send us to more meetings.

That is quite definitely part of the plan.