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.
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Actuarial Science MSc
City, University of London, UK
DURATION
1 yearFEES
INR 23.17LEXAMS
IELTS-7.0INTAKE SESSION
SEP 2023
MSc Actuarial Science
University of Strathclyde, UK
The MSc in Actuarial Science at Strathclyde has been developed to give students wishing to move into the actuarial profession a strong foundation in the statistical concepts, models and techniques used in actuarial calculations, their computer implementations, and the financial and economic contexts of these calculations.
The programme is an innovative cross-faculty alliance between the Strathclyde Business School and the Faculty of Science.
The course is designed so that students with a strong aptitude for mathematics and statistics, but who have not studied these topics in detail in their undergraduate degree, can gain the necessary skills to move into the financial industry. It's intended as a conversion course, teaching material in statistics, economics and finance, and does not currently include specialist actuarial mathematics content (which will be studied in the actuarial professional examinations).
It does produce graduates well equipped to apply for trainee actuary positions. Students reaching a sufficiently high level in core classes will be eligible for exemption from two of the professional examinations of the IFoA, namely CS1 and CB2.
DURATION
1 yearFEES
INR 25.24LEXAMS
-INTAKE SESSION
SEP 2023
Actuarial Science, MSc
Swansea University, UK
An actuary is a business professional who applies mathematics and statistics to assess risk in a wide variety of contexts ranging from insurance and banking to health and government planning. The MSc in Actuarial Science is designed to give graduates from numerate disciplines a grounding in the mathematical and statistical theories needed to become a qualified actuary. You will gain key marketable skills in applying mathematics and statistics to the modelling of actuarial problems. This programme is accredited by the professional body for actuaries in the UK (the Institute and Faculty of Actuaries), and successful graduates will gain exemptions from up to three professional examinations.
DURATION
1 yearFEES
INR 22.54LEXAMS
-INTAKE SESSION
SEP 2023
Actuarial Science with Data Analytics MSc
University of Leicester, UK
This programme is for you if you want to kick-start your actuarial career and gain the skills to apply data analytics to solve real business problems.
Whether you have yet to start the actuarial professional exams, or you have already passed some of the Core Principles subjects you will be able to choose a route that maximises your potential exemptions from the IFoA exams. In some cases you will be able to finish with all the exams needed to become a fully-qualified actuary as an Associate member of the IFoA (Qualification as an Associate requires two years' work experience qualifying for PPD, successfully completing the online Professional Skills Course, and successfully completing the online CB3 course and assessment.)
Data skills are vital for all professionals and Data Analytics is at the heart of this course which has been designed for maximum flexibility, allowing you potentially to gain exemptions from all the examined Core Principles subjects (CS 1&2, CM 1&2, CB 1&2) or, if you already have some passes under your belt, to add the Core Practices subjects (CP 1, 2 & 3). After the compulsory Data Science module, you are free to select modules that align with your personal goals – whether that’s to gain as many exemptions as possible, or to explore more advanced data analytics topics like Data Mining and Neural Networks. All our actuarial modules are taught with an emphasis on the ability to manipulate and analyse realistic data sets using industry standard software so you can be sure you are developing skills that are highly sought after by industry.
DURATION
1 yearFEES
INR 20.95LEXAMS
-INTAKE SESSION
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MSc Actuarial Science and Management
Heriot-Watt University, UK
This exciting 2-year MSc programme is designed to kick-start your career as an actuary, preparing you to take a leading role in managing risk in financial institutions worldwide.
Entry to the actuarial profession is by a demanding series of examinations, but the rewards after qualifying are great. Students that enrol onto this programme will follow the syllabus of MSc Actuarial Science in their first year and the MSc Actuarial Management programme in their second.
Taking our MSc in Actuarial Science and Management is a great way to speed your progress to this most prestigious of careers - it's designed to take you almost all of the way to qualification.
DURATION
1 yearFEES
INR 18.46LEXAMS
-INTAKE SESSION
SEP 2023
More courses at Heriot-Watt UniversityView All
MSc Actuarial Science
University of Manchester, UK
DURATION
1 yearFEES
INR 23.68LEXAMS
IELTS-7.0INTAKE SESSION
SEP 2023
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- Master's in Actuarial Science in the UK
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:
|
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 |
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 |
MSc in Actuarial Science | |
University of Essex | MSc in Actuarial Science |
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.
- Bayes Business School
- London School of Economics and Political Science
- Heriot-Watt University
- University of Warwick
- University of Southampton
- University of Manchester
- Queen Mary University London
- Kent university
- University of Leicester
- 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:
OR A 2.2 degree in any subject which includes: One module in:
And one module in
And one additional relevant module, from
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) |
Oxford Centre for Islamic Studies | Tuition fees and living expenses | |
Trinity Hall - Mann Studentship for Sciences | 10,000 to 40,000 | |
Stevenson Funds | 7,500 | |
Alumni Scholarship | 10,000 | |
London School of Economics and Political Science | Hilde Himmelweit Scholarship | 2,000 |
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 |
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.
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