BSc in Actuarial Science

Who is it for?

You excel in and enjoy mathematics, especially modelling and probability. You love asking “What if?”.

The skills you gain on the Actuarial Science undergraduate course will kickstart your actuarial career. You can also enter careers in risk management, investment management or financial analysis.

Objectives

If you enjoy mathematics, statistics, probability and economics you will find this course ideal. For the duration of your degree, you’ll delve deeper into these core subjects, as well as stochastic models, finance and financial reporting, business and, naturally, actuarial science itself. You’ll also produce a self-researched final-year project on an area that interests you and reflects your ambitions.

Structure

What will I learn?

• Develop your knowledge and understanding of actuarial science, statistics, mathematics, finance and related disciplines.
• Develop your ability to communicate your knowledge and understanding effectively.
• Develop your understanding of the roles of mathematical and statistical calculation, analysis and judgement in actuarial science and financial risk management.
• Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.
• Equip you with the skills required to work professionally as an actuary or in alternative fields related to statistics, finance, risk management and in general management.
• Prepare you to enter postgraduate study in actuarial science or related disciplines.

Year 1

Core modules:

• 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 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 macroeconomics over the year. This module covers the CB2 course of the IFoA.

• Applications of IT This module is made up of three components. Initially, you will use the program MiniTab which is a statistical package that provides more powerful statistical analysis than using a spreadsheet. The second component is using Excel Workbook functions and the final component is writing VBA code. Again, we assume no prior knowledge of programming and this module is designed to allow you to use Excel in your work at the university and also provide a skill that is in high demand from employers.

• Introduction to actuarial methods This module is different to the other modules that you study as one of its main goals is to introduce you to the different areas that actuaries work in to allow you to start to contemplate which areas you want to work in. In addition, this module is partly assessed by a group presentation which is a skill you will require when applying for jobs.

Year 2

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 combining 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 the modelling of the uncertainty of certain 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.

• Finance and financial reporting This module will introduce you both to the financial markets and also provide an introduction to the accounts that companies report. Both of these are essential in your understanding of the financial markets to allow you to be able to develop solutions to financial risk questions. This module covers the CB1 course of the IFoA.

• Actuarial practicality This module can be seen as a development of the ideas you were introduced to in the actuarial methods module in the first year. In particular, we focus on the role of the Actuary in the City of London. In this module you will be taken on visits to the Bank of England, Lloyd’s of London and Staple Inn. You will also be assessed through group presentations one of which will be set by external consultants.

• Financial economics (elective module) While Financial Economics is an elective module, the majority of students take this module as it forms part of the CM2 syllabus of the IFoA. In this module, you will be introduced to the valuing of financial instruments using techniques covered in earlier modules, in particular, the Stochastic Modelling module.

Year 3

Core modules:

• 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.

• Advanced contingencies This module continues to develop techniques that were seen in the Contingencies module to allow you to value more complex future uncertain events. This module completes the CM1 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.

• Advanced financial economics (elective module)

Entry Requirements

• A-Level: A* (Mathematics) AA

• BTEC: Level 3 Diploma: DDD plus 'A' level Mathematics or a science at grade A*

• Extended Project Qualification (EPQ): We welcome applications that include the EPQ. Where relevant, this may be included in our offer, resulting in an ‘A’ Level offer reduced by one grade

• IB: 35 points overall, minimum 6 in Higher Level Mathematics, and minimum 5 all other subjects.

In addition we also ask for the following GCSE requirement:

• A minimum of grade 5 (C) in GCSE English.

If you are studying General Studies, Critical Thinking or a native language 'A' level, these subjects will not be included in any offer condition.

Foundation course for UK/EU students

If you do not meet the qualification criteria for this course, you may still meet the criteria for our Accounting and Finance Foundation course. The Foundation course is a one-year full-time programme that provides an entry route to the BSc Accounting and Finance course.

International students

We accept a wide range of international and other UK qualifications at Cass.

• Typical entry requirements for international and other qualifications

If you do not qualify for direct entry, there are several partners that offer preparatory international foundation courses for students seeking entry to undergraduate degrees. These include:

Foundation courses for International students

INTO City, University of London

Don’t meet the entry requirements? INTO City, University of London offers a range of academic and English language programmes to help prepare you for study at City, University of London. You’ll learn from experienced teachers in a dedicated international study centre.

These programmes are designed for international students who do not meet the required academic and English language requirements for direct entry. To prepare for this degree course, learn more about the International Foundation in Actuarial Science.

Kaplan International College (KIC) London

Additionally, City works in partnership with KIC London to provide a range of preparatory courses for international students. KIC London courses offer comprehensive support to students - including regular one-to-one tuition. Students who successfully complete the KIC London Foundation course at the required level are guaranteed progression to City, University of London degree courses.

English language requirements

If your first language is not English, we will require evidence of English language proficiency. Minimum requirements are:

IELTS: 6.5 with a minimum of 6 in any unit

PTE Academic: 58 overall with a minimum of 51 in each component

GCSE: English language grade 5.

Placements

A key part of a Cass Business School degree is the opportunity to gain professional work experience. BSc Actuarial Science students are eligible to undertake an optional one-year paid work placement during the third year of a four-year sandwich degree programme.

The experience of working for a leading institution can be invaluable in terms of your future career. It will enable you to acquire skills and competencies sought by graduate employers, and give you an edge over the competition.

BSc Actuarial Science students enjoy a wide range of professional placement opportunities in areas such as corporate insurance and risk management, actuarial pricing and capital management.