Continuing Professional Development (CPD) may be defined as the development of knowledge and of technical, professional, personal, business and management skills and competencies throughout an actuary’s career. The purpose of CPD is to ensure the high level of knowledge and skills of actuaries, which would meet current requirements and allow the actuaries to provide their service on a sustainably high professional level.
It is the responsibility of each actuary to plan their own development programme and participate in it. It must support but might not be limited to the specific nature of the service provided by the actuary.
Every full member of the Estonian Actuarial Society is required to participate in a CPD programme in the amount of 48 hours over every three-year period.
CPD can be achieved in the following recommended ways:
- Participation in local or national actuarial conferences, seminars, and colloquia;
- Participation in international actuarial congresses, in conferences and colloquia of sections of international actuarial organizations (IAA, AAE), and in working meetings of committees;
- Participation in training courses and seminars;
- Participation in actuarial summer schools;
- Participation in conferences and seminars run by other related professions or business areas:
- Participation in research;
- Participation in working groups and technical committees on the international level;
- Teaching other actuaries on the topics that have been covered in this syllabus;
- Writing and reviewing professional articles and books;
- Participation in professional e-training;
- Reading professional books and articles and preparing reports based on these;
- Other similar activities.
The Educational Committee of the Estonian Actuarial Association monitors each full member of the Association separately. After a full member of the Estonian Actuarial Association has completed a CPD event, they shall register the completion of CPD and its volume in the relevant data base and submit documents confirming it to the Educational Committee. The submitted document must include the description and the volume of the training or activity and information about the person conducting it.
The Management of the Estonian Actuarial Association shall have the right to require a full member to participate in CPD, in case the full member has not met the requirements of participating in CPD. Long-term avoidance of participating in CPD might give reason to take away the full member status from a person.