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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?

This pathway is for you if you like to think about innovative tools – there is a rising need for these people in actuarial practice, and demand is far higher than supply. Our dedicated MSc in Actuarial Science with Business Analytics, established in 2020, aims to fill this gap.

Choose this MSc if you are interested in understanding the fundamentals of traditional areas of actuarial practice, and in taking advantage of unique opportunities to grow in the new areas of business analytics methods, machine learning, data management systems and natural language processing. You’ll already hold the equivalent of a UK upper second class degree in a highly quantitative programme, such as mathematics or statistics.

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.

Objectives

This postgraduate programme, with a choice of study options, will ensure that you learn the right tools and cultivate the new skillset for actuaries and become competent and ready to harness these in an ever-changing global business environment.

Like our MSc in Actuarial Science, this pathway will offer you the choice of the Core Principles of the Institute and Faculty of Actuaries’ curriculum, enabling you to gain exemptions from Subjects CM1, CM2, CS1, CS2, CB1, CB2. Also recognising the importance of modelling and communication practices in a business environment, you will be given the opportunity to gain exemptions from Subjects CP2 and CP3*.

Add further value to your course by studying four compulsory Business Analytics modules. You will learn how data analysis is performed in the real world and study machine learning techniques and their use in analysing complex data and designing predictive analytics methods.

If you succeed on the MSc in Actuarial Science with Business Analytics or MSc Actuarial Science 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 with Business Analytics you will:

  • Summarise and critically assess fundamental concepts in actuarial science, insurance, economics, finance, investment, financial reporting and business
  • 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 suggest practical solutions to them
  • Carry out modelling and effectively communicate the results to a defined audience.

Note: the key difference from the MSc in Actuarial Science is that the modules Analytics Methods for Business (term 1), Machine Learning (term 2) and at least two from Applied Machine Learning, Applied Natural Language Processing, and Data Management Systems in term 3 become compulsory in this programme. You are also expected to pass the (non-credit-bearing) modules Introduction to R Programming and Introduction to Python Programming before being allowed to transfer to MSc Actuarial Science with Business Analytics.

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 (add timetable and search for your programme)

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 with Business Analytics 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 Actuarial Science with Business Analytics.

Module Leaders include:

Application

How to apply

Individuals wishing to apply fo 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 with Business Analytics

Your Master’s in Actuarial Science with Business Analytics prepares you to tackle roles in actuarial and risk analysis, consultancy and underwriting in leading banking, insurance and financial services firms. As more technology and analytics are introduced across the actuarial industry, your skills will be invaluable to the increasing number of companies seeking actuarial students who have knowledge of business analytics.

Our expert Careers Team will give you advice on your finding your ideal career path and how to achieve your professional goals.

MSc Actuarial Science 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 with Business Analytics 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

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

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Course information and statistics (2022/23 cohort)

Man
24
average age of student body
Search
1.6
average years of work experience
Globe
13
nationalities in 21/22 cohort
Human brain
Introduced in 1985 as the first specialist postgraduate actuarial programme in the world