A new scheme for how Institute and Faculty Actuaries (IFoA) approach continuing professional development (CPD) has come into force this week.
Under the scheme, hailed as an important step in modernising the profession, members are required to do 15 hours of activities, including two hours of professional skills training, to keep a record of such in the format of their choosing, and to have reflective practice discussions.
The IFoA said a much broader range of activities can count towards the requirement, provided they have an identifiable learning outcome and address a learning need.
During the reflective practice discussion, which will take place once CPD is completed for the year, members have the opportunity to discuss what their learning needs or development goals were for the year, how those were addressed by their activities, and whether any gaps in their knowledge remain.
“We want members to feel inspired to learn in the way that is right for them and their individual career paths,” said IFoA regulation board chair Neil Buckley. “After such a positive response to the consultation, we look forward to hearing from members how the scheme works for them.”
The scheme applies to all members, except students, those working in an organisation that adopt the QAS CPD Scheme and those with non-practising status.