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The award
MSc

How long you will study
12 months

Domestic course fees
GBP 20000 per year

How you will study
full-time

Course starts
September

International course fees
find out

All study options

About Actuarial Management at City, University of London

Overview

Who is it for?

You are a part-qualified actuary or a graduate from a recognised BSc and MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed at least five subjects from the first Core Technical stage of the professional examinations of the Institute and Faculty of Actuaries.

Objectives

The MSc in Actuarial Management covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Application subjects and Specialist Technical subjects. Taking this course at Cass means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.

You can also gain exemptions from the IFoA's examinations. In particular, you can gain exemptions in Actuarial Risk Management (Subject CA1), Communications (Subject CA3) and most of the Specialist Technical (or ST) subjects.

Exemptions

From early 2019 there will be significant changes to the curriculum of Institute and Faculty of Actuaries professional exams. (Curriculum 2019)

Students on the 2018/9 MSc Actuarial Science and MSc Actuarial Management courses will not be affected by these changes. Institutions offering exemptions from Institute and Faculty of Actuaries exams will be permitted to offer these under the existing system for the 2018/9 academic year and these will be accepted by the Institute.

Exam passes and exemptions achieved under the existing system will also be eligible for conversion to the Curriculum 2019 structure by the Institute and Faculty of Actuaries.

Structure

What will you learn

  • Demonstrate knowledge and understanding of the main areas of actuarial practice
  • Demonstrate knowledge and understanding of the general commercial environment
  • Demonstrate knowledge and understanding of how to monitor measure and manage risk effectively
  • Apply actuarial, statistical and related methods to assess and manage risk
  • Communicate effectively with non-specialists in the area
  • Display the professional integrity, conduct and responsibility required by the actuarial profession.

Terms 1 & 2

Core modules:

  • Strategic Management and Marketing

    • 15 credits
    • 30 hours, over ten weeks, in lectures
    • 120 hours, over ten weeks, self-directed study

    This module introduces the core elements of business management. It seeks to provide into three interrelated strands of business activity: general management, business strategy and marketing.

    The module aims to develop an understanding of the challenges and opportunities associated with working in contemporary organisations. It explores the business concepts and the issues firms face in gaining competitive advantage. On completion, you should be capable of analysing business environments, corporate strategies and marketing plans.

  • Actuarial Risk Management (CA1) - Part One

    • 20 credits
    • 40 hours, over ten weeks, in lectures
    • 160 hours, over ten weeks, self-directed study

    The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.

  • Actuarial Risk Management (CA1) - Part Two

    • 20 credits
    • 40 hours, over ten weeks, in lectures
    • 160 hours, over ten weeks, self-directed study

    The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.

  • Research Methods for Actuarial Professionals

    This module is compulsory for all students electing to complete the MSc in Actuarial Management and provides students with an understanding of how to undertake independent research either in the context of a single organisation or by using third-party sources. Students also develop the necessary tools and skills to initiate, research and write up a business project and the module includes dedicated training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete the MSc by means of the Business Research Project.

Elective modules:

In addition to the modules above, students must choose three modules from the following electives*:

*Note that students are required to complete at least two ST modules from this list of electives.

Please note that all CT modules are subject to availability. These modules are hosted by the MSc in Actuarial Science and students on this programme will be given preference where space is limited.

  • Health and Care (ST1)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 160 hours, over ten weeks, self-directed study

    Health insurance is a specialist area. The continued provision of this insurance depends upon health insurers being profitable. The module provides an in-depth analysis of the theory and practice of health insurance from an actuarial standpoint.

  • Life Insurance (ST2)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 210 hours, over ten weeks, self-directed study

    The aim of this module is to instil in successful candidates the main principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies.

  • Pensions and Other Benefits (ST4)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 160 hours, over ten weeks, self-directed study

    This module enables you to gain exemption from Subject ST4 of the professional examinations of the Faculty and Institute of Actuaries.

  • Finance and Investment A (ST5)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 210 hours, over ten weeks, self-directed study

    This module will provide you with an introduction to modern techniques of financial management, and examples of applications of these techniques to the business of managing assets and financing corporate entities.

  • Finance and Investment B (ST6)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 110 hours, over ten weeks, self-directed study

    This module aims to instil in you the ability to value financial derivatives and the ability to assess and manage the risks associated with a portfolio of derivatives, including credit derivatives and to value credit derivatives using simple models for credit risk

  • General Insurance - Reserving and Capital Modelling (ST7)

    • 25 credits
    • 40 hours, over ten weeks, in lectures
    • 210 hours, over ten weeks, self-directed study

    The course provides you with an introduction to the concepts of reserving and capital modelling in general insurance and provides you with the opportunity to gain an exemption from Subject ST7 of the syllabus of the Institute of Actuaries.

  • General Insurance - Pricing (ST8)

    • 25 credits
    • 50 hours, over ten weeks, in lectures
    • 200 hours, over ten weeks, self-directed study

    This module provides students with the ability to apply, in simple pricing and reinsurance analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of a general insurance company.

  • Model Documentation, Analysis and Reporting (CA2) - non-exemption module)

    • 20 credits
    • 30 hours, over ten weeks, in practical classes and workshops
    • 170 hours, over ten weeks, self-directed study

    This module provides students with understanding of how to model data, document the work, analyse the methods used and outputs generated, and how to communicate the approach, results and conclusions.

  • Finance and Financial Reporting (CT2)

    • 20 credits
    • 40 hours, over ten weeks, in lectures
    • 160 hours, over ten weeks, self-directed study

    To cover Subject CT2 of the UK actuarial profession, enabling you to obtain professional accreditation.

    The aim of the finance section of this course is to provide you with a basic understanding of the methods and types of instrument used by companies to raise finance. The aim of the financial reporting section of the course is to enable you to interpret the published financial statements of companies and financial institutions.

  • Modelling (CT4)

    • 30 credits
    • 50 hours, over ten weeks, in lectures
    • 250 hours, over ten weeks, self-directed study

    To cover Subject CT4 of the UK actuarial profession, enabling you to gain professional exemption.

    To explore stochastic processes and survival models and their applications in finance and actuarial science.

  • Contingencies (CT5)

    • 30 credits
    • 40 hours, over ten weeks, in lectures
    • 260 hours, over ten weeks, self-directed study

    To cover Subject CT5 of the UK actuarial profession, enabling you to gain professional accreditation.

    This module provides a grounding in the mathematical techniques used in pricing and evaluating insurance and pension products.

  • Statistical Methods (CT6)

    • 30 credits
    • 50 hours, over ten weeks, in lectures
    • 250 hours, over ten weeks, self-directed study

    To cover Subject CT6 of the UK actuarial profession, enabling you to gain professional accreditation.

    This module aims to explain the fundamental statistical techniques used in the analysis of short-term insurance contracts.

  • Financial Economics (CT8)

    • 30 credits
    • 50 hours, over ten weeks, in lectures
    • 250 hours, over ten weeks, self-directed stud

    To cover Subject CT8 of the UK actuarial profession, enabling you to gain professional accreditation.

    This module aims to provide you with the ability to use and critically evaluate modern financial theory, to construct asset-liability models and to value financial derivatives.

Term 3

Students choosing to complete the MSc in Actuarial Management have three options in their third term

  • Business Research Project (40 credits) and one elective (10 credits)
  • Applied Research Project (20 credits) and three electives (10 credits each)
  • Five specialised electives in term three to give them an understanding of a breadth of subject matter, both in actuarial science and in wider fields such as finance, investment, insurance and IT.

Research projects

  • Business Research Project

    It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit.

    To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations.

    You are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme. Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.

  • Applied Research Project

    The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project. You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study.

    You will undertake a short piece of applied research on a question of academic and/or practical relevance. Guidelines will be provided in order to help you identify the research question. Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.

  • In order to be considered for an exemption for CA3, students must elect to undertake either a Business Research Project or an Applied Research Project and use their project findings to carry out an additional assessment for exemption purposes.

    See the MSc in Actuarial Management programme specification.

    Assessment methodsTerm datesAssessment methods

    Assessment methods

    Assessment

    All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.

    Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.

    Induction weeks

    The MSc in Actuarial Management starts with a compulsory induction focused on:

    • a refresher course of advanced financial mathematics, statistics, computing and electronic databases.
    • an introduction to the Cass Careers offering with a focus on key skills and attributes that employers are looking for.  The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.
    Term dates

    Term dates

    Term dates 2018/19

    In-Person ID Checks (all students must attend): Commences 17 September 2018

    Compulsory Induction: 18 - 29 September 2018

    Term I
    1 October 2018 - 7 December 2018
    Term I exams
    7 January 2019 - 18 January 2019

    Term II
    21 January 2019 - 29 March 2019
    Term II exams
    22 April 2019 - 3 May 2019

    Term III
    6 May 2019 - 28 June 2019
    Term III exams
    1 July 2019 - 12 July 2019

    Resit period
    Students who are required to resit an examination or invigilated test  will do so in the period:
    12 - 30 August 2019

    Submission deadline for Business Research Project or Applied Research Project 
    1 September 2019

    Official Course End Date
    30 September 2019

    Application

    How to apply

    Documents required for decision-making

    • Transcript/interim transcript
    • Current module list if still studying
    • CV
    • Personal statement (500-600 words)
    • Confirmation of professional qualification examinations/exemptions/passes

    Documents which may follow at a later date

    • IELTS result, if report available
    • Two references
    • For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be sent by post to Specialist Masters Programme Office, 106 Bunhill Row, London, EC1Y 8TZ, UK

    We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.

    Individual Appointments

    If you would like to visit us to discuss your application please do arrange an individual appointment.

    Entry requirementsEnglish language requirementsEntry requirements

    Entry requirements

    • A UK upper second class degree or above, or the equivalent, and/or a Masters Degree/Postgraduate Diploma (from a UK university or equivalent) in a related subject and already covered the fundamentals of actuarial science at university degree or professional level
    • Applicants are required to have passed and/or as a result of previous studies, be exempted from a minimum of FIVE of the Core Technical (CT) examinations of the UK Actuarial Profession (with the exception of CT9). Applicants who have not completed both Subject CT5 and Subject CT6 of the Institute and Faculty of Actuaries examinations are strongly advised to ensure that they are familiar with the material included in both these subjects, as this forms the basis for the Core Applications modules included in MSc Actuarial Management.

    Students who are new to the field of actuarial science should apply for the MSc in Actuarial Science (covering all eight of the Core Technical examinations of the UK Institute and Faculty of Actuaries).

    English language requirements

    English language requirements

    If you have been studying in the UK for the last three years it is unlikely that you will have to take the IELTS test

    If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.

    IELTS

    The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.

    Read more about English requirements

    Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require aCAS as of April 2014.

    Career pathways

    Career pathways for graduates in MSc in Actuarial Management are typically in actuarial roles. The type of employers varies, including consultancies (e.g. Deloitte, Ernst & Young, KPMG, PWC), insurance companies (Aviva, Allianz, Prudential, RSA, PICC), brokers (Guy Carpenter, Willis, AON Benfield), banks (HSBC, Lloyd's, UBS) and supervisory authorities / central banks (Financial Services Authority, Central Bank of Malaysia).

    You can also view data from our Graduate Destination Survey (pdf) from 2015.

    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 awardMScHow you will studyFull-timeHow long you will study12 months
      Course startsSeptemberDomestic course feesGBP 20000 per yearInternational course fees find out
    • The awardMScHow you will studyPart-timeHow long you will study24 months
      Course startsSeptemberDomestic course feesGBP 20000 per yearInternational course fees find out

    Notes about fees for this course

    UK/EU/International

    £20,000 Tuition fees are subject to annual change UK/EU/International (part-time) £10,000 Tuition fees are subject to annual change

    Fees in each subsequent year of study (where applicable) will be subject to an annual increase limited by the All Items Retail Prices Index. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study (where applicable).

    Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)

    First installment: Half fees less deposit (to be paid at registration)
    Second installment: Half fees (paid in January following start of course)

    Information about Scholarships

    Entry requirements

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

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