10. In section 4.1, Changes in Areas of Actuarial Practice, subsections 4.1.1, General Qualification Standard, and 4.1.2, Specific Qualification Standard, does the clause “that is relevant to Statements of Actuarial Opinion to be issued in the new area of
Question
10. In section 4.1, Changes in Areas of Actuarial Practice, subsections 4.1.1, General Qualification Standard, and 4.1.2, Specific Qualification Standard, does the clause “that is relevant to Statements of Actuarial Opinion to be issued in the new area of practice” apply to just “obtaining continuing education” or to BOTH “obtaining continuing education” and “meeting the applicable basic education and experience requirement”?
Section 4.1.1 of the U.S. Qualification Standards (USQS) states, “If an actuary changes to an area of actuarial practice where an actuary issuing the Statement of Actuarial Opinion need satisfy only the General Qualification Standard, an actuary must comply with the General Qualification Standard by meeting the applicable basic education and experience requirement and obtaining continuing education that is relevant to Statements of Actuarial Opinion to be issued in the new area of actuarial practice.” Section 4.1.2 contains similar language for the Specific Qualification Standard.
The Committee on Qualifications believes the clause “that is relevant to Statements of Actuarial Opinion to be issued in the new area of practice” applies to both “obtaining continuing education” and “meeting the applicable basic education and experience requirement.” An actuary is required, therefore, to satisfy the basic education and experience requirements applicable to the statements of actuarial opinion (SAOs) the actuary intends to issue in the new practice area.
An actuary should review carefully the requirements under section 2.1 with respect to the new area of practice to determine whether they have satisfied the applicable qualification standards. When considering what is needed to become qualified in the new area of practice, an actuary should keep in mind that some of the actuary’s existing education and experience may help to qualify the actuary in the new area of practice. The basic education requirement does not require an actuary to take additional examinations in the new area of practice, although an actuary may wish to do so.
An actuary intending to issue an SAO for which the Specific Qualification Standards have been adopted should review the “additional specific knowledge requirements” outlined in section 3.1 and the provision for “Alternative Basic Education” in 3.1.2. The experience and continuing education requirements of the Specific Qualification Standards are set forth in sections 3.2 and 3.3.
Last revised October 2016
The Committee on Qualifications believes the clause “that is relevant to Statements of Actuarial Opinion to be issued in the new area of practice” applies to both “obtaining continuing education” and “meeting the applicable basic education and experience requirement.” An actuary is required, therefore, to satisfy the basic education and experience requirements applicable to the statements of actuarial opinion (SAOs) the actuary intends to issue in the new practice area.
An actuary should review carefully the requirements under section 2.1 with respect to the new area of practice to determine whether they have satisfied the applicable qualification standards. When considering what is needed to become qualified in the new area of practice, an actuary should keep in mind that some of the actuary’s existing education and experience may help to qualify the actuary in the new area of practice. The basic education requirement does not require an actuary to take additional examinations in the new area of practice, although an actuary may wish to do so.
An actuary intending to issue an SAO for which the Specific Qualification Standards have been adopted should review the “additional specific knowledge requirements” outlined in section 3.1 and the provision for “Alternative Basic Education” in 3.1.2. The experience and continuing education requirements of the Specific Qualification Standards are set forth in sections 3.2 and 3.3.
Last revised October 2016
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