1:35 YouTube video

Rahil Ram studied on the MSc in Actuarial Management at Bayes Business School. In this video, he tells us how a work placement at Legal & General led to a role after he graduated. His role has given him the opportunity to have a positive social and economic impact.


Who is it for?

You are a part-qualified actuary or a graduate from a recognised BSc or MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed the equivalent of at least four subjects from the Core Principles stage of the professional examinations of the Institute of Actuaries (IFoA), including Core Mathematics (CM1).


The MSc in Actuarial Management programme covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practices subjects and Specialist Principles subjects.

Taking this master's degree at Bayes means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.

You can also gain exemptions from the IFoA's examinations.  In particular you can gain exemptions in Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2) and Communications Practice (Subject CP3) and most of the Specialist Principles (SP) subjects.


In early 2019 significant changes were made to the curriculum of Institute and Faculty of Actuaries professional exams.

Exam passes and exemptions achieved under the previous curriculum may be eligible for conversion to the Curriculum 2019 structure in line with the transfer guidelines published by the IFoA.

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What will you learn

On the Actuarial Management MSc you will learn to:

  • Demonstrate knowledge and understanding of the main areas of actuarial practice
  • Demonstrate knowledge and understanding of the general commercial environment
  • Demonstrate knowledge and understanding of how to monitor measure and manage risk effectively
  • Apply actuarial, statistical and related methods to assess and manage risk
  • Communicate effectively with non-specialists in the area
  • Display the professional integrity, conduct and responsibility required by the actuarial profession.

In addition to the compulsory modules below, students must choose a total of three modules across Terms 1 and 2 from the list of electives (including at least two SP modules). Note that all Core Principles (CS, CM and CB) modules offered are subject to availability as they are hosted by the MSc in Actuarial Science and students on this programme will be given priority.  Finally, the exemption from Communications Practice (CP3) is offered on a subject-by-subject basis.

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 methods


All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.

Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work will include an element of peer assessment.

Term dates

Term dates 2021/22

  • Induction: 20th September 2021 - 1st October 2021
  • Term one: 4th October 2021 - 17th December
  • Term one exams: 10th January 2022 - 21st January 2022
  • Term two: 24th January 2022 - 8th April 2022
  • Term two exams: 25th April 2022 - 6th May 2022
  • Term three - international: 9th May 2022 - 20th May 2022
  • Term three: 23rd May 2022 - 8th July 2022
  • Term three assessments: 11th July 2022 - 22nd July 2022
  • Resits: 15th August 2022 - 26th August 2022
  • Additional resit week – tests only: 29th August 2022 - 2nd September 2022
  • Research Project Submissions: Thursday 1st September 2022

Note: term one resit tests for the Energy / Shipping Trade and Finance degrees will normally take place in the week immediately prior to the August resit period.


Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.

View academic timetables

Please note that all academic timetables are subject to change.

Teaching staff

Course Director

Course director profile

Dr Ioannis Kyriakou

Senior Lecturer in Actuarial Finance

The teaching staff on the MSc in Actuarial Management have many years of practical experience working in the financial services sector and are also active researchers in their fields

This knowledge and experience helps to inform the highly interactive lectures that make up the MSc in Actuarial Management.

Module Leaders include:


How to apply

Applications are now closed.

Documents required for decision-making

  • Transcript/interim transcript
  • Current module list if still studying
  • CV
  • Confirmation of professional qualification examinations/exemptions/passes
  • Personal statement - this should be around 500 words in length and answer the following:
      • Why have you selected this course? What are your motivating factors?
      • What are your areas of interest within the course?
      • What contributions do you feel you can make to the course?
      • How do you see the course affecting your career plans?

Documents which may follow at a later date

  • English language test result, if applicable
  • Two references
  • Confirmation of your final Institute and Faculty of Actuaries exam passes/exemptions (if you are still studying)
  • For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be uploaded to the application form or e-mailed to the relevant Admissions Officer upon request

We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.

Individual Appointments

Unfortunately, as a result of the evolving situation regarding the coronavirus (COVID-19) pandemic, we can only offer online appointments to discuss your application.  To book one, please get in touch with the relevant Admission Officer.

Please note - these are subject to availability.

Terms and conditions

Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.

Entry requirements

  • A UK upper second class degree or above, or the equivalent from an overseas institution, in a related subject and already covered the fundamentals of actuarial science at university degree or professional level
  • Work experience is not a requirement of this course
  • Applicants are required to have passed and/or as a result of previous studies, be exempted from the equivalent of at least four of the Core Principles examinations of the Institute and Faculty of Actuaries (including Core Mathematics (CM1))*

*Excludes the Business Management (CB3) exam

Students who are new to the field of actuarial science should apply for the MSc in Actuarial Science (covering the Core Principles examinations of the Institute and Faculty of Actuaries).

English language requirements

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.

Some other English Language tests might be accepted


UK/EU/International £22,000 Tuition fees are subject to annual change
UK/EU/International (part-time) £11,000 Tuition fees are subject to annual change

Fees in each subsequent year of study (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study for continuing students (where applicable).

Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)

First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the induction period)
Second installment: Half fees (paid in January following start of course)

Information about Scholarships

Career pathways

Career destinations for MSc Actuarial Management

Our MSc Actuarial Management teaches you the technical skills and problem-solving techniques for a successful rewarding career as an actuary. This master’s degree reflects the changing skills expected from actuaries in the fields of life and non-life insurance, health and care, pensions, finance and investment.

We have many qualified actuaries on our teaching staff who use their commercial experience and research to inform their teaching. Our academics maintain close links with the industry with many having worked, or still working, in their specialist sectors. Our graduates’ benefit from our contacts with numerous fantastic City firms, moving into positions in those firms every year.

Our dedicated Careers Team will help you identify your ideal career path and work with you to maximise the potential of accomplishing your professional goals.

Class of 2019 Profile

Typical roles for 2019 graduates include Actuarial Consultant, Senior Actuarial Analyst, Manager, Deputy Underwriter and Management Associate, within companies that include

  • Projects Actuary, Actuarial - Axa
  • Actuarial Associate, Actuarial Insurance -  PWC
  • Lead Associate, Pricing Team - Willis Towers Watson
  • Actuarial Graduate, Risk Management - Hiscox
  • Actuarial Analyst, Insuarance Solutions - Deloitte
  • Projects Actuary, Actuarial - Axa

Where they are working now

  • UK: 34%
  • EU/ EEA: 5%
  • Africa and Middle East: 18%
  • Asia: 42%

Industry post-master's

58% Insurance - Financial Services
13% Consulting
5% Consulting - other
5% Financial Services - Central Banks/ Ministries / Regulation
5% Financial Services - IT / Data / News Provider

The remaining industries are made up of 13%

Data provided from alumni who completed the annual destination data survey 2018/19.

Alumni stories

Hana Drake
Hana Drake
Actuarial Management
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Hear from our alumni. Discover the real experiences of learning at Bayes and how Bayes helped to boost our graduates' careers.

Read Hana’s story

Course information and statistics

average age of student body
average years of work experience
nationalities in 19/20 cohort
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Introduced in 1999 and first academic programme in the world to offer exemptions from advanced-level professional actuarial exams

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