SOA CPD REQUIREMENT

The SOA Continuing Professional Development (CPD) Requirement will take effect on January 1, 2009 and members must report compliance as of December 31, 2010. Members must meet the Basic Requirement provisions of Section B or one of the Alternative Compliance provisions of Section C of the SOA CPD Requirement in order to be deemed compliant.

All ASAs, FSAs and CERAs will be subject to SOA CPD Requirements. The SOA will not determine whether courses meet the SOA CPD Requirement. Ultimately, it is the actuary's responsibility to make a reasonable, good–faith determination as to whether a continuing education event meets the CPD Requirement.

For further information on this requirement, please click here.

US QUALIFICATION STANDARD

The revised Qualification Standard for Actuaries Issuing Statements of Actuarial Opinion in the United States took effect January 1, 2008 for Statements of Actuarial Opinion issued after that date.

This standard applies to any actuary who is a member of a U.S-based actuarial organization that has adopted, as the SOA has, the common Code of Professional Conduct. This standard describes the qualifications necessary for those actuaries who issue Statements of Actuarial Opinion (SAOs) in the United States. Actuaries who issue SAOs are required to obtain and document at least 30 relevant continuing education (CE) credits in the previous calendar year. This must include at least 3 credits on professionalism topics and at least 6 credits in organized activities. This requirement is being phased in for SAOs issued in 2009 and becomes fully effective for SAOs issued in 2010.

The SOA provides CE events that may be suitable for fulfilling this requirement. Ultimately, it is an actuary's responsibility to make a reasonable, good-faith determination of what CE opportunities will enhance his or her ability to practice in a desired field.

For further information on this requirement, please visit the American Academy of Actuaries Web site.

ENROLLED ACTUARY CREDIT

The Society of Actuaries has been designated by the Joint Board for the Enrollment of Actuaries as approved sponsors of continuing education for Enrolled Actuaries. The specific requirements for continuing education are published by the Joint Board for the Enrollment of Actuaries. Although the SOA has taken all steps reasonably necessary and appropriate to ensure that SOA CE events meet the requirements set forth by the Joint Board, we cannot guarantee that CE events will earn credit either as core or non-core, inasmuch as that determination ultimately rests with the Joint Board for the Enrollment of Actuaries.

For further information on this requirement, please visit the Department of Treasury Internal Revenue Service web site.