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:
and either
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.
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.
Actuaries are highly skilled quantitative professionals who are primarily concerned with the identification, quantification, analysis, and management of various types of risk, particularly those with long-term financial consequences. Their expertise is essential to the proper management of life, general, and health insurance companies, pension funds, and investment firms, their skills are very highly regarded and valued throughout the financial services industry, and their opportunities to practise worldwide are strong and growing.
On satisfactory completion of the PgDip, students may elect to continue to the award of Master of Science (MSc) by undertaking an appropriate supervised programme of actuarial science research over a period of three months and submitting a corresponding Dissertation.
The University of Southampton is one of only three universities in England to offer such a professionally approved full-time postgraduate actuarial science programme, and is one of only two such within the Russell Group of elite UK universities.
This postgraduate degree programme provides quantitative graduates with an intensive and coherent programme of specialist education in actuarial science. MSc students also undertake a summer research project in actuarial science or a related discipline.
All of our actuarial science programmes provide students with a professionally recognised education. By doing sufficiently well in corresponding modules, you will kick-start your graduate career with exemption from Subjects CT1-CT8 of the Core Technical professional exams of the Institute and Faculty of Actuaries, which are internationally recognised. On graduation you’ll be well equipped to begin your actuarial career with advanced professional standing, or to follow many other careers that require high-level quantitative skills, including within the wider financial services industry.
This postgraduate degree programme is designed to provide quantitative graduates with the opportunity to undertake an intensive and coherent programme of specialist education in actuarial science, to gain exemptions from certain of the professional examinations of the Faculty and Institute of Actuaries, the UK professional actuarial body, and to thereby enable graduates of the programme to subsequently enter employment as actuarial analysts with advanced professional standing.
View the programme specification document for this course
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]
The Master of Financial and Actuarial Engineering programme provides students with up-to-date, sound and advanced financial, actuarial and statistical skills. It is an intensive, advanced, one-year programme for university graduates interested in a career in risk management, financial and/or actuarial engineering within financial institutions. The discipline focuses on the application of quantitative methods to problems involving risk or uncertainty. You will gain an understanding of current and future problems and solutions in insurance and banking and be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques.
The programme provides advanced insights into the actuarial aspects of life insurance, general insurance and risk theory as well as financial mathematics and the inter-relationship and integration of actuarial sciences and finance. The programme draws on over sixty years of experience and international recognition. The research team for risk theory, finance and statistics has a strong research profile and is ranked among the world top in terms of actuarial research productivity. The programme is jointly offered by the Faculty of Business and Economics and the Faculty of Science at KU Leuven, in collaboration with Université Catholique de Louvain.
The main goal of the programme is to provide the students with an sound knowledge of finance and actuarial science. They develop the capabilities to understand current and future problems and solutions in the actuarial and financial context. They will be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial master at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
At the end of the programme students will:
The programme addresses the rapidly-changing needs resulting from the accelerating globalisation of the banking and insurance sector. As such, it provides a sound basis for a career in various areas of risk management, financial and actuarial engineering and insurance. Most graduates find employment in insurance companies, whose financial stability depends on actuarial calculations (e.g. premiums, provisions, capital requirements, reinsurance policy).
As an expert in the field of risk and uncertainty, you can also play an important role in banking and finance. The increasing convergence between the insurance and financial markets as well as the use of mathematically based instruments, such as options and futures, offers excellent career prospects. Graduates are well placed to find employment in banks, pension funds, reinsurance companies, consulting and audit companies.
Some graduates go to work in government, for instance in social security or economic affairs departments. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial Master's programme at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE).
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).
Actuaries evaluate and manage financial risk. They apply advanced mathematical and statistical techniques to solve financial problems, assess the likelihood of a particular event and the possible financial costs. The role of the actuary is increasingly important in the current economic climate, where volatile markets are contributing to financial uncertainty.
Our MSc Actuarial Finance will introduce you to essential business topics and enable you to apply your quantitative skills to solve complex business problems, such as risk management, insurance and derivatives. You’ll gain comprehensive knowledge in business areas such as accountancy, corporate finance and economics, as well as key analytical techniques, processes and models that have significant applications in actuarial finance.
The Business School has strong links with the actuarial profession and the insurance and pensions industry, giving you the opportunity to interact with practising actuaries and industry experts.
Academic excellence
This course is delivered in partnership with the University’s School of Mathematics. You’ll learn from leading academics based in both schools, giving you access to world-class expertise in both areas.
As a student, you will be able to access the knowledge of our advanced specialist research units, which also have strong links with leading institutions in the US, Europe and Asia. These include the Centre for Advanced Study in Finance (CASIF), the Institute of Banking and Investment (IBI) and the Credit Management Research Centre (CMRC).
You will also benefit from our strong relationships with the actuarial profession. This provides a connection to the latest developments in the industry and gives you a masters degree that is relevant to the contemporary environment.
You’ll take compulsory modules in corporate finance and economics allowing you to put your work into context and understand the importance of the role played by actuaries. At the same time, you’ll build your mathematical skills with classes in applied statistics and probability, as well as discrete time finance.
Building on this, you’ll study continuous time finance and gain an understanding of how different stochastic processes and survival models are applied to actuarial science. This will compliment your studies in topics such as accounting, professionalism and ethics, international investment and portfolio risk management.
Throughout the year you’ll build your professional skills with a core module focussing on critical practical skills that will prepare you for the workplace. At the end of the course, you’ll bring together your business, mathematical and professional knowledge to complete an independent project on a topic of your choice, which will demonstrate your ability to apply the skills you’ve gained.
Compulsory modules
For more information on typical modules, read Actuarial Finance MSc in the course catalogue
Our tutors come from highly respected professional and academic backgrounds. We use a range of teaching methods so you can benefit from their expertise including lectures, workshops, seminars, computer simulations and tutorials.
In addition to the assessed modules and research dissertation, you benefit from professional training activities and employability workshops.
Independent study is also an important part of the course, allowing you to prepare for taught classes and sharpen your own research and critical thinking skills.
Assessment methods emphasise not just knowledge, but essential skills development too. They include formal exams, group projects, reports, computer simulation exercises, essays and written assignments, presentations and reflective logs. This diversity enables you to develop a broad range of skills as preparation for professional life.
As a graduate of this course you will be able to demonstrate in-depth knowledge of core actuarial principles, and the numerical and analytical skills to succeed in this rapidly changing complex environment.
Graduates have entered successful careers in insurance, pensions, accountancy, risk management and consultancy. Job prospects are wide ranging and include careers as accountants, consultants, scheme and insurance actuaries, and employment in investment banking and risk management.
As a result of the high level of quantitative skills developed, you also gain an excellent grounding for PhD study in accounting, finance and economics.
We help you to achieve your career ambitions by providing professional development support and training as part of the Masters programme. You benefit from the support of a Professional Development Tutor, who will work with you to develop the important professional skills that employers value.
We’re committed to offering a wide range of development and training opportunities. Recent activities have included CV building and interview sessions, professional risk management workshops and commercial awareness networking events.
Read more about our careers and professional development support.
The University of Leeds Careers Centre also provides a range of help and advice to help you plan your career and make well-informed decisions along the way, even after you graduate.
