| Program start date | Application deadline |
| 2023-09-01 | - |
Program Overview
Who is it for?
You are a part-qualified actuary or a graduate from a recognised BSc or MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You have completed the equivalent of at least four subjects from the Core Principles stage of the professional examinations of the Institute and Faculty of Actuaries, including Subject CM1.
The MSc in Actuarial Management is intended for those of you who wish to undertake an in-depth study of actuarial science, insurance, finance and investment, both at a general level and in relation to specific practice areas, thereby extending your knowledge beyond the Core Principles stage and gaining exemptions from later professional examinations.
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. Bayes Business School is currently ranked 1st in Europe for actuarial research according to the Top 50 UNL Global Research Rankings of Actuarial Science and Risk Management & Insurance.
Prior to studying MSc Actuarial Management, I worked for 3 years with PwC as a Senior Associate within their Risk Modelling Services. The course was very relevant to the actuarial skills used in the industry and offered hands on experience. I particularly liked the business analytics module which was very challenging and provided the breadth needed for an actuary looking to divulge in new exciting areas. I am now a Senior Actuarial Analyst at Zurich Insurance and part of the P&C Actuarial Reserving Team, working on the IFRS 17 Project.
Siddhesh Surpatne
Objectives
The MSc in Actuarial Management covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practice subjects and Specialist Principle subjects.
You can gain exemptions from the Institute and Faculty of Actuaries’ examinations, including Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2), Communications Practice (Subject CP3) and the Specialist Principle Subjects SP1, SP2, SP4, SP5, SP6, SP7 and SP8. Possibilities for exemptions from the Core Principle Subjects CB1, CB2, CS2 are CM2 are also offered. Finally, you will be offered a collection of Business Analytics modules to select from as electives in the third term.
Accreditation
Bayes Business School is recognised as a Center of Actuarial Excellence (CAE) from the Society of Actuaries (SOA), one of the main actuarial professional bodies in the US. Together with our accreditation by the Institute and Faculty of Actuaries in the UK, this reinforces our establishment as a global hub for actuarial studies and intellectual capital development. Our courses are also recognised as preparing students for certain SOA actuarial exams.
Program Outline
Structure
What will you learn
On the MSc Actuarial Management you will:
- Demonstrate knowledge and understanding of the main areas of actuarial practice
- Develop awareness of the general commercial environment
- Apply actuarial, statistical, and related methods to assess and manage risk effectively
- Communicate effectively with non-specialists in the area
- Display the professional integrity, conduct and responsibility required by the actuarial profession.
Induction weeks
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, pre-study programming modules, an introduction to the careers services and the annual careers fair.
Pre-study modules
Introduction to R Programming
This module is designed to provide a fundamental understanding of R programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The teaching material is formulated via multiple R code examples that enable the students to work independently when dealing with small R programming tasks.
Introduction to Python Programming
This module is designed to provide a fundamental understanding of Python programming and no previous programming experience is expected. The teaching model is learning by doing and basic concepts are built up in an incremental manner. The teaching material is formulated via multiple Python code examples that enable the students to work independently when dealing with small Python programming tasks.
Both programming modules are highly recommended for all the students on the programme. They are compulsory for students who choose some of the Business Analytics elective modules in term 3.
Term 1
Actuarial Practice (CP1 - Part I)
Upon successful completion of both parts of Subject CP1, you will understand strategic concepts in the management of business activities of financial institutions and programmes, including the processes for management of the various types of risk faced. You will be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
Professional Communication (CP3)
You will be introduced to the skill of communicating with non-actuaries on topics related to actuarial practice. You will revise its main areas and study how technical actuarial concepts and other specialist information can be explained to clients in plain, jargon-free English. You will learn how to draft letters to those seeking professional advice in a manner suited to the level of knowledge of the recipient.
Life Insurance (SP2)
The aim of this module is to instil the main principles of actuarial planning and control and mathematical and economic techniques, relevant to life insurance companies. You should gain the ability to apply the knowledge and understanding, in simple situations, to the operation on sound financial lines of life insurance companies.
Pensions and other Benefits (SP4)
The module aims to equip you with the basic technical skills required for the provision of actuarial services to pension schemes and the essential background knowledge of the pensions industry that would be expected of a pension consultant.
General Insurance: Reserving and Capital Modelling (SP7)
Students will be introduced to the concepts of reserving and capital modelling in general insurance. They will learn how to apply, in simple reserving and capital modelling situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of general insurers.
Finance and Financial Reporting (CB1)
You will be able to explain the structure of joint stock companies, define the principal forms of financial instruments, and discuss the characteristics of different financial statements. You will master the principles underlying the construction of financial statements and be able to apply and evaluate alternative approaches to interpreting the financial statements of companies and financial institutions. You will also be able to construct financial statements in a form suitable for publication.
Business Economics (CB2)
This module will give you the ability to understand the key aspects of the operation of markets, consumer demand, the production decisions of a firm, the determinants of market structure, and the effects of market structure on a firm’s supply and pricing decisions. You will discuss the economic analysis at both micro and macro levels, focusing on those areas most relevant to actuarial science, as well as the implications of changes in relevant variables on the equilibrium operation of markets. You will also develop an understanding of macroeconomic analysis and interpret the economic environment with regard to inflation, investment returns, stock market behaviour, exchange rates and economic growth.
Research Methods for Actuarial Professionals (non-exemption module)
Strong research is a key element of development strategy for companies and institutions, large and small. This module aims to provide a ground in statistical learning research, particularly supervised and unsupervised learning, which you will be able to apply to real data. The content is tailored to support you and to develop your research and statistical learning skills. The module will utilise specific training in statistical learning techniques in order to provide a strong foundation for the in-depth and specialist teaching and learning in terms 2 and 3. You will also develop an intuition behind the methods which you will be able to use to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.
Term 2
Actuarial Practice (CP1 - Part II)
Upon successful completion of both parts of Subject CP1, you will understand strategic concepts in the management of business activities of financial institutions and programmes, including the processes for management of the various types of risk faced. You will be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
Modelling Practice (CP2)
This module will provide you with an understanding of how to model data and processes using spreadsheets, how to document your work, analyse the methods used and outputs generated, and communicate the approach, results and conclusions to your junior and senior colleagues.
Health and Care (SP1)
Health insurance is a specialist area. The continued provision of this insurance depends upon health insurers being profitable. The module provides an in-depth analysis of the theory and practice of health insurance from an actuarial standpoint. It aims to develop an understanding of health insurance and how to design and control profitable health insurance products both in the public and private sector.
Finance and Investment A (SP5)
This module will provide you with an introduction to modern techniques of financial management, and examples of applications of these techniques to the business of managing assets and financing corporate entities.
Finance and Investment B (SP6)
This module aims to instil in you the ability to evaluate advanced financial products and the ability to assess and manage the risks associated with a portfolio of derivatives, including credit derivatives, using simple models for credit risk.
General Insurance: Pricing (SP8)
You will be introduced to the mathematical and economic techniques used in pricing to a level sufficient to tackle simple but realistic pricing exercises in the real world for a variety of insurance and reinsurance products.
Financial Economics (CM2)
You will develop a proficiency in the application of models used in financial economics and understand how these models are used, also via computer-based applications. You will analyse insurance problems in terms of utility theory, define measures of investment risk, and describe how insurance companies help reduce or remove risk. You will be able to explain the assumptions and ideas underlying different financial models, and apply finance theory to assess risk, make portfolio decisions, model asset prices and interest rates, and evaluate derivatives.
Insurance Risk Modelling (CS2)
This module aims to explain the fundamentals of risk modelling for insurance applications. You will develop proficiency in using statistical and stochastic modelling for life and non-life insurance risks. Various topics will be accompanied by computer-based applications.
All Core Principle subjects (CB1, CB2, CM2 and CS2) offered are subject to availability as they are hosted by the MSc in Actuarial Science and students on that programme will be given priority.
Term 3
To complete the MSc in Actuarial Management, you have several options in your third term:
- Business Research Project and one elective
- Applied Research Project and three electives
- Five electives.
The electives will give you a breadth of subject matter in actuarial science, insurance, business analytics, finance and investment.
Business Research Project (BRP)
It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit. The BRP offers this opportunity. You are encouraged from the start of the course to think about this possibility. If you opt for it, you will be required to submit a project of approximately 10,000 words on a subject area covered in the programme. A member of academic staff, allocated on the basis of your project proposal, will supervise the BRP.
Applied Research Project (ARP)
The ARP will be of approximately 3,000-5,000 words. You will undertake a short piece of applied research on a question of academic and/or practical relevance. In this case, the topic is supplied by Bayes faculty and initial guidance is offered to help you identify the research question but no formal supervision.
Subject to availability, you can also choose projects designed by our industry partners, including, for example, the Bank of England, Government Actuary’s Department and Guy Carpenter. Most of these projects are directly supervised by the industry partner representatives together with our academic staff.
Over the years, several students taking research projects with us have been recipients of the prestigious SCOR award.
Electives offered in 2022
- Applied Machine Learning
- Applied Natural Language Processing
- Data Management Systems
- Introduction to Copula Modelling
- Introduction to Model Office Building in Life Insurance
- Modelling and Data Analysis
- Emerging Global Risks
- Stochastic Claims Reserving in General Insurance
- Ethics, Society and the Finance Sector
- Financial Crime
- Financial Statement Analysis & Valuation in Banks
- Liability Insurance
- Technical Analysis and Trading Systems
International electives
- FinTech (taught in Italy)
Please note that electives are subject to change and availability.
Career destinations for MSc Actuarial Management
On your MSc in Actuarial Management you’ll learn the technical skills and problem-solving techniques for a successful and rewarding career as an actuary, in the fields of life and non-life insurance, health and care, pensions, finance and investment.
We have many qualified actuaries on our teaching staff with commercial experience and academics who maintain close links with the industry with many having worked, or still working, in their specialist sectors. Our graduates benefit from our contacts with numerous fantastic City firms, moving into positions in those firms every year.
Experts from our Careers Team will work with you to set you on a path that will fulfil your professional goals, and help you towards roles such as Actuarial Consultant, Senior Actuarial Analyst, Underwriter or Management Associate.
Class of 2021 Profile
Typical roles for 2021 graduates include:
- Senior Actuarial Consultant, Non Life Insurance - Zurich
- Graduate Actuarial Consultant - KPMG
- Pricing Analyst, Pricing and Analytics - Esure
- Senior Actuarial Analyst - HSBC
- Analyst - Willis Towers Watson
Course Director
Dr Ioannis Kyriakou
Reader in Actuarial Finance
Dr Ioannis Kyriakou
Reader in Actuarial Finance
The teaching staff on the MSc in Actuarial Management have many years of practical experience working in the financial services sector and are also active researchers in their fields
This knowledge and experience helps to inform the highly interactive lectures that make up the MSc in Actuarial Management.
Module Leaders include:
- Professor Vali Asimit
- Dr Zoltan Butt
- Mr Andy Cherkas
- Dr Michail Chronopoulos
- Mrs Komal Shah
- Dr Dimitrina Dimitrova
- Mr David Hargreaves
- Dr Zaki Khorasanee
- Dr Pietro Millossovich
- Professor Jens Perch Nielsen
- Dr Iqbal Owadally
- Dr Pietro Parodi
- Mr Nick Silver
- Dr David Smith
- Dr Jaap Spreeuw
- Dr Douglas Wright
