Actuarial Science PPD under New Curriculum
As an Actuarial Student, we all want to be qualified. But do you know the activities you have to perform to become an Associate or a Fellow member of the Institute and Faculty of Actuarial (IFoA)? Well, the section where all your activities are recorded is known as Personal and Professional Development (PPD) and PPD’s main agenda is to enhance your personal and professional skills.
PPD is the replacement program for Work-based skills (WBS) and all student members who joined after 1 September 2017 are required to complete PPD. But if you joined the IFoA before 1 September 2017 then you are subject to a transition from the previous scheme you were on and need to have moved onto PPD by 1 September 2018 or your next anniversary of joining the IFoA. For more information about the Transition (i.e., WBS to PPD) can click here
PPD is an annual requirement for all student members. When can you start recording your PPD? Whenever you start working and most of your time is spent on activities and tasks which are actuarially relevant, you can start recording you PPD.
Before this article as a student member, I had a lot of confusion regarding the PPD. So, through this article, I will try to sort some of your queries regarding PPD.
There are three elements to complete your PPD:
- Satisfying a number of core competencies under three key objectives: –
- Effective Communication
- Problem Solving and Decision Making
- Maintaining a record of formal learning activities undertaken
- You need to record at least two hours of Formal Learning and Development activities each year within your PPD Records. These must be unconnected with the actuarial exams and activities you have recorded to meet the requirement of the CPD Scheme.
- Demonstrating the learning gained from completing these activities.
- The description should be a concise explanation and overview of the activity you are referencing.
The requirement for Associate and Fellow is:-
- For Associate
- For Fellow
So, your PPD year will run from the month you joined the IFoA for twelve months and you are required to submit your PPD each year. During this year you have to demonstrate how you have applied in practice the knowledge and skills you have gained through the IFoA examinations, with at least 2-hour of formal learning.
All your PPD activities are recorded in your online members account My PPD and can be completed on an ongoing basis. You are advised to discuss your activities while recording, with your line manager or supervisor as they may be contacted to verify the information is accurate.
If you have CPD requirements under the CPD scheme then you will be required to complete these as well as the PPD, means The Professional Skills Training you have to complete under the CPD scheme cannot be used to meet the requirements of PPD.
If you complete the exams part way through your PPD year then a PPD submission will be required for each full month of that year. For example, if you pass your final exam in July and your PPD year runs Feb to January, a completion of February to June will be required.
If you are on parental leave, perhaps taking a career break, or not working in an actuarial relevant role you should contact the IFoA to inform about your situation and log a break. You cannot log a break yourself and it is your responsibility to inform the IFoA. If you are unable to meet the annual PPD requirement once your PPD deadline has passed, you will be penalized:-
- The penalty of £200 to submit any additional logs once your deadline has passed.
- If you continue to fail to meet your PPD requirements 3 months after your initial PPD deadline has passed, then you are being suspended from their examinations.
- If even after 12 months of initial deadline, you are unable met the annual requirements for 2 years then your IFoA membership may be revoked.
Check out more about PPD Click here
This is all from my side. I hope, I was able to sort some of your confusion regarding PPD. For further queries or doubts, you can comment down below.
Read more about Actuarial Science New Curriculum
I wish you all the best!!