SOA CPD Exposure Draft

[bdschobel]

We may have to agree to disagree. The "short and sweet" version of the tax law won't allow you to do your tax return. I would hate to see actuaries relying on summaries of the U.S. qualification standard -- especially summaries provided by other actuarial organizations -- when the true source of this information is the AAA. It's dangerous to handle professionalism that way.

Bruce

[JMO]

Well, the CAS site sends people to the AAA for specific details. (In other words, consult your tax advisor.)

It's OK, though. For the academy rules, I may start my own thread.

[bdschobel]

Consider this: Should the SOA (or CAS) provide summaries of Actuarial Standards of Practice (ASOPs)? Probably everyone would agree that the answer is no. Well, the qualification standard is just as important as the ASOPs, if not more. People should just read it for themselves -- and understand it and abide by it.

Bruce

[tommie frazier]

The CAS article referenced above was published in Future Fellows. It is more a place where candidates have things explained to them, although others could read it as well. Candidates, on average, might think that all that matters is exams. I doubt it is to be used or referred to as the official CAS crib sheet, but it seems to be a decent brief description. and it tells people to read the full document for all the details.

[campbell]

FWIW, I had to explain to several people (at various levels) the upshot of the new qualification standards, partly because of the confusion of the seeming difference between the SOA exposure and the AAA's document, as well as the sub-items of structured/organized (whatever) activities, professionalism, business topics, number of hours required, recordkeeping, etc.

Yes, people should read the full docs by themselves, but a bullet-point summary that could fit on a business card-sized piece of paper and could easily be handed out at the annual meeting is something that would be helpful. After all, communication skills are being promoted by the various actuarial societies, and here's an opportunity to lead by example.

I don't think it's the duty of the SOA, CAS, or AAA to provide such summaries, or FAQs, or examples, but it's not a bad idea.

[bdschobel]

Well, if any actuarial organization should do it, then the AAA is the logical candidate (in the U.S., anyway).

Bruce

Originally Posted by bdschobel

Consider this: Should the SOA (or CAS) provide summaries of Actuarial Standards of Practice (ASOPs)? Probably everyone would agree that the answer is no. Well, the qualification standard is just as important as the ASOPs, if not more. People should just read it for themselves -- and understand it and abide by it.

Bruce

It's not that uncommon for the CAS to provide a summary of an interesting ASOP as a jumping-off point for an article on professionalism or just as a reminder that something has changed. It will, like that article, refer you to the full ASOP, of course. But such summaries are often useful, accessible reminders of what you need to be aware of.

The CAS has also had a series of presentations, many in conjunction with the AAA, on the new qualifications standards and their impact on casualty actuaries. This is an extremely helpful service to its constituency. (and hey, watching the webinar live counts as organized professional education. )

[bdschobel]

The risk of inconsistency is too high for me. These rules are complex; the AAA writes them and should explain them. Just my 2 cents. (And if anyone in the SOA wants a simple explanation, they can search the CAS website! )

Bruce

[bdschobel]

The SOA Board approved a revised CPD requirement on June 19. It will be published in July and effective January 1, 2009. Alternative compliance through national qualification standards is retained.

Bruce