Guide to CPD categories and completing your requirements
Last year, the Actuarial Profession announced changes to the regulations surrounding continuing professional development (CPD) requirements for members. Where previously there had been four categories of membership, there are now only two.
Category 1 members remain those who hold practising certificates and continue to follow a rigorous programme of CPD.
Category 2 members are defined as all other members of the Profession who are in paid work. A limited set of exemptions from compliance with Category 2 obligations are set out in paragraph 2.2.2 of the 2010/2011 CPD Scheme.
One of the effects of these changes is that some members who are largely retired but who nevertheless carry out in excess of 20 hours of paid work in the CPD year are now required to complete and record a minimum amount of CPD.
It is intended that carrying out and recording CPD activities should be a straightforward process. The Profession's website has a comprehensive guide to help. Visit www.actuaries.org.uk/members/pages/guide-help-you-complete-your-cpd-requirements-0
Guide to completing your CPD requirements
The 30 June deadline is rapidly approaching when the current CPD reporting year will end. Meeting your CPD requirement is straightforward. Sign up to one of the Profession's up-coming events, read one of the sessional papers or download and listen to an MP3 file. If you have already met your requirement make sure you log in and list everything you have done, remembering to tick the verifiable box.
All fully regulated associates and fellows are required to comply with the CPD Scheme and an extract of how you can do this is shown below.
All members are reminded that unless you hold a practising certificate, have moved out of scope of the CPD requirements or have applied for exemption from the CPD Scheme, you will be required to complete sufficient CPD and record this in your online record.
Full details of how you can apply for exemption can be found in full at http://tinyurl.com/68k48aq
3.2 Category 2 requirements
3.2.1 The CPD year for members in Category 2 will be 1 July until 30 June.
3.2.2 In each CPD year, members in Category 2 must undertake verifiable CPD activities comprising a mixture of private study and attendance at events in accordance with one of the options contained in the table below. Members must include at least five hours of attendance at events in their CPD activities.
3.2.3 The CPD undertaken must comprise learning on a mixture of skills which are technically and professionally relevant to the member's particular role. To ensure exposure to a wide range of views, some CPD must take the form of attendance at one or more external events. It is for the individual member to assess the appropriate mix for their role.
3.2.4 Members in Category 2 may claim up to eight hours for service to the Profession. Those hours shall be counted as attendance at events.
Hours of events Hrs of private study Total hrs to be completed
15 0 15
14 1 15
13 2 15
12 3 15
11 4 15
10 5 15
9 7 16
8 9 17
7 11 18
6 13 19
5 15 20