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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.

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 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.

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Events calendar

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.

  • UK Town Hall 08:30-09:30

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • UK Town Hall 10:00-11:00

    Webinar
    4 December 2020

    Spaces available

    IFoA President Tan Suee Chieh would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual UK Town Hall 2020, hosted by Tan Suee Chieh with IFoA’s Immediate Past President, John Taylor, President Elect, Louise Pryor and IFoA Chief Executive, Stephen Mann.  

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report. 

  • Spaces available

    Running off the £2 trillion of UK corporate sector defined benefit liabilities in an efficient and effective fashion is the biggest challenge facing the UK pensions industry. Trustees and sponsors overseeing those schemes need to be clear on their target end-state and the associated journey plan – but too few have well articulated and robust plans.

  • Spaces available

    The actuarial skill set has much to offer the banking industry. So many of the skills that actuaries acquire during their working life translate across to the world of banking and yet banking is perceived as an alien environment to many actuaries. But is it?

  • Spaces available

    Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

    We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.