MSc in Insurance and Risk Management
London, United Kingdom
DURATION
12 up to 24 Months
LANGUAGES
English
PACE
Full time, Part time
APPLICATION DEADLINE
Request application deadline *
EARLIEST START DATE
Sep 2025
TUITION FEES
GBP 27,300 **
STUDY FORMAT
On-Campus
* rolling applications
** for full-time international students | full-time UK/Home students: GBP 15,800 | part-time international students: GBP 13,700 per year | part-time UK/Home students: GBP 7,900 per year
Key Summary
Introduction
You’ll benefit from our MSc in Insurance and Risk Management if you’re looking to develop a career in the fast-growing sector of insurance and insurtech, or you already work in this field and want to enhance your knowledge, your contacts, and your career potential.
You relish the challenge of learning in a fast-paced, hands-on programme, created and taught by leading academics and practitioners.
You’ll be based within a stone’s throw of Lloyds of London (which you will have the opportunity to visit) - giving your studies a uniquely practical and strategic orientation that can be implemented anywhere.
You’ll have the equivalent of a UK upper second-class degree, preferably with some previous studies in business or finance. You may already have taken some Chartered Insurance Institute (CII) Advanced Diploma or Institute of Risk Management exams.
Why choose this course?
- Multiple full-fee scholarships available from the Worshipful Company of Insurers and Lockton LLP
- Discover opportunities for industry-based research projects with company partnerships from the insurance industry
- Join a diverse international cohort with a strong sense of community between the teaching team and student body
- Tailor your course to your career and industry aspirations with a choice of options in the third term, including a supervised research project plus elective modules, or electives only
- Join our AIR-Q society (Actuarial, Insurance, Risk & Quants) student society for exclusive access to company careers sessions and corporate risk thought leader events.
Accreditation details
Successfully obtaining the MSc in Insurance and Risk Management provides students with full exemption from the prestigious Institute of Risk Management (IRM) International Diploma in Risk Management. This is further enhanced with multiple and wide-ranging exemptions from the globally recognised Chartered Insurance Institute (CII). This recognition of prior learning from the IRM and CII is industry-leading within UK higher education and are important indicator of the industry interface that this programme prides itself on.
CII
The Chartered Insurance Institute is a professional body dedicated to building public trust in the insurance and financial planning profession. CII qualifications are universally recognised as evidence of knowledge and technical expertise.
Students successfully completing the MSc Insurance and Risk Management will be awarded exemptions of up to 210 credits of CII modules.
Core MSc IRM Exemptions
Exemption from CII unit (992) Risk management in insurance (30 Advanced Diploma-level credits towards CII insurance qualifications) for passing all the following Bayes MSc IRM modules SMM356, SMM352, SMM359, SMM089. And 30 Advanced Diploma-level non-unit specific credits towards CII insurance qualifications.
*Exemption dependent on students passing certain modules, full details on the CII website
Optional MSc IRM Exemptions (dependent on Student choices for Term 3)
An exemption from CII unit (994) Insurance market specialisation or (991) London Market insurance specialisation (50 Advanced Diploma-level credits towards CII insurance qualifications) for passing the General Research Project
*Exemption dependent on students passing certain modules, full details on the CII website
Recognition of prior learning towards CII personal finance qualifications
- 30 Advanced Diploma-level non-unit-specific credits. This set of non-unit-specific credits recognises the degree’s risk management content matches CII personal finance qualifications.
N.B. The maximum prior learning award for qualifications from one awarding body is currently 210 credits.
Full details of the CII prior learning standards are on the CII website in the CII recognition of prior learning scheme rules and recognition of prior learning awarding bodies guide.
IRM
The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management (ERM). They provide globally recognised qualifications and training, all of which are underpinned by their professional standards, defining the requirements risk managers need to meet. By these means, they help organisations and individuals build excellence in risk management so that they protect value and take advantage of opportunities.
Students successfully completing the MSc Insurance and Risk Management will be awarded full exemption from the IRM International Diploma in Risk Management. For 30 years, the IRM's International Diploma in Risk Management has been the global choice of qualification for risk professionals and their employers - the gold standard qualification. MSc Insurance and Risk Management graduates can apply for ‘Graduate’ membership of the IRM and use the post-nominal letters GradIRM.
Validation
The quality of Bayes courses generally is recognised through our ‘Triple Crown’ accreditation by AMBA, AACSB and EQUIS
Bayes has been designated by the International Insurance Society (IIS) as a Global Centre of Insurance Excellence (GCIE). The IIS certification programme recognises outstanding risk management and insurance programmes that play a key role in promoting insurance knowledge and research.
Duration
There are three ways of taking our MSc Insurance and Risk Management programme.
- A one-year full-time course
- A two-year part-time course*
- An exempt route (‘fast track’) course for CII Advanced Diploma holders (8 months full-time or 20 months part-time*)
Career Opportunities
Your Master’s in Insurance and Risk Management equips you with the skills and knowledge required for a successful and fulfilling career in the field of insurance and risk management.
You’ll be following previous graduates who now have flourishing careers around the globe, in major insurance companies, international insurance broking firms, investment and retail banks, risk management for major corporations and many other fields. Your first role could be as an underwriter, data analyst, loss adjuster, management associate or broker.
Over the last 12 months, our Insurance and Risk Management students had the opportunity to attend sessions such as insurance alumni panels designed to give students an overview of the typical career routes that our alumni have taken.
There have also been opportunities to gain a better understanding of different industry sectors through sessions such as the Insurance Sector and Consulting Sector Overviews. Students also get a range of opportunities to engage with industry professionals through our annual careers fair and corporate events.
Recent graduates have secured positions such as:
- Underwriting Trainee
- Risk Consultant
- Credit Analyst
- Supervision Officer
- Business Manager
- Senior Broker
- Business Intelligence Analyst
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.
Program Outcome
In each case, you will:
- Gain the ability to analyse, interpret and understand issues related to insurance application
- Effectively assist and contribute to risk management problems within modern financial markets or institutions
- Be able to seek senior positions in the insurance, finance and financial risk management arena or proceed to further postgraduate studies.
Course objectives
The MSc in Insurance and Risk Management provides you with the ability to acquire in-depth practical knowledge of the theoretical foundations that underpin modern insurance, which is of vital importance to the stability of any functioning society. This can be due to insurance companies being large investors in financial markets; the growing links between insurers and banks; or because insurers are safeguarding the financial stability of households and corporations by insuring their risks.
The MSc Insurance and Risk Management addresses these key contributions of the global insurance industry from the position of the insurers and the insureds, providing insights that allow you to decide what side of the dynamic insurance relationship you would like to focus your career pathway on.
Admissions
Curriculum
Programme content is subject to change. We regularly review our module offering and amend it to keep up-to-date and relevant.
Induction weeks
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.
Part-time programme
The part-time Insurance and Risk Management course runs over two academic years, although attendance patterns partly depend on which term 3 pathway is chosen.
Current employment or experience in the industry is preferred but not required.
Full-time programme
The full-time Insurance and Risk Management programme comprises two Induction Weeks, eight compulsory courses, and a flexible Term 3 that allows you to choose your own personal learning pathway as follows:
Term 1
Compulsory modules:
- Theory of Risk and Insurance
- Insurance and Law Regulation
- Enterprise Risk Management
- General Insurance
Term 2
Compulsory modules:
- Financial Management in Insurance
- Financial Risk
- Financial Services Corporate Strategy
- Risk Analysis and Modelling
Term 3
In term 3, you are required to choose one of the following options:
- Option 1: You can opt to write a 5,000-word General Research Project (30 credits) and take three specialist elective modules (3 x 10 credits)
- Option 2: You can take five specialist elective modules and Career Management Skills and Research Methods (6 x 10 credits)
Project and research skills
- General Research Project
- Career Management Skills and Research Methods
Term three elective modules are chosen from a list of modules made available early in term two. These allow you to tailor learning in areas of personal interest to yourself, providing flexibility in how you approach the programme, whilst focussing on key areas of the insurance industry.
Students on the part-time route take four compulsory modules in year 1 and the remaining compulsory modules in year 2.
Electives offered in 2023
- Claims Management
- Corporate Restructuring
- Digital Finance
- Ethics, Society and the Finance Sector
- Financial Crime
- Liability Insurance
- Mergers & Acquisitions
- Operational Risk Management
- Reinsurance
- Shipping Risk Management
*Please note that electives are subject to change and availability.
Exempt Route (‘fast track’) course for CII Advanced Diploma holders
The Exempt Route (‘fast track’) course is available only for students who have completed the Advanced Diploma of the Chartered Insurance Institute within the last five years and who have gained their CII credits largely through CII examinations.
Students are granted exemption from four compulsory subjects: Theory of Risk and Insurance, Insurance Law and Regulation, General Insurance, and Enterprise Risk Management.
The course begins in January rather than September and runs for 8 months (full-time version) or 20 months (part-time version*).
Program Tuition Fee
Program Admission Requirements
Demonstrate your commitment and readiness to succeed in business school by taking the GMAT exam – the most widely used exam for admissions that measures your critical thinking and reasoning skills.
Download the GMAT mini quiz to get a flavour of the questions you’ll find in the exam.