Actuarial Professional Training Scheme

Actuaries are problem solvers and strategic thinkers, who use their mathematical and statistical skills to assess and manage the risk of future events. Since actuaries provide ctirical insights about the future of businesses, they play a significant role in the financial industry. Organisations are increasingly dependent on the work of actuaries to help them make informed financial decisions.

Actuaries are often associated with traditional fields, such as insurance, pensions and investments. As part of their work, actuaries may be involved in calculating insurance reserves, premiums, designing pension plans, and managing financial assets and liabilities.

The rise of artificial intelligence and data science are challenging actuaries to think differently and are creating new opportunities that previously never existed. Actuaries are now involved in many emerging fields such as data science, banking and finance, health, cyber security and climate change.

“Actuaries are creative, curious and adaptable and it’s this learning mindset that helps them succeed in the digital age.”

Actuarial Openings  Graduate Actuarial Openings

What you need to know

PwC offers a generous study plan in order to equip you with the technical knowledge, work experience, professional skills and attitudes necessary to complete a professional qualification with the Institute and Faculty of Actuaries (IFoA) or any other accredited Institute.

Benefits

We will sponsor your journey of becoming either an Associate of the Institute of Actuaries (AIA) and/or Fellow of the Institute of Actuaries (FIA). Equivalent qualification routes from internationally recognised actuarial associations will also be sponsored.

As part of your training contract, in addition to covered subscription, examination and study material fees, you will get:

  • Paid study leave
  • Unpaid study leave, upon approval

You will also enjoy benefits such as:

  • FlexMenu (such as FlexDay, FlexWeek, FlexPlace and many more)
  • Medical Insurance (optional)
  • Life Insurance
  • Provident Fund
  • Friday afternoon off
  • Dress for the Occasion
  • Free parking

When to apply

The online application process commences in June each year. It is highly recommended that candidates apply one year before graduation as this scheme is very competitive.

Each year, the Employment and Training Agreement commences in September.

AIA membership

In order to obtain the AIA membership, you must successfully complete the following:

  • 10 Professional Examinations (as described below), either by examination or exemption:1
    - 7 Core Principles subjects
    - 3 Core Practices subjects

  • 2 years of Personal and Professional Development (PPD)
  • Professional Skills Stage 1 & 2

FIA membership

In order to obtain the FIA membership, you must successfully complete the following:

  • 13 Professional Examinations (as described below), either by examination or exemption:
    - 7 Core Principles subjects
    - 3 Core Practices subjects
    - 2 Specialist Principles (SP) subjects
    - 1 Specialist Advanced (SA) subject

  •  3 years of Personal and Professional Development (PPD)
  • Professional Skills Stage 1 & 2

Professional Examinations

The following subjects need to be completed in order to become an Associate or Fellow:

Core Principles

  • CS1 Actuarial Statistics 1
  • CS2 Actuarial Statistics 2
  • CM1 Actuarial Mathematics 1
  •  CM2 Actuarial Mathematics 2
  • CB1 Business Finance
  • CB2 Business Economics
  • CB3 Business Management

Core Practices

  • CP1 Actuarial Practice
  • CP2 Modelling Practice
  • CP3 Communication Practice

The following subjects need to be completed in order to become a Fellow:

Choose 2 of the below SP subjects:

  • SP1 Health and Care
  • SP2 Life Insurance
  • SP4 Pensions and Other Benefits
  • SP4 Investment and Finance
  • SP6 Financial Derivatives
  • SP7 General Insurance Reserving and Capital Modelling
  • SP8 General Insurance Pricing
  • SP9 Enterprise Risk Management

Choose 1 of the below SA subjects:

  • SA1 Health and Care
  • SA2 Life Insurance
  • SA3 General Insurance
  • SA4 Pensions and Other Benefits
  • SA7 Investment and Finance Advanced

For more information regarding the AIA and FIA qualifications, please visit the IFoA website.

Actuarial Openings Graduate Actuarial Openings