Actuarial Apprentice Review

My day-to-day work consists of performing actuarial calculations, one of the most common jobs being to calculate a transfer value for a member of pension scheme, which is essentially producing a current value of a series of future payments. Due to the uncertainty of markets and mortality of a population, my job is all about the coming up with reasonable assumptions and creating advice for clients, most of which are large, household businesses people deal with everyday. Overall, my usual day consists of performing calculations by hand, modelling on Excel or internal software on Matlab or drafting advice reports and emails.

My technical ability and attention to detail in calculation work has increased massively, and my ability to behave as a business professional. My understanding of pension schemes, mortality and financial markets has also developed to high level. I have also developed my written English to ensure my messages are concise and thorough.

In the first year of the programme, I felt like I was learning quickly, and I was using my natural statistical-mind to feel like my job was making a difference. In the later 6-8 months I feel like I can hold my own weight and my colleagues can fully appreciate my potential. The level of trust within the workplace is so high, that you really feel valued by Aon.

The programme itself is well structered for exams, which you do Module 0 and Module 1 of the CAA exams (where there are 6 in total). The study policy is great, offering lots of paid study days, and the training provider offers great resources. The logbook side of the apprenticeship is as well structered, with lots of monthly catch-ups with a mentor.

My employer recognises the importance of progressing through the actuarial exams (IFoA), which passes through the actuarial apprenticeship and the CAA exams. They offer unmatched support in this regard. They also offer great colleague support and great extra benefits, with a high salary for an apprentice, private healthcare and others.

My training provider offers a lot of support for both the exams and the logbook, with monthly catch-ups and an online VLE with learning material for both exams, past papers, videos on important topics and other materials. The logbook is easily laid out into a number of missions, to be completed over the apprenticeship

My qualification is directly linked to my job, which helps develops my mathematics and statistical thinking, and teaches more about finanical markets and different types of loans and annuities. Although it only requires you to complete 2/6 exams for the CAA qualification, Aon offers a route into the IFoA exams once the apprenticeship has been completed.

My work has lots of social activities, whether that be weekly football, professional networking events held all over the country and social events after work. These could be to celebrate promotions, exam passes or just to keep morale high throughout the winter and summer, like BBQs and the annual quiz.

Yes

Aon is a great company to work for. They look after their employees with great benefits, a great development route and provides a clear career path for the years to come. The management are great, with no-ones job to just be a manager, so everyone feels like they are part of the team doing the work they're required to do.

To work within a consultancy role within Aon, you should be confident in your spoken language and technical abilities (for actuarial work). The job may seem very technical, but it also requires a good level of social interaction with clients, as meetings are held throughout the year with many clients. Presentations of results occur frequently, and teamwork and communication is key for all work that we do.