Actuaries bring unique technical and professional skills and judgment to decision-making in many sectors. However, the environments in which actuary’s work are constantly changing and new demands are being faced. Leading-edge techniques soon become standard and new knowledge can soon become old news.

Improving and developing your knowledge, skills and networks in this changing and competitive environment are vital. Your CPD, both as an individual and as part of the actuarial profession, is essential in ensuring that high levels of expertise and professional standards are maintained.

CPD should be seen as an opportunity to boost your skills, relevance and value, and should play a regular part in a Members’ professional life. However, with ever-increasing demands on time, CPD is sometimes seen as a burden. The following tips may assist in achieving effective CPD:

• make time to plan and review CPD needs;
• use good judgment to determine what activities can be included in your records;
• choose activities that expand skills and knowledge;
• choose activities that are relevant to work now and in the future; and
• always maintain an up to date record.

Annual renewal declaration

As part of the renewal process each year all Members must confirm that they have complied with PS 1 or have been exempted (refer CPD exemption below) from compliance for the relevant year, as per clause 4.7.3 of PS 1. For more information on the renewal process click here

Current Professional Standard 1 - Continuing Professional Development (PS 1) came into effect from August 2009. Click here to access the Explanatory Memorandum to the Standard.

Importantly, the current Standard applies to all Members and requires Members to:

• complete 40 hours of CPD per calendar year, or 80 hours of CPD over the prior two consecutive calendar years, provided at least 20 hours is completed in each of those calendar years;
• undertake CPD in one or more of the following areas:
  • general actuarial techniques;
  • actuarial or other methods and approaches appropriate for the member’s particular practice area(s) or field of operation;
  • the development of the member's understanding of new techniques and approaches (either actuarial or non-actuarial);
  • the business or legislative environment in which the member practises;
  • professionalism, including professional and ethical standards; and
  • business and management skills, including communication and negotiation skills, people management, project management and leadership skills.
• maintain a personal record (consistent with the details contained in the example of a CPD Record Form in Appendix A of PS 1) of the hours spent on CPD activities;
• demonstrate compliance with the CPD record keeping requirements by providing their CPD records to the Institute if requested to do so; and
• confirm compliance with the professional standard as part of the annual membership renewal process.

All Members of the Institute must comply with the Institute's requirements set out in PS 1 unless exempted or covered by the Institute’s Council policy for Retired Members and students (please refer to the retired and student Members section on this page).

Members working outside of traditional practice areas must still comply with PS 1. However, CPD should take in activities that are relevant to the Members’ current role. Members must exercise their own judgment regarding the CPD activities undertaken to develop their personal and professional skills in their working environment.

Members working part-time must still comply with the full minimum amount of CPD.

Failing to comply with either:

• an Institute request for CPD records; or
• the CPD requirements set out in PS 1

is or may be prima facie Actionable Conduct and may lead to penalties under the Institute’s Disciplinary Scheme or may be the subject of action under clause 31.1 of the Constitution.

Are you audit ready?

Members are strongly encouraged to be audit ready at all times. This means having your CPD records up to date and accurate.

A very broad range of activities can count towards CPD. For example:

• participating in seminars and workshops presented by the Institute or other professional bodies;
• reading technical or professional papers or journals;
• undertaking relevant courses (for example, the Institute’s Private Health Insurance course);
• serving on a practice committee or taskforce; and
• writing papers for seminars or journals.

If you are falling short on your CPD requirements the Institute has many volunteer roles that could assist. Contact us at actuaries@actuaries.asn.au for further information.

A Member who is not providing a Professional Service and is either on extended/maternity leave or has special circumstances, can apply to Council in writing for an exemption from the requirements of PS 1. Applications must be made prospectively unless there are exceptional circumstances. Please click on the link below for an application form.

CPD Exemption Request Form

Retired members and students

Council has resolved that Institute Policy, in respect to compliance with PS 1, is that:

• retired Members of the Institute (that is, those Members who have retired from all forms of employment, whether paid or not) are automatically exempted from the requirements of PS 1;
• Student Members of the Institute enrolled in a recognised actuarial education course will be deemed to have complied with PS 1 by virtue of such enrolment; and
• Affiliate and Associate Members who, in a given semester, sit education courses of the Institute (or exemption- or qualification-related courses) are deemed to have complied with PS 1 on a pro-rata basis in respect of the relevant semester.

Members must maintain a record of CPD activity. The record must include sufficient detail to demonstrate CPD compliance and must be kept for five years. An example of a CPD record can be found in PS 1.

Most Members maintain their CPD activity in a simple spreadsheet and some have access to their employers’ in-house system. When utilising an in-house system be sure to keep a personal copy of your information. This is especially important when ending employment.

For convenience, the Institute has developed an online resource so that Members can record their own CPD activities and obtain an up to date running total of the CPD hours entered. The information recorded by a Member is completely confidential and the Secretariat does not have access to it. This online resource is located on the Members' login area of this website.

Members based overseas must still comply with the Institute’s CPD requirements (unless exempted) and meet the CPD requirements of any local association membership.

To demonstrate compliance with the Institute’s CPD requirements a Member can provide a copy of their CPD records kept to comply with their local association’s rules. Just be sure that the correct number of hours, and type, of CPD as per PS 1 is completed.

Mutual recognition agreements

Most mutual recognition agreements between the Institute and other global actuarial associations don’t deal with CPD requirements or exclude Members from complying with the Institute’s CPD requirements. The exceptions are the UK Institute of Actuaries, the Faculty of Actuaries and the Society of Actuaries in Ireland.

CPD for members of both the Institute and the UK Actuarial Profession

For Institute members who are also members of the UK Actuarial Profession ("UKAP"), the CPD requirements are dependent upon where you are based, as set out below.

If you are based in Australia or another non-UK jurisdiction:

The UKAP has advised that:

• for those UKAP members who remain Fully Regulated, the UKAP recognises other actuarial bodies' CPD Schemes as being equivalent to its own and, in these cases, actuaries who fulfil them can be regarded as fulfilling the UKAP's requirements. However, the UKAP stresses that this is not a concession on doing CPD; it will only reduce the effort involved in reporting it to the UKAP. A member who wants to use this method for fulfilling the UKAP's requirements must still make a CPD Declaration and must tick the appropriate box on the Category Declaration screen and select the relevant association from the drop down fields. If this is not completed correctly, the member will not have complied with the UKAP's requirements and could find themselves referred to its Discipline Investigation Team for non-compliance; and
• members who are Partially Regulated Members of the UKAP are not required to comply with the UKAP's CPD Scheme, but must comply with the Institute's CPD requirements.

If you are based in the UK:

The UKAP has advised that - regardless of whether you have elected to be Fully Regulated or Partially Regulated by the UKAP - you are required to comply with the UKAP's CPD requirements.

Questions regarding the UKAP's CPD requirements should be directed to the UKAP.

The Faculty of Actuaries

Following the merger of the Faculty of Actuaries and the UK Institute of Actuaries, Members should refer to the above UKAP information.

Society of Actuaries in Ireland (SAI)

Where a Fellow has been admitted as a Fellow of another actuarial organisation, if the primary place of residence of that Fellow for a particular year is Australia, he or she must meet the CPD requirements of the Australian Institute, and this will be taken as meeting the CPD requirements for that year of the SAI.

Where the primary place of residence of such Fellow for a particular year is the Republic of Irelands, he or she must meet the CPD requirements of the SAI, and this will be taken as meeting the CPD requirements for that year of the Australian Institute.

Where the primary place of residence of such a Fellow for a particular year is not Republic of Ireland or Australia, he or she must inform both actuarial organisations as to whether he or she will meet the CPD requirements of the Australian Institute or the SAI for a particular year, and this will be taken as meeting the CPD requirements of the other actuarial organisation.

Members have a personal responsibility for the development and maintenance of their knowledge and skills to ensure competence throughout their careers. Relevant CPD is a significant component to improving professional and personal capacity. Throughout a Members’ career CPD needs will change. It’s important to think about what skills and knowledge may be required in current and future roles and also about what Members can contribute to the profession through involvement in CPD.

Useful tips for planning CPD:

• assess CPD needs and professional goals regularly;
• determine learning goals in advance;
• match goals with CPD activities;
• schedule and undertake CPD activities;
• record CPD activity as it occurs ;and
• evaluate CPD activity to ensure it meets needs.

Example CPD activity

Members are encouraged to broaden their knowledge, skills and experience by undertaking diverse and challenging CPD activities, here are some examples:

• participating (by presenting, attending in person or by electronic means) in seminars, meetings or workshops organised by the Institute or other professional or industry bodies – only business sessions attended can be recorded as CPD hours;
• reading technical or professional papers or journals;
• undertaking courses conducted by the Institute or by another tertiary institution leading to a degree, diploma or post-graduate qualification;
• undertaking courses presented by tertiary institutions, participating (by presenting, attending in person or by electronic means) in seminars, courses, lectures, residential schools, conventions or other technical activities presented independently or jointly by tertiary institutions, commercial educational establishments or other professional or industry bodies;
• participating (by presenting, attending in person or by electronic means) in formal training or education (in-house or external) relating to actuarial, business or industry developments;
• undertaking self-study courses, including self-study video or audio packages;
• serving on a practice committee, taskforce, technical or research committee of the Institute or other professional or industry bodies where the specific contributions of a Member are consistent with the PS 1 criteria;
• serving as a lecturer, examiner, tutor or marker for the Institute or other professional, industry or academic bodies;
• writing papers for professional meetings, conventions or journals. Time spent on researching material and writing technical papers can be recorded as CPD hours, whether the final product is in the form of a textbook, article for a professional publication or the presentation of a paper at a seminar; and
• those aspects of work that directly result in the improvement and broadening of knowledge and skill and the personal and professional qualities needed for the provision of Professional Services.

Other activities meeting the requirements of PS 1 are also appropriate, particularly for Members working outside traditional practice areas. Again, you must exercise good judgment of the appropriate activities that meet your CPD requirements. Keep in mind that your record must stand up to Institute audit.

The Institute’s professional development program is created to provide CPD opportunities via a range of events and publications. The program reflects the changing and expanding nature of the work of actuaries and is continually reviewed in response to Member needs.

Go to the Events and Networking tab to view the program of events or to access audio/video recordings and seminar papers of Institute events.

Volunteering

A core element of the Institute is its volunteer base and in most instances, volunteering can be counted towards CPD hours. Members have an opportunity to help advance the profession by volunteering in a wide range of areas across the Institute including education, communications, governance, event management, research and operational aspects. For more information or to volunteer contact the Institute by email actuaries@actuaries.asn.au.

The Institute undertakes CPD compliance audits from time to time and Members will be audited at some point. Auditing is an important process, which ensures that the profession continues to enjoy the reputation from which the Members benefit.

Members, randomly chosen, to participate in an audit will receive notice in writing either by email or a hard-copy letter, to the address registered with the Institute. A date will be identified as the closing date for receipt of full CPD records for the stipulated years being audited. Upon receipt the records are reviewed and acknowledged. Members will be contacted should more information be required and, once the process is complete, advised of the outcomes of the audit.

For Members' general information, the results of past surveys or audits can be found below:

2008 CPD audit outcomes summary

2007 CPD compliance survey

Non-compliance

In addition to possible action under the Disciplinary Scheme of the Institute for failing to provide your CPD records on request or not complying with PS 1, if you don’t have reasonable grounds for non-compliance you may be subject to action by Council. Such action may include, but is not limited to:

• a warning letter issued to the Member;
• the Member being required to complete further CPD and evidence of such provided within a certain timeframe;
• the Member being required to provide quarterly CPD records for a specified period; and/or
• a warning letter issued to the Member noting that they will be audited for a particular period and that, if breaches are repeated, this may be Actionable Conduct under the Disciplinary Scheme.

The Institute is committed to seeing continuing levels of CPD compliance. To help achieve this, a poster and brochure highlighting the key points of PS1 about CPD have been developed. To request a hard copy email actuaries@actuaries.asn.au or to download the brochure click here.

Should further information be required please contact Anne Peters, Director Governance and Regulation, by telephone: +61 2 9239 6124 or email Anne Peters.