YouTube video

Alex Gordeev studied on the MSc Insurance and Risk Management at Bayes Business School. In this video, he tells us how role as a Compliance and Regulatory Affairs Analyst at AXA XL and how his practise of bouldering inspired him to pursue a career in insurance risk management.


Who is it for?

You’ll benefit from our MSc in Insurance and Risk Management if you’re looking to develop a career in the fast-growing sector of insurance and insurtech, or you already work in this field and want to enhance your knowledge, your contacts, and your career potential.

You relish the challenge of learning in a fast-paced, hands-on programme, created and taught by leading academics and practitioners.

You’ll be based within a stone’s throw of Lloyds of London (which you will have the opportunity to visit) - the global marketplace providing specialist insurance services to businesses in over 200 countries and territories, giving your studies a uniquely practical and strategic orientation that can be implemented anywhere.

You’ll have the equivalent of UK upper second-class degree, preferably with some previous studies in business or finance. And you may already have taken some Chartered Insurance Institute (CII) Advanced Diploma or Institute of Risk Management exams.

Ask a student

Chat to one of our MSc Insurance and Risk Management students now and have them answer your questions on everything from application to student life.


The newly redeveloped MSc Insurance and Risk Management provides you with the ability to acquire in-depth practical knowledge of the theoretical foundations that underpin modern insurance, which is of vital importance to the stability of any functioning society. This can be due to insurance companies being large investors in financial markets; the growing links between insurers and banks; or because insurers are safeguarding the financial stability of households and corporations by insuring their risks.

The MSc Insurance and Risk Management addresses these key contributions of the global insurance industry from the position of the insurers and the insureds, providing insights that allow you to decide what side of the dynamic insurance relationship you would like to focus your career pathway on.

Have a question about student experience at Bayes?

Talk one-on-one with a student who is currently studying at Bayes.

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There are three ways of taking our MSc Insurance and Risk Management programme.

  • A one-year full-time course
  • A two-year part-time course*
  • An exempt route (‘fast track’) course for CII Advanced Diploma holders (8 months full-time or 20 months part-time*)
In each case you will:
  • Gain the ability to analyse, interpret and understand issues related to insurance application
  • Effectively assist and contribute to risk management problems within modern financial markets or institutions
  • Be able to seek senior positions in the insurance, finance and financial risk management arena or proceed to further postgraduate studies

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.

Full-time programme

The full-time Insurance and Risk Management programme comprises two Induction Weeks, eight Core (compulsory) courses, and a flexible Term 3 that allows you to choose your own personal learning pathway as follows:

Assessment methods


We review all our courses regularly to keep them up-to-date on issues of both theory and practice.

To satisfy the requirements of the degree course students must complete:

  • eight core courses (15 credits each)

and either

  • six electives (10 credits each)
  • four electives (10 credits each) and an Applied Research Project (20 credits)
  • two electives (10 credits) and a Business Research Project (40 credits).

Assessment of modules on the MSc Insurance and Risk 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 may include an element of peer assessment.

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.


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

Course director profile

Dr Cormac Bryce

Senior Lecturer in Insurance

Dr Cormac Bryce's leads the MSc Insurance and Risk Management course. His multi-method research spans from human behaviour in financial organisations to the effect of regulation, incentive structures and employee benchmarking on organisational behaviour within the aviation industry.

Dr Bryce has authored multiple industry reports on risk management, from the role of leadership in boardroom strategic decision making through to embedding risk management frameworks in FTSE 100 companies.

Teaching on the MSc Insurance and Risk Management

Our MSc Insurance and Risk Management programme is taught by a combination of leading academics from our Actuarial Science and Insurance and Finance faculties within Bayes Business School. They are complemented by Visiting Lecturers who are highly trained professionals, that bring a wealth of experience into the classroom from multiple corporate sectors, they are also active researchers and consultants working in the City of London.

This knowledge and experience inform the highly interactive lectures that make up the MSc Insurance and Risk Management.


How to apply

Apply for MSc Insurance and Risk Management: Full-time

Apply for MSc Insurance and Risk Management: Part-time

Documents required for decision-making

  • Transcript/interim transcript
  • Grading system used by your university
  • Current module list if still studying
  • CV
  • Personal statement - this should be 500-600 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
  • Confirmation of professional qualification examinations/exemptions/passes, 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.
  • Some level of previous study in business or finance is preferred.
  • 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.


UK/EU/International £23,500 Tuition fees are subject to annual change
UK/EU/International (part-time) £11,750 per annum Tuition fees are subject to annual change

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

Fees (fast track route): £16,500 (full-time); £8,250 per annum (part-time)

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)


The Worshipful Company of Insurers (WCI) and Bayes Business School have established a scholarship scheme for students taking the MSc in Insurance and Risk Management at Bayes. Under the scheme, two students will have their fees paid in full.

The Wael Khatib Scholarship is set up by Lockton MENA Ltd as a tribute to the founder of Lockton in the MENA region, Wael Khatib. Full-time MSc Insurance and Risk Management students can apply for this scholarship.

There are also a number of general scholarships, open for applicants to all Bayes MSc degrees, including MSc Insurance and Risk Management. Please click on the link below to see more information on all scholarships and to apply.

Information about Scholarships

Career pathways

Career destinations for MSc Insurance and Risk Management

Your Master’s in Insurance and Risk Management equips you with the skills and knowledge required for a successful and fulfilling career in the field of insurance and risk management. You’ll be following previous graduates who now have flourishing careers around the globe, in major insurance companies, international insurance broking firms, investment and retail banks, risk management for major corporations and many other fields. Your first role could be as an underwriter, data analyst, loss adjuster, management associate or broker.

Take advantage of our close links with global leaders in the insurance and risk industries, and our experienced Careers Team, to understand your professional aspirations and find a career that matches them.

Class of 2021 profile

Recent graduate of the MSc in Insurance and Risk Management programme have secured positions in companies including:

  • Cyber Assistant Underwriter - Chubb
  • Senior Analyst, EMEA Credit Approval Centre - Bank of China
  • Graduate Trainee, AXA XL - AXA
  • Cyber Risk Analyst - Deloitte
  • Business Analyst, Information Technology - ChainThat Ltd

Graduate testimonials

Here are testimonials from just a small number of our past students, spanning the last 25 years.

Amanda Ryan, Managing Director, Peninsula Underwriting Ltd

“The MSc in Insurance and Risk management has been an invaluable experience which has provided me with a solid foundation from which to further develop my career. The facilities and location are excellent: right in the city centre and very near the insurance sector and Lloyd's of London. I met people with whom I have built a network from all over the world – smart, creative and both current and future leaders in the industry. The teaching staff are very experienced and knowledgeable practitioners and their support has been instrumental in my growth and learning. Overall, I can confirm that the MSc IRM has helped me gain all the skills required to succeed and stand out in this highly technical and competitive insurance market.” (2017 graduate)

Katja Wurm, Head of Allianz Multinational at Allianz SE

“The MSc IRM programme at the Business School (formerly Cass) is an excellent choice: it is well designed and provides students with a solid foundation as well as deep insights into the insurance world. Studying at the Business School has been incredibly helpful for me, not only by advancing my career at Allianz, but also by increasing my level of understanding across a broad range of topics. Working now in the Company’s global headquarter I definitely benefit from this knowledge, not only with regards to my current role, but also in relation to many of the strategic topics that are discussed on group level.” (2013 graduate)

Tom Hoad, Head of Innovation, Tokio Marine Kiln, London

“Thoroughly exploring the fundamentals of insurance and risk management should be the foundation of any technical career in insurance. I found that the part-time MSc Insurance and Risk Management programme at the Business School (formerly Cass) allowed me the freedom to debate commercial topics in an academic environment, thus enabling me to better build the base from which I now apply insurance to new and emerging risks.” (2009 graduate)

Georgia Tsiakki, Chief Risk Officer / Director of Risk, AMAL, ArgoGlobal

“Without any doubt, the MSc in Insurance and Risk Management opened the doors to the insurance sector for me. With very little searching, I secured a position on a graduate scheme before even graduating. Not only did the programme give me a great foundation in risk, but I also had a very supportive network of tutors, academics, and classmates, many of whom were already professionals in insurance.”(2005 graduate)

Ahmed Ameel, Managing Director, Allied Insurance, Maldives

“I sincerely thank the faculty members of the Business School (formerly Cass) teaching the MSc Insurance and Risk Management course for their very practical approach to the whole programme. The valuable lessons I learnt have helped me immensely in my professional career” (2008 graduate)

Despoina Makariou, PhD Candidate at the London School of Economics

“The MSc in Insurance and Risk Management provided me with solid knowledge in the area of risk. It enabled to take my first employment steps in the London insurance market in the area of catastrophe risk modelling, straight after graduation. Most important, it ignited my interest to start pursuing a PhD in the area of Risk and Stochastics with an aspiration to stay in academia and contribute further to this field of research.” (2013 graduate)

Anastasiya Kiskliak, Audit Manager, Direct Line Insurance Group, London

“Having spent a few years in insurance I decided to take the MSc Insurance and Risk Management course, which brought a new perspective to my career vision. It enabled me to see that risk management forms an integral part of insurance: in fact it sits at the heart of every business success. This realisation was crucial, and set a new direction in my professional development, enabling me to move into insurance risk management. The course gave an additional dimension to my business skills which then allowed me to perform a further successful move into the field of internal audit.” (2010 graduate)

Socrates Coudounaris, Executive Director, ERM, Reinsurance Group of America

“The MSc in Insurance and Risk Management has supported me throughout my journey in risk management. The Business School (formerly Cass) certainly gave me the tools I needed to help me fulfil my career aspirations. I now wish to help others develop their risk management careers and I am honoured to return to the Business School as a Visiting Lecturer on the very same course I graduated from 20 years ago!” (1997 graduate)

Maurizio Lualdi, Partner at Capital Research Global Investors

“The the Business School (formerly Cass) MSc in Insurance and Risk Management was instrumental in starting my career. Having produced a dissertation on ‘Alternative Risk Transfer Methods’ I got the opportunity to join Price Waterhouse after graduation, to work in the areas of Shareholder Value and Risk Management. This was the launching platform for my career towards financial markets and investments. The programme at the Business School gave me the foundation that still to this day supports my development.” (1997 graduate)

Ashraf Musbally, Group Managing Director, Phoenix of East Africa Assurance

“The course is very comprehensive and has given me an in-depth knowledge of how to run an insurance company. Studying at the Business School (formerly Cass) has been the seed that has allowed me, today, to have a successful career in insurance” (1993 graduate)

Course information and statistics (2022/23 cohort)

average age of student body (21/22 cohort)
3.5 years
average work experience
nationalities in 20/21 cohort
Diploma/ certificate
from multiple professional exams available to graduates


Successfully obtaining the MSc allows for significant exemption from the exams of the Chartered Insurance Institute (CII), reflecting the applicability of the MSc Insurance and Risk Management to the industry.

The course team are also in the process of applying for exemptions from some examinations of the Institute of Risk Management (IRM), the leading professional body for risk management. More details on this will follow.

See accreditation details


The Chartered Insurance Institute is a professional body of over 124,000 members, dedicated to building public trust in the insurance and financial planning profession.

Success in CII qualifications is universally recognised as evidence of knowledge and technical expertise. The CII's purpose, as set out in its 1912 royal charter, is to 'Secure and justify the confidence of the public' in its members and the insurance sector as a whole.

Students successfully completing the MSc Insurance and Risk Management will be awarded exemptions of up to 210 credits of CII modules. 

Core MSc IRM Exemptions

Exemption* of 25 or 30 Diploma or Advanced Diploma-level credits towards CII insurance qualifications for units: (M05) Insurance law, (M92) Insurance business and finance, (990) Insurance corporate management, (992) Risk management in insurance. And 30 Advanced Diploma-level non unit-specific credits towards CII insurance qualifications.

*Exemption dependent on students passing certain modules, full details on the CII website

Optional MSc IRM Exemptions (dependent on Student choices for Term 3)

Exemption* of 25 to 50 Diploma or Advanced Diploma-level credits towards CII insurance qualifications for units: (994) Insurance market specialisation or (991) London Market insurance specialisation, (M97) Reinsurance, (M98) Marine, hull and associated liabilities insurance, (M96) Liability insurances, (820) Advanced Claims. And 30 Advanced Diploma-level non unit-specific credits towards CII insurance qualifications for passing the Applied Research Project.

*Exemption dependent on students passing certain modules, full details on the CII website

Recognition of prior learning towards CII personal finance qualifications
  1. 30 Advanced Diploma-level non unit-specific credits. This set of non unit-specific credits recognises the degree’s risk management content match to CII personal finance qualifications.

N.B. The maximum prior learning award for qualifications from one awarding body is currently 210 credits.

Full details of the CII prior learning standards are on the CII website in the CII recognition of prior learning scheme rules and recognition of prior learning awarding bodies guide.


The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management (ERM). They provide globally recognised qualifications and training, all of which are underpinned by their professional standards, defining the requirements risk managers need to meet. By these means, they help organisations and individuals build excellence in risk management so that they protect value and take advantage of opportunity.

Students successfully completing the MSc Insurance and Risk Management will be awarded full exemption from the IRM International Diploma in Risk Management. For 30 years, the IRM's International Diploma in Risk Management has been the global choice of qualification for risk professionals and their employers - the gold standard qualification. MSc Insurance and Risk Management graduates can apply for ‘Graduate’ membership of the IRM and use post-nominal letters GradIRM.
To qualify for these exemptions Graduates must complete:

  • Business Research Project and TWO electives OR
  • Applied Research Project and FOUR electives


The quality of Bayes courses is recognised through our ‘Triple Crown’ accreditation by AMBA, AACSB and EQUIS.

Bayes has been designated by the International Insurance Society (IIS) as a Global Centre of Insurance Excellence (GCIE). The IIS certification programme recognises outstanding risk management and insurance programmes that play a key role in promoting insurance knowledge and research.

Eduniversal has given our MSc in Insurance and Risk Management its highest ‘four star’ rating. Our Insurance and Risk Management degree is the highest placed UK-based course in field of risk and insurance in the Eduniversal ranking.


Our MSc Insurance and Risk Management students have often won major prizes for work completed at Bayes. For example, our students’ MSc Dissertations have received Research Awards from the Geneva Association (International Association for the Study of Insurance Economics) and International Insurance Society (IIS) and have won the UK Actuarial Prize awarded by the major international reinsurer SCOR on several occasions in recent years.