Apprenticeship training course

Actuarial technician (level 4)

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Information about Actuarial technician (level 4)

Supporting senior colleagues to help manage risks for clients. This will be through the use of actuarial techniques and building mathematical models

• Knowledge, skills and behaviours:
  View knowledge, skills and behaviours

  Knowledge

  • Mathematics and statistics that underpin actuarial work.
  • Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks.
  • Actuarial processes and principles including the impact of the various actuarial concepts, models and approaches, for example: how changing the assumptions into a model affects the output.
  • Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients.
  • Regulation and legislation related to the handling of data and information including GDPR.
  • Cyber security principles, risks and vulnerabilities when working online.
  • Awareness of the wider commercial actuarial landscape including the Financial Services Market, sustainability and climate change and its effects on the actuarial profession, and the need for the organisation to benefit financially from the services offered.
  • Awareness of the regulatory environment relevant to the actuarial profession and the organisation such as anti-money laundering regulations and those relevant to their organisation.
  • Awareness of actuarial professional standards and ethics including the Actuaries’ Code.
  • Awareness of the importance of commercial sensitivity in their work.
  • Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements.
  • Approaches to collaborative working such as use of digital collaborative tools.
  • Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.
  • Approaches to prioritisation of workloads.
  • Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges.
  • Data visualisation techniques for example producing graphs or charts appropriate to the audience.
  • Approaches and techniques to problem solving.

  Skills

  • Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives.
  • Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations.
  • Plan and deliver actuarial tasks such as analysis and calculations within the required timescales.
  • Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks.
  • Develop and maintain stakeholder relationships through providing a responsive service.
  • Identify internal stakeholder requirements and manage expectations as necessary.
  • Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks.
  • Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches.
  • Tailor communication techniques for different stakeholders.
  • Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.

  Behaviours

  • Collaborative mindset. Sharing information, effectively building on the ideas of others and proactively seeking work to support other members of the actuarial and non-actuarial team.
  • Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code.
  • Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches.
  • Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams.
• Apprenticeship category (sector): Legal, finance and accounting
• Qualification level: 4; Equal to higher national certificate (HNC)
• Course duration: 24 months
• Maximum funding: £15,000 ; Maximum government funding for ; apprenticeship training and assessment costs.
• Job titles include:
  • Actuarial technician

View more information about Actuarial technician (level 4) from the Institute for Apprenticeships and Technical Education.