Course information and statistics from 2014-15 Destinations of Leavers from HE
Who is it for?
You excel in and enjoy mathematics, especially modelling and probability. You love asking “What if?”.
The skills you gain on this course will kickstart your actuarial career. You can also enter careers in risk management, investment management or financial analysis.
If you enjoy mathematics, statistics, probability and economics you will find this course ideal. For the duration of your degree, you’ll delve deeper into these core subjects, as well as stochastic models, finance and financial reporting, business and, naturally, actuarial science itself. You’ll also produce a self-researched final-year project on an area that interests you and reflects your ambitions.
What will I learn?
- Develop your knowledge and understanding of actuarial science, statistics, mathematics, finance and related disciplines.
- Develop your ability to communicate your knowledge and understanding effectively.
- Develop your understanding of the roles of mathematical and statistical calculation, analysis and judgement in actuarial science and financial risk management.
- Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.
- Equip you with the skills required to work professionally as an actuary or in alternative fields related to statistics, finance, risk management and in general management.
- Prepare you to enter postgraduate study in actuarial science or related disciplines.
Mathematics for actuarial science
This module will initially consolidate your mathematical knowledge to ensure all students have the same basic understanding no matter what their educational background. In the second term we will cover more advanced mathematical topics. The mathematics course is designed to give you the tools needed to solve the problems in the other modules.
Probability and statistics
The probability and statistics module will assume that students will arrive with no knowledge of probability or statistics. The module will start with basic concepts such as summary statistics and basic probability and will develop these concepts to more advanced topics such as confidence intervals, hypothesis testing, regression and probability distributions. This module forms part of the CT3 course of the IFoA.
Finance and investment mathematics
This module will focus on the concept of valuing future monetary payments in terms of present values to allow a comparison of different income streams which is critical in any financial decision making. In this module we will consider all payments to be guaranteed. We will also look at linking amounts to various inflation indices. This module covers the CT1 course of the IFoA.
To be able to understand the possible changes in the financial world, students need to study economics. This module assumes no prior knowledge and will cover both micro and macro economics over the year. This module covers the CT7 course of the IFoA.
Applications of IT
This module is made up of three components. Initially you will use the program MiniTab which is a statistical package that provides more powerful statistical analysis than using a spreadsheet. The second component is using Excel Workbook functions and the final component is writing VBA code. Again, we assume no prior knowledge of programming and this module is designed to allow you to use Excel in you work at university and also provide a skill that is in high demand from employers.
Introduction to actuarial methods
This module is different to the other modules that you study as one of its main goals is to introduce you to the different areas that actuaries work in to allow you to start to contemplate which areas you want to work in. In addition, this module is partly assessed by a group presentation which is a skill you will require when applying for jobs.
Calculus and linear algebra
This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.
This module will combine the ideas of probability and financial mathematics to allow you to start valuing payments that are contingent on particular events occurring. In this module we will mainly be using the techniques to value life assurance products. This module covers part of the CT5 course of the IFoA.
Probability and statistics 2
This module will continue your development in the areas of probability and statistics. In particular, we will be combining ideas from your first year mathematics module to allow more complex situations to be modelled. This module completes the CT3 course of the IFoA.
This module will allow you to study the modelling of uncertainty of certain probabilistic events. The techniques you learn here can be applied to a number of different situations and will be developed further in more advanced modules. This module covers part of the CT4 course of the IFoA.
Finance and financial reporting
This module will introduce you both to the financial markets and also provide an introduction to the accounts that companies report. Both of these are essential in your understanding of the financial markets to allow you to be able to develop solutions to financial risk questions. This module covers the CT2 course of the IFoA.
This module can be seen as a development of the ideas you were introduced to in the actuarial methods module in the first year. In particular, we focus on the role of the Actuary in the City of London. In this module you will be taken on visits to the Bank of England, Lloyd’s of London and Staple Inn. You will also be assessed through group presentations one of which will be set by external consultants.
Financial economics (elective module)
While Financial Economics is an elective module, the majority of students take this module as it forms part of the CT8 syllabus of the IFoA. In this module you will be introduced to the valuing of financial instruments using techniques covered in earlier modules, in particular the Stochastic Modelling module.
This module covers the modelling of survival data which is essential in actuarial work. It will combine ideas covered in earlier modules in particular Stochastic Models, Contingencies and Probability and Statistics. This module completes the CT4 course of the IFoA.
This module continues to develop techniques that were seen in the Contigencies module to allow you to value more complex future uncertain events. This module completes the CT5 course of the IFoA.
Statistical and probabilistic modelling for insurance
This module advances the probability modelling techniques that you have already covered in your first two years to allow for the modelling of complex events that will impact the cash-flows of an insurance company. This module covers the CT6 course of the IFoA.
Advanced financial economics (elective module)
This elective module develops the techniques covered in the Financial Economics module allowing you to price financial instruments such as options. This module completes the CT8 course of the IFoA.
You will be assessed using a variety of methods, depending on module choices including:
- Unseen written examinations, taking place at the end of each term (or at the end of a year, if a module is taught over two terms)
- Class tests
- Online quizzes and tests, using the Virtual Learning Environment
- Group projects, individual projects.
Percentage of the course assessed by coursework
The balance of assessment by examination, practical examination and assessment by coursework will to some extent depend on the optional modules you choose. The approximate percentage of the course assessment, based on 2016/17 entry is as follows:
67% written, 4% practical, 29% coursework
73% written, 0% practical, 27% coursework
67% written, 2% practical, 31% coursework.
Most contact hours take the form of lectures. A number of tutorials, exercise classes and surgery hours are scheduled during the first year, the number decreasing as you progress and you become more able to direct your own learning. Approximate study time based on 2016/17 entry is as follows:
32% scheduled learning, 68% independent learning, 0% placement
24% scheduled learning, 76% independent learning, 0% placement
18% scheduled learning, 82% independent learning, 0% placement.
How to apply
All applications should be made through UCAS, the Universities and Colleges Admissions Service. Applications are made via Apply, UCAS's online application system.
UCAS Institution code: C60 (Cass Business School and City, University of London)
UCAS Course code: G322
You can find more information at UCAS and in the UCAS Handbook.
- A-Level: A* (Mathematics) AA (or A* in Mathematics, AB with a relevant EPQ)
- BTEC: Level 3 Diploma: DDD plus 'A' level Mathematics or a science at grade A*
- Extended Project Qualification (EPQ): We welcome applications that include the EPQ. Where relevant, this may be included in our offer, resulting in an ‘A’ Level offer reduced by one grade
- IB: 36 points overall, 6 Higher Level Mathematics, 5 minimum all other subjects.
In addition we also ask for the following GCSE requirement:
- A minimum of grade 5 (C) in GCSE English.
If you are studying General Studies, Critical Thinking or a native language 'A' level, these subjects will not be included in any offer condition.
If you do not meet the qualification criteria for this course, you may still meet the criteria for our Actuarial Science Foundation course. The Foundation course is a one-year full-time programme that provides an entry route to the BSc Actuarial Science course.
We accept a wide range of international and other UK qualifications at Cass.
If you do not qualify for direct entry, there are several partners that offer preparatory international foundation courses for students seeking entry to undergraduate degrees. These include:
INTO City, University of London
Don’t meet the entry requirements? INTO City, University of London offers a range of academic and English language programmes to help prepare you for study at City, University of London. You’ll learn from experienced teachers in a dedicated international study centre.
These programmes are designed for international students who do not meet the required academic and English language requirements for direct entry. To prepare for this degree course, learn more about the International Foundation in Actuarial Science.
Kaplan International College (KIC) London
Additionally, City works in partnership with KIC London to provide a range of preparatory courses for international students. KIC London courses offer comprehensive support to students - including regular one-to-one tuition. Students who successfully complete the KIC London Foundation course at the required level are able to progress to City, University of London degree courses.
English language requirements
English language requirements
If your first language is not English, we will require evidence of English language proficiency. Minimum requirements are:
IELTS: 6.5 with a minimum of 6 in any unit
PTE Academic: 58 overall with a minimum of 50 in each component
GCSE: English language grade 5.
English language programmes
Don’t meet the English language requirements? INTO City, University of London offers English language programmes to help prepare you for study at university. These intensive and flexible courses are designed to improve your English ability for entry to degree courses.
Cass Business School gives you the opportunity to spend a year studying at one of our partner institutions, which are located around the world including Canada, Australia and Europe.
Universidad Argentina de la Empresa
Located in the heart of Buenos Aires, UADE has exchange agreements with 40 partner universities around the world. You will take modules from the undergraduate Global Management degree.
Queensland University of Technology
Located in the bustling city of Brisbane, QUT was the first Australian university to gain 'triple crown' accreditation (EQUIS, AMBA and AACSB).
Giving you the chance to study in Australia's 2nd largest city, RMIT is one of Australia's original educational institutions. Their well-established business school allows students to choose from a wide-range of subjects.
Vienna University of Economics and Business
WU has triple accreditation, one of only two German-speaking universities belonging to this group. They have a well-established exchange programme, with around 240 partner universities around the world.
Like Cass, HEC Montreal is triple accredited (EQUIS, AMBA and AACSB) and was the first school in North America to achieve this. There are opportunities to study in French or English.
Smith School of Business - Queen's University
Queen's Smith School of Business has a rich history dating back to 1841 and is consistently ranked as one of Canada's leading universities. It welcomes over 300 exchange students every year from more than 40 countries.
Ivey Business School, Western University
Ranked in the top 100 for Financial Times MBA Rankings, Ivey School of Business provides a competitive combination of world-class teaching and modern facilities.
Sauder School of Business, University of British Columbia
UBC is one of Canada's leading research universities and is consistently ranked in the top 40 of the world. Located 30 minutes from the heart of down-town Vancouver it attracts students from more than 140 countries world-wide.
University of Waterloo
For 19 years in a row, Waterloo has been named Canada's most innovative university in the Maclean's annual university reputational rankings. The Department of Statistics and Actuarial Science at Waterloo is among the top academic units for statistical and actuarial science in the world and is home to over 900 undergraduate students.
Universidad de Chile
Based in the cultural city of Santiago, the Universidad de Chile is one of only 10 Latin American universities ranked among the world’s top 500. It is ranked 6th in the QS Latin American Ranking 2016.
Renmin University of China
Located in Beijing, Renmin Business School is both EQUIS and AACSB accredited. Their MBA programme is ranked in the top 50 in the world by the Financial Times.
Shanghai Jiao Tong University
You will take classes from the Antai College of Economics and Management, which was the first business school in mainland China to have been triply accredited by AACSB, EQUIS and AMBA. They have Bachelor programmes in Economics and Finance.
ESCP Europe, Paris campus
Like Cass, ESCP is triple accredited (EQUIS, AMBA and AACSB). The Paris campus is located in the centre of the city. The Masters in Management, from which you will take classes, is currently ranked 4th in the Financial Times rankings (2016).
Grenoble School of Management
Established in 1984 and situated in the thriving City of Grenoble, the School is ranked 27th in the Financial Times European Business School Rankings. There are opportunities to take classes in both French and English.
ESSEC Business School
Established in 1907, ESSEC is one of the leading institutions in Europe for business education. Their BBA was the first programme in France to receive the prestigious AACSB and EQUIS accreditations.
University of Mannheim
The University of Mannheim Business School is highly ranked and has an excellent reputation. You will be studying modules from their Bachelor degrees in Business Administration and Business Education in either German or English.
Technische Universität München
TU Munich was named as the number one university in Germany in the QS World University Ranking 2016.
Chinese University of Hong Kong
CUHK was ranked the most innovative university in Hong Kong in 2016 (Reuters). The 137 hectare campus overlooking Tolo Harbour houses a range of facilities such as world-class libraries, art museums, music halls, a swimming pool, sports fields, tennis courts, squash courts, a water sports centre and gymnasiums.
University of Hong Kong
HKU is consistently ranked in the top 50 world universities (Times Higher Education World University Rankings). You will be studying at their Faculty of Business and Economics.
Hong Kong University of Science & Technology
HKUST is ranked 4th in the QS Asian University Rankings 2016. HKUST Business School was the first school in Asia to be awarded dual accreditation by AACSB and EQUIS. It offers 11 undergraduate business programmes.
LUISS Guido Carli
LUISS Guido Carli is a private Italian university located in the heart of Rome. You are able to study in either Italian or English and there is an intensive Italian language course available before the start of term.
Based in Milan, Bocconi is a triple accredited school (EQUIS, AMBA and AACSB) and is ranked 6th in the Financial Times European Business Schools Ranking 2016.
BI Norwegian School of Management
BI is the only Norwegian university with triple accreditation and has student exchange agreements with more than 200 institutions in 45 different countries.
National University of Singapore
NUS is ranked 1st in the QS Asian University Rankings 2016 and is one of the top 25 world ranked universities (Times Higher Education World University Rankings). More than 1,000 exchange students visit NUS each year.
Nanyang Technological University
Nanyang is ranked 54th in the Times Higher Education's World University Rankings. You will have the chance to study at one of Asia's most prestigious universities in the heart of Singapore.
Singapore Management University
SMU was founded in 2000 by the government of Singapore, modelling itself on an American style university structure. SMU has over 180 exchange partner universities around the world.
Seoul National University
SNU was founded in 1946 as the first national university of Korea. SNU Business School was also the first business school in Korea to be certified by the Associate to Advanced Collegiate Schools of Business (AACSB).
IE Business School
Situated in the heart of Madrid's financial district, IE Business School is ranked 1st in Spain and 5th in Europe (FT European Business School rankings 2015).
ESADE Business School
The school is located in Europe’s most international city and Spain’s second largest city, Barcelona. Like Cass, ESADE is triple accredited (EQUIS, AMBA and AACSB).
Rotterdam School of Management, Erasmus University
RSM is consistently ranked in the top 10 business schools in Europe and has 'triple crown' accreditation (AACSB, AMBA and EQUIS). You will study all modules in English.
University of Illinois at Urbana-Champaign
Set amidst the rural Midwest a couple of hours from Chicago, UIUC's College of Business is ranked amongst the top 10 of public institutions of higher education in the US.
Emory University, Atlanta
Located near downtown Atlanta, Emory University Goizueta Business School's BBA programme is currently ranked No. 15 by both Bloomberg BusinessWeek and U.S. News & World Report.
McCombs School of Business, University of Texas at Austin
One of the largest business schools in the US, McCombs is ranked the 6th undergraduate business programme in the 2017 US News and World Reporting Ranking.
Robert H. Smith School of Business, University of Maryland
Located in College Park, eight miles from The White House and downtown Washington, D.C. you will be studying at the Robert H. Smith School of Business whose undergraduate programme was ranked number 19 in the USA (2016 U.S. News & World Report).
Ross School of Business, University of Michigan
The Ross School of Business has one of the top undergraduate business programmes in the USA, ranked #4 (US News & World Report, 2016). You will take modules from their Bachelor in Business Administration.
McIntire School of Commerce, University of Virginia
The McIntire School of Commerce is regarded as one of the best business schools in America. Their UG programme is #5 in the USA (Bloomberg Business Week, 2016). They are partnered with a select number of business schools around the world, with Cass being one of them.
RMIT Vietnam Campus
Living and studying at RMIT Saigon South campus in Ho Chi Minh City will give you great opportunities to get immersed into a dynamic, multicultural and intriguing city.
You can spend a year of your degree course studying at one of our partner institutions, between your second and third year of study. This would add a year to your degree so you would complete your degree in four years.
All the above listed partner universities are available to this degree, however if you wish to take Actuarial Science modules abroad you will need to apply to University of Waterloo, Canada.
Student Exchange Team
Our dedicated Student Exchange Team are available to offer advice to students who wish to explore their study abroad options. They will also support students throughout the application process and during their study abroad year or term. To contact them, email: firstname.lastname@example.org.
A key part of a Cass Business School degree is the opportunity to gain professional work experience. BSc Actuarial Science students are eligible to undertake an optional one-year paid work placement during the third year of a four-year sandwich degree programme.
The experience of working for a leading institution can be invaluable in terms of your future career. It will enable you to acquire skills and competencies sought by graduate employers, and give you an edge over the competition.
BSc Actuarial Science students enjoy a wide range of professional placement opportunities in areas such as corporate insurance and risk management, actuarial pricing and capital management.
- Association of British Insurers
- AXA IM
- Legal & General
- Lloyds Banking Group
Our reputation, achievements and successful graduates have helped us to develop close relationships with a diverse range of companies, who recognise that Cass students can add significant value to their workforce. Our dedicated Placements team are in regular contact with these and many more companies, and will support students throughout the work experience process.
Although this additional year is not credited and will not count towards your degree classification, it is a recognised part of the degree programme and will be endorsed on your final degree certificate.
The tuition fees for 2018/19 are to be confirmed.
Fees in each subsequent year of study will be subject to an annual increase limited to the Student Fees Inflation Index as determined by the UK Government’s Office for Budget Responsibility. This index is derived from the All Items Retail Prices Index. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study.
Non-EU international students
The tuition fees for 2018/19 are to be confirmed.
Fees in each subsequent year of study may be subject to annual increase, as detailed above for UK and EU students.
- Each year, Cass Business School, City, University of London and generous donors create opportunities for students to fully fund or part fund their studies. Find out more about scholarships and loans.
- Fee waivers may be available for this course
- Means tested support may be available for 2018/19 entry. Find out more about undergraduate funding.
The majority of our graduates become actuarial trainees and study for the Institute and Faculty of Actuaries' examinations. Others embark on careers in:
- investment banking and investment management
- commercial banking
- financial analysis
- computing and teaching.
Graduates earn an average salary of £30,000 (Unistats) after graduation and recent employers have included KPMG, Deloitte and Towers Watson. Some students progress to postgraduate study, often on Cass Business School's MSc Actuarial Management.
In order to qualify as an actuary, you will be required to pass the professional examinations of the Institute and Faculty of Actuaries. Specific modules in all three years of the BSc Actuarial Science degree give you the opportunity to earn exemptions from eight of the nine core technical stage modules.