Supporting senior colleagues to help manage risks for clients. This will be through the use of actuarial techniques and building mathematical models
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.
This is a summary of the key things that you – the apprentice and your employer need to know about your end-point assessment (EPA). You and your employer should read the EPA plan for the full details. It has information on assessment method requirements, roles and responsibilities, and re-sits and re-takes.
An EPA is an assessment at the end of your apprenticeship. It will assess you against the knowledge, skills, and behaviours (KSBs) in the occupational standard. Your training will cover the KSBs. The EPA is your opportunity to show an independent assessor how well you can carry out the occupation you have been trained for.
Your employer will choose an end-point assessment organisation (EPAO) to deliver the EPA. Your employer and training provider should tell you what to expect and how to prepare for your EPA.
The length of the training for this apprenticeship is typically 24 months. The EPA period is typically 2 months.
The overall grades available for this apprenticeship are:
When you pass the EPA, you will be awarded your apprenticeship certificate.
The EPA gateway is when the EPAO checks and confirms that you have met any requirements required before you start the EPA. You will only enter the gateway when your employer says you are ready.
The gateway requirements for your EPA are:
A project with a Case study.
You will be asked to complete a Case study. The EPAO will give you suggested project titles. As part of the project, you need to write a Case study and submit this to the EPAO. The Case study should be a maximum of 1000 (with a 10% tolerance).
}You will have 2 weeks to complete the project and submit the Case study to the EPAO.
You will have a question and answer session with an independent assessor to discuss the project. It will last 30 minutes. They will ask at least 5 questions.
Professional discussion
You will have a professional professional discussion with an independent assessor. It will last 60 minutes. They will ask you at least 10 questions. The questions will be about certain aspects of your occupation. You need to compile a before the EPA gateway. You can use it to help answer the questions.
You should speak to your employer if you have a query that relates to your job.
You should speak to your training provider if you have any questions about your training or EPA before it starts.
You should receive detailed information and support from the EPAO before the EPA starts. You should speak to them if you have any questions about your EPA once it has started.
If you have a disability, a physical or mental health condition or other special considerations, you may be able to have a reasonable adjustment that takes this into account. You should speak to your employer, training provider and EPAO and ask them what support you can get. The EPAO will decide if an adjustment is appropriate.
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