Curriculum 2019 Briefing

Chris Bristow: Head of Education Partnerships and Lifelong Learning

Oct 2018
Background
• The last major IFoA Education changes were introduced in
2005
• The nature of the work of actuaries is changing
• Other actuarial associations are either planning or currently
undergoing a strategic review of their qualification process
• The IAA is introducing new Core Syllabus standards which the
IFoA must meet

Oct 2018 2
What Curriculum 2019 will accomplish?
• Curriculum and learning materials have been updated and
refreshed
• Alignment with the IAA syllabus (2017)
• A more balanced curriculum between technical and softer skills
and between theory and application
• The introduction of Problem Based Assessments
• Appropriate use of technology
• New module team structure

Oct 2018 3
Wide Consultation
• National and international employers
• Learning providers
• Students (SCF and local actuarial societies)
• Accredited and partnered universities
• Experienced volunteers (examiners, markers)
• International associations
• International Actuarial Association (IAA)
• Regulators (FRC)
• IFoA national and international membership

Oct 2018 4
What is Changing?

Oct 2018
Module Team Structure

• Module Lead (ML)

§ Leadership and direction
§ Curriculum review
§ Supported by Education Actuary and Subject Matter Experts (SMEs)

• Chief Examiner (CE)

§ Examiners (Question setting/script review)
§ Assistant Examiners (markers)

Oct 2018 6
Core Technical Subjects 1, 3-6 and 8
Syllabus Content
• Replace six existing subjects
with four new subjects
1. CS1 Actuarial Statistics 1
2. CS2 Actuarial Statistics 2
3. CM1 Actuarial Mathematics 1
4. CM2 Actuarial Mathematics 2
Oct 2018
Assessment Method
• Each subject will have:
1. Paper based in exam centre
– written, 3 hrs 15 mins
2. Computer based in
office/home – Excel or
statistical package ‘R’,
- 1hrs 45 mins
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Core Technical Subjects CS1/2, CM1/2

• CS1 Actuarial Statistics 1

– Most of CT3, with added practical objectives using ‘R’
• CS2 Actuarial Statistics 2
– Most of CT4 and CT6, with added practical objectives using ‘R’
• CM1 Actuarial Mathematics 1
– Most of CT1 and CT5 with added practical objectives using Excel
• CM2 Actuarial Mathematics 2
– CT8 with added practical objectives using Excel

Oct 2018 8
Core Business Subjects (CB1, CB2, CB3 )
Syllabus Content
• CB1 and CB2 are very close to
existing CT2 and CT7 with
changes to the syllabus topics to
make subjects more relevant for
the present and future
• CB3 Business Management. Will
follow the CT9 syllabus and
assessment pattern
Oct 2018
Assessment Method
• CB1 and CB2 :A 3hrs
15mins unseen exam for
each subject including
some multiple choice or
short answer and some
longer questions
• CB3: Online Assessment
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Actuarial Practice 1 (CP1)
Formerly CA1
Syllabus Content
• Two papers
• Additional material on data
management and control
• Remove duplicate content already
covered in STs
• Overall proposed changes are
minor
Oct 2018
Assessment Method
1. Written (3hrs and 15mins)
• Short answer questions (5 to 12
marks)
• Mainly application of knowledge
2. Written Case-study
• 45 mins planning time
• 2hrs and 30mins writing time
• Content drawn from across
syllabus but not from a single
practice area
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Modelling Practice (CP2)
Formerly CA2
Communication Practice (CP3)
Formerly CA3

• CP2 (Modelling Documentation, Analysis and Reporting)

– Communication to a technical audience covered by the model write-up.
– 2x computer based examinations using Excel (3hrs and 15mins each)

• CP3 (Communication Practice)

– Introduced in Sep 2017
– Written communication to a non technical audience
– Release of pre-reading 3 days ahead of written examination
– 3hrs online written paper
Oct 2018 11
Personal and Professional Development
(Formerly Work-based Skills)

Content Assessment

• Four Objectives, subdivided into key • Credit-based

competencies
• Minimum annual requirement
– Effective Communications
• Recorded online similar to CPD
– Problem Solving and Decision
Making
– Professionalism
– Introduced in Sep 2017

Oct 2018 12
Specialist Subjects (SP/SA)
• Renamed Specialist Principles (SP) and Specialist Advanced (SA)
• ST5 renamed SP5 ‘Investment and Finance’
• ST6 renamed SP6 ‘Financial Derivatives’
• SA5 and SA6 withdrawn and replaced by SA7 ‘Investment and Finance’. This paper
will focus on investments but will contain some corporate finance topics
• Those holding passes in SA5 and SA6 will be able to carry these forward
• Detailed UK specific legislation and regulation to be moved to UK Practice Modules
(as post qualification learning)
• SA subjects become less UK focused
• Additional specialisms can be added at any time if there is a justification for them

Oct 2018 13
Transition Arrangements

Oct 2018 14
PPD Briefing

Matt Tennant: Quality Manager

Oct 2018
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W atio ee
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Your PPD Records
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Qualification requirements

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What do I need to do to qualify?

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 PPD Framework
What is PPD?
Personal and Professional Development is the documentation record of your work experience that all learners
studying to become an Associate or Fellow need to complete alongside their examinations.

Why is PPD Important?

To work effectively as a actuary, you need to develop and show your skills within the workplace. This will allow you
to do:

-Apply in practice the knowledge and skills you have gained through IFoA examinations.
-Develop your understanding of the business environment and how to work within a professional and ethical
framework.
-Understand the need for continuing development of yourself and your skills, and to reflect on the quality of your
work and how you can improve in the future.

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 PPD Framework
Objectives and Competencies
There are three core workplace areas where you will need to demonstrate the standards the IFoA expects to
become a qualified Actuary alongside the fourth area of formal learning requirements. These areas have been
developed to link more closely to CPD and to better align with sector best-practice.

The four categories:

1. Effective communication.
2. Problem solving and decision making.
3. Professionalism.
4. Formal learning.

Within three of the categories (Effective communication, Problem Solving and Professionalism) there are a number
of competencies within those you can fulfil. Each competency has a value of 1 or 2 credits.

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 po pe
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Fellow

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12 Months
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2 Hours
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 Effective Communication
Competencies Credits Mandatory

Present the results of actuarial work to informed but non-technical audiences. 2 Yes

Use appropriate techniques to produce effective oral and written communications. 1 No

Prepare effective technical communications for professional audiences of peers, managers and 2 No
clients.

Provide comprehensive summaries of technical actuarial results. 1 No

Produce effective executive summaries. 2 No

Contribute to actuarial reports for regulators. 1 No

Peer review a colleague’s actuarial work and produce a summary of the conclusions. 2 No

Discuss work projects with clients, before proceeding, to ensure you fully understand the 1 No
objectives.

Evaluate whether messages have been effectively communicated to audiences. 2 No

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 Effective Communications
Competency Examples of Activity Credits Mandatory
1.1 Present the • Explain technical concepts to non-actuarial business 2 Yes
results of colleagues or clients (on a formal or informal basis).
actuarial work • Draft results letters or reports of actuarial projects to
to informed but internal or external clients.
non-technical • Deliver a presentation of actuarial work to internal or
audiences external stakeholders.

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 Problem Solving and Decision Making
Competencies Credits Mandatory

Analyse and prioritise stakeholder needs when designing solutions. 2 YES

Analyse and validate a data set for a model. 1 No

Build or specify a model, applying actuarial principles and methods to solve problems. 1 No

Analyse and validate the results from a model. 2 No

Evaluate whether all material factors have been considered when designing a solution. 2 No

Evaluate whether current team’s actuarial skills are sufficient to complete the work assignment 1 No
appropriately.

Distinguish between material and immaterial factors in a model. 1 No

Evaluate the success of a project and understand the reasons. 2 No

Demonstrate an understanding of an effective decision-making process 1 No

Demonstrate an ability to use teamwork and time management to produce better outcomes. 1 No

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 Problem solving and decision making
Competency Credits Mandatory
2.4 Analyse • Perform independent checks to validate the results of 2 No
and validate a model.
the results • Analyse the implications of the results of a model from
from a model the perspective of the client (internal or external).

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 Professionalism
Competencies Credits Mandatory

Demonstrate an understanding of the role of professional and ethical standards in an actuary’s 2 Yes
work.

Demonstrate an understanding of the role of peer review in professional work. 2 Yes

Demonstrate an understanding of the role of a professional body. 1 No

Demonstrate an understanding of an actuary’s obligations to clients, regulators and the public. 1 No

Demonstrate an understanding of your professional responsibility to the public interest. 1 No

Demonstrate an understanding of the importance of confidentiality. 1 No

Understand policies and procedures intended to prevent professional misconduct. 1 No

Manage your own personal professional development plan. 1 No

Justify professional opinion in the face of questioning. 1 No

Formal Learning Activity. N/A Yes

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 Professionalism
Competency Credits Mandatory
3.9 Justify • Explain the reasoning behind decisions requiring 1 No
professional judgement in the robust manner.
opinion in the • Provide robust arguments where professional opinions
face of was used.
questioning • Discussion reasoning behind professional opinion,
where work or decisions are peer reviewed and/or
challenged.

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 Mandatory Areas
Competency Areas

Present the results of actuarial work to Communications

informed but non-technical audiences.
Analyse and prioritise stakeholder needs when Problem Solving & Decision Making
designing solutions.
Demonstrate an understanding of the role of Professionalism
professional and ethical standards in an
actuary’s work.

Demonstrate an understanding of the role of Professionalism

peer review in professional work.

• All must be completed before submission.

• Can submit them multiple times though it’s preferable for a wide range of submissions.
• Not needed on a annual basis.

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 po pe
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Activity Description

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 PPD Records
Activity Description
Example competency 1.6 Contribute to Actuarial Reports for Regulators

I assisted in drafting an actuarial valuation report for regulatory purposes. To produce the report
I researched appropriate regulatory guidelines and standards and checked the contents of the
report against these to ensure compliance.

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Learning Outcome
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R e e What were the success or failure factors?
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Was it peer reviewed? What the feedback?
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What would you the same and what differently next time?

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 PPD Records
Learning Outcome
Example competency 1.11 Prepare Permanent Documentation for defined work products

While undertaking a pricing exercise for a new product I documented the procedure setting out the key stages such as data,
assumptions, programming the model and sensitivity checks.

This was a new exercise for me and I learnt that it’s necessary to plan ahead before undertaking a new piece of work and that it’s
important to document the steps as I go along to ensure that nothing is missed.

My work was peer reviewed and the feedback noted that there was a lot of unnecessary detail in the document, particularly on the
data verification where I listed a lot of the individual data checks rather than explaining the process and principles followed.
Next time I will ensure that I don’t let excessive detail obscure the key messages. It is also important to tailor the document to the
audience. In this case, the audience is a team of actuaries who, given their strong technical skills, will not need to see the detail, so do
not need to see a description of every step undertaken

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 Monitoring your PPD
Audit
The IFoA will undertake an audit of all the recorded PPD activity to ensure quality and standards are being upheld. Your record maybe
selected as part of the audit; please make sure you keep all supporting evidence in the event this is requested.

We strongly advise that you discuss the activities you record with your line manager or supervisor. As part of the audit process the
IFoA may contact them for confirmation the PPD record you provided is accurate and correct.

Supervisor or Line Manager

If you are selected then the IFoA reviewer will need to confirm information with your supervisor or line manager the recorded logs you
have submitted are correct. You should discuss your intended submissions with your supervisor as part of your professional
development.

Non-Compliance
If you miss your PPD deadline, you will be submit to a admin fee. Recurring non-compliance may result in being suspended from
exams or the removal of your student membership. It is vital you contact the IFoA if you are un-able to meet your annual requirements.

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We can record a ‘break’ in your PPD for parental leave, illness, career breaks. Please contact the IFoA to discuss your situation.

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30 October 2018
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es g e
En sio
te n a
r
Le pris l su
ar e pp
O ned and or t
pp
or soc risk
In tun iety
te ity
rn
Jo ati
u r on
n a al
Su ls p
pp ro
o fil
e
 Transition Period
If you wish to qualify before 2018 Qualifiers deadline of 18th January 2019, you
can complete the current WBS requirements (Associate 12 months; Fellow 36
months). No PPD recording will be required and your completed WBS
documentation must be received before 1 September 2018.

However, can submit your final year as PPD if you wish.

If you wish to qualify as a Fellow excluding the 2018 Qualifiers, you will be required to
submit a combination of both WBS and PPD documentation to complete the minimum
of 36 months experience overall.

O ned and or t

e
gs
p

or soc risk
e

fil
pp
hi

of in ur
tin

ro
In tun iety
rs

es

Le pris l su
Th so tise

Pr ork fut

Su ls p
W atio ee
C r es de
Pr ght ip

r ti

n a al
ea g

te n a
uc l M

w the
r

es g
ou rsh

ity
lu pa
pe

es rin

u r on
ss ity

ar e
og le

ki n

ap h

En sio
om s

Ed iona
Se un

Sh rc
e

Jo ati
Vo g

N ng
e
n

o
m

rn
nt
n

pp
po

te
or

pp
et

30 October 2018
R
 Transition Period
Months when Number of months Number of months Minimum total
work experience is WBS expected of PPD expected number of months
submitted for required
Fellowship
qualification
September 17- 36 months 0 months 36 months
August 18*
September 18- 24 months 12 months 36 months
August 19
September 19- 12 months 24 months 36 months
August 20
September 2020 0 months 36 months 36 months
Onwards-

O ned and or t

e
gs
p

or soc risk
*Exception for those on 2018 qualifiers. Students can complete just on WBS/Form A/B if they

fil
pp
hi

of in ur
tin

ro
In tun iety
rs

chose.
es

Le pris l su
Th so tise

Pr ork fut

Su ls p
W atio ee
C r es de
Pr ght ip

r ti

n a al
ea g

te n a
uc l M

w the
r

es g
ou rsh

ity
lu pa
pe

es rin

u r on
ss ity

ar e
og le

ki n

ap h

En sio
om s

Ed iona
Se un

Sh rc
e

Jo ati
Vo g

N ng
e
n

o
m

rn
nt
n

pp
po

te
or

pp
et

30 October 2018
R
 Transition Period
Months when Number of Number of Minimum total
work experience months WBS months of PPD number of months
is submitted for expected expected required
Associate
qualification
September 17- 12 months 0 months 12 months
January 19
February 2019- 0 months 12 months 12 months
September 19

O ned and or t

e
gs
p

or soc risk
e

fil
pp
hi

of in ur
tin

ro
In tun iety
rs

es

Le pris l su
Th so tise

Pr ork fut

Su ls p
W atio ee
C r es de
Pr ght ip

r ti

n a al
ea g

te n a
uc l M

w the
r

es g
ou rsh

ity
lu pa
pe

es rin

u r on
ss ity

ar e
og le

ki n

ap h

En sio
om s

Ed iona
Se un

Sh rc
e

Jo ati
Vo g

N ng
e
n

o
m

rn
nt
n

pp
po

te
or

pp
et

30 October 2018
R
 Transition Period
Important points to consider through the transition points:
• You need a minimum of 3 years experience regards of WBS or PPD
requirements.
• Take all the requirements on a pro-rota approach for each of the years.
• For PPD: 7 Credits per year and x2 mandatory areas.
• For WBS: 4 Questions per year

O ned and or t

e
gs
p

or soc risk
e

fil
pp
hi

of in ur
tin

ro
In tun iety
rs

es

Le pris l su
Th so tise

Pr ork fut

Su ls p
W atio ee
C r es de
Pr ght ip

r ti

n a al
ea g

te n a
uc l M

w the
r

es g
ou rsh

ity
lu pa
pe

es rin

u r on
ss ity

ar e
og le

ki n

ap h

En sio
om s

Ed iona
Se un

Sh rc
e

Jo ati
Vo g

N ng
e
n

o
m

rn
nt
n

pp
po

te
or

pp
et

30 October 2018
R
 po pe
n r
Th so tise
ou rsh
Pr ght ip

Oct 2018
og le
a
C r es de
om s rs
m hi
p
Se un
ss ity
Ed iona
uc l M
W atio ee
or tin
ki n
Vo g n gs
lu pa
nt r ti
R e e es
Online PPD Portal

es rin
ea g
Sh rc
ap h
i
N ng
et
w the
Pr ork fut
of in ur
es g e
En sio
te n a
r
Le pris l su
ar e pp
O ned and or t
pp
or soc risk
In tun iety
te ity
rn
Jo ati
u r on
n a al
Su ls p
pp ro
o fil
e
 po pe
n r
Th so tise
ou rsh
Pr ght ip

Oct 2018
og le
a
C r es de
om s rs
m hi
p
Se un
ss ity
Ed iona
uc l M
W atio ee
or tin
ki n
Vo g n gs
lu pa
nt r ti
R e e es
es rin
ea g
Sh rc
ap h
i
N ng
et
w the
Pr ork fut
of in ur
es g e
En sio
te n a
r
Le pris l su
ar e pp
O ned and or t
pp
or soc risk
In tun iety
te ity
rn
Jo ati
u r on
n a al
Su ls p
pp ro
o fil
e
 po pe
n r
Th so tise
ou rsh
Pr ght ip

Oct 2018
og le
a
C r es de
om s rs
m hi
p
Se un
ss ity
Ed iona
uc l M
W atio ee
or tin
ki n
Vo g n gs
lu pa
nt r ti
R e e es
es rin
ea g
Sh rc
ap h
i
N ng
et
w the
Pr ork fut
of in ur
es g e
En sio
te n a
r
Le pris l su
ar e pp
O ned and or t
pp
or soc risk
In tun iety
te ity
rn
Jo ati
u r on
n a al
Su ls p
pp ro
o fil
e
 po pe
n r
Th so tise
ou rsh
Pr ght ip

Oct 2018
og le
a
C r es de
om s rs
m hi
p
Se un
ss ity
Ed iona
uc l M
W atio ee
or tin
ki n
Vo g n gs
lu pa
nt r ti
R e e es
es rin
ea g
Sh rc
ap h
i
N ng
et
w the
Pr ork fut
of in ur
es g e
En sio
te n a
r
Le pris l su
ar e pp
O ned and or t
pp
or soc risk
In tun iety
te ity
rn
Jo ati
u r on
n a al
Su ls p
pp ro
o fil
e
Key Information
Institute and Faculty of Actuaries Website:

-Full PPD Guide (Summer 2018 updatec)

-How to fill out your log guidance
-Transition Details
-FAQ’s Page

https://www.actuaries.org.uk/studying/personal-and-professional-development-ppd

Oct 2018
Contact
Education Services Team
education.services@actuaries.org.uk
Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford,
OX1 1JD
+44 01865 268207

Oct 2018