Actuarial Science - MSc
Canterbury, United Kingdom
DURATION
1 Years
LANGUAGES
English
PACE
Full time
APPLICATION DEADLINE
Request application deadline
EARLIEST START DATE
Sep 2025
TUITION FEES
EUR 23,900 / per year
STUDY FORMAT
On-Campus
Introduction
Actuaries evaluate and manage financial risk. They make financial sense of the future for their clients by applying advanced mathematical and statistical techniques to solve complex financial problems.
Studying actuarial science on this conversion Program is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world.
Gallery
Admissions
Scholarships and Funding
Scholarship value
The award covers tuition fees, return airfares and living costs for a one-year taught Master's programme.
Deadline
Deadline for Commonwealth application: - 12 December 2024.
Hold an unconditional offer (with the only outstanding condition, international fee deposit) of a programme of study from the University of Kent - 31 January 2025
Criteria
To be eligible to apply for this scholarship, candidates must:
- Hold an undergraduate degree at UK first-class level equivalent.
- Be a citizen of or have been granted refugee status by one of the eligible Commonwealth countries listed or be a British Protected Person.
- Be a permanent resident in one of the eligible Commonwealth countries listed above.
- To be committed to the University of Kent, you can apply for more than one course and/or to more than one University, but you may only accept one offer of a Shared Scholarship.
- Not have studied or worked for one (academic) year or more in a high-income country.
- Be unable to afford to study in the UK without this scholarship.
- Return to their home country as soon as their period of study is complete. In some circumstances, a student may be permitted to remain in the UK if seeing doctoral study and satisfy certain strict conditions.
- Hold an offer by the deadline for a full-time postgraduate taught degree on one of the eligible courses at the University of Kent:
- MSc Artificial Intelligence
- MSc Infectious Diseases
- MSc Cyber Security
- MA International Negotiation and Conflict Resolution
- MSc Applied Actuarial Science
- MSc Conservation Science
- MA English and American Literature
Further details
Commonwealth Shared Scholarships, set up by DFID in 1986, represent a unique partnership between the United Kingdom government and UK Universities.
Funded by the UK Department of International Development (DFID), Commonwealth Shared Scholarships enable talented and motivated individuals to gain the knowledge and skills required for sustainable development. They are aimed at those who could not otherwise afford to study in the UK.
These scholarships are offered under six themes:
- Science and technology for development
- Strengthening health systems and capacity
- Promoting global prosperity
- Strengthening global peace, security and governance
- Strengthening resilience and response to crises - Access, inclusion and opportunity.
How to apply
To be considered for the Commonwealth Shared Scholarship you must:
- Make a formal application for a postgraduate degree at the University of Kent commencing September 2025/26. This can be done online here.
- Complete the Commonwealth Scholarship Commission (CSC) online application process. For information on how to do that and full details of the application process please go directly to the Commonwealth Scholarships webpages.
- Applications will be considered based on Academic Excellence and a completed application.
- The Commonwealth will accept applications until 12th December 2024 (closing at 16:00 GMT).
Curriculum
Stage 1
Introduction to Excel
Program Outcome
Programme aims
This programme aims to:
- Give you the depth of technical appreciation and skills appropriate to a Master’s level programme in Actuarial Science
- Provide successful students with eligibility for subject exemptions from the Core Principles series of examinations of the actuarial profession. This means obtaining a thorough knowledge and understanding of various core actuarial techniques and gaining current knowledge and understanding of some of the major areas in which actuaries are involved
- ensure you are competent in the use of information technology, and are familiar with computers, together with the relevant software
- introduce you to an appreciation of recent actuarial developments, and the links between subject theories and their practical application in the industry
- prepare you for employment within the actuarial profession and other financial fields
- provide suitable preparation for students who wish to proceed to the MSc in Applied Actuarial Science.
Learning outcomes
Knowledge and understanding
You will gain knowledge and understanding of:
- Statistical, economic or specific actuarial mathematical techniques at an advanced level and their applications to insurance, covering areas such as financial mathematics, financial accounting, survival models, economics, financial economics, time series and stochastic processes
- The actuarial and financial theory and the complex techniques applicable to solve problems in some of the major areas of current professional actuarial practice.
Intellectual skills
You will develop intellectual skills in:
- the ability to demonstrate a systematic understanding of the main body of knowledge for the programme
- the ability to demonstrate advanced skills in calculation and manipulation of the material written within the programme
- the ability to apply a range of concepts and principles in various contexts
- the ability for logical argument using specialised knowledge
- the ability to demonstrate advanced skills in solving problems in complex situations by various appropriate methods.
Subject-specific skills
You will gain subject-specific skills in:
- the specific mathematical and statistical techniques used in actuarial science, and in their application to solving actuarial and other financial problems
- the specific information technology and software used in actuarial science
- understanding the practical applications of programme material in insurance and finance
Transferable skills
You will gain the following transferable skills:
- problem-solving skills, relating to qualitative and quantitative information (including cases where information/data is not complete)
- effective communication skills, with both technical and non-technical audiences
- numeracy and computational skills
- information technology skills such as word-processing and spreadsheet use, internet communication etc
- time management and organisational skills, as evidenced by the ability to plan and implement efficient and effective modes of working
- study skills needed for advancing knowledge and understanding, for developing new skills and for continuing professional development.
Program Tuition Fee
Career Opportunities
The UK Actuarial Profession
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 increasing 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 number 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 the 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.
Employability support
Helping our students to develop strong employability skills is a key objective within the School and the University. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within the industry. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres.
Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.
Professional Recognition
Offers exemptions from subjects CT1 to CT8 of the Institute and Faculty of Actuaries professional examinations, with the option to take further subjects for exemption purposes.
Program delivery
Teaching and assessment
Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module.
Program Admission Requirements
Show your commitment and readiness for Grad school by taking the GRE - the most broadly accepted exam for graduate programs internationally.