Intake: September only
Duration: 12 months full-time
Fees: £18,000 (full-time)
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
The MSc in Actuarial Science course is accredited by the UK Institute and Faculty of Actuaries. 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. It is also recognised by other actuarial professional bodies around the world.
Consequently, students have an excellent opportunity to gain exemptions from the Core Technical examinations of the Institute and Faculty of Actuaries.
The programme is delivered via face-to-face lectures from qualified actuaries (and other experts in the field) complemented by dedicated online support, easy access to faculty members, and advice on exam techniques.
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.
Successful candidates on the MSc in Actuarial Science may also proceed to the MSc in Actuarial Management.
The one-year MSc in Actuarial Management course offers modules leading to exemption from most of the later professional actuarial examinations, and it has its own MSc dissertation option.
GAAPS, a leading actuarial recruitment consultancy, will award £500 prizes to two Cass actuarial students for their achievements during the academic year.
If you would like to arrange an individual appointment to discuss this programme please email: firstname.lastname@example.org
We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Consequently, there may be some change to the detailed content of the modules and occasionally to module titles.
To satisfy the requirements of the degree programme students must complete:
- at least five out of eight core courses and Research Methods module
- five electives
- one elective and a Business Research Project
Two Induction Weeks
The Actuarial Science programme starts with two compulsory induction weeks, mainly dedicated to:
- 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.
- a refresher course of advanced financial mathematics, statistics, computing and electronic databases.
The teaching staff on the MSc in Actuarial Science have many years of practical experience working in the financial services sector and are also active researchers in their fields
This knowledge and experience inform the highly interactive lectures that make up the MSc in Actuarial Science.
Dr Andreas Tsanakis (on sabbatical leave)
Other Module Leaders include:
MSc Research Project
Students have the option of studying five specialised electives in term three to give them a breadth of subject matter. Alternatively if students would like to study one particular area of interest in depth they have the option of taking one elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.
The 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 topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.
Many 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 post 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:
- A review of the endowment mortgage crisis: causes and industry response
- Modelling Utility under Uncertainty
- Annuity design for the private pension system in Turkey: cash flow model and mortality analysis
- Do alcohol, obesity and smoking related diseases explain overall mortality? A study of causes of death
- Occupational Pension schemes and risk
- Statistical Models for Claim amounts data in General Insurance in Uganda: A case study of Motor third party claims
- The Profitability of companies selling individual pensions in Turkey
- Application of Lee-Carter methodology in China: longevity discussion
- Evaluation of Economic Costs of Executive Share Options
- Pension reform in China and a worldwide comparison
- The effect of obesity on mortality rates in the UK
- Modelling Mortality trends by social classes
- Applying generalised linear models for premium rating in personal motor insurance
- Two methods to estimate ultimate ruin probability and their applications
- Bayesian networks and their applications in general insurance
A good Bachelors degree in a highly quantitative programme such as mathematics or statistics is required to enter this course, usually a UK 2.1 or above or the equivalent from an overseas institution.
If your Bachelors degree is not sufficiently quantitative you may be eligible on the basis of excellent grades in A-level Mathematics combined with good performance in your degree.
If you have not yet completed your current course of study, your university should be able to provide an interim transcript showing your marks achieved to date. If you are still undertaking your Bachelors degree studies, you should provide a separate list of the modules that you are undertaking in your final year of study when you submit your application (if these are not listed on your degree transcripts).
Every year we welcome students from around 100 different countries. It is essential that all students have an excellent command of English in order to participate fully in our collaborative learning process. If you are not a native English speaker but have been studying in English at a degree level for the last three years, please submit a copy of your most recent English language test scores/qualification along with your application and a decision will be made by the Admissions Panel. If you have done a 2+2 degree with two years in the UK you WILL be required to provide IELTS or TOEFL scores and possibly to resit the test to meet our academic entry requirements.
Please note that we assess each application on its own merit and you can help us to make decision by providing all relevant documents at the time of application.
We require all Cass MSc students who are not nationals of a majority English-speaking country OR have not successfully completed an academic qualification, at least equivalent to a UK bachelor's degree, which was taught in a majority English-speaking country as defined by the UK Border Agency, to have an overall IELTS score of at least 7.0 (with a minimum of 6.5 in writing). For TOEFL we require, 107 (internet based test) / 263 (computer based test) / 627 (paper based test). Our TOEFL code is 7650.
We do not offer nor accept a pre-sessional English class as an alternative to the listed English tests. Any pre-sessional course should be viewed as an aid to living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.
Documents required for decision-making
- Transcript/interim transcript
- A-Levels or University entry exams results
- Two references, one of which MUST be an academic reference
- Detailed statement of purpose
- IELTS/TOEFL/GMAT, if reports available
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
Tuition fees and term dates
Tuition fees 2014/15
Application fee: Nil
Tuition fees: £18,000 Currency Converter
Deposit: £2,000 (paid within 1 month of receiving offer)
First instalment: Half fees less deposit (paid at registration)
Second instalment: Half fees (paid in January following start of programme)
Term dates 2014/15
The programme starts with:
Compulsory Induction Period: 15 September 2014 - 26 September 2014
29 September 2014 - 5 December 2014
Term I exams
12 January 2015 - 23 January 2015
26 January 2015 - 3 April 2015
Term II exams
27 April 2015 - 8 May 2015
11 May 2015 - 26 June 2015
Term III exams
29 June 2015 - 10 July 2015
Submission deadline for Business Research Project
1 September 2015
Official Course End Date
30 September 2015
There is a continuous demand for capable postgraduate level executives in the actuarial profession, whose members are among the highest paid in the UK. They work in fields such as; Insurance companies (life/non life departments), consulting firms, government departments, banks and investment firms, teaching and research.
MSc in Actuarial Science employability
Our Graduate Destination Survey (pdf) of 2010/11's MSc in Actuarial Science cohort shows that 80% of graduates are now either in work (73%) or not job seeking as they are in further study, military service etc. (7%)*
Some examples of where graduates from the 2010/11 MSc in Actuarial Science are working are:
- Legal & General - Solvency II Group Protection, Actuarial Trainee - UK
- RSA - Commercial Pricing, Graduate Actuarial Trainee - UK
- Government Actuary's Department - Pensions, Junior Trainee Actuary - UK
- Brunei Investment Agency - Internal Fund Management, Rates Strategist - Brunei
- KPMG - Actuarial Life, Actuarial Analyst - India
*Based on 2012 survey respondents
'I have already secured a job with a large actuarial firm thanks to the help and connections of the careers office at Cass. I really owe them a lot; I didn't anticipate I'd have a job offer just a few months into my course.'
Stephanos Hadjistyllis, from Cyprus
MSc in Actuarial Science