- Course content
- Teaching staff
- Entry requirements
- Tuition fees and term dates
- Career opportunities
Intake: September only
Duration: 12 months full-time
Fees: £20,000 full-time, £10,000 per annum part-time
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
The UK Institute and Faculty of Actuaries 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 Institute and Faculty of Actuaries.
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 UK Institute and Faculty of Actuaries.
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
'Everything that I learnt at Cass is helping me in my work.'
Shubhanjali Gupta, Senior Specialist, Global Solutions Consulting group, Willis.
Shubhanjali describes more of her experiences at Cass...
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.
If you would like to arrange an individual appointment to discuss this course please email: Hugh Fairclough
**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.
All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.
Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
The MSc in Actuarial Management starts with a compulsory induction 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.
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 UK Institute and Faculty of Actuaries 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 10,000 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
The teaching staff on the MSc in Actuarial Management have many years of practical experience working in the financial services sector and are also active researchers in their fields
This knowledge and experience helps to inform the highly interactive lectures that make up the MSc in Actuarial Management.
MSc Actuarial Management Teaching Staff
Vali worked as a non-life actuary for Allianz Insurance and Vienna Insurance for several years. He has a PhD in Statistics focusing on rare/catastrophic event with a special interest in non-life insurance. He has been the Course Director of the MSc Actuarial Management since August 2015 and the module leader for Subject CT6.
David is the Director of the Pensions Institute and Chairman of Square Mile Consultants, a training and research consultancy.
He is also the Co-Founder with JPMorgan and Towers Watson of the LifeMetrics Indices. David Blake gained his PhD on UK pension fund investment behaviour in 1986. David Blake established the Pensions Institute (www.pensions-institute.org) in 1996. He teaches the “Pension Finance elective.
Cherie spent 15 years working in the financial services industry with multinational companies such as Zurich Insurance Group, Swiss Re, Standard Chartered Bank and Allianz Global Investors.
Cherie is the module leader for two electives: 'Reinsurance' and 'Marketing for Financial Services'.
Andy is an actuary who spent over 25 years in the consulting business with Towers Perrin (now Willis Towers Watson). For the last 20 years of his consulting career he advised insurers on strategy, performance improvement, product proposition development, distribution, risk and organization – in the US, UK and continental Europe. Andy teaches the 'Enterprise Risk Management' elective.
Jacky is a pricing actuary at ACE Group with over nine years of experience in the insurance industry. He has a wide range of experience with roles in insurance companies, a consultancy and the Prudential Regulation Authority (PRA).
He has a primary focus on non-life insurance, with strong experience around health and medical insurance. He is a UK-qualified Chartered Enterprise Risk Actuary (CERA). He is the module leader for Subject ST1.
Dimitrina worked as a Risk Analyst for the Central Bank of Bulgaria for several years before moving into academia. She has an MSc in Applied Mathematics and a PhD in Actuarial Science. Her research interests span across life and non-life insurance and mathematical finance with a focus on multivariate dependence risk modelling.
Dimitrina holds the Chartered Financial Analyst designation since 2006, and is a member of the CFA Institute, USA, the CFA Society of the UK, and a fellow of the Higher Education Academy, UK. Dimitrina is the module leader for Subject ST6.
David started his career in financial services at PwC, which he joined in 1999 aged 30 after careers as a Police Officer in Birmingham and a School Teacher at Rugby School. After qualifying as an Actuary at PwC, David also worked at Hewitt Bacon Woodrow and PensionsFirst before attempting to solve the pension crisis by the mass production of personalised financial planning advice, which led to his book "How to Mend Capitalism".
At City David is module leader for Subjects ST7 and CT2 as well as teaching the Numerical Methods module of the Mathematical Trading and Finance Course. Outside of the actuarial World David has researched artificial intelligence having written a computer program which can successfully play online Poker against human opponents.
Zaki qualified as a Fellow of the Institute of Actuaries in 1991. After six years' work experience in pensions consultancy, he joined City’s Department of Actuarial Science and Statistics in 1992 and was the editor of The Actuary magazine from 1997-1999. He completed his PhD on pension scheme modelling 1999. He is the module leader for Subjects CA3 and ST4.
Having studied Actuarial Maths and Statistics in an undergraduate Programme, Donald began his actuarial career with Aviva in York, qualifying as a Fellow of the Faculty of Actuaries in 2006. Since qualifying, Donald has worked for Engage Mutual, Reinsurance Group of America, HSBC and most recently AIG. At HSBC Donald was Chief Actuary for the UK and Malta, which involved being the Actuarial Function Holder of the UK life company and Appointed Actuary for the Malta life company.
Donald is currently Chief Actuary for AIG Life in the UK. He has also been a member of CMI research committees and has presented at actuarial conferences. Finally, he is one of the module leaders for Subject CA1.
Pietro has a degree in actuarial science and a PhD in mathematics applied to economics and finance from the University of Trieste, and a master in probability and finance from the University of Paris VI. He has spent most of his academic career at the University of Trieste before joining the Faculty of Actuarial Science and Insurance at Cass Business School in 2012.
His current research interests involve the modelling and forecasting of mortality rates and the analysis of risk measures. He has been recently been involved in the development of a methodology for the assessment of basis risk in longevity transactions. He is the module leader for the “Topics in Quantitative Risk Management” elective.
Professor Jens Perch Nielsen has more than 20 years of experience working as a practitioner in life and pensions as well as in non-life insurance. He has worked in an IT-department, in a finance department, as a regular appointed actuary, in a product development department and in the research department he created himself. Nowadays, most of his practical work is direct implementation of his research on pension-products, digital financial advice, non-life reserving or non-life pricing. This implementation is either direct consultancy or indirect co-operation via the start-up companies that he has co-founded. He is the module leader for the 'Stochastic Claims Reserving' elective.
Iqbal has published several papers on portfolio optimization, long-term savings and investment, and pensions. He has worked on a project for the Bank of England using novel algorithms from data science to investigate the stability of non-life insurance markets. He has been at City as a researcher, lecturer and course director since graduating from the University of Cambridge, and has done consulting work for a number of pensions and investment consultancy firms. Iqbal is the module leader for Subject CT8 and ST5.
Pietro is a director at Swiss Re. Previously he worked as an actuary at Willis Ltd., London, UK and Genoa, Italy, and at Aon Benfield, London, UK. He has more than ten years of experience in general insurance pricing and risk management, and is the author of the book "Pricing in general insurance" for CRC Press.
Pietro has a PhD in Physics from the University of Genoa, Italy and is a UK-qualified actuary. Prior to working in the insurance industry, he worked in academia for several years. His research interests were in artificial intelligence, computational complexity and neuroscience. He is the module leader for Subject ST8.
Chris began his career with the Guardian Royal Exchange Assurance (now AXA) Group and joined Cass Business School in 1989. He has held positions as an Officer, Senior Examiner and textbook author for the Chartered Insurance Institute. Chris teaches the “Liability Insurance” elective.
Ben qualified as a Fellow of the Institute of Actuaries in 1990. From university, he joined the actuarial consultants, Bacon & Woodrow. He worked in their pensions consultancy until 1994 when he joined the Department of Actuarial Science and Statistics at City.
His research interests include health insurance, and long term care of the elderly in particular. He has been Head of Faculty of Actuarial Science and Insurance since January 2008. He acts as an Independent Examiner for the IFoA at several accredited universities and is an Examiner for the IFoA. Ben is the module leader for Subject CT5.
Nick Silver is an actuary and economist whose specialities include risk management, social insurance and economic development. Nick is managing director of Callund Consulting Limited, a specialist consultancy which advises developing country governments on social insurance. Nick is on Council (the governing body) of the Institute and Faculty of Actuaries. He has also worked extensively in developing mechanisms to finance and risk manage both mitigation and adaptation to climate change.
Nick is a founder and director of the Climate Bonds Initiative (CBI), an NGO focused on mobilising the bond market for climate change solutions. Nick has an MSc in Public Financial Policy from the London School of Economics. He teaches the 'Social Insurance in Emerging Markets' elective.
David joined the Department of Actuarial Science and Statistics at City as a research assistant for one year starting in 1996. He then worked for Barclays Life in the areas of valuation, capital projections and unit pricing. He returned to the Department of Actuarial Science and Statistics in 2001. In the past, he had been the module leader for Subjects CT4, CA1 and ST3 and is currently delivering the 'Life Office Model Building' elective.
Dr Jaap Spreeuw studied actuarial science in the Netherlands where he also did an internship at a reinsurance company and was involved in an IT project with a life insurer. In addition he worked for some time as an assistant pension consultant. He has been a Fellow of the Institute of Actuaries since 2005 and a full member of the AG (Dutch Actuarial Association) since 1993.
One of his main research interests concerns modelling risk dependencies. He is the module leader for Subject CT4 as well as the “An Introduction to Copula Modelling” elective.
Dr Douglas Wright joined Scottish Provident in Edinburgh on leaving university. He worked in both the group pensions and life insurance product development departments before starting a PhD at Heriot-Watt University in 1994.
On completion, he joined the Department of Actuarial Science and Statistics at Cass Business School in 1997 and was Course Director on the MSc in Actuarial Management from inception in 1999 until 2015. He has been the module leader for Subjects CA1 and ST2 exemptions.
Some of the lecturing staff on the MSc in Actuarial Management have taken part in recent editions of Cass Talks.
Prof. Philip Booth explains how LIBOR rates have been manipulated by Barclays.
Prof. Philip Booth discusses, the financial risks within the British and European Economy.
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement (500-600 words)
- Confirmation of professional qualification examinations/exemptions/passes
Documents which may follow at a later date
- IELTS result, if report available
- Two references
- For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be sent by post to Specialist Masters Programme Office, 106 Bunhill Row, London, EC1Y 8TZ, UK
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
The entry requirements for MSc Actuarial Management are as follows:
- A UK upper second class degree or above, or the equivalent, 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
- Applicants are required to have passed and/or as a result of previous studies, be exempted from a minimum of FIVE of the Core Technical (CT) examinations of the UK Actuarial Profession (with the exception of CT9).
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 UK Institute and Faculty of Actuaries).
Applicants will need to submit two references, one of which MUST be an academic reference.
- If you have been studying in the UK for the last three years it is unlikely that you will have to take the test
- If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.
Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require aCAS as of April 2014.
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.
Tuition fees and term dates
Tuition fees 2017/18
Application fee: Nil
Tuition fees: £20,000 full-time, £10,000 (per year) part-time Currency Converter
Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (to be paid at registration)
Second installment: Half fees (paid in January following start of course)
Term dates 2017/18
In-Person Registration (all students must attend): Commences 18 September 2017
Compulsory Induction: 18 - 29 September 2017
2 October 2017 - 8 December 2017
Term I exams
8 January 2018 - 19 January 2018
22 January 2018 - 30 March 2018
Term II exams
23 April 2018 - 4 May 2018
7 May 2018 - 22 June 2018
Term III exams
2 July 2018 - 13 July 2018
Students who are required to resit an examination or invigilated test will do so in the period:
13 - 31 August 2018
Submission deadline for Business Research Project or Applied Research Project
1 September 2018
Official Course End Date
30 September 2018
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.
MSc in Actuarial Management employability
Our Graduate Destination Survey of the MSc in Actuarial Management class of 2014 shows that 80% of graduates are now in work.
Some examples of where graduates from the MSc in Actuarial Management class of 2014 are working are:
- Retirement Benefits Authority - Actuarial Officer
- KPMG - Senior Associate
- Citbank - Management Trainee
- Aon Hewitt Limited - Associate Consultant
You can also view data from our Graduate Destination Survey (pdf) from 2012.