Apprenticeship Standard Actuarial Technician
Level 4 Higher Apprenticeship
The Actuarial Technician Apprenticeship has been designed to provide an entry level role into the actuarial industry. It creates access for employers to a diversifying talent pool, complementing the traditional recruitment of graduate actuarial trainees. The Apprenticeship Standard is supported by the Institute and Faculty of Actuaries, and, on successful completion, provides a route into study for further actuarial qualifications.
This apprenticeship develops key business Knowledge, Skills and Behaviours, including servicing clients and supporting the advice given by qualified actuaries, through a combination of work-based training and studying for professional exams.
The employer Trailblazer Group that created this Standard included: Mercer, Aon Hewitt, Barnett Waddington, Grant Thornton, JLT, KPMG, Munich Re,PWC and RSA.
Actuarial technicians work alongside actuaries in business areas such as pensions, insurance, investments, health, risk and wider actuarial fields. The role typically involves working as part of a team using data and mathematical models to provide financial solutions to clients. It is applicable to organisations of all sizes, both insurance companies and actuarial consultancies.
Standard guideline: 2-3 years.
Duration is dependent on previous experience, individual progression rate and access to opportunities to gain the full range of competencies.
Study for the professional exams is via a combination of textbooks, online progress tests and practice exams, supported by videos and Online Classroom Live teaching from BPP’s expert actuarial tutors.
This flexible combination means that study resources can be accessed from anywhere with an internet connection.
Development of the necessary Knowledge, Skills and Behaviours is work-based, with regular support from BPP Skills Coaches.
BPP recommend that an average of half a day a week is made available for study leave for the professional exams.
Professional Qualifications included are either;
- Modules 0 (Entry Exam) and 1 (Finance and Financial Mathematics) from the Institute and Faculty of Actuaries’ (IFoA) Certified Actuarial Analyst (CAA) qualification; or
- Core Technical Module 1 (CT1 – Financial Mathematics) from the IFoA’s Fellowship qualification. Apprentices will also be required to pass the IFoA’s Online Professional Awareness Test.
Knowledge, Skills and Behaviours
- Actuarial techniques
- Processes and principles
- Industry regulation
- Practical numeracy
- Quality service delivery
- Clients, colleagues and stakeholders
- Data extraction and manipulation
- Commitment and enthusiasm
- Working with others
- Communicating effectively
- Approach to thinking
Formative assessment provides evidence of readiness to proceed to the end assessment. During the formative assessment period, the apprentice maintains a logbook of evidence of the required Knowledge, Skills and Behaviours. The end assessment comprises the submission of a showcase portfolio of evidence and an interview with an independent assessor.
Both the apprentice and employer will be supported by:
- A team of tutors for the knowledge qualification.
- BPP Skills Coaches for the formative and end assessment.
- A programme leader who has oversight of the apprenticeship.
Level 2 Maths and English (equivalent to GCSE grade C or above), ideally as part of 5 GCSE A-C grades or other comparable qualifications. This can be achieved throughout the apprenticeship prior to the completion of the end point assessment. BPP will provide the required training.
Employers have the flexibility to set their own minimum entry requirements and may want to increase their criteria. These are likely to include a demonstration of mathematical aptitude, e.g. A-level maths or equivalent.
- Provide the apprentice with full-time paid employment and an employment contract (30 hours+ per week).
- Ensure that this apprenticeship is an appropriate programme for the learner. The apprentice must be either a) new to role, or b) in an existing role but where significant new knowledge and skills are needed.
- Ensure the job allows the apprentice to gain the wider employment experience necessary as part of the Apprenticeship Standard, including providing the apprentice with paid time to attend off-the-job training and to complete all aspects their apprenticeship.
- Work in a relevant role for a minimum of 30 hours per week.
- Must not hold an existing Level 4 (or above) qualification or must demonstrate that the prior qualification is sufficiently different, that the learner has started a new role, that this apprenticeship is required and that a significant amount of new learning is needed.
- Must satisfy all other eligibility criteria as defined in the Apprenticeship Funding Rules and the entry criteria set by the employer.
Depending on the appetite of the apprentice and the employer, the Actuarial Technician Apprenticeship provides a point from which an apprentice may go on to further actuarial study, for example CAA Modules 2 to 5 to complete the IFoA’s CAA qualification or further exams as part of the IFoA’s Fellowship qualification.
Costs and Government Funding
Current co-funding arrangements:
In the 2016/2017 academic year (up until April 2017), for every £1 an employer pays towards the cost of training and assessment, the government will pay £2. Incentive payments are available for SMEs, employers recruiting 16-18 year olds and for completion.
The government awards each Apprenticeship Standard a Cap, this Apprenticeship Standard is under Cap 6.
Funding arrangements from May 2017
The funding system will change in 2017 to coincide with the introduction of the Apprenticeship Levy. These funding rules are yet to be confirmed. To keep up to date on all levy announcements visit bpp.com/levy. We expect employers will be able to draw up to a funding Cap (yet to be determined) per apprentice from the Digital Voucher Service to cover the training costs for this Apprenticeship Standard.
Any apprentices who start before May 2017 will remain on the 2016/17 co-funding model until they complete their apprenticeship.