After the two year Graduate program there is opportunity to move into a permanent role one or two levels up, depending on your performance and capabilities. It is almost fully guaranteed you will end up in a role after the program as the company invests in a 5 year budget plan for graduates. The only slight concern is not being put into an area of first preference (depending on the business needs). You will need to provide a backup 2nd option at the end of your grad program. But so far all previous grads have been able to move into a role they like and of their choice.
My experience has been that if you perform well you will be rewarded.
for graduates they focus lots on career prospects and where to next
Promotion does require development of better actuarial skill and knowledge, however it is also heavily dependent on finishing the exams to obtain a Fellowship of the Actuaries Institute (FIAA). To progress to a manager level or higher, you are required to have this qualification.