The University of Manchester offers a BSc Actuarial Science & Maths and an MSc Actuarial Science programme, both fully accredited by the IFoA and offering a range of exemptions. Both programmes combine vocational actuarial courses with relevant courses in probability, statistics, mathematical finance and applied maths that Manchester is famous for. The MSc programme offers (on competitive basis) summer internships to also make your first steps in your actuarial career, while the BSc programme comes with an optional Placement Year.
The programme incorporates all mathematical techniques, in particular from the fields of probability and statistics, a modern actuary could not do without. If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Finance and Risk Management.
Our MSc Actuarial Science programme
Our MSc Actuarial Science programme was established in 2011 with the aim of providing a thorough training in the mathematical tools and skills an actuary needs. This includes topics such as:
- Markovian models and pricing techniques relevant to life insurance
- Risk models, ruin theory, risk measures, premium principles and further techniques relevant to general insurance
- Modern theory of market consistent pricing (mathematical finance), such as the Black and Scholes asset pricing model, the Capital Asset Pricing Model (CAPM), interest rate models, credit risk models, option pricing etc.
- Risk management techniques
- Relevant topics from Statistics such as Time Series and their applications, Generalised Linear Models, Survival Analysis etc.
- Relevant software suites such as R and Excel.
There are eight course units to study over two academic terms (Sep-Jan and Feb-Jun), and a dissertation/project in the summer term (Jun-Aug). The course teaching is delivered through lectures, tutorials, case studies, seminars and project-based work. You can find an overview of all eight course units on the programme on our website.
Within the Department of Mathematics there are several members of staff that carry out research in Actuarial Science. This group also runs the MSc Actuarial Science programme, does the majority of the teaching and supervises the dissertations. Several members have experience in industry. In particular Jon Ferns FIA is a fully qualified actuary who had a rich career in the pensions industry in the North West before he recently joined our Department. In addition to the IFoA, the group has links with NWAS (the North West Actuarial Society) and several companies in the insurance industry
Our MSc Actuarial Science programme offers the unique opportunity to experience daily actuarial work in the Royal London offices (in Wilmslow). Every year they offer a number of paid internships of a special form to our students, which are awarded on a competitive basis. These internships provide an opportunity to combine researching a ‘real world’ problem with obtaining valuable work experience.
Accreditation and exemptions
Our MSc Actuarial Science programme is accredited by the IFoA, the UK’s chartered professional body for actuaries. Our programme offers the following exemptions in the IFoA’s revised Curriculum 2019: CS1, CS2 (Actuarial Statistics) and CM2 (Actuarial Mathematics).
The entry requirement to the programme is normally a good upper second class honours degree in Mathematics/Statistics, a Science degree with a strong quantitative component, a subject with a substantial mathematical content, or an equivalent overseas qualification in a mathematical subject.