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Transition from Work-based skills (WBS) to Personal and Professional Development (PPD) in September 2017

The transition from one work experience scheme to another is not intended to extend the time to qualify. The principles provided below are intended as a guide to all individuals affected by the introduction of PPD. If you are uncertain as to your particular circumstances then the IFoA will be happy to discuss individual cases to ensure a smooth transition. If you joined the Institute and Faculty of Actuaries (IFoA) between 1 July 2004 and 31 August 2017 and wish to qualify as a Fellow before September 2020, the following PPD transition principles will apply to you:

Transition principles for qualifying before 18 January 2019:

  • If you wish to qualify before 18 January 2019, you can complete the current WBS requirements (Associate 12 months; Fellow 36 months). No PPD recording will be required.
  • Once you’ve submitted your WBS before the deadline, the standard procedure to transfer to the status of Associate or Fellow will apply.
  • If you do not qualify in 2018, or by 18 January 2019, you need to have moved on to PPD by 1 September 2018.

For example:

Joining dates Your qualifying exam session Qualifying qualification WBS requirement PPD requirement Last date WBS submission required (PPD from this point)
May 2014 September 2017 Fellow 36 months 0 months 18 January 2019

If you are unable to submit your completed WBS documentation and become a qualifier in 2018, you will be required to follow the transition principles set out below.

Transition principles 1 September 2018 onwards: 

Transition from WBS to PPD for Fellows

  • If you wish to qualify as a Fellow after 18 January 2019, you will be required to submit a combination of both WBS and PPD documentation to complete the minimum of 36 months experience overall.
  • The tables and examples below will demonstrate the transition from WBS to PPD in the two year period between September 2018 and September 2020 for qualification as a Fellow.

September 2017 exam diet onwards

Month when the work experience is submitted for Fellowship qualification Number of months of WBS expected Number of months of PPD expected Minimum total number of months required
September 2017 - August 2018* 36 months 0 months 36 months
September 2018 - August 2019 24 months 12 months 36 months
September 2019 - August 2020 12 months 24 months 36 months
September 2020 0 months 36 months 36 months

*Individuals who wish to be on the 2018 qualifiers list can submit Work-Based Skills only until 18th January 2019. PPD will not apply. You can submit your final year as a PPD year if you wish.

Work experience submitted (Associate)

If you joined the Institute and Faculty of Actuaries (IFoA) between 1 July 2004 and 31 August 2017 and wish to qualify as an Associate your work based skills documentation will be accepted until 31 January 2019. After this date a minimum of 12 months PPD will be required.

Month when the work experience is submitted for Associate qualification Number of months of WBS expected Number of months of PPD expected Minimum total number of months required
September 2017 - January 2019 12 months 0 months 12 months
February 2019 - September 2019 0 months 12 months 12 months

Pre-2004 Joiners

If you joined the Institute of Actuaries prior to 1 July 2004 and were required to complete the 3 years work experience then the following principles apply to you.

Transition principles if you wish to qualify before 1 February 2019:

  • If you wish to quality as a Fellow before 1 February 2019 after passing your final exams you can complete the current work experience requirements (Fellow 3 years). No PPD recording will be required and your completed work experience documentation must be received by 31 January 2019.
  • Once you've submitted your work experience,  the standard procedure to transfer to the status of Associate or Fellow will apply.
  • If you are unable to submit your completed work experience documentation by 31 January 2019, you will be required to follow the transition principles set out below.

Transition principles from 1 February onwards:

  • If you wish to qualify as a Fellow on or after 1 February 2019 you will be required to submit a combination of both work experience and PPD documentation to complete the minimum requirement of 36 months experience overall. The tables below will demonstrate the transition from work experience to PPD in the period between February 2019 and September 2020 for qualification as a Fellow.

Work experience submitted (Institute joiner prior to 1 July 2004)

Month when the work experience is submitted for Fellowship qualification Number of months of work experience expected Number of months of PPD expected Minimum total number of months required
September 2017 - January 2019 36 months 0 months 36 months
February 2019 - August 2019 24 months 12 months 36 months
September 2019 - August 2020 12 months 24 months 36 months
September 2020 0 months 36 months 36 months

Work experience submitted (Associate) (Institute joiner prior to 1 July 2004)

Month when the work experience is submitted for Associate qualification Number of months of work experience expected Number of months of PPD expected Minimum total number of months required
September 2017 - January 2019 12 months 0 months 12 months
February 2019 - September 2019 0 months 12 months 12 months

If you joined the Faculty of Actuaries prior to 1 July 2004 and had no work experience requirements then you will be required to start completing PPD from the month you joined the Faculty. For example if you joined the Faculty of Actuaries in July 1999 then you would start to complete the PPD requirements from July 2018 and carry on completing experience in PPD until you are ready to become either an Associate or Fellow.

Transitional Requirements for Work-Based Skills and PPD

PPD Years Needed Credits Mandatory Areas Formal Learning Hours
1 7 4* 2
2 14 4 2
3 20+ 4 2

* If you are submitting only 1-year of PPD alongside Work-Based Skills and are struggling to meet the requirements of the mandatory areas, please contact Education Services to discuss your situation.

WBS Years Needed Dimension Areas Questions Formal Learning Hours
1 4 10 total
2 8 20 total
3 12 30 total

 

Contact Details

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

We aim to respond to all enquiries within two working days.

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Events calendar

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Fully booked.

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    25 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Spaces available

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.