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Are you passionate about problem-solving? Do you enjoy maths? Studying an actuarial master's degree will prepare you for a high-flying career in one of the most rewarding industries.

Overview

Who is it for?

Take this first step to a rewarding career as an actuary if you have strong technical ability, an interest in solving business problems, and an appreciation of the risks that changes in the world bring about.

Our MSc in Actuarial Science gives you a firm grounding in the fundamentals of actuarial science in insurance, finance and investment, and business analytics methods. You’ll have the equivalent of UK upper second class degree in a highly quantitative programme, so you’ll be ready to study in detail 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.

You will be taught and receive advice on study and exam techniques by qualified actuaries, academics and other subject-specialists with commercial experience and research expertise. Bayes Business School is currently ranked 1st in Europe for actuarial research according to the Top 50 UNL Global Research Rankings of Actuarial Science and Risk Management & Insurance.

As one of the finest business schools in the world, I hoped it would offer me an open career path into one of the major organisations in London. Bayes is also the only school in London that offers an MSc in Actuarial Science. The modules were very practical, and have enabled me to apply my learning to what I do now. For example, I did modules in pensions, and machine learning and contingencies. These provided me with a strong basis and understanding of all the business concerns that are applied to my work.

Andreas Chatzineofytou

Objectives

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. It is very flexibly designed offering you several study options to choose from.

On this postgraduate course, you will study statistics, probability, stochastic processes, survival models, economics, finance and investment, insurance, pensions, financial modelling and 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, you will have the opportunity to study modelling practice, by applying actuarial techniques to solve real-world problems, and communication with non-actuaries on topics related to actuarial practice, that will enable you to gain exemptions from Subjects CP2 and CP3*. Finally, you will be offered a collection of Business Analytics modules to select from as electives.

If you succeed  on the MSc in Actuarial Science or the MSc in Actuarial Science with Business Analytics  you can also proceed to the MSc in Actuarial Management.

*pending approval

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Structure

What will you learn

On the MSc Actuarial Science 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
  • Build on core principles to develop core modelling and communication practices.

Note: the key difference from the MSc in Actuarial Science with Business Analytics is that the Business Analytics modules are only offered as electives in this programme.

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

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 group work will include an element of peer assessment in most cases.

Term dates

Term dates 2023/24

  • Induction: 11th September 2023 - 22nd September 2023
  • Term one: 25th September 2023 - 8th December 2023
  • Term one exams: 8th January 2024 - 19th January 2024
  • Term two: 22nd January 2024 - 5th April 2024
  • Term two exams: 22nd April 2024 - 3rd May 2024
  • Term three - international electives: 6th May 2024 - 17th May 2024
  • Term three: 20th May 2024 - 5th July 2024
  • Term three exams: 8th July 2024 - 19th July 2024
  • Resits: 12th August 2024 - 23rd August 2024
  • Additional resit week - tests only: 26th August 2024 - 30th August 2024.

Timetables

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:

Application

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.

Apply for MSc Actuarial Science

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 award documents must be verified, and should be provided to the relevant Admissions Officer via one of the methods stated in your offer.

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 an English language test.

If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.

Full list of approved English language tests/qualifications and minimum requirements.

Fees

UK/EU/International £23,500 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

Your Master’s in Actuarial Science is a global professional passport to a challenging and rewarding career. If you love problem-solving become an actuary, and you’ll be constantly seeking new ways to approach information and data. Or you could work for business or government, advising on decisions that can change people’s lives. You’ll also be well equipped to work as an actuarial and risk analyst, consultant or underwriter in leading insurance, banking and professional services firms around the world.

You’ll get advice on your finding your ideal path and how to accomplish your career goals from our dedicated Careers Team.

Class profile

Recent graduates have secured positions such as

  • Graduate Actuary, Reinsurance Reserving -Aspen Insurance
  • Actuarial Analyst - Willis Towers Watson
  • Junior Actuarial Consultant, Actuarial - EY
  • Senior Actuarial Analyst (Pricing) - AXA
  • Consultant - Samsung SDS

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, 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 professional subjects of the Institute and Faculty of Actuaries, enabling them to reach the highest possible level of the professional qualification.

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 (2022/23 cohort)

Man
25
average age of student body
Search
1.4
average years of work experience
Globe
12
nationalities in 22/23 cohort
Human brain
Introduced in 1985 as the first specialist postgraduate actuarial programme in the world