Legal, finance and accounting
Actuarial technician
Supporting senior colleagues to help manage risks for clients. This will be through the use of actuarial techniques and building mathematical models
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
Knowledge, skills and behaviours (KSBs)
K1:
Mathematics and statistics that underpin actuarial work.
K2:
Actuarial techniques including relevant finance and financial mathematics, cashflow models, compound interest and discounting, annuities, basics of investments and associated risks.
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.
K4:
Approaches to software used by actuaries including how software, technology and tools can be used to provide answers and solutions to clients.
K5:
Regulation and legislation related to the handling of data and information including GDPR.
K6:
Cyber security principles, risks and vulnerabilities when working online.
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.
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.
K9:
Awareness of actuarial professional standards and ethics including the Actuaries’ Code.
K10:
Awareness of the importance of commercial sensitivity in their work.
K11:
Approaches to providing external or internal service to agreed timescales and identifying stakeholder requirements.
K12:
Approaches to collaborative working such as use of digital collaborative tools.
K13:
Principles of maintaining internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.
K14:
Approaches to prioritisation of workloads.
K15:
Principles of data analysis including approaches to obtaining, analysing, modelling and interpreting data to solve actuarial challenges.
K16:
Data visualisation techniques for example producing graphs or charts appropriate to the audience.
K17:
Approaches and techniques to problem solving.
Technical Educational Products
- ST0004: Actuarial technician (Level 4) Approved for delivery
- Reference:
- OCC0004
- Status:
Approved occupation
- Average (median) salary:
- £49,873 per year
- SOC 2020 code:
- 2433 Actuaries, economists and statisticians
- SOC 2020 sub unit groups:
- 2433/01 Actuaries and actuarial analysts
- 2433/02 Economists
- 2433/03 Mathematicians
- 2433/04 Statistical data scientists
- 2433/05 Statisticians
S1:
Obtain, analyse, model and interpret data to solve actuarial challenges and meet stakeholder objectives.
S2:
Analyse and logically apply actuarial techniques to given requirements and understand actuarial principles and calculations.
S3:
Plan and deliver actuarial tasks such as analysis and calculations within the required timescales.
S4:
Adapt to new requests or unforeseen events to maintain delivery of actuarial tasks.
S5:
Develop and maintain stakeholder relationships through providing a responsive service.
S6:
Identify internal stakeholder requirements and manage expectations as necessary.
S7:
Use digital applications and software to deliver data analysis, data visualisations and mathematical models to assist in actuarial tasks.
S8:
Use digital technologies safely and securely to protect the organisation from risks such as cyber-threats and data breaches.
S9:
Tailor communication techniques for different stakeholders.
S10:
Maintain internal documentation to ensure a clear and identifiable audit trail of decision making and analysis.
Technical Educational Products
- ST0004: Actuarial technician (Level 4) Approved for delivery
- Reference:
- OCC0004
- Status:
- Approved occupation
- Average (median) salary:
- £49,873 per year
- SOC 2020 code:
- 2433 Actuaries, economists and statisticians
- SOC 2020 sub unit groups:
- 2433/01 Actuaries and actuarial analysts
- 2433/02 Economists
- 2433/03 Mathematicians
- 2433/04 Statistical data scientists
- 2433/05 Statisticians
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.
B2:
Professional. A role model for positive behaviours both understanding and complying with the principles of the Actuaries’ Code.
B3:
Problem solver. A logical thinker engaging with problems to solve them through a variety of techniques and approaches.
B4:
Inclusive mindset - considers approaches to equality, diversity and inclusion both when working with stakeholders and within teams.
Technical Educational Products
- ST0004: Actuarial technician (Level 4) Approved for delivery
- Reference:
- OCC0004
- Status:
- Approved occupation
- Average (median) salary:
- £49,873 per year
- SOC 2020 code:
- 2433 Actuaries, economists and statisticians
- SOC 2020 sub unit groups:
- 2433/01 Actuaries and actuarial analysts
- 2433/02 Economists
- 2433/03 Mathematicians
- 2433/04 Statistical data scientists
- 2433/05 Statisticians