Actuary
Level 7 · Degree (Master’s)Legal, finance and accounting 3.3 yr typical
About this apprenticeship
What it involves
An actuary is a highly skilled professional who uses mathematics, statistics, and financial theory to assess and manage long-term financial risks for organisations such as insurers, pension funds, and banks. This master's-level apprenticeship supports candidates working towards Fellowship of the Institute and Faculty of Actuaries while gaining practical experience. Qualified actuaries can work in senior advisory, pricing, reserving, or consulting roles across financial services.
On the job
What you’ll learn
Advanced probability and statistical modelling for risk assessment
Stochastic and deterministic actuarial valuation methods
Life, general insurance, and pensions technical principles
Financial economics and derivative pricing theory
Regulatory and professional standards governing actuarial work
Strategic communication of complex risk findings to boards
Data science and programming tools applied to actuarial problems
On the job
What you’ll do day to day
Carry out actuarial valuations of insurance liabilities or pension funds
Develop and validate pricing models for new or existing products
Interpret regulatory requirements and apply them to technical work
Present risk analysis and recommendations to senior stakeholders
Review and quality-check junior colleagues' model outputs
Research industry trends and incorporate them into forecasts
Collaborate with finance, underwriting, and investment teams
The deal
How this apprenticeship works
You earn a wage from day one. You are a paid employee, not a student. There are no tuition fees - the training is funded by your employer and the government.
About 20% is “off-the-job” training. Roughly a day a week is spent learning away from your normal duties - at a college, training provider, or online - working towards a recognised qualification.
It ends with an end-point assessment (EPA). Near the end, an independent assessor checks you can do the job to the national standard - through tests, a project, a portfolio or an interview. Pass it and you are fully qualified.
How to get there
What you need to start
Level 7 (Degree (Master’s)) - roughly Master’s-degree level. Usually needs a relevant degree or Level 6 qualification, or significant experience.
What’s next: Leads into senior and chartered professional roles.
Entry requirements are set by each employer and can vary - always check the specific vacancy.
Hear from employers
What it’s really like
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