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MScActuarial Science

Why this course?

This Masters degree in actuarial science has been developed to produce actuarial science graduates who can clearly demonstrate an understanding of the mathematical models 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 has been designed so that students who have a strong aptitude for mathematics and statistics, but who have not studied these topics in detail in their first degree, can learn the necessary skills to move into the financial industry. So the first semester provides foundation classes in statistics, mathematics, finance and economics that require no previous background in these topics.

This one year programme has been developed to fully prepare students for careers within the actuarial profession and also in banking and finance including risk management, and highly quantitative and data facing roles particularly in the financial services industry. You’ll gain:

  • a good understanding of actuarial theory and analysis
  • an appreciation of the nature and functioning of financial markets and institutions
  • a practical understanding of numerical methods in actuarial science
  • a good understanding of the relevant economic theory

As well as actuarial roles, this Master’s degree could also open up opportunities for the following job titles:

  • Risk Manager
  • Financial Analyst
  • Financial Engineer
  • Quantitative Strategist
  • Quantitative Research Analyst
  • Quantitative Equity Analyst
  • Statistical Arbitrage Portfolio Manager
  • Financial Systems Developer

What you’ll study

The curriculum provides a good balance between finance, economic, and mathematical 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 Mathematics, 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 four contributing departments.

Work placement

You may be able to undertake an industrial based MSc project. This takes place in the third semester of the course between June and September. The placement can be based in the UK or in another country and are typically paid internships.

Major projects

The summer project will involve you working on a topic of relevance to the actuarial profession and this might involve you working directly with one of our industrial collaborators such as KPMG, Tesco Bank, Lloyds, Hymans Robertson, Prudential, Xafinity Consulting and Barnett Waddingham.

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.

Course content

Semester 1

Principles of Finance

This class provides an introduction to the basic principles of financial decision taking and the theory of finance. It will develop the basic principles of valuation, the nature of risk and uncertainty, and the relationship between risk and returns. While the analysis will be developed in the context of corporate finance, looking at companies’ decisions on the investments in assets and how these investments will be funded and the nature of the markets in which they take place, it will also consider the principles underlying financial reasoning that can be applied on a more general basis.

Find out more in the class outline for Principles of Finance.

Foundations of Probability & Statistics
This class is aimed at graduates with a biological background who have not studied statistics at university level. This course will provide the foundation elements of probability and statistics that are required for the more advanced class on Inference & Regression Modelling. The class will run as a two week block, prior to the official start of semester 1.
Inference & Regression Modelling

The aim of this class is 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

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

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.

Semester 2

Behavioural Finance

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

The aim of this class is 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 first semester 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

The aim of this class is to examine the Markowitz (1952) approach to optimal portfolio selection. The class explores issues relating to optimal portfolio choice and issues in practical fund management.

Find out more in the class outline for Portfolio Theory & Management.

Risk Management for Banks

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

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.

Financial Stochastic Processes

The class 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.

Quantitative Risk Analysis
This class 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.
Quantitative Business Analysis

Quantitative Business Analysis runs over one semester but in two parts. The first part provides an introduction to the basic theory and application of statistical modelling. Topics covered included data analysis, probability theory, distributions and moments, estimation and hypothesis testing.

The second part focuses mainly on two areas - regression modelling and multivariate analysis. While key background theory will be presented, the emphasis is on the generation and interpretation of output from commercially available software.

Background reading for Quantitative Business Analysis

Risk Analysis & Management

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.

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.

Semester 3

Compulsory module for students enrolled on the MSc.

Actuarial Science Summer Project
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

Minimum second class honours degree or international equivalent in:

  • engineering
  • science subjects (eg physics, chemistry or computing science)
  • business subjects (eg business studies, accounting or economics)

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 

This MSc requires some prior mathematical knowledge for example:

  • A level or equivalent or undergraduate classes in:
    • Calculus
    • Linear Algebra
    • Differential equations
    • Probability
    • Statistics

If possible, please provide evidence of this in your application  (e.g. transcript, certificate etc.)

Any queries, please contact us directly.

English language requirements

You must have an English language minimum score of IELTS 6.0 (with no component below 5.5).

We offer comprehensive English language courses for students whose IELTS scores are below 6.0. Please see ELTD for full details.

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 EU/UK) who do not meet the entry requirements for a Masters degree at University of Strathclyde. The Pre-Masters programme provides progression to a number of degree options.

Upon successful completion, you will be able to progress to this degree course at the University of Strathclyde.

Fees & funding

2018/19

All fees quoted are for full-time courses and per academic year unless stated otherwise.

Scotland/EU

  • £12,500

Rest of UK

  • £12,500

International

  • £22,400

How can I fund my course?

A number of scholarships are available for outstanding UK, EU and international applicants. For details, please visit our scholarship search.

Scottish and non-UK EU postgraduate students

Scottish and non-UK EU 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 have a large range of scholarships available to help you fund your studies. Check our scholarship search for more help with fees and funding.

Please note

The fees shown are annual and may be subject to an increase each year. Find out more about fees.

Careers

A career as an actuary is named one of the safest careers there is by a CareerCast report in 2016.

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.

This course is in the process of seeking accreditation from the associated professional body the Institute and Faculty of Actuaries (IFoA).

Most trainees begin their careers in the financial services industry, particularly in the traditional employment areas of insurance and pensions.

Actuaries typically work in these 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.

Contact us

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Actuarial Sciences

Qualification: MSc, Start date: Sep 2018, Mode of delivery: attendance, full-time

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