Who is it for?
You want to develop a successful career in insurance or risk management; or you already work in one of these fields and want to expand your knowledge and enhance your career potential.
At Bayes, you will study both applied and theoretical aspects of insurance and risk management to an advanced level.
Objectives
*You might still see us referred to as Cass Business School. Find out more about our name change.
Our MSc Insurance and Risk Management master's programme will equip you with the all-round knowledge and skills necessary to succeed in the constantly evolving fields of insurance, risk and risk management.
You will work through a balanced programme which combines a practical approach with sound theory to create a learning environment that is both challenging and stimulating. You will emerge with a well-regarded and flexible postgraduate degree, solidly positioned to build a successful career in an exciting an increasing complex business world –see ‘Career Pathways’ for testimonials from our past students.
Structure
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:
- Acquire comprehensive knowledge of the theory, principles and practices of insurance and risk management
- Develop a wide range of technical and conceptual skills
- Network with your peers and senior finance industry professionals in the City of London
- Enjoy an enriching environment as part of an international student body
- Acquire a flexible qualification to prepare you for wide range of roles in insurance, risk management or finance
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, three Elective courses and a Business Research Project, as follows:
Term 1 (full-time)
Core modules:
-
Insurance Law and Regulation
The aim of the course is to provide an understanding of the legal environment in which the important commercial practice of insurance operates.
The course analyses the relationship between the parties to an insurance contract (the insured and the insurer), examines how the contract is formed and how it operates, and considers the legal issues that surround the claims process.
The course also considers the legal issues that arise when an insurance contract is formed through an insurance broker or other intermediary.
Finally, the course considers the regulation of insurance business, i.e. the legal relationship between the firms and individuals operating in the insurance market and the government agencies and industry bodies that are responsible for supervising it.
-
Principles of Finance and Financial Analysis
Finance as a discipline is the study of how to allocate scare resources over time under conditions of uncertainty.
Finance in its broadest definition is important in all types of businesses, whether they are public or private, deal with financial services, or are manufacturers.
The study of finance consists of three main pillars: a) money and capital markets, b) investments and c) financial management.
-
Risk Management
This course covers the principles of risk management, which is a key element in the programme as a whole. It explores the ways in which management of the overall risks of the firm can enhance firm value.
Risk management is at the heart of many critical corporate decisions: day-to-day operations, resource allocation, strategic planning, capital structure, reputational and legal exposure, and performance measurement.
-
Theory of Risk and Insurance Markets
The course complements other introductory courses and provides a good foundation for the more specialised elective subjects.
The aim of the course is to provide a sound understanding of the basic principles of risk and insurance and the characteristics of the main types of insurance. The general principles of insurance underwriting and claims management are also covered.
Term 2 (full-time)
Core modules:
-
Accounting and Financial Management in Insurance
This module examines the accounting treatment and financial management of insurance companies, developments within the regulatory environment and the risks facing insurance companies and pension plans.
-
Business Organisation and Corporate Strategy in Insurance and Financial Services
The aim of this course is to provide a sound understanding of the environment in which businesses operate and introduce you to the basic concepts and analytical tools of strategic management.
It illustrates how ideas drawn from a number of disciplines, such as marketing, microeconomics, financial theory and organisational behaviour can be employed to address the central concerns of strategy.
-
General Insurance
An understanding of general insurance is essential for any student of insurance and risk management in order to give a complete grasp of the operation of insurance markets and the role of insurance in the process of risk management.
On completing the course you should have acquired a good understanding of the nature of general insurance and the characteristics of its main classes.
This will complement the rest of your MSc studies, by building upon principles covered in earlier core courses and linking with later and more specialised elective courses.
For those of you who intend to work in insurance the course will provide a practical foundation that will assist in your future careers.
-
Risk Analysis and Modelling
The aim of this course is to explore the practical application of statistical risk modelling techniques used in the insurance and risk management industries.
All of the subjects taught on the course are accompanied by computer models built in Excel to help the student understand both the theory and practice of this subject.
While focus is placed on how these applied methods are used in the insurance industry, students with a more technical background are given the opportunity to explore the mathematical background to the subject matter.
No previous background in statistics or risk modelling is assumed by the course, and all subjects are taught from the ground up.
-
Research Project Management Skills Workshop
This module trains students to undertake independent research either in the context of a single organisation or by using third-party sources.
It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills.
Term 3 (full-time)
In term three you will choose three specialist electives and work on a business research project.
-
Business Research Project
It is important for aspiring professionals to demonstrate an ability to apply concepts and techniques learned through an in-depth study of a topic of their choice and organise their findings in a well-structured report, all conducted within a given time period.
To train you to undertake individual research and provide you with an opportunity to specialise in a current business topic related to your future career aspirations, you are required to submit a report of approximately 10,000 words on any subject relevant to the MSc Insurance and Risk Management postgraduate programme.
Your Project will be based on research that might involve any of the following: extracting data from electronic databases or by hand, statistical analysis of large or small populations, interviews, or case studies of a whole industry, market, industry sector, or particular business.
-
Three specialist electives
You are required to take three specialist Elective courses as part of your degree. They are usually assessed by coursework only.
Bayes Business School offers over 90 different Elective courses, which are reviewed and updated regularly.
Examples of Electives suitable for MSc Insurance and Risk Management students, currently offered, include:
-
Operational Risk Management
-
Claims Management
-
Liability Insurance
-
Marine, Aviation and Transport Insurance
-
Reinsurance
-
Alternative Risk Transfer and Risk Securitisation
Part-time programme
The part-time Insurance and Risk Management course runs over two academic years and typically involves a late afternoon session and an evening session each week, although attendance patterns partly depend on which elective courses are chosen.
The two year part-time option is open only to students with commercial experience in risk management or insurance.
The general structure is similar to the one-year full-time course but tuition is spread over two years with students taking only two courses each term rather than four.
Exempt Route (‘fast track’) course for CII Advanced Diploma holders
The Exempt Route (‘fast track’) course is available only for students who have completed the Advanced Diploma of the Chartered Insurance Institute within the last five years and who have gained their CII credits largely through CII examinations.
Students are granted exemption from three core subjects: Insurance Law and Regulation, Risk Management, and Theory of Risk and Insurance Markets.
The course begins in January rather than September and runs for 8 months (full-time version) or 20 months (part-time version).
