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Actuarial Science - MSc

Actuaries evaluate and manage 1nancial risk. They make 1nancial sense of the future for their
clients by applying advanced mathematical and statistical techniques to solve complex 1nancial
problems.

Studying actuarial science on this conversion programme is a passport to a wide variety of careers in
insurance companies, investments, pensions, health care and banking – not just in the UK, but
throughout the world.

Our MSc in Actuarial Science, MSc in Applied Actuarial Science

(https://www.kent.ac.uk/courses/postgraduate/174/applied-actuarial-science) and International Master’s
(https://www.kent.ac.uk/courses/postgraduate/176/international-masters-in-applied-actuarial-science) are
all fully accredited by the Institute and Faculty of Actuaries; they also provide a fast-track route to
qualifying as an actuary, because students who achieve a high enough overall mark in these
programmes can obtain exemptions from the professional examinations included within their studies.

As one of the few universities to offer actuarial science in the UK, Kent’s programme is recognised for its
strong mix of theoretical and practical expertise. The teaching staff include many actuaries drawn from
professional practice, along with specialised researchers.

About the Centre for Actuarial Science, Risk and Investment

In 2010, the Centre for Actuarial Science, Risk and Investment (http://www.kent.ac.uk/casri/index.html)
 (CASRI) was set up within the School of Mathematics, Statistics and Actuarial Science to reflect the
widening scope of the teaching and research of the staff. Within CASRI, research in actuarial science
can be broadly classified into the following three themes: economic capital and financial risk
management, longevity risk modelling, and public policy aspects of insurance risk classification. This
achieves a balance between theoretical and applied investigations, as well as addressing social policy
implications. The group has a deep and long-standing association with the Institute and Faculty of
Actuaries, as well as with other educational institutions worldwide.

Studying Applied Actuarial Science at the University of Kent

Portia, Lucius and Bahariah share what it is like to study Applied Actuarial Science at the University of
Kent, Canterbury.

Studying Applied Actuarial Science at the University of Kent

Accreditation
In 2019 the Institute and Faculty of Actuaries (IFoA) introduced a new actuarial qualification
structure. We are delighted to say that we successfully achieved re-accreditation for all of our Actuarial
Science programmes and have been offering exemptions under the IFoA's new qualification structure
since September 2019.

Entry requirements
A good first degree usually in mathematics, statistics or economics, although other subjects with a high
mathematical content are acceptable.

All applicants are considered on an individual basis and additional qualifications, professional
qualifications and relevant experience may also be taken into account when considering applications.

International students
Please see our International Student website for entry requirements by country
(https://www.kent.ac.uk/internationalstudent/entry-requirements/index.html) and other relevant
information. Due to visa restrictions, students who require a student visa to study cannot study part-time
unless undertaking a distance or blended-learning programme with no on-campus provision.

English language entry requirements

English language entry requirements
The University requires all non-native speakers of English to reach a minimum standard of proficiency in
written and spoken English before beginning a postgraduate degree. Certain subjects require a higher
level.

For detailed information see our English language requirements

(https://www.kent.ac.uk/courses/postgraduate/apply/english-language-requirements) web pages.

Need help with English?

Please note that if you are required to meet an English language condition, we offer a number of pre-
sessional courses in English for Academic Purposes through Kent International Pathways
(https://www.kent.ac.uk/international-programmes) .

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Course structure
Duration: 1 year full-time

The MSc in Actuarial Science is a one-year, full-time intensive programme that is suited to students who
have a degree in mathematics, statistics or economics.

Leading to the award of a Master’s degree, it offers the opportunity to gain exemption from professional
exemptions.

Although you only need to take 180 credits for the MSc, you can take further subjects for exemption
purposes. If you take fewer than 180 credits, you may be eligible for a Postgraduate Diploma in Actuarial
Science.

Modules
The following modules are indicative of those offered on this programme. This list is based on the
current curriculum and may change year to year in response to new curriculum developments and
innovation. Most programmes will require you to study a combination of compulsory and optional
modules. You may also have the option to take modules from other programmes so that you may
customise your programme and explore other subject areas that interest you.

Optional modules may include

MACT7009 - Financial Mathematics (15 credits)

MACT7290 - Probability and Statistics for Actuarial Science (30 credits)

MACT7350 - Actuarial Mathematics (30 credits)

MACT8190 - Business Economics (15 credits)

MACT8250 - Survival Analysis (15 credits)

MACT8260 - Finance & Financial Reporting (15 credits)

MACT8350 - Financial Economics and Asset and Liability Modelling (15 credits)

MACT8370 - Mathematics of Financial Derivatives (15 credits)

MACT8400 - Financial Modelling (15 credits)

MAST5010 - Statistics for Insurance (15 credits)

MAST6390 - Time Series Modelling and Simulation (15 credits)

MAST8360 - Stochastic Processes (15 credits)

Teaching and assessment

Assessment is usually by a mixture of coursework and examination; exact weightings vary from module
to module.

Accreditation
Students who are considered to have performed sufficiently well in the programme (both in examinations
and coursework), as determined by examiners appointed by the Institute and Faculty of Actuaries, will
receive exemptions.

If you fail to achieve a suitable overall standard, you might still be awarded individual subject
exemptions.

Programme aims
This programme aims to:

• give you the depth of technical appreciation and skills appropriate to a Master’s level programme in
Actuarial Science
• provide successful students with eligibility for subject exemptions from the Core Principles series of
examinations of the actuarial profession. This means obtaining a thorough knowledge and
understanding of various core actuarial techniques and gaining current knowledge and understanding
of some of the major areas in which actuaries are involved
• ensure you are competent in the use of information technology, and are familiar with computers,
together with the relevant software

introduce you to an appreciation of recent actuarial developments, and of the links between subject
• introduce you to an appreciation of recent actuarial developments, and of the links between subject
theories and their practical application in industry
• prepare you for employment within the actuarial profession and other financial fields
• provide suitable preparation for students who wish to proceed to the MSc in Applied Actuarial Science.

Learning outcomes
Knowledge and understanding
You will gain knowledge and understanding of:

• statistical, economic or specific actuarial mathematical techniques at an advanced level and their
applications to insurance, covering areas such as financial mathematics, financial accounting, survival
models, economics, financial economics, time series and stochastic processes
• the actuarial and financial theory and the complex techniques applicable to solve problems in some of
the major areas of current professional actuarial practice.

Intellectual skills
You will develop intellectual skills in:

• the ability to demonstrate a systematic understanding of the main body of knowledge for the
programme
• the ability to demonstrate advanced skills in calculation and manipulation of the material written within
the programme
• the ability to apply a range of concepts and principles in various contexts
• the ability for logical argument using specialised knowledge
• the ability to demonstrate advanced skills in solving problems in complex situations by various
appropriate methods.

Subject-specific skills
You will gain subject-specific skills in:

• the specific mathematical and statistical techniques used in actuarial science, and in their application
to solving actuarial and other financial problems
• the specific information technology and software used in actuarial science
• understanding the practical applications of programme material in insurance and finance

Transferable skills
You will gain the following transferable skills:

• problem-solving skills, relating to qualitative and quantitative information (including cases where
information/data is not complete)
• effective communication skills, to both technical and non-technical audiences
• numeracy and computational skills
• information technology skills such as word-processing and spreadsheet use, internet communication
etc
• time-management and organisational skills, as evidenced by the ability to plan and implement efficient
and effective modes of working
• study skills needed for advancing knowledge and understanding, for developing new skills and for
continuing professional development.
Fees
The 2022/23 annual tuition fees for this course are:

Home full-time EU full-time International full-time

£13900 £15900 £21200

For details of when and how to pay fees and charges, please see our Student Finance Guide (/finance-
student/student-finance-guide/) .

For students continuing on this programme fees will increase year on year by no more than RPI + 3% in
each academic year of study except where regulated.* If you are uncertain about your fee status please
contact information@kent.ac.uk (mailto:information@kent.ac.uk) .

Your fee status

The University will assess your fee status as part of the application process. If you are uncertain about
your fee status you may wish to seek advice from UKCISA (https://www.ukcisa.org.uk/Information--
Advice/EU-EEA--Swiss-Students/Brexit---fees-and-Student-Support) before applying.

Additional costs
General additional costs Full-time only September

Find out more about general additional costs (https://www.kent.ac.uk/courses/fees-and-

funding/additional-costs.html) that you may pay when studying at Kent.

Funding
Search our scholarships finder (https://www.kent.ac.uk/scholarships/postgraduate) for possible funding
opportunities. You may find it helpful to look at both:

University and external funds (https://www.kent.ac.uk/scholarships/postgraduate)

Scholarships specific to the academic school (https://www.kent.ac.uk/courses/postgraduate/fees-and-
funding) delivering this programme.
Which one's right for you?
Some other similar courses you may be interested in.

Actuarial Science - Actuarial Science Applied Actuarial Applied Actuarial Applied Actuarial
PhD with an Industrial Science - MSc Science Science with an
Placement - MSc (International Industrial Placement
Master's) - MSc - MSc
Research areas
Work in actuarial science at the University of Kent can be divided into three broad themes achieving a
balance of theoretical and applied investigations, as well as addressing social policy implications.

Economic capital and financial risk management

With the advent of new risk-based regulations for financial services firms, specifically Basel 2 and Basel
3 for banks and Solvency 2 for insurers, there is now a heightened focus on the practical implementation
of quantitative risk management techniques for firms and defined benefit pension schemes operating
within the financial services sector.

In particular, financial services firms are now expected to self-assess and quantify the amount of capital
they need to cover the risks they are running. This self-assessed quantum of capital is commonly termed
risk, or economic, capital.

At Kent we are actively involved in developing rigorous risk management techniques to explicitly
measure how much risk a firm or pension scheme is taking, holistically, across the entire spectrum of
risks it accepts.

More about our research in this area (https://www.kent.ac.uk/smsas/casri/research/risk-

management.html)

Longevity risk
Longevity risk represents a substantial threat to the stability of support programmes for the elderly, most
notably to the subset that provides income protection but also to non-traditional products such as home
equity release schemes.

One approach to dealing with longevity risk is to model key factors that influence mortality; this may be
achieved using aggregate (causal) mortality rates or panel data with individual-specific covariates.
Another approach to modelling longevity risk is via an investigation of positive quadrant dependence
between lives, which requires a multivariate framework. Once this is in place, longevity risk may be
investigated on various fronts ranging from entire populations to couples.

More about our research in this area (https://www.kent.ac.uk/smsas/casri/research/longevity-risk.html)

Public policy aspects of risk classification

Restrictions on risk classification can lead to adverse selection, and actuaries usually regard this as a
bad thing. However, restrictions do exist in many countries, suggesting that policymakers often perceive
some merit in such restrictions. Careful re-examination of the usual actuarial arguments can help to
reconcile these observations.

Models of insurance purchasing behaviour under different risk classification regimes can quantify the
effects of particular bans, e.g. on insurers’ use of genetic test results, or gender classification in the
European Union.

More about our research in this area (https://www.kent.ac.uk/smsas/casri/research/public-policy.html)

Staff research interests
Full details of staff research interests can be found on the School's website (https://www.kent.ac.uk/mathematics-
statistics-actuarial-science/people) .

Careers
The UK Actuarial Profession
The UK Actuarial Profession is small, but influential and well rewarded. There are more than 6,500
actuaries currently employed in the UK, the majority of whom work in insurance companies and
consultancy practices.

Survey results published by the Institute and Faculty of Actuaries (http://www.actuaries.org.uk/becoming-

actuary) suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses
increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is
£209,292.

As an actuary, your work is extremely varied and can include: advising companies on the amount of
funds to set aside for employee pension payments; designing new insurance policies and setting
premium rates; pricing financial derivatives and working in fund management and quantitative
investment research; advising life insurance companies on he distribution of surplus funds; and
estimating the effects of possible major disasters, such as earthquakes or hurricanes, and setting
premium rates for insurance against such disasters. For more information about the actuarial profession,
see www.actuaries.org.uk (http://www.actuaries.org.uk/)
Employability support
Employability support
Helping our students to develop strong employability skills is a key objective within the School and the
University. We provide a wide range of services and support to equip you with transferable vocational
skills that enable you to secure appropriate professional positions within industry. Within the School we
run specialist seminars and provide advice on creating a strong CV, making job applications and
successfully attending interviews and assessment centres.

Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.

Professional recognition
Offers exemptions from subjects CT1 to CT8 of the Institute and Faculty of Actuaries professional
examinations, with the option to take further subjects for exemption purposes.

Study support
Postgraduate resources
The University’s Templeman Library houses a comprehensive collection of books and research
periodicals. The University of Kent has entered into an exclusive arrangement with SunGard, a global
leader in integrated software and processing solutions primarily for financial services, who market the
industry’s leading actuarial software package PROPHET. As a result, our taught postgraduate courses
include optional modules on the uses and applications of PROPHET.

Professional qualifications
This Postgraduate Diploma in Actuarial Science offers exemption from eight subjects within the Core
Technical Stage of the professional examinations of the Institute and Faculty of Actuaries.

The MSc in Applied Actuarial Science (https://www.kent.ac.uk/courses/postgraduate/174/applied-

actuarial-science) offers exemption from subjects in the Core Applications Stage and the Specialist
Technical Stage of the professional examinations.

The International Master’s (https://www.kent.ac.uk/courses/postgraduate/176/international-masters-in-

applied-actuarial-science) offers exemptions from eight subjects within the Core Technical stage in the
first year and exemptions from the Core Applications and Specialist Technical stages in the second year
of the programme.

Links with industry

The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry
actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at
the Canterbury campus and is organised by University of Kent students and academic staff. The Society
hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious
speakers from industry and the profession. The Society also arranges talks from external speakers
including practitioners, careers advisers and recruiters from the UK and overseas.

Dynamic publishing culture

Staff publish regularly and widely in journals, conference proceedings and books. Among others, they
have recently contributed to: British Actuarial Journal; Actuary Australia; Annals of Actuarial Science;
Journal of Pension Economics and Finance. Details of recently published books can be found under staff
research interests.
1 year (#structure)

Global Skills Award

All students registered for a taught Master's programme are eligible to apply for a place on our Global
Skills Award Programme (http://www.kent.ac.uk/graduateschool/skills/programmes/gsa.html) . The
programme is designed to broaden your understanding of global issues and current affairs as well as to
develop personal skills which will enhance your employability.

Apply now
Learn more about the application process (https://www.kent.ac.uk/courses/postgraduate/apply/) or
begin your application by clicking on a link below.

You will be able to choose your preferred year of entry once you have started your application. You can
also save and return to your application at any time.

Apply for entry to:

• Actuarial Science - MSc - full-time at Canterbury (

Contact us
 United Kingdom/EU enquiries
MSc at Canterbury
Enquire online - full-time (https://evision.kent.ac.uk/urd/sits.urd/run/siw_ipp_lgn.login?
process=siw_ipp_enq&code1=MCR000003477&code2=&code4=ipr_ipp5=10)

Admissions enquiries
T: +44 (0)1227 768896 (tel:+44 (0)1227 768896)

E: information@kent.ac.uk (mailto:information@kent.ac.uk)

Subject enquiries
T: +44 (0)1227 827181 (tel:+44 (0)1227 827181)

F: +44 (0)1227 827932 (tel:+44 (0)1227 827932)

E: smsaspgadmissions@kent.ac.uk (mailto:smsaspgadmissions@kent.ac.uk)

International student enquiries

Enquire online (https://www.kent.ac.uk/internationalstudent/countries/enquire.html)

T: +44 (0)1227 823254 (tel:+44 (0)1227 823254)

E: internationalstudent@kent.ac.uk (mailto:internationalstudent@kent.ac.uk)
 School website
School of Mathematics, Statistics and Actuarial Science (https://www.kent.ac.uk/mathematics-statistics-
actuarial-science)

The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to
provide educational services as described. However, the courses, services and other matters may be subject to change. Full details of
our terms and conditions can be found at: www.kent.ac.uk/termsandconditions. (http://www.kent.ac.uk/termsandconditions/)

*Where fees are regulated (such as by the Department for Education or Research Council UK) permitted increases are normally
inflationary and the University therefore reserves the right to increase tuition fees by inflation (RPI excluding mortgage interest
payments) as permitted by law or Government policy in the second and subsequent years of your course. If we intend to exercise this
right to increase tuition fees, we will let you know by the end of June in the academic year before the one in which we intend to
exercise that right.

If, in the future, the increases to regulated fees permitted by law or government policy exceed the rate of inflation, we reserve the right
to increase fees to the maximum permitted level. If we intend to exercise this extended right to increase tuition fees, we will let you
know by the end of June in the academic year before the one in which we intend to exercise that right.

Contact us
 Full-time only Full-time only Full-time only
Full-time or part-time Canterbury Full-time only Canterbury Canterbury
Canterbury Canterbury
(https://www.kent.ac.uk/courses/postgraduate/3260/actuarial-
(https://www.kent.ac.uk/courses/postgraduate/176/international-
(https://www.kent.ac.uk/courses/post
(https://www.kent.ac.uk/courses/postgraduate/178/actuarial-
science-with-industrial- (https://www.kent.ac.uk/courses/postgraduate/174/applied-
masters-in-applied- actuarial-science-with-
science) placement) actuarial-science) actuarial-science) industrial-placement)

Applied Actuarial
Science with an
Industrial Placement
(International
Master's) - MSc
 Dr Pradip Tapadar
Senior Lecturer in Actuarial Science

Read more
 Full-time only
Canterbury

(https://www.kent.ac.uk/courses/postgraduate/3258/international-
masters-in-applied-
actuarial-science-
industrial-placement)
(//www.kent.ac.uk/mathematics-statistics-actuarial-
science/people/425/tapadar-pradip)