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?

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.


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 is currently ranked 2nd in Europe and 4th in the world in the UNL 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

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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, pre-study programming modules, an introduction to the careers services and the annual careers fair.

Assessment methods


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.

Course content

To satisfy the requirements of the MSc Actuarial Science, students must complete:

  • at least five modules (across Terms 1 and 2) in addition to the Research Methods for Actuarial Professionals module (Term 1)

and either

  • five electives in Term 3
  • one elective and a Business Research Project in Term 3
  • three electives and an Applied Research Project in Term 3.

To satisfy the requirements of the MSc Actuarial Science with Business Analytics, students must complete:

  • Introduction to R Programming
  • Introduction to Python Programming
  • at least six modules (across Terms 1 and 2), including Analytics Methods for Business and Machine Learning, in addition to the Research Methods for Actuarial Professionals module (Term 1)

and either

  • five electives in Term 3
  • three electives and an Applied Research Project in Term 3.

For the MSc Actuarial Science with Business Analytics, the students must choose in Term 3 at least two of: Applied Machine Learning, Applied Natural Language Processing, and Data Management Systems

Term dates

Term dates 2022/23

  • Induction: 12th September 2022 - 23rd September 2022
  • Term one: 26th September 2022 - 9th December 2022
  • Term one exams: 9th January 2023 - 20th January 2023
  • Term two: 23rd January 2023 - 7th April 2023
  • Term two exams: 24th April 2023 - 5th May 2023
  • Term three - international electives: 8th May 2023 - 19th May 2023
  • Term three: 22nd May 2023 - 7th July 2023
  • Term three exams: 10th July 2023 - 21 July 2023
  • Resits: 14th August 2023 - 25th August 2023
  • Additional resit week - tests only: 28th August 2023 - 1st September 2023.


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

photo of Dr Ioannis Kyriakou

Dr Ioannis Kyriakou

Reader in Actuarial Finance

The teaching staff on the MSc in Actuarial Science have many years of practical experience working in the insurance, pensions and financial services sectors and are also active researchers in their fields. This knowledge and experience inform the highly interactive lectures that make up the MSc in Actuarial Science.

Module Leaders include:


How to apply

Individuals wishing to apply for either the MSc Actuarial Science or the MSc Actuarial Science with Business Analytics should apply for the MSc Actuarial Science in the first instance.

Applicants who are interested in the MSc Actuarial Science with Business Analytics will be able to opt for it during Term 1. They will need to provide a supporting personal statement and successfully pass the pre-entry modules Introduction to R Programming and Introduction to Python Programming.

Documents required for decision-making

  • Transcript/interim transcript
  • Grading system used by your university
  • Current module list if still studying
  • CV
  • Confirmation of professional qualification examinations/exemptions/passes if applicable
  • 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
  • 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

If you would like to arrange an individual appointment to discuss the application process and be given a tour of the facilities, please complete this form.

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 highly quantitative programme such as mathematics or statistics is required to enter this course
  • Work experience is not a requirement of this course.

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 £23,000 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 start of the induction period)
Second installment: Half fees (paid in January following start of course)

Information about Scholarships

Career pathways

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.

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 2020 profile

Recent graduates have secured positions such as

  • Actuarial Specialist - Life and Health Insurance - Munich Reinsurance
  • Graduate Risk Consultant - Risk& Regulatory Compliance - Avantage Reply
  • Graduate Actuarial Analyst - Insurance - HSBC
  • Actuary Associate - Financial Services Advisory - KPMG
  • Junior Data Scientist - R&D - Arrival

Where they are working now

  • UK: 31%
  • EU/EEA: 8%
  • North America: 8%
  • Asia: 54%
  • Africa and Middle East: 0%

Industry post-master's

46% Financial Services - Insurance
8% Consulting - Financial Services
8% Financial Services - Accounting 
8% Financial Services - Asset Management / Investment
8% Financial Services - Other  

The remaining industries are made up of 8%

Data provided from alumni who completed the annual destination data survey 2019/20

Graduate testimonials

Shriya Gupta,Pensions Graduate Offer, Aon, Class of 2017

'Using the experience and relevant knowledge of the career team helped me greatly through the job application process and also gave me the confidence to be successful in them'

Sean Quinn, Director, Cambridge Guarantee Group, 2016

'We have been recruiting actuarial trainees from the Business School (formerly Cass) for the past two years. The quality of the candidates has been high and the careers team have been extremely helpful and proactive. For us, the Business School is a treasure trove of talent ready to enter the business world.'

Daria Prychantovska, MSc in Actuarial Science, Class of 2016

'This year at the Business School (formerly Cass) has been one of the most challenging and fascinating experiences of my life. My high expectations were fulfilled: exceptional professors, incredible people from all over the world, an amazing city and, to top it all, a desirable job offer, obtained with a massive support from our careers professionals. Thank you! Thank you, London!'

The MSc in Actuarial Management serves as a continuation of the MSc in Actuarial Science allowing successful candidates to focus on the application of concepts learned, study the key areas of actuarial practice and choose from the various actuarial specialist subjects and attain further technical knowledge. Students taking that MSc get an opportunity to obtain further exemptions from the later Core Practice and Specialist Principle subjects of the Institute and Faculty of Actuaries.

Alumni stories

Andreas Chatzineofytou
Andreas Chatzineofytou
Actuarial Science
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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 Andreas’ story

Course information and statistics (2021/22 cohort)

average age of student body
average years of work experience
nationalities in 21/22 cohort
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Introduced in 1985 as the first specialist postgraduate actuarial programme in the world


The programme is accredited by the Institute and Faculty of Actuaries to offer exemptions from their Core Modelling, Core Statistics and Core Business professional examinations (Subjects CM1, CM2, CS1, CS2, CB1, CB2). The MSc in Actuarial Science was introduced in 1985. Today it remains cutting edge, following regular reviews from employers through our Advisory Board, and now has an innovative Business Analytics pathway.