MSc Actuarial Science
ApplyKey facts
- Start date: September
- Study mode and duration: MSc 12 months full-time
Accreditation: Accredited by the Institute and Faculty of Actuaries (IFoA); Accreditation By Subject Agreement for IFoA subjects CS1 and CB2
Study with us
Studying an MSc in Actuarial Science at the University of Strathclyde, you'll be learning at a multi-award-winning academic institution - the only to have won the Times Higher Education University of the Year twice.
On this course you'll:
- gain a strong foundation for the understanding of actuarial theory and analysis
- prepare for a career in the financial services industry with a quantitative and data facing role
- learn about the nature and functioning of financial markets and institutions
- learn economic theory giving context to the above
Why this course
The MSc in Actuarial Science at Strathclyde has been developed to give students wishing to move into the actuarial profession a strong foundation in the statistical concepts, models and techniques used in actuarial calculations, their computer implementations, and the financial and economic contexts of these calculations.
The programme is an innovative cross-faculty alliance between the Strathclyde Business School and the Faculty of Science.
The course is designed so that students with a strong aptitude for mathematics and statistics, but who have not studied these topics in detail in their undergraduate degree, can gain the necessary skills to move into the financial industry. It's intended as a conversion course, teaching material in statistics, economics and finance. It does not currently include specialist actuarial mathematics content (which will be studied in the actuarial professional examinations).
Our Actuarial Science Masters produces graduates well equipped to apply for trainee actuary positions. Students reaching a sufficiently high level in core classes will be eligible for exemption from two of the professional examinations of the IFoA, namely CS1 and CB2.
Accreditation
- Accredited by the Institute and Faculty of Actuaries (IFoA)
- Accreditation By Subject Agreement for IFoA subjects CS1 and CB2
Course video
Find out what our students and industry partners say about the course.
One of the things we like about Strathclyde graduates is that they come in with an appreciation of an industry focus.
Ji-Hyang Lee, Associate and Senior Consulting Actuary
Barnett Waddingham
What you’ll study
The curriculum of our Actuarial Science degree provides a good balance between finance, economic, and statistical theory, computer implementations of this theory, and practical skills and knowledge all underpinning actuarial science.
Core classes are undertaken in the first semester, and address themes such as Principles of Finance, and foundation classes in Statistics and Economics. At the optional class stage (Semester 2), you can begin to tailor the programme to suit your own particular areas of interest and are able to choose from a wide range of classes, offered by all five contributing departments, including some management science and computer science options.
Major projects
The summer project will involve you working in some depth on a topic of relevance to the actuarial profession and this might involve you working directly with one of our industrial collaborators such as Isio, Hymans Robertson, M&G plc, XPS Pensions Group and Barnett Waddingham. Alternatively, university-based projects are also available on industrially relevant topics.
Facilities
The Department of Mathematics & Statistics has teaching rooms which provide you with access to modern teaching equipment and access to University computing laboratories with all necessary software available. You'll also have access to a common room facility which gives you a modern and flexible area which can be used for individual and group study work and is also a relaxing social space.
Industrial Advisory Board
This course has an Industrial Advisory Board. The views and contributions to the Industrial Advisory Board by its members are as an individual rather than on behalf of or representing their company.
Our industry colleagues help to ensure that the course content is fully informed by industry needs.
| Board Member | Company |
|---|---|
| David Comerford | University of Strathclyde |
| Steven Craig | Hymans Robertson |
| Stephen Cunningham | M&G plc |
| Colette Donald | M&G plc |
| Eva Grace | Barnett-Waddingham |
| Ji-Hyang Lee | Barnett Waddingham |
| Dr Alison Gray | University of Strathclyde |
| Christopher Rice | XPS Pensions Group |
| Craig Rodgers | Barnett Waddingham |
| Alex McLeman | Isio |
| Danielle Gray | M&G plc |
| Scott Steven | Just Group plc |
| Alan Quinn | M&G plc |
Work placement
You may be able to undertake an industrial-based MSc project, mostly provided by practising actuaries. This takes place in the third semester of the course between June and September. The placement may be based in the UK or in another country.
The industry project helped grow my understanding of the pensions industry as well as the role of an actuary which assisted me in getting a job as an actuarial analyst.
MSc Actuarial Science Student
International students
We've a thriving international community with students coming here to study from over 140 countries across the world. Find out all you need to know about studying in Glasgow at Strathclyde and hear from students about their experiences.
Visit our international students' section
These are compulsory core classes taken by all students, giving a total of 80 credits of taught classes in semester 1.
Principles of Finance
20 credits
This class will provide an introduction to financial decision-making, and much of the relevant analysis will be developed from the standpoint of corporate finance. It'll explain how a company should decide on the investments to be undertaken to meet its objectives, generally assumed to be the maximisation of its value. It will be demonstrated that this will require a rate of return on its investments in excess of the return available in the capital market on equally risky financial investments. As a result, it will be necessary to develop an understanding of the capital market risk-return relationship. This will require an appreciation of the nature of risk and how this can be managed by the development of portfolios.
Even though the focus of the class will be on corporate finance, it'll also require an appreciation of how the risk-return tradeoff is determined in the capital market.
Find out more in the class outline for Principles of Finance.
Foundations of Probability & Statistics
20 credits
The course and thus this introductory module is aimed at graduates who've not previously studied statistics at university level. The module will provide the foundation elements of probability and statistics that are required for the more advanced classes studied later on.
This will include:
- an introduction to probability distributions
- introductory hypothesis testing
- non-parametric hypothesis testing
- linear regression
- introductory power and sample size calculations
Inference & Regression Modelling
20 credits
This class aims to equip you with the essential technical knowledge in probability and statistics required for the Semester 2 classes which then apply these ideas.
Fundamentals of Macroeconomics
10 credits
You’ll learn about key macroeconomic variables and how changes in GDP, unemployment and inflation can impact on day-to-day policy and business decisions. You'll also study objectives and challenges in the design of macroeconomic policies by central banks and government’s finance departments and gain an understanding of how policies impact on the macroeconomic environment.
Fundamentals of Microeconomics
10 credits
This class will introduce you to some key concepts and principles of economics, focusing particularly on consumer theory and the theory of the firm. You’ll be shown how these concepts and theories are applied to the analysis of a range of contemporary real-world issues.
Students are advised to take Spatial Statistics for the purposes of exemption from the IFoA professional examination CS1 and choose further classes to make up a total of 60 credits of taught classes in Semester 2.
Behavioural Finance
10 credits
The aim of the class is to provide you with an understanding of the main ideas of behavioural finance. A particular emphasis is placed on understanding the roles of non-rational actions and the development of new financial models that incorporate these ideas.
You'll engage with up to date research and develop a critical view of existing and new finance theories and models. It aims to introduce you to the rapidly evolving area of behavioural finance. You'll develop an understanding of behavioural finance and an appreciation of its possible implications and applications.
This class introduces you to behavioural finance and provides you with an understanding of the main flaws of 'traditional' finance theory from a behavioural finance viewpoint. It will allow you to develop the ability to discuss issues arising from violations of the rationality assumption and will enable you to evaluate new theoretical models based on research in psychology.
The course will allow you to appreciate the role of new developments in finance and their possible implications for established views of the functioning of financial markets.
Find out more in the class outline for Behavioural Finance.
Security Analysis
10 credits
The class aims to develop an appreciation of the investment characteristics of different types of securities, particularly bonds and shares, and to develop an understanding of how such securities are valued. This class will build on the analysis developed in the Semester 1 class, Principles of Finance. It will consider the determination of interest rates, the valuation of bonds, the management of bond portfolios, and the valuation of equities.
Find out more in the class outline for Security Analysis.
Portfolio Theory & Management
10 credits
The class aims to examine the Markowitz (1952) approach to optimal portfolio selection. The class explores issues relating to optimal portfolio choice and issues in passive and active fund management through the lens of the nature of variance, covariance, risk and return. The class introduces practical applications and an extension of basic theory.
Find out more in the class outline for Portfolio Theory & Management.
Risk Management for Banks
10 credits
This is a core class for the MSc in International Banking & Finance. The aim is to develop further the analysis of risk introduced in the core finance class and to introduce you to some additional risk management techniques employed in practice.
It provides an overall view of risk management, but will focus on the application of the analysis within the context of the banking sector. The class employs some of the basic principles of financial analysis to consider the application of risk analysis. It explores issues relating to risk management in the banking sector, with a particular focus on the regulatory requirements stemming from the Basel Accord.
Find out more in the class outline for Risk Management for Banks.
Financial Econometrics
10 credits
You'll be exposed to a number of diverse topics in econometrics that can be used to model real financial data, with an emphasis on the analysis of financial time series. The statistical software R is introduced for financial modelling.
Topics covered will include:
- basic statistics in finance
- Time Series modelling
- financial volatility modelling
- forecasting
Financial Stochastic Processes
10 credits
This module aims to expose you to a number of diverse topics in stochastic processes that can be used to model real systems, with an emphasis on the valuation of financial derivatives. In additional to theoretical analysis, appropriate computational algorithms using R are introduced.
Topics covered will include:
- how stochastic models arise
- financial options
- the Black-Scholes equation
- simulation of financial mathematical models
Quantitative Risk Analysis
10 credits
This module will cover the theory of assessing risks under uncertainty. It will focus on the practical assessment of risk using simulation methods such as Monte Carlo simulation. You'll develop skills in communicating risk to risk managers as well as formulating practical risk questions that can influence policy decisions.
You can expect to learn about:
- uncertainty and variability
- bootstrapping
- Monte Carlo Simulation
- selecting appropriate probability distributions based on given scenarios
Risk Analysis & Management
10 credits
This module will explore the entire process of structuring a risk problem, from modelling it to communicating recommendations, both theoretically and in practice.
Risk management is linked with decision analysis in so far as we explore decision making under uncertainty and it has links with quantitative business analysis as we explore the use of statistics in understanding risk. However, the topic has some unique attributes such as risk communication and the role that experts play in risk assessment.
Spatial Statistics
10 credits
This class provides an introduction to the theory and application of spatial statistics. It aims to develop an understanding of statistical methods for visualising and analysing different types of spatial data, in particular Bayesian approaches for constructing more sophisticated models. The class emphasises practical inference and application and introduces the most commonly used software tools for spatial statistical analysis.
With the approval of the Course Director, students may substitute other classes offered by the University for one or more of the optional classes listed above. In particular further relevant options are available in Economics and Computer Science.
Compulsory 40-credit module for students enrolled on the MSc. Opportunities are available for students to undertake an industrial summer placement on a competitive basis, as an alternative to the university-based summer project.
Actuarial Science Summer Project
40 credits
The assessment will consist of both a written report and a mini‐viva.
Learning & teaching
Classes are delivered by a number of teaching methods:
- lectures (using a variety of media including electronic presentations and computer demonstrations)
- tutorials
- computer laboratories
- coursework
- projects.
Teaching is student-focused, with students encouraged to take responsibility for their own learning and development.
Classes are supported by web-based materials.
Assessment
The form of assessment varies from class to class. For most classes the assessment involves both coursework and examinations.
Entry requirements
| Academic requirements | Minimum second-class honours degree or international equivalent in:
Prospective students with relevant experience or appropriate professional qualifications are also welcome to apply. For Australia and Canada, normal degrees in relevant disciplines are accepted. |
|---|---|
| Mathematical knowledge | Some prior mathematical knowledge is required, for example:
If possible, please provide evidence of this in your application (eg transcript, certificate, etc) Any queries, please email our faculty directly on science-masters@strath.ac.uk |
| English language requirements | For postgraduate studies, the University of Strathclyde requires a minimum overall score of IELTS 6.0 (with no score below 5.5) or equivalent. Tests are valid for two years. Pre-sessional courses in English are available. As a university, we now accept many more English language tests other than IELTS for overseas applicants, for example, TOEFL and PTE Cambridge. View the full list of accepted English language tests here. Potential students should note that this is an interdisciplinary course and the business classes, particularly Economics, do require a commitment to doing a lot of reading and working at understanding the concepts covered. For success in these classes, students therefore need to be comfortable reading in English. |
Pre-Masters preparation course
The Pre-Masters Programme is a preparation course held at the University of Strathclyde International Study Centre, for international students (non-UK/Ireland) who do not meet the academic entry requirements for a Masters degree at University of Strathclyde.
Upon successful completion, you'll be able to progress to this degree course at the University of Strathclyde.
Please note: Previous Maths & English qualifications and your undergraduate degree must meet GTCS minimum entry requirements as well as the pre-Masters course and an interview will be conducted before an offer can be made.
Fees & funding
All fees quoted are for full-time courses and per academic year unless stated otherwise.
Fees may be subject to updates to maintain accuracy. Tuition fees will be notified in your offer letter.
All fees are in £ sterling, unless otherwise stated, and may be subject to revision.
Annual revision of fees
Students on programmes of study of more than one year (or studying standalone modules) should be aware that tuition fees are revised annually and may increase in subsequent years of study. Annual increases will generally reflect UK inflation rates and increases to programme delivery costs.
| Scotland | £17,350 |
|---|---|
| England, Wales & Northern Ireland | £17,350 |
| International | £27,500 |
| Available scholarships | Take a look at our scholarships search for funding opportunities. |
| Additional costs | If you are an international student, you may have associated visa and immigration costs. Please see student visa guidance for more information. |
Please note: the fees shown are annual and may be subject to an increase each year. Find out more about fees.
How can I fund my course?
Scottish postgraduate students
Scottish postgraduate students may be able to apply for support from the Student Awards Agency Scotland (SAAS). The support is in the form of a tuition fee loan and for eligible students, a living cost loan. Find out more about the support and how to apply.
Don’t forget to check our scholarship search for more help with fees and funding.
Students coming from England
Students ordinarily resident in England may be to apply for postgraduate support from Student Finance England. The support is a loan of up to £10,280 which can be used for both tuition fees and living costs. Find out more about the support and how to apply.
Don’t forget to check our scholarship search for more help with fees and funding.
Students coming from Wales
Students ordinarily resident in Wales may be to apply for postgraduate support from Student Finance Wales. The support is a loan of up to £10,280 which can be used for both tuition fees and living costs. Find out more about the support and how to apply.
Don’t forget to check our scholarship search for more help with fees and funding.
Students coming from Northern Ireland
Postgraduate students who are ordinarily resident in Northern Ireland may be able to apply for support from Student Finance Northern Ireland. The support is a tuition fee loan of up to £5,500. Find out more about the support and how to apply.
Don’t forget to check our scholarship search for more help with fees and funding.
International students
We've a large range of scholarships available to help you fund your studies. Check our scholarship search for more help with fees and funding.
Glasgow is Scotland's biggest & most cosmopolitan city
Our campus is based right in the very heart of Glasgow. We're in the city centre, next to the Merchant City, both of which are great locations for sightseeing, shopping and socialising alongside your studies.
Life in Glasgow
Careers
A career as an actuary is a desirable one and is often referred to as one of the best professions to work in. There are many reasons for this including salary, job security and satisfaction (Actuarial Salaries & Benefits 2022 – Hays).
The increasing accessibility of healthcare and changes to insurance regulation are driving high demand for actuaries and, once qualified, actuaries are able to work anywhere in the world.
Graduates of this course wishing to pursue a career as an actuary will typically work at an insurance company or at a consultancy.
Most graduates enter the profession by joining a company as an actuarial trainee or risk analyst at the same time as studying for professional exams.
Most trainees begin their careers in the financial services industry, particularly in the traditional employment areas of insurance and pensions.
Sectors
Actuaries typically work in the following areas:
- banking
- corporate finance
- investment management
- life, healthcare and general insurance
- pensions
The Government Actuary's Department (GAD) is an independent actuarial consultancy working within government in the Government Actuary’s Department. Graduates wishing to pursue an actuarial career advising public sector organisations in the UK, and internationally, on insurance‐related issues, principally the regulation and supervision of insurance companies, can apply to the Trainee Actuary Programme.
A wide range of career opportunities that require high‐level quantitative skills will be open to graduates of this course, including within the wider financial services.
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Start date: Sep 2024
Actuarial Science
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