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    Department of Mathematics and Statistics Logo
  • Study Type

    Full time available

  • Subject Areas

    Finance

  • Start Date

    September

  • Course Duration

    MSc 12 months full-time, PgDip 9 months full-time, PgCert 6 months full-time

  • Course Type

    MSc, PgDip, PgCert

  • Course Fees

    website

Why this course?

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:

  • a good understanding of actuarial theory and analysis
  • an appreciation of the nature and functioning of financial markets and institutions
  • a practical understanding of numerical methods in actuarial science
  • a good understanding of the relevant economic theory

As well as actuarial roles, this Master’s degree could also open up opportunities for the following job titles:

  • Risk Manager
  • Financial Analyst
  • Financial Engineer
  • Quantitative Strategist
  • Quantitative Research Analyst
  • Quantitative Equity Analyst
  • Statistical Arbitrage Portfolio Manager
  • Financial Systems Developer

What you’ll study

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.

Work placement

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.

Major projects

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.

Facilities

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.

Learning & teaching

Classes are delivered by a number of teaching methods:

  • lectures (using a variety of media including electronic presentations and computer demonstrations)
  • tutorials
  • computer laboratories
  • coursework
  • projects.

Teaching is student-focused, with students encouraged to take responsibility for their own learning and development.

Classes are supported by web-based materials.

Assessment

The form of assessment varies from class to class. For most classes the assessment involves both coursework and examinations.

Careers

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:

  • banking
  • corporate finance
  • investment management
  • life, healthcare and general insurance
  • pensions

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.


Visit the Actuarial Science MSc page on the University of Strathclyde website for more details!

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