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.
The revamped MSc in Actuarial Science course will propel you into the profession and also prepare you towards non-traditional actuarial directions such as business analytics (from 2020/21 we are proposing a new award: MSc Actuarial Science with Business Analytics ? this is subject to university approval and terms will be confirmed soon).
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.
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 Modelling, 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 master's in actuarial science 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 programme may also proceed to the MSc in Actuarial Management.
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 has been revamped to welcome the profession?s new curriculum. Please note that all accreditations and exemptions are subject to change. Please check if you have specific requirements.
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 Managment.
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- Domestic entry requirements: Students need to have 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.
- International entry requirements: Students need to have 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. 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.
- IELTS score: 7