Actuarial Management MSc

• 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 highly recommended for all students on the programme. They are compulsory for students who choose some of the Business Analytics elective modules in term 3.

Compulsory Core Modules

• Actuarial Practice (CP1) - Part I

  Upon successful completion, you should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.

  Along with Parts II and III, this module will cover Subject CP1 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• Actuarial Practice (CP1) - Part II

  Upon successful completion, you should be able to understand all the main features which are included in a full office model. You should be able to build an office model using a wide range of mathematical and actuarial techniques.

  Along with Parts I and III, this module will cover Subject CP1 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• 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

• Life Insurance (SP2)

  The aim of this module is to instil the main principles of actuarial planning and control and mathematical and economic techniques, relevant to life insurance companies. You will gain the ability to apply the knowledge and understanding, in simple situations, to the operation on sound financial lines of life insurance companies. The module covers Subject SP2 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• Pensions and Other Benefits (SP4)

  The module aims to provide you with the basic technical skills required for the provision of actuarial services to pension schemes and the essential background knowledge of the pensions industry that would be expected of a pension consultant. It covers Subject SP4 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• General Insurance: Reserving and Capital Modelling (SP7)

  This module provides you with an introduction to the concepts of reserving and capital modelling in general insurance. It aims to instil the ability to apply, in simple reserving and capital modelling situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of general insurers. The module covers Subject SP7 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• 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.

• Enterprise Risk Management (non-exemption module)

  This module covers the principles of risk management within the corporate setting. It explores the ways in which the management of strategic and business unit risks of the firm can enhance firm value. Risk management is at the heart of many critical corporate decisions: day-to-day operations, resource allocation, strategic planning, capital structure, reputational and legal exposure, and performance measurement.

  Increasingly, success depends upon the identification, assessment, and management of a variety of complex risks. A general framework describing the risk management process and mechanisms used to hedge corporate risks are discussed. After a discussion of risk financing, the module turns to the implementation issues surrounding enterprise risk management, which include demonstrating how to aggregate risks across the firm and how to apply a firm-wide risk measure to improve corporate decision-making.

  Corporate governance guidelines and regulation are also examined. Case studies are used to synthesise the risk management concepts and to provide a suitable platform from which one is able to learn lessons from past risk management failures.

Core Principles CB1 and CB2 are offered subject to availability as they are hosted by the MSc in Actuarial Science and students on that programme will be given priority. Similarly, the Enterprise Risk Management module is prioritised for students on MSc in Insurance and Risk Management/MSc in Corporate Risk Management.

Compulsory Core modules

• Actuarial Practice (CP1) – Part III

  Upon successful completion of this module, you should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.

  Along with Parts I and II, this module will cover Subject CP1 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

Elective modules

• Health and Care (SP1)

  Health insurance is a specialist area. This module provides an in-depth analysis of the theory and practice of health insurance from an actuarial standpoint, covering Subject SP1 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• Finance and Investment A (SP5)

  This module will provide you with an introduction to modern techniques of financial management, and examples of applications of these techniques to the business of managing assets and financing corporate entities. The module covers Subject SP5 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• Finance and Investment B (SP6)

  This module aims to instil in you the ability to understand different types of financial derivatives and their uses, as well as the markets in which they are traded; evaluate financial derivatives (incl. credit derivatives using simple models for credit risk); and to assess and manage the risks associated with a portfolio of derivatives. It covers Subject SP6 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• General Insurance: Pricing (SP8)

  You will be provided with an introduction to the mathematical and economic techniques used in pricing to a level sufficient to tackle simple but realistic pricing exercises in the real world for a variety of insurance and reinsurance products. The module covers Subject SP8 of the UK Institute and Faculty of Actuaries’ professional examinations, contributing to gaining professional accreditation.

• 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.

• Financial Risk (non-exemption module)

  The module aims to provide a sound understanding of the financial risk arena. The primary emphasis will be on measuring and managing different kinds of financial risks that modern enterprises face through their international operations. These risks are brought together in a unified framework analysing the strategies, techniques and tools for managing corporate financial risks.

  The module has been specifically designed for participants keen to build on their knowledge of risk management and keep up to date with all the latest advances in assessing and managing risk.

Core Principles CM2 and CS2 are offered subject to availability as they are hosted by the MSc in Actuarial Science and students on that programme will be given priority. Similarly, the Financial Risk module is prioritised for students on MSc in Insurance and Risk Management/MSc in Corporate Risk Management.

To complete the MSc in Actuarial Management, you have several options in your third term:

• Business Research Project and one short elective
• Applied Research Project and three short electives
• Modelling Practice (CP2), Professional Communication (CP3) and two short electives
• Modelling Practice (CP2), Professional Communication (CP3) and Applied Research Project
• 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)

  It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit. The BRP offers this opportunity. You are encouraged from the start of the course to think about this possibility. If you opt for it, you will be required to submit a project of approximately 10,000 words on a subject area covered in the programme. 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. You will undertake a short piece of applied research on a question of academic and/or practical relevance. 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.