Actuarial Management MSc
Key information
Duration: 12 months full-time, 24 months part-time
Attendance mode: Full-time; Part-time
Fees: From £15,000 (more information)
Location: Bunhill Row
Start of programme: September 2024
Application deadline: Rolling applications
Entry year: Showing course information for 2024
Excel in core and specialist areas of actuarial practice
Overview
Actuarial Management MSc Who is it for?
You are a part-qualified actuary or a graduate from a recognised BSc or MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You have covered most of the material from the Core Principle subjects of the Institute and Faculty of Actuaries (or equivalent from other professional bodies).
The MSc in Actuarial Management is intended for those of you who wish to undertake an in-depth study of actuarial science, insurance, finance and investment, both at a general level and in relation to specific practice areas, thereby extending your knowledge beyond the Core Principles stage and gaining exemptions from later professional examinations.
Why choose this course?
World’s premier programme offering exemptions from advanced-level professional actuarial exams
Ranked 1st in Europe for actuarial research. Top 50 UNL Global Research Rankings of Actuarial Science and Risk Management & Insurance.
Course objectives
The MSc in Actuarial Management covers material related to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practice subjects and Specialist Principle subjects.
You can gain exemptions from the Institute and Faculty of Actuaries’ examinations, including Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2), Communications Practice (Subject CP3) and the Specialist Principle Subjects SP1, SP2, SP4, SP5, SP6, SP7 and SP8.
Possibilities for exemptions from the Core Principle Subjects CB1, CB2, CS2 are CM2 are also offered. Finally, you will be offered a collection of Business Analytics modules to select from as electives in the third term.
You will be taught and receive advice on study and exam techniques by qualified actuaries, academics and other subject-specialists with commercial experience and research expertise.
"Prior to studying MSc Actuarial Management, I worked for 3 years with PwC as a Senior Associate within their Risk Modelling Services. The course was very relevant to the actuarial skills used in the industry and offered hands on experience. I particularly liked the business analytics module which was very challenging and provided the breadth needed for an actuary looking to divulge in new exciting areas. I am now a Senior Actuarial Analyst at Zurich Insurance and part of the P&C Actuarial Reserving Team, working on the IFRS 17 Project."
- Siddhesh Surpatne
Teaching staff
The teaching staff on the MSc in Actuarial Management have many years of practical experience working in the insurance, pensions and financial services sectors 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:
Module leaders include:
- Professor Vali Asimit
- Dr Zoltan Butt
- Dr Michail Chronopoulos
- Mrs Komal Shah
- Dr Dimitrina Dimitrova
- Mr David Hargreaves
- Dr Zaki Khorasanee
- Dr Pietro Millossovich
- Professor Jens Perch Nielsen
- Dr Iqbal Owadally
- Dr Pietro Parodi
- Professor Keith Pilbeam
- Mr Nick Silver
- Dr Douglas Wright.
Accreditation details
Bayes Business School is recognised as a Center of Actuarial Excellence (CAE) from the Society of Actuaries (SOA), one of the main actuarial professional bodies in the US. Together with our accreditation by the Institute and Faculty of Actuaries in the UK, this reinforces our establishment as a global hub for actuarial studies and intellectual capital development. Our courses are also recognised as preparing students for certain SOA actuarial exams.
Course content
On the MSc Actuarial Science you will:
- Demonstrate knowledge and understanding of the main areas of actuarial practice
- Develop awareness of the general commercial environment
- Apply actuarial, statistical, and related methods to assess and manage risk effectively
- Communicate effectively with non-specialists in the area
- Display the professional integrity, conduct and responsibility required by the actuarial profession.
Course structure
Programme content is subject to change. We regularly review our module offering and amend to keep up to date and relevant.
Part-time students
You must complete all compulsory modules in the first year. You may spread the elective modules over the first and second year. For consistency with full-time students, any optional modules attempted in the first year must be completed in it and cannot be re-attempted in the second year. If chosen, the ARP/BRP must be completed in the second year.
Induction weeks
All MSc courses start with two compulsory induction weeks which include relevant refresher courses, pre-study programming modules, an introduction to the careers services and the annual careers fair.
Pre-Study Modules
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.
Term 1
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.
Term 2
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.
Term 3
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.
Download course specification:
Actuarial Management MSc [PDF]Assessment methods
Term dates
Term dates 2024/25
- Induction: 9th September 2024 - 20th September 2024
- Term one: 23rd September 2024 - 6th December 2024
- Term one exams: 6th January 2025 - 17th January 2025
- Term two: 20th January 2025 - 4th April 2025
- Term two exams: 21st April 2025 - 2nd May 2025
- Term three - international electives: 5th May 2025 - 16th May 2025
- Term three: 19th May 2025 - 4th July 2025
- Term three exams: 7th July 2025 - 18th July 2025
- Resits: 11th August 2025 - 22nd August 2025
- Additional resit week - tests only: 25th August 2025 - 29th August 2025.
Timetables
Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.
Please note that all academic timetables are subject to change.
Part-time students
Part-time students are taught alongside full-time students, and classes take place on weekdays. The timetable for part-time students will depend on the modules chosen and how the student decides to split the modules over the two years of study.
Fees & funding
UK/Home fee
September 2024 entry
£15,000
MSc full-time
MSc part-time
Tuition fees are subject to annual change.
International fee
September 2024 entry
£24,700
MSc full-time
MSc part-time
Tuition fees are subject to annual change.
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met).
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period).
Second installment: Half fees (paid in January following start of course).
Scholarships & bursaries
Scholarships, sponsorships, loans and other funding could support your education at Bayes Business School.
Learn about the cost of living as a Bayes student in London.
Scholarships
We have a range of scholarships for Master's degrees at Bayes Business Scool. Most scholarship applications for 2024/25 year of entry will open in January 2024.
View our scholarships and fundingOther funding opportunities
Scholarships are very competitive, you may wish to look other options for funding, including the government PG Loan.
View other funding optionsSponsorship
Students on the course who are sponsored in full or in part by their employer will need to complete a sponsorship form as part of the application process.
View our sponsorship guidanceCareers
On our MSc in Actuarial Management you will learn the technical skills and problem-solving techniques for a successful and rewarding career as an actuary, in the fields of life and non-life insurance, health and care, pensions, finance and investment.
We have many qualified actuaries on our teaching staff with commercial experience and academics who maintain close links with the industry with many having worked, or still working, in their specialist sectors.
Our graduates benefit from our contacts with numerous fantastic City firms, moving into positions in these firms every year.
Experts from our Careers Team will work with you to set you on a path that will fulfil your professional goals and help you towards roles such as Actuarial Consultant, Senior Actuarial Analyst, Underwriter or Management Associate.
Class of 2022 Profile
Job titles included:
- Risk Modelling Consultant
- Actuarial Developer
- Pricing Analyst
- Senior Actuarial Associate
- Product and Pricing Analyst
- Portfolio Analyst
- Actuarial Valuation Assistant
Download our latest MSc Employment Report
Recent employers
Alumni stories
Entry requirements
- A UK upper second-class degree or better, or the equivalent from an overseas institution, in a related subject
- You should have covered most of the material from the Core Principle subjects of the Institute and Faculty of Actuaries (or equivalent from other professional bodies) at university degree or professional level
- Applicants who have not passed (or are not expected to have passed before the start date) most of the Core Principle subjects of the Institute and Faculty of Actuaries (or equivalent from other professional bodies) should apply for the MSc in Actuarial Science
- Work experience is not a requirement of this course.
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 an English language test.
If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.
Full list of approved English language tests/qualifications and minimum requirements.
Apply
Please see our Application Guide for details of the documents you will need to supply as part of your application, and other useful information.
We cannot comment on individual eligibility before you apply. We can only make a decision on your application once it is fully complete, with all requested information received.
Frequently asked questionsApply for September 2024 entry, full-time and part-time
We only accept online applications.
Terms and conditions
Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.
Student life
We are located right in the heart of London. Being a student at City allows you to take advantage of all that London has to offer.
London is continually ranked as one of the 'Best Student Cities' in the world to study within (QS, 2019).
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