Actuarial training schemes offer tailor made routes into the profession for capable graduates. They are designed to give you a fuller understanding of the profession and company and will help you develop your technical skills, support you during studying for professional qualifications, build your commercial knowledge and soft skills as well as giving you opportunities to develop your professional network.
However, have no illusions, they are hard work. Competition can be fierce to get onto them and a lot will be expected of you during the scheme: you will also be expected to balance working full-time and studying. But these schemes are well respected and the benefits are numerous:
What are the benefits?
- Comprehensive training
- Study support to gain professional qualifications
- Financial support
- Experience of different areas of
- the company
- Networking opportunities.
You will receive financial support for exams, and study support is often built in, with staff available to give advice on exams and studying as well as days off to ensure that you pass your professional qualifications.
What are actuarial graduate training schemes like?
The programme will usually start with an induction period where you will be introduced to the company, the type of customer or clients they deal with and the type of projects they are involved in. You will then embark on a number of placements which will have training opportunities integrated into them, these can be for both technical and soft skills.
You will be given time to study, but also a fairly large amount of responsibility early on, which may be quite daunting. During periods where the assignments and exams are coming up you may be expected to spend around 20 hours per week on your studies.
How do I apply?
Actuarial firms that use graduate training schemes will generally have one intake a year, with a September start date. Deadlines for applying to the schemes are much earlier: some firms will stop taking applications in the November or December of the preceding year, so you need to be organised and act quickly to secure a place. To gain a place for after you graduate, you will need to begin the application process in the first term of your final year of university.
To find out more about what an actuarial training scheme can be like, take a look at the our graduate training scheme case studies. You can apply for graduate training schemes in our Actuarial Employer Directory.