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MSc Actuarial Science and Management

Heriot-Watt University

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Course options

  • Qualification

    MSc - Master of Science

  • Location

    Edinburgh Campus

  • Study mode

    Full time

  • Start date

    09-SEP-24

  • Duration

    2 years

Course summary

Overview

Actuaries are professionals with expertise in risk management and this is usually applied in the world of insurance. Our MSc in Actuarial Science and Management takes you through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.

The degree is two years long and covers mathematical subjects in the first year and application of those mathematical subjects in the second year.

In addition, in the second year it is also possible to take courses in machine learning.

Actuaries work in the areas life insurance, general insurance, pensions, investment and banking mostly, but also more widely in fund management companies, hedge funds, consultancies, software vendors and regulatory authorities.

The career is fun in that you are regularly applying your mathematical skills to solve problems and predict the future.

Salaries are typically high (a newly qualified actuary in the UK usually earns between £50,000 and £60,000 each year) and the work-life balance is excellent.

Accreditation

The Institute and Faculty of Actuaries (IFoA) in the UK sets exam-based entry requirements in order to qualify as a Fellow of the Institute and Faculty of Actuaries and so become an actuarial professional.

The MSc in Actuarial Science and Management is fully accredited with the IFoA which means that the subjects you study on our program lead to exemptions from the corresponding subjects with the IFoA.

In year one of the programme you study courses that correspond with exemptions from IFoA subject codes: CB1, CB2, CM1, CM2, CS1 and CS2.

In year two of the programme you study your choice of courses that correspond with exemptions from IFoA subject codes: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. Typically students choose courses linking to subjects CP1, CP2 and CP3 and also three of the "SP" subjects. (However, only two "SP" subjects are actually required by the IFoA.)

Alternatively, in the second year, one of the "SP" subjects can be replaced by courses in Machine Learning for Risk and Insurance. Although not an IFoA exemption subject, machine learning is being increasingly applied by actuaries and is a growth area in the future.

Tuition fees

Students living in United States
(International fees)

£ 21,520per year

Tuition fees shown are for indicative purposes and may vary. Please check with the institution for most up to date details.

University information

Heriot-Watt University

Heriot-Watt University

  • University League Table

    44th

  • Campus address

    Heriot-Watt University, Riccarton, Edinburgh, Edinburgh, City Of, EH14 4AS, Scotland

One of Scotland's most international universities. With five global campuses, you'll join over 27,000 students and an alumni network of 159,000 in 190 nations.
Global companies actively seek out Heriot-Watt graduates due to the nature of the university's research-informed education.
Opportunities to transfer seamlessly between campuses in Dubai, Malaysia and Scotland through the university's 'Go Global' scheme.

Subject rankings

  • Subject ranking

    23rd out of 104

  • Entry standards

    / Max 222
    194 85%

    4th

  • Graduate prospects

    / Max 100
    76.0 76%

    26th

    9
  • Student satisfaction

    / Max 5
    3.59 72%

    100th

    77

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