In the website you may have seen this notice box. It is in the Professional Development and Regulation area under CPD.
NEW CPD REQUIREMENTS
A revised Professional Standard 1 (Continuing Professional Development) has been approved by Council. The revised standard – which commenced on 1 January 2014 – effects the transition from an hours-based CPD system to one based on points. Further information regarding the changes is available in the Explanatory Memorandum and Professional Standards 1.
So what do I have to do first?
First things first, I would read and review the revised Professional Standard 1 and Explanatory Memorandum to understand what has changed and why. Then acquaint yourself with Appendix B of the new PS 1 so that you can clearly understand how to apply the new point categories and sub categories to the CPD you have completed.
Now let’s look at how it is calculated in a real example…
Let’s look at an example from Appendix A to see the way the new points are allocated for CPD.
If a Member has completed the following CPD how do they qualify for the points indicated in Appendix A?
- Reading and analysis of journal article on Enterprise Risk Management for 3.5hrs equates to 7 CPD points. Why?
– This CPD category is Knowledge and Study/Researchwhich has a point value of 2 points per hour of study/research.
- Drafting and presenting peer-reviewed paper on Practical considerations for asset liability modelling for life and wealth management companies for 16.5hrs equates to 66 CPD points. Why?
– This CPD category is Contribution and Authorship and Presentation which has a point value of 4 points per hour of preparation and presentation.
WHAT’ S NEXT?
THE RECORDING IS EASY… AND THERE IS A BONUS!!
To record your CPD:
- Log into the website and click on My Dashboard.
- On the right you will see a blue box entitled CPD Points (YTD) and a Log My CPD button.
- Click on the Log My CPD button and you will be taken to the data entry page below.
- Your logged CPD points will be refreshed and will now appear on your Dashboard in the CPD Points (YTD) blue box.
Any Actuaries Institute event that you register for will have your CPD points automatically available for you to add to your log.
You can find and claim them by:
- looking in the left hand side Dashboard menu;
- clicking on My CPD;
- looking under the CPD Log Suggestion area;
- seeing events that you can claim CPD points for or editing the allocation relative to the exact time you spent at the event compared to the maximum time and points allocated; and
- accepting or editing the entry.
These CPD points will be added to your CPD Points (YTD) blue box on your Dashboard.
Members are required, unless exempted, to complete either 100 points of CPD each calendar year or 200 points of CPD in aggregate over the prior two calendar years, provided at least 50 points is completed in each of those calendar years.
The new website Trial Audit allows you to monitor where you are up to with your PS1 compliance on an annual or 2 year cycle.
CPD: Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital.
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by Andrew Ngai