Overview

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 Prize

GAAPS, a leading actuarial recruitment consultancy, will award £500 prizes to two Cass actuarial students for their achievements during the academic year.

Read more.

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 Prize

  • 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.

Information Sessions

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: eva.matiaskova.1@city.ac.uk

*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.

Course content

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.

Term 1 and 2

Actuarial Risk Management (CA1) Part I, Term One

This module provides students with an understanding of the principles of investment and investment risk, and the application of these principles in the management of investment policy and in the financial management of institutional investors. Students will also develop an understanding of the environment in which financial companies operate and the impact that government policy, regulation and risk transfer facilities have on the operation of these companies

Actuarial Risk Management (CA1) Part II, Term Two

This module provides students with an understanding of the role of the actuary in meeting the needs of clients and other stakeholders. Students will also develop an understanding of the statutory duties that may be required by the actuary and a knowledge and understanding of the components of the actuarial control cycle and its application in a range of practical situations.

In addition to the two modules above, students must choose a minimum of three modules from the following electives*:

Finance and Investment B (ST6), Term Two

The module provides students with a full understanding of the main derivative instruments traded in financial markets, including complex instruments such as exotic options. Students will also learn how to develop a theoretical framework for the valuation of contingent claims.

Health Insurance (ST1), Term Two

The module provides students with an understanding of the principles of health insurance and health risk. Students will also learn to apply these principles in the management of a health insurance portfolio and in other aspects of financial management of health risks.

Life Insurance (ST2), Term One

This module provides students with an understanding of the mathematical techniques required by life insurance companies. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a life insurance company.

Pensions and Other Benefits (ST4), Term One

This module provides students with an introduction to the practical application of actuarial theory in the context of the operation of defined benefit and defined contribution pensions arrangements, emphasising the role of the actuary. Students will also develop an understanding of the principles underlying the actuarial control cycle in relation to pensions arrangements.

Finance and Investment A (ST5), Term Two

This module provides students with an understanding of how to apply the modern techniques of actuarial planning and control to the appraisal of investments, and to the selection and management of investments in relation to the needs of investors.

General Insurance - Reserving and Capital Modelling (ST7), Term One

This module provides students with an understanding of the key mathematical techniques required in the reserving and capital modelling of a general insurance company. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a general insurance company.

Finance and Financial Reporting (CT2), Term One

This module provides students with an understanding of the key principles of finance, including the structure of joint-stock companies, capital markets and financial statements.

Modelling (CT4), Term Two

This module provides students with an understanding of stochastic processes and their application to models used for financial work.

Contingencies (CT5), Term Two

This module provides students with an understanding of the mathematical techniques of pricing and evaluating insurance and pensions products.

Statistical Method (CT6), Term Two

This module provides students with an understanding of the fundamental statistical techniques used in the analysis of short-term insurance contracts.

Financial Economics (CT8), Term Two

This module provides students with an understanding of modern financial theory and its main applications.

General Insurance - Pricing (ST8), Term Two

This module provides students with the ability to apply, in simple pricing and reinsurance analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of a general insurance company.

*Note that students are required to complete at least two ST modules from this list of electives.

Also, note that all CT modules are subject to availability. These modules are hosted by the MSc in Actuarial Science and students on this programme will be given preference where space is limited.

Term 3

On successful completion of Terms 1 and 2, students can either exit with an Postgraduate Diploma in Actuarial Management or continue in Term 3 to complete the MSc in Actuarial Management.

Please note, if you are a Tier 4 student visa holder and wish to transfer from MSc to Postgraduate Diploma, the change of programme will be reported to the UK Border Agency. Consequently, your Tier 4 student visa will be curtailed (i.e. shortened) and you will have to leave the UK within 60 days of completing your PgDip course (i.e. within 60 days after completion of the Term II exams).

If you plan to attend your graduation in January, you will need to apply for a General Visitor visa in your country before you can return to the UK. More information can be found at http://www.city.ac.uk/international/international-students/international-student-advice/current-students/applying-for-a-visa-to-attend-graduation . Please contact the International Student Advice team at visaadvice@city.ac.uk if you have any questions.

Five electives from the list below

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. Electives that were offered in 2013 were:

  • Enterprise Risk Management
  • Introduction to Copula Modelling
  • Introduction to Model Office Building in Life Insurance
  • Longevity Risk Pensions Products
  • Modelling and Data Analysis
  • Social Insurance in Emerging Markets
  • Stochastic Asset Models
  • Topics in Quantitative Risk Management
  • Hedge Funds
  • Financial Derivatives
  • Credit Risk Management
  • Ethics Society and the Financial Sector
  • Mergers and Acquisitions
  • Energy Markets (Taught in a block format in Dubai)
  • Project Finance & Infrastructure (Taught in a block format in Madrid)
  • Alternative Risk Transfer and Risk Securitisation
  • Claims Management
  • Liability Insurance
  • Marine, Aviation and Transport Insurance
  • Operational Risk Management
  • Reinsurance
  • Corporate Governance
  • Technical Analysis and Trading Systems
  • Behavioural Finance
  • Introduction to C
  • Matlab

These electives are taught during Term Three and are assessed by means of a coursework exercise (on an individual or group basis) or an invigilated class test.

Research Methods module

This module is compulsory for all students electing to complete the MSc in Actuarial Management and provides students with an understanding of how to undertake independent research either in the context of a single organisation or by using third-party sources. Students also develop the necessary tools and skills to initiate, research and write up a business project and the module includes dedicated training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete the MSc by means of the Business Research Project.

Teaching staff

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.

Course Director

Dr Douglas Wright

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 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

Entry requirements

Degree Level

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).

Work Experience

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).

English Requirements

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

Term I
29 September 2014 - 5 December 2014
Term I exams
12 January 2015 - 23 January 2015

Term II
26 January 2015 - 3 April 2015
Term II exams
27 April 2015 - 8 May 2015

Term III
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

Career opportunities

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

Cass Careers Service