Actuarial Science and Risk Management (BSc)

Queen's University Belfast the United Kingdom

For more information about Actuarial Science and Risk Management at Queen's University Belfast, please visit the webpage using the button above.

The award
BSc

How long you will study
4 years

Domestic course fees
find out

How you will study
full-time

Course starts
September

International course fees
find out

All study options

About Actuarial Science and Risk Management at Queen's University Belfast

The BSc Actuarial Science and Risk Management programme has been designed by qualified Actuaries to enable students to develop the theoretical and practical skills required to pursue a career as an Actuary or as a professional in the financial industry. In addition, students may gain up to eight exemptions from the professional exams required to qualify as an Actuary via our accreditation with the Institute and Faculty of Actuaries.

Actuarial Science and Risk Management Degree highlights

Actuary at Queen's is ranked 2nd in the UK based on student satisfaction.

Global Opportunities

  • There is also the opportunity to study or work abroad, supported by schemes such as Erasmus and Study USA. Many topics include an international dimension which reflects the globalisation of the accounting profession and financial markets.

Professional Accreditations

  • Subject to academic performance, students can gain various exemptions from the Institute and Faculty of Actuaries (IFoA) professional exams.

Industry Links

  • The Society of Northern Ireland Actuaries (SoNIA) is a regional society for local actuaries. It aims to offer a forum for Northern Ireland based actuaries and student actuaries to share opinions on actuarial topics, providing a networking opportunity.

Career Development

  • During the third year of the degree, students complete a 9 to 12 month placement with an actuarial firm. These placements are usually in Belfast, Dublin, London or the Isle of Man. Example placements include Aviva, Irish Life, Kerr Henderson, Spence & Partners, SCOR, The Pension Protection Fund and Pramerica. There are three dedicated placement officers in the Management School who will help you to prepare for placement, and obtain positions of the highest quality.
  • The Placement Office also helps in the recruitment of first-year students for the popular City Scholarship Programme - a summer internship with a company in New York, Dublin, London, Liverpool or Edinburgh. Students can also apply to take part in the Business and Finance Study Tour, which allows participants to meet senior employees from leading financial institutions.

World Class Facilities

  • Students on the course will be given the opportunity to develop their modelling skills and will use software such as Model Risk and the Bloomberg terminals in the Trading Room.

Internationally Renowned Experts

  • Students have the opportunity to hear from industry professionals who regularly deliver guest lectures. Students have the opportunity to network afterwards.

Student Experience

  • Students may wish to join the Queen's University Trading and Investment Club, a student run organisation which aims to educate its members on trading and investing through guest speakers,competitions and educational seminars. The Student Managed Fund, currently securing real money, gives students the opportunityto be part of an investment management process. The Finance & Actuary society runs social and educational events for members, such as the end of year formal.Students on the course will be given the opportunity to develop theirmodelling skills and will use software such as Model Risk and the Bloomberg terminals in the Trading Room.

 'The course is widely regarded and respected, and has opened many doors personally in relation to 'Insight' visits in Belfast, Glasgow, Edinburgh and London.'
Samuel Stewart, BSc Actuarial Science and Risk Management Student

Careers

Career Prospects

Introduction
Students pursuing a career in Actuarial Science should enjoy working with numbers, be effective communicators and work well with people as they will have to analyse and interpret financial and other information to meet the needs of different users, including managers and investors.
http://www.prospects.ac.uk

Employment after the Course
The traditional areas in which actuaries are employed include:

Actuarial Consultancies - clients are provided with advice on mergers, corporate recovery and the management of occupational pension schemes

Insurance Industry - actuaries in insurance design new insurance policies and calculate premium rates and reserving requirements

Pensions Industry - here actuaries are involved in the management and valuation of pension scheme liabilities (for regulatory and expensing purposes). They are also involved in new design and restructuring of pension schemes, deficit management and any requirements of regulatory change on pension scheme.

Investment Industry - in this instance actuaries are involved in a wide variety of work such as pricing financial derivatives, working in fund management or working in quantitative investment research.

Employment Links
Graduate employers include: Kerr Henderson, Spence & Partners, NFU Mutual, Invesco, Boal & Co, Towers Watson, Allianz Insurance, Mercer, AXA Insurance, Deloitte, Capita, Liberty Mutual Insurance, PwC, Pramerica, Metlife, Xafinity.

Alumni Success
"Queen's gave me the tools to succeed, such as the ability to solve problems and analyse complex situations. It helped me develop strong communication and presentation skills as well as a commercial awareness of the financial industry. I now work as a Commercial Actuary at Allianz which involves estimating the value of claims and premiums to ensure solvency and profitability. I am also involved in pricing work for our main property and small business accounts and through building actuarial models I advise the underwriters on how they should determine technical premiums for customers. I hope to further develop my leadership skills to accompany my technical knowledge and move into more senior roles, gaining experience across a wide range of areas such as reserving, pricing and capital modelling.'

Kevin O'Reilly, Commercial Actuary at Allianz Insurance

Professional Opportunities
Recent placement providers have included Aviva, Irish Life, Kerr Henderson, Spence & Partners, SCOR, The Pension Protection Fund and Pramerica.

What employers say

Additional Awards Gained

Year in Industry

Prizes and Awards

A number of local employers and professional bodies sponsor prizes on an annual basis for best students in their level, module or category.

These include Invesco, The Company of Actuaries Charitable Trust Fund, Buck Consultants, SCOR Global Life, Mercer, Pramerica, Spence and Partners, Acumen Resources, Xafinity Consulting, and Allianz Re Dublin.

Degree plus award for extra-curricular skills

In addition to your degree programme, at Queen's you can have the opportunity to gain wider life, academic and employability skills. For example, placements, voluntary work, clubs, societies, sports and lots more. So not only do you graduate with a degree recognised from a world leading university, you'll have practical national and international experience plus a wider exposure to life overall. We call this Degree Plus. It's what makes studying at Queen's University Belfast special.

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 awardBScHow you will studyFull-timeHow long you will study4 years
    Course startsSeptemberDomestic course fees find outInternational course fees find out

Notes about fees for this course

Fees and Funding

Tuition Fees

The tuition fee rates for undergraduate students who first enrol at the University in the academic year 2018-19 have not been agreed. Tuition fees for 2019-20 will be based on 2018-19 levels, normally increased by inflation and these are set out below.

Northern Ireland (NI)£4,160England, Scotland or Wales (GB)£9,250Other (non-UK) EU£4,160International£15,550

Tuition fee rates are calculated based on a student's tuition fee status and generally increase annually by inflation. How tuition fees are determined is set out in the Student Finance Framework.

Additional course costs

All Students

Depending on the programme of study, there may be extra costs which are not covered by tuition fees, which students will need to consider when planning their studies.

Students can borrow books and access online learning resources from any Queen's library.

If students wish to purchase recommended texts, rather than borrow them from the University Library, prices per text can range from £30 to £100. A programme may have up to 6 modules per year, each with a recommended text.  

Students should also budget between £30 to £75 per year for photocopying, memory sticks and printing charges.  

Students undertaking a period of work placement or study abroad, as either a compulsory or optional part of their programme, should be aware that they will have to fund additional travel and living costs.

If a final year includes a major project or dissertation, there may be costs associated with transport, accommodation and/or materials. The amount will depend on the project chosen. There may also be additional costs for printing and binding.

Students may wish to consider purchasing an electronic device; costs will vary depending on the specification of the model chosen.

There are also additional charges for graduation ceremonies, examination resits and library fines.

Actuarial Science and Risk Management costs

Students undertake a placement in year 3 and are responsible for funding travel, accommodation and subsistence costs. These costs vary depending on the location and duration of the placement. Students should be aware that placement and internship modules do not normally involve payment or financial support from either Queen's or the placement/internship provider.If the placement is undertaken under the European Erasmus programme, students are normally eligible to receive a top-up grant to contribute towards these costs of approximately €300 per month. A limited number of Erasmus grants are available.  Student who undertake optional study tours are expected to make a contribution, of approximately £150.

How do I fund my study?

There are different tuition fee and student financial support arrangements for students from Northern Ireland, those from England, Scotland and Wales (Great Britain), and those from the rest of the European Union.

Information on funding options and financial assistance for undergraduate students is available at http://www.qub.ac.uk/Study/Undergraduate/Fees-and-scholarships/.

Scholarships

Each year, we offer a range of scholarships and prizes for new students. Information on scholarships available.

International Scholarships

Information on scholarships for international students, is available at http://www.qub.ac.uk/International/International-students/International-scholarships/.

Entry requirements

Entry Requirements

Entrance requirements

A level requirements
A*AA including Mathematics
OR
AAA + A (AS) including A-level Mathematics

Irish leaving certificate requirements
H1H1H1H1H2H2 including Higher Level grade H1 in Mathematics

Access/Foundation Course
Not considered.

Selection Criteria

In addition, to the entrance requirements above, it is essential that you read our guidance notes on 'How we choose our students' prior to submitting your UCAS application.

How we choose our students

Applications are dealt with centrally by the Admissions and Access Service rather than by Queen's University Management School. Once your application has been processed by UCAS and forwarded to Queen's, an acknowledgement is normally sent within two weeks of its receipt at the University.

Selection is on the basis of the information provided on your UCAS form, which is considered by a member of administrative staff from the Admissions and Access Service and, if appropriate, the Selector from the School. Decisions are made on an ongoing basis and will be notified to you via UCAS.

Applicants for the BSc Honours in Actuarial Studies must be able to satisfy the University's General Entrance Requirement and in addition, all applicants must have A-level Mathematics. Offers are normally made in terms of grades rather than UCAS Tariff points.

Actuarial Science and Risk Management is one of the most popular degree courses at Queen's, where the number of applicants far outnumbers the places available. Part of the criteria used for making offers is by means of assessing an applicant's GCSEs. The best nine subjects are considered, with 4 points being awarded for an A* grade and 3 points for an A grade, B grades are not scored. We initially make offers to those applicants who score a minimum of 34 points. During the admissions cycle we constantly review the admissions statistics comparing them to previous years, to assess if the point's threshold can be lowered and more offers made. For last year's entry, the final threshold was 30 points.

Applicants offering a range of other qualifications e.g. BTEC Extended Diplomas, Higher National Diplomas and Foundation Access courses are not normally considered unless the applicant is studying or has studied A-level Mathematics.

In addition to the academic requirements above, the information provided in the personal statement section and the academic reference together with predicted grades are noted, but these are not the final deciding factors as to whether or not a conditional offer can be made. However, they may be reconsidered in a tie break situation in August.

A-level General Studies and A-level Critical Thinking will not normally be considered as part of a three A-level offer and, although they may be excluded where an applicant is taking 4 A-level subjects, the grade achieved could be taken into account if necessary in August/September.

If you are made an offer then you may be invited to an Open Day organised by Queen's University Management School, which is usually held in the second semester. This will allow you the opportunity to visit the University, to find out more about the degree programme of your choice, the facilities on offer together with a flavour of the academic and social life at Queen's.

INTERNATIONAL STUDENTS

For information on international qualification equivalents, please check the specific information for your country.

English Language Requirements

An IELTS score of 6.5 with a minimum of 5.5 in each test component or an equivalent acceptable qualification, details of which are available at: http://go.qub.ac.uk/EnglishLanguageReqs

If you need to improve your English language skills before you enter this degree programme, INTO Queen's University Belfast offers a range of English language courses. These intensive and flexible courses are designed to improve your English ability for admission to this degree.

  • Academic English: an intensive English language and study skills course for successful university study at degree level
  • Pre-sessional English: a short intensive academic English course for students starting a degree programme at Queen's University Belfast and who need to improve their English.

INTERNATIONAL STUDENTS - FOUNDATION AND INTERNATIONAL YEAR ONE PROGRAMMES

INTO Queen's offers a range of academic and English language programmes to help prepare international students for undergraduate study at Queen's University. You will learn from experienced teachers in a dedicated international study centre on campus, and will have full access to the University's world-class facilities.

These programmes are designed for international students who do not meet the required academic and English language requirements for direct entry.

Location of Queen's University Belfast

Queen's University Belfast main campus is shown on the map below:

Read more about studying in the United Kingdom

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