SOA Code of Conduct for Candidates

The Society of Actuaries' (SOA) Board of Directors took steps to maintain the value of its credentials by approving the implementation of a Code of Conduct for Candidates at its October 2008 board meeting. The Code requires that actuarial candidates who are not yet members of the SOA adhere to the high standards of conduct of the actuarial profession.

The impetus for the Candidate Code arose following recent examples of candidates falsely representing exam status and results to employers. While rules governing a candidate's behavior within the SOA's education system are already in place and members must adhere to the Code of Professional Conduct, a non–member candidate was not specifically bound by an Actuarial Code for ethical behavior within professional relationships.

Other actuarial organizations also provide professional guidelines for actuarial candidates. The Institute of Actuaries and the Institute of Actuaries of Australia require that candidates apply for student membership before sitting for any exams. Student members are charged a membership fee and are then bound by the membership rules of the organization as they begin to take exams. While the CAS maintains a membership structure very similar to the SOA, they also implemented a Code of Professional Ethics for candidates in January of 2008.

The Code of Conduct for Candidates is effective December 1, 2008. SOA candidates are required to agree to adhere to the SOA Code of Conduct for Candidates when registering for any of the components of the Education system. It is believed that this new policy will help to further support the fine reputation of the profession.