Overview
Who is it for?
You are fascinated by the financial world and that complements your love and talent for mathematics, especially modelling and probability. You love solving problems and setting up, then challenging, hypotheses.
The Finance with Actuarial Science undergraduate course will equip you with financial risk management and analysis skills that will boost your career prospects in investment management, risk management or actuarial science. Financial engineering or financial analysis careers will also be open to you.
Objectives
Discover the different aspects of the financial world and in particular how assessing and managing risk is vital for success. To develop the skills you need to understand these ideas, you’ll take a mixture of financial, mathematical, statistical and actuarial modules. You will apply your new technical and analytical skills to solve a wide range of business problems.
In the first year your focus is on building a firm foundation in mathematics, statistics and economics as you begin to develop your understanding of financial risk.
In the second and third years you will broaden your understanding of the financial markets. This will include analysing the various types of financial instruments that are available, how they are valued and how they can be used to provide suitable solutions to financial problems involving risk and return.
*Global Research Rankings of Actuarial Science and Risk Management & Insurance 2019 https://www.cass.city.ac.uk/news-and-events/news/2019/june/global-research-rankings-of-actuarial-science-and-risk-management-and-insurance-2019
Course Directors
Senior Lecturer in Actuarial Science
Senior Lecturer in Actuarial Science
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Structure
What will I learn?
- Develop a good knowledge and understanding of finance, statistics, mathematics, actuarial science and related disciplines.
- Develop the ability to communicate your knowledge and understanding accurately and effectively.
- Develop your understanding of the respective roles of mathematical and statistical calculation, analysis and judgement in actuarial science and finance.
- Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.
- Equip you with the skills required to work as a finance professional or an actuary or in alternative fields related to statistics and in business more generally.
- Prepare you to enter postgraduate study in finance, actuarial science or related disciplines.
- Develop you as a responsible and socially aware professional, who knows that many of the decisions that you make in your career will affect numerous stakeholders, all of whose views and situations must be taken into account
Year 1
In year 1 Students are required to take a total of 6 core modules.
Core modules:
Mathematics for Actuarial Science 1
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 Excel and Statistical Packages
An introduction to the worksheet functions of Excel as well as more specialised statistical packages that allow you to analyse data.
Career planning and applications for actuaries
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 presentation skills, interviews, CVs, cover letters and communication skills.
Year 2
In year 2 Students are required to take 5 core modules and choose 3 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.
Fundamentals of Finance
This module will introduce you to the various financial instruments and markets that exist allowing you to be able to develop solutions to financial risk questions. This module covers the first part of the CB1 course of the IFoA (the second part is covered in financial reporting).
Stochastic Modelling
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 CS2 course of the IFoA.
Derivatives, Trading and Hedging
Your foundation module in the study of options, futures and other derivative securities. Learn how to select the appropriate derivative security for different risk management applications, and determine the payoffs to risk management strategies and arbitrage mispricings.
Financial Markets
This module applies mathematics to the pricing of assets in the financial markets. Its aim is to examine what we know about the determination of the prices of bonds and equities.
Elective Modules
Contingencies
Alternative Investment Management
Corporate Risk Management
Decision Analysis
Financial Economics
Introduction to Business Management
Risk Analysis and Modelling
Financial Reporting
Financial Econometrics
Asset Management
Corporate Finance & Valuation
Year 3
In year 3 Students are required to take 3 core modules, in addition to which they may choose to take the Final Year Project along with three elective modules or alternatively choose five elective modules.
Core modules:
Fixed Income Portfolio Management
Develop your understanding of fixed income securities and their use in portfolio management. Build the conceptual foundations, so that as an asset manager, treasurer, investment banker, financial analyst or trader, you can make intelligent assessments of the application of fixed income instruments.
Financial Engineering
This module provides the key tools and techniques for creating synthetic assets as well as methods for identifying fair market value. You will also analyse in-depth fixed income structuring, equity options and structured volatility dependent products.
Equity Investment Management
Expand your understanding of different types of equity investment management strategies. Explore strategies from the more conservative and long-only, such as passive index tracking or active style investing, to the more alternative, such as long-short equity market neutral or style rotation strategies.
Elective Modules
Final Year Finance Project
International Finance
Advanced Contingencies
Operational Research
General Insurance
Asset-Liability Management
Technical Analysis
Statistical Reasoning, Communication & Ethics
Advanced Econometrics & Forecasting
Emerging Markets
Financial Services Regulation
International Financial Management
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.
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.
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: G3N3
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.
BTEC/OCR Cambridge Technical Level 3 Extended Diploma: DDD plus A-Level Maths A*
For BTEC/OCR Cambridge Technical applicants we also require a minimum of grade 5 (C) in GCSE English.
For candidates taking a combination of A Level/BTEC/OCR Cambridge Technical qualifications we accept the following:
BTEC/OCR Cambridge Technical Level 3 National Diploma (grades DD) with A-Level Maths A*
BTEC/OCR Cambridge Technical Level 3 Subsidiary Diploma/National Extended Certificate (grade D) with two A-levels (including A-Level Maths A* and a second A-Level grade A)
For combination BTEC/OCR/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 6 in Higher Level Maths and 5 minimum in all other subjects.
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
The opportunity to gain professional work experience is a key part of a Cass degree. As a BSc Finance with Actuarial Science student you 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 gives you practical experience that can be invaluable in terms of your future career. It will enable you to increase your confidence and maturity, expand your network of contacts, and acquire the skills and competencies sought by graduate employers. Together this will give you a competitive edge in the graduate market.
The BSc Data Analytics and Actuarial Science and BSc Finance with Actuarial Science pathways are new for 2019/2020. As a guide, past placements students from the BSc Actuarial Science have mainly found actuarial placements, and some finance placements, in organisations including banks, insurers, re-insurers and risk management specialists.
We’re proud of the close relationships we’ve built with a diverse range of companies who recognise our reputation, achievements and the success of our graduates, and know that Cass students can add significant value to their workforce. Our dedicated Placement team are in regular contact with these companies and many more. We can’t guarantee work placements, but they will support you to find a placement and ensure you are work ready.
This additional year is a recognised part of the degree programme and will be endorsed on your final degree certificate, although it is not credited and will not count towards your degree classification.
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.
Support from 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.
Micro-Placements
The Micro-Placements Programme provides you with an opportunity to take on exciting projects and gain real life experience without adding an extra year to your studies. You can enhance your core employability skills and explore different career options.
Micro-Placements don’t need a lengthy commitment. They are between 2 and 5 weeks long and can be full-time or part-time according to your schedule. They take place in the summer break between June and August, an ideal time to gain work experience as it will not interfere with your studies.
Fees
UK/EU students
* The fee for this course in 2019/20 is £9,250 for each year of study.
Non-EU international students
** In 2019/20 the fee is £19,000 for the first 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 2019/20 entry. Find out more about undergraduate funding.
Career pathways
On completing this degree, you will be well suited for a wide variety of careers in the financial services sector, including in investment management, insurance or risk management.
Your skills will be welcomed in investment banking, accountancy, commercial banking, financial engineering or financial analysis. You will also be well prepared for a career in management consultancy. Find out the types of positions our graduates have gone on to work in here.
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 Finance with Actuarial Science degree give you the opportunity to earn exemptions from three of the seven core principles stage subjects.
