Applications to this course for September 2014 entry are now closed.
Applications for September 2015 entry will open in early November 2014.
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 offers students a firm grounding in the fundamentals of actuarial science, including detailed study of the mathematical and statistical techniques used in the insurance, pensions, and financial services industries.
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 actuarial programmes fully accredited and 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, academics and other subject-specialists, complemented by dedicated online support, easy access to faculty members, and advice on study and exam techniques. Lecturers use their commercial experience and research expertise to deliver a challenging, relevant and intellectually stimulating course.
Successful candidates on the MSc in Actuarial Science may also proceed to the MSc in Actuarial Management.
If you would like to arrange an individual appointment to discuss this programme please email: email@example.com
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
During the Induction period, which is compulsory, a variety of activities are offered to students, to support them in their learning and professional development. Cass Careers offers workshops with a focus on the key skills that employers are looking for, as well as preparing students for the application process. The annual MSc Careers Fair at this time provides the opportunity to meet over 60 companies who are recruiting across many sectors including insurance, pensions, finance, energy, and other fields. Furthermore, innovative workshops are run on advanced study skills and obtaining practical insight to actuarial work.
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.
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 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 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:
- An empirical measure of optimal risk transfer when capital performance is maximised
- Alternative methods for longevity risk hedging
- Brazilian long term care plan: an evaluation based on the Singaporean model
- Generalised linear modelling of claim amounts data in life insurance
- Infrastructure as an institutional investment asset
- Microinsurance for natural disaster risks in Asia: risk protection for the poor
- Periodic Payment Orders: shifting the focus of a General Insurer's balance sheet
- Quantifying reinsurer default risk
- Reviewing the double chain ladder claims reserving model and its further extensions
- Risk management in pension schemes
- Sovereign bonds and credit default swap
- Stochastic claims reserving under the double chain ladder framework and its extended method to model the accident year impact
- The impact of China's one child policy on its pension industry
- The impact of gender-neutral pricing on the life insurance industry
- The private healthcare expenditure in Brazil: a demographical and regional analysis of the variation of health costs of medical cooperatives from 2001 to 2012
- Underinsurance in the UK
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement (500-600 words)
Documents which may follow follow at a later date
- IELTS result, if reports available
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
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.
- A UK 2.1 or above (or the equivalent from an overseas institution) in a highly quantitative programme such as mathematics or statistics is required to enter this course
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 writing.
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 a CAS as of April 2014.
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 2011/12's MSc in Actuarial Science cohort shows that 60% of graduates are now either in work (50%) or not job seeking as they are in further study, military service etc. (10%)*
*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