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
'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.
GAAPS, a leading actuarial recruitment consultancy, will award £500 prizes to two Cass actuarial students for their achievements during the academic year.
NMG Consulting Prizes
We are delighted to announce that the following prizes will be awarded to students undertaking the Masters in Actuarial Management during 2014/15 intake:
The NMG Consulting prize for Subject CA1 (Part I) and
The NMG Consulting prize for Subject CA1 (Part II)
- The prizes will be awarded for the overall highest module marks in the two parts of Subject CA1: Actuarial Risk Management.
- The total value of the prizes to be awarded will be £2,000 and allocated as follows:
- £1,000 to be awarded to the student with the overall highest module mark in Subject CA1: Actuarial Risk Management (Part I) - this module will be completed in January 2013 and the results will be released in March 2013
- £1,000 to be awarded to the student with the overall highest module mark in Subject CA1: Actuarial Risk Management (Part II) - this module will be completed in April 2013 and the results will be released in June 2013.
- A single student will be awarded both prizes if he/she achieves the highest module mark in both parts of Subject CA1.
The prize giving ceremony will take place at Cass Business School after June 2013 where the sponsor - NMG Consulting - will participate in awarding the prizes to the successful students.
NMG Consulting is a specialist, multinational consultancy focused on the insurance, reinsurance and wealth management sectors. It works with major financial services institutions to shape their thinking about the market and their business.
NMG Consulting is part of the NMG Group, which was established in 1992 and includes significant employee benefits operations in South Africa.
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 two compulsory induction weeks, 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:
- Prof. Philip Booth
- Dr Iqbal Owadally
- Dr Ben Rickayzen
- Dr Zaki Khorasanee
- Dr Dimitrina Dimitrova
- Dr Andreas Tsanakas
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 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 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
A typical applicant will have gained at least an upper second class Bachelors honours Degree 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.
In addition, applicants are required to have passed and/or as a result of previous studies, are 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.
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).
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.
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).
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
- Two references, one of which MUST be an academic reference
- IELTS/TOEFL/GMAT, if reports available
- Confirmation of professional qualification examinations/exemptions/passes
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 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 2010/11's MSc in Actuarial Management cohort shows that 95% of graduates are now in work*
Some examples of where graduates from the 2010/11's MSc in Actuarial Management are working are:
- Deloitte - General Insurance Analyst - UK
- Towers Watson - Pensions, Actuarial Consultant - UK
- Monetary Authority of Singapore - Insurance Department, Assistant Director - Singapore
- AXA Asia - Risk Management, Actuarial Analyst - Hong Kong
- Pearl River Life - Actuarial Department, Actuarial Consultant - China
*Based on 2012 survey respondents