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  #1  
Old 01-24-2018, 05:04 AM
jonbon jonbon is offline
 
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Default Meeting CPD requirement

Hello All

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.

In the UK the requirement is 15 hours that can be met by watching online videos.

Cheers

Jon
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  #2  
Old 01-24-2018, 07:35 AM
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Originally Posted by jonbon View Post
Hello All

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.

In the UK the requirement is 15 hours that can be met by watching online videos.

Cheers

Jon
CAS member here, but we have the same requirements as the SOA. Much of our continuing ed hours requirement can also be obtained by watching online videos or reading research papers. A portion of our continuing ed must be "organized," which is generally met by attending a seminar in-person or via live (not recorded) webinars.

In general I don't pay anything out of my own pocket to meet these requirements, as my employer pays for seminar attendance.
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  #3  
Old 01-24-2018, 07:51 AM
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Maphisto's Sidekick Maphisto's Sidekick is offline
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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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  #4  
Old 01-24-2018, 07:57 AM
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I
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.
Are you a member of the AAA? They have periodic webinars on professionalism topics that they record and make the recordings free to members. I find these are an easy way to get my professionalism hours in so I can save my seminar sessions for more interesting/current topics.
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Old 01-24-2018, 08:10 AM
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Arthur Itas Arthur Itas is offline
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I typically hit one multi-day meeting a year. That gets all required organized hours, and usually a good portion of total hours and professionalism.

I make up the rest throughout the year with webinars, recorded meeting sessions, readings,... I'll occasionally go to a regional affiliate meeting if it's in my city but it's usually not worth traveling to.

I agree with the MightySchoop that the AAA webinars are a convenient way to pick up professionalism credit during the year
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Old 01-24-2018, 09:21 AM
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Another easy way I pick up professionalism CE is that whenever the AAA send out a note that a relevant standard of practice is changing or being updated, I review that standard and the comments. (Sometimes I even comment.) That's my favorite form of professionalism, because doing that forces me to engage critically with the standard, and I think I get a lot more out of it than I get out of just re-reading a standard, or from the silly game shows and extreme vignettes that tend to be presented by the various societies.

I haven't yet had to spend my own money on continuing ed. My employer pays for webinars, regional seminars, and some national seminars. And of course there's tons of free reading (good for all but 6 hours) including those changes to ASOPs mentioned above.
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  #7  
Old 01-24-2018, 09:43 AM
jonbon jonbon is offline
 
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Thanks for the response everyone. Very helpful.

A UK regional actuarial society runs free CPD session where senior Actuaries give talks over a teleconference. Do you think these would be eligible for CPD credits? See link below to their website. There is one on Friday.

https://www.consultingactuaries.co.uk/#events
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  #8  
Old 01-24-2018, 10:04 AM
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Originally Posted by jonbon View Post
Thanks for the response everyone. Very helpful.

A UK regional actuarial society runs free CPD session where senior Actuaries give talks over a teleconference. Do you think these would be eligible for CPD credits? See link below to their website. There is one on Friday.

https://www.consultingactuaries.co.uk/#events
If relevant to my area of practice, I would be comfortable using these for CPD credits. It's not immediately clear if they could count as "organized" hours for the AAA - see Maphisto's description in the post above.
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Old 01-24-2018, 10:16 AM
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Originally Posted by jonbon View Post
Thanks for the response everyone. Very helpful.

A UK regional actuarial society runs free CPD session where senior Actuaries give talks over a teleconference. Do you think these would be eligible for CPD credits? See link below to their website. There is one on Friday.

https://www.consultingactuaries.co.uk/#events
The official line will be, it's up to you to decide after attending if you have learned something suitably relevant to your job that it counts as CPD.

This looks like it's intended to provide CPD though, and by the UK rules I would have thought it would count as "external".
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  #10  
Old 01-24-2018, 10:59 AM
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Originally Posted by PeppermintPatty View Post
Another easy way I pick up professionalism CE is that whenever the AAA send out a note that a relevant standard of practice is changing or being updated, I review that standard and the comments. (Sometimes I even comment.) That's my favorite form of professionalism, because doing that forces me to engage critically with the standard, and I think I get a lot more out of it than I get out of just re-reading a standard, or from the silly game shows and extreme vignettes that tend to be presented by the various societies.

I haven't yet had to spend my own money on continuing ed. My employer pays for webinars, regional seminars, and some national seminars. And of course there's tons of free reading (good for all but 6 hours) including those changes to ASOPs mentioned above.

Thanks for doing the work of providing comments. I think that is very important.
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