MSc Actuarial Science

Special features

Our MSc Actuarial Science programme

Our MSc Actuarial Science programme was established in 2011 with the aim of providing thorough training in the mathematical tools and skills an actuary needs. This includes topics such as

• Markovian models and pricing techniques relevant to life insurance
• Risk models, ruin theory, risk measures, premium principles and further techniques relevant to general insurance
• Modern theory of market-consistent pricing (mathematical finance), such as the Black and Scholes asset pricing model, the Capital Asset Pricing Model (CAPM), interest rate models, credit risk models, option pricing etc.
• Risk management techniques
• Relevant topics from Statistics such as Time Series and their applications, Generalised Linear Models, Survival Analysis etc.
• Relevant software suites such as R and Excel.

Coursework and assessment

There are two teaching semesters of 12 weeks each and approximately 15 weeks of project work. Assessment for the taught part is by exams and coursework.

Dissertations, industrial links and internships

After two semesters with taught courses, in the final three months of the MSc year (June, July, August) students do a piece of independent research type work under the direct supervision of a member of staff. The findings are written up in a report called a dissertation. Plenty of support is provided throughout this process (for most students this is a new activity).

The research can be based on relevant actuarial research literature, but a special feature of our programme is that it can also be based on a collaboration with an industrial partner on a problem of particular interest to them. These collaborations allow students to apply their skills to a very relevant 'real world' problem, and to have an ongoing conversation with the industrial partner about their progress. Previous partners for such collaborations include Mercer, Police Mutual, Willis Towers Watson, JLT Group and Aegon.

Furthermore, we have a special relationship with the company Royal London. Every year they offer a number of paid internships of a special form to our students, which are awarded on a competitive basis. During such an internship, a student spends part of their time working on a project towards their dissertation (like all other students, also still under our supervision) but they also get to experience daily actuarial work in the Royal London offices (in Wilmslow). These internships provide a unique opportunity to combine researching a 'real world' problem with obtaining valuable work experience. About half of the students who have taken part in this scheme in the past were offered a job at Royal London after their internship. Availability of internships is subject to Covid developments.

If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Financial and Risk Management.

Why a career as an actuary?

Actuarial careers generally appear very high in lists of best-rated jobs due to excellent job satisfaction, status, career prospects etc. (for example, see here ). Some of the reasons for this are as follows ( source ).

• An actuarial career is financially rewarding. The average graduate salary in the recruitment market is about £33,000, with senior leading roles paying in excess of £100k (in excess of £200k for senior partners for instance).
• Actuaries enjoy a good work/life balance. Compared to other financial professions such as banking, an actuarial role enables you to balance a rewarding career with your other interests in life.
• An actuarial career can take you anywhere in the world. An actuarial qualification is internationally recognised and even standardised between many countries, allowing for great opportunities to travel and explore.

Where do actuaries work and what do they do on a daily basis?

About a third of the UK actuaries work for insurance companies (life, health and general insurance, and pensions). They typically work in areas such as product development, developing pricing strategies, asset and liability management, reserving, capital modelling and (financial) risk management. Another about a third work for financial consultancy firms, and in that role an actuary typically provides services in the above areas to their clients. The final third of UK actuaries work in a large variety of other sectors, including investment management, corporate finance and banking. Generally, you find actuaries in any sector where (financial) risk management plays a role!