This Masters degree in actuarial science has been developed to produce actuarial science graduates who can clearly demonstrate an understanding of the mathematical models used in actuarial calculations, their computer implementations, and the financial and economic contexts of these calculations.
The programme is an innovative cross-faculty alliance between the Strathclyde Business School and the Faculty of Science.
The course has been designed so that students who have a strong aptitude for mathematics and statistics, but who have not studied these topics in detail in their first degree, can learn the necessary skills to move into the financial industry. So the first semester provides foundation classes in statistics, mathematics, finance and economics that require no previous background in these topics.
This one year programme has been developed to fully prepare students for careers within the actuarial profession and also in banking and finance including risk management, and highly quantitative and data facing roles particularly in the financial services industry. You’ll gain:
As well as actuarial roles, this Master’s degree could also open up opportunities for the following job titles:
The curriculum provides a good balance between finance, economic, and mathematical theory, computer implementations of this theory, and practical skills and knowledge all underpinning actuarial science.
Core classes are undertaken in the first semester, and address themes such as Principles of Finance, and foundation classes in Mathematics, Statistics and Economics. At the optional class stage (Semester 2), you can begin to tailor the programme to suit your own particular areas of interest and are able to choose from a wide range of classes, offered by all four contributing departments.
You may be able to undertake an industrial based MSc project. This takes place in the third semester of the course between June and September. The placement can be based in the UK or in another country and are typically paid internships.
The summer project will involve you working on a topic of relevance to the actuarial profession and this might involve you working directly with one of our industrial collaborators such as KPMG, Tesco Bank, Lloyds, Hymans Robertson, Prudential, Xafinity Consulting and Barnett Waddingham.
The Department of Mathematics & Statistics has teaching rooms which provide you with access to modern teaching equipment and access to University computing laboratories with all necessary software available.
You'll also have access to a common room facility which gives you a modern and flexible area which can be used for individual and group study work and is also a relaxing social space.
Classes are delivered by a number of teaching methods:
Teaching is student-focused, with students encouraged to take responsibility for their own learning and development.
Classes are supported by web-based materials.
The form of assessment varies from class to class. For most classes the assessment involves both coursework and examinations.
A career as an actuary is named one of the safest careers there is by a CareerCast report in 2016.
The increasing accessibility of healthcare and changes to insurance regulation are driving high demand for actuaries and, once qualified, actuaries are able to work anywhere in the world.
Graduates of this course wishing to pursue a career as an actuary will typically work at an insurance company or at a consultancy.
Most graduates enter the profession by joining a company as an actuarial trainee or risk analyst at the same time as studying for professional exams.
This course is in the process of seeking accreditation from the associated professional body the Institute and Faculty of Actuaries (IFoA).
Most trainees begin their careers in the financial services industry, particularly in the traditional employment areas of insurance and pensions.
Actuaries typically work in these areas:
The Government Actuary's Department (GAD) is an independent actuarial consultancy working within government in the Government Actuary’s Department. Graduates wishing to pursue an actuarial career advising public sector organisations in the UK, and internationally, on insurance‐related issues, principally the regulation and supervision of insurance companies, can apply to the Trainee Actuary Programme.
A wide range of career opportunities that require high‐level quantitative skills will be open to graduates of this course, including within the wider financial services.
The MSc in Actuarial Science provides a strong grounding in the mathematics of actuarial science and addresses both the current and future needs of the industry. The programme was recently established and incorporates all mathematical techniques, in particular from the fields of probability and statistics, a modern actuary could not do without. Accredited by the Institute and Faculty of Actuaries, the course will offer exemptions to the following Professions Core Technical exams: CT3, CT4, CT6 and CT8. If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Finance and Risk Management.
There are two teaching semesters of 12 weeks each and approximately 15 weeks of project work. Assessment for the taught part is by exams and coursework.
For more detailed information see the programme website:
The School of Mathematics is the largest in the UK with an outstanding research reputation andfacilities .
Practical support and advice for current students and applicants is available from the Disability Advisory and Support Service. Email: [email protected]
If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Financial and Risk Management.
If you have strong technical ability and an interest in solving business problems, becoming an actuary is one of the most rewarding career choices you can make. The MSc in Actuarial Science will propel you into the profession. It offers you a firm grounding in the fundamentals of actuarial science in insurance, finance and investment. You’ll undertake a detailed study of the mathematical and statistical techniques for measuring the probability and risk of future events and their financial impact on a business and/or their clients.
On this course, you will study statistics, probability, stochastic processes, survival models, economics, finance and investment, insurance, pensions and financial contracts valuation. This broad and varied syllabus is equivalent to the Institute and Faculty of Actuaries’ Core Technical professional examinations (Subjects CT1-CT8), and enables you to gain exemptions from them.
The course is delivered via face-to-face lectures from qualified actuaries, academics and other subject-specialists, complemented by dedicated online support, easy access to faculty members, and advice on study and exam techniques. Lecturers use their commercial experience and research expertise to deliver a challenging, relevant and intellectually stimulating course.
Assessment of modules on the MSc in Actuarial Science, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree students must complete:
During the induction period, which is compulsory, a variety of activities are offered to students, to support them in their learning and professional development. Cass Careers offers workshops with a focus on the key skills that employers are looking for, as well as preparing students for the application process. The annual MSc Careers Fair at this time provides the opportunity to meet more than 60 companies who are recruiting across many sectors including insurance, pensions, finance, energy, and other fields. Furthermore, innovative workshops are run on advanced study skills and obtaining practical insight to actuarial work.
Actuaries are experts in risk management. They mainly work for insurance companies, consultancy firms, banks and investment managers. They work in the areas of:
An actuarial career is a global professional passport. Our graduates from the MSc in Actuarial Science are well prepared to tackle actuarial and risk analyst, consultancy and underwriting roles in leading firms such as EY, PwC, KPMG, Willis Towers Watson, Munich Re, to name a few, that are as challenging as they are rewarding with starting salaries that far outstrip their peers in other industries.
A career as an actuary has been consistenly ranked within the top 10 best jobs for five years running (CareerCast)
The MSc in Actuarial Management serves as a continuation of the MSc in Actuarial Science allowing successful candidates to focus on the application of concepts learned, study the key areas of actuarial practice and choose from the various actuarial specialist subjects and attain further technical knowledge. Students taking that MSc get an opportunity to obtain further exemptions from the later Core Applications and Specialist Technical subjects of the Institute and Faculty of Actuaries.
The Master in Actuarial Science at ISEG - Lisbon School of Economics and Management, was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course materials indispensable for the accreditation of an actuary in the European Union.
The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you the skills to become a successful actuary.
Our Masters in Actuarial Science is one of only a few to be accredited by the UK actuarial profession, the Institute and Faculty of Actuaries. A good performance can lead to exemptions from the professional examinations CT1, CT2, CT3, CT4, CT5, CT6 and CT8. If you have a BSc from ISEG you may have also exemption from CT7.
Our Master is also in the SOA (Society of Actuaries, in North America) UCAP list.
During the fourth semester, you may take a training post in an insurance company.
It is accredited by the Portuguese Agency for Assessment and Accreditation of Higher Education - A3ES.
ISEG Actuarial Science Club is entirely managed by our students. They arrange a series of seminars by industry professionals (most of them alumni from our Masters) and popular social events.
Credits: 120 ECTS
Language : English
Computational Tools for Actuaries
Financial Markets and Investments
Probability and Stochastic Processes
Generalized Linear Models
Survival Models and Life Contingencies
Finance and Financial Reporting
Models in Finance
Ratemaking and Experience Raking
Accredited by the Actuaries Institute, The Master of Actuarial Science is an innovative and immersive program that combines elements of economics, finance, statistics, data analytics and advanced mathematics to develop techniques for the management of risk and business decision making. The Master of Actuarial Science will be taught via smaller classes for personalised attention and unparalleled access to Bond University's Macquarie Trading Room and Bloomberg data-sourcing terminals. The program will develop skills in the challenge of crunching 'big data' numbers to create practical solutions for real world problems. Employment opportunities include working as an investment analyst, portfolio manager, actuarial consultant, insurance actuary, superannuation actuary, risk analyst, big data analyst, liability manager and high level manager. The University has applied for accreditation with the Actuaries Institute. Once this is granted, successful completion of the program at an appropriate level of performance will lead to Part I qualification with the Actuaries Institute.
The Master of Actuarial Science will prepare students for rewarding careers in a range of disciplines, including:
Master of Actuarial Science students must complete the following eleven subjects:
Plus one elective subject.
Students may also choose one of the following opportunities to use your elective subject to have an international experience or an Internship opportunity provided you meet the requirements. Please discuss with the Enrolment and Student Engagement Officer in the Student Business Centre.
The Master of Actuarial Science provides non-actuarial graduates who have mathematical or statistical specialisations (e.g. mathematics, physics or engineering) with the skills required for immediate transition into the actuarial workplace as a trainee actuary.
The Master of Actuarial Science is designed to provide non-actuarial graduates with their initial education in actuarial studies and thus the skills necessary for their immediate transition into the actuarial workplace as a trainee actuary.
Graduates of the Master of Actuarial Science who have performed at a sufficiently high level will be eligible for exemption from all of the subjects comprising Part I of the professional requirements of the Actuaries Institute.
This programme is designed to kick-start your career as an actuary, preparing you to take a leading role in managing risk in financial institutions worldwide. Ranked top job in 2013 (as reported by Wall Street Journal), actuaries are in high demand in light of the need for sound decision making in the ever-changing financial markets. The rewards in terms of job satisfaction and earning potential make this an excellent career choice.
Established in 1972, we were the first UK university to introduce a dedicated programme in Actuarial Science, and have since evolved to become highly renowned as a world-leading centre in actuarial and financial teaching and research.
The programme is fully accredited by the UK Institute and Faculty of Actuaries, offering a valuable opportunity to gain exemptions from the Core Technical (CT1-CT8) examinations. There are 12 courses available which correspond in total to CT1-CT8 of the actuarial professional syllabus. To meet university award requirements you must pass at least 8 of the 12 listed below. To achieve exemption from all of CT1-CT8 you must pass all 12 courses.
Financial Mathematics - CT1
Finance and Financial Reporting - CT2
Economics - CT7
Statistical Methods - CT3
Life Insurance Maths 1 & 2 - CT5
Stochastic Modelling/Survival Models - CT4
Risk Theory/Time Series Analysis - CT6
Financial Economics 1 & 2 - CT8
Our expert staff, many of whom are qualified actuaries, will guide and support you throughout your studies. You will benefit from their extensive business knowledge and research expertise, whilst gaining hands-on experience of solving real-life financial problems through interactive lectures, tutorial sessions and practical coursework. The MSc summer project gives you the opportunity to explore in greater depth the hot topics currently facing business, such as Solvency II and pensions auto enrolment. Our close links to industry through the Scottish Financial Risk Academy also creates the potential for undertaking a summer placement within Edinburgh's thriving financial sector.
We are very proud of our award-winning Students' Actuarial Society which is entirely managed, enthusiastically and professionally, by our students. As well as arranging a series of topical presentations by industry professionals, and popular social events, the Society's highly anticipated Annual Actuarial Conference attracts speakers and attendees from around the world.
If you wish to discuss the MSc Actuarial Science in more detail; course choices, internships, future career possibilities etc. please don't hesitate to contact the Actuarial department on [email protected]
You are a part-qualified actuary or a graduate from a recognised BSc and MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed at least five subjects from the first Core Technical stage of the professional examinations of the Institute and Faculty of Actuaries.
The MSc in Actuarial Management covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Application subjects and Specialist Technical subjects. Taking this course at Cass means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.
You can also gain exemptions from the IFoA’s examinations. In particular, you can gain exemptions in Actuarial Risk Management (Subject CA1), Communications (Subject CA3) and most of the Specialist Technical (or ST) subjects.
All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.
Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
The MSc in Actuarial Management starts with a compulsory induction focused on:
Career pathways for graduates in MSc in Actuarial Management are typically in actuarial roles. The type of employers varies, including consultancies (e.g. Deloitte, Ernst & Young, KPMG, PWC), insurance companies (Aviva, Allianz, Prudential, RSA, PICC), brokers (Guy Carpenter, Willis, AON Benfield), banks (HSBC, Lloyd’s, UBS) and supervisory authorities / central banks (Financial Services Authority, Central Bank of Malaysia).