Applied Actuarial Science (International Master's) - MSc

at University of Kent

The course is based on a ‘core modules plus options’ structure and exemptions can be gained from professional examinations.

Progression to Stage 2 is conditional upon satisfactory performance in Stage 1. MSc degree classification is based solely on the marks achieved in the second year of study.

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)

Compulsory modules currently include
 

• MACT9210 - Actuarial Risk Management 1 (30 credits)
• MACT9220 - Actuarial Risk Management 2 (30 credits)
• MACT9530 - Communications (15 credits)

Optional modules may include
 

• MACT9090 - Enterprise Risk Management (30 credits)
• MACT9120 - Life Insurance (30 credits)
• MACT9150 - Finance and Investment (30 credits)
• MACT9160 - Derivative Securities (30 credits)
• MACT9170 - General Insurance Reserving and Capital Modelling (30 credits)
• MACT9180 - General Insurance Pricing (30 credits)
• MACT9230 - Introduction to Actuarial Research (15 credits)
• MACT9500 - Prophet (15 credits)
• MACT9520 - Financial Modelling (15 credits)
• MAST9420 - Data Science with R (15 credits)

A first or upper second class degree 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. 

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 £35,936 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £206,236.

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.