Continuing Professional Development (CPD) can be defined as the continuous development of knowledge and competencies along with technical, professional, personal, business and management skills throughout an actuary’s career. The purpose of CPD is to ensure a sustainable high level of proficiency in the actuarial knowledge and skillset, which coincide with up-to-date requirements that allow to provision of relevant and high-quality actuarial services and advice. Additionally, self-development supports actuaries to take on new roles and develop further their competencies in the wider fields, especially in the changing environment and from the expansion of the profession.
Requirements and good practices for a CPD
Every full member of the Estonian Actuarial Society must participate in a CPD Scheme. Non-compliance is permitted under exceptional circumstances (e.g., parental leave).
It is the responsibility of each actuary to analyze their competencies, assess further development needs and plan their personal development goals in their respective area of work, selecting CPD activities accordingly. It must support but might not be limited to the specific nature of the service provided by the actuary.
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.
After a full member of the Estonian Actuarial Society has completed a CPD activity, they shall register the completion of the CPD and its volume in the relevant database 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. Additionally, it is recommended that full members will reflect on developed key competencies after the completion of the CPD activity.
Every full member of the Estonian Actuarial Society is required to complete the minimum amount of 45 hours* of CPD activity
The review of members' adherence to the CPD Scheme is coordinated by the Educational Committee of the Estonian Actuarial Society. Compliance evaluation takes place annually and is monitored for each full member separately.
The Management of the Estonian Actuarial Society shall have the right to require a full member to participate in the CPD Scheme, in case the full member has not met the requirements of participating in CPD. Long-term avoidance of participating in the CPD might give reason to take away the full member status from a person.
* An hour is an astronomical hour (60 minutes).
Approved by general meeting, 12.2023