MSc Actuarial Science and Management

The MSc Actuarial Science and Management is a postgraduate program designed to take students through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK. The program spans two years, with the first year focusing on mathematical subjects to build a strong foundation. In the second year, students apply mathematical principles to real-world situations and have the opportunity to expand their horizons by choosing from a range of modules, including those related to machine learning.

Key Information

• Level: Postgraduate Taught
• Delivery type: Full Time, Part Time
• Degree qualification: MSc
• Mode of delivery: On-Campus
• Duration: 2 years
• Location: Edinburgh
• Start date: September

Career Prospects

Aspiring actuaries will find application in various sectors, including:

• Life insurance
• General insurance
• Pensions
• Investment
• Banking Career prospects extend beyond these, encompassing roles in:
• Fund Management Companies
• Hedge Funds
• Consultancies
• Software Vendors
• Regulatory Authorities

Program Structure

The program is tailored for success as an actuary, offering a blend of technical mastery, business acumen, and communication skills. It has been developed in collaboration with industry leaders to ensure the acquisition of sought-after skills.

Self-Taught Courses

On enrollment, students gain access to self-taught courses, including:

• Introduction To R Programming
• Introduction To Python Programming (For R Users)
• Report Writing Additionally, enrollment at Heriot-Watt University provides free access to LinkedIn Learning, which contains thousands of online courses covering a wide range of subject areas.

Why Choose Edinburgh?

Edinburgh is a wonderful city close to the sea in Scotland, UK. The Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space. Transport links into the city center are regular, and travel by bus takes thirty minutes. Edinburgh is the financial heart of Scotland, with many companies based there, and it is also a center of arts and culture.

Course Content

Year 1

At stage 1, students take up to 10 courses from the following selection, covering all 6 of the IFoA Core Principles exemptions CM1, CM2, CB1, CB2, CS1, CS2:

Mandatory Courses

• Financial Mathematics Fundamentals
• Actuarial Applications
• Life Contingencies

Optional Courses

• Economics
• Statistical Methods
• Finance and Financial Reporting
• Financial Economics for Actuarial Science
• Data Storytelling
• Markov Processes and Survival Modelling
• Climate Change and Sustainability
• Data Analytics and Time Series Analysis

Year 2

At stage 2, students take up to 9 courses from the following selection, including F71MD, covering later Core Practice and Specialist Principles exemptions:

Mandatory Courses

• Actuarial Risk Management 1
• Actuarial Risk Management 2
• Dissertation

Optional Courses

• Financial Markets
• Derivatives Markets and Pricing
• Life Insurance 1
• General Insurance: Reserving and Capital Modelling
• Practical Data Science
• Machine Learning for Risk and Insurance 1
• Quantitative Risk Analysis
• Finance and Investment
• Advanced Derivative Pricing
• Life Insurance 2
• Machine Learning for Risk and Insurance 2
• General Insurance: Pricing
• Pensions and Other Benefits
• Risk Management: Techniques and Tools

Fees and Funding

Tuition Fees

• UK: Ł12,744 (Full Time), Ł6,372 (Part Time)
• International: Ł24,952 (Full Time), Ł12,476 (Part Time)

Year 2 Fees

• UK: Ł10,864 (Full Time), Ł5,432 (Part Time)
• International: Ł20,456 (Full Time), Ł10,228 (Part Time)

Scholarships and Bursaries

• Heriot-Watt Actuarial Scholarship For Academic Excellence: A 20% discount on fees for students with a strong academic record or a strong record in passing Institute and Faculty of Actuaries (IFoA) exams.
• Alumni Discount: A 20% fee discount for postgraduate taught courses for all Heriot-Watt alumni who have previously been registered for one year or more on a Heriot-Watt degree program.

Entry Requirements

• A minimum of a 2:1 honors degree or non-UK equivalent with substantial mathematics, statistics, actuarial mathematics, or financial mathematics.
• English language requirements: IELTS 6.5 (or equivalent) with no score lower than 6.0.

Employability

• Average salary of graduates: Ł32,388
• Percentage working 15 months after graduating: 100%

Heriot-Watt University

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Overview:

Heriot-Watt University is a research-focused institution with campuses in Edinburgh, the Scottish Borders, Orkney, Dubai, and Malaysia, as well as an online presence. It is known for its career-focused degrees and strong links with industry. Heriot-Watt is highly regarded for its research, with a significant portion ranked world-leading and internationally excellent.

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Services Offered:

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Student Life and Campus Experience:

Heriot-Watt offers a diverse and international student community, with one-third of its Edinburgh Campus students coming from outside the UK. The university provides a range of facilities across its campuses, including healthcare, libraries, food and drink, sports centers, and more. Students can participate in clubs and activities, and the university offers accommodation options near its campuses.

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Key Reasons to Study There:

Career-focused degrees:

Heriot-Watt is ranked first in Scotland for graduate employability and its graduates are first in the UK for CEO or MD roles.

Global reach:

The university has campuses across the UK, Dubai, and Malaysia, providing students with a truly international experience.

Strong research:

Heriot-Watt is valued for its pioneering research, which is informed by the global needs of business and industry.

Diverse student community:

The university boasts a diverse international student community, fostering a multicultural learning environment.

Beautiful campuses:

Heriot-Watt's campuses are located in stunning settings, offering students a unique and inspiring learning environment.

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Academic Programs:

Heriot-Watt offers a wide range of undergraduate and postgraduate programs across various disciplines, including:

• Engineering
• Life Sciences
• Mathematics
• Computer Sciences
• Physical Sciences
• Social Sciences and Business
• Art and Design
• Languages and Culture

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Other:

Heriot-Watt is committed to sustainability and is actively working towards achieving the UN Sustainable Development Goals. The university also offers a personalized virtual experience through its online tour platform, allowing prospective students to explore its campuses virtually.