Actuaries evaluate and manage financial risk. The Actuarial Science MSc prepares graduates from a mathematical background for a career as an actuary. No prior knowledge of actuarial science is required.
Studying actuarial science on this conversion programme is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world.
Our MSc in Actuarial Science, MSc in Applied Actuarial Science and International Master’s are all fully accredited by the Institute and Faculty of Actuaries; they also provide a fast-track route to qualifying as an actuary, because students who achieve a high enough overall mark in these programmes can obtain exemptions from the professional examinations included within their studies.
As one of the few universities to offer actuarial science in the UK, Kent’s programme is recognised for its strong mix of theoretical and practical expertise. The teaching staff include many actuaries drawn from professional practice, along with specialised research.
Depending on the modules chosen, MSc in Actuarial Science students may be eligible to gain exemptions from subjects CB1, CB2, CM1, CM2, CS1 and CS2 of the Institute and Faculty of Actuaries
In 2010, the Centre for Actuarial Science, Risk and Investment (CASRI) was set up within the School of Mathematics, Statistics and Actuarial Science to reflect the widening scope of the teaching and research of the staff. Within CASRI, research in actuarial science can be broadly classified into the following three themes: economic capital and financial risk management, longevity risk modelling, and public policy aspects of insurance risk classification. This achieves a balance between theoretical and applied investigations, as well as addressing social policy implications. The group has a deep and long-standing association with the Institute and Faculty of Actuaries, as well as with other educational institutions worldwide.
A good first degree usually in mathematics, statistics or economics, although other subjects with a high mathematical content are acceptable.
All applicants are considered on an individual basis and additional qualifications, professional qualifications and relevant experience may also be taken into account when considering applications.
Please see our International Student website for entry requirements by country and other relevant information. Due to visa restrictions, students who require a student visa to study cannot study part-time unless undertaking a distance or blended-learning programme with no on-campus provision.
This course requires a Good level of English language, equivalent to B2 on CEFR.
Details on how to meet this requirement can be found on our English Language requirements webpage.
Examples:
IELTS 6.0 with a minimum of 5.5 in each component
PTE Academic 63 with a minimum of 59 in each sub-test
A degree from a UK university
A degree from a Majority English Speaking Country
Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways.
The following modules are indicative of those offered on this programme. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation. Most programmes will require you to study a combination of compulsory and optional modules. You may also have the option to take modules from other programmes so that you may customise your programme and explore other subject areas that interest you.
Students spend a period (36-44 weeks) doing paid work in an organisation outside the University, in an industrial, commercial, public sector, or similar setting, applying and enhancing the skills and techniques they have developed and studied earlier during their degree course.
The Assessments required for this module should provide evidence of the subject specific and generic learning outcomes, and of reflection by the student on them as an independent learner.
The placement work they do is entirely under the direction of their industrial supervisor, but support is provided by theEmployability and Placements Team or a member of the academic team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of this module.
Participation in the placement year, and hence in this module, is dependent on students obtaining an appropriate placement, for which support and guidance is provided by the Employability and Placements Team. It is also dependent on satisfactory achievement in their academic studies.
Students who do not obtain a placement will be required to transfer to the appropriate course without an Industrial Placement.
Students spend a year (minimum 44 weeks) doing paid work in an organisation outside the University, in an industrial, commercial, public sector or similar setting, applying and enhancing the skills and techniques they have developed and studied in the earlier stages of their degree course.
The work they do is entirely under the direction of their industrial supervisor, but support is provided by the CEMS Employability and Placements Team. This support includes ensuring that the work they are being expected to do is such that they can meet the learning outcomes of the module.
Participation in the placement year, and hence in this module, is dependent on students obtaining an appropriate placement, for which support and guidance is provided through the CEMS Employability and Placements Team. It is also dependent on satisfactory achievement in their academic studies.
Students who do not obtain a placement will be required to transfer to the appropriate course without an Industrial Placement.
The aim of this module is to provide a grounding in the principles of modelling as applied to financial mathematics – focusing particularly on deterministic models which can be used to model and value known cashflows.
This module will cover a number of syllabus items set out in Subject CM1 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
The curriculum covers parts of the professional curriculum of the Institute and Faculty of Actuaries syllabus CS1, and it introduces (and revises for some students) the essentials of probability and classical (frequentist) statistical inference.
Probability: review of elementary probability, concept of random variable, discrete and continuous probability distributions, cumulative distribution function, expectation and variance, joint distributions, marginal and conditional distributions, generating functions and transformation of random variables.
Statistics: sampling distributions, point estimation, method of moment and maximum likelihood estimation, confidence intervals, hypothesis testing, association between variables and linear regression.
The aim of this module is to provide a grounding in the principles of modelling as applied to actuarial work – focusing particularly on deterministic models which can be used to model and value cashflows which are dependent on death, survival, or other uncertain risks. The module will include coverage of equations of value and its applications, single decrement models, multiple decrement and multiple life models. This module will cover a number of syllabus items set out in Subject CM1 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
The aim of this module is to introduce students to core economic principles and how these could be used in a business environment to understand economic behaviour and aid decision making, and to provide a coherent coverage of economic concepts and principles. Indicative topics covered by the module include the working of competitive markets, market price and output determination, decisions made by consumers on allocating their budget and by producers on price and output, and different types of market structures and the implication of each for social welfare, the working of the economic system, governments' macroeconomic objectives, unemployment, inflation, economic growth, international trade and financial systems and financial crises.
This module will cover a number of syllabus items set out in Subject CB2 – Business Economics published by the Institute and Faculty of Actuaries.
The aim of this module is to provide a grounding in mathematical and statistical modelling techniques that are of particular relevance to survival analysis and their application to actuarial work.
Calculations in life assurance, pensions and health insurance require reliable estimates of transition intensities/survival rates. This module covers the estimation of these intensities and the graduation of these estimates so they can be used reliably by insurance companies and pension schemes. The syllabus also includes the study of various other survival models, and an introduction to machine learning. This module will cover a number of syllabus items set out in Subject CS2 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
This module provides an introduction to the principles of corporate finance and financial reporting. It is intended for students of Finance and Actuarial Science.
The syllabus introduces and develops the concepts and elements of corporate finance including a knowledge of the instruments used by companies to raise finance and manage financial risk, introduces the concepts and techniques of financial accounting and enables students to understand and interpret critically financial reports of companies and financial institutions including financial statements used by pension funds and insurance companies.
This module will cover a number of syllabus items set out in Subject CB1 – Business Finance published by the Institute and Faculty of Actuaries.
This is a dynamic syllabus, changing regularly to reflect current practice.
The aim of this module is to provide a grounding in the principles of modelling as applied to actuarial work – focusing particularly on stochastic asset liability models. These skills are also required to communicate with other financial professionals and to critically evaluate modern financial theories.
Indicative topics covered by the module include theories of financial market behaviour, measures of investment risk, stochastic investment return models, asset valuations, and liability valuations.
The additional 4 contact hours for level 7 students will be devoted to applications of the principles of financial economics and asset and liability modelling to complex financial instruments.
This module will cover a number of syllabus items set out in Subject CM2 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
The aim of this module is to provide a grounding in the principles of modelling as applied to actuarial work – focusing particularly on the valuation of financial derivatives. These skills are also required to communicate with other financial professionals and to critically evaluate modern financial theories.
Indicative topics covered by the module include theories of stochastic investment return models and option theory.
The additional 4 contact hours for level 7 students will be devoted to applications of the principles of option pricing techniques, valuation methods and hedging techniques for complex financial derivative concepts.
This module will cover a number of syllabus items set out in Subject CM2 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.
This module is split into two parts: 1. An introduction to the practical experience of working with the financial software package, PROPHET, which is used by commercial companies worldwide for profit testing, valuation and model office work. The syllabus includes: overview of the uses and applications of PROPHET, introduction on how to use the software, setting up and performing profit tests on a range of life assurance products, analysing and checking the cashflows for reasonableness, setting up and editing input files, performing sensitivity tests, debugging errors and analysing the results. 2. An introduction to financial modelling techniques on spreadsheets which will focus on documenting the process of model design and communicating the model's results. The module enables students to prepare, analyse and summarise data, develop simple financial and actuarial spreadsheet models to solve financial and actuarial problems, and apply, interpret and communicate the results of such models.
This module covers aspects of Statistics which are particularly relevant to insurance. Some topics (such as risk theory and credibility theory) have been developed specifically for actuarial use. Other areas (such as Bayesian Statistics) have been developed in other contexts but now find applications in actuarial fields. Indicative topics covered by the module include Bayesian Statistics; Loss Distributions; Reinsurance and Ruin; Credibility Theory; Risk Models; Ruin Theory; Generalised Linear Models; Extreme Value Theory. This module will cover a number of syllabus items set out in Subjects CS1 and CS2 – Actuarial Statistics published by the Institute and Faculty of Actuaries.
Stationary Time Series: Stationarity, autocovariance and autocorrelation functions, partial autocorrelation functions, ARMA processes.
ARIMA Model Building and Testing: estimation, Box-Jenkins, criteria for choosing between models, diagnostic tests for residuals of a time series after estimation.
Forecasting: Holt-Winters, Box-Jenkins, prediction bounds.
Testing for Trends and Unit Roots: Dickey-Fuller, ADF, structural change, trend-stationarity vs difference stationarity.
Seasonality and Volatility: ARCH, GARCH, ML estimation.
Multiequation Time Series Models: transfer function models, vector autoregressive moving average (VARM(p,q)) models, impulse responses.
Spectral Analysis: spectral distribution and density functions, linear filters, estimation in the frequency domain, periodogram.
Simulation: generation of pseudo-random numbers, random variate generation by the inverse transform, acceptance rejection. Normal random variate generation: design issues and sensitivity analysis.
This module will cover a number of syllabus items set out in Subject CS2 published by the Institute and Faculty of Actuaries. This is a dynamic syllabus, changing regularly to reflect current practice.
Introduction: Principles and examples of stochastic modelling, types of stochastic process, Markov property and Markov processes, short-term and long-run properties. Applications in various research areas.
Random walks: The simple random walk. Walk with two absorbing barriers. First–step decomposition technique. Probabilities of absorption. Duration of walk. Application of results to other simple random walks. General random walks. Applications.
Discrete time Markov chains: n–step transition probabilities. Chapman-Kolmogorov equations. Classification of states. Equilibrium and stationary distribution. Mean recurrence times. Simple estimation of transition probabilities. Time inhomogeneous chains. Elementary renewal theory. Simulations. Applications.
Continuous time Markov chains: Transition probability functions. Generator matrix. Kolmogorov forward and backward equations. Poisson process. Birth and death processes. Time inhomogeneous chains. Renewal processes. Applications.
Queues and branching processes: Properties of queues - arrivals, service time, length of the queue, waiting times, busy periods. The single-server queue and its stationary behaviour. Queues with several servers. Branching processes. Applications.
In addition, level 7 students will study more complex queuing systems and continuous-time branching processes.
This module will cover a number of syllabus items set out in Subject CS2 published by the Institute and Faculty of Actuaries. This is a dynamic syllabus, changing regularly to reflect current practice.
Duration: 2 years full-time
The course is based on a ‘core modules plus options’ structure and exemptions can be gained from professional examinations.
You must take 330 credits in order to pass the MSc with Industrial Placement.
Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module.
Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by examiners appointed by the Institute and Faculty of Actuaries, will receive exemptions.
If you fail to achieve a suitable overall standard, you might still be awarded individual subject exemptions.
The taught component, project and work placement constitute a single stage. However, commencement of the placement is conditional on satisfactory progress in the taught component, as determined at the interim examination board in June. A student with resits amounting to more than 30 credits following the August exam will normally be required to retrieve the credit before beginning a placement.
To be eligible for the award of an MSc with an Industrial Placement, students must meet the requirements for the award of the MSc without a placement and pass both of the placement modules.
This programme aims to:
You will gain knowledge and understanding of:
You will develop intellectual skills in:
You will gain subject-specific skills in:
You will gain the following transferable skills:
The University’s Templeman Library houses a comprehensive collection of books and research periodicals. The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in integrated software and processing solutions primarily for financial services, who market the industry’s leading actuarial software package PROPHET. As a result, our taught postgraduate courses include optional modules on the uses and applications of PROPHET.
This MSc in Applied Actuarial Science offers exemption from subjects in the Core Applications Stage and the Specialist Technical Stage of the professional examinations.
The Postgraduate Diploma in Actuarial Science offers exemption from eight subjects within the Core Technical Stage of the professional examinations of the Institute and Faculty of Actuaries.
The International Master’soffers exemptions from eight subjects within the Core Technical stage in the first year and exemptions from the Core Applications and Specialist Technical stages in the second year of the programme.
The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at the Canterbury campus and is organised by University of Kent students and academic staff. The Society hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious speakers from industry and the profession. The Society also arranges talks from external speakers including practitioners, careers advisers and recruiters from the UK and overseas.
Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: British Actuarial Journal; Actuary Australia; Annals of Actuarial Science; Journal of Pension Economics and Finance. Details of recently published books can be found under staff research interests.
All students registered for a taught Master's programme are eligible to apply for a place on our Global Skills Award Programme. The programme is designed to broaden your understanding of global issues and current affairs as well as to develop personal skills which will enhance your employability.
Work in actuarial science at the University of Kent can be divided into three broad themes achieving a balance of theoretical and applied investigations, as well as addressing social policy implications.
With the advent of new risk-based regulations for financial services firms, specifically Basel 2 and Basel 3 for banks and Solvency 2 for insurers, there is now a heightened focus on the practical implementation of quantitative risk management techniques for firms and defined benefit pension schemes operating within the financial services sector.
In particular, financial services firms are now expected to self-assess and quantify the amount of capital they need to cover the risks they are running. This self-assessed quantum of capital is commonly termed risk, or economic, capital.
At Kent we are actively involved in developing rigorous risk management techniques to explicitly measure how much risk a firm or pension scheme is taking, holistically, across the entire spectrum of risks it accepts.
More about our research in this area
Longevity risk represents a substantial threat to the stability of support programmes for the elderly, most notably to the subset that provides income protection but also to non-traditional products such as home equity release schemes.
One approach to dealing with longevity risk is to model key factors that influence mortality; this may be achieved using aggregate (causal) mortality rates or panel data with individual-specific covariates. Another approach to modelling longevity risk is via an investigation of positive quadrant dependence between lives, which requires a multivariate framework. Once this is in place, longevity risk may be investigated on various fronts ranging from entire populations to couples.
More about our research in this area
Restrictions on risk classification can lead to adverse selection, and actuaries usually regard this as a bad thing. However, restrictions do exist in many countries, suggesting that policymakers often perceive some merit in such restrictions. Careful re-examination of the usual actuarial arguments can help to reconcile these observations.
Models of insurance purchasing behaviour under different risk classification regimes can quantify the effects of particular bans, e.g. on insurers’ use of genetic test results, or gender classification in the European Union.
More about our research in this area
Full details of staff research interests can be found on the School's website.
The UK Actuarial Profession is small, but influential and well rewarded. There are more than 6,500 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices.
Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £209,292.
As an actuary, your work is extremely varied and can include: advising companies on the amount of funds to set aside for employee pension payments; designing new insurance policies and setting premium rates; pricing financial derivatives and working in fund management and quantitative investment research; advising life insurance companies on he distribution of surplus funds; and estimating the effects of possible major disasters, such as earthquakes or hurricanes, and setting premium rates for insurance against such disasters. For more information about the actuarial profession, see www.actuaries.org.uk
Helping our students to develop strong employability skills is a key objective within the School and the University. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within industry. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres.
Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.
Professional accreditation by the Institute and Faculty of Actuaries
The 2024/25 annual tuition fees for this course are:
For details of when and how to pay fees and charges, please see our Student Finance Guide.
For students continuing on this programme fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* If you are uncertain about your fee status please contact information@kent.ac.uk.
The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.
For details of when and how to pay fees and charges, please see our Student Finance Guide.
For students continuing on this programme, fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.*
The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.
Find out more about general additional costs that you may pay when studying at Kent.
Search our scholarships finder for possible funding opportunities. You may find it helpful to look at both:
We have a range of subject-specific awards and scholarships for academic, sporting and musical achievement.
Next steps
Learn more about the application process or begin your application by clicking on a link below.
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