On an actuary apprenticeship course, you’ll help use mathematical skills to measure the probability and risk of future events and their financial impact.

An actuary is a financial modeller who uses mathematical skills to evaluate the probability and risk of future events and the financial impact on a business or individual.

You’ll learn to operate in several areas as an apprentice, including insurance, pensions, healthcare, investment, and financial risk management. You’ll work as part of a team to analyse vast quantities of data, develop mathematical models to evaluate financial risks, and explain the results to non-specialists.

Math and analytical skills are required, but you’ll also learn to communicate complex topics to non-experts. Depending on the industry, you may work in pricing and product development, reserving, capital modelling, risk management (insurance), or less traditional sectors, such as banking.

Because of this apprenticeship, you will be eligible to apply for professional membership in the Institute and Faculty of Actuaries.

What you’ll learn

On an actuary apprenticeship course, you’ll learn to:

  • Use tools and techniques to aid in strategic thinking, which is needed for a job in higher-level management.
  • Build a model, analyse the data, methods used, and outputs generated, and document the effort (including maintaining an audit trail for a fellow student and senior actuary).
  • Explain the approach, results, and conclusions to a senior actuary.
  • Communicate concepts used by actuaries to those who lack specialised actuarial expertise, use effective structure, appropriate language, and adequate explanation to communicate effectively, both written and verbal.
  • Analyse business problems using actuarial techniques, then create, justify, and present workable options for consideration.

Entry requirements

You’ll usually need:

  • A degree in maths, statistics, economics, engineering, chemistry or physics; a degree in a different subject with an A-level in maths or equivalent; or a level 4 actuarial technician apprenticeship.
  • Apprentices without level 2 English and maths will need to achieve this before taking the end-point assessment.

Assessment methods

The End Point Assessment comprises two distinct assessment methods: 

  • A Case Study
  • Portfolio-based Interview

Duration and level

  • Duration: 36 months
  • Level: 7 – Degree Apprenticeship

Apprenticeship standard

More information about the Level 7 Actuary Apprenticeship standard can be found here.

Apprenticeship end point assessment

For more information about the End Point Assessment Process, please read the Institute of Apprenticeships’ information page.

Updated on October 1, 2022

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