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Actuarial Management


Course Description

Overview

Entry to the actuarial profession is by a demanding series of examinations, but the rewards after qualifying are great. The Institute and Faculty of Actuaries in the UK has four levels of examinations to qualify. The first level, the Core Technical (CT) subjects, are taught in our BSc or MSc in Actuarial Science and lead to exemptions from CT1 to CT8.

Leading on from this, our established and successful MSc in Actuarial Management (See http://www.postgraduate.hw.ac.uk/prog/msc-actuarial-management/ ) covers the more advanced actuarial subjects and offers exemptions from the syllabuses of the Core Application subjects CA1 and CA3 and Specialist Technical subjects ST2, ST4, ST5, ST6 and ST9.

Students will typically study CA1, CA3 and up to three ST subjects (two ST subjects are needed to satisfy the profession's requirements).

Taking our MSc in Actuarial Management is a great way to speed your progress to this most prestigious of careers - it's designed to take you almost all of the way to qualification. A student who graduates with a full set of exemptions from Heriot-Watt (CT, CA and ST subjects) will only have three more examinations to pass, as well as gaining the necessary work experience, to qualify as a Fellow of the Institute and Faculty of Actuaries.

Programme duration

The PG Diploma comprises the taught coursework component leading to exemptions from CA1 and the ST professional subjects and takes 9 months to complete. Successful students can then progress to the project work in the summer. This takes the form of industry-relevant case studies, assessed by written reports, which leads to the award of an MSc and exemption from the Subject CA3. In exceptional cases a student may be allowed to write a research dissertation.

The programme is also available to be studied on a part-time basis, over a maximum of 4 years.

Teaching Excellence and Student Satisfaction

30% of our teaching staff are qualified actuaries, the others are leading Mathematicians, Financial Mathematicians and Statisticians, who are nationally and internationally recognised for their research. This expertise ensures that what we teach you is current, applicable to the real workplace and current economy. Our National Student Survey results are consistently high for overall student satisfaction.

Results from the National Student Survey for 2011 reveal that 88% of our Mathematics and Statistics (including Actuarial Science) graduates are employed with a graduate position and/or undertaking further study. Our graduates go on to work for companies such as Swiss Re, Standard Life, Towers Watson, Lloyds Banking Group, Barclays Capital, Scottish Widows, Ernst & Young and many more. Graduates are employed locally in Edinburgh, London and throughout the world.

Student Actuarial Society

Heriot-Watt has a very active Students' Actuarial Society (See http://hwsas.com/ ) which won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by our students.

Professional recognition

The programme is fully accredited by the Institute and Faculty of Actuaries.

Programme content

In the taught element of the programme each student takes eight semester-long courses. These are linked in pairs, one per semester. One pair of courses – covering Actuarial Risk Management – is compulsory and corresponds to subject CA1. It applies the principles of actuarial mathematics to a wide range of financial and insurance settings. Students choose a minimum of two pairs of courses from a list including Life Office Management (subject ST2), Pensions (subject ST4), Investment and Finance (subject ST5), Derivatives (subject ST6) and Enterprise Risk Management (subject ST9).

The choice of courses may depend on the coverage of actuarial subjects in the student’s first degree. Depending on individual circumstances, other optional courses may be made available, for example courses from the MSc in Actuarial Science or in other disciplines. However, students choosing to take three pairs of courses, potentially leading to exemptions from three ST subjects, will have an exceptionally broad range of employment opportunities.

Students may graduate with the Postgraduate Diploma at the end of the 2nd semester, after completing the taught coursework component leading to exemptions form CA1 and the ST professional subjects. Successful students can then progress to the project work in the summer. This takes the form of industry-relevant case studies, assessed by written reports, which leads to the award of an MSc and exemption from the Subject CA3. In exceptional cases a student may be allowed to write a research dissertation.The dissertation is an extended research project, with regular supervision, undertaken in the summer. The diploma takes 9 months and the MSc takes 1 year full time and part time options are available.

For more detailed course descriptions, please visit the current student website http://www.ma.hw.ac.uk/ams/teach/courses1314/index.php

English language requirements

If your first language is not English, or your first degree was not taught in English, we’ll need to see evidence of your English language ability. The minimum requirement for English language is IELTS 6.5 or equivalent. We offer a range of English language courses (See http://www.hw.ac.uk/study/english.htm ) to help you meet the English language requirement prior to starting your masters programme:
- 14 weeks English (for IELTS of 5.5 with no more than one skill at 4.5);
- 10 weeks English (for IELTS of 5.5 with minimum of 5.0 in all skills);
- 6 weeks English (for IELTS 5.5 with minimum of 5.5 in reading & writing and minimum of 5.0 in speaking & listening)

Find information on Fees and Scholarships here http://www.postgraduate.hw.ac.uk/prog/msc-actuarial-management/

Find videos of students and graduates from the department here http://www.youtube.com/user/HWActuarial?blend=3&ob=5#p/a

Visit the Actuarial Management page on the Heriot-Watt University website for more details!

Student Profiles
(Scholarship)

School of Mathematical and Computer Sciences Early BIrd Scholarship - No. of awards TBC

The School of Mathematical and Computer Sciences are offering a 10% scholarship to all applicants who accept their offer (conditional or unconditiona), before 31st March 2014. The award will be given as a tuition fee discount and applied directly to your tuition fee account after enrolment.

Value of Scholarship(s)

10% discount on the tuition fee cost of your programme

Eligibility

Early Bird scholarships will be awarded to all self-funding applicants who accept their place on a taught MSc programme in the Department of Actuarial Mathematics and Statistics or the Department of Mathematics before 31st March 2014.

Application Procedure

Please return your Reply to Offer form before 31st March 2014 to indicate your acceptance of our offer and you will automatically qualify for the scholarship.

Further Information

http://www.hw.ac.uk/student-life/scholarships/a-z/3416_393735.htm


(Scholarship)

MACS Postgraduate Scholarships - No. of awards TBC

Colin Maclaurin Scholarship – some scholarships of £3,500 will be awarded to outstanding applicants to our MSc in Actuarial Science and MSc in Actuarial Management. Jacob Bernoulli Scholarship – 4 scholarships of either a 10% or 15% discount on the tuition fee cost will be awarded to outstanding applicants to our MSc in Quantitative Financial Risk Management. Thomas Gresham Scholarship – significant scholarships will be awarded to outstanding applicants to our MSc in Quantitative Financial Engineering. There is no need to apply – these will be awarded on the basis of outstanding academic merit. Mathematics Scholarship – 3 scholarships of £3,000 will be awarded to outstanding overseas applicants to any of our Mathematics MSc programmes. 1 scholarship of £1,000 will be awarded to an outstanding Home/EU applicant to any of our Mathematics MSc programmes.

Value of Scholarship(s)

Variable

Eligibility

Home, EU and Overseas applicants are all eligible to apply for any of the following scholarships. These will be awarded based on outstanding academic merit and financial circumstance.

Application Procedure

Please apply using our online scholarship application form and include information about your academic achievements, motivation for study and financial circumstance. Applications must be submitted before 31st March 2014 and supported by an academic reference - this should be sent directly from the referee by email to [email protected]

Further Information

http://www.hw.ac.uk/student-life/scholarships/a-z/3416_323136.htm



Entry Requirements

Entry requires a strong Bachelors or Masters degree with a substantial actuarial content and covering a sufficient number of the Core Technical subjects CT1 to CT8 of the professional actuarial examinations. A willingness to work hard and a drive to succeed are also important prerequisites. If you have not already passed most or all of the Core Technical subjects (CT1 to CT8) then please refer to our MSc in Actuarial Science.

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