Actuarial Internship - Edinburgh

Lloyds Banking Group; City of Edinburgh; Hybrid; GBP 17,000 - 22,000; Full time

Job summary

Lloyds Banking Group invites penultimate-year students to join their Actuarial Internship Scheme in Bristol or Edinburgh for an 8-week summer. You’ll work on real projects that illuminate modern actuarial practice, gaining hands-on experience with pricing, reserving, and risk modelling tools under experienced actuaries.

You’ll develop commercial awareness and the ability to explain complex analyses to stakeholders, while benefiting from study support toward IFoA qualifications.

Qualifications

• Be in your penultimate year at university.
• Strong maths, problem solving, and communication skills are expected.
• Interest in actuarial work and ability to explain complex ideas clearly.

Responsibilities

• Work on pricing techniques to estimate premiums for insurance, pensions and investments.
• Assist with reserving and capital calculations for future claims.
• Analyse data and use judgement to set reasonable assumptions for models.
• Build and test models using Excel, VBA, Python, R, Prophet or Power BI.
• Design and develop actuarial models and software to forecast risk outcomes.
• Turn complex data into clear, actionable insights for stakeholders.
• Contribute to investment strategy considerations within regulatory guidelines.

Skills

Maths

Problem solving

Attention to detail

Communication

Education

Penultimate year student

Tools

Excel

VBA

Python

R

Prophet

Power BI

Job description

Your First Step into a High-Impact Career

Think you can spot patterns in complex problems? Actuaries do it for a living. Using mathematics, statistics, and commercial thinking to analyse risk, predict its financial impact, and help organisations make smarter decisions.

They forecast future events -from how long people might live, to how often accidents could happen, to how financial markets might behave - and turn those predictions into strategies that ensure the financial promises we make today can still be kept tomorrow.

For 8 weeks this summer, you could join them. You'll work on real projects that give you insight into one of the UK’s largest actuarial teams, get hands-on with powerful tools, and learn from some of the UK’s most experienced actuaries. All while seeing how our insights guide strategic investment, manage risk, and support the long-term financial health of the Group.

What you could be working on

• Using pricing techniques to calculate premiums for insurance, pensions and investment products.
• Calculating the reserves and capital we need to cover future claims.
• Analysing experience and using judgement to set assumptions for actuarial models.
• Building and testing models using Excel, VBA, Python, R, Prophet or Power BI.
• Designing and developing actuarial models and software to forecast risk outcomes.
• Turning complex data into clear stories stakeholders can actually use.
• Helping to shape investment strategies that meet regulatory requirements and balance opportunity and risk.

What makes it different

This isn’t about sitting in the corner crunching numbers no one sees. You’ll be part of a modernising actuarial function — embracing automation, agile methods, and insight-driven decision-making. You’ll join meetings where decisions are made and see why actuaries need not just technical and analytical skill, but also commercial awareness and strong communication.

Who we’re looking for

• You don’t need to be an actuarial expert yet, we’ll help to get you there.
• You’ll enjoy maths and problem-solving, have a sharp eye for detail, and enjoy spotting patterns in numbers.
• You’ll be curious, open-minded, resilient, and ready to take on the challenge of complex, maths-based work.
• Because actuarial work is about influencing decisions, you’ll need to be just as comfortable explaining your thinking as you are doing the analysis.

Why it’s worth your summer

• Challenging work that keeps you engaged and builds rare, in-demand skills.
• A front-row seat in one of the UK’s largest actuarial teams.
• Competitive starting salary potential and a career path where many progress to Manager or Senior Manager roles.
• Skills and experience that could help you secure a graduate role.
• A taste of working towards the Fellowship of the Institute and Faculty of Actuaries (IFoA). With the study support to get there.
• The chance to see how numbers, strategy, and technology come together to help millions of customers plan for the future.

If you’re naturally inquisitive, like turning complexity into clarity, and want to see how maths can change lives, this could be the summer that changes yours.

Requirements

What you need

• Be in your penultimate year at university.
• While we do not require a set projected minimum degree achievement, we strongly recommend the ability to be able to demonstrate sound knowledge, understanding and technical skills aligned to the role. Some aspects of this, alongside behaviours and values, will be assessed through the application process.

Locations

This scheme operates in Bristol and Edinburgh. You will be in that location for the duration of your scheme. We support hybrid working with at least two days a week in the office

Opening and Closing Date

Applications for our Actuarial Internship Scheme opens on 3rd November and closes on 31st January.

Our application process is designed to help you shine. We want everyone to feel they belong and can be their best, regardless of background, identity, or culture.