MSc - Applied Actuarial Science with an Industrial Placement

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.

Think Kent video series

How long are you likely to live? Being able to model human longevity accurately is essential for pension schemes and life insurance companies. In this entertaining University of Kent lecture, Honorary Professor Paul Sweeting, FIA, explores the key issues and how research is helping to address them.

Course structure

Duration: 2 years full-time

The course is based on a ‘core modules plus options’ structure and exemptions can be gained from professional examinations.

You must take 180 credits in order to pass the MSc. If you take fewer than 180 credits, you may be eligible for the Postgraduate Diploma in Applied Actuarial Science.

Your placement

Placements last for 12 months, commencing in June/July of the Summer Term. Upon completion of your placement, you will return to Kent to take your exams. Placements may be undertaken in the UK or overseas.

The University does not guarantee every student will find a placement. Those who do not secure a placement will be transferred to the MSc programme without a placement.

The placement consists of two modules: Industrial Placement Experience and Industrial Placement Report. . The Experience module is assessed as pass/fail only and the Report module is graded on a categorical scale.

Accreditation

Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession will receive exemptions.

If you fail to achieve a suitable overall standard, you might still be awarded individual module exemptions as recommended by the Profession’s examiner. Please note that individual exemptions are granted based on the final written examinations only.

Continuation to Industrial Placement

The taught component, project and work placement constitute a single stage. However, commencement of the placement is conditional on satisfactory progress in the taught component, as determined at the interim examination board in June. A student with resits amounting to more than 30 credits following the August exam diet will normally be required to retrieve the credit before beginning a placement.

To be eligible for the award of an MSc with an Industrial Placement, students must meet the requirements for the award of the MSc without a placement and pass both of the placement modules. Alternative exit awards (PDip and PCert with an Industrial Placement) follow a similar rule.

Programme aims

This programme aims to:

• provide successful students with eligibility for subject exemptions from the Core Application and Specialist Technical series of examinations of the Institute and Faculty of Actuaries. This means obtaining a thorough knowledge of core actuarial applications, developing the ability to apply this knowledge in a practical situation and gaining current knowledge and understanding of the practice of major areas in which actuaries are involved.
• develop your understanding, knowledge and awareness of current problems, much of which is at the forefront of current professional practice.
• ensure you are competent in the use of information technology, and are familiar with computers, together with the relevant software.

Learning outcomes

Knowledge and understanding

You will gain knowledge and understanding of:

• complex techniques applicable to the solution of problems in all the major areas of current professional actuarial practice
• complex current issues in the major areas of current professional practice.

Intellectual skills

You develop intellectual skills in:

• the ability to demonstrate a high level of understanding of the main body of knowledge for the programme
• the ability to demonstrate skill 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
• the ability to demonstrate advanced skills in solving problems in complex situations by various appropriate methods
• the ability to work with relatively little guidance.

Subject-specific skills

You gain subject-specific skills in:

• the specific mathematical and statistical techniques used in actuarial science, and in their application to solving actuarial problems
• understanding the practical applications of programme material in insurance.