Overview
Who is it for?
You excel in and enjoy mathematics, especially modelling and probability. You love asking “What if?”.
The skills you gain on the Actuarial Science undergraduate course will kickstart your actuarial career. You can also enter careers in risk management, investment management or financial analysis.
Objectives
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.
*Global Research Rankings of Actuarial Science and Risk Management & Insurance 2019
Course Directors
Senior Lecturer in Actuarial Science
Senior Lecturer in Actuarial Science
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Structure
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.
Year 1
Core modules:
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 1
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 CS1 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 part of the CM1 course of the IFoA.
Introduction to Economics
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 CB2 course of the IFoA.
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 will be most suited to your strengths and interests. In addition, this module is partly assessed by a group presentation which is a skill you will require when applying for jobs.
Introduction to Excel and Statistical Packages
This module introduces you to the statistical package Minitab and Excel workbooks, There will also be additional information on the statistical package R but this will not be examined. The lectures and practical sessions are scheduled in such a way that you are able to use the IT tools presented in this module to solve problems generated by concepts introduced in other modules on the programme.
Introduction to VBA for Excel
This module aims to Provide you with an introduction to programming in VBA for Excel, to the level where you can write macros and user-defined functions to assist in carrying out analytical tasks. It will also explain the reasons for technical standards of documentation and give instruction in how to apply them in practice.
Careers
This is a compulsory module for the BSc Actuarial Science. The actuarial industry is keen to recruit students who are self-aware and have an understanding of their future careers aspirations. As such, this module raises awareness of your career options within and outside of the actuarial profession and covers interviews, CVs, cover letters and communication skills.
Microplacement*
*Further details of the Microplacement module can be found in the What placement opportunities are available section below.
Year 2
In your second year of study students will take a total of 6 Core Modules and 2 Elective Modules.
Core modules:
Calculus and Linear Algebra (Mathematics 2)
This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.
Contingencies
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 CM1 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 employing ideas from your first year mathematics module to allow more complex situations to be modelled. This module forms the second part of the CS1 of the IFoA.
Stochastic Modelling
This module will allow you to study ways to model uncertainty for a selection of 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 CS2 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 CB1 course of the IFoA.
Actuarial Practicality
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.
Fundamentals of Finance
The aim of this course is to provide you with a basic understanding of the various types of instrument used by companies to raise finance from both the company’s and investors’ perspectives. In addition, we will also see the role of regulation in the financial markets.
Elective Modules
Financial Economics (elective module)
Alternative Investment Management
Corporate Risk Management
Decision Analysis
Derivatives, Trading & Hedging
Risk Analysis and Modelling
Year 3
In your third year of study students will take a total of 5 Core Modules and 4 Elective Modules.
Core modules:
Survival Models
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 covers part of the CS2 course of the IFoA.
Advanced Contingencies
This module continues to develop techniques that were seen in the Contingencies module to allow you to value more complex future uncertain events. This module completes the CM1 course of the IFoA.
Statistical Modelling
This module will provide a further continuation in your development in the areas of probability and statistics. In particular, we give you an introduction to several advanced statistical techniques as applied in the actuarial field. This module completes the CS1 course of the IFoA.
Probabilistic Modelling
This module builds further on your knowledge of probability theory and stochastic modelling. It introduces some advanced models that are or can be applied in actuarial work.. This module completes the CS2 course of the IFoA.
Final Year Project
The dissertation is a vital and substantial part of the final year of your degree. It will serve as a basis of discussion with prospective employers and as principal evidence of mastery of the chosen discipline. The dissertation aims to provide a link between the various subjects studied in your degree, while encouraging the production of independent research. It also aims to develop your critical nature; your ability to select appropriate methods of investigation and capacity to produce sound conclusions based on your research findings.
Elective Modules
Advanced Financial Economics (elective module)
Extreme Event Statistics
Operational Research
Investment
General Insurance
Pension and Other Benefits
Fixed Income Portfolio Management
Asset-Liability Management
Technical Analysis
Real Estate Finance and Funding
Advanced Econometrics and forecasting
Statistical Reasoning, Communication & Ethics
Assessment methods
You will be assessed using a variety of methods, depending on module choices including:
- Coursework
- 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
- Presentation
- 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 2018/19 entry is as follows:
Year 1
67% written, 4% practical, 29% coursework
Year 2
73% written, 27% coursework
Year 3
65% written, 2% practical, 33% coursework.
Overall workload
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 2018/19 entry is as follows:
Year 1
32% scheduled learning, 68% independent learning
Year 2
25% scheduled learning, 75% independent learning
Year 3
17% scheduled learning, 83% independent learning.
Term dates
Academic year
For a full breakdown of the current and forthcoming academic year view our term dates page.
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.
Application
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 / G312 with professional placement
You can find more information at UCAS and in the UCAS Handbook.
Find out more information about applying to Cass.
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 Level: A (Maths) AA
If you are studying General Studies, Critical Thinking or a native language A-Level, these subjects will not be included in any offer condition.
For A-Level applicants we also require a minimum of grade 5 (C) in GCSE English.
IB: 35 points overall (can include up to three bonus points) with 5 minimum in each subject. Please note that for applicants studying the new Maths curriculum we are happy to accept both Maths Analysis & Approaches and Maths Applications & Interpretation.
Access to Higher Education: Pass the course with 45 level 3 credits including minimum 30 distinction credits and the remaining 15 credits at merit or above, plus A-Level Maths A.
For Access applicants we also require a minimum of grade 5 (C) in GCSE English.
Foundation course for UK/EU students
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.
International students
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:
Foundation courses for International students
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 and the International Foundation in Engineering and Mathematics.
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 guaranteed progression to City, University of London degree courses.
English language requirements
Information for international applicants
For international applicants requiring a Tier 4 student visa we accept any of the below English language proficiency qualifications at the grades listed:
- Language Cert International ESOL: Language Cert B2 Communicator High Pass
- IELTS (Academic or UKVI): 6.5 overall with no less than 6.0 in any sub test
- TOEFL (Test centre or iBT Special Home Edition): 92 overall (24 Writing, 23 Reading, 22 Speaking, 21 Listening)
- Pearson Test of English (PTE) Academic: 59 overall with minimum of 59 in each sub test
- IGCSE: English as a First Language (Syllabus 0500 & 0522) or English as Second Language (Syllabus 0510 & 0511) at Grade B or above
- International Baccalaureate: Grade 5 at Higher or Standard level
- Trinity College (Integrated Skills): ISE III – pass in each area
- INTO City Pre-sessional English: 6.5 overall with no less than 6.0 in any sub test (NB. Must be the 6 or 8 week Cass-specific course)
- Cambridge English Advanced (also known as Certificate in Advanced English): Grade C (180-192) at CEFR Level C1
- Cambridge English Proficiency (also known as Certificate of Proficiency in English): Grade C (200-212) at CEFR Level C2
- Hong Kong Diploma of Secondary Education (HKDSE): English Language Examination grade 4 or above
An exception to the above criteria applies to Tier 4 applicants from the below majority English-speaking countries for whom we can accept a wider range of English qualifications:
- Antigua and Barbuda
- Australia
- The Bahamas
- Barbados
- Belize
- Canada
- Dominica
- Grenada
- Guyana
- Ireland
- Jamaica
- New Zealand
- St Kitts and Nevis
- St Lucia
- St Vincent and the Grenadines
- Trinidad and Tobago
- United Kingdom
- United States of America
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.
Information for home and EU applicants
In addition to the above English language proficiency qualifications accepted for International applicants, as a Home or EU applicant we can also accept any of the below English qualifications:
- GCSE: Grade C or 5
- O-Level: Grade C
- A-Level: Grade C
- Cambridge English First (also known as Certificate of First in English): Grade A (180-190) at CEFR Level C1
Study abroad
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.
*Please note that the partner universities available is dependent on the study abroad programme you apply for and on your degree. The list of partner universities is also subject to change.
Sandwich year
You can spend a year of your degree course studying at one of our partner institutions, between your second and final 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: cass-ug-outgoing@city.ac.uk.
Placements
Work Placements at Cass
The practical experience of a professional placement, (typically 9-12 months duration) in addition to strong academic achievement, gives graduates a distinctive edge in the job market. Find out more about Work Placements and Summer Internships at Cass.
A key part of a Cass degree is the opportunity to gain professional work experience. BSc Actuarial Science students are eligible to undertake a one-year paid work placement during the third year of a four-year sandwich degree programme.
The experience of working for a leading institution is not only exciting, but can be invaluable in terms of your future career. It will enable you to increase your confidence and maturity, expand your network of contacts, earn a competitive salary, and acquire the skills and competencies sought by graduate employers, giving you a competitive edge in the graduate market.
Actuarial Science students usually go into the traditional insurance and pension sectors as well as general finance. Students have gone on to secure placement roles in positions including actuarial analysts, data analyst and investment consultant with companies such as Aon, Aviva, HSBC, Marsh & McLennan, Mercer, QBE and many others.
Graduates have embarked on careers in investment banking, investment management, accountancy, commercial banking, insurance, financial analysis and management.
Recent Placements
- Aon
- Aviva/Friends Life
- Prudential
- Marsh Ltd
- Mercer Ltd
- HSBC
Work placements are not guaranteed, however, 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 Placement team are in regular contact with these and many more companies, and will support you to find placements and ensure you are work ready.
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.
Micro-Placements
The Micro-Placements Programme provides an opportunity for students to take on exciting projects and gain real life experience to enhance their core employability skills and explore different career options.
Micro-Placements are between 2-5 weeks long and take place during the summer, between June and August. You can also choose to do a full-time or part-time Micro-Placement which works according to your schedule. This is an ideal time to gain work-experience as it will not interfere with your studies and is not a lengthy commitment.
Support from the Placements Team
A dedicated placements team will support you through the placements process. The team advertise a number of work placement and summer internships annually, and invite businesses to Cass to meet with you and discuss the roles available. The team offers 1-2-1 advice on CV's and covering letters, as well as organising workshops to help you enhance your skills and competencies with applications and interviews. Also the team support students throughout your placement year including offering advice, guidance and monitoring your progress.
Fees
EU students
Non-EU international students
** The fee for international students commencing study in 2021/22 is £19,500 for each year of study. The institution reserves the right to increase your tuition fees annually to take account of the institution's increased costs of delivering educational services. The increase will normally be 2% but this is kept under review with reference to the RPI. If the institution intends to increase your tuition fees you will be advised of this alongside the published entry fee.
Funding
- There are a variety of funding options for all levels of study, including loans, grants and scholarships. Find out more about funding and financing your time at City here.
- 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 2020/21 entry. Find out more about undergraduate funding.
Career pathways
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
- auditing
- commercial banking
- insurance
- financial analysis
- management
- computing and teaching.
Graduates from the Actuarial Science degree earn an average salary of £26,500 (DLHE 2015-16) 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.
Where our Graduates work
Our Careers Service carries out the Destinations of Leavers from Higher Education Survey (DLHE) every year. The information collected is a snapshot of what City graduates are doing six months after completion of their course. Find out the types positions our Actuarial Science graduates have gone on to here.
Recent employers
Course information and statistics from 2016-17 Destinations of Leavers from HE
Accreditation
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 six of the seven core principles stage subjects.
