31 December 2020
The IFoA is committed to supporting our members in attaining the high levels of professionalism that assures our profession’s global reputation.
Our Professional Skills Team and IFoA members have been working together to deliver planned improvements to the IFoA Professional Skills Training regime. The changes are designed to support a more flexible learning approach and to ensure we deliver the appropriate professionalism training at the right time in members’ careers, in a way that better fits around members’ busy working lives.
How is the IFoA changing its Professional Skills Training regime?
New Stage 1 Professionalism Course
We are replacing the current Stage 1 Online Professionalism Awareness Test (OPAT) with a 4 part modular e-learning course.
The course content will cover material included in the previous Stage 2 Professional Skills Course (PSC), so that Student members will benefit from developing this knowledge early on in their actuarial careers.
The new Stage 1 Professionalism Course can be accessed at any time of your choosing, but must be completed before you can apply to sit CB3 Business Management Exam. The online course should take around 3 to 4 hours to complete. Computer based assessments are included but an unlimited number of attempts are permitted.
New Stage 2 Online Professionalism Course
We are replacing the current Stage 2 Professional Skills Course with a new Stage 2 Online Professionalism Course.
The course will build on the knowledge acquired in Stage 1, with a format based around discussion of case studies with input from specialist ethicist and actuary facilitators. We have responded to member feedback, condensing the course into a shorter time period and focussing the course content on developing advanced ethical reasoning skills with expert input. The new course case studies will be more accessible and globally relevant as we move away from a practice specific approach.
The new Stage 2 Online Professionalism course will take place over a 1 week period, with pre-reading of case studies to be undertaken and online contributions to be made in advance of the course beginning. The course must be completed, either before you qualify as an Associate, or within 6 years of joining the IFoA.
New course fees
In order for these new courses to be sustainable we will need to charge a course fee for each stage.
There will be a charge for each of these new style courses from 1 July 2020. A reduced rate fee will be available, for members currently on a reduced rate membership subscription fee, consistent with our pricing structure for other elements of the qualification.
The fees will be: