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CPD: Q&A - Common Questions on the SOA CPD Requirement Exposure Draft


Common Questions on the SOA CPD Requirement Exposure Draft

The comment period for the Continuing Professional Development (CPD) Requirement Exposure Draft is coming to a close on February 22, 2008.

Since the comment period began in November 2007, members have regularly submitted comments and questions to Member comments have added further content to CPD Requirement Exposure Draft's Frequently Asked Questions.

Member questions received thus far share common themes. Member questions, of course, are an important part of the exposure draft process and will be shared with the Board of Directors collectively for review and consideration.

Here are a few common questions:

Q: Is there an SOA CPD requirement for 2008?
A: No, there is no SOA requirement for 2008 (although the U.S. Qualification Standard is effective in 2008). The proposed SOA CPD Requirement is intended to become effective on Jan. 1, 2009.

Q: What is the "U.S. Qualification Standard" referenced in the exposure draft? Is this the same as the Academy Qualification Standard?
A: Yes. We have referred to it as the "U.S. Qualification Standard" because it applies to all members of U.S.–based actuarial associations, not just members of the Academy.

Q: Can I receive structured CPD credits from a source other than the SOA?
A: Absolutely. As stated in the exposure draft, you will just need to make sure the CPD credits obtained fit one of the three categories defined: job relevant, professionalism or business and management skills (and make sure that some of that credit comes from a source other than your employer).

We want your feedback...

Remember, at the June 2008 meeting the Board will review member comments, evaluate potential revisions to the requirement, and approve a final implementation plan. The Board wants to hear your voice, so be sure to submit your comments.

The Feb. 22, 2008 deadline for you to submit your questions and comments on the CPD Requirement Exposure Draft is quickly approaching. To review the exposure draft and the frequently asked questions, visit