MSc in Actuarial Management

On our MSc in Actuarial Management, you will learn the technical skills and problem-solving techniques for a successful and rewarding career as an actuary, in the fields of life and non-life insurance, health and care, pensions, finance and investment.

We have many qualified actuaries on our teaching staff with commercial experience and academics who maintain close links with the industry with many having worked, or still working, in their specialist sectors.

In the past 12 months, students in our Actuarial Management course have benefited from sessions with the IFoA as well as actuarial industry panels and alumni events which provide insights into possible career paths. Sector Overviews, covering areas like insurance and consultancy, offered further industry exploration. Students also had opportunities to network with professionals through actuarial alumni networks such as the Indian Actuarial Network (IAN), various corporate events, and our annual careers fair.

Recent graduates have secured positions such as:

• Risk Modelling Consultant
• Actuarial Developer
• Pricing Analyst
• Senior Actuarial Associate
• Product and Pricing Analyst
• Portfolio Analyst
• Actuarial Valuation Assistant

Dedicated to your success

From the moment you accept your offer, you'll have access to our dedicated Postgraduate Careers Service, tailored to support your career journey. Our Career Accelerator module, launched over the summer, provides early access to valuable resources, employer insights, and career planning tools to prepare you for the job market.

Our expert Postgraduate Careers Team, made up of experienced recruiters and career coaches offers personalised one-to-one guidance, covering everything from networking and CV building to job offer management and mock interviews.

Whether you’re pursuing a new career path, seeking an entry-level role, or launching your own business, you'll receive support to develop the skills and knowledge needed to succeed.

You'll also benefit from exclusive events such as Careers Fairs, panel discussions, and networking opportunities with industry professionals and alumni, helping you explore career options and make valuable connections.

Workshops led by our Careers Team and industry experts cover essential professional skills, including presentation techniques, personal branding, and assessment centre success, ensuring you stand out in the job market.

Additionally, Bayes Careers Online (BCO) offers career planning tools, guidance leaflets, access to job postings directly from employers and key career events, helping you stay on track with your career goals.

On the MSc Actuarial Science, you will:

• Demonstrate knowledge and understanding of the main areas of actuarial practice
• Develop awareness of the general commercial environment
• Apply actuarial, statistical, and related methods to assess and manage risk effectively
• Communicate effectively with non-specialists in the area
• Display the professional integrity, conduct and responsibility required by the actuarial profession.

Course objectives

The MSc in Actuarial Management covers material related to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practice subjects and Specialist Principle subjects.

You can gain exemptions from the Institute and Faculty of Actuaries examinations, including Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2), Communications Practice (Subject CP3) and the Specialist Principle Subjects SP1, SP2, SP4, SP5, SP6, SP7 and SP8.

Possibilities for exemptions from the Core Principle Subjects CB1, CB2, CS2 are CM2 are also offered. Finally, you will be offered a collection of Business Analytics modules to select from as electives in the third term.

You will be taught and receive advice on study and exam techniques by qualified actuaries, academics and other subject specialists with commercial experience and research expertise.

Programme content is subject to change. We regularly review our module offering and amend it to keep up-to-date and relevant.

Part-time students

You must complete all compulsory modules in the first year. You may spread the elective modules over the first and second years. For consistency with full-time students, any optional modules attempted in the first year must be completed in it and cannot be re-attempted in the second year. If chosen, the General Research Project must be completed in the second year.

Induction weeks

All MSc courses start with two compulsory induction weeks which include relevant refresher courses, pre-study programming modules, an introduction to the careers services and the annual careers fair.

Pre-Study Modules

• Introduction to R Programming
• Introduction to Python Programming

Both programming modules are highly recommended for all students on the programme. You are encouraged to undertake these modules so that you can get the most out of your degree.

Term 1

Compulsory Modules

• Actuarial Practice (CP1) - Part I
• Actuarial Practice (CP1) - Part II

Elective modules

• Life Insurance (SP2)
• Pensions and Other Benefits (SP4)
• General Insurance: Reserving and Capital Modelling (SP7)
• Finance and Financial Reporting (CB1)
• Business Economics (CB2)
• Enterprise Risk Management (non-exemption module)

Core Principles CB1 and CB2 are offered subject to availability as they are hosted by the MSc in Actuarial Science and students on that programme will be given priority. Similarly, the Enterprise Risk Management module is prioritised for students on MSc in Insurance and Risk Management/MSc in Corporate Risk Management.

Students with a prior exemption from CP1 may also be exempted from Bayes CP1 – Parts I, II, and III, subject to the provision of evidence of the prior exemption. However, they will be required to replace these with certain modules in term 1 or 2 in accordance with the Course Director’s instructions.

Term 2

Compulsory Modules

Actuarial Practice (CP1) – Part III

Elective modules

• Health and Care (SP1)
• Finance and Investment A (SP5)
• Finance and Investment B (SP6)
• General Insurance: Pricing (SP8)
• Financial Economics (CM2)
• Insurance Risk Modelling (CS2)
• Financial Risk (non-exemption module)

Core Principles CM2 and CS2 are offered subject to availability as they are hosted by the MSc in Actuarial Science and students on that programme will be given priority. Similarly, the Financial Risk module is prioritised for students on MSc in Insurance and Risk Management/MSc in Corporate Risk Management.

Students with a prior exemption from CP1 may also be exempted from Bayes CP1 – Parts I, II, and III, subject to the provision of evidence of the prior exemption. However, they will be required to replace these with certain modules in term 1 or 2 in accordance with the Course Director’s instructions.

Term 3

To complete the MSc in Actuarial Management, you have several options in your third term:

• Five electives plus Career Management Skills and Research Methods module
• Three electives plus a General Research project
• Modelling Practice (CP2), Professional Communication (CP3), two short electives plus the Career Management Skills and Research Methods module
• Modelling Practice (CP2), Professional Communication (CP3) and a General Research Project.

Subject to availability, you can also choose projects designed by our industry partners, including, for example, the Bank of England, Government Actuary’s Department and Guy Carpenter. Most of these projects are directly supervised by the industry partner representatives together with our academic staff.

Over the years, several students taking research projects with us have been recipients of the prestigious SCOR award.

• General Research Project
• career Management Skills and Research Methods
• Modelling Practice (CP2)
• Professional Communication (CP3)

Short electives offered in 2024

The short electives will give you a breadth of subject matter in actuarial science, insurance, business analytics, and areas of finance and investment.

• Applied Machine Learning
• Applied Natural Language Processing
• Data Management Systems
• Emerging Global Risks
• Financial Groups: The Future of Finance (jointly with USS)
• Topics in Quantitative Risk Management
• Ethics, Society and the Finance Sector
• Financial Crime
• Valuation of Financial Institutions
• Advanced Predictive Analytics.

International electives

• FinTech (taught in Italy)
• International Real Estate Markets (Dubai).

Please note that electives are subject to change and availability.