Overview
Who is it for?
This pathway is for you if you like to think about innovative tools – there is a rising need for these people in actuarial practice, and demand is far higher than supply. Our dedicated MSc in Actuarial Science with Business Analytics, established in 2020, aims to fill this gap.
Choose this MSc if you are interested in understanding the fundamentals of traditional areas of actuarial practice, and in taking advantage of unique opportunities to grow in the new areas of business analytics methods, machine learning, data management systems and natural language processing. You will already hold the equivalent of a UK upper second class degree in a highly quantitative programme, such as mathematics or statistics.
You will be taught and receive advice on study and exam techniques by qualified actuaries, academics and other subject-specialists with commercial experience and research expertise.
Accreditation
Accredited by the Institute and Faculty of Actuaries and recognised as a Center of Actuarial Excellence (CAE) by the Society of Actuaries.
Course content
On the MSc Actuarial Science with Business Analytics you will:
- Summarise and critically assess fundamental concepts in actuarial science, insurance, economics, finance, investment, financial reporting and business
- Make use of analytical skills to evaluate and solve complex problems within the organisation’s strategic perspective
- Demonstrate critical awareness of current analytical methods in order to transform information into knowledge
- Increase your understanding and knowledge of how current analytical methods could be applied in practice
- Analyse the breadth of machine learning techniques and their applications
- Frame analytics problems from a machine learning perspective and suggest practical solutions to them
- Carry out modelling and effectively communicate the results to a defined audience.
Note: the key difference from the MSc in Actuarial Science is that the modules Analytics Methods for Business (term 1), Machine Learning (term 2) and at least two from Applied Machine Learning, Applied Natural Language Processing, and Data Management Systems in term 3 become compulsory in this programme.
You are also expected to pass the (non-credit-bearing) modules Introduction to R Programming and Introduction to Python Programming before transferring to MSc Actuarial Science with Business Analytics.
Careers
Your Master’s in Actuarial Science with Business Analytics prepares you to tackle roles in actuarial and risk analysis, consultancy and underwriting in leading banking, insurance and financial services firms. As more technology and analytics are introduced across the actuarial industry, your skills become invaluable to the increasing number of companies seeking actuarial students who have knowledge of business analytics.
Over the past 12 months, our Actuarial Science with Business students have had the opportunity to attend sessions such as an introduction to the IFoA and the actuarial industry, along with a panel on business analytics in the actuarial field. Various alumni panels provided insights into typical career paths followed by our graduates, while Sector Overviews covering areas such as insurance and consultancy, offered further industry exploration. Students are also encouraged to engage with professionals through our annual careers fair and many corporate events throughout the year.
Recent graduates have secured positions such as:
- Actuarial Analyst
- Trainee Actuary
- Model Management and Development Analyst
- Junior Specialist
- Auditor.