Applied Actuarial Science with an Industrial Placement - MSc

at University of Kent

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

You must take 180 credits in order to pass the MSc. If you take fewer than 180 credits, you may be eligible for the Postgraduate Diploma in Applied Actuarial Science.

Your placement

Placements last for 12 months, commencing in June/July of the Summer Term. Upon completion of your placement, you will return to Kent to take your exams.  Placements may be undertaken in the UK or overseas.

The University does not guarantee every student will find a placement.  Those who do not secure a placement will be transferred to the MSc programme without a placement.

The placement consists of two modules: Industrial Placement Experience and Industrial Placement Report. . The Experience module is assessed as pass/fail only and the Report module is graded on a categorical scale.

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.

Compulsory modules currently include
 

• MACT9210 - Actuarial Risk Management 1 (30 credits)
• MACT9220 - Actuarial Risk Management 2 (30 credits)
• MACT9530 - Communications (15 credits)
• MAST7801 - Industrial Placement Report and Presentation (30 credits)
• MAST7805 - Industrial Placement Experience (120 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 good first degree in Actuarial Science, or a degree that covers all or most of the Core Principles Stage subjects of the Institute and Faculty of Actuaries’ examinations. We may also accept applicants who have a good first degree in another subject and who have passed most of the Core Principles Stage subjects.

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. 

Fees
 

• 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.