Finance with Actuarial Science

BSc (Hons)

Use your talent for mathematics to explore all aspects of the financial world, with an emphasis on risk management. Join the faculty ranked 4th in the world for Actuarial and Risk Management Research*.

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Entry year

Start date

September 2023

Duration

3 years

Duration with placement

4 years

Application deadline

25th January 2023

Campus

Northampton Square

UCAS Code

G3N3 / G33N with professional placement

Overview

Who is it for?

You are fascinated by the financial world and that complements your love and talent for mathematics, especially modelling and probability. You love solving problems and setting up, then challenging, hypotheses.

The Finance with Actuarial Science undergraduate course will equip you with financial risk management and analysis skills that will boost your career prospects in investment management, risk management or actuarial science. Financial engineering or financial analysis careers will also be open to you.

Bayes Business School is ranked 3rd best in London, 6th in the UK, 23rd in Europe (Financial Times European Business School ranking 2021).

Objectives

Discover the different aspects of the financial world and in particular how assessing and managing risk is vital for success. To develop the skills you need to understand these ideas, you’ll take a mixture of financial, mathematical, statistical and actuarial modules. You will apply your new technical and analytical skills to solve a wide range of business problems.

In the first year your focus is on building a firm foundation in mathematics, statistics and economics as you begin to develop your understanding of financial risk.

In the second and third years you will broaden your understanding of the financial markets. This will include analysing the various types of financial instruments that are available, how they are valued and how they can be used to provide suitable solutions to financial problems involving risk and return.

You also have a number of electives to choose from like our Mentoring & Coaching for Leadership module.

*Global Research Rankings of Actuarial Science and Risk Management & Insurance 2021

Course Directors

Dr David Smith

Senior Lecturer in Actuarial Science

Dr Jaap Spreeuw

Senior Lecturer in Actuarial Science

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Structure

What will I learn?

Develop a good knowledge and understanding of finance, statistics, mathematics, actuarial science and related disciplines.
Develop the ability to communicate your knowledge and understanding accurately and effectively.
Develop your understanding of the respective roles of mathematical and statistical calculation, analysis and judgement in actuarial science and finance.
Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.
Equip you with the skills required to work as a finance professional or an actuary or in alternative fields related to statistics and in business more generally.
Prepare you to enter postgraduate study in finance, actuarial science or related disciplines.
Develop you as a responsible and socially aware professional, who knows that many of the decisions that you make in your career will affect numerous stakeholders, all of whose views and situations must be taken into account

In year 1 Students are required to take a total of 7 core modules.

Core modules:

Introduction to Actuarial Methods and Career Planning
This module raises awareness of your career options within and outside of the actuarial profession. To achieve this aim, the module examines the use of actuarial methods to solve financial problems and provides an introduction to the industries that actuaries work in.
Mathematics for Actuarial Science
This module will initially consolidate your mathematical knowledge to ensure all students have the same basic understanding no matter what their educational background. In the second term we will cover more advanced mathematical topics. The mathematics course is designed to give you the tools needed to solve the problems in the other modules.
Probability and Statistics 1
The probability and statistics module will assume that students will arrive with no knowledge of probability or statistics. The module will start with basic concepts such as summary statistics and basic probability and will develop these concepts to more advanced topics such as confidence intervals, hypothesis testing, regression and probability distributions. This module forms part of the CS1 course of the IFoA.
Finance and Investment Mathematics
This module will focus on the concept of valuing future monetary payments in terms of present values to allow a comparison of different income streams which is critical in any financial decision making. In this module we will consider all payments to be guaranteed. We will also look at linking amounts to various inflation indices. This module covers part of the CM1 course of the IFoA.
Introduction to Economics
To be able to understand the possible changes in the financial world, students need to study economics. This module assumes no prior knowledge and will cover both micro and macro economics over the year. This module covers the CB2 course of the IFoA.
Introduction to Excel and Statistical Packages
This module introduces you to the statistical package Minitab and Excel workbooks, There will also be additional information on the statistical package R but this will not be examined. The lectures and practical sessions are scheduled in such a way that you are able to use the IT tools presented in this module to solve problems generated by concepts introduced in other modules on the programme.
Introduction to VBA for Excel
This module aims to Provide you with an introduction to programming in VBA for Excel, to the level where you can write macros and user-defined functions to assist in carrying out analytical tasks. It will also explain the reasons for technical standards of documentation and give instruction in how to apply them in practice.

In year 2 Students are required to take 5 core modules and choose 3 elective modules.

Core modules:

Calculus and Linear Algebra (Mathematics 2)
This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.
Fundamentals of Finance
This module will introduce you to the various financial instruments and markets that exist allowing you to be able to develop solutions to financial risk questions. This module covers the first part of the CB1 course of the IFoA (the second part is covered in financial reporting).
Stochastic Modelling
This module will allow you to study the modelling of uncertainty of certain probabilistic events. The techniques you learn here can be applied to a number of different situations and will be developed further in more advanced modules. This module covers part of the CS2 course of the IFoA.
Derivatives, Trading and Hedging
Your foundation module in the study of options, futures and other derivative securities. Learn how to select the appropriate derivative security for different risk management applications, and determine the payoffs to risk management strategies and arbitrage mispricings.
Financial Markets
This module applies mathematics to the pricing of assets in the financial markets. Its aim is to examine what we know about the determination of the prices of bonds and equities.

Elective Modules

Contingencies
Alternative Investment Management
Corporate Risk Management
Decision Analysis
Financial Economics
Risk Analysis and Modelling
Financial Reporting
Financial Econometrics
Asset Management
Corporate Finance & Valuation
Probability & Statistics 2

In your third year of study students will take a total of 3 Core Modules and 4 Elective Modules.

Core modules:

Fixed Income Portfolio Management
Develop your understanding of fixed income securities and their use in portfolio management. Build the conceptual foundations, so that as an asset manager, treasurer, investment banker, financial analyst or trader, you can make intelligent assessments of the application of fixed income instruments.
Financial Engineering
This module provides the key tools and techniques for creating synthetic assets as well as methods for identifying fair market value. You will also analyse in-depth fixed income structuring, equity options and structured volatility dependent products.
Asset-Liability Management
This module is designed to expand on the prior knowledge of risk, investment and financial management and enable you to grasp the dynamic environment where banks and other institutions operate. The course brings the management of both sides of the balance sheet of financial institutions together in a unified framework.

Elective Modules

Final Year Finance Project
International Finance
Operational Research
General Insurance
Asset-Liability Management
Statistical Reasoning, Communication & Ethics
Advanced Econometrics & Forecasting
Emerging Markets
Financial Services Regulation
International Financial Management
Statistical Modelling
Game Theory
Advanced Management Practice

Download the relevant programme specification

Assessment methods

You will be assessed using a variety of methods, depending on module choices including:

Coursework
Unseen written examinations, taking place at the end of each term (or at the end of a year, if a module is taught over two terms)
Class tests
Online quizzes and tests, using the Virtual Learning Environment
Presentation
Group projects, individual projects.

Percentage of the course assessed by coursework

The approximate percentage of the course assessment, based on 2023/24 entry is as follows:

Year 1

71% written, 4% practical, 25% coursework

Year 2

74% written, 0% practical, 26% coursework

Year 3

56% written, 0% practical, 44% coursework.

Overall workload

Most contact hours take the form of lectures. A number of tutorials, exercise classes and surgery hours are scheduled during the first year, the number decreasing as you progress and you become more able to direct your own learning.

Approximate study time based on 2019/20 entry is as follows:

Year 1

29% scheduled learning, 71% independent learning

Year 2

18% scheduled learning, 82% independent learning

Year 3

13% scheduled learning, 87% independent learning.

Term dates

Academic year

For a full breakdown of the current and forthcoming academic year view our term dates page.

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.

Application

How to apply

All applications should be made through UCAS, the Universities and Colleges Admissions Service. Applications are made via Apply, UCAS's online application system.

UCAS Institution code: C60 (Bayes Business School and City, University of London)
UCAS Course code: G3N3

You can find more information at UCAS and in the UCAS Handbook.

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Find out more information about applying to Bayes.

Terms and conditions

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

Entry requirements

Below is a list of countries with information on each about which qualifications we accept.

English language requirements

Information for international and EU applicants

For international applicants requiring a Student Route visa we accept any of the below English language proficiency qualifications at the grades listed.

Please note, the Official Certificate must be awarded OR the qualification must be verifiable online. Statement of Results will not be accepted.

The English Language qualification or test needs to have been taken no longer than two years from the date that the CAS is generated.

English Language Tests:

IELTS (Academic, UKVI or IELTS Indicator): 6.5 overall with no less than 6.0 in any sub test.
Language Cert International ESOL: Language Cert B2 Communicator High Pass
TOEFL (Test centre or iBT Special Home Edition): 92 overall (24 Writing, 23 Reading, 22 Speaking, 21 Listening)
Pearson Academic Online / Pearson Test of English (PTE) Academic: 59 overall with minimum of 59 in each sub test
Cambridge English Advanced (also known as Certificate in Advanced English): Grade C (180 overall) at CEFR Level C1 with minimum 170 in each sub test
Cambridge English Proficiency (also known as Certificate of Proficiency in English): Pass qualification (all grades accepted)
Oxford Test of English 130 overall with minimum 120 in each sub test

English Language Qualifications:

IGCSE: English as a First Language (Syllabus 0500 & 0522) or English as Second Language (Syllabus 0510 & 0511) at Grade B or above
International Baccalaureate: Grade 5 at Standard level or Grade 4 at Higher level
Trinity College (Integrated Skills): ISE III – pass in each area
INTO City Pre-sessional English: 6.5 overall with no less than 6.0 in any sub test (NB. Must be the 6 or 8 week Bayes-specific course)
Hong Kong Diploma of Secondary Education (HKDSE): English Language Examination grade 4 or above
GCSE English Language Grade C/5 or above but 1) Qualifications must be issued by Ofqual, SQA, Qualifications Wales or CCEA regulated body in the UK; 2) Education must be undertaken in a UK school.
A Level English Language Grade C or above but 1) Qualifications must be issued by Ofqual, SQA, Qualifications Wales or CCEA regulated body in the UK; 2) Education must be undertaken in a UK school.
Vitnemal English grade 5
French Baccalaureat: 14/20 in English
Malaysian GCE O Level (SPM-1119 syllabus only): grade A

An exception to the above criteria applies to Student Route visa applicants from the below majority English-speaking countries for whom we can accept a wider range of English qualifications:

Antigua and Barbuda
Australia
The Bahamas
Barbados
Belize
Canada
Dominica
Grenada
Guyana
Ireland
Jamaica
Malta
New Zealand
St Kitts and Nevis
St Lucia
St Vincent and the Grenadines
Trinidad and Tobago
United Kingdom
United States of America

Don’t meet the English language requirements? INTO City, University of London offers English language programmes to help prepare you for study at university. These intensive and flexible courses are designed to improve your English ability for entry to degree courses.

Information for home applicants

In addition to the above English language proficiency qualifications accepted for International applicants, as a Home or EU applicant we can also accept any of the below English qualifications:

GCSE: Grade C or 4
O-Level: Grade C
A-Level: Grade C
Cambridge English First (also known as Certificate of First in English): Grade A (180-190) at CEFR Level C1

Study abroad

Bayes Business School gives you the opportunity to spend a year studying at one of our partner institutions, which are located around the world including Canada, Australia and Europe.

*Please note that the partner universities available is dependent on the study abroad programme you apply for and on your degree. The list of partner universities is also subject to change.

Argentina
Universidad Argentina de la Empresa
Located in the heart of Buenos Aires, UADE has exchange agreements with 40 partner universities around the world. You will take modules from the undergraduate Global Management degree.
Australia
Queensland University of Technology
Located in the bustling city of Brisbane, QUT was the first Australian university to gain 'triple crown' accreditation (EQUIS, AMBA and AACSB).
RMIT University
Giving you the chance to study in Melbourne, Australia's 2nd largest city, RMIT is one of Australia's original educational institutions. Their well-established business school allows students to choose from a wide-range of subjects.
Austria
Vienna University of Economics and Business
WU has triple accreditation, one of only two German-speaking universities belonging to this group. They have a well-established exchange programme, with around 240 partner universities around the world.
Canada
HEC Montreal
Like Bayes, HEC Montreal is triple accredited (EQUIS, AMBA and AACSB) and was the first school in North America to achieve this. There are opportunities to study in French or English.
Smith School of Business - Queen's University
Queen's Smith School of Business has a rich history dating back to 1841 and is consistently ranked as one of Canada's leading universities. It welcomes over 300 exchange students every year from more than 40 countries.
Ivey Business School, Western University
Ranked in the top 100 for Financial Times MBA Rankings, Ivey School of Business provides a competitive combination of world-class teaching and modern facilities.
Sauder School of Business, University of British Columbia
UBC is one of Canada's leading research universities and is consistently ranked in the top 40 of the world. Located 30 minutes from the heart of down-town Vancouver it attracts students from more than 140 countries world-wide.
University of Waterloo
For 19 years in a row, Waterloo has been named Canada's most innovative university in the Maclean's annual university reputational rankings. The Department of Statistics and Actuarial Science at Waterloo is among the top academic units for statistical and actuarial science in the world and is home to over 900 undergraduate students.
Chile
Universidad de Chile
Based in the cultural city of Santiago, the Universidad de Chile is one of only 10 Latin American universities ranked among the world’s top 500. It is ranked 6^th in the QS Latin American Ranking 2016.
China
Renmin University of China
Located in Beijing, Renmin Business School is both EQUIS and AACSB accredited. Their MBA programme is ranked in the top 50 in the world by the Financial Times.
Shanghai Jiao Tong University
You will take classes from the Antai College of Economics and Management, which was the first business school in mainland China to have been triply accredited by AACSB, EQUIS and AMBA. They have Bachelor programmes in Economics and Finance.
France
ESCP Europe, Paris campus
Like Bayes, ESCP is triple accredited (EQUIS, AMBA and AACSB). The Paris campus is located in the centre of the city. The Masters in Management, from which you will take classes, is currently ranked 4^th in the Financial Times rankings (2016).
ESSEC Business School
Established in 1907, ESSEC is one of the leading institutions in Europe for business education. Their BBA was the first programme in France to receive the prestigious AACSB and EQUIS accreditations.
Germany
University of Mannheim
The University of Mannheim Business School is highly ranked and has an excellent reputation. You will be studying modules from their Bachelor degrees in Business Administration and Business Education in either German or English.
Technische Universität München
TU Munich was named as the number one university in Germany in the QS World University Ranking 2016.
Hong Kong
Chinese University of Hong Kong
CUHK was ranked the most innovative university in Hong Kong in 2016 (Reuters). The 137 hectare campus overlooking Tolo Harbour houses a range of facilities such as world-class libraries, art museums, music halls, a swimming pool, sports fields, tennis courts, squash courts, a water sports centre and gymnasiums.
University of Hong Kong
HKU is consistently ranked in the top 50 world universities (Times Higher Education World University Rankings). You will be studying at their Faculty of Business and Economics.
Hong Kong University of Science & Technology
HKUST is ranked 4^th in the QS Asian University Rankings 2016. HKUST Business School was the first school in Asia to be awarded dual accreditation by AACSB and EQUIS. It offers 11 undergraduate business programmes.
Italy
LUISS Guido Carli
LUISS Guido Carli is a private Italian university located in the heart of Rome. They are currently EQUIS and AMBA accredited and Luiss was actually the first Italian institution to have all its management programs accredited by EQUIS back in 2015, from the bachelor's degree program to the Master in Business Administration, as well as additional master's, specialization, doctoral, and business training programs. We are also currently ranked 59th in the QS ranking for Business and Management and our Master in Management is ranked 1st by the Financial Times based on career progress.
Bocconi University
Based in Milan, Bocconi is a triple accredited school (EQUIS, AMBA and AACSB) and is ranked 6th in the Financial Times European Business Schools Ranking 2016.
Norway
BI Norwegian School of Management
BI is the only Norwegian university with triple accreditation and has student exchange agreements with more than 200 institutions in 45 different countries.
Singapore
National University of Singapore
NUS is ranked 1st in the QS Asian University Rankings 2016 and is one of the top 25 world ranked universities (Times Higher Education World University Rankings). More than 1,000 exchange students visit NUS each year.
Nanyang Technological University
Nanyang is ranked 54^th in the Times Higher Education's World University Rankings. You will have the chance to study at one of Asia's most prestigious universities in the heart of Singapore.
Singapore Management University
SMU was founded in 2000 by the government of Singapore, modelling itself on an American style university structure. SMU has over 180 exchange partner universities around the world.
South Korea
Seoul National University
SNU was founded in 1946 as the first national university of Korea. SNU Business School was also the first business school in Korea to be certified by the Associate to Advanced Collegiate Schools of Business (AACSB).
Spain
IE Business School
Situated in the heart of Madrid's financial district, IE Business School is ranked 1^st in Spain and 5^th in Europe (FT European Business School rankings 2015).
ESADE Business School
The school is located in Europe’s most international city and Spain’s second largest city, Barcelona. Like Bayes, ESADE is triple accredited (EQUIS, AMBA and AACSB).
The Netherlands
Rotterdam School of Management, Erasmus University
RSM is consistently ranked in the top 10 business schools in Europe and has 'triple crown' accreditation (AACSB, AMBA and EQUIS). You will study all modules in English.
USA
Emory University, Atlanta
Located near downtown Atlanta, Emory University Goizueta Business School's BBA programme is currently ranked No. 15 by both Bloomberg BusinessWeek and U.S. News & World Report.
McCombs School of Business, University of Texas at Austin
One of the largest business schools in the US, McCombs is ranked the 6^th undergraduate business programme in the 2017 US News and World Reporting Ranking.
Robert H. Smith School of Business, University of Maryland
Located in College Park, eight miles from The White House and downtown Washington, D.C. you will be studying at the Robert H. Smith School of Business whose undergraduate programme was ranked number 19 in the USA (2016 U.S. News & World Report).
Ross School of Business, University of Michigan
The Ross School of Business has one of the top undergraduate business programmes in the USA, ranked #4 (US News & World Report, 2016). You will take modules from their Bachelor in Business Administration.
McIntire School of Commerce, University of Virginia
The McIntire School of Commerce is regarded as one of the best business schools in America. Their UG programme is #5 in the USA (Bloomberg Business Week, 2016). They are partnered with a select number of business schools around the world, with Bayes being one of them.
Vietnam
RMIT Vietnam Campus
Living and studying at RMIT Saigon South campus in Ho Chi Minh City will give you great opportunities to get immersed into a dynamic, multicultural and intriguing city.

Sandwich year

You can spend a year of your degree course studying at one of our partner institutions, between your second and final year of study. This would add a year to your degree so you would complete your degree in four years.

All the above listed partner universities are available to this degree, however if you wish to take Actuarial Science modules abroad you will need to apply to University of Waterloo, Canada.

Student Exchange Team

Our dedicated Student Exchange Team are available to offer advice to students who wish to explore their study abroad options. They will also support students throughout the application process and during their study abroad year or term. To contact them, email: bayes-ug-outgoing@city.ac.uk.

Placements

The opportunity to gain professional work experience is a key part of a Bayes degree. As a BSc Finance with Actuarial Science student you are eligible to undertake a one-year paid work placement during the third year of a four-year sandwich degree programme.

The experience of working for a leading institution gives you practical experience that can be invaluable in terms of your future career. It will enable you to increase your confidence and maturity, expand your network of contacts, and acquire the skills and competencies sought by graduate employers. Together this will give you a competitive edge in the graduate market.

The BSc Data Analytics and Actuarial Science and BSc Finance with Actuarial Science pathways are new for 2019/2020. As a guide, past placements students from the BSc Actuarial Science have mainly found actuarial placements, and some finance placements, in organisations including banks, insurers, re-insurers and risk management specialists.

We’re proud of the close relationships we’ve built with a diverse range of companies who recognise our reputation, achievements and the success of our graduates, and know that Bayes students can add significant value to their workforce. Our dedicated Placement team are in regular contact with these companies and many more. We can’t guarantee work placements, but they will support you to find a placement and ensure you are work ready.

This additional year is a recognised part of the degree programme and will be endorsed on your final degree certificate, although it is not credited and will not count towards your degree classification.

Work Placements at Bayes

The practical experience of a professional placement, (typically 9-12 months duration) in addition to strong academic achievement, gives graduates a distinctive edge in the job market. Find out more about Work Placements and Summer Internships at Bayes.

Support from Placements team

A dedicated placements team will support you through the placements process. The team advertise a number of work placement and summer internships annually, and invite businesses to Bayes to meet with you and discuss the roles available. The team offers 1-2-1 advice on CV's and covering letters, as well as organising workshops to help you enhance your skills and competencies with applications and interviews. Also the team support students throughout your placement year including offering advice, guidance and monitoring your progress.

Micro-Placements

The Micro-Placements Programme provides you with an opportunity to take on exciting projects and gain real life experience without adding an extra year to your studies. You can enhance your core employability skills and explore different career options.

Micro-Placements don’t need a lengthy commitment. They are between 2 and 5 weeks long and can be full-time or part-time according to your schedule. They take place in the summer break between June and August, an ideal time to gain work experience as it will not interfere with your studies.

Fees

                        UK
                        £9,250* per year
                        
                        Tuition fees are subject to annual change
                    
                        International
                        £22,000** per year
                        
                        Tuition fees are subject to annual change

UK students

* Fees for students commencing study in 2023/24 were £9,250 for each year of study.

EU and international students

** Fees for students commencing study in 2023/24 were £22,000 for each year of study.

Fees for each subsequent year of study are subject to an annual increase to take account of City's increased costs of delivering educational services. This increase will be 5% for each subsequent year of study. You should expect your fee to increase by this amount and budget accordingly.

Funding

There are a variety of funding options for all levels of study, including loans, grants and scholarships. Find out more about funding and financing your time at City here.
Each year, Bayes Business School, City, University of London and generous donors create opportunities for students to fully fund or part fund their studies. Find out more about scholarships and loans.
Fee waivers may be available for this course
Means tested support may be available for 2023/24 entry. Find out more about undergraduate funding.

Career pathways

On completing this degree, you will be well suited for a wide variety of careers in the financial services sector, including in investment management, insurance or risk management.

Your skills will be welcomed in investment banking, accountancy, commercial banking, financial engineering or financial analysis. You will also be well prepared for a career in management consultancy. Find out the types of positions our graduates have gone on to work in here.

Alumni stories

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

Read all stories

Accreditation

In order to qualify as an actuary, you will be required to pass the professional examinations of the Institute and Faculty of Actuaries. Specific modules in all three years of the BSc Finance with Actuarial Science degree give you the opportunity to earn exemptions from three of the six core principles stage subjects.

Finance with Actuarial Science

Overview

Who is it for?

Objectives

Course Directors

Have a question about student experience at Bayes?

Structure

What will I learn?

Year 1

Core modules:

Introduction to Actuarial Methods and Career Planning

Mathematics for Actuarial Science

Probability and Statistics 1

Finance and Investment Mathematics

Introduction to Economics

Introduction to Excel and Statistical Packages

Introduction to VBA for Excel

Year 2

Core modules:

Calculus and Linear Algebra (Mathematics 2)

Fundamentals of Finance

Stochastic Modelling

Derivatives, Trading and Hedging

Financial Markets

Elective Modules

Contingencies

Alternative Investment Management

Corporate Risk Management

Decision Analysis

Financial Economics

Risk Analysis and Modelling

Financial Reporting

Financial Econometrics

Asset Management

Corporate Finance & Valuation

Probability & Statistics 2

Year 3

Core modules:

Fixed Income Portfolio Management

Financial Engineering

Asset-Liability Management

Elective Modules

Final Year Finance Project

International Finance

Operational Research

General Insurance

Asset-Liability Management

Statistical Reasoning, Communication & Ethics

Advanced Econometrics & Forecasting

Emerging Markets

Financial Services Regulation

International Financial Management

Statistical Modelling

Game Theory

Advanced Management Practice

Assessment methods

Percentage of the course assessed by coursework

Year 1

Year 2

Year 3

Overall workload

Year 1

Year 2

Year 3

Term dates

Academic year

Timetables

Application

How to apply

Terms and conditions

Entry requirements

Australia

Austria

Belgium

Bulgaria

Canada

Caribbean (CAPE)

China

Croatia

Cyprus