SOA Continuing Professional Development Requirement
Disclosure of Members' Compliance Status
The Society of Actuaries (SOA) has a Continuing Professional Development (CPD) Requirement for its membership. The SOA CPD Requirement has a provision which requires all members to attest compliance with the SOA CPD Requirement. Members must attest annually whether they've met the SOA CPD requirement during the past 2 years, beginning on December 31, 2010. This compliance status is disclosed in the Directory of Actuarial Memberships (membership directory). This document will help members of the public understand the implications of compliance, or non-compliance with the SOA CPD Requirement.
What is disclosed in the membership directory?
For each SOA member, there is a directory category that appears on the right side of the directory, underneath the "Designations" category, titled "SOA Continuing Professional Development Requirement." Under that heading is found the member's compliance status with the SOA CPD Requirement and the CPD cycle for which the compliance status applies. There are four possible statuses:
- "Compliant" – the member has attested compliance with the SOA CPD Requirement or the member is a new SOA member and not yet required to meet the standard.
- "Non-compliant" – the member has either attested that he or she is not compliant with the SOA CPD Requirement or the member failed to attest compliance with the SOA CPD Requirement
- "Retired" – the member is eligible for reduced dues due to retirement. We do not disclose CPD Requirement compliance status for these members unless they voluntarily attest compliance.
- "In Reporting" – only used during the attestation period (November 1 – February 28) to note that the member has not reported compliance for the CPD cycle ending during the attestation period.
The attestation status will also show the two-period CPD cycle for which that attestation applies (e.g. "Compliant" (2009-2010)). The SOA CPD Requirement requires each member to attest compliance as of each December 31 for the two year period ending on that date. Members can attest for a four month period around the compliance date (November 1 – February 28). Our membership directory displays attestation status for the compliance period just ended. So, for example, after March 1 2011, the membership directory will disclose compliance for the 2009–2010 CPD cycle; similarly, after March 1 2012 it will show compliance for the 2010-2011 CPD cycle.
During the four month attestation period, the directory will show CPD compliance status for the period ending during the attestation period and for last complete CPD cycle.
How can SOA members comply with the SOA CPD Requirement?
The requirement sets forth five ways in which members can meet the SOA CPD Requirement: first, members can fulfill the provisions of the requirement set forth in Section B. Second, members could meet one of four alternative compliance standards (built around the continuing education requirements of the qualification standards applicable for actuaries practicing in the U.S., Canada, UK or Australia). We anticipate that the majority of SOA members who meet the SOA CPD Requirement will meet it by using one of the four alternative compliance standards. The requirement went into effect on January 1, 2009.
What does compliance with the requirement mean?
Members are compliant because they have fulfilled the terms of the CPD requirement by attaining enough continuing professional development credits to meet the provisions of Section B or one of the four alternative compliance standards. Please note that SOA CPD Requirement is a membership requirement, not a qualification standard. Compliance with the SOA CPD Requirement does not provide any indication of an individual actuary's qualification (or lack thereof) to render actuarial opinions in the countries in which that actuary practices. Compliance with the SOA CPD Requirement does not provide any indication of an individual actuary's skills, expertise or other abilities to perform as a professional.
What does non-compliance with the requirement mean?
Members who are not compliant failed to earn sufficient continuing education credits to be able to attest compliance, elected not to comply with the requirement, or did not attest compliance. Members may have many reasons for not meeting the SOA CPD Requirement, including changes in their professional roles that make compliance with the SOA CPD Requirement less meaningful.
Members do not lose their SOA designations (ASA, CERA, FSA) because they fail to comply the SOA CPD Requirement (although they can lose their designation if they have been found to violate the terms of non-compliance). All non-compliant members are required to tell users of their actuarial expertise of their failure to comply with the SOA CPD Requirement. Failure to comply with the SOA CPD Requirement does not provide any indication of an individual actuary's qualification (or lack thereof) to render actuarial opinions in the countries in which that actuary practices. Failure to comply with the SOA CPD Requirement does not provide any indication of an individual actuary's skills, expertise or other abilities to perform as a professional.
For more information, see the FAQs on SOA CPD Requirement Disclosure.