The Actuarial Profession has introduced a new system designed to help students bridge the gap between theory and practice in work-based skills.
From the Actuarial Profession:
Acquiring, reflecting on and recording work-based skills is a crucial part of qualifying as an actuary. The aim is to ensure that students understand the interaction between theory and practice and that they and their supervisors are able to regularly review progress and agree areas for development.
There are some obvious parallels between this process and internal appraisal and performance management frameworks.
For some time, the Profession has been discussing with employers the possibility of accrediting in-house appraisal schemes, so that they can be used in place of the Profession's system to monitor, assess and sign off their students' work-based skills.
Following this consultation and discussion with other professional bodies as to how they organise similar schemes, the accreditation system has now been launched. Accredited employers will be able to use the relevant elements of their appraisal systems to review and document work-based skills acquisition - removing any duplication of time and effort.
Any employer can apply for accreditation. The underlying principle is that the acquisition of, and reflection on, work-based skills should be equivalent to the Profession's system. Employers' processes and methods of recording progress do not need to match the Profession's, but the level at which skills are tested and the access to structured training, development and reflection on practice should be the same.
Information for employers has been sent to registered student employer contacts and we hope to accredit the first schemes later this year. A panel including volunteers from our membership who have experience of supervising actuarial students will consider each application, and those that are successful will be accredited for up to five years, after which reaccreditation is required.
For more information, please contact [email protected].