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Edition

Competency Framework for Actuaries

As an actuary, it's important to stay on top of the latest technical and analytical tools. But it's equally important to build non-technical skills, such as collaboration and relationship management. To help you make the right decisions about your professional development---and to help us design and deliver the educational opportunities you need---we designed the SOA Competency Framework.

SOA Competency Framework

 

 

What is a competency framework?

  • A competency is a skill, knowledge, ability or behavioral characteristic associated with a specific profession.
  • A framework is a structure that helps align the skills, knowledge, behaviors, attitudes and attributes that lead to outstanding job performance.

The SOA Competency Framework contains eight core competencies, which highlight all of the technical and non-technical skills needed to become a well-rounded actuary. As the SOA creates professional development opportunities , they're aligned with one or more of these eight competencies so you can use them as a guide as you plan your career goals.

 

The Competencies:

Communication

Developing the listening, writing and speaking skills that are needed to address diverse technical and non-technical audiences in formal and informal settings.

Professional Values

Becoming aware of the standards of professional conduct and practicing how to adhere to them with integrity, honesty and impartiality.

External Forces and Industry Knowledge

Identifying and incorporating changes in the design and delivery of actuarial solutions due to economic, social, regulatory, geo-political and business issues.

Leadership

Inspiring and influencing others toward a common goal, regardless of your level or role.

Relationship Management and Interpersonal Collaboration

Exploring how communication can be used to achieve a common goal, build mutually beneficial relationships and develop work processes.

Technical Skills and Analytical Problem-Solving

Applying actuarial knowledge, skills and judgment that are required to provide value-added services.

Strategic Insight and Integration

Looking at how actuaries can anticipate trends and strategically align their practice with broader organizational business goals.

Results-Oriented Solutions

Designing solutions that produce results for specific needs or issues.

 

How to Use the SOA Competency Framework

The first step is to take a self-assessment:

  • By rating a series of statements, the self-assessment helps identify your technical and non-technical strengths and uncovers areas for improvement.
  • In other words, the results of the self-assessment will help you choose which of the eight competencies you need to work on the most.

Learn more about the self-assessment tool.