Rahil Ram studied on the MSc in Actuarial Management at Cass Business School. In this video, he tells us how a work placement at Legal & General led to a role after he graduated. His role has given him the opportunity to have a positive social and economic impact.


Who is it for?

You are a part-qualified actuary or a graduate from a recognised BSc and MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed at least five subjects from the first Core Technical stage of the professional examinations of the Institute and Faculty of Actuaries.


The MSc in Actuarial Management programme covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Application subjects and Specialist Technical subjects.

Taking this master's degree at Cass means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.

You can also gain exemptions from the IFoA’s examinations. In particular, you can gain exemptions in Actuarial Risk Management (Subject CA1), Communications (Subject CA3) and most of the Specialist Technical (or ST) subjects.


From early 2019 there will be significant changes to the curriculum of Institute and Faculty of Actuaries professional exams. (Curriculum 2019)

Students on the 2018/9 MSc Actuarial Science and MSc Actuarial Management courses will not be affected by these changes. Institutions offering exemptions from Institute and Faculty of Actuaries exams will be permitted to offer these under the existing system for the 2018/9 academic year and these will be accepted by the Institute.

Exam passes and exemptions achieved under the existing system will also be eligible for conversion to the Curriculum 2019 structure by the Institute and Faculty of Actuaries.


What will you learn

On the Actuarial Management MSc you will learn to:

  • Demonstrate knowledge and understanding of the main areas of actuarial practice
  • Demonstrate knowledge and understanding of the general commercial environment
  • Demonstrate knowledge and understanding of how to monitor measure and manage risk effectively
  • Apply actuarial, statistical and related methods to assess and manage risk
  • Communicate effectively with non-specialists in the area
  • Display the professional integrity, conduct and responsibility required by the actuarial profession.

Assessment methods


All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.

Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.

Induction weeks

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.

Term dates

Term dates 2018/19

In-Person ID Checks (all students must attend): Commences 17 September 2018

Compulsory Induction: 17 - 28 September 2018

Term I
1 October 2018 - 14 December 2018
Term I exams
7 January 2019 - 18 January 2019

Term II
21 January 2019 - 5 April 2019
Term II exams
22 April 2019 - 3 May 2019

Term III
5 May 2019 - 2 July 2019
Term III exams
1 July 2019 - 12 July 2019

Resit period
Students who are required to resit an examination or invigilated test  will do so in the period:
12 - 30 August 2019

Submission deadline for Business Research Project or Applied Research Project 
2 September 2019

Official Course End Date
30 September 2019

Teaching staff

Course Director

Course director profile

Dr Douglas Wright

Academic expert working at Cass Business School.

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 helps to inform the highly interactive lectures that make up the MSc in Actuarial Management.

Module Leaders include:

  • Prof. David Blake
  • Dr Cherie Chen
  • Mr Andy Cherkas
  • Mr Jacky Cheung
  • Dr Dimitrina Dimitrova
  • Mr David Hargreaves
  • Dr Zaki Khorasanee
  • Dr Donald MacLean
  • Dr Pietro Millossovich
  • Prof. Jens Perch Nielsen
  • Dr Iqbal Owadally
  • Dr Pietro Pardi
  • Prof. Chris Parsons
  • Prof. Ben Rickayzen
  • Nick Silver
  • Dr David Smith
  • D Jaap Spreeuw


How to apply

Applications are now closed for 2018 entry. Applications for 2019 will open in November.

Documents required for decision-making

  • Transcript/interim transcript
  • Current module list if still studying
  • CV
  • 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
  • For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be sent by post to the Master's Programme Office, 106 Bunhill Row, London, EC1Y 8TZ, UK

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.

Individual Appointments

If you would like to visit us to discuss your application please do arrange an individual appointment.

Entry requirements

  • A UK upper second class degree or above, or the equivalent, 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). Applicants who have not completed both Subject CT5 and Subject CT6 of the Institute and Faculty of Actuaries examinations are strongly advised to ensure that they are familiar with the material included in both these subjects, as this forms the basis for the Core Applications modules included in MSc Actuarial Management.

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 language requirements

If you have been studying in the UK for the last three years it is unlikely that you will have to take the IELTS 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 the writing section and no less than 6.0 in any other section.

Read more about English requirements

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.


UK/EU/International £20,000 Tuition fees are subject to annual change
UK/EU/International (part-time) £10,000 Tuition fees are subject to annual change

Fees in each subsequent year of study (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study (where applicable).

Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)

First installment: Half fees less deposit (to be paid at registration)
Second installment: Half fees (paid in January following start of course)

Information about Scholarships

Career pathways

Career pathways for graduates in MSc in Actuarial Management postgraduate programme are typically in actuarial roles. The type of employers varies, including consultancies, insurance companies, brokers, banks and supervisory authorities / central banks.

Companies and institutions that graduates have moved on to include:

  • Deloitte
  • Ernst & Young
  • KPMG
  • PWC
  • Aviva
  • Allianz
  • Prudential
  • RSA
  • Guy Carpenter
  • Willis
  • AON Benfield
  • HSBC
  • Lloyd’s
  • UBS
  • Financial Services Authority
  • Central Bank of Malaysia.

You can also view data from our Graduate Destination Survey (pdf) from 2015.

Course information and statistics

average age of student body
Diploma/ certificate
average IELTS score for 17/18 cohort
nationalities in 17/18 cohort
Human brain
Introduced in 1999 and first academic programme in the world to offer exemptions from advanced-level professional actuarial exams


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