13 A Strategic Initiative Understand and meet stakeholder needs. Develop an understandable framework (model). Apply learning at individual, team and organizational levels.
14 Definitions Competency A demonstrable ability (the synthesis of skills, knowledge, and attitudes) that contributes to an essential outcome (product or service) that defines an individual as qualified. Competency framework (model) A meaningful organization of competencies that may be organized by content, role, position or a combination and are used for a variety of purposes and processes.
15 Framework Success Buy-in Wide participation Rigorous methodology Confirmatory Commitment to use and apply Flexibility and future orientation
16 Building the Framework 6 Phases: 1.Stakeholder need validation 2.Project definition and planning 3.Framework design, development and validation 4.Model implementation 5.Curriculum design and development 6.Ongoing framework and educational program alignment, evaluation and post-framework development initiatives
17 The starting point "Looking 3 to 5 years into the future, to be valued for their professionalism, technical expertise and business acumen, actuaries must have or develop skills that include..." Generated over 1500 responses across all practice areas Narrowed to 100/practice
21 1. Communication 2. Professionalism and Ethics 3. Business and Economic Acumen/Industry Knowledge 4. Leadership 5. Relationship Management and Interpersonal 6. Technical and Analytical Problem Solving 8. Results Oriented Solutions 7. Strategic Insight Layer Value 5 4.15 to 4.38 4 3.91 to 4.14 3 3.67 to 3.90 2 3.43 to 3.66 1 3.19 to 3.42 Importance
22 Performance Color Value █ 3.93 to 4.17 █ 3.68 to 3.92 █ 3.43 to 3.67 █ 3.18 to 3.42 █ 2.93 to 3.17 1. Communication 2. Professionalism and Ethics 3. Business and Economic Acumen/Industry Knowledge 4. Leadership 5. Relationship Management and Interpersonal 6. Technical and Analytical Problem Solving 7. Strategic Insight 8. Results Oriented Solutions
23 12345 1. Communication 2. Professionalism and Ethics 3. Business and Economic Acumen/Industry Knowledge 4. Leadership 5. Relationship Management and Interpersonal 6. Technical and Analytical Problem Solving 7. Strategic Insight 8. Results Oriented Solutions Importance Performance
26 Findings / Implications for SOA Technical skills and professionalism seen as core Non technical, (communication, commercial judgment, business management) used as differentiators Framework must support multiple career paths Framework should be organic and must add value
27 IFA / SOA Comparison Competencies and work based skills remarkably similar Differences in goals and approaches See common implications for trainees Both making changes based on findings Brings new dimension to benchmarking project
Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R32 G44 B52 * Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R123 G149 B174* Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 *This colour reference is for screen presentations only Imperial College, London – 12-13 April 2012 Dr Trevor Watkins, Director of Education The Institute and Faculty of Actuaries Ken Guthrie, Managing Director of Education & CPD Society of Actuaries, Chicago, USA Presentation to the HEA Conference on work based competencies