Do you consider yourself a problem solver? Are you interested in using your mathematical skills to progress into a highly regarded professional career? Well look no further. Our Level 7 Actuary Apprenticeship may just be the perfect fit for your career!
Job Overview
The Actuarial industry is a diverse field with a wide range of job opportunities including working in areas of insurance, healthcare, pensions, corporate finance, and banking. Actuaries use their problem solving and strategical thinking skills alongside their mathematical skills to analyse the financial impact of various events and managing risk. Actuaries are also responsible for developing and implementing policies and procedures that help businesses and individuals make informed decisions. They analyse data and create mathematical models which they use to evaluate future financial risks to their clients. Actuaries must act in the public interest and therefore must adhere to the highest standards of professional conduct and competence; Maintaining ethical conduct and integrity. Much of this is taught in the Actuary apprenticeship – Level 7.
Entry Requirements/ Qualifications for Actuary Apprenticeship
Employers may have their own set of entry requirements but majority are flexible. Generally, apprentices are expected to have a numerical degree (Mathematics, Chemistry, Physics, Engineering) or a degree in a non-numerate subject accompanied with a Grade B in A-level Maths or equivalent; or to have previously completed a Actuarial Technician Apprenticeship (Level 4) and gained a qualification.
Compulsory: If apprentices do not hold both Level 2 English and Maths they are required to before taking their end-point assessment.
Skills, behaviour and knowledge for Actuary Apprenticeship
Below are a variety of skills, knowledge and behavior that candidates should have for this apprenticeship:
Skills:
- Using different tools and methods to make informed decisions
- Able to effectively interpret clients’ accounts and financial statements
- Have the expertise to build a model, analyse the data collected and the methods that were used and final outputs. This should all be documented for future use
- Should communicate effectively with their clients and other individuals who do not have specialist actuarial expertise. They should also use effective structure and language to explain their concepts
- Should be able to communicate the results of their work, the approach they took and their final conclusions with a senior actuary
- Able to apply actuarial techniques analyse risks and produce solutions to present to the team
Knowledge:
- Candidate has an understanding of mathematical and statistical techniques that is related to actuarial work.
- Able to summarize data using statistics and graphical presentations
- Understanding the principles of modelling such as deterministic models, survival models and other models used in actuarial work
- Being aware of what is needed for an effective model and methods that are used to model cash flow
- The key fundamentals of corporate finance and technologies used to manage risk.
- Economic principles e.g. microeconomics and macroeconomics and how this can be applied to businesses
- Able to use and understand risk management techniques/processes that actuaries are required to know
- Understanding internal and external business environment, business culture and teamwork
Behaviour
- Taking ownership of your own professional & personal development
- Following the Actuaries Code in all tasks internally and externally
- Being professional and ethical in all actuarial work
- Able to work effectively within a team
- Works effectively to ensure all work is completed in time (can communicate with team if not possible)
Further Information
The duration of this apprenticeship is 36 months and this does not include the End-point assessment (EPA). For further information on the EPA process please click here.
Professional Development and Progression
Before apprentices go through gateway, it is compulsory to complete the Personal and Professional Development requirements of the IFoA Associateship level and pass IFoA exams. Once the apprenticeship is successfully completed they are then eligible to apply for the Associateship membership of the IFoA. They will have the full expertise of an Actuary and this will provide them with the requirements needed to progress into Fellowship of the Institute and Faculty of Actuaries.
Conclusion
The Level 7 Actuary Apprenticeship is perfect for those who want to continue to progress in their career and taking on the challenge of learning while earning! The skills and knowledge that are developed during this apprenticeship will give you a stepping stone to reach your goal and prepare you for the work that is done within the Actuary field of work. Not only will you have a qualification but you will also have experience of working within the industry and experience is one of the major things employers look for! Starting a new career can be stressful but with the help and support provided at Apprentice Now you will receive constant support.
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