There are three types of professional standards: the Code of Professional Conduct, which provides ethical guidance; the Qualification Standards, which provide guidance regarding the necessary education and experience to do work; and Actuarial Standards of Practice to guide actuaries in how to do work.

Generally, the guidance presents a range of procedures for performing day-to-day work and establishes a baseline to judge deviations from generally accepted actuarial principles and practices. The Actuarial Standards Board, an independent entity managed with American Academy of Actuaries staff support, is responsible for developing actuarial standards of practice through its operating committees in all areas of actuarial practice.

For the most current updates, please visit the Actuarial Standards Board website.