Coronavirus information for applicants and offer-holders

We understand that prospective students and offer-holders may have concerns about the ongoing coronavirus outbreak. The University is following the advice from Universities UK, Public Health England and the Foreign and Commonwealth Office.

Read our latest coronavirus information

MSc Actuarial Science

Year of entry: 2020

Overview

Degree awarded
Master of Science
Duration
12 Months. [Full-Time]
Entry requirements

The entry requirement to the programme is normally a good upper second class honours degree in Mathematics/Statistics, a Science degree with a strong quantitative component, a subject with a substantial mathematical content, or an equivalent overseas qualification in a mathematical subject.  In particular, knowledge of probability and statistics equivalent to good second year undergraduate Mathematics degree level is required for entry to the programme.

Full entry requirements

How to apply
Apply online

Course options

Full-time Part-time Full-time distance learning Part-time distance learning
MSc Y Y N N

Course description

Loading
MSc Actuarial Science
The MSc in Actuarial Science provides a strong grounding in the mathematics of actuarial science and addresses both the current and future needs of the industry.  The programme was recently established and incorporates all mathematical techniques,  in particular from the fields of probability and statistics, a modern actuary could not do without. Our programme offers the following exemptions under the IFoA's new Curriculum 2019: CS1, CS2 (Actuarial Statistics) and CM2 (Actuarial Mathematics). If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Finance and Risk Management.

Open days

For details of the next University Postgraduate open day, visit open days and visits  

Fees

For entry in the academic year beginning September 2020, the tuition fees are as follows:

  • MSc (full-time)
    UK/EU students (per annum): £12,500
    International students (per annum): £21,500
  • MSc (part-time)
    UK/EU students (per annum): £6,250
    International students (per annum): £10,750

The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.

All fees for entry will be subject to yearly review and incremental rises per annum are also likely over the duration of courses lasting more than a year for UK/EU students (fees are typically fixed for International students, for the course duration at the year of entry). For general fees information please visit: postgraduate fees . Always contact the department if you are unsure which fee applies to your qualification award and method of attendance.

Self-funded international applicants for this course will be required to pay a deposit of £1000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.

Policy on additional costs

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

Scholarships/sponsorships

Scholarships are available for this programme.

Contact details

Department
Department of Mathematics
Contact name
PGT Admissions Team
Telephone
0161 275 0174
Email
Website
https://www.manchester.ac.uk/maths
School/Faculty

Our internationally-renowned expertise across the School of Natural Sciences informs research led teaching with strong collaboration across disciplines, unlocking new and exciting fields and translating science into reality.  Our multidisciplinary learning and research activities advance the boundaries of science for the wider benefit of society, inspiring students to promote positive change through educating future leaders in the true fundamentals of science. Find out more about Science and Engineering at Manchester .

Courses in related subject areas

Use the links below to view lists of courses in related subject areas.

Entry requirements

Academic entry qualification overview

The entry requirement to the programme is normally a good upper second class honours degree in Mathematics/Statistics, a Science degree with a strong quantitative component, a subject with a substantial mathematical content, or an equivalent overseas qualification in a mathematical subject.  In particular, knowledge of probability and statistics equivalent to good second year undergraduate Mathematics degree level is required for entry to the programme.

English language

Students whose first language is not English require a minimum score of IELTS 6.5 with at least 6.0 in writing and 5.5 in each other component. 

English language test validity

Some English Language test results are only valid for two years. Your English Language test report must be valid on the start date of the course.

Application and selection

How to apply

How your application is considered

Applications cannot be processed without the following:

  • academic transcript including final year modules (and English translation if applicable)
  • academic degree certificate (if obtained, and English translation if applicable)
  • a minimum of one academic reference (referee report form not required)

Referees can send their references directly to us at pgt-maths@manchester.ac.uk .

Scanned copies will be accepted at the time of application.

Deferrals

Admissions staff will decide whether to offer places to applicants for deferred entry on their courses and you should not assume that they will grant all such requests. If you request deferral for more than one year, you would normally be required to re-apply, as your chosen course, and your suitability for it, would change over time. English Language test results can only be considered to be current for two years from the test date.

Re-applications

If you applied in the previous year and your application was not successful you may apply again. Your application will be considered against the standard course entry criteria for that year of entry. In your new application you should demonstrate how your application has improved. We may draw upon all information from your previous applications or any previous registrations at the University as a student when assessing your suitability for your chosen course.

Course details

Course description

The MSc in Actuarial Science provides a strong grounding in the mathematics of actuarial science and addresses both the current and future needs of the industry.  The programme was recently established and incorporates all mathematical techniques,  in particular from the fields of probability and statistics, a modern actuary could not do without. Our programme offers the following exemptions under the IFoA's new Curriculum 2019: CS1, CS2 (Actuarial Statistics) and CM2 (Actuarial Mathematics). If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Finance and Risk Management.

Special features

Our MSc Actuarial Science programme

Our MSc Actuarial Science programme was established in 2011 with the aim of providing a thorough training in the mathematical tools and skills an actuary needs. This includes topics such as

  • Markovian models and pricing techniques relevant to life insurance
  • Risk models, ruin theory, risk measures, premium principles and further techniques relevant to general insuranceModern theory of market consistent pricing (mathematical finance), such as the Black and Scholes asset pricing model, the Capital Asset Pricing Model (CAPM), interest rate models, credit risk models, option pricing etc.
  • Risk management techniques
  • Relevant topics from Statistics such as Time Series and their applications, Generalised Linear Models, Survival Analysis etc.
  • Relevant software suites such as R and Excel.

Coursework and assessment

There are two teaching semesters of 12 weeks each and approximately 15 weeks of project work. Assessment for the taught part is by exams and coursework.

Dissertations, industrial links and internships

After two semesters with taught courses, in the final three months of the MSc year (June, July, August) students do a piece of independent research type work under direct supervision of a member of staff. The findings are written up in a report called a dissertation. Plenty of support is provided throughout this process (for most students this is a new activity).

The research can be based on relevant actuarial research literature, but a special feature of our programme is that it can also be based on a collaboration with an industrial partner on a problem of particular interest to them. These collaborations allow students to apply their skills to a very relevant 'real world' problem, and to have an ongoing conversation with the industrial partner about their progress. Previous partners for such collaborations include Mercer, Police Mutual, Willis Towers Watson, JLT Group and Aegon.

Furthermore we have a special relationship with the company Royal London. Every year they offer a number of paid internships of a special form to our students, which are awarded on a competitive basis. During such an internship, a student spends part of their time working on a project towards their dissertation (like all other students, also still under our supervision) but they also get to experience daily actuarial work in the Royal London offices (in Wilmslow). These internships provide a unique opportunity to combine researching a 'real world' problem with obtaining valuable work experience. About half of the students who have taken part in this scheme in the past were offered a job at Royal London after their internship.

Course unit list

The course unit details given below are subject to change, and are the latest example of the curriculum available on this course of study.

TitleCodeCredit ratingMandatory/optional
Martingales Theory for Finance MATH67201 15 Mandatory
Time Series Analysis and Forecasting in Finance MATH68032 15 Mandatory
Generalised Linear Models and Survival Analysis MATH68052 15 Mandatory
Stochastic Modelling in Finance MATH69102 15 Mandatory
Actuarial Models 1 MATH69511 15 Mandatory
General Insurance MATH69531 15 Mandatory
Risk Theory MATH69542 15 Mandatory
Quantitative Risk Management MATH69551 15 Mandatory

Facilities

The Department of Mathematics is the largest in the UK with an outstanding research reputation and facilities .

Disability support

Practical support and advice for current students and applicants is available from the Disability Advisory and Support Service. Email: dass@manchester.ac.uk

Careers

Career opportunities

Loading
Department of Mathematics Alumnus Joshua Fox - MSc Actuarial Science

If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Financial and Risk Management.

Why a career as an actuary?

Actuarial careers generally appear very high in lists of best rated jobs due to excellent job satisfaction, status, career prospects etc. (for an example, see here ). Some of the reasons for this are as follows ( source ).

  • An actuarial career is financially rewarding. The average graduate salary in the recruitment market is about £33,000, with senior leading roles paying in excess of £100k (in excess of £200k for senior partners for instance).
  • Actuaries enjoy a good work/life balance. Compared to other financial professions such as banking, an actuarial role enables you to balance a rewarding career with your other interests in life.
  • An actuarial career can take you anywhere in the world. An actuarial qualification is internationally recognised and even standardised between many countries, allowing for great opportunities to travel and explore.

Where do actuaries work and what do they do on a daily basis?

About a third of the UK actuaries work for insurance companies (life, health and general insurance, and pensions). They typically work in areas such as product development, developing pricing strategies, asset and liability management, reserving, capital modelling and (financial) risk management. Another about a third work for financial consultancy firms, and in that role an actuary typically provides services in the above areas to their clients. The final third of UK actuaries work in a large variety of other sectors, including investment management, corporate finance and banking. Generally you find actuaries in any sector where (financial) risk management plays a role!