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Actuarial technician

Key information

  1. Status: Approved for delivery
  2. Reference: ST0004
  3. Version: 1.1
  4. Level: 4
  5. Typical duration to gateway: 24 months
  6. Typical EPA period: 2 months
  7. Maximum funding: £15000
  8. Route: Legal, finance and accounting
  9. Date updated: 21/03/2023
  10. Approved for delivery: 26 March 2015
  11. Lars code: 17
  12. EQA provider: Ofqual
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Apprenticeship summary

Overview of the role

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

Occupation summary

This occupation is found in the Financial Sector working in organisations that deal in managing uncertainty and risk such as Pensions, Investments and Insurance businesses.

The broad purpose of the occupation is to provide analysis to assist with the management of uncertainty and risk to help clients, both internal and external, meet their objectives. Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients.

In their daily work, an employee in this occupation interacts with clients, actuaries and other specialists within their organisation.

An employee in this occupation will be responsible for managing their own workload and assisting in providing analytical support to qualified actuaries and their clients or internal stakeholders.

Actuarial teams build mathematical models to predict future financial outcomes; from setting car insurance premiums to helping people provide for retirement. This will include delivering insurance premium pricing for an insurance company. Actuarial teams are increasingly involved in assessing the current and potential impacts of climate change to help organisations plan for the future. The Actuarial Technician assists with providing client services and supporting the advice given by qualified actuaries.

Typically, an actuary will be responsible for working on pension schemes to assist key stakeholders in making financial decisions. They will undertake analysis to provide investment advice.

Typical job titles include:

Actuarial technician

Duties

  • Duty 1 Identify and access source data to inform mathematical models.
  • Duty 2 Prepare data for use in mathematical models and ensure its quality and accuracy.
  • Duty 3 Create and use spreadsheets and models to convey data and findings to stakeholders.
  • Duty 4 Communicate the outputs from mathematical models to stakeholders in an accurate and clear way, using language appropriate to the audience.
  • Duty 5 Provide technical actuarial analytical support to the wider team.
  • Duty 6 Develop and test data and mathematical systems.
  • Duty 7 Use digital technologies to deliver organisational objectives.
  • Duty 8 Provide stakeholder support in response to queries from clients, third party stakeholders and other internal teams.
  • Duty 9 Maintain knowledge of current key trends in the actuarial profession to inform their capacity to give good advice and analysis.
  • Duty 10 Maintain internal and external documentation.

Apprenticeship summary

ST0004, actuarial technician level 4


This is a summary of the key things that you – the apprentice and your employer need to know about your end-point assessment (EPA). You and your employer should read the EPA plan for the full details. It has information on assessment method requirements, roles and responsibilities, and re-sits and re-takes.

What is an end-point assessment and why it happens

An EPA is an assessment at the end of your apprenticeship. It will assess you against the knowledge, skills, and behaviours (KSBs) in the occupational standard. Your training will cover the KSBs. The EPA is your opportunity to show an independent assessor how well you can carry out the occupation you have been trained for.

Your employer will choose an end-point assessment organisation (EPAO) to deliver the EPA. Your employer and training provider should tell you what to expect and how to prepare for your EPA. 

The length of the training for this apprenticeship is typically 24 months. The EPA period is typically 2 months.

The overall grades available for this apprenticeship are:

  • fail
  • pass
  • merit
  • distinction

When you pass the EPA, you will be awarded your apprenticeship certificate.

EPA gateway

The EPA gateway is when the EPAO checks and confirms that you have met any requirements required before you start the EPA. You will only enter the gateway when your employer says you are ready.



The gateway requirements for your EPA are:

  • achieved English and mathematics qualifications in line with the apprenticeship funding rules
  • for the professional discussion underpinned by a portfolio, you must submit a portfolio of evidence



Assessment methods










A project with a Case study.

You will be asked to complete a Case study. The EPAO will give you suggested project titles. As part of the project, you need to write a Case study and submit this to the EPAO. The Case study should be a maximum of 1000 (with a 10% tolerance).

}You will have 2 weeks to complete the project and submit the Case study to the EPAO.




You will have a question and answer session with an independent assessor to discuss the project. It will last 30 minutes. They will ask at least 5 questions.





Professional discussion




You will have a professional professional discussion with an independent assessor. It will last 60 minutes. They will ask you at least 10 questions. The questions will be about certain aspects of your occupation. You need to compile a before the EPA gateway. You can use it to help answer the questions.








Who to contact for help or more information

You should speak to your employer if you have a query that relates to your job.



You should speak to your training provider if you have any questions about your training or EPA before it starts.

You should receive detailed information and support from the EPAO before the EPA starts. You should speak to them if you have any questions about your EPA once it has started.


Reasonable adjustments


If you have a disability, a physical or mental health condition or other special considerations, you may be able to have a reasonable adjustment that takes this into account. You should speak to your employer, training provider and EPAO and ask them what support you can get. The EPAO will decide if an adjustment is appropriate.

Print occupational standard

Details of the occupational standard

Occupation summary

This occupation is found in the Financial Sector working in organisations that deal in managing uncertainty and risk such as Pensions, Investments and Insurance businesses.

The broad purpose of the occupation is to provide analysis to assist with the management of uncertainty and risk to help clients, both internal and external, meet their objectives. Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients.

In their daily work, an employee in this occupation interacts with clients, actuaries and other specialists within their organisation.

An employee in this occupation will be responsible for managing their own workload and assisting in providing analytical support to qualified actuaries and their clients or internal stakeholders.

Actuarial teams build mathematical models to predict future financial outcomes; from setting car insurance premiums to helping people provide for retirement. This will include delivering insurance premium pricing for an insurance company. Actuarial teams are increasingly involved in assessing the current and potential impacts of climate change to help organisations plan for the future. The Actuarial Technician assists with providing client services and supporting the advice given by qualified actuaries.

Typically, an actuary will be responsible for working on pension schemes to assist key stakeholders in making financial decisions. They will undertake analysis to provide investment advice.

Typical job titles include:

Actuarial technician

Occupation duties

Duty KSBs

Duty 1 Identify and access source data to inform mathematical models.

K1 K2 K3 K12 K17

S1 S2

B3

Duty 2 Prepare data for use in mathematical models and ensure its quality and accuracy.

K1 K2 K3 K5 K14 K15 K17

S1 S2

B3

Duty 3 Create and use spreadsheets and models to convey data and findings to stakeholders.

K1 K2 K3 K4 K14 K17

S1 S2

B3

Duty 4 Communicate the outputs from mathematical models to stakeholders in an accurate and clear way, using language appropriate to the audience.

K1 K2 K3 K4 K8 K10 K12 K14 K17

S9

B1 B4

Duty 5 Provide technical actuarial analytical support to the wider team.

K1 K2 K3 K4 K8 K14 K17

S2 S3 S4 S5 S6 S9

B1 B2 B3

Duty 6 Develop and test data and mathematical systems.

K15 K16 K17

S1 S2 S7

B3

Duty 7 Use digital technologies to deliver organisational objectives.

K4 K6 K10 K12 K13 K15 K16 K17

S1 S2 S7 S8

B3 B4

Duty 8 Provide stakeholder support in response to queries from clients, third party stakeholders and other internal teams.

K4 K8 K9 K10 K11 K12 K14 K15 K16 K17

S3 S4 S5 S6 S9

B1 B2 B3 B4

Duty 9 Maintain knowledge of current key trends in the actuarial profession to inform their capacity to give good advice and analysis.

K4 K5 K7 K8 K9 K10

B2

Duty 10 Maintain internal and external documentation.

K5 K8 K9 K10 K12 K13 K14

S3 S10

B1 B2


KSBs

Knowledge

K1: Mathematics and statistics that underpin actuarial work. Back to Duty

K2: Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks. Back to Duty

K3: 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. Back to Duty

K4: Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients. Back to Duty

K5: Regulation and legislation related to the handling of data and information including GDPR. Back to Duty

K6: Cyber security principles, risks and vulnerabilities when working online. Back to Duty

K7: 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. Back to Duty

K8: 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. Back to Duty

K9: Awareness of actuarial professional standards and ethics including the Actuaries’ Code. Back to Duty

K10: Awareness of the importance of commercial sensitivity in their work. Back to Duty

K11: Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements. Back to Duty

K12: Approaches to collaborative working such as use of digital collaborative tools. Back to Duty

K13: Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. Back to Duty

K14: Approaches to prioritisation of workloads. Back to Duty

K15: Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges. Back to Duty

K16: Data visualisation techniques for example producing graphs or charts appropriate to the audience. Back to Duty

K17: Approaches and techniques to problem solving. Back to Duty

Skills

S1: Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives. Back to Duty

S2: Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations. Back to Duty

S3: Plan and deliver actuarial tasks such as analysis and calculations within the required timescales. Back to Duty

S4: Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks. Back to Duty

S5: Develop and maintain stakeholder relationships through providing a responsive service. Back to Duty

S6: Identify internal stakeholder requirements and manage expectations as necessary. Back to Duty

S7: Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks. Back to Duty

S8: Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches. Back to Duty

S9: Tailor communication techniques for different stakeholders. Back to Duty

S10: Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. Back to Duty

Behaviours

B1: 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. Back to Duty

B2: Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code. Back to Duty

B3: Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches. Back to Duty

B4: Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams. Back to Duty


Qualifications

English and Maths

Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.

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End-point assessment plan

V1.1

Introduction and overview

This document explains the requirements for end-point assessment (EPA) for the actuarial technician apprenticeship. End-point assessment organisations (EPAOs) must follow this when designing and delivering the EPA.

Actuarial technician apprentices, their employers and training providers should read this document.

An approved EPAO must conduct the EPA for this apprenticeship. Employers must select an approved EPAO from the Education and Skills Funding Agency’s Register of end-point assessment organisations (RoEPAO).

A full-time apprentice typically spends 24 months on-programme (this means in training before the gateway) working towards competence as a actuarial technician. All apprentices must spend at least 12 months on-programme. All apprentices must complete the required amount of off-the-job training specified by the apprenticeship funding rules.

This EPA has 2 assessment methods.

The grades available for each assessment method are:

Assessment method 1 - case study :

  • fail
  • pass
  • distinction

Assessment method 2 - professional discussion underpinned by a portfolio:

  • fail
  • pass
  • distinction

The result from each assessment method is combined to decide the overall apprenticeship grade. The following grades are available for the apprenticeship:

  • fail
  • pass
  • merit
  • distinction

EPA summary table

On-programme (typically 24 months)
The apprentice must complete training to develop the knowledge, skills and behaviours (KSBs) of the occupational standard.

The apprentice must complete training towards English and maths qualifications in line with the apprenticeship funding rules.

The apprentice must compile a portfolio of evidence.

End-point assessment gateway
The employer must be content that the apprentice is working at or above the occupational standard.

The apprentice’s employer must confirm that they think the apprentice:

  • is working at or above the occupational standard as a actuarial technician
  • has the evidence required to pass the gateway and is ready to take the EPA

The apprentice must have achieved English and maths qualifications in line with the apprenticeship funding rules.

For the professional discussion underpinned by a portfolio the apprentice must submit a portfolio of evidence.

The apprentice must submit any policies and procedures as requested by the EPAO.

End-point assessment (typically 2 months)
Grades available for each assessment method:

Case Study

  • fail
  • pass
  • distinction

Professional Discussion underpinned by a portfolio

  • fail
  • pass
  • distinction

Overall EPA and apprenticeship can be graded:

    • fail
    • pass
    • merit
    • distinction
Re-sits and re-takes



  • Re-take and re-sit grade cap: distinction
  • Re-sit timeframe: typically 1 months
  • Re-take timeframe: typically 1 months

Duration of end-point assessment period

The EPA is taken in the EPA period. The EPA period starts when the EPAO confirms the gateway requirements have been met and is typically 2 months.

The EPAO should confirm the gateway requirements have been met and the EPA should start as quickly as possible.

EPA gateway

The apprentice’s employer must confirm that they think their apprentice is working at or above the occupational standard. The apprentice will then enter the gateway. The employer may take advice from the apprentice's training provider(s), but the employer must make the decision.

The apprentice must meet the gateway requirements before starting their EPA.

These are:

  • achieved English and maths qualifications in line with the apprenticeship funding rules
  • for the professional discussion underpinned by a portfolio the apprentice must submit portfolio of evidence

Portfolio of evidence requirements:

The apprentice must compile a portfolio of evidence during the on-programme period of the apprenticeship. It should only contain evidence related to the KSBs that will be assessed by this assessment method. It will typically contain 10 discrete pieces of evidence. Evidence must be mapped against the KSBs. Evidence may be used to demonstrate more than one KSB; a qualitative as opposed to quantitative approach is suggested.

Evidence sources may include:

  • workplace documentation and records, for example:
  • workplace policies and procedures
  • witness statements
  • annotated photographs
  • video clips (maximum total duration 5 minutes); the apprentice must be in view and identifiable

This is not a definitive list; other evidence sources can be included.

The portfolio of evidence should not include reflective accounts or any methods of self-assessment. Any employer contributions should focus on direct observation of performance (for example, witness statements) rather than opinions. The evidence provided should be valid and attributable to the apprentice; the portfolio of evidence should contain a statement from the employer and apprentice confirming this.

The EPAO should not assess the portfolio of evidence directly as it underpins the discussion. The independent assessor should review the portfolio of evidence to prepare questions for the discussion. They are not required to provide feedback after this review.

The apprentice must submit any policies and procedures as requested by the EPAO.

Order of assessment methods

The assessment methods can be delivered in any order.

The result of one assessment method does not need to be known before starting the next.

Case Study

Overview

A case study involves the apprentice completing a significant and defined piece of work that enables the apprentice to demonstrate the KSBs mapped to this method. The case study must start after the apprentice has gone through the gateway.

The case study must provide the apprentice with the opportunity to demonstrate the KSBs mapped to this assessment method to the highest available grade. The EPAO must refer to the grading descriptors to ensure that case studies are pitched appropriately.

The case study and any components must be assessed holistically by the independent assessor when they are deciding the grade for this assessment method.

This assessment method has 2 components:

  • project with a project output
  • case study
  • question and answer session

Rationale

This assessment method is being used because:

Actuarial technicians work in a range of contexts where their work is both long running, complex and varied. The nature of the occupation makes observation and practical demonstration of competence unfeasible and expensive to assess on a one-to-one basis. A knowledge test would evidence recall and time-bound abilities to perform certain technical calculations but would not provide assessment of competence in building and analysing complex mathematical models and making appropriate judgements. Similarly a project approach would not be appropriate because of the wide variety of contexts in which actuarial technicians are employed such that the guaranteed level of scope in any project would not be assured to arise during the EPA period.

A Case Study format enables the apprentice to be tested in a replicable context against key aspects of competence that can be set to a known extent ensuring comparability of assessment across apprentices and time. It is a method that is valid for the occupation as actuarial technicians are required to construct mathematical models from analysis of evidence and present their findings.

The Case Study should cover one of the following areas of practice depending on the employers needs:

• Life and Health Insurance

• General Insurance

• Pensions.

Component 1: Case study

Delivery

The case study must be structured to give the apprentice the opportunity to demonstrate the KSBs mapped to this assessment method to the highest available grade.



The case study output must be in the form of an extended piece of analytical work that uses data and models to formulate a response to a set task. case study.

The apprentice must start the case study after the gateway. They must complete and submit the to the EPAO by the end of weekother 2 of the EPA period. The employer should ensure the apprentice has the time and resources within this period, to plan and complete their case study. The apprentice must complete their case study and the production of its components unaided.

The apprentice may work as part of a team to complete the case study which could include technical internal or external support. However, the case study output must be the apprentice’s own work and reflective of their own role and contribution. The apprentice and their employer must confirm that the case study output(s) is the apprentice’s own work when it is submitted.

The Case study must include at least:

  • Stage 1 Understand the task
  • Stage 2 Obtain,check and manipulate data
  • Stage 3 Evaluate and select appropriate model or method
  • Stage 4 Add assumptions required to run the model
  • Stage 5 Run the model or do the method
  • Stage 6 Confirm accuracy and reasonableness of results generated
  • Stage 7 Analyse results

Appendices

- Audit trail of work

- Mathematical Models

- Map of KSBs to assessment method

The case study has a word count of 1000 words. A tolerance of 10% above or below the word count is allowed at the apprentice's discretion. Appendices, references and diagrams are not included in this total. The case study must map, in an appendix, how it evidences the KSBs mapped to this assessment method.

Professional Discussion underpinned by a portfolio

Overview

In the discussion, an independent assessor and apprentice have a formal two-way conversation.

The apprentice can refer to and illustrate their answers with evidence from their portfolio of evidence. It gives the apprentice the opportunity to demonstrate their competency across the KSBs mapped to this EPA method.

Rationale

This assessment method is being used because:

• it allows the apprentice to be assessed against KSBs that may not naturally occur as part of the case study

• it allows the apprentice to show case their depth of understanding relating to the KSBs

• it allows the independent assessor to consider the context and sector that the apprentice operates within, giving flexibility to ensure that all the KSBs can be assessed appropriately

• it is cost effective, and it allows consideration of the potential need to conduct the EPA remotely.

Delivery

The professional discussion must be structured to give the apprentice the opportunity to demonstrate the KSBs mapped to this assessment method to the highest available grade.

An independent assessor must conduct and assess the professional discussion.

The purpose of the independent assessor's questions will be to explore competence within the KSBs mapped to the assessment method and enable the apprentice to demonstrate distinction criteria as necessary.

The EPAO must give an apprentice 2 weeks notice of the professional discussion.

The independent assessor must have at least 2 week(s) to review the supporting documentation.

The apprentice must have access to their during the professional discussion.

The apprentice can refer to and illustrate their answers with evidence from their , however the is not directly assessed.

The professional discussion must last for 60 minutes. The independent assessor can increase the time of the professional discussion by up to 10%. This time is to allow the apprentice to respond to a question if necessary.

The independent assessor must ask at least 10 questions. Follow-up questions are allowed where clarification is required. The independent assessor must use the questions from their EPAO’s question bank or create their own questions in-line with the EPAO’s training.

The independent assessor must make the grading decision. The independent assessor must keep accurate records of the assessment. They must record:

  • the apprentice’s answers to questions
  • the KSBs demonstrated in answers to questions
  • the grade achieved 

Assessment location

The professional discussion must take place in a suitable venue selected by the EPAO (for example the EPAO’s or employer’s premises).

The professional discussion can be conducted by video conferencing. The EPAO must have processes in place to verify the identity of the apprentice and ensure the apprentice is not being aided.

The professional discussion should take place in a quiet room, free from distractions and influence.

Question and resource development

The EPAO must develop a purpose-built assessment specification and question bank. It is recommended this is done in consultation with employers of this occupation. The EPAO should maintain the security and confidentiality of EPA materials when consulting employers. The assessment specification and question bank must be reviewed at least once a year to ensure they remain fit-for-purpose.  

The assessment specification must be relevant to the occupation and demonstrate how to assess the KSBs mapped to this assessment method. The EPAO must ensure that questions are refined and developed to a high standard. The questions must be unpredictable. A question bank of sufficient size will support this.

The EPAO must ensure that apprentice has a different set of questions in the case of re-sits or re-takes.

The EPAO must produce the following materials to support the professional discussion underpinned by a portfolio:

  • independent assessor assessment materials which include:
  • training materials
  • administration materials
  • moderation and standardisation materials
  • guidance materials
  • grading guidance
  • question bank
  • EPA guidance for the apprentice and the employer

The EPAO must ensure that the EPA materials are subject to quality assurance procedures including standardisation, training, and moderation.

Grading

Case Study

Fail - does not meet pass criteria

Theme
KSBs
Pass
The apprentice must meet all of the pass descriptors
Distinction
The apprentice must meet all of the pass descriptors and all of the distinction descriptors
Technical concepts and application
K1 K2 K3 S2

 

Analyses and logically applies actuarial techniques, processes and principles to given requirements using basic financial and actuarial mathematics and statistics. Explains the impact of the actuarial concepts, models and approaches (K1, K2, K3, S2)

 

Evaluates the impact of applying alternative actuarial concepts, models and/or approaches on case study outcomes, justifying their approach through the application of the techniques, and mathematics and statistics underpinning their work. (K1, K2, K3, S2)

 

Digital and Data
K4 K15 K16 S1 S7

Selects and applies digital software and/or applications and mathematical models to analyse data, produce data visualisations in line with the case study brief. (K15, K16, S7)

Demonstrates how they use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks and provide answers and solutions to clients. (K4, S1)

 

 

Compares and contrasts the principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges (K16, S7)

Evaluates how they obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives (S1)

 

Documentation
K13 S10

Demonstrates how they maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. (K13, S10)

N/A

Planning and Organising
K17 S3 S4 B3

 

Demonstrates how they maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. (K13, S10)

Demonstrates how they plan and deliver actuarial tasks such as analysis and calculations within the required timescales and how they adapt to new requests or unforeseen events to maintain delivery of actuarial tasks. Uses a logical approach to solve problems through a variety of techniques and approaches. (K17, S3, S4, B3)

 

N/A

Professional Discussion underpinned by a portfolio

Fail - does not meet pass criteria

Theme
KSBs
Pass
The apprentice must meet all of the pass descriptors
Distinction
Apprentices must demonstrate all the pass descriptors and all of the distinction descriptors
Professionalism and Ethics
K5 K8 K9 K10 B2

 

Explains the regulation and legislation related to the handling of data and information including GDPR. (K5)

Explains how they are professional and a role model for positive behaviours, including the importance of commercial sensitivity, awareness of the regulatory environment they work in, and how they understand and comply with the principles of the Actuaries’ Code. (K8, K9, K10, B2)

 

Evaluates how they apply actuarial professional standards and ethics including the Actuaries’ Code in their work. (K9)

 

Digital and Data
K6 K12 S8

Selects and applies digital tools for online and collaborative working in compliance with organisational cyber security principles, risk and data protection guidelines. (K6, K12, S8)

N/A

Delivery Focus
K7 K14 B1

Outlines 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 (K7)

Analyses workload prioritisation techniques in line with organisational policies and guidance on collaborative working within actuarial teams. (K14, B1)

 

N/A

Communication and Stakeholders
K11 S5 S6 S9 B4

Develops and maintains stakeholder relationships by identifying requirements and providing external and/or internal service within agreed timescales. (K11, S5)

Analyses (internal) stakeholder requirements and manages expectations, selecting their communication technique appropriate to the audience, in line with organisational policies on inclusion, diversity, and equality. (S6, S9, B4)

 

Evaluates the impact providing internal and/or external service to agreed timescales has on stakeholder relationships. (K11, S5)

Evaluate how they identify internal stakeholder requirements and manage expectations as necessary. (S6)

 

 

Overall EPA grading

The assessment methods contribute equally to the overall EPA pass grade.

Performance in the EPA determines the apprenticeship grade of:

    • fail
    • pass
    • merit
    • distinction

An independent assessor must individually grade the: case study and professional discussion underpinned by a portfolio in line with this EPA plan.

The EPAO must combine the individual assessment method grades to determine the overall EPA grade.

If the apprentice fails one or more assessment methods, they will be awarded an overall EPA fail. 

To achieve an overall pass, the apprentice must achieve at least a pass in all the assessment methods. To achieve an overall EPA ‘merit,’ the apprentice must achieve a pass in the Case Study with questioning or the Professional Discussion and a distinction in the other Assessment MethodTo achieve an overall EPA ‘distinction,’ the apprentice must achieve a distinction in both assessment methods.

Grades from individual assessment methods must be combined in the following way to determine the grade of the EPA overall.

Case Study Professional Discussion underpinned by a portfolio Overall Grading
Fail Any grade Fail
Any grade Fail Fail
Pass Pass Pass
Pass Distinction Merit
Distinction Pass Merit
Distinction Distinction Distinction

Re-sits and re-takes

An apprentice who fails one or more assessment method(s) can take a re-sit or a re-take at their employer’s discretion. The apprentice’s employer needs to agree that a re-sit or re-take is appropriate. A re-sit does not need further learning, whereas a re-take does.

An apprentice should have a supportive action plan to prepare for a re-sit or a re-take.

The employer and EPAO agree the timescale for a re-sit or re-take. A re-sit is typically taken within 1 months of the EPA outcome notification. The timescale for a re-take is dependent on how much re-training is required and is typically taken within 1 months of the EPA outcome notification.

Failed assessment methods must be re-sat or re-taken within a 6-month period from the EPA outcome notification, otherwise the entire EPA will need to be re-sat or re-taken in full.

Re-sits and re-takes are not offered to an apprentice wishing to move from pass to a higher grade.

An apprentice will get a maximum EPA grade of distinction for a re-sit or re-take, unless the EPAO determines there are exceptional circumstances.

Roles and responsibilities

Roles Responsibilities

Apprentice

As a minimum, the apprentice should:

  • participate in and complete on-programme training to meet the KSBs as outlined in the occupational standard for a minimum of 12 months
  • complete the required amount of off-the-job training specified by the apprenticeship funding rules and as arranged by the employer and training provider
  • understand the purpose and importance of EPA
  • meet the gateway requirements 
  • undertake the EPA  

 

Employer

As a minimum, the apprentice's employer must:

  • select the EPAO and training provider 
  • work with the training provider (where applicable) to support the apprentice in the workplace and to provide the opportunities for the apprentice to develop the KSBs
  • arrange and support off-the-job training to be undertaken by the apprentice 
  • decide when the apprentice is working at or above the occupational standard and is ready for EPA 
  • ensure that supporting evidence required at the gateway is submitted in line with this EPA plan 
  • liaise with the training provider and EPAO to ensure the EPA is booked in a timely manner

Post-gateway, the employer must: 

  • confirm arrangements with the EPAO for the EPA (who, when, where) in a timely manner (including providing access to any employer-specific documentation as required, for example company policies)
  • ensure that the EPA is scheduled with the EPAO for a date and time which allows the opportunity for the apprentice to be assessed against the KSBs 
  • remain independent from the delivery of the EPA
  • ensure the apprentice is given sufficient time away from regular duties to prepare for, and complete all post-gateway elements of the EPA, and that any required supervision during this time (as stated within this EPA plan) is in place
  • where the apprentice is assessed in the workplace, ensure that the apprentice has access to the resources used on a regular basis 
  • pass the certificate to the apprentice upon receipt from the EPAO

EPAO

As a minimum, the EPAO must:  

  • conform to the requirements of this EPA plan and deliver its requirements in a timely manner 
  • conform to the requirements of the register of end-point assessment organisations (RoEPAO) 
  • conform to the requirements of the external quality assurance provider (EQAP) for this apprenticeship 
  • understand the occupational standard 
  • make the EPA contractual arrangements, including agreeing the price of the EPA 
  • develop and produce assessment materials as detailed for each assessment method in this EPA plan 
  • appoint qualified and competent independent assessors in line with the requirements of this EPA plan to conduct assessments and oversee their working 
  • appoint administrators (and invigilators where required) to administer the EPA  
  • provide training for independent assessors in terms of good assessment practice, operating the assessment tools and grading 
  • provide information, advice, guidance and documentation to enable apprentices, employers and training providers to prepare for the EPA 
  • confirm all gateway requirements have been met as quickly as possible 
  • arrange for the EPA to take place, in consultation with the employer 
  • ensure that the apprentice has access to the required resources and liaise with the employer to agree this if necessary, where the apprentice is not assessed in the workplace 
  • develop and provide assessment recording documentation to ensure a clear and auditable process is in place for providing assessment decisions and feedback to stakeholders 
  • have no direct connection with the apprentice, their employer or training provider in all instances; there must be no conflict of interest 
  • have policies and procedures for internal quality assurance (IQA), and maintain records of IQA activity and moderation for external quality assurance (EQA) purposes 
  • deliver induction training for independent assessors, and for invigilators and markers (where used) 
  • undertake standardisation activity on this apprenticeship for an independent assessor before they conduct an EPA for the first time, if the EPA is updated and periodically (a minimum of annually) 
  • manage invigilation of the apprentice to maintain security of the assessment in line with the EPAO’s malpractice policy 
  • verify the identity of the apprentice  
  • use language in the development and delivery of the EPA that is appropriate to the level of the occupational standard 

Independent assessor

As a minimum, an independent assessor must: 

  • have the competence to assess the apprentice at the level of this apprenticeship and hold any required qualifications and experience in line with the requirements of the independent assessor as detailed in the IQA section of this EPA plan 
  • understand the occupational standard and the requirements of this EPA 
  • have, maintain and be able to evidence, up-to-date knowledge and expertise of the occupation 
  • deliver the end-point assessment in-line with this EPA plan 
  • comply with the IQA requirements of the EPAO 
  • have no direct connection or conflict of interest with the apprentice, their employer or training provider; in all instances; there must be no conflict of interest 
  • attend induction training 
  • attend standardisation events when they start working for the EPAO, before they conduct an EPA for the first time and a minimum of annually for this apprenticeship  
  • assess each assessment method, as determined by the EPA plan  
  • assess the KSBs assigned to each assessment method, as shown in the mapping of KSBs to assessment methods in this EPA plan  
  • make the grading decisions 
  • record and report assessment outcome decisions, for each apprentice, following instructions and using assessment recording documentation provided by the EPAO, in a timely manner 
  • use language in the development and delivery of the EPA that is appropriate to the level of the occupational standard 
  • mark open (constructed) test answers accurately according to the EPAO’s mark scheme and procedures 

Training provider

As a minimum, the training provider must: 

  • work with the employer and support the apprentice during the off-the-job training to provide the opportunities to develop the KSBs as listed in the occupational standard 
  • conduct training covering the KSBs agreed as part of the Commitment Statement or the Individual Learning Plan 
  • monitor the apprentice’s progress during any training provider led on-programme learning 
  • advise the employer, upon request, on the apprentice’s readiness for EPA 
  • remain independent from the delivery of the EPA 

Reasonable adjustments

The EPAO must have reasonable adjustments arrangements for the EPA.

This should include:

  • how an apprentice qualifies for reasonable adjustment
  • what reasonable adjustments may be made

Adjustments must maintain the validity, reliability and integrity of the EPA as outlined in this EPA plan.

Internal quality assurance

Internal quality assurance refers to how the EPAO ensures valid, consistent and reliable EPA decisions. The EPAO must adhere to the requirements within the roles and responsibilities section:

The EPAO must also:

  • have quality assurance systems and procedures that ensure fair, reliable and consistent EPA regardless of employer, place, time or independent assessor
  • appoint independent assessors who are competent to deliver the EPA and who:
    • have recent relevant experience of the occupation or sector to at least occupational level 4 gained in the last 2 years or significant experience of the occupation or sector
  • operate induction training for anyone involved in the delivery or assessment of the EPA
  • provide training for independent assessors in good assessment practice, operating the assessment tools and making grading decisions
  • provide ongoing training for markers and invigilators
  • provide standardisation activity for this apprenticeship standard for all independent assessors:
    • before they conduct an EPA for the first time
    • if the EPA is updated
    • periodically as appropriate (a minimum of annually)
  • conduct effective moderation of EPA decisions and grades
  • conduct appeals where required, according to the EPAO’s appeals procedure, reviewing and making final decisions on EPA decisions and grades
  • have no direct connection with the apprentice, their employer or training provider.

Value for money

Affordability of the EPA will be aided by using at least some of the following:

  • utilising digital remote platforms to conduct applicable assessment methods
  • using the employer’s premises
  • conducting assessment methods on the same day

Professional recognition

Professional body recognition is not relevant to this occupational apprenticeship.

Mapping of KSBs to assessment methods

Knowledge Assessment methods
K1

Mathematics and statistics that underpin actuarial work.

Back to Grading
Case Study
K2

Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks.

Back to Grading
Case Study
K3

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.

Back to Grading
Case Study
K4

Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients.

Back to Grading
Case Study
K5

Regulation and legislation related to the handling of data and information including GDPR.

Back to Grading
Professional Discussion underpinned by a portfolio
K6

Cyber security principles, risks and vulnerabilities when working online.

Back to Grading
Professional Discussion underpinned by a portfolio
K7

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.

Back to Grading
Professional Discussion underpinned by a portfolio
K8

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.

Back to Grading
Professional Discussion underpinned by a portfolio
K9

Awareness of actuarial professional standards and ethics including the Actuaries’ Code.

Back to Grading
Professional Discussion underpinned by a portfolio
K10

Awareness of the importance of commercial sensitivity in their work.

Back to Grading
Professional Discussion underpinned by a portfolio
K11

Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements.

Back to Grading
Professional Discussion underpinned by a portfolio
K12

Approaches to collaborative working such as use of digital collaborative tools.

Back to Grading
Professional Discussion underpinned by a portfolio
K13

Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.

Back to Grading
Case Study
K14

Approaches to prioritisation of workloads.

Back to Grading
Professional Discussion underpinned by a portfolio
K15

Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges.

Back to Grading
Case Study
K16

Data visualisation techniques for example producing graphs or charts appropriate to the audience.

Back to Grading
Case Study
K17

Approaches and techniques to problem solving.

Back to Grading
Case Study
Skill Assessment methods
S1

Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives.

Back to Grading
Case Study
S2

Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations.

Back to Grading
Case Study
S3

Plan and deliver actuarial tasks such as analysis and calculations within the required timescales.

Back to Grading
Case Study
S4

Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks.

Back to Grading
Case Study
S5

Develop and maintain stakeholder relationships through providing a responsive service.

Back to Grading
Professional Discussion underpinned by a portfolio
S6

Identify internal stakeholder requirements and manage expectations as necessary.

Back to Grading
Professional Discussion underpinned by a portfolio
S7

Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks.

Back to Grading
Case Study
S8

Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches.

Back to Grading
Professional Discussion underpinned by a portfolio
S9

Tailor communication techniques for different stakeholders.

Back to Grading
Professional Discussion underpinned by a portfolio
S10

Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.

Back to Grading
Case Study
Behaviour Assessment methods
B1

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.

Back to Grading
Professional Discussion underpinned by a portfolio
B2

Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code.

Back to Grading
Professional Discussion underpinned by a portfolio
B3

Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches.

Back to Grading
Case Study
B4

Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams.

Back to Grading
Professional Discussion underpinned by a portfolio

Mapping of KSBs to grade themes

Case Study - Project

KSBS GROUPED BY THEME Knowledge Skills Behaviour
Technical concepts and application
K1 K2 K3
S2

Mathematics and statistics that underpin actuarial work. (K1)

Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks. (K2)

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. (K3)

Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations. (S2)

N/A

Digital and Data
K4 K15 K16
S1 S7

Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients. (K4)

Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges. (K15)

Data visualisation techniques for example producing graphs or charts appropriate to the audience. (K16)

Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives. (S1)

Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks. (S7)

N/A

Documentation
K13
S10

Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. (K13)

Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis. (S10)

N/A

Planning and Organising
K17
S3 S4
B3

Approaches and techniques to problem solving. (K17)

Plan and deliver actuarial tasks such as analysis and calculations within the required timescales. (S3)

Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks. (S4)

Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches. (B3)

Professional Discussion underpinned by a portfolio - Discussion

KSBS GROUPED BY THEME Knowledge Skills Behaviour
Professionalism and Ethics
K5 K8 K9 K10

B2

Regulation and legislation related to the handling of data and information including GDPR. (K5)

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. (K8)

Awareness of actuarial professional standards and ethics including the Actuaries’ Code. (K9)

Awareness of the importance of commercial sensitivity in their work. (K10)

N/A

Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code. (B2)

Digital and Data
K6 K12
S8

Cyber security principles, risks and vulnerabilities when working online. (K6)

Approaches to collaborative working such as use of digital collaborative tools. (K12)

Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches. (S8)

N/A

Delivery Focus
K7 K14

B1

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. (K7)

Approaches to prioritisation of workloads. (K14)

N/A

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. (B1)

Communication and Stakeholders
K11
S5 S6 S9
B4

Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements. (K11)

Develop and maintain stakeholder relationships through providing a responsive service. (S5)

Identify internal stakeholder requirements and manage expectations as necessary. (S6)

Tailor communication techniques for different stakeholders. (S9)

Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams. (B4)

Find an apprenticeship

Contact us about this apprenticeship

Employers involved in creating the standard: Aon, XPS, WTW, Barnett-Waddingham

Version log

Version Change detail Earliest start date Latest start date Latest end date
1.1 Standard, end-point assessment plan and funding revised 21/03/2023 Not set Not set
1.0 Approved for delivery 26/03/2015 20/03/2023 Not set

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