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Master's in Actuarial Science in the UK

Actuarial science is one of the most in-demand professions in the modern world. Therefore, it is because actuarial science may be extremely important in many different businesses and helps forecast the likelihood that certain occurrences will occur.

Potential actuaries should have a strong background in math and statistics because they will use these subjects frequently in their curriculum. Additionally, students must be confident working in a team atmosphere and possess good problem-solving abilities.

The mathematical assessment of risk in insurance, financial, and other industries is known as actuarial science. Students who take actuarial science classes are prepared for careers as actuaries. They discover how to assess risk and choose an insurance policy using arithmetic, statistics, and financial theory.

Why study Masters in Actuarial Science in the UK?

The MSc in Actuarial Science has many benefits for students, such as a competitive salary, an intriguing job description, a guaranteed position, etc. The following are some reasons why picking it is worthwhile: 

Popular: - MSc in Actuarial Science is one of the top job-fetching degrees internationally and is experiencing continual growth on a global scale.

High Initial Package: Actuarial science graduates earn excellent starting salaries that double after five years of professional experience.

Options for Diverse Careers: You can work in the insurance industry as a risk assessor or for a financial institution. Additionally, actuaries are employed by consulting businesses, government organizations, banks, accounting firms, and commercial enterprises.

Job Security: There is always a need for actuaries. If the world is in a recession or at risk, actuaries have very little chance of losing their job.

Interesting career option: Actuarial science is a field that uses mathematics and statistical techniques in real-world applications to assess risk and solve problems.

Coordinated Work-Life: The work of an actuary requires a lot of knowledge application, yet it has low stress.

Course Highlight

Some of the major highlights of the course are listed in the table below. 

Course Level

Post Graduate Course

Full Form

Masters of Science Actuarial Science

Duration

1 year

Examination Type

Semester Examinations

Eligibility

Minimum second-class honors degree or international equivalent in:

  • Engineering
  • Science subjects (e.g., physics, chemistry, or computing science)
  • Business subjects (e.g., business studies, accounting, or economics)

Admission Process

TOEFL, IELTS

Types of Masters in Actuarial Science in the UK

ACTUARIAL SCIENCE UNIVERSITIES IN THE UK

MASTERS IN ACTUARIAL SCIENCE IN THE UK

University of Leeds

MSc in Actuarial Finance

University of Manchester

MSc in Actuarial Science

University of Southampton

MSc in Actuarial Science

Heriot-Watt University

MSc in Actuarial Management

Heriot-Watt University

MSc in Actuarial Management with Data Science

Heriot-Watt University

MSc in Actuarial Science

Heriot-Watt University

MSc in Actuarial Science and Management

University of Strathclyde

MSc in Actuarial Science

University of Essex

MSc in Actuarial Science

University of Leicester

MSc in Actuarial Science with Data Analytics

Best Universities for Masters in Actuarial Science in the UK

Listed below are the best universities to study Actuarial Science in the UK.

  1. Bayes Business School
  2. London School of Economics and Political Science
  3. Heriot-Watt University
  4. University of Warwick
  5. University of Southampton
  6. University of Manchester
  7. Queen Mary University London
  8. Kent university
  9. University of Leicester
  10. University of Leeds

1. Bayes Business School

It will give you a solid foundation in the actuarial science principles of insurance, finance and investing, business analytical techniques, machine learning, data management systems, and natural language processing.

2. London School of Economics and Political Science

The MSc Statistics program’s Financial Statistics stream is primarily designed for students who want to work in the finance sector or as a stepping stone to Ph.D. studies in financial statistics.

It offers advanced statistical training with financial applications. You will learn how to use statistical software programs, analyze and critically evaluate data, and create statistical models of actual events.

3. Heriot-Watt University

The actuarial profession requires a difficult set of exams for entry, but the rewards are tremendous once qualified. There are four levels of exams to pass to become an actuary in the UK. The Core Principles (CS, CM, and CB) subjects, taught in our BSc or MSc in Actuarial Science, are at the first level and exempt students from CS1, CS2, CM1, CM2, CB1, and CB2 subjects.

4. University of Warwick

The curriculum tries to cover the most crucial subjects to a professional statistician’s career. The medical, health, and life sciences, marketing, insurance, banking, pharmaceutical industry, quality management and analytics for business and manufacturing, as well as the federal, state, and local governments, are just a few of the economic sectors and public services where employment opportunities are made possible by this training.

5. University of Southampton

At the University of Southampton, our actuarial master’s program can help you prepare for a skilled actuary job. A professional actuarial degree that the Institute and Faculty of Actuaries acknowledge will give you a head start in your career.

You’ll be able to assess and manage risk using cutting-edge actuarial science techniques after completing your studies.

6. University of Manchester:

The MSc in Actuarial Science meets the industry’s present and future needs by giving students a solid foundation in actuarial science’s mathematics. The program includes all mathematical methods that a contemporary actuary would need, particularly those from probability and statistics.

7. Queen Mary University London

The core mathematics required for this degree program combines specialized modules in statistics, probability, actuarial and financial mathematics, and business economics. As a result, you’ll get the chance to pick the brains of knowledgeable actuaries with a wealth of practical knowledge.

8. Kent university

Being certified as an actuary opens up a wide range of job options in the insurance industry, investments, pensions, healthcare, and banking, not just in the UK but globally.

9. University of Leicester

The course is for students who wish to jump-start their actuarial careers and learn how to use data analytics to address business issues. The curriculum provides a quick path to becoming a licensed actuary with the chance to receive exemptions from every subject assessed under basic principles.

10. University of Leeds

This course is being offered in collaboration with the university’s school of mathematics. You will receive instruction from prominent professors in both schools, giving you access to top-tier knowledge in both fields.

You will have access to the expertise of our cutting-edge specialized research units as a student. These units also have strong connections to US, Europe, and Asia prestigious institutions.

Course Curriculum of Masters in Actuarial Science in the UK

These are typical modules/components studied and may change from time to time.
Compulsory modules

  • Portfolio Risk Management 15 credits
  • Corporate Finance 15 credits
  • Professionalism & Ethics for Actuaries 15 credits
  • International Investment 15 credits
  • Economics for Business 1 15 credits
  • Financial Reporting and Analysis 15 credits
  • Applied Statistics and Probability 15 credits
  • Discrete-Time Finance 15 credits
  • Models in Actuarial Science 15 credits
  • Continuous Time Finance 15 credits

Eligibility Criteria for Masters in Actuarial Science in the UK

Candidates who want to enroll in the MSc Actuarial Science program must meet the following requirements:-

  • Candidates must have earned a minimum cumulative grade of 60% in their 10+2 exams.
  • Anyone with a Bachelor’s degree in B.Com or B.Sc., with Mathematics and Statistics as their primary subjects and a minimum overall score of 50%, is qualified for this course.

Masters in Actuarial Science in the UK Requirements for Admission

Qualification

Entry Criteria

12th

No specific cutoff mentioned

Graduation

50%

A degree with an overall grade of between 50 to 55% OR 5.3 to 5.8/10 OR 2.12 to 2.32/4, depending on the degree institution

We will consider applicants with a 2:2 degree in one of the following subjects: 

  • Mathematics,
  • Statistics
  • Operational research
  • Computer Science
  • Applied Mathematics
  • Pure Mathematics
  • Biostatistics
  • Economic Statistics
  • Statistics
  • Economics

OR

A 2.2 degree in any subject which includes:

One module in:

  • Calculus
  • Maths
  • Engineering Maths
  • Advanced Maths

And one module in

  • Statistics or Probability
  • Maths
  • Engineering Maths
  • Advanced Maths

And one additional relevant module, from

  • Algebra
  • Analysis
  • Programming language (R, Matlab, or Python)
  • A second module in Probability or Statistics
  • Numerical Methods
  • Complex Numbers
  • Differential Equations
  • Optimisation (Linear Programming)
  • Regression
  • Stochastic Process
  • Maths
  • Engineering Maths
  • Advanced Maths

Applicants with a degree below 2:2 or equivalent will be considered dependent on any relevant professional or voluntary experience, and previous modules studied

IELTS

Marks - 6/9

IELTS 6.0 overall with a minimum component score of 5.5

Conditional Offer

Yes

A conditional offer will be issued to an applicant who has not provided evidence of an academic or English language entrance requirement, who is still to complete an academic or English language qualification, or where additional documentation is required, such as a reference. The offer letter will set out the specific conditions the applicant has been asked to achieve for their place to be confirmed. For example, the offer will specify the minimum level of achievement and the level, subject area, and awarding institution of the award which needs to be completed. In addition, where appropriate, the offer will include the English language requirement the applicant must achieve for their place to be confirmed.

Masters in Actuarial Science in the UK Admission Process

Each course has its application processes and eligibility requirements. To improve your chances of being chosen, take note of the application dates and apply early. To guarantee a smooth application procedure, have all the paperwork close to hand and double-check all the information.

  • To apply to UK universities, students must follow these procedures.
  • Visit the ‘Application’ section of the university’s official website.
  • Create a login ID and complete the application’s data.
  • Before submitting, double-check all of the information and submit the necessary papers.
  • Pay the application fees at last.

Masters in Actuarial Science in the UK Fees for Studying

The total cost of studying for a Master’s in Actuarial Science in the UK includes the following.

Fees & Funding - Average around 14,000 to 20,000 GBP

Application Fees - Average around 150 to 250 GBP

Living Costs - Around 1,500 GBP per month. 

Other Pre-arrival Expenses -

IELTS - £195

TOEFL - £165

Scholarship for Masters in Actuarial Science in the UK

For international students, pursuing a master’s degree in the UK is expensive due to associated costs. Numerous external funding organizations, the UK government, and universities give scholarships to lessen this financial load. The following list includes some of the top universities in the UK that give scholarships to international students:

University

Scholarship

Award (in GBP)

University of Oxford

Oxford Centre for Islamic Studies

Tuition fees and living expenses

University of Cambridge

Trinity Hall - Mann Studentship for Sciences

10,000 to 40,000

Imperial College London

Stevenson Funds

7,500

University College London

Alumni Scholarship

10,000

London School of Economics and Political Science

Hilde Himmelweit Scholarship

2,000

University of Edinburgh

John Fisher High-Performance Scholarship

50% of tuition fees

King’s College London

Norman Spink Scholarship

10,000

University of Manchester

GREAT Scholarship

Tuition fees

University of Warwick

WMG School Scholarship

Tuition fees

University of Bristol

Think Big Postgraduate Scholarship

5000, 10000 & 20000

Masters in Actuarial Science in the UK Scope for Job 

Below are some of the  MSc Actuarial Science jobs which are bagged by a person pursuing the degree:-

Job Position

Job Description

Average Annual Pay Scale in GBP

Actuary

An actuary analyses a financial activity’s risk possibilities and mitigates the risks. An actuary is mostly needed in the insurance sector and pension programs, where the task is to use financial theories, statistics, and mathematics to study uncertain future events.

35,000

Accountants and Auditors

Accountants and Auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. In addition, accountants and Auditors assess financial operations and work to help ensure that organizations run efficiently.

35,174

Budget Analysts

Budget Analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.

38,509

Cost Estimators

Cost Estimators collect and analyze data to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.

40,524

Economists

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

38,354

Financial Analysts

Financial Analysts guide businesses and individuals in making investment decisions. They assess the performance of stocks, bonds, and other types of investments.

47,852

Insurance Underwriters

Insurance Underwriters decide whether to provide insurance and under what terms. They evaluate insurance applications and determine coverage amounts and premiums.

45,000

Actuaries must put in a lot of effort and spend a lot of time studying for exams. The work can be difficult, but if you don’t mind a challenge and put in a lot of effort, it can be right for you. Your position can also vary as you engage with businesses and organizations to help them assess risk and make the best decisions. Actuaries must juggle various roles, including consultants, mathematicians, figure crunchers, risk assessors, and financial advisors.

...Read more
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7 results found

MSc Actuarial Science

University of Manchester, UK

The UK is a hub for international students and rightly so, considering its future career prospects as public health officer, nutritionist, health systems designers, healt coach, health educator, health program manager, health promotion specialist, wellness coordinator, worksite health specialist, wellness specialist. You can also build lucrative careers in this field by pursuing the MSc Actuarial Science for a period of 1 Years. The major disciplines covered in this masters course include Health, Medicine And Veterinary Studies and you will gain all the necessary insights and skills that you require to succeed in this field. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 23.68L/yr
  • EXAMS
    IELTS-7.0
  • INTAKE SESSION
    SEP 2024

Actuarial Science with Data Analytics MSc

University of Leicester, UK

The Actuarial Science with Data Analytics MSc offered by University of Leicester is an advanced Masters course designed for students aspiring to become professionals in Atuarial Science. This course provides a comprehensive overview of the field. Students will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Actuarial Science and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Actuarial Science and pursue rewarding career opportunities in roles like Actuary, Risk Analyst, Insurance Underwriter, Pension Consultant. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 20.95L/yr
  • EXAMS
    -
  • INTAKE SESSION
    -

MSc Actuarial Science and Management

Heriot-Watt University, UK

The MSc Actuarial Science and Management offered by Heriot Watt University is an advanced Masters course designed for students aspiring to become professionals in Actuaril Science. This course provides a comprehensive overview of the field. Students will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Actuarial Science and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Actuarial Science and pursue rewarding career opportunities in roles like Actuary, Risk Analyst, Insurance Underwriter, Pension Consultant. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 18.46L/yr
  • EXAMS
    -
  • INTAKE SESSION
    SEP 2024

MSc Actuarial Science

University of Strathclyde, UK

The MSc Actuarial Science offered by University of Strathclyde is an advanced Masters course designed for students aspiring to become professionals in Actuarial Science. tudents will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Actuarial Science and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Actuarial Science and pursue rewarding career opportunities such as Actuary, Risk Analyst, Insurance Underwriter, Pension Consultant. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 25.24L/yr
  • EXAMS
    -
  • INTAKE SESSION
    SEP 2024

Actuarial Science MSc

City, University of London, UK

This masters course in the UK is all about learning more about things like Business, Commerce And Management, while also building successful future careers as Actuarial Aalyst, Actuarial Consultant, Associate, Pricing Actuarial Analyst, Junior Trainee Actuary. The Actuarial Science MSc is available across numerous educational institutions and also requires a duration of 1 Years. The Actuarial Science MSc will give you a thorough grounding in several key disciplines of the subject. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 23.17L/yr
  • EXAMS
    IELTS-7.0
  • INTAKE SESSION
    SEP 2024

Actuarial Science, MSc

Swansea University, UK

The Actuarial Science, MSc offered by Swansea University is an advanced Masters course designed for students aspiring to become professionals in Actuarial Science. This curse provides a comprehensive overview of the field. Students will gain hands-on experience through practical exercises and real-world projects, allowing them to apply the concepts learned in class. The curriculum is carefully designed to ensure that students develop a strong foundation in Actuarial Science and acquire the skills needed to solve complex problems in the industry. Upon completion of this course, students will be well-prepared to tackle the challenges of Actuarial Science and pursue rewarding career opportunities in roles like Actuary, Risk Analyst, Insurance Underwriter, Pension Consultant. ...Read more
  • DURATION
    1 Year
  • FEES
    INR 22.54L/yr
  • EXAMS
    -
  • INTAKE SESSION
    SEP 2024

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