1:35 YouTube video

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?

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. Changes in the world bring new risks, which mean new challenges for actuaries.

It will offer you a firm grounding in the fundamentals of actuarial science in insurance, finance and investment, business analytical methods, machine learning, data management systems and natural language processing. You will 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.

MSc in Actuarial Science with Business Analytics

From September 2020, we will be the first in the world to offer an MSc in Actuarial Science with Business Analytics pathway, which will also prepare you for the non-traditional actuarial field of business analytics.

You will gain a firm grounding in the fundamentals of actuarial science in insurance, finance and investment. You will also advance your knowledge in analytics methods for business, machine learning, data management systems and natural language processing, all of which are increasingly being adopted across actuarial practice areas.


As the needs of the actuarial profession and the Institute and Faculty of Actuaries evolve, the skill set of actuaries is used in wider applications in both traditional and non-traditional fields, and the intake of overseas members increases, this programme is designed to reflect these challenges and ensure that it is fit for purpose for actuaries in an ever-changing global business environment.

On this postgraduate course, you will study statistics, probability, stochastic processes, survival models, economics, finance and investment, insurance, pensions and financial contracts valuation, with computer-based applications. This broad and varied syllabus is equivalent to the Institute and Faculty of Actuaries’ Core Mathematics, Core Statistics and Core Business professional examinations (Subjects CM1, CM2, CS1, CS2, CB1, CB2), and enables you to gain exemptions from them.

In addition, this programme will give you the opportunity to study business analytical methods and learn how data analysis is performed in the real world. You will be able to study machine learning techniques and their use in analysing complex data and designing predictive analytics methods.

The programme is delivered via face-to-face lectures from qualified actuaries, academics and other subject-specialists, complemented by dedicated online support and computer-based applications, 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. Cass Business School has been ranked as second in the world in the new Global Research Rankings of Actuarial Science and Risk Management & Insurance.

Successful candidates on the MSc in Actuarial Science or the  MSc in Actuarial Science with Business Analytics may also proceed to the MSc in Actuarial Management

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What will you learn

On the MSc Actuarial Science course, you will:

  • Summarise and critically assess fundamental concepts in statistics, economics, finance, investment and business.
  • Recognise and apply actuarial theory used in investment, insurance and probability modelling.
  • Evaluate research papers 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, investment and analytics problems.
  • 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 software as an effective tool for data analysis and financial modelling.

On the MSc Actuarial Science with Business Analytics course, you will additionally:

  • Make use of analytical skills to evaluate and solve complex problems within the organisation’s strategic perspective.
  • Demonstrate critical awareness of current analytical methods in order to transform information into knowledge.
  • Increase your understanding and knowledge of how current analytical methods could be applied in practice.
  • Analyse the breadth of machine learning techniques and their applications.
  • Frame analytics problems from a machine learning perspective and be able to suggest practical solutions to them.
  • Carry out analysis and effectively communicate the results to a defined audience.

Modules corresponding to the actuarial professional subjects CM1, CM2, CS1, CS2, CB1 and CB2 are taught over Terms 1 and 2 of both the MSc Actuarial Science and MSc Actuarial Science with Business Analytics, in addition to the Research Methods for Actuarial Professionals taught in Term 1 and (non-exemption) Business Analytics modules in Terms 2 and 3.

Induction weeks

All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.

Assessment methods


Assessment of modules on this programme, in most cases, is by means of coursework and unseen examination. Coursework may comprise computer-based components, unseen tests and problem sets, classwork, individual and group presentations, group reports and standard essays. Please note that any group work will include an element of peer assessment.

Please note that group work will include an element of peer assessment in most cases.

Course content

To satisfy the requirements of the MSc Actuarial Science, students must complete:

  • at least five modules (across Terms 1 and 2) in addition to the Research Methods for Actuarial Professionals 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.

To satisfy the requirements of the MSc Actuarial Science with Business Analytics, students must complete:

  • Introduction to R Programming
  • Introduction to Python Programming
  • at least six modules (across Terms 1 and 2), including Analytics Methods for Business and Machine Learning, in addition to the Research Methods for Actuarial Professionals module (Term 1)

and either

  • five electives in Term 3
  • three electives and an Applied Research Project in Term 3.

For the MSc Actuarial Science with Business Analytics, the students must choose in Term 3 at least two of: Applied Machine Learning, Applied Natural Language Processing, and Data Management Systems

Term dates

Term dates 2020/21

In-Person ID Checks (all students must attend): Commences 14 September 2020

Compulsory Induction: 14 - 25 September 2020

Term I
28 September 2020 - 11 December 2020
Term I exams
04 January 2021 - 15 January 2021

Term II
18 January 2021 - 02 April 2021
Term II exams
19 April 2021 - 30 April 2021

Term III
03 May 2021 - 02 July 2021
Term III exams
05 July 2021 - 16 July 2021

Resit period
Students who are required to resit an examination or invigilated test will do so in the period:
09 - 27 August 2021

Submission deadline for Business Research Project or Applied Research Project 
1 September 2021

Official Course End Date
30 September 2021


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.

View academic timetables

Please note that all academic timetables are subject to change.

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:


How to apply

Individuals wishing to apply for either the MSc Actuarial Science or the MSc Actuarial Science with Business Analytics should apply for the MSc Actuarial Science in the first instance.

Applicants who are interested in the MSc Actuarial Science with Business Analytics will be able to opt for it during Term 1. At that time, you would need to provide a supporting personal statement and successfully pass the pre-entry modules: Introduction to R Programming and Introduction to Python Programming.

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 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.

Terms and conditions

Students applying to study at Cass Business School are subject to City, University of London's terms and conditions.

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.


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


UK/EU/International £21,000 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 for continuing students (where applicable).

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 in-person ID–checks)
Second installment: Half fees (paid in January following start of course)

Information about Scholarships

Career pathways

Career destinations for MSc Actuarial Science

Actuaries are experts in risk management. They mainly work for insurance companies, consultancy firms, banks and investment managers in the areas of General Insurance, Health and Care, Investment, Life Insurance, Pensions and Financial Risk Management.

An actuarial career is a global professional passport. The employment opportunities available for those with an actuarial skill set continue to develop and grow, in some cases outside the traditional areas. 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.

An increasing number of companies are now looking for actuarial students who have knowledge of business analytics. This is due to the changing nature of actuarial roles with more technology and analytics brought into actuarial processes across most of the industry sectors mentioned above. The MSc Actuarial Science with Business Analytics  route will enable students to gain a strong understanding of both the actuarial principles and the associated analytics.

A career as an actuary has been consistently ranked within the top 10 best jobs (CareerCast).

Class of 2018 profile

Recent graduates have secured positions such as

  • Actuarial Analyst - AXA P&C Insurance Company
  • NA - China - Continent Company
  • Assistant CRO - Hellenic Bank
  • Assistant Manager - Ariva
  • Graduate - Trafigura
  • Associate Actuary - Milliman
  • Principal PV -Axa
  • Actuarial Analyst - Buck Consultants
  • Actuarial Trainee - Cambridge Guarantee Limited
  • Actuarial Consultant - EY
  • Actuarial Trainee - Gen Re
  • Junior Trainee Actuary - Government Actuarial Department
  • Finance Actuarial Analyst - Pension Insurance Corporation
  • Credit Risk Analyst - Santander

Where they are working now

  • UK:41%
  • EU/EEA:23%
  • North America:5%
  • Africa and Middle East:0%
  • Asia:5%

Industry post-master's

45% Financial Services - Insurance
15% Financial Services - Investment Bank
10% Consulting - Financial Services
5% Pension Services

The remaining industries are made up of Oil/Gas (7%), Government Agency (5%), Asset Management / Investment Management and Other financial services (10%)

Data provided from alumni who completed the annual destination data survey 2017/18

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!'

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 Practice and Specialist Principle subjects of the Institute and Faculty of Actuaries.

Course information and statistics

average age of student body
average years of work experience
nationalities in 19/20 cohort
Human brain
Introduced in 1985 as the first specialist postgraduate actuarial programme in the world


The programme is accredited by the Institute and Faculty of Actuaries to offer exemptions from  their Core Modelling, Core Statistics and Core Business professional examinations (Subjects CM1, CM2, CS1, CS2, CB1, CB2). The MSc in Actuarial Science was introduced in 1985. Today it remains cutting edge, following regular reviews from employers through our Advisory Board, and now has a new innovative Business Analytics pathway. Please note that all accreditations and exemptions are subject to change.  Please check if you have specific requirements.