KSBs

Knowledge

K1: The mathematical and statistical techniques that are of particular relevance to actuarial work Back to Duty

K2: The essential features of statistical distributions and how to summarise data using appropriate descriptive statistics and graphical presentations Back to Duty

K3: The principles of modelling as applied to actuarial work, including deterministic models, stochastic processes, survival models and the valuation of derivatives Back to Duty

K4: The requirements of a good model and the mathematical techniques used to model cash flows which may be contingent on other events Back to Duty

K5: The fundamentals of corporate finance including a basic knowledge of the instruments used by companies to raise finance and manage financial risk Back to Duty

K6: The core economic principles (of both microeconomics and macroeconomics) and how these can be used in a business environment to help decision making and behaviour Back to Duty

K7: The essential risk management techniques and processes required by all actuaries Back to Duty

K8: The risks faced both by individuals and groups who might effect financial products and also by the providers of such products Back to Duty

K9: The principles and techniques used to manage these risks Back to Duty

K10: The key techniques used by the providers of financial products to ensure that promised liabilities can be met Back to Duty

K11: The wider business context in which actuaries work, including an understanding of the external and internal business environments, business strategy, business culture and the importance of leadership and teamwork within an organisation Back to Duty

Skills

S1: Apply tools and techniques to assist strategic thinking needed for a role in wider management Back to Duty

S2: Interpret the accounts and financial statements of companies and financial institutions Back to Duty

S3: Build a model, analyse the data, methods used and outputs generated and document the work (including maintaining an audit trail for a fellow student and senior actuary) Back to Duty

S4: Communicate the approach, results and conclusions to a senior actuary Back to Duty

S5: Communicate effectively, both written and orally, when relating concepts used by actuaries to recipients without specialist actuarial expertise, using effective structure, appropriate language and adequate explanation Back to Duty

S6: Apply actuarial techniques to analyse business problems and then formulate, justify and present plausible solutions for consideration Back to Duty

Behaviours

B1: A responsibility for your own personal and professional development Back to Duty

B2: Commitment to the Actuaries Code Back to Duty

B3: Professional and ethical standards in the actuarial work undertaken Back to Duty

B4: Commitment to the role of peer review in professional work Back to Duty

B5: Teamwork skills (by effectively liaising with a large and diverse range of colleagues to complete a task) Back to Duty

B6: Good time management (by managing work effectively to prioritise tasks appropriately, inform stakeholders, peers and/or senior colleagues if anticipated deadlines may not be met) Back to Duty

B7: An aptitude for personal and professional development (by producing a development plan and seeking appropriate training or reading material) Back to Duty

B8: The personal and professional development requirements of the Institute and Faculty of Actuaries Back to Duty

Qualifications

English and Maths

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.

Additional details

Occupational Level:

7

Duration (months):

36

Review

this apprenticeship will be reviewed in accordance with our change request policy.