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Revised Required
Continuing Education Program
Adopted by the Board
of Directors 10/20/07 – On this
date, the Board adopted the Continuing Education (CE) component of the
Qualification Standards (QS) that were promulgated by the American Academy
of Actuaries’ Committee on Qualifications and are effective January 1, 2008
(http://www.actuary.org/qualstandards/qual.pdf),
with the following three modifications to the Standards’ requirements:
(1) The Conference requires the 30 CE hours
be met annually, regardless of signing a Statement of Actuarial Opinion
(SAO) or not, for all persons performing one hour or more of actuarial
services each calendar year (the individual takes retired status in years
where no actuarial services are preformed and appends a – R to his/her
designation during that year).
(2) No exemption is applicable to Enrolled
Actuaries, as described in Section 2.2.8 of the QS; and
(3) There is no reduced 24-hour continuing
education requirement prior to 2009, as described in Section 2.2.3 of the
QS; therefore, the number of required hours of continuing education each
year is 30 hours.
Description of the CCA’s Continuing
Professional Education/Development Program (Effective 1/1/08)
| What are the
general requirements of this new program? |
To retain the status of FCA
or ACA, Conference members are required to satisfy the annual Continuing
Education Requirement.
The Continuing Education Requirement is satisfied if
the Conference member earns a minimum of 30 hours
for that year (inclusive of 6 hours in organized activities and 3 in
professionalism). The 30 credits may be satisfied with a
combination of general, professionalism and organized activities
credits, as long as a minimum of three professionalism and 6 organized
credits are included in the total credits.
This revised Continuing Education Requirement is an
annual requirement commencing for calendar year 2008.
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| How do I
demonstrate compliance? |
It's simple. Conference
members satisfying the requirement for a particular year by payment of
dues which confirms compliance with the requirements. As stated on the
dues notice: By payment of these dues, I confirm
that I currently meet, or have met during the past 12 months, the 30
hour Continuing Education Requirements, as outlined in the Qualification
Standards promulgated by the American Academy of Actuary’s Committee on
Qualifications (effective January 1, 2008), regardless of whether or not
I have issued any Statement of Actuarial Opinion and without regard to
the exemption applicable to Enrolled Actuaries described in Section
2,2,8 of the Standards. Dues statements will be issued in
December of 2008 for 2009. Dues must be paid by the close of business on
the last business day in February of the year for which the dues apply.
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| What
qualifies as credit under the program? |
Credits are accumulated for
relevant education if it (1) broadens or deepens an actuary’s
understanding of one or more aspects of the work an actuary does; (2)
the material expands an actuary’s knowledge of practice in related
disciplines that bear directly on an actuary’s work; or (3) it
facilitates an actuary’s entry into a new area of practice. Ultimately,
the actuary must make a good-faith determination of what opportunities
will enhance an actuary’s ability to practice in a desired field. |
| Will the
Conference provide specific rules on qualifying credits? |
No. The actuary must make a
good-faith determination of what opportunities will enhance an actuary’s
ability to practice in a desired field.
Actuaries are frequently asked to use their professional judgment, and,
in doing so, are bound by the Code of Professional Conduct. Accumulating
credits under the program represents yet another area where our members
are asked to exercise sound judgment.
Anyone needing clarification as to whether or not
specific materials or activities are acceptable should submit a brief
explanation as to the relevance of the materials or activities to the
American Academy of Actuaries at
qualstandards@actuary.org.
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| In general,
what activities qualify for credit? |
Examples follow. These are
examples and not limits:
(50 minutes equals one credit/one hour)
- Technical topics in the actuary’s area of
practice
- Business and Consulting Skills, i.e., client
relationship management, presentation skills, communication skills,
project management, personnel management (A
maximum of 3 credits is allowed annually.)
- Professionalism topics, i.e., studying,
reviewing, or providing input on an Exposure Draft of an ASOP,
studying or reviewing the Code of Professional Conduct, and serving
on the ASB or a professionalism committee (A
minimum of 3 credits is required annually)
- Organized activities that involve interaction
with actuaries or other professionals working for different
organizations, i.e., conferences, seminars, audiocasts, webcasts,
in-person or on-line courses, committee work that is directly
relevant to the area of practice of the subject of the Statement of
Actuarial Opinion (A minimum of 6 credits is
required annually)
- Other activities, i.e., reading actuarial
literature, statutes, or regulations, reading books, papers or
articles on relevant technical or professional topics, writing
professional papers or articles, listening to recordings of
actuarial meetings or other relevant seminars or conferences,
relevant in-house meetings, studying for actuarial exams, drafting
actuarial exam questions, preparing to speak or lead a discussion at
a continuing education activity.
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| Can I
carry-forward unused credits to next year? |
Yes. Credits in excess of
the required 30 hours annually, may be carried forward one year;
however, they may only be counted for one year. For example, if a member
has earned 36 credits (twelve hours of which are organized) for 2008,
when paying 2009 dues the member can carry forward to 2009 6 hours of
organized credit that were earned during 2008.
An excess of credits may be accumulated in
any calendar year and carried forward to the next consecutive calendar
year. Credits used to satisfy a future calendar year (carried forward)
but earned in the prior calendar year: (i) may not be used in the prior
calendar year (no double counting), and (ii) may not be carried forward
beyond the calendar year immediately after the calendar year in which
the credits were earned. |
| Can I make
up a deficiency in credits by accumulating extra credits the following
year? |
Yes. However, credits must
have been accumulated during the past 12 months and may only count for
one year. For example, if a member has earned 25 credits for 2008, when
paying his/her 2009 dues in January 2009, the member can either: (i)
commit to getting the additional five CE hours for 2008 during the first
quarter of 2009, or (ii) complete the additional five CE hours for 2008
during January 2009, before paying the 2009 dues.
A deficiency in credits may be made up in
the following calendar year. Confirming satisfaction of the requirement
when paying dues is an attestation that you will complete the required
deficit on a timely basis. Credits used to satisfy a prior calendar year
deficit may not be used again to satisfy the requirements for the
calendar year earned (no double counting). |
| What are the
implications of non-compliance? |
Members who fail to meet the
Continuing Education Requirement during the past 12 months are dropped
from Conference membership and can no longer use the designation FCA or
ACA. |
| Can I apply
for reinstatement? |
Yes. Members dropped for
noncompliance with the Continuing Education Requirement may apply for
reinstatement according to procedures adopted by the Board of Directors.
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| What if I
incur a hardship? |
Members encountering a
hardship which prevents compliance with the Continuing Education
Requirement may apply for a full or partial waiver by submitting a
written hardship request to the Continuing Education Recognition
Committee. Each case is independently reviewed with determinations made
based on the hardship encountered. Documentation from medical
professionals may be requested.
When granted, hardship waivers may result in the
awarding of sufficient credits to satisfy the continuing education
requirements for a particular year. Carry-forward of credits to the
following year are allowed, after deducting the number of hardship
waiver credits approved. |
| If I do not
sign any Statements of Actuarial Opinion, as described in the QS, do I
still need to satisfy the annual Continuing Education Requirement? |
Yes. All members in the
Conference are expected to satisfy the annual Continuing Education
Requirement, even if they are not responsible for signing Statements of
Actuarial Opinion. This confirms how important we feel continuing
education is to all of our active members, not just those with signing
responsibilities. |
| If I am
retired, how do I retain my membership status? |
In order to maintain your
membership in the Conference, including the use of the FCA or ACA
designation, you must continue to satisfy the Continuing Education
Requirement. This includes those individuals qualifying for a waiver of
dues.
A member who is no longer engaged in work as an
actuary may keep the FCA or ACA designation only if he/she satisfies the
Continuing Education Requirement. Otherwise, such retired actuary
continuing as a member of the Conference must use the designation of FCA-R
or ACA-R. |
| Is there
still an "Inactive" status? |
No. The inactive designation
indicating a waiver of dues is no longer a formal part of the
professional designation. However, partial dues waiver is still
available. There is no change in the partial dues waiver policy. |
The Board of Directors reserves the right to
revise the program
and the manner of demonstrating compliance.
Here is a summary of the membership designations
beginning in 2004:
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Membership Designation for Individual Who:
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Satisfies CE |
Does Not Satisfy CE |
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Active actuary – currently engaged in the work of an actuary, either
full-time or part-time; for all persons performing one hour or more of
actuarial services each calendar year. This includes those individuals
qualifying for a special waiver of dues. |
FCA or ACA |
Membership is dropped1 |
| 2.
Retired actuary – a former full-time or part-time actuary who is now not
working as an actuary; the individual takes retired status in years where no
actuarial services are preformed and appends a – R to his/her designation
during that year. This includes, for example, individuals fully retired from
actuarial work as well as individuals still working, but in an entirely
different field. |
FCA or ACA |
FCA-R or ACA-R |
1 Drop of membership occurs
after an individual fails to meet the requirement within the past 12 to
24 months.
Retired Status
Effective September 22, 2003, under the Amended Bylaws
"retired status" is defined as follows:
Retired Status: A member who was formerly
an FCA or ACA, and who is no longer practicing as an actuary and who has not
satisfied the Continuing Education requirement.
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