Actuarial Science (MSc)

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Organisation
Bayes Business School
Start - End
1 Sep
Application Deadline
1 Aug
Study Options
Full Time
Fee
GBP 23000 - 23000
Fee International
GBP 23000 - 23000

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

Since 2020 we are 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.

Objectives

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. Bayes 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.

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 the (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

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.

Career destinations for MSc Actuarial Science

Our graduates from the MSc in Actuarial Science are well prepared to tackle actuarial and risk analyst, consultancy and underwriting roles in leading firms. An actuarial career is a global professional passport in a role which is as challenging as it is rewarding.

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.


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