Who is it for?
You are a part-qualified actuary or a graduate from a recognised BSc or MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed the equivalent of at least four subjects from the Core Principles stage of the professional examinations of the Institute of Actuaries (IFoA), including Core Mathematics (CM1).
Objectives
The MSc in Actuarial Management programme covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practices subjects and Specialist Principles subjects.
Taking this master's degree at Bayes means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.
You can also gain exemptions from the IFoA's examinations. In particular you can gain exemptions in Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2) and Communications Practice (Subject CP3) and most of the Specialist Principles (SP) subjects.
Exemptions
In early 2019 significant changes were made to the curriculum of Institute and Faculty of Actuaries professional exams.
Exam passes and exemptions achieved under the previous curriculum may be eligible for conversion to the Curriculum 2019 structure in line with the transfer guidelines published by the IFoA.
Structure
What will you learn
On the MSc Actuarial Management you will learn to:
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Demonstrate knowledge and understanding of the main areas of actuarial practice
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Demonstrate knowledge and understanding of the general commercial environment
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Demonstrate knowledge and understanding of how to monitor measure and manage risk effectively
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Apply actuarial, statistical and related methods to assess and manage risk
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Communicate effectively with non-specialists in the area
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Display the professional integrity, conduct and responsibility required by the actuarial profession.
In addition to the compulsory modules below, students must choose a total of three modules across Terms 1 and 2 from the list of electives (including at least two SP modules). Note that all Core Principles (CS, CM and CB) modules offered are subject to availability as they are hosted by the MSc in Actuarial Science and students on this programme will be given priority. Finally, the exemption from Communications Practice (CP3) is offered on a subject-by-subject basis.
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.
Pre-study modules
- Introduction to R Programming
This module is designed to provide a fundamental understanding of R programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The online material is formulated via multiple R code examples that enable the students to work independently when dealing with small R programming tasks.
- Introduction to Python Programming
This module is designed to provide a fundamental understanding of Python programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The online material is formulated via multiple Python code examples that enable the students to work independently when dealing with small Python programming tasks.
Both programming modules are highly recommended for all the students on the programme. They are compulsory for students who choose some of the Business Analytics elective modules in term 3.
The modules are designed to provide a fundamental understanding of R and Python and no previous programming experience is expected. You are strongly encouraged to complete these modules as they will help you with the computer-based elements of the CM and CS subjects and ensure that you have the minimum specific background required for the Business Analytics modules.
Term 1
Compulsory modules:
- Actuarial Practice (CP1) - Part I
The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
- Strategic Management and Marketing
This module introduces the core elements of business management. It seeks to provide into three interrelated strands of business activity: general management, business strategy and marketing.
The module aims to develop an understanding of the challenges and opportunities associated with working in contemporary organisations. It explores the business concepts and the issues firms face in gaining competitive advantage. On completion, you should be capable of analysing business environments, corporate strategies and marketing plans.
- Research Methods for Actuarial Professionals
Strong research is a key element of development strategy for companies and institutions, large and small. This module aims to provide a ground in statistical learning research, particularly supervised and unsupervised learning, which you will be able to apply to real data. The content is tailored to support you and to develop your research and statistical learning skills. The module will utilise specific training in statistical learning techniques in order to provide a strong foundation for the in-depth and specialist teaching and learning in Terms 2 and 3. You will also develop an intuition behind the methods which you will be able to use to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.
Elective modules:
The aim of this module is to instil in successful candidates the main principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies.
- General Insurance: Reserving and Capital Modelling (SP7)
The course provides you with an introduction to the concepts of reserving and capital modelling in general insurance and provides you with the opportunity to gain an exemption from Subject ST7 of the syllabus of the Institute of Actuaries.
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Professional Communication (CP3)
This is a non-credit-bearing optional module which starts in the induction and is taught over Terms 1 and 2 and aims to introduce students to the skill of communicating with non- actuaries on topics requiring technical actuarial expertise. If you choose to take this module, you will be considered for an exemption from the Subject CP3 Communications Practice.
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Finance and Financial Reporting (CB1)
Students will be able to explain the structure of joint stock companies, define the principal forms of financial instruments, and discuss the characteristics of different financial statements. They will master the principles underlying the construction of financial statements and be able to apply and evaluate alternative approaches in interpreting the financial statements of companies and financial institutions. They will also be able to construct financial statements in a form suitable for publication.
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Business Economics (CB2)
This module will give students the ability to understand the key aspects of the operation of markets, consumer demand, the production decisions of a firm, the determinants of market structure, and the effects of market structure on a firm’s supply and pricing decisions. Students will discuss the economic analysis at both the micro and macro levels, focusing on those areas most relevant to actuarial science, as well as the implications of changes in relevant variables on the equilibrium operation of markets. They will also develop an understanding of macroeconomic analysis and interpret the economic environment with regard to inflation, investment returns, stock market behaviour, exchange rates and economic growth.
Term 2
Compulsory modules:
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Actuarial Practice (CP1) - Part II
The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
Elective modules:
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Finance and Investment A (SP5)
This module will provide you with an introduction to modern techniques of financial management, and examples of applications of these techniques to the business of managing assets and financing corporate entities.
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Finance and Investment B (SP6)
This module aims to instil in you the ability to value financial derivatives and the ability to assess and manage the risks associated with a portfolio of derivatives, including credit derivatives and to value credit derivatives using simple models for credit risk
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General Insurance: Pricing (SP8)
This module provides students with the ability to apply, in simple pricing and reinsurance analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of a general insurance company.
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Modelling Practice (CP2)
This module provides students with understanding of how to model data, document the work, analyse the methods used and outputs generated, and how to communicate the approach, results and conclusions.
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Professional Communication (CP3)
This is a non-credit-bearing optional module which starts in the induction and is taught over Terms 1 and 2 and aims to introduce students to the skill of communicating with non- actuaries on topics requiring technical actuarial expertise. If you choose to take this module, you will be considered for an exemption from the Subject CP3 Communications Practice.
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Financial Economics (CM2)
Students will develop a proficiency in the application of models used in financial economics and understand how these models are used, also via computer-based applications. They will analyse insurance problems in terms of utility theory, define measures of investment risk, and describe how insurance companies help reduce or remove risk. They will be able to explain the assumptions and ideas underlying different financial models, and apply finance theory to assess risk, make portfolio decisions, model asset prices and interest rates, and value derivatives.
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Insurance Risk Modelling (CS2)
This module aims to explain the fundamental risk modelling for insurance applications. Students will develop proficiency in using statistical and stochastic modelling for life and non-life insurance risks. Various topics will be accompanied by computer-based applications.
Term 3
Students choosing to complete the MSc in Actuarial Management have three options in their third term
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Business Research Project (40 credits) and one elective (10 credits)
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Applied Research Project (20 credits) and three electives (10 credits each)
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Five specialised electives in term three to give them an understanding of a breadth of subject matter, both in actuarial science and in wider fields such as finance, investment, insurance, programming and machine learning.
Electives offered in 2021
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Applied Machine Learning
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Applied Natural Language Processing
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Data Management Systems
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Introduction to Copula Modelling
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Introduction to Model Office Building in Life Insurance
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Modelling and Data Analysis
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Emerging Global Risks
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Stochastic Claims Reserving in General Insurance
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Ethics, Society and the Finance Sector
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Financial Crime
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Financial Statement Analysis & Valuation in Banks
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Liability Insurance
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Technical Analysis and Trading Systems
International electives
Please note that electives are subject to change and availability.
Research projects
Business Research Project
It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit.
To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations.
You are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme. Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.
Applied Research Project
The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project. You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study.
You will undertake a short piece of applied research on a question of academic and/or practical relevance. Guidelines will be provided in order to help you identify the research question. Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.
