Actuarial Management Diploma/MSc

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  • Academic title
    Actuarial Management Diploma/MSc
  • Course description
    The actuarial profession is a small but highly respected profession, whose members are among the highest paid in the UK. There are around 4,000 qualified actuaries in the country, working in a variety of fields, including:

        * Insurance companies
        * Investment and retail banks
        * Lloyds
        * Consultancies who advise corporate clients and individuals on any decisions carrying long-term financial risk, e.g. pension plans
        * Universities/business schools (like Cass) where qualified actuaries are involved in both teaching and research
        * Other government and non-government organisations

    Nearly all actuaries who practise in the UK belong to either the Institute of Actuaries (based in London) or the Faculty of Actuaries (based in Edinburgh, Scotland). To qualify as an actuary, professional examinations must be passed and experience requirements satisfied. The professional examinations are considered by many to be the hardest across the professions and the average time taken to qualify is around six years.

    The courses in Actuarial Management offer many attractive features:

        * The Diploma/MSc in Actuarial Management provides an up-to-date actuarial education, which will enable you to be an effective professional now and in the future
        * A series of seminars by industry practitioners introduces students to current issues and developments by drawing on the Faculty’s excellent contacts with the actuarial profession and the City of London
        * Part-time versions of the courses are available

    Course Content - Ahead of the game

    All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice. Therefore, there may be some change to the detailed content of the modules and occasionally to module titles.

    Two Induction Weeks The MSc in Actuarial Management programme starts with two compulsory induction weeks, focused on:

        * an introduction to careers in the actuarial profession and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
        * a refresher course of advanced financial mathematics, statistics, computing and electronic databases.

    Term 1 and 2

    Core Applications Concepts Part I: Investment and Asset Management, CA11 (Term 1)

    This module will give students a sound grasp of the principles of investment and investment risk so that they are able to apply them in the management of investment policy and in other aspects of financial management of investing institutions. Students will gain an understanding of the environment that the financial companies operate in and the impact that government policy, regulation and risk transfer facilities will have on how a company should operate.

    Core Applications Concepts Part II Asset-Liability Management, CA12 (Term 1)

    This module will describe the role of the actuary in meeting the needs of clients and other stakeholders. It will outline the statutory duties that may be required by the actuary and it will also give students a knowledge and understanding of the components of the actuarial control cycle and its application in a range of practical situations.

    In addition to the two modules above students choose four modules from the following electives*:

    Specialist Technical 1: Health Insurance, ST1 (Term 2)

    The module will ensure students have a sound grasp of the principles of health insurance and health risk, so that they are able to apply them in the management of a health insurance portfolio and in other aspects of financial management of the health risk.

    Specialist Technical 2: Life Insurance, ST2 (Term 2)

    This module will instil in students the principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. Students will gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines of life insurance companies.

    Specialist Technical 3: General Insurance, ST3 (Term 2)

    This module provides an introduction to the practical application of actuarial theory in the context of the operation of general insurance business, emphasising the role of the actuary. Students will gain an understanding of the nature of general insurance business, methods of measuring and controlling general insurance risks, the concepts of pricing general insurance policies and the main reserving methods for general insurance.

    Specialist Technical 4: Pensions and Employee Benefits, ST4 (Term 2)

    This module provides an introduction to the practical application of actuarial theory in the context of the operation of pensions business, emphasising the role of the actuary. Students will gain an understanding of the principles underlying the actuarial control cycle in relation to pensions business.

    Specialist Technical 5: Finance and Investment A, ST5 (Term 2)

    This module will teach students how to apply modern techniques of actuarial planning and control to the appraisal of investments, and to the selection and management of investments in relation to the needs of investors.

    Specialist Technical 6: Finance and Investment B, ST6 (Term 1)

    *Students may study some of the Core Technical subjects (i.e. CT2, 4, 5, 6 and 8) instead of the ST subjects, subject to availability.

    Term 3

    Five electives from the list below (18 hours each)
    Two electives and a Business Research Project


    You may choose from a wide variety of electives. For example:

        * Behavioural Finance
        * Portfolio Theory
        * Topics in Quantitative Risk Management
        * Stochastic Claims Reserving for General Insurance
        * Marine Aviation & Transport Insurance
        * Stochastic Asset Models for Actuarial Use
        * Longevity Risk in Pensions Products
        * Pension Finance

    Research Methods module

    This compulsory module (for students completing the MSc) trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes 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 a project.

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