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Apprenticeship employers

Recruit and retain the best and brightest young talent by becoming an actuarial apprenticeship employer

Becoming an actuarial apprenticeship employer means you can recruit the brightest maths students and develop their talent using funding from the Apprenticeship Levy

The Institute for Apprenticeships and Technical Education website offers a useful starting point for employers wanting to find out more apprenticeships.

If you are thinking of setting up an actuarial apprenticeship scheme we can put you in touch with employers who are already running an apprenticeship scheme currently in order to understand the scheme better in relation to your company. Contact us to find out more

Actuarial Technician Apprenticeship (Level 4)

The Actuarial Technician Level 4 apprenticeship programme is aimed at school leavers and covers Certified Actuarial Analyst (CAA) Modules 0 and 1. In addition to completing CAA modules in Practical Mathematics and Statistics (Module 0) and Finance and Financial Mathematics (Module 1), the apprenticeship will develop candidates' skills and knowledge in areas including:

  • practical numeracy,
  • data extraction and manipulation
  • actuarial techniques
  • processes and principles
  • technology
  • industry regulation
  • communicating effectively, and
  • professionalism.

The Actuarial Technician apprenticeship scheme is delivered in partnership with an education provider, BPP Actuarial Education.

BPP will support apprentices with expert tutors and a coach to guide candidates through their learning journey. In addition to textbooks, BPP offer a Virtual Learning Environment where apprenticeship candidates can access professional qualification content and learning resources.

External End Point Assessment

Once apprentices have completed all of the required Knowledge, Skills and Behaviours, they will complete an End Point Assessment. 

Progression on completing Level 4 apprenticeship

On completing the Actuarial Technician apprenticeship scheme, apprentices have the option to progress their careers through a number of routes, including:

  • completing the remaining modules of the Certified Actuarial Analyst (CAA qualification),
  • transfer to the Institute and Faculty of Actuaries (IFoA) exams: e.g. via the Level 7 Actuary Apprenticeship, or
  • progress through work experience.

The Actuarial Technician apprenticeship scheme will prepare apprentices for Actuarial Technician and Actuarial Analyst type roles.

Find out more about the Level 4 Actuarial Technician Apprenticeship.

You can also contact BPP who will be happy to guide you through the apprenticeship process, set up and funding and answer any questions. 

Actuary Apprenticeship (Level 7)

The Level 7 Actuary apprenticeship programme is aimed at graduates, who are employed in a role relevant to the Level 7 Actuary apprenticeship scheme. It may be possible for candidates who have successfully completed a Level 4 Actuarial Technician Apprenticeship to move to Level 7.

The Actuary apprenticeship programme covers the IFoA CM, CS, CB and CP Modules required to qualify as an IFoA Associate. In addition to completing IFoA modules in Actuarial Statistics, Actuarial Mathematics, Business Practice, Actuarial Practice, Modelling Practice and Communications Practice, candidates will also develop skills in areas including:

  • business and commercial awareness
  • modelling, documentation and reporting
  • communication, team work and stakeholder Management
  • actuarial risk management
  • professionalism, and
  • Personal and Professional Development (PPD).

The Actuary apprenticeship scheme is delivered in partnership with an education provider, BPP Actuarial Education.

BPP will support apprentices through a bespoke Apprenticeship Learning Plan, with an induction webinar and a welcome meeting with the apprentice’s Coach. BPP provide learning materials, tutorials and a coach to guide candidates, in addition to a Virtual Learning Environment where apprenticeship candidates can access professional qualification content and additional learning resources.

End Point Assessment

Once apprentices have completed all of the required Knowledge, Skills and Behaviours, they will complete an End Point Assessment. 

Following the successful introduction of the Actuary Level 7 Apprenticeship Scheme, the IFoA have become a registered End Point Assessment Organisation (EPAO) in order to deliver the assessments and support learners and their employers.

Programme Overview 

Registration 

  • Register for the programme with an employer and become a student member of the IFoA

On programme learning and assessment 

  • Work with the employer and Learning Provider to receive on-the-job learning and off-the-job training
  • Achieve a pass or exemption grade for the pre-requsite exams (outlined above)
  • Prepare a portfolio of evidence

Assessment gateway 

  • The employer will recommend you for the Gateway stage, once you have satisfied all the criteria as required by the level 7 standard
  • The employer, Learning Provider and candidate will sign and submit the  IFoA Gateway Declaration form

End Point Assessments 

  • Complete both assessments within a 3-6 months timeframe
  • Case Study - taken online over a two week period
  • Portfolio-based Interview - delivered via an online meeting lasting around 60-75 minutes

Apprenticeship certification

  • Once succesfully complete the IFoA will request the certificate from the external awarding body

For more information about IFoA Level 7 End Point Assessment please contact ifoa.epao@actuaries.org.uk.  

Progression on completing Level 7 apprenticeship

On completing the Actuary Apprenticeship and qualifying as an IFoA Associate, candidates can go on to complete IFoA SP and SA exams and quailfy as a Fellow of the IFoA.

Find out more about the Level 7 Actuary Apprenticeship.

Contact BPP who will be happy to guide you through the apprenticeship process, set up and funding and answer any questions. 

Funding and the Apprenticeship Levy

The Apprenticeship Levy is a levy on employers to fund new apprenticeships. 

Since April 2017, employers with a payroll of £3 million have to pay an apprenticeship levy of 0.5% of their wage bill. The funds collected by the apprenticeship levy are available to employers in England to cover apprenticeship training.

Funding from the apprenticeship levy can be used to offer an approved apprenticeship scheme in your organisation.

Funding of up to £15,000 is available for the Level 4 Actuarial Technician apprenticeship and funding of up to £18,000 is available for the Level 7 Actuary apprenticeship.

Employers can access apprenticeship levy funds through the online apprenticeship service. You can find out more about how to manage your apprenticeship funds and use the apprenticeship service on the gov.uk website

You can also find updates on how the government are supporting employers to support current apprentices and incentive payments available for hiring new apprentices in the Department of Education's latest guidance on Apprenticeship funding in England.

Support the IFoA  to deliver End Point Assessments  

The IFoA expect to deliver an increasing number of End Point Assessments in the coming years and continue to build our bank of Assessors and Case Study Writers.

If you are an IFoA Associate or Fellow with a passion for supporting learners and have experience in this area find out more about how you can get involved.

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