Continuing Education — Know the Requirements
The actuarial field is changing fast! There are new technologies, analytics, and methodologies, which is why it is crucial for actuaries to continue their training. This process of learning extends beyond taking actuarial exams. Through continuing education (CE), actuaries can stay up-to-date with the changing industry.
Continuing Education by Country
The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. The requirements depend on the country where the member practices.
Members who practice in the United States, Canada, United Kingdom, or Australia must meet the continuing education requirements of their national actuarial organization:
- United States – American Academy of Actuaries (AAA) Qualification Standard.
- Canada – Canadian Institute of Actuaries (CIA).
- United Kingdom – Institute and Faculty of Actuaries (IFoA) Continuing Professional Development (CPD) Scheme.
- Australia – The Institute of Actuaries of Australia (IAA) CPD Standard.
Alternatively, members who do not practice in the countries above must meet the continuing education requirements of the national actuarial organization most relevant to their practice. Choose the appropriate standard that applies to you.
Recognized National Standards
IAA (Australia) requirements – hours can be allocated to different areas at the discretion of the actuary.
AAA Requirements
- In the United States, the general requirement is 30 credit hours per year, where 50 minutes counts for one credit hour.
- Organized Activities: minimum 6 hours.
- Professionalism: minimum 3 hours.
- Business and Consulting Skills: maximum 3 hours.
- If you sign regulatory opinions, at least 15 of the 30 hours must be categorized as "specific" (and 6 of the 15 specific hours must be "organized").
CIA Requirements
- In Canada, members are required to complete 100 hours over the last two complete calendar years.
- Structured activities: minimum 24 hours. At least 12 of these hours must be related to technical skills.
- Professionalism: minimum 4 hours, either structured or unstructured.
- Unstructured activities: the remaining hours.
IFoA Requirements
- In the U.K., members are required to complete at least 30 hours of CE per year.
- Technical skills: minimum 20 hours. At least 10 of these hours must be obtained at an external event.
- Professional Skills Training: minimum 2 hours
IAA Requirements
Members are required to complete 100 points of CPD per calendar year (or 200 points of CPD in aggregate over the previous two years, provided at least 50 points are completed in each year), regardless of practice area or full-time equivalency. Members may claim between 2 and 4 points per hour of CPD activity. The number of points which can be claimed is a matter for the member’s own professional judgment as to how much value the particular CPD activity has provided to the member or the profession.
Types of Continuing Education
To count as CE, the activity must be relevant to your job. According to the U.S. qualification standards, the activity should, "broaden and deepen your understanding."
An activity is considered organized/structured when it involves interaction with actuaries or professionals from other organizations. For example, interactive exam preparation seminars or webinars count as organized credits. However, recorded webinars do not count as organized, since there is no opportunity for interaction with actuaries and professionals from other companies. Similarly, self-study time counts towards non-organized or unstructured credits.
The professionalism category requires addressing professional topics, such as Actuarial Standards of Practice (ASOPs) or ethics. Reading an ASOP, attending a session at a conference that reviews ASOPs, or listening to a webinar that discusses ASOPs would all be activities that earn credits towards this category.
Business and consulting skills refer to general business topics that help you effectively perform your job as an actuary. For example: business writing, presentation, people management, negotiation, persuasion, project management and leadership skills.
Document what you are counting!
Members must maintain a log of their continuing education activity, which is the only proof that will be required. The log should include:
- Date of the activity.
- Brief description of the activity.
- Sponsoring organization.
- Number of credits earned.
- Indication whether the credit was self-study or organized,
- Subcategory for which the credit applies (i.e., professionalism, job-relevant topics or business and management skills).
In addition, if you attend a CAS meeting, you should document what session you attended. It is recommended that you update your log as you earn the credits to avoid forgetting some activities.
Keep your logs for at least six years, since the CAS might review it. Only a small percentage of members (1%) who have certified compliance will be reviewed each year, based on a random draw. In addition, all new members of the CAS Board of Directors and Executive Council will be reviewed during their first year.
If members are non-compliant, they cannot provide actuarial services. In order to resume their actuarial work, the members must first become compliant with the appropriate recognized national standard. Non-compliant members need not wait until the end of the year to change their compliance status. Members will be able to change their CE compliance status through the secure portion of the membership directory or by notifying the CAS Office that they are now compliant and requesting that the CE Heading be updated.
Where and when to certify compliance
Members certify compliance annually, either electronically through the CAS website or in writing by the end of each year. At the end of the year, you attest that you have complied with the continuing education requirements for that year, which enables you to practice in the following year. For example, at the end of 2017, the attestation year entered will be 2018, since you are attesting you have met the requirements for practicing in that year.
New members will first certify their compliance with this policy at the end of the calendar year during which they are admitted as members of the CAS. For example, if new members earn their ACAS in the spring of 2016 and are notified of the results in 2016, they are required to certify compliance with the CE policy by year-end 2016. However, if new members earn their ACAS in the fall of 2016 and are notified of the results in 2017, they are required to certify compliance with the CE policy by year-end 2017. New members are not required to earn CE hours in their year of admission unless required by the recognized national standard that they follow.