This occupation is found in the Financial Sector working in organisations that deal in managing uncertainty and risk such as Pensions, Investments and Insurance businesses.
The broad purpose of the occupation is to provide analysis to assist with the management of uncertainty and risk to help clients, both internal and external, meet their objectives. Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients.
In their daily work, an employee in this occupation interacts with clients, actuaries and other specialists within their organisation.
An employee in this occupation will be responsible for managing their own workload and assisting in providing analytical support to qualified actuaries and their clients or internal stakeholders.
Actuarial teams build mathematical models to predict future financial outcomes; from setting car insurance premiums to helping people provide for retirement. This will include delivering insurance premium pricing for an insurance company. Actuarial teams are increasingly involved in assessing the current and potential impacts of climate change to help organisations plan for the future. The Actuarial Technician assists with providing client services and supporting the advice given by qualified actuaries.
Typically, an actuary will be responsible for working on pension schemes to assist key stakeholders in making financial decisions. They will undertake analysis to provide investment advice.
| Duty | KSBs |
|---|---|
|
Duty 1 Identify and access source data to inform mathematical models. |
|
|
Duty 2 Prepare data for use in mathematical models and ensure its quality and accuracy. |
|
|
Duty 3 Create and use spreadsheets and models to convey data and findings to stakeholders. |
|
|
Duty 4 Communicate the outputs from mathematical models to stakeholders in an accurate and clear way, using language appropriate to the audience. |
|
|
Duty 5 Provide technical actuarial analytical support to the wider team. |
|
|
Duty 6 Develop and test data and mathematical systems. |
|
|
Duty 7 Use digital technologies to deliver organisational objectives. |
|
|
Duty 8 Provide stakeholder support in response to queries from clients, third party stakeholders and other internal teams. |
|
|
Duty 9 Maintain knowledge of current key trends in the actuarial profession to inform their capacity to give good advice and analysis. |
|
|
Duty 10 Maintain internal and external documentation. |
K1: Mathematics and statistics that underpin actuarial work.
Back to Duty
K2: Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks.
Back to Duty
K3: Actuarial processes and principles including the impact of the various actuarial concepts, models and approaches, for example: how changing the assumptions into a model affects the output.
Back to Duty
K4: Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients.
Back to Duty
K5: Regulation and legislation related to the handling of data and information including GDPR.
Back to Duty
K6: Cyber security principles, risks and vulnerabilities when working online.
Back to Duty
K7: Awareness of the wider commercial actuarial landscape including the Financial Services Market, sustainability and climate change and its effects on the actuarial profession, and the need for the organisation to benefit financially from the services offered.
Back to Duty
K8: Awareness of the regulatory environment relevant to the actuarial profession and the organisation such as anti-money laundering regulations and those relevant to their organisation.
Back to Duty
K9: Awareness of actuarial professional standards and ethics including the Actuaries’ Code.
Back to Duty
K10: Awareness of the importance of commercial sensitivity in their work.
Back to Duty
K11: Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements.
Back to Duty
K12: Approaches to collaborative working such as use of digital collaborative tools.
Back to Duty
K13: Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.
Back to Duty
K14: Approaches to prioritisation of workloads.
Back to Duty
K15: Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges.
Back to Duty
K16: Data visualisation techniques for example producing graphs or charts appropriate to the audience.
Back to Duty
K17: Approaches and techniques to problem solving.
Back to Duty
S1: Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives.
Back to Duty
S2: Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations.
Back to Duty
S3: Plan and deliver actuarial tasks such as analysis and calculations within the required timescales.
Back to Duty
S4: Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks.
Back to Duty
S5: Develop and maintain stakeholder relationships through providing a responsive service.
Back to Duty
S6: Identify internal stakeholder requirements and manage expectations as necessary.
Back to Duty
S7: Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks.
Back to Duty
S8: Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches.
Back to Duty
S9: Tailor communication techniques for different stakeholders.
Back to Duty
S10: Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.
Back to Duty
B1: Collaborative mindset. Sharing information, effectively building on the ideas of others and proactively seeking work to support other members of the actuarial and non-actuarial team.
Back to Duty
B2: Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code.
Back to Duty
B3: Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches.
Back to Duty
B4: Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams.
Back to Duty
Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.
| Version | Change detail | Earliest start date | Latest start date |
|---|---|---|---|
| 1.1 | Standard, end-point assessment plan and funding revised | 21/03/2023 | Not set |
| 1.0 | Approved for delivery | 26/03/2015 | 20/03/2023 |
Crown copyright © 2025. You may re-use this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. Visit www.nationalarchives.gov.uk/doc/open-government-licence