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In March 2007, the Society of Actuaries' Board of Directors approved a motion establishing the Continuing Professional Development (CPD) Requirement for SOA members. The Board commissioned a group of your fellow members (the Knowledge Management Strategic Action Team, or KMSAT) to oversee development of a requirement for Board approval at a future meeting.
The KMSAT reviewed the continuing professional development requirements of other actuarial organizations in the United States, Canada and around the world. Learning from the experience of those organizations, the KMSAT recommended an exposure draft process focusing on the specific provisions of the CPD Requirement. The Board agreed and approved the release of this document.
The Board has already established a formal CPD requirement for SOA members. The purpose of this Exposure Draft is not to solicit input on whether there should be a CPD requirement; it is to provide an opportunity for comment on the specific provisions.
The SOA is not alone in formalizing a CPD requirement. Leaders of actuarial organizations worldwide are examining the implementation of CPD. The actuarial profession is not unique in instituting a CPD requirement. Other highly respected professions, such as medicine and accounting, also have formal CPD requirements in place.
The exposure draft has now been released and the Board is currently collecting comments on the Requirement's provisions until February 22, 2008. At its June 2008 meeting, the Board will review member comments, evaluate potential revisions to the Requirement and approve a final implementation plan. The Requirement is intended to become effective January 1, 2009.
Please send all comments to cpdcomments@soa.org by February 22, 2008.
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