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The award
BSc (Hons)

How long you will study
3 years

Domestic course fees
GBP 9250 per year

How you will study
full-time

Course starts
September

International course fees
GBP 17000 per year

All study options

About Actuarial Science at City, University of London

Overview

Who is it for?

You excel in and enjoy mathematics, especially modelling and probability. You love asking 'What if?'.

The skills you gain on this course will kickstart your actuarial career. You can also enter careers in risk management, investment management or financial analysis.

Objectives

If you enjoy mathematics, statistics, probability and economics you will find this course ideal. For the duration of your degree, you'll delve deeper into these core subjects, as well as stochastic models, finance and financial reporting, business and, naturally, actuarial science itself. You'll also produce a self-researched final-year project on an area that interests you and reflects your ambitions.

Course Directors

Dr David Smith

Senior Lecturer in Actuarial Science

Dr Jaap Spreeuw

Senior Lecturer in Actuarial Science

Structure

What will I learn?

  • Develop your knowledge and understanding of actuarial science, statistics, mathematics, finance and related disciplines.
  • Develop your ability to communicate your knowledge and understanding effectively.
  • Develop your understanding of the roles of mathematical and statistical calculation, analysis and judgement in actuarial science and financial risk management.
  • Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.
  • Equip you with the skills required to work professionally as an actuary or in alternative fields related to statistics, finance, risk management and in general management.
  • Prepare you to enter postgraduate study in actuarial science or related disciplines.

Year 1

Core modules:

  • Mathematics for actuarial science

    This module will initially consolidate your mathematical knowledge to ensure all students have the same basic understanding no matter what their educational background. In the second term we will cover more advanced mathematical topics. The mathematics course is designed to give you the tools needed to solve the problems in the other modules.

  • Probability and statistics

    The probability and statistics module will assume that students will arrive with no knowledge of probability or statistics. The module will start with basic concepts such as summary statistics and basic probability and will develop these concepts to more advanced topics such as confidence intervals, hypothesis testing, regression and probability distributions. This module forms part of the CT3 course of the IFoA.

  • Finance and investment mathematics

    This module will focus on the concept of valuing future monetary payments in terms of present values to allow a comparison of different income streams which is critical in any financial decision making. In this module we will consider all payments to be guaranteed. We will also look at linking amounts to various inflation indices. This module covers the CT1 course of the IFoA.

  • Economics

    To be able to understand the possible changes in the financial world, students need to study economics. This module assumes no prior knowledge and will cover both micro and macro economics over the year. This module covers the CT7 course of the IFoA.

  • Applications of IT

    This module is made up of three components.  Initially you will use the program MiniTab which is a statistical package that provides more powerful statistical analysis than using a spreadsheet. The second component is using Excel Workbook functions and the final component is writing VBA code. Again, we assume no prior knowledge of programming and this module is designed to allow you to use Excel in you work at university and also provide a skill that is in high demand from employers.

  • Introduction to actuarial methods

    This module is different to the other modules that you study as one of its main goals is to introduce you to the different areas that actuaries work in to allow you to start to contemplate which areas you want to work in. In addition, this module is partly assessed by a group presentation which is a skill you will require when applying for jobs.

Year 2

Core modules:

  • Calculus and linear algebra

    This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.

  • Contingencies

    This module will combine the ideas of probability and financial mathematics to allow you to start valuing payments that are contingent on particular events occurring.  In this module we will mainly be using the techniques to value life assurance products. This module covers part of the CT5 course of the IFoA.

  • Probability and statistics 2

    This module will continue your development in the areas of probability and statistics.  In particular, we will be combining ideas from your first year mathematics module to allow more complex situations to be modelled. This module completes the CT3 course of the IFoA.

  • Stochastic modelling

    This module will allow you to study the modelling of uncertainty of certain probabilistic events. The techniques you learn here can be applied to a number of different situations and will be developed further in more advanced modules. This module covers part of the CT4 course of the IFoA.

  • Finance and financial reporting

    This module will introduce you both to the financial markets and also provide an introduction to the accounts that companies report.  Both of these are essential in your understanding of the financial markets to allow you to be able to develop solutions to financial risk questions. This module covers the CT2 course of the IFoA.

  • Actuarial practicality

    This module can be seen as a development of the ideas you were introduced to in the actuarial methods module in the first year.  In particular, we focus on the role of the Actuary in the City of London. In this module you will be taken on visits to the Bank of England, Lloyd's of London and Staple Inn. You will also be assessed through group presentations one of which will be set by external consultants.

  • Financial economics (elective module)

    While Financial Economics is an elective module, the majority of students take this module as it forms part of the CT8 syllabus of the IFoA.  In this module you will be introduced to the valuing of financial instruments using techniques covered in earlier modules, in particular the Stochastic Modelling module.

Year 3

Core modules:

  • Survival models

    This module covers the modelling of survival data which is essential in actuarial work.  It will combine ideas covered in earlier modules in particular Stochastic Models, Contingencies and Probability and Statistics. This module completes the CT4 course of the IFoA.

  • Advanced contingencies

    This module continues to develop techniques that were seen in the Contigencies module to allow you to value more complex future uncertain events. This module completes the CT5 course of the IFoA.

  • Statistical and probabilistic modelling for insurance

    This module advances the probability modelling techniques that you have already covered in your first two years to allow for the modelling of complex events that will impact the cash-flows of an insurance company. This module covers the CT6 course of the IFoA.

  • Advanced financial economics (elective module)

    This elective module develops the techniques covered in the Financial Economics module allowing you to price financial instruments such as options. This module completes the CT8 course of the IFoA.

Download the relevant programme specification

Assessment methodsOverall workloadAssessment methods

Assessment methods

You will be assessed using a variety of methods, depending on module choices including:

  • Coursework
  • Unseen written examinations, taking place at the end of each term (or at the end of a year, if a module is taught over two terms)
  • Class tests
  • Online quizzes and tests, using the Virtual Learning Environment
  • Presentation
  • Group projects, individual projects.

Percentage of the course assessed by coursework

The balance of assessment by examination, practical examination and assessment by coursework will to some extent depend on the optional modules you choose. The approximate percentage of the course assessment, based on 2016/17 entry is as follows:

Year 1

67% written, 4% practical, 29% coursework

Year 2

73% written, 0% practical, 27% coursework

Year 3

67% written, 2% practical, 31% coursework.

Overall workload

Overall workload

Most contact hours take the form of lectures. A number of tutorials, exercise classes and surgery hours are scheduled during the first year, the number decreasing as you progress and you become more able to direct your own learning. Approximate study time based on 2016/17 entry is as follows:

Year 1

32% scheduled learning, 68% independent learning, 0% placement

Year 2

24% scheduled learning, 76% independent learning, 0% placement

Year 3

18% scheduled learning, 82% independent learning, 0% placement.

Application

How to apply

All applications should be made through UCAS, the Universities and Colleges Admissions Service. Applications are made via Apply, UCAS's online application system.

UCAS Institution code: C60 (Cass Business School and City, University of London)
UCAS Course code: G322

You can find more information at UCAS and in the UCAS Handbook.

More information about applying to Cass

Entry requirementsEnglish language requirementsEntry requirements

Entry requirements

  • A-Level: A* (Mathematics) AA
  • BTEC: Level 3 Diploma: DDD plus 'A' level Mathematics or a science at grade A*
  • Extended Project Qualification (EPQ): We welcome applications that include the EPQ. Where relevant, this may be included in our offer, resulting in an 'A' Level offer reduced by one grade
  • IB: 36 points overall, 6 Higher Level Mathematics, 5 minimum all other subjects.

In addition we also ask for the following GCSE requirement:

  • A minimum of grade 5 (C) in GCSE English.

If you are studying General Studies, Critical Thinking or a native language 'A' level, these subjects will not be included in any offer condition.

Foundation course for UK/EU students

If you do not meet the qualification criteria for this course, you may still meet the criteria for our Accounting and Finance Foundation course. The Foundation course is a one-year full-time programme that provides an entry route to the BSc Accounting and Finance course.

International students

We accept a wide range of international and other UK qualifications at Cass.

If you do not qualify for direct entry, there are several partners that offer preparatory international foundation courses for students seeking entry to undergraduate degrees. These include:

Foundation courses for International students

INTO City, University of London

Don't meet the entry requirements? INTO City, University of London offers a range of academic and English language programmes to help prepare you for study at City, University of London. You'll learn from experienced teachers in a dedicated international study centre.

These programmes are designed for international students who do not meet the required academic and English language requirements for direct entry. To prepare for this degree course, learn more about the International Foundation in Business and Economics with Accounting.

Kaplan International College (KIC) London

Additionally, City works in partnership with KIC London to provide a range of preparatory courses for international students. KIC London courses offer comprehensive support to students - including regular one-to-one tuition. Students who successfully complete the KIC London Foundation course at the required level are guaranteed progression to City, University of London degree courses.

English language requirements

English language requirements

English language requirements

If your first language is not English, we will require evidence of English language proficiency. Minimum requirements are:

IELTS: 6.5 with a minimum of 6 in any unit

PTE Academic: 58 overall with a minimum of 50 in each component

GCSE: English language grade 5.

View further information about the minimum acceptable English language requirements for Tier 4 students.

English language programmes

Don't meet the English language requirements? INTO City, University of London offers English language programmes to help prepare you for study at university. These intensive and flexible courses are designed to improve your English ability for entry to degree courses.

Placements

A key part of a Cass Business School degree is the opportunity to gain professional work experience. BSc Actuarial Science students are eligible to undertake an optional one-year paid work placement during the third year of a four-year sandwich degree programme.

The experience of working for a leading institution can be invaluable in terms of your future career. It will enable you to acquire skills and competencies sought by graduate employers, and give you an edge over the competition.

BSc Actuarial Science students enjoy a wide range of professional placement opportunities in areas such as corporate insurance and risk management, actuarial pricing and capital management.

Recent placements

  • Association of British Insurers
  • Aviva
  • AXA IM
  • HSBC
  • Legal & General
  • Lloyds Banking Group
  • Prudential

Our reputation, achievements and successful graduates have helped us to develop close relationships with a diverse range of companies, who recognise that Cass students can add significant value to their workforce. Our dedicated Placements team are in regular contact with these and many more companies, and will support students throughout the work experience process.

Although this additional year is not credited and will not count towards your degree classification, it is a recognised part of the degree programme and will be endorsed on your final degree certificate.

Career pathways

The majority of our graduates become actuarial trainees and study for the Institute and Faculty of Actuaries' examinations. Others embark on careers in:

  • investment banking and investment management
  • auditing
  • commercial banking
  • insurance
  • financial analysis
  • management
  • computing and teaching.

Graduates earn an average salary of £26,500 (DLHE 2015-16) after graduation and recent employers have included KPMG, Deloitte and Towers Watson. Some students progress to postgraduate study, often on Cass Business School's MSc Actuarial Management.

See what our BSc (Hons) Actuarial Science graduates are doing six months after completion of the course.

Recent employers

82% of graduates in employment or further study six months after completing the course (DLHE survey, 2015-16).

Study options for this course

  • The award How you will study How long you will study Course starts Domestic course fees International course fees
  • The awardBSc (Hons)How you will studyFull-timeHow long you will study3 years
    Course startsSeptemberDomestic course feesGBP 9250 per yearInternational course feesGBP 17000 per year

Notes about fees for this course

UK/EU

£9,250 for the first year of study (2017/2018) * Tuition fees are subject to annual change

International

£17,000 for the first year of study (2018/2019) * Tuition fees are subject to annual change

UK/EU students

The tuition fee for UK and EU students is determined by the UK Government and was £9,250 for the first year of study at City in 2017/18. The tuition fee for students commencing their studies in 2018/19 has not yet been confirmed: we will update these pages as soon as we receive confirmation. Fees in each subsequent year of study may be subject to an annual increase limited to the Student Fees Inflation Index as determined by the UK Government's Office for Budget Responsibility. However, this is subject to confirmation. The index is derived from the All Items Retail Prices Index. If fees do increase in each subsequent year of study, we will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study. Fees in each subsequent year of study will be subject to an annual increase limited by the All Items Retail Prices Index.

Non-EU international students

The tuition fee for Non-UK/non-EU students was £17,000 for the first year of study in 2018/19. Each subsequent year of study may be subject to annual increase, as detailed above for UK and EU students, but this is also subject to confirmation.

Funding

Entry requirements

Contact City, University of London to find course entry requirements.

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