The Education Committee of the Faculty and Institute of Actuaries carries out research into the study support provided by employers to their employees who are preparing for the actuarial examinations.

As a result of this research the Education Committee has drawn up the following guidance on good practice in relation to the support given by employers to students.

Mentoring

Internal mentoring arrangements, where a qualified actuary supervises and supports a student's studies, can be extremely useful. However, if such systems are to achieve their full potential the actuary must give sufficient time and effort.

Tuition

Most employers rely on outside sources of tuition and only in a few companies is internal tuition provided. Employers should discuss with their students whether there is a need for and ability to provide internal tuition either as a separate entity or as part of a mentoring arrangement.

Examinations

Employers should discuss with each student the order in which the examinations will be attempted and the number that will be taken at any one time. This is to ensure that the students are working at the right pace for them as individuals and are not being over- or under-stretched. The decision on how many subjects a student should actually sit should take into account other commitments both in and out of the workplace. Such discussions could form part of a mentoring scheme.

Retakers

It is common for study leave to be reduced following repeated examination failure. However, employers should consider giving a reasonable level of support to students who have only failed an examination once, and are retaking the subject. Some limited support might be offered to other students retaking examinations.

Consistency

Employers should try to ensure that consistent policies are adopted across different departments within their organisation.

Study leave

The actual amount of time each student needs to spend on a particular subject will vary from student to student. Quality of study time is far more important than quantity of study time. However, the following guidelines are suggested:

It is therefore suggested that a reasonable workload for any one study session from September to April might be:

• Three Core Technical subjects
• Core Applications Concepts
• Two Specialist Technical subjects
• One Specialist Technical subject and the chosen Specialist Applications subject with the relevant UK Practice Module
• Some other comparable combination

The study session from May to September is shorter and so it may be difficult for a student to study at the same rate during this time. A student who studies every session with no failures could be expected to attain Fellowship within three years.

Order of study

Employers can also help students by guiding their choice of examinations to sit in order that they take them in an appropriate order. While there is no formal requirement relating to the order in which the examinations are taken, it is recommended that the Core Technical subjects are at least studied (even if not passed) before a student attempts the Core Applications, Specialist Technical and Specialist Applications subjects. These later subjects build upon the material taught in the Core Technical stage.

Practical experience

A practical approach will be expected from candidates in all subjects. While evidence of practical experience may help the candidate it will not be demanded, but breadth of knowledge and evidence of judgement are to be expected of candidates taking the Specialist Applications subjects.

Students with special circumstances

Employers should bear in mind that some students may have disabilities which require them to be shown special consideration when planning their study support. Such students should be advised the Faculty and Institute will make special facilities available for students with disabilities such as RSI, dyslexia, sight impairment, long term injury etc. They will be required to produce medical evidence the first time they require special facilities, and refer to it at any subsequent examination sittings. The Faculty and Institute reserve the right to request further medical information at appropriate intervals.

Encouragement

Employers should show an active interest in their students' progress and should encourage a positive approach to the examinations. Moral support should be offered to students along with financial support. Students tend to perform better in a culture where both students and employers expect success.

Pay

Most employers link pay increases to both examination success and an assessment of performance in the office. Employers should bear in mind that good performance in one area may be at the expense of the other.