Actuarial Science - MSc

at University of Kent

The MSc in Actuarial Science is a one-year, full-time intensive programme that is suited to students who have a degree in mathematics, statistics or economics.

Leading to the award of a Master’s degree, it offers the opportunity to gain exemption from professional exemptions.

Although you only need to take 180 credits for the MSc, you can take further subjects for exemption purposes. If you take fewer than 180 credits, you may be eligible for a Postgraduate Diploma in Actuarial Science.

Modules
The following modules are indicative of those offered on this programme. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation.  Most programmes will require you to study a combination of compulsory and optional modules. You may also have the option to take modules from other programmes so that you may customise your programme and explore other subject areas that interest you.

Optional modules may include:
 

• MACT7009 - Financial Mathematics (15 credits)
• MACT7290 - Probability and Statistics for Actuarial Science (30 credits)
• MACT7350 - Actuarial Mathematics (30 credits)
• MACT8190 - Business Economics (15 credits)
• MACT8250 - Survival Analysis (15 credits)
• MACT8260 - Finance & Financial Reporting (15 credits)
• MACT8350 - Financial Economics and Asset and Liability Modelling (15 credits)
• MACT8370 - Mathematics of Financial Derivatives (15 credits)
• MACT8400 - Financial Modelling (15 credits)
• MAST5010 - Statistics for Insurance (15 credits)
• MAST6390 - Time Series Modelling and Simulation (15 credits)
• MAST8360 - Stochastic Processes (15 credits)

A good first degree usually in mathematics, statistics or economics, although other subjects with a high mathematical content are acceptable.

All applicants are considered on an individual basis and additional qualifications, professional qualifications and relevant experience may also be taken into account when considering applications. 

• Home full-time-£13900
• EU full-time-£15900
• International full-time-£21200

For students continuing on this programme fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.

The UK Actuarial Profession is small, but influential and well rewarded. There are more than 6,500 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices.

Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £209,292.

As an actuary, your work is extremely varied and can include: advising companies on the amount of funds to set aside for employee pension payments; designing new insurance policies and setting premium rates; pricing financial derivatives and working in fund management and quantitative investment research; advising life insurance companies on he distribution of surplus funds; and estimating the effects of possible major disasters, such as earthquakes or hurricanes, and setting premium rates for insurance against such disasters.