Actuarial Science and Risk Management

Program Overview

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The BSc Actuarial Science and Risk Management program at Queen's University Belfast equips students with the theoretical and practical skills to pursue a career as an actuary in the pensions, insurance, or wider financial industry. Graduates are prepared for professional exams, develop a strong understanding of actuarial science, and gain analytical and problem-solving abilities. The program includes a work placement and is accredited by the Institute and Faculty of Actuaries, providing graduates with up to six exemptions from initial professional exams.

Program Outline

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Degree Overview:

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Overview:

The BSc Actuarial Science and Risk Management program at Queen's University Belfast has been designed to equip students with the theoretical and practical skills required to pursue a career as an actuary in the pensions and insurance sectors, or in the wider financial industry.

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Objectives:

• Graduates will be prepared to sit the initial professional exams required to become a fully qualified actuary.
• Graduates will develop a strong understanding of actuarial science and its application to real-world problems.
• Graduates will be able to use their analytical and problem-solving skills to solve complex financial problems.
• Graduates will be able to effectively communicate their findings to both technical and non-technical audiences.

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Program Description:

• The program is delivered over four years, with the final year being a work placement in an actuarial organization.
• Students will gain a solid foundation in mathematics, statistics, economics, and finance.
• They will also develop specialist knowledge in areas such as pension schemes, insurance pricing, and risk management.
• The program is accredited by the Institute and Faculty of Actuaries (IFoA), and graduates are eligible for up to six exemptions from the initial professional exams.

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Outline:

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Program Content:

The program covers the following core subjects:

• Actuarial mathematics
• Statistics
• Economics
• Finance
• Law
• Risk Management
• Accounting

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Program Structure:

The program is structured as follows:

• Year 1: Foundation modules in mathematics, statistics, economics, and finance.
• Year 2: More advanced modules in actuarial mathematics, statistics, economics, and finance.
• Year 3: Specialist modules in areas such as pension schemes, insurance pricing, and risk management.
• Year 4: Work placement in an actuarial organization.

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Course Schedule:

The course schedule is available on the Queen's University Belfast website.

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Individual Modules:

• Mathematics: Students will study a range of mathematical topics, including calculus, linear algebra, and probability theory.
• Statistics: Students will learn how to collect, analyze, and interpret data.
• Economics: Students will learn about economic theory and its application to real-world problems.
• Finance: Students will learn about financial markets, institutions, and products.
• Law: Students will learn about the legal framework governing the insurance and pensions industries.
• Risk Management: Students will learn how to identify, assess, and manage risk.
• Accounting: Students will learn about the principles of accounting and financial reporting.

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Assessment:

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Assessment Methods:

Assessment methods vary depending on the module but typically include a combination of continuous assessment, written exams, and group projects.

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Assessment Criteria:

Assessment criteria are designed to ensure that students have achieved the learning outcomes for each module.

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Teaching:

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Teaching Methods:

A variety of teaching methods are used, including lectures, seminars, tutorials, and workshops.

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Faculty:

The program is taught by a team of experienced and qualified academics.

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Technology:

The program makes use of a range of technologies, including online learning resources, a virtual learning environment (VLE), and industry-standard software.

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Careers:

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Career Paths:

Graduates of the program have gone on to successful careers in a range of actuarial roles, including:

• Actuary
• Pension scheme actuary
• Insurance actuary
• Financial analyst
• Risk management specialist

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Opportunities:

There are excellent job opportunities for actuarial science graduates in a variety of sectors, including:

• Insurance
• Pensions
• Finance
• Risk Management

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Outcomes:

Graduates of the program are highly sought after by employers and have a high rate of graduate employment.

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Other:

• The program is delivered in a supportive environment that provides students with the opportunity to develop their academic and personal skills.
• The program includes a number of opportunities for students to develop their employability skills, such as internships, work placements, and industry visits.
• The program is delivered in a vibrant and international city, offering students a wealth of cultural and social opportunities.

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Tuition Fees and Payment Information:

Northern Ireland (NI) 1 £4,750 Republic of Ireland (ROI) 2 £4,750 England, Scotland or Wales (GB) 1 £9,250 EU Other 3 £20,800 International £20,800 1EU citizens in the EU Settlement Scheme, with settled status, will be charged the NI or GB tuition fee based on where they are ordinarily resident. Students who are ROI nationals resident in GB will be charged the GB fee. 2 EU students who are ROI nationals resident in ROI are eligible for NI tuition fees. 3 EU Other students (excludes Republic of Ireland nationals living in GB, NI or ROI) are charged tuition fees in line with international fees. The tuition fees quoted above are for the 2024/25 academic year and are a guide only. In addition, all tuition fees will be subject to an annual inflationary increase in each year of the course. Fees quoted relate to a single year of study unless explicitly stated otherwise. Tuition fee rates are calculated based on a student’s tuition fee status and generally increase annually by inflation. How tuition fees are determined is set out in the Student Finance Framework. Additional course costs Students undertake a placement in year 3 and are responsible for funding travel, accommodation and subsistence costs. These costs vary depending on the location and duration of the placement. A limited amount of funding may be available to contribute towards these additional costs, if the placement takes place through a government student mobility scheme. Student who undertake optional study tours are expected to make a contribution, of approximately £150. Year in Industry All Students Depending on the programme of study, there may be extra costs which are not covered by tuition fees, which students will need to consider when planning their studies. Students can borrow books and access online learning resources from any Queen's library. If students wish to purchase recommended texts, rather than borrow them from the University Library, prices per text can range from £30 to £100. Students should also budget between £30 to £75 per year for photocopying, memory sticks and printing charges. Students undertaking a period of work placement or study abroad, as either a compulsory or optional part of their programme, should be aware that they will have to fund additional travel and living costs. If a programme includes a major project or dissertation, there may be costs associated with transport, accommodation and/or materials. The amount will depend on the project chosen. There may also be additional costs for printing and binding. Students may wish to consider purchasing an electronic device; costs will vary depending on the specification of the model chosen. There are also additional charges for graduation ceremonies, examination resits and library fines. How do I fund my study? There are different tuition fee and student financial support arrangements for students from Northern Ireland, those from England, Scotland and Wales (Great Britain), and those from the rest of the European Union. Information on funding options and financial assistance for undergraduate students is available at www.qub.ac.uk/Study/Undergraduate/Fees-and-scholarships/. Scholarships Each year, we offer a range of scholarships and prizes for new students. Information on scholarships available. International Scholarships Information on scholarships for international students, is available at www.qub.ac.uk/Study/international-students/international-scholarships.