Actuarial Science MSc
Key information
Duration: 12 months
Attendance mode: Full-time
Fees: From £15,000 (more information)
Location: Bunhill Row
Start of programme: September 2024
Application deadline: Rolling applications
Entry year: Showing course information for 2024
Prepare for a high-flying diverse actuarial career with our agile master’s degree
Overview
Actuarial Science MSc Who is it for?
Take this first step to a rewarding career as an actuary if you have strong technical ability, an interest in solving business problems, and an appreciation of the risks that changes in the world bring about.
Our MSc in Actuarial Science gives you a firm grounding in the fundamentals of actuarial science in insurance, finance and investment, and business analytics methods. You will have the equivalent of UK upper second class degree in a highly quantitative programme, so you will be ready to study in detail the mathematical and statistical techniques for measuring the probability and risk of future events and their financial impact on a business and/or their clients.
You will be taught and receive advice on study and exam techniques by qualified actuaries, academics and other subject-specialists with commercial experience and research expertise.
Why choose this course?
An enduring and constantly evolving degree embracing traditional and cutting-edge actuarial fields
Ranked 1st in Europe for actuarial research. Top 50 UNL Global Research Rankings of Actuarial Science and Risk Management & Insurance.
Course objectives
As the needs of the actuarial profession and the Institute and Faculty of Actuaries evolve, the skill set of actuaries is used in wider applications in both traditional and non-traditional fields, and the intake of overseas members increases, this programme is designed to reflect these challenges and ensure that it is fit for purpose for actuaries in an ever-changing global business environment. It is very flexibly designed offering you several study options to choose from.
On this postgraduate course, you will study statistics, probability, stochastic processes, survival models, economics, finance and investment, insurance, pensions, financial modelling and contracts valuation, with computer-based applications.
This broad and varied syllabus is equivalent to the Institute and Faculty of Actuaries’ Core Mathematics, Core Statistics and Core Business professional examinations (Subjects CM1, CM2, CS1, CS2, CB1, CB2), and enables you to gain exemptions from them. In addition, you will have the opportunity to study modelling practice, by applying actuarial techniques to solve real-world problems, and communication with non-actuaries on topics related to actuarial practice, that will enable you to gain exemptions from Subjects CP2 and CP3.
Finally, you will be offered a collection of Business Analytics modules to select from as electives.
If you succeed on the MSc in Actuarial Science or the MSc in Actuarial Science with Business Analytics you can also proceed to the MSc in Actuarial Management.
"As one of the finest business schools in the world, I hoped it would offer me an open career path into one of the major organisations in London. Bayes is also the only school in London that offers an MSc in Actuarial Science. The modules were very practical, and have enabled me to apply my learning to what I do now. For example, I did modules in pensions, and machine learning and contingencies. These provided me with a strong basis and understanding of all the business concerns that are applied to my work."
- Andreas Chatzineofytou
Teaching staff
The teaching staff on the MSc in Actuarial Science have many years of practical experience working in the insurance, pensions and financial services sectors 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.
Course director:
Module leaders include:
- Professor Vali Asimit
- Dr Zoltan Butt
- Dr Michail Chronopoulos
- Dr Russell Gerrard
- Mr David Hargreaves
- Dr Zaki Khorasanee
- Dr Pietro Millossovich
- Professor Jens Perch Nielsen
- Dr Iqbal Owadally
- Professor Keith Pilbeam
- Professor Rosalba Radice
- Professor Ben Rickayzen
- Dr Simone Santoni
- Mr Nick Silver
- Dr Douglas Wright
- Dr Rui Zhu.
Accreditation details
Bayes Business School is recognised as a Center of Actuarial Excellence (CAE) from the Society of Actuaries (SOA), one of the main actuarial professional bodies in the US. Together with our accreditation by the Institute and Faculty of Actuaries in the UK, this reinforces our establishment as a global hub for actuarial studies and intellectual capital development. Our courses are also recognised as preparing students for certain SOA actuarial exams.
Course content
On the MSc Actuarial Science you will:
- Summarise and critically assess fundamental concepts in statistics, economics, finance, investment and business
- Recognise and apply actuarial theory used in investment, insurance and probability modelling
- Evaluate research papers and professional texts to produce an independent synthesis of knowledge and ideas
- Demonstrate proficiency in the use of actuarial and statistical methods to solve problems in insurance, investment and analytics problems
- Evaluate and apply alternative approaches in the analysis of financial reports
- Develop and communicate effectively reasoned arguments on current issues relating to actuarial theory and practice
- Use software as an effective tool for data analysis and financial modelling
- Build on core principles to develop core modelling and communication practices.
Note: the key difference from the MSc in Actuarial Science with Business Analytics is that the Business Analytics modules are only offered as electives in this programme.
Course structure
Programme content is subject to change. We regularly review our module offering and amend to keep up to date and relevant.
Induction weeks
All our MSc courses start with two compulsory induction weeks which include relevant refresher courses, pre-study programming modules, an introduction to the careers services and the annual careers fair.
Pre-Study Modules
Introduction to R Programming
This module is designed to provide a fundamental understanding of R programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The teaching material is formulated via multiple R code examples that enable the students to work independently when dealing with small R programming tasks.
Introduction to Python Programming
This module is designed to provide a fundamental understanding of Python programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The teaching material is formulated via multiple Python code examples that enable the students to work independently when dealing with small Python programming tasks.
Both programming modules are designed to provide a fundamental understanding of R and Python. They are highly recommended for all the students on the programme and are compulsory for those who either opt for the MSc in Actuarial Science with Business Analytics or remain on the MSc Actuarial Science but take Business Analytics elective modules. Completing these two modules will also help you with the computer-based elements of the CM and CS subjects.
Term 1
Compulsory Core Modules
Financial Mathematics (CM1(1))
You will learn how to apply compound interest theory to find the present value or the accumulation of a cash flow, and to apply financial mathematics to solve a wide range of practical problems also via computer-based applications. You will analyse and compare alternative capital projects and perform investment valuation.
Along with Contingencies (CM1(2)), this module will cover Subject CM1 of the UK Institute and Faculty of Actuaries’ professional examinations.
Research Methods for Actuarial Professionals (non-exemption module)
Strong research is a key element of development strategy for companies and institutions, large and small. This module aims to provide a ground in statistical learning research, particularly supervised and unsupervised learning, which you will be able to apply to real data. The content is tailored to support you and to develop your research and statistical learning skills. The module will utilise specific training in statistical learning techniques in order to provide a strong foundation for in-depth and specialist teaching and learning in terms 2 and 3. You will also develop an intuition behind the methods which you will be able to use to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.
Elective Modules
Probability and Mathematical Statistics (CS1)
This module will enable you to master the axioms of probability and conditional probability, the concept of a random variable and a probability distribution, and to define and use generating functions. You will apply and debate the principles of statistical inference, explain and evaluate the theory underlying statistical techniques.
You will construct statistical displays of data, solve problems with more than one random variable, find moments of distributions, carry out and interpret linear regression and generalised linear regression models. You will test hypotheses and derive confidence intervals. You will explain the fundamental concepts of Bayesian statistics.
Finally, you will become proficient in a broad range of related computer-based applications in R. The module will cover Subject CS1 of the UK Institute and Faculty of Actuaries’ professional examinations.
Finance and Financial Reporting (CB1)
The module is designed to provide you with the skills and knowledge to engage professionally with finance and financial reporting within a company. The finance section of the module will provide you with a basic understanding of the methods and types of instruments used by companies to raise finance. The financial reporting section will enable you to interpret the published financial statements of companies and financial institutions. The module will cover Subject CB1 of the UK Institute and Faculty of Actuaries’ professional examinations.
Business Economics (CB2)
This module will introduce you to fundamental concepts of economic analysis at both micro and macro levels, focusing on those areas most relevant to actuarial science. In doing so, it will cover Subject CB2 of the UK Institute and Faculty of Actuaries’ professional examinations.
Analytics Methods for Business (non-exemption module)
This module provides a collection of standard analytical methods and explains how data analysis is performed in the real world. It represents an introduction to specific tasks that a business analyst encounters on a daily basis, which ultimately help in analysing, communicating and validating recommendations to change the business and policies of an organisation. Furthermore, the module provides the foundation for using R to translate theory into practice.
Term 2
Compulsory Core Modules
Contingencies (CM1(2))
You will gain an understanding of a broad range of life insurance products and their pricing, and a mastery of life insurance mathematics. You will be able to calculate gross premiums and reserves for fixed and variable benefit contracts. You will be introduced to annuities and assurances involving two lives, and multiple decrement models. Finally, you will be able to apply mathematics and statistics to related practical problems via computer-based applications.
Along with Financial Mathematics (CM1(1)), this module will cover Subject CM1 of the UK Institute and Faculty of Actuaries’ professional examinations.
Elective Modules
Financial Economics (CM2)
You will develop a proficiency in the application of models used in financial economics and understand how they are used, also via computer-based applications. You will analyse insurance problems in terms of utility theory, define measures of investment risk, and describe how insurance companies help reduce or remove risk. You will be able to explain the assumptions and ideas underlying different financial models, and apply finance theory to assess risk, make portfolio decisions, model asset prices and interest rates, and evaluate derivatives. The module covers Subject CM2 of the UK Institute and Faculty of Actuaries’ professional examinations.
Insurance Risk Modelling (CS2)
This module aims to explain the fundamental risk modelling for insurance applications. Specifically, statistical and stochastic modelling for life and non-life insurance risks are discussed in order to cover Subject CS2 of the UK Institute and Faculty of Actuaries’ professional examinations. Various topics will be accompanied by computer-based applications.
Machine Learning (non-exemption module)
This module provides an overview of machine learning concepts, techniques and algorithms used in practice to describe and analyse complex data and design predictive analytics methods. You should expect to engage with the main idea and intuition behind modern machine learning tools from a practical perspective. Standard computing skills in R, Python and Matlab will be used to put in practice the theory discussed in the lectures.
Term 3
To complete the MSc in Actuarial Science, you have several options in your third term:
- Modelling Practice (CP2), Professional Communication (CP3) and two short electives
- Modelling Practice (CP2) , Professional Communication (CP3) and Applied Research Project
- Applied Research Project and three short electives
- Business Research Project and one short elective
- Five short electives.
Subject to availability, you can also choose projects designed by our industry partners, including, for example, the Bank of England, Government Actuary’s Department and Guy Carpenter. Most of these projects are directly supervised by the industry partner representatives together with our academic staff.
Over the years, several students taking research projects with us have been recipients of the prestigious SCOR award.
Business Research Project (BRP)
The BRP will be of approximately 10,000 words. It offers an opportunity to specialise in a contemporary topic in actuarial science or finance related to your future careers and should be based on independent research. You are encouraged from the start of the course to think about this possibility. A member of academic staff, allocated on the basis of your project proposal, will supervise the BRP.
Applied Research Project (ARP)
The ARP will be of approximately 3,000-5,000 words. In this case, the topic is supplied by Bayes faculty and initial guidance, but no formal supervision, is offered to help you identify the research question.
Modelling Practice (CP2)
This module will provide you with an understanding of how to model data and processes using spreadsheets, how to document your work, analyse the methods used and outputs generated, and communicate the approach, results and conclusions to your junior and senior colleagues.
It covers Subject CP2 of the UK Institute and Faculty of Actuaries’ professional examinations.
Professional Communication (CP3)
You will be introduced to the skill of communicating with non-actuaries on topics related to actuarial practice. You will revise its main areas and study how technical actuarial concepts and other specialist information can be explained to clients in plain, jargon-free English. You will learn how to draft letters to those seeking professional advice in a manner suited to the level of knowledge of the recipient.
The module covers Subject CP3 of the UK Institute and Faculty of Actuaries’ professional examinations.
Short electives offered in 2023
The short electives will give you a breadth of subject matter in actuarial science, insurance, business analytics, areas of finance and investment.
- Applied Machine Learning
- Applied Natural Language Processing
- Data Management Systems
- Modelling and Data Analysis
- Emerging Global Risks
- Stochastic Claims Reserving in General Insurance
- Topics in Quantitative Risk Management
- Ethics, Society and the Finance Sector
- Financial Crime
- Valuation of Financial Institutions.
International electives
- FinTech (taught in Italy)
- International Real Estate Markets (Dubai).
More about elective modules at Bayes
Please note that electives are subject to change and availability.
Download course specification:
Actuarial Science MSc [PDF]Assessment methods
Term dates
Term dates 2024/25
- Induction: 9th September 2024 - 20th September 2024
- Term one: 23rd September 2024 - 6th December 2024
- Term one exams: 6th January 2025 - 17th January 2025
- Term two: 20th January 2025 - 4th April 2025
- Term two exams: 21st April 2025 - 2nd May 2025
- Term three - international electives: 5th May 2025 - 16th May 2025
- Term three: 19th May 2025 - 4th July 2025
- Term three exams: 7th July 2025 - 18th July 2025
- Resits: 11th August 2025 - 22nd August 2025
- Additional resit week - tests only: 25th August 2025 - 29th August 2025.
Timetables
Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.
Please note that all academic timetables are subject to change.
Fees & funding
UK/Home fee
September 2024 entry
£15,000
MSc
Tuition fees are subject to annual change.
International fee
September 2024 entry
£24,700
MSc
Tuition fees are subject to annual change.
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met).
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period).
Second installment: Half fees (paid in January following start of course).
Tuition fee increases
Where applicable, tuition fees for Bayes' programmes will be subject to inflationary increases in each year of study. Our policy for these increases is set out in our terms and conditions of study.
Scholarships & bursaries
Scholarships, sponsorships, loans and other funding could support your education at Bayes Business School.
Learn about the cost of living as a Bayes student in London.
Scholarships
We have a range of scholarships for Master's degrees at Bayes Business Scool. Most scholarship applications for 2024/25 year of entry will open in January 2024.
View our scholarships and fundingOther funding opportunities
Scholarships are very competitive, you may wish to look other options for funding, including the government PG Loan.
View other funding optionsSponsorship
Students on the course who are sponsored in full or in part by their employer will need to complete a sponsorship form as part of the application process.
View our sponsorship guidanceCareers
Your Master’s in Actuarial Science is a global professional passport to a challenging and rewarding career. If you love problem-solving become an actuary, and you will be constantly seeking new ways to approach information and data. Or you could work for business or government, advising on decisions that can change people’s lives. You will also be well equipped to work as an actuarial and risk analyst, consultant or underwriter in leading insurance, banking and professional services firms around the world.
You will get advice on your finding your ideal path and how to accomplish your career goals from our dedicated Careers Team.
The MSc in Actuarial Management serves as a continuation of the MSc in Actuarial Science allowing successful candidates to focus on the application of concepts learned, study the key areas of actuarial practice, choose from the various actuarial specialist subjects and attain further technical knowledge. Students taking that MSc get an opportunity to obtain further exemptions from the later professional subjects of the Institute and Faculty of Actuaries, enabling them to reach the highest possible level of the professional qualification.
Class of 2022
Job titles included:
- Actuarial Analyst
- Trainee Actuary
- Model Management and Development Analyst
- Junior Specialist
- Auditor.
Download our latest MSc Employment Report
Graduate Outcomes survey 2020-21
70.6% of graduates in employment or further study six months after completing the course, with a median salary of £32,178
Recent employers
Alumni stories
Entry requirements
- A UK upper second class degree 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
- Work experience is not a requirement of this course.
English language requirements
If you have been studying in the UK for the last three years it is unlikely that you will have to take an English language test.
If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.
Full list of approved English language tests/qualifications and minimum requirements.
Apply
Please see our Application Guide for details of the documents you will need to supply as part of your application, and other useful information.
We cannot comment on individual eligibility before you apply. We can only make a decision on your application once it is fully complete, with all requested information received.
Frequently asked questionsApply for September 2024 entry
Individuals wishing to apply for either the MSc Actuarial Science or the MSc Actuarial Science with Business Analytics should apply for the MSc Actuarial Science in the first instance.
Applicants who are interested in the MSc Actuarial Science with Business Analytics will be able to opt for it during Term 1. They will need to provide a supporting personal statement and successfully pass the pre-entry modules Introduction to R Programming and Introduction to Python Programming.
Terms and conditions
Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.
Student life
We are located right in the heart of London. Being a student at City allows you to take advantage of all that London has to offer.
London is continually ranked as one of the 'Best Student Cities' in the world to study within (QS, 2019).
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