Lifelong learning is one of the hallmarks of a professional: it demonstrates commitment to excellence, supports development and has the potential to mould us into more rounded professionals. As members of the IFoA, your overarching Actuaries Code obligation to maintain your competence is directly supported by the principles embedded in our continuing professional development (CPD) scheme.
Lifelong learning is one of the hallmarks of a professional: it demonstrates commitment to excellence, supports development and has the potential to mould us into more rounded professionals. As members of the IFoA, your overarching Actuaries' Code obligation to maintain your competence is directly supported by the principles embedded in our continuing professional development (CPD) scheme.
In the fourth instalment of this series, which focuses on the practical aspects of the CPD scheme and challenges common misconceptions, our general counsel, Ben Kemp, is in conversation with fictional member Deborah Smith, a non-executive director of an insurance company based in the Cayman Islands.
Smith I don't rely on my actuarial qualifications at all in my role as a non-executive director (NED). It doesn't make sense to me that I'm still expected to do CPD every year to remain a member of the profession.
Kemp Your success in the actuarial world is one of the factors that helped you to gain your current status and position. Even though you may not be working on technical actuarial matters any more, your colleagues and the public might still hold you in esteem as a member of the profession. Indeed, they might expect that, as a member of the IFoA, you continue to meet the high standards associated with the profession, including a career-long commitment to continual development.
Smith I take the point, but it's not a good use of my time to learn about technical actuarial developments that I'm never going to apply.
Kemp We agree entirely. Instead we ask that members complete learning activities relevant to their role. So learning on corporate governance or the legal responsibilities of NEDs might offer a better way to focus your activities. Our online professionalism modules also have general application given their focus on ethical issues.
Smith Through my membership of another professional association I already complete an annual programme of learning. Could that time also count towards my IFoA requirement?
Kemp As long as those activities are relevant to your work or role and offer you a development opportunity you can count them towards your annual 15-hour requirement for the IFoA.
Smith I already log those activities with the other association - do I really need to record again in the IFoA system?
Kemp As a member of the IFoA, we do ask you to tell us through your online record that you have satisfied the requirement. Proportionate recording and monitoring help to reinforce confidence in the profession. But what you do is up to you. Most NEDs will have no difficulty satisfying the requirements through their existing training.
