Overview

Who is it for?

If you have strong technical ability and an interest in solving business problems, becoming an actuary is one of the most rewarding career choices you can make. The MSc in Actuarial Science will propel you into the profession. It offers you a firm grounding in the fundamentals of actuarial science in insurance, finance and investment. You’ll undertake a detailed study of the mathematical and statistical techniques for measuring the probability and risk of future events and their financial impact on a business and/or their clients.

Objectives

On this course, you will study statistics, probability, stochastic processes, survival models, economics, finance and investment, insurance, pensions and financial contracts valuation. This broad and varied syllabus is equivalent to the Institute and Faculty of Actuaries’ Core Technical professional examinations (Subjects CT1-CT8), and enables you to gain exemptions from them.

The course is delivered via face-to-face lectures from qualified actuaries, academics and other subject-specialists, complemented by dedicated online support, easy access to faculty members, and advice on study and exam techniques. Lecturers use their commercial experience and research expertise to deliver a challenging, relevant and intellectually stimulating course.

Successful candidates on the MSc in Actuarial Science may also proceed to the MSc in Actuarial Management

Student profile

Daria Prychantovska was a student on the MSc in Actuarial Science in 2015/16.

Exemptions

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.

Structure

What will you learn

  • Demonstrate mastery of mathematical problem-solving skills and fundamental concepts in statistics, probability modelling, economics, finance and investment.
  • Develop your mastery of actuarial theory used in insurance and investment.
  • Evaluate research papers from journals and professional texts to produce an independent synthesis of knowledge and ideas.
  • Demonstrate proficiency in the use of actuarial and statistical methods to solve problems in insurance and investment.
  • Evaluate and apply alternative approaches in the analysis of financial reports.
  • Develop and communicate effectively reasoned arguments on current issues relating to actuarial theory and practice.
  • Use appropriate software tools for data analysis and modelling.

Assessment methods

Assessment

Assessment of modules on the MSc in Actuarial Science, 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.

Course content

We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree students must complete:

  • at least five out of eight core courses (including at least two from Term 2) and the Research Methods module (Term 1)

and either

  • five electives in Term 3
  • one elective and a Business Research Project in Term 3
  • three electives and an Applied Research Project in Term 3

Induction

During the induction period, which is compulsory, a variety of activities are offered to students, to support them in their learning and professional development. Cass Careers offers workshops with a focus on the key skills that employers are looking for, as well as preparing students for the application process. The annual MSc Careers Fair at this time provides the opportunity to meet more than 60 companies who are recruiting across many sectors including insurance, pensions, finance, energy, and other fields. Furthermore, innovative workshops are run on advanced study skills and obtaining practical insight to actuarial work.

Term dates

Term dates 2018/19

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

Compulsory Induction: 18 - 29 September 2018

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

Term II
21 January 2019 - 29 March 2019
Term II exams
22 April 2019 - 3 May 2019

Term III
6 May 2019 - 28 June 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 
1 September 2019

Official Course End Date
30 September 2019

Teaching staff

Course Director

Course director profile

Dr Ioannis Kyriakou

Senior Lecturer in Actuarial Finance

The teaching staff on the MSc in Actuarial Science 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 Science.

Module Leaders include:

Application

How to apply

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
  • At least one reference

Documents which may follow at a later date

  • IELTS result
  • Second reference
  • 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 Specialist Masters 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 arrange an individual appointment to discuss this course please email: Hugh Fairclough

Entry requirements

  • A UK upper second class degree or above, or the equivalent from an overseas institution, in a highly quantitative programme such as mathematics or statistics is required to enter 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 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.

IELTS

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 a CAS as of April 2014.

Fees

UK/EU/International £20,000 Tuition fees are subject to annual change

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 (payable during on-line registration which should be completed at least 5 days before the in-person ID–checks)
Second installment: Half fees (paid in January following start of course)

Information about Scholarships

Career pathways

Actuaries are experts in risk management. They mainly work for insurance companies, consultancy firms, banks and investment managers. They work in the areas of:

  • General Insurance
  • Health and Care
  • Investment
  • Life Insurance
  • Pensions
  • Financial Risk Management.

An actuarial career is a global professional passport. Our graduates from the MSc in Actuarial Science are well prepared to tackle actuarial and risk analyst, consultancy and underwriting roles in leading firms such as EY, PwC, KPMG, Willis Towers Watson, Munich Re, to name a few, that are as challenging as they are rewarding with starting salaries that far outstrip their peers in other industries.

A career as an actuary has been consistenly ranked within the top 10 best jobs for five years running (CareerCast)

The MSc in Actuarial Management serves as a continuation of the MSc in Actuarial Science allowing successful candidates to focus on the application of concepts learned, study the key areas of actuarial practice and choose from the various actuarial specialist subjects and attain further technical knowledge. Students taking that MSc get an opportunity to obtain further exemptions from the later Core Applications and Specialist Technical subjects of the Institute and Faculty of Actuaries.

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

Graduate testimonials

Shriya Gupta,Pensions Graduate Offer, Aon, Class of 2017

'Using the experience and relevant knowledge of the career team helped me greatly through the job application process and also gave me the confidence to be successful in them'

Sean Quinn, Director, Cambridge Guarantee Group, 2016

'We have been recruiting actuarial trainees from Cass Business School for the past two years. The quality of the candidates has been high and the careers team have been extremely helpful and proactive. For us, Cass Business School is a treasure trove of talent ready to enter the business world.'

Daria Prychantovska, MSc in Actuarial Science, Class of 2016

'This year at Cass Business School has been one of the most challenging and fascinating experiences of my life. My high expectations were fulfilled: exceptional professors, incredible people from all over the world, an amazing city and, to top it all, a desirable job offer, obtained with a massive support from our careers professionals. Thank you, Cass! Thank you, London!'

Cass Careers Service

Course information and statistics

Man
23
average age of student body
Diploma/ certificate
7.3
average IELTS score for 17/18 cohort
Globe
13
nationalities in 17/18 cohort
Human brain
Introduced in 1985 as the first specialist postgraduate actuarial programme in the world

Accreditation

The programme is accredited by the Institute and Faculty of Actuaries to offer exemptions from up to eight of their Core Technical professional examinations (Subjects CT1-CT8). We were the first institution in the world to develop an MSc in Actuarial Science, and introduced it in 1985. It remains cutting edge, following regular reviews from employers through our Advisory Board, and is well-placed to welcome the profession’s new curriculum to be launched in 2019.