MSc - Actuarial Science

Actuaries evaluate and manage financial risk. They make financial sense of the future for their clients by applying advanced mathematical and statistical techniques to solve complex financial problems.

Qualifying as an actuary is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world.

The MSc is available as a full-time (one-year) programme and is suitable for those who have completed a first degree, postgraduate diploma or our MSc in Actuarial Science, or those who have studied the majority of the earlier subjects in the Core Principles Stage. Students who achieve a high enough overall mark in our programmes can obtain exemptions from the professional examinations included within their studies.

As one of the few universities to offer actuarial science in the UK, Kent’s programme is recognised for its strong mix of theoretical and practical expertise. The teaching staff include many actuaries drawn from professional practice, along with specialised researchers.

Accreditation - Institute and Faculty of Actuaries

In 2019 the Institute and Faculty of Actuaries (IFoA) introduced a new actuarial qualification structure. We are delighted to say that we successfully achieved re-accreditation for all of our Actuarial Science programmes and have been offering exemptions under the IFoA's new qualification structure since September 2019.

About the Centre for Actuarial Science, Risk and Investment

In 2010, the Centre for Actuarial Science, Risk and Investment (CASRI) was set up within the School of Mathematics, Statistics and Actuarial Science to reflect the widening scope of the teaching and research of the staff. Within CASRI, research in actuarial science can be broadly classified into the following three themes: economic capital and financial risk management, longevity risk modelling, and public policy aspects of insurance risk classification. This achieves a balance between theoretical and applied investigations, as well as addressing social policy implications. The group has a deep and long-standing association with the Institute and Faculty of Actuaries, as well as with other educational institutions worldwide.

Studying Applied Actuarial Science at the University of Kent

Portia, Lucius and Bahariah share what it is like to study Applied Actuarial Science at the University of Kent, Canterbury.

Course structure

Duration: 1 year full-time

The MSc in Actuarial Science is a one-year, full-time intensive programme that is suited to students who have a degree in mathematics, statistics or economics.

Leading to the award of a Master’s degree, it offers the opportunity to gain exemption from professional exemptions.

Although you only need to take 180 credits for the MSc, you can take further subjects for exemption purposes. If you take fewer than 180 credits, you may be eligible for a Postgraduate Diploma in Actuarial Science.

Teaching and assessment

Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module.

Accreditation

Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by examiners appointed by the Institute and Faculty of Actuaries, will receive exemptions.

If you fail to achieve a suitable overall standard, you might still be awarded individual subject exemptions.

Programme aims

This programme aims to:

• give you the depth of technical appreciation and skills appropriate to a Master’s level programme in Actuarial Science
• provide successful students with eligibility for subject exemptions from the Core Principles series of examinations of the actuarial profession. This means obtaining a thorough knowledge and understanding of various core actuarial techniques and gaining current knowledge and understanding of some of the major areas in which actuaries are involved
• ensure you are competent in the use of information technology, and are familiar with computers, together with the relevant software
• introduce you to an appreciation of recent actuarial developments, and of the links between subject theories and their practical application in industry
• prepare you for employment within the actuarial profession and other financial fields
• provide suitable preparation for students who wish to proceed to the MSc in Applied Actuarial Science.

Learning outcomes

Knowledge and understanding

You will gain knowledge and understanding of:

• statistical, economic or specific actuarial mathematical techniques at an advanced level and their applications to insurance, covering areas such as financial mathematics, financial accounting, survival models, economics, financial economics, time series and stochastic processes
• the actuarial and financial theory and the complex techniques applicable to solve problems in some of the major areas of current professional actuarial practice.

Intellectual skills

You will develop intellectual skills in:

• the ability to demonstrate a systematic understanding of the main body of knowledge for the programme
• the ability to demonstrate advanced skills in calculation and manipulation of the material written within the programme
• the ability to apply a range of concepts and principles in various contexts
• the ability for logical argument using specialised knowledge
• the ability to demonstrate advanced skills in solving problems in complex situations by various appropriate methods.

Subject-specific skills

You will gain subject-specific skills in:

• the specific mathematical and statistical techniques used in actuarial science, and in their application to solving actuarial and other financial problems
• the specific information technology and software used in actuarial science
• understanding the practical applications of programme material in insurance and finance

Transferable skills

You will gain the following transferable skills:

• problem-solving skills, relating to qualitative and quantitative information (including cases where information/data is not complete)
• effective communication skills, to both technical and non-technical audiences
• numeracy and computational skills
• information technology skills such as word-processing and spreadsheet use, internet communication etc
• time-management and organisational skills, as evidenced by the ability to plan and implement efficient and effective modes of working
• study skills needed for advancing knowledge and understanding, for developing new skills and for continuing professional development.