Actuarial Science

Core modules:

• Introduction to Actuarial Methods and Career Planning

  This module raises awareness of your career options within and outside of the actuarial profession. To achieve this aim, the module examines the use of actuarial methods to solve financial problems and provides an introduction to the industries that actuaries work in.

• Mathematics for Actuarial Science

  This module will initially consolidate your mathematical knowledge to ensure all students have the same basic understanding no matter what their educational background. In the second term we will cover more advanced mathematical topics. The mathematics course is designed to give you the tools needed to solve the problems in the other modules.

• Probability and Statistics 1

  The probability and statistics module will assume that students will arrive with no knowledge of probability or statistics. The module will start with basic concepts such as summary statistics and basic probability and will develop these concepts to more advanced topics such as confidence intervals, hypothesis testing, regression and probability distributions. This module forms part of the CS1 course of the IFoA.

• Finance and Investment Mathematics

  This module will focus on the concept of valuing future monetary payments in terms of present values to allow a comparison of different income streams which is critical in any financial decision making. In this module we will consider all payments to be guaranteed. We will also look at linking amounts to various inflation indices. This module covers part of the CM1 course of the IFoA.

• Introduction to Economics

  To be able to understand the possible changes in the financial world, students need to study economics. This module assumes no prior knowledge and will cover both micro and macro economics over the year. This module covers the CB2 course of the IFoA.

• Introduction to Excel and Statistical Packages

  This module introduces you to the statistical package Minitab and Excel workbooks, There will also be additional information on the statistical package R but this will not be examined. The lectures and practical sessions are scheduled in such a way that you are able to use the IT tools presented in this module to solve problems generated by concepts introduced in other modules on the programme.

• Introduction to VBA for Excel

  This module aims to Provide you with an introduction to programming in VBA for Excel, to the level where you can write macros and user-defined functions to assist in carrying out analytical tasks. It will also explain the reasons for technical standards of documentation and give instruction in how to apply them in practice.

In your second year of study students will take a total of 6 Core Modules and 2 Elective Modules.

Core modules:

• Calculus and Linear Algebra (Mathematics 2)

  This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.

• Contingencies

  This module will combine the ideas of probability and financial mathematics to allow you to start valuing payments that are contingent on particular events occurring.  In this module we will mainly be using the techniques to value life assurance products. This module covers part of the CM1 course of the IFoA.

• Probability and Statistics 2

  This module will continue your development in the areas of probability and statistics.  In particular, we will be employing ideas from your first year mathematics module to allow more complex situations to be modelled. This module forms the second part of the CS1 of the IFoA.

• Stochastic Modelling

  This module will allow you to study ways to model uncertainty for a selection of probabilistic events. The techniques you learn here can be applied to a number of different situations and will be developed further in more advanced modules. This module covers part of the CS2 course of the IFoA.

• Actuarial Practicality

  The aim of this module is to enable you to place the technical material you are learning in the other actuarial modules into the broader context of the work of a practising actuary. Talks from professional actuaries underline the practical value of applying your knowledge in a day-to-day professional working environment. Assessment will be delivered through group coursework.

• Fundamentals of Finance

  The aim of this course is to provide you with a basic understanding of the various types of instrument used by companies to raise finance from both the company’s and investors’ perspectives. In addition, we will also see the role of regulation in the financial markets.

Elective Modules

• Financial Economics

• Corporate Risk Management

• Decision Analysis

• Derivatives, Trading & Hedging

• Risk Analysis and Modelling

• Financial Reporting

• Python, R and Data Structures

• Python, R and Databases

• Financial Econometrics

• Microplacement*

  *Further details of the Microplacement module can be found in the What placement opportunities are available section below.

In your third year of study students will take a total of 5 Core Modules and 4 Elective Modules.

Core modules:

• Advanced Contingencies

  This module teaches the third part of the material required to cover Core Mathematics subject CM1, for the Institute and Faculty of Actuaries' professional exemptions.

• Survival Models

  This module covers the modelling of survival data which is essential in actuarial work. It will combine ideas covered in earlier modules in particular Stochastic Models, Contingencies and Probability and Statistics. This module covers part of the CS2 course of the IFoA.

• Statistical Modelling

  This module will provide a further continuation in your development in the areas of probability and statistics. In particular, we give you an introduction to several advanced statistical techniques as applied in the actuarial field. This module completes the CS1 course of the IFoA.

• Probabilistic Modelling

  This module builds further on your knowledge of probability theory and stochastic modelling. It introduces some advanced models that are or can be applied in actuarial work.. This module completes the CS2 course of the IFoA.

• Final Year Project

  The dissertation is a vital and substantial part of the final year of your degree. It will serve as a basis of discussion with prospective employers and as principal evidence of mastery of the chosen discipline. The dissertation aims to provide a link between the various subjects studied in your degree, while encouraging the production of independent research. It also aims to develop your critical nature; your ability to select appropriate methods of investigation and capacity to produce sound conclusions based on your research findings.

Elective Modules

• Advanced Financial Economics

• Extreme Event Statistics

• Operational Research

• Investment

• General Insurance

• Pension and Other Benefits

• Fixed Income Portfolio Management

• Asset-Liability Management

• Real Estate Finance and Funding

• Advanced Econometrics and Forecasting

• Statistical Reasoning, Communication & Ethics

• Game Theory