MSc in Actuarial Management

Overview

The UK Actuarial Profession accredits the MSc in Actuarial Management course. Indeed, Cass Business School was the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Actuarial Profession.

Consequently, the course allows you to study the key areas of actuarial practice whilst also offering the opportunity to gain exemptions from the examinations of the Actuarial Profession.

In particular, students are able to gain exemptions in Actuarial Risk Management (Subject CA1), Communications (Subject CA3) and most of the Specialist Technical (or ST) subjects*

In addition, students who have outstanding Core Technical (or CT) subjects are able to gain exemptions in many of these also (covers Subjects CT2, CT4, CT5, CT6 and CT8 only).

The MSc in Actuarial Management also provides a good foundation for students preparing for examinations of the professional bodies in other countries (including the United States, Canada and Australia).

The Masters Actuarial Management course is delivered through:

face-to-face lectures from qualified actuaries (and other experts in the field)
dedicated online support
ready access to faculty members
advice on exam techniques

Full-time and part-time

The full-time version of the MSc in Actuarial Management, which is completed over one academic year, requires students to attend lectures which amount to two days per week.

Alternatively, the part-time version of the course, which is completed over two academic years, has been designed to fit with the study leave packages commonly offered by actuarial employers. As a result, part-time students are required to attend lectures which amount to one day per week during term time over the two years.

Faculty members include a significant number of qualified actuaries and other experts in range of wider fields, who use their commercial experience and current research interests to inform their teaching.

'Living in London is really exciting and has proved an eye-opening experience. The culture here is so different from Singapore's and there are lots of places I have not seen here yet. Europe is right on the doorstep and I have made sure I fit in trips abroad whenever I am able.'

Candy Goh from Singapore, MSc in Actuarial Management

GAAPS Prize

GAAPS, a leading actuarial recruitment consultancy, will award £500 prizes to two Cass actuarial students for their achievements during the academic year.

Read more.

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: eva.matiaskova.1@city.ac.uk

*At present, we offer exemptions in ST1, ST2, ST4, ST5, ST6, ST7 and ST8. If you have any further queries in the regard, please contact the Admissions Office.

Course content

All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice. Therefore, from time to time, there may be some changes to module titles or to the detailed content of individual modules

The MSc in Actuarial Management programme starts with two compulsory induction weeks, focused on:

a refresher course of advanced financial mathematics, statistics, computing and electronic databases.
An introduction to the Cass Careers offering with a focus on key skills and attributes that employers are looking for. The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.

Term 1 and 2

Actuarial Risk Management (CA1) Part I, Term One

This module provides students with an understanding of the principles of investment and investment risk, and the application of these principles in the management of investment policy and in the financial management of institutional investors. Students will also develop an understanding of the environment in which financial companies operate and the impact that government policy, regulation and risk transfer facilities have on the operation of these companies

Actuarial Risk Management (CA1) Part II, Term Two

This module provides students with an understanding of the role of the actuary in meeting the needs of clients and other stakeholders. Students will also develop an understanding of the statutory duties that may be required by the actuary and a knowledge and understanding of the components of the actuarial control cycle and its application in a range of practical situations.

In addition to the two modules above, students must choose a minimum of three modules from the following electives*:

Finance and Investment B (ST6), Term One

The module provides students with a full understanding of the main derivative instruments traded in financial markets, including complex instruments such as exotic options. Students will also learn how to develop a theoretical framework for the valuation of contingent claims.

Health Insurance (ST1), Term Two

The module provides students with an understanding of the principles of health insurance and health risk. Students will also learn to apply these principles in the management of a health insurance portfolio and in other aspects of financial management of health risks.

Life Insurance (ST2), Term Two

This module provides students with an understanding of the mathematical techniques required by life insurance companies. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a life insurance company.

Pensions and Other Benefits (ST4), Term Two

This module provides students with an introduction to the practical application of actuarial theory in the context of the operation of defined benefit and defined contribution pensions arrangements, emphasising the role of the actuary. Students will also develop an understanding of the principles underlying the actuarial control cycle in relation to pensions arrangements.

Finance and Investment A (ST5), Term Two

This module provides students with an understanding of how to apply the modern techniques of actuarial planning and control to the appraisal of investments, and to the selection and management of investments in relation to the needs of investors.

General Insurance - Reserving and Capital Modelling (ST7), Term Two

This module provides students with an understanding of the key mathematical techniques required in the reserving and capital modelling of a general insurance company. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a general insurance company.

Finance and Financial Reporting (CT2), Term One

This module provides students with an understanding of the key principles of finance, including the structure of joint-stock companies, capital markets and financial statements.

Models (CT4), Term Two

This module provides students with an understanding of stochastic processes and their application to models used for financial work.

Contingencies (CT5), Term Two

This module provides students with an understanding of the mathematical techniques of pricing and evaluating insurance and pensions products.

Statistical Method (CT6), Term Two

This module provides students with an understanding of the fundamental statistical techniques used in the analysis of short-term insurance contracts.

Financial Economics (CT8), Term Two

This module provides students with an understanding of modern financial theory and its main applications.

*Note that students are required to complete at least two ST modules from this list of electives.

Also, note that all CT modules are subject to availability. These modules are hosted by the MSc in Actuarial Science and students on this programme will be given preference where space is limited.

Term 3

On successful completion of Terms 1 and 2, students can either exit with an Postgraduate Diploma in Actuarial Management or continue in Term 3 to complete the MSc in Actuarial Management.

Five electives from the list below

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. For example:

Behavioural Finance
Portfolio Theory
Topics in Quantitative Risk Management
Stochastic Claims Reserving for General Insurance
Marine Aviation & Transport Insurance
Stochastic Asset Models for Actuarial Use
Longevity Risk in Pensions Products
Pension Finance

These electives are taught during Term Three and are assessed by means of a coursework exercise (on an individual or group basis) or an invigilated class test.

Research Methods module

This module is compulsory for all students electing to complete the MSc in Actuarial Management and provides students with an understanding of how to undertake independent research either in the context of a single organisation or by using third-party sources. Students also develop the necessary tools and skills to initiate, research and write up a business project and the module includes dedicated training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete the MSc by means of the Business Research Project.

MSc Research Project

Students choosing to complete the MSc in Actuarial Management have the option of studying five specialised electives in term three to give them an understanding of a breadth of subject matter both in actuarial science and in wider fields such as finance, investment, insurance and IT. However, if students would prefer to study one particular area of interest in depth they have the option of taking one term three elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.

Students who wish to be considered for an exemption from Subject CA3: Communications of the Actuarial Profession must complete the MSc in Actuarial Management and must do so by means of the Business Research Project (rather than completing five term three electives).

The Business Research Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The project should be based on independent research either in the context of a single organisation or using third-party sources.

Students are encouraged from the start of the course to think about a possible topic for their project. A member of the academic staff will be allocated as a supervisor, and students may be able to choose with whom they would like to work (although your first choice supervisor may not always be available). The project must be completed by the end of August. Company sponsored projects are encouraged and a number of such projects may be available from time to time, but should not be relied upon and you should expect to develop the idea from your own interests and resources.

Some students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment after completing the programme, whilst earning course credit. Student research projects are processed and managed jointly by the MSc Course Office team and the student's Course Director.

Some recent projects:

Advanced Risk Intermediation and Capital Management - A Reinsurance Revolution?
Mergers & Acquisitions Activities in the Chinese Insurance Market
The Prediction Error and a Predictive Distribution of Stochastic Claims Reserving in Excel VBA
The Likely Consequences of the Pension Protection Fund
Understanding Asset Share
Insurers' Risk Management and Solvency
Predicting the Loss Development Pattern For Catastrophic Events
A Pricing Comparison Between CAT Bonds and Catastrophe Reinsurance

Entry requirements

English Requirements

Every year we welcome students from around 100 different nations to study with us here at Cass. It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. We therefore require all students who have not previously studied in English to sit an IELTS or TOEFL exam. If you are not a native English speaker but have studied or are studying in English at degree level, please submit a copy of your most recent English language test along with your application.

The MSc in Actuarial Management requires a high degree of competence in English and strong communication skills since the course offers professional exemptions from the later examinations of the Actuarial Profession. Applicants who are not native English speakers and have not previously studied in English at degree level, will need to complete an IELTS or TOEFL examination. Applicants who are not native English speakers but have studied (or are currently studying) in English at degree level, please submit a copy of your most recent English language test and/or A levels (if taken in English) along with your application.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.

TOEFL

For TOEFL we require 107 (Internet Based Test)

Our TOEFL code is 7650, department code 02

Please note, if deemed necessary upon review of your completed application, the admissions panel may request non-native English speakers who have studied (or are currently studying) in English at degree level to take (or re-take) the IELTS or TOEFL exam to ensure that you are fully able to meet the demands of the course.

We do not offer a pre-sessional English class as an alternative to achieving these scores. Any pre-sessional course should be viewed as a way of settling into living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

Other qualifications

A typical applicant will have gained at least an upper second class Bachelors honours Degree and/or a Masters Degree/Postgraduate Diploma (from a UK university or equivalent) in a related subject and already covered the fundamentals of actuarial science at university degree or professional level.

In addition, applicants are required to have passed and/or as a result of previous studies, are exempted from a minimum of FIVE of the Core Technical (CT) examinations of the UK Actuarial Profession (with the exception of CT9). These would be expected to include Subject CT1 (Financial Mathematics), Subject CT3 (Probability & Mathematical Statistics) and Subject CT7 (Economics), which represents the fundamentals of actuarial science*.

Applicants will need to submit two references, one of which should be an academic reference. No work experience is required for this programme, but please provide details of any relevant experience that might enhance your profile.

As part of the application procedure, we may ask you to attend an interview with the Course Director.

*Exceptions to these requirements can be made by the admissions office on a case-by-case basis.

Students who are new to the field of actuarial science should apply for the MSc in Actuarial Science (covering all eight of the Core Technical examinations of the Actuarial Profession).

Tuition fees and term dates

Tuition fees 2012/13

£16,000 Currency Converter

Term dates 2012/13

Compulsory Induction Period
17 September 2012 - 28 September 2012

Please note that these dates are provisional and are subject to change. Contact the MSc office before making any travel arrangements.

Term I
1 October 2012 - 7 December 2012
Term I exams
14 January 2013 - 25 January 2013

Term II
28 January 2013 - 5 April 2013
Term II exams
29 April 2013 - 10 May 2013

Term III
13 May 2013 - 28 June 2013
Term III Assessments
25 June 2013 - 12 July 2013

Business Research Project submission deadline
2 September 2013

Official Course End Date
30 September 2013

Career opportunities

There is a continuous demand for capable postgraduate level students in the actuarial profession, whose members are among the highest paid in the UK. There are around 9,000 qualified actuaries in the UK, working in fields such as; Insurance companies (life/non life departments), consulting firms, government departments, banks and investment firms, teaching and research.