Intake: September (fast-track January intake for ACII holders)
Duration: 12 months full-time, 24 months part-time
Fees: £18,000 (full-time); £9,000 per year (part-time)
Fees (fast track route): £13,500 (full-time); £7,000 per year (part-time)
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
Online Information Session
Course Director, Dr Cherie Chen, recently delivered an Online Information Session focused on the MSc in Insurance & Risk Management.
The MSc in Insurance and Risk Management is a well-established course that explores the multi-faceted world of risk management and reflects the growing interplay between insurance, risk management and financial services. As such, it will equip you with the all-round skills necessary to succeed in a constantly developing business environment.
The programme combines a practical approach with sound theory to create a learning experience that is both challenging and stimulating. You will emerge with a well-regarded and flexible postgraduate degree, solidly positioned to build a successful career in an exciting and increasingly complex business world.
Cass's location, close to the City of London, has enabled us to establish close links with many leading financial organisations. This will help you to access outstanding networking and career opportunities.
Students have the opportunity to earn substantial exemptions from professional examinations in the field of insurance and risk management, including 205 - 210 credits towards the 290 required for the Chartered Insurance Institute (CII) Advanced Diploma. Exemptions are also given from some examinations of the Institute of Risk Management (IRM).
If you would like to arrange an individual appointment to discuss this programme please email firstname.lastname@example.org
'The MSc in Insurance and Risk Management has enabled me to combine the theory and the practical aspects of both risk management and the insurance market. I was genuinely surprised as to how much I learnt and how much I was able to apply to my previous risk management job within the Lloyd's of London insurance market. There is no question that this degree has had a considerable positive impact on my career. Thoroughly recommended.'
Alastair Christmas, MSc in Insurance & Risk Management
Now Head of Internal Audit at Paternoster Insurance Limited
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:
- eight core courses and Research Methods module
- three electives
- a Business Research Project
The full-time course runs for eleven months from mid-September or eight months from mid January for the 'fast track' programme. The taught component is arranged over three terms.
Two Induction Weeks
The MSc in Insurance & Risk Management starts with two compulsory induction weeks, focused on:
- 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 basic financial mathematics, statistics, computing and electronic databases.
Two-year part-time course
The part-time course runs over two academic years and typically involves a late afternoon session and an evening session each week. Although attendance patterns partly depend on which elective courses are taken. The two-year option is open only to students with commercial experience in risk management or insurance. The general structure is similar to the one-year full-time course but tuition is spread over two years with students normally taking only two courses each term rather than four.
The teaching staff on the MSc in Insurance & Risk 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 inform the highly interactive lectures that make up the MSc in Insurance & Risk Management.
Other Module Leaders include:
Chartered Insurance Institute (CII)
Graduates of the MSc in Insurance & Risk Management, form the 2015/16 cohort onwards, will be eligible to apply for exemptions from the following.
- P05 Insurance Law (25 Credits at Diploma level)
- P67 Fundamentals of Risk Management (30 credits at Advanced Diploma level)
- 990 Insurance, Business and Finance (25 Credits at Diploma level)
- Non specific credits (30 Credits at Diploma Level)
Total credits for core modules: 135
- Alternative Risk Transfer and Risk Securitisation
Non specific credits (30 Credits at Advanced Diploma level)
- Claims Management
820 Advanced Claims (30 Credits at Advanced Diploma level)
- Liability Insurance
P96 Liability Insurances (25 Credits at Diploma level)
- Marine, Aviation and Transport Insurance
P98 Marine Hull and Associated Liabilities (30 Credits at Diploma level)
- Marketing of Financial Services
945 Marketing (30 credits at Advanced Diploma level)
- Operational Risk Management
992 Risk Management in Insurance (30 credits at Advanced Diploma level)
P97 Reinsurance (30 credits at Diploma level)
- Non Specific credits
Up to 70 credits can be awarded if other relevant electives are taken in place of those above.
Total credits for elective modules: 75
Total credits for qualification: Maximum of 210 CII insurance credits can be claimed.
'Fast-Track' scheme for ACII holders*
For applicants who already hold a Chartered Insurance Institute Advanced Diploma completed in the past 5 years there is a special 'fast track' scheme, giving exemptions from some core courses of the Cass MSc.
To be eligible for the 'fast-track' route applicants must have completed at least 70% of their Advanced Diploma through direct examination with the CII. We are unable to consider applicants with a greater amount of their Diploma accrued through prior learning equivalencies as the course is tailored to closely mesh with CII specific exams.
For further information download details of the scheme for ACII holders [pdf file]
*if you wish to apply for this fast track scheme please contact Eva Matiaskova for details of how to apply.
MSc Research Project
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:
- Basel II and risk management
- Comparative study of the life insurance industries of Taiwan and China
- Compensation culture: myth or reality?
- Controlling liability insurance costs
- Credit risk management within the banking industry
- Current and future trends in the Indian insurance market
- Cyber-crime with reference to internet gambling
- Distribution channels in the UK non-life insurance sector: history & trends
- Effects of aging population on life insurance and pension schemes
- Factors determining the success or failure of insurance industry M & As
- Feasibility of establishing policyholders protection funds in Hong Kong
- Financing of employee benefits via international pooling
- Hedging long term positions with short term instruments
- Impact of operational risk errors on brand value in life insurance
- Impact on the Chinese motor insurance market of the new road traffic safety law
- Insurance solvency regulation in China
- Is finite risk reinsurance really reinsurance?
- Is honesty the best policy? How Ireland and the UK differ in fighting insurance fraud
- Liability Insurance in Sweden
- Links between banking and insurance: global difference and similarities.
- Managing risk in an investment bank
- Offshore energy insurance: current issues and trends
- Operational risk within the fund management industry
- Potential for a captive insurance market in Korea
- Potential for development of the insurance industry in the Balkan countries
- Problems in the fine art insurance sector
- Regression analysis of the determinants of insurance companies' returns on shareholder funds
- Risk management in Russian oil and gas companies
- Risk pooling for terrorism and war
- Role of orphan assets in insurance mergers and acquisitions
- Securitisation as a tool to manage Islamic financial risk
- The impact of the 2005 hurricane losses on selected Bermudan reinsurers
- The introduction of the Basel Accords and Solvency II in Greece
- The risk profile of private equity firms
- The role of the Chief Risk Officer in the insurance industry
- Valuation problems in business interruption insurance for a start-up company
'The MSc in Insurance and Risk Management provides a solid foundation to the world of risk management and risk transfer mechanisms. An emphasis on thorough intellectual challenges and a practical approach to learning enables students to acquire valuable knowledge about the important role risk management plays in the wider economy. The course further provides students with an understanding of how to effectively respond to the challenges that this industry is facing and the changing landscape and convergence of the financial services industry as a whole.'
Fredrik Oeyan, Willis Graduate Programme, Global Markets International, Willis Limited
The entry requirements for the MSc Insurance and Risk Management are as follows:
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement (500-600 words)
Documents which may follow at a later date
- IELTS result, if report available
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- Work experience is not a requirement of this course
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
- Some level of previous study in finance or quantitative methods is preferred.
Applicants will need to submit two references, one of which MUST be an academic reference.
'The MSc in Insurance and Risk Management gave me a solid appreciation of current strategic thinking across the insurance industry. In particular, understanding the benefits of integrated risk management practices gave me real direction for developing my current role. This course is enabling me to maximise the potential of over 12 years of insurance experience.'
Nick Barter, MSc in Insurance & Risk Management
Now Head of MI & Pricing, Hiscox Retail
- 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.
Work experience is not a requirement, but please provide details of relevant experience that might enhance your profile. This information will be included in your CV which is required with all applications.
Tuition fees and term dates
Tuition fees 2015/16
Application fee: Nil
Tuition fee: £18,000 (full-time); £9,000 per year (part-time) Currency Converter
Fast track version: £13,500 (full-time); £7,000 per year (part-time)
First instalment: Half fees less deposit (paid at registration)
Second instalment: Half fees (paid in January following start of programme)
Term dates 2015/6
In-Person Registration (all students must attend): 16th - 18th September 2015
Induction: 21 - 25 September 2015
28 September 2015 - 4 December 2015
Term I exams
11 January 2016 - 22 January 2016
25 January 2016 - 8 April 2016
Term II exams
25 April 2016 - 6 May 2016
16 May 2016 - 24 June 2016
Term III exams
27 June 2016 - 8 July 2016
Submission deadline for Business Research Project
1 September 2016
Official Course End Date
30 September 2016
Our graduates enjoy senior positions across the world in many types of businesses including international insurance, reinsurance and insurance broking firms, Lloyd's of London, leading investment and retail banks, leading accountancy firms, management consultancies, risk management departments of major corporations, regulatory authorities and many other fields.
MSc in Insurance & Risk Management Employability
Our Graduate Destination Survey (pdf) of last year's MSc in Insurance & Risk Management cohort shows that 70% of graduates are now either in work (64%) or not job seeking as they are in further study, military service etc. (6%)*
*Based on 2013 survey respondents
Among the many organisations whose staff have benefited from the course are:
- ACE Insurance
- Allianz Cornhill
- Aon Risk Services
- AXA Insurance
- Bank of America Merrill Lynch
- Bank of China
- Brit Insurance
- China Life Insurance
- Credit Suisse
- Goldman Sachs
- Heath Lambert Group
- Jardine Lloyd Thompson
- Lloyd's of London
- Lloyds TSB
- Munich Re
- Swiss Re
- Tokyo Marine & Fire Insurance Company
- Willis Re
- Wilson Re (P&I) Ltd
- Zurich Insurance
'I am very passionate about the topic of risk management and aim to couple my MSc with various industry related certificates to further develop my knowledge. I endeavour to successfully investigate the application of behavioural economics, find a consistent application of enterprise risk management within Financial Institutions and hopefully in the future, spearhead a Strategic Risk Management Consultancy. My MSc has definitely helped me realise my ambitions.'
Andreas Zarifis, MSc in Insurance and Risk Management
Now employed as a Graduate Trainee with Zurich Insurance plc in Alternative Risk Financing.