Actuarial Study Package

As an actuarial trainee, you will be working and studying for the actuarial professional examinations under the Faculty or Institute of Actuaries.

Actuarial graduate schemes normally include a competitive study package to support you for your examinations till you qualify as an actuary. A typical study package include:

(1) Study Days
Up to 40 days per year. The number of study days allowed for each exam will differ. A common practice is to allocate a certain number of days for each first sitting, with an additional allowance that was half the original if a resit was required. An approximate average for such an arrangement might see initial credits of nine days for a CT (Core Technical), 26 for CA1 (Core Applications 1), 13 for an ST (Specialist Technical), and 18 for an SA (Specialist Applications).

(2) Exam Fees
For each paper, companies normally pay for your first sitting. If you fail the exam and are doing a resit, some companies will pay for the resit, some will refund a successful resit while others do not pay for resits.

(3) Study Material
In terms of the allowance for study materials, a CMP (Combined Materials Pack) and ASET (Actuarial Solutions with Exam Technique) are generally provided. Many employers also cover both tutorials and marking.

In terms of rewards for each successful sitting, generally companies offer salary increases of around £500 for a CT pass, £1,500 to £2,000 for CA1, £1100 for a ST pass, and perhaps £1500 for the SA. However, a sizeable proportion of companies are considerably more generous – usually offering double these amounts, often with additional bonuses for a first-time pass or completing a series.

PLEASE HELP OTHERS BY EXPANDING THE ACTUARIAL STUDY PACKAGE OF MAJOR ACTUARIAL EMPLOYERS !!