Intake: September only
Duration: 12 months full-time or 24 months part-time
Fees: £18,000 (full-time); £9,000 per year (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
NMG Consulting has agreed to sponsor the following prizes for MSc Actuarial Management in the academic year 2014-15:
1) £1,000 will be awarded to the student with the highest module mark in SMM028 - Subject CA1: Actuarial Risk Management (Part I); and
2) £1,000 will be awarded to the student with the highest module mark in SMM029 - Subject CA1: Actuarial Risk Management (Part II).
'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 programme please email: firstname.lastname@example.org
*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. Therefore, from time to time, there may be some changes to module titles or to the detailed content of individual modules
The MSc in Actuarial Management programme 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.
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 inform the highly interactive lectures that make up the MSc in Actuarial Management.
Other Module Leaders include:
Teaching staff on Cass Talks
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.
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
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
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 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). These would be expected to include Subject CT1 (Financial Mathematics), Subject CT3 (Probability & Mathematical Statistics) and Subject CT7 (Economics), which represents the fundamentals of actuarial science*.
*Exceptions to these requirements can be made by the admissions office on a case-by-case basis.
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 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 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 2015/16
Application fee: Nil
Tuition fees: £18,000 (full time), £9,000 (part time) 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 2015/6
In-Person Registration (all students must attend): 14 - 18 September 2015
Induction: 14 - 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
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 (pdf) of 2011/12's MSc in Actuarial Management cohort shows that 63% of graduates are now in work*
*Based on 2013 survey respondents