Client work may be used for the project; however, the candidate is responsible for considering confidentiality issues that may arise. A candidate electing to use a client or work assignment as the basis for the project is generally expected to go beyond the scope of the original assignment/work. Candidates must effectively communicate the project results to their advisors as well as their project audience. If a candidate has concerns about maintaining confidentiality while still communicating with an outside advisor, then the candidate should consider an alternative project.

The project represents a significant work effort. The PD Committee anticipates that the project would require a total commitment of 60-100 hours by the candidate. The candidate will communicate the essential aspects of the project in a medium, oral or written, that provides an opportunity for peer review and comment. A copy of a written report on the project that clearly identifies the project steps should be submitted to the SOA for review. Where the project contains information of a proprietary or sensitive nature, the candidate is required to submit a full report; however, confidential results need not be included. See also: Use of Team Projects and Client Work.

Advisors must be Fellows of the Society of Actuaries and have been FSAs for at least five years. In addition, advisors must be SOA members in good standing. For candidates outside North America where a suitable FSA cannot be found to serve as an advisor, a Fellow of the Institute of Actuaries, Faculty of Actuaries or Institute of Actuaries of Australia may serve. Experience in the candidate’s chosen area of study and country of practice is preferable, but not required. In addition, the advisor should have effective communications skills and an understanding of the PD requirement, including its objectives, components, and procedures as outlined by the SOA.

More than one individual may serve as a candidate’s advisor. In the case of an advisory panel consisting of several individuals, only the head of the panel must be an FSA (for at least five years) and an SOA member in good standing. See also: Guidelines for Advisors.

Advisors may be changed in the middle of a candidate’s PD program. Either the candidate or the advisor can request to absolve the letter of commitment. If the candidate wishes to change advisors, the candidate will be required to sign a statement that outlines his/her reasons for requesting the change. The candidate will also be required to have his/her advisor sign the statement, and then will need to send the statement to the SOA. If the candidate requests the change, any professional development credit completed at the time of the change will need to be accepted by the new advisor. If the advisor wishes to resign, the advisor will be required to sign a statement that outlines his/her reasons for requesting to resign. The advisor will also be required to have his/her candidate sign the statement and then will need to send the statement to the SOA. If the advisor requests the change, any professional development credits completed at the time of the change and accepted by the original advisor will be considered still accepted.