IFoA Professional Skills Training (PST) is an essential training conducted by IFoA that helps Actuarial professionals and students to remain up-to-date with ever-changing professional requirements.
It is a part of IFoA’s Continuing Professional Development Scheme (CPD Scheme), similar to PPD. It should not be seen as an obligation but rather as a medium to staying up-to-date and competent in the ever-changing future.
Recently, IFoA Professional Skills Training has been changed, which would be implemented from 1st July 2020. These changes are done to ensure a more flexible learning approach and to deliver the appropriate professional training to all members that fit around members’ busy working lives.
We have tried our best to consolidate over 50 pages of information available on IFoA website in a very concise and simple manner, in case if you have any further doubts, feel free to reach out to either of us. This article is written by Arpit Surana and Rishabh Surana.
The Article is divided into 2 parts, make sure you read each and every part, as then only you will be able to fully understand it.
Current IFoA Professional Skills Training Regime
IFoA has made changes to the Professional Skill Training (PST) from 1st July 2020. In order for these new courses to be sustainable. New stages are as follows:
|Course||Full rate||Reduced rate|
|Stage 1 Professionalism Course||£75.00||£55.00|
|Stage 2 Online Professionalism Course||£150.00||£105.00|
|Stage 3 Professional Skills for Experienced Members||–||–|
Stage 1: Professionalism Course
There would be a 4-part modular e-learning course. It would cover material included in the previous Stage 2 Professional Skills Course (PSC). It can be accessed at any time of your choice but must be completed before you can apply to sit CB3 Business Management Exam.
This is a free course which prepares you for the increasing levels of responsibility placed upon you in your career. It helps you to develop skills that can help you to prevent ethical dilemmas, exercise appropriate judgement and take decisions to resolve them. It consists of a number of web-based modules over a period of three weeks, which takes approximately 8-10 hours to complete.
The online course should take around 3 to 4 hours to complete. Computer based assessments will be included. Once you have cleared Stage 1 Professionalism Course, then only you can move to the next stage.
Who can sit for PSC?
- If you are a student member who joined on or after the 1 July 2006 you will need to complete the course between the 4th and 6th anniversaries of your admission, or within a year of qualifying as a Fellow, whichever comes first.
- If you wish to become an Associate you will need to complete the course, in addition to passing the relevant exams, before you can transfer.
To book the exam, go to your login> My Account> My Exams, there you will find the option to book your exam. Please be aware that if you cancel or change your course booking a £150.00 administration fee will be charged.
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. 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.
It would 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.
Stage 3: Professional Skills for Experienced Members
It is an annual requirement to complete two hours of PST which may be acquired by attending events, by completing an on-line activity or completing both. IFoA develops new free online content annually which includes video case studies and other resources which can be accessed under Online Learning Resources. It applies to only those who have joined IFoA after 1 July 2006 and who have completed Stage 2 PSC. Kindly visit IFoA website for more details.
Takeaways and FAQs
This section is very important and would remove any kind of doubts/questions in your mind. This would also give you a guide on the best possible steps that you take now. If you have any questions, please contact [email protected] or visit Changes to IFoA Professional Skills Training.
Members who joined IFOA before 1st July 2020
1. You are a newly qualified Fellow who joined as Student members before 1 January 2019 and not completed the old Stage 2, or
You have cleared OPAT only and you are currently in 4th-6th year of your membership, or
You have cleared for only old Stage1: OPAT
Only in the first circumstance, you are required to complete the New/Old Stage 2 Professional Skills course within one year of transferring to Fellowship.
In any of the above 3 scenarios, you need to clear Old/New State2 requirements. You can try to enrol yourself in the old Stage 2 Online Professional Skills Course (PST) begining on 6 July 2020. This enrollment is based on a first come first served basis before the new regime is implemented. Enrolling in it on 6th July would help you save a few bucks as New State 2 is a paid course. Scroll up and check Stage 2: Professional Skills Course (PSC) portion of this article of more details.
2. You have cleared both Stage1 and Stage2 under the old regime – Then these changes are not applicable to you. You just need to meet the Stage 3 requirements annually.
3. You haven’t cleared any exams in the old regime (& you are reading this article after 1st July 2020): Then you just need to follow New IFOA Professional Skills Training (PST) regime and there is no way you could follow the old regime.