If you are an actuary who is credentialed by one or
more of the five U.S.-based actuarial organizations
and you issue statements of actuarial opinion in the
United States, your first responsibility is to meet the CE
requirements of the U.S. Qualification Standards.
version of a guide to professional conduct. But as the profession
matured over the course of the 20th century, and after much effort, all five of the U.S.-based organizations in 2001 adopted the
same Code of Professional Conduct.
While the U.S. actuarial profession currently has five major U.S.-based organizations that serve various and different
aspects of the profession, the Academy remains the home of
professionalism. Its purview includes the U.S. Qualification
Standards, promulgated by the Academy’s Committee on Qualifications, which apply to members of all five of the U.S.-based
organizations. Actuarial standards of practice are developed by
the Actuarial Standards Board, an autonomous organization
housed within the Academy. Counseling and discipline for all
actuaries credentialed by one or more of the U.S.-based actuarial organizations are under the purview of the Actuarial Board
for Counseling and Discipline, which is also autonomous but
housed within the Academy.
I first became familiar with CE requirements as a newly minted
attorney. I was so relieved to have completed law school and bar
examinations that I was looking forward to a life of not studying ever again. Almost immediately, however, I was reminded
by the bar entities in the states in which I now am licensed to
practice that I had to meet annual CE requirements to remain a
member in good standing. This brought home to me the reality
that I no longer just held a job—I was a member of a profession.
Over the course of my legal career, I’ve come to appreciate the
importance of CE. Every year I faithfully review the CE requirements where I am licensed to ensure that I remain in good standing.
One of my first duties when I was hired by the Academy in
2006 was to work with the Academy’s Committee on Qualifi-
cations, which had just exposed a second draft of changes to
existing qualification standards for prescribed statements of ac-
tuarial opinion, including CE requirements. The changes, which
became effective on Jan. 1, 2008, resulted in a more robust and
expansive version entitled Qualification Standards for Actuaries
Issuing Statements of Actuarial Opinion in the United States, or,
more simply, the U.S. Qualification Standards.