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Degree awarded
Master of ScienceDuration12 Months. [Full-Time]Entry requirements
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. In particular, knowledge of probability and statistics equivalent to good second year undergraduate Mathematics degree level is required for entry to the programme.
Course description
Volume 90% MSc Actuarial ScienceThe MSc in Actuarial Science provides a strong grounding in the mathematics of actuarial science and addresses both the current and future needs of the industry. The programme was recently established and incorporates all mathematical techniques, in particular from the fields of probability and statistics, a modern actuary could not do without. Our programme offers the following exemptions under the IFoA’s new Curriculum 2019: CS1, CS2 (Actuarial Statistics) and CM2 (Actuarial Mathematics). 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.
Fees
For entry in the academic year beginning September 2021, the tuition fees are as follows:
- MSc (full-time)
UK students (per annum): £13,000
International, including EU, students (per annum): £22,500 - MSc (part-time)
UK students (per annum): £6,500
International, including EU, students (per annum): £11,250
Further information for EU students can be found on our dedicated EU page.
The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.
All fees for entry will be subject to yearly review and incremental rises per annum are also likely over the duration of courses lasting more than a year for UK/EU students (fees are typically fixed for International students, for the course duration at the year of entry) Always contact the department if you are unsure which fee applies to your qualification award and method of attendance.
Self-funded international applicants for this course will be required to pay a deposit of £1000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.
Academic entry qualification overview
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. In particular, knowledge of probability and statistics equivalent to good second year undergraduate Mathematics degree level is required for entry to the programme.
English language
All applicants will need to demonstrate competency in English language. Applicants who do not already possess an acceptable English Language qualification will need to take a recognised test and attain the required English Language score:
- IELTS: at least 6.5 overall with no sub-test below 6.0.
- TOEFL iBT: at least 90 overall with no sub-test below 20. We do not accept ‘MyBestScore’.
- Pearson PTE: at least 58 overall with no sub-test below 50.
If you require a student visa and choose to sit Pearson PTE, an overall score of 59 with no less than 59 in each component would be required.
Pre-sessional English
We will consider applicants who do not meet these scores but you may be required to complete a pre-sessional English language course at the University of Manchester prior to the start of the course.
To be considered for a pre-sessional English language course for this programme we require the following minimum IELTS (Academic) scores:
- 6 Week Pre-Sessional Course: Minimum 6.0 overall with no sub-test below 5.5.
- 10 Week Pre-sessional Course: Minimum 5.5 overall with no sub-test below 5.5.
If you have not yet completed your current academic study and are interested in studying a pre-sessional course, you must hold an IELTS for UKVI (Academic) test certificate.
English language test validity
Some English Language test results are only valid for two years. Your English Language test report must be valid on the start date of the course.
How your application is considered
We consider your full academic history including which course units you have taken and the marks obtained. Even if you have met our minimum entry requirements, we will take into account your marks in relevant course units in our final decision making.
If you graduated more than three years ago, we will also consider the information contained on your CV and any relevant work experience you have to assess if you are still able to fulfil the entry criteria.
Interview requirements
No interview is required for this course.
Overseas (non-UK) applicants
CAS Information
Self-funded international applicants for this course will be required to pay a deposit of £1,000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.
Please upload a copy of your current valid passport with your application showing the photograph page with your application. For CAS purposes, this must show your full name, date of birth, nationality, passport number and the date the passport is valid until, which must be later than the date of your planned arrival in the UK, and the start date of your course.
If you have previously studied in the UK on a Tier 4 visa as an undergraduate or postgraduate student, please send a copy of your previous CAS statement to us as it will assist with the issue of your new CAS statement. This includes study in the UK on study abroad programmes and any study that you did not complete.
You cannot use your CAS to apply for a visa more than three months before the start date of your course. The Admissions Team will contact you at the appropriate time.
Your CAS number is only valid for one Tier 4 application.
Deferrals
Applications for deferred entry are not accepted for this course. If you receive an offer for 2021 entry and decide not to accept it, should you subsequently wish to be considered for 2022 entry you would be required to reapply.
Re-applications
If you applied in the previous year and your application was not successful you may apply again. Your application will be considered against the standard course entry criteria for that year of entry. In your new application you should demonstrate how your application has improved. We may draw upon all information from your previous applications or any previous registrations at the University as a student when assessing your suitability for your chosen course.
Special features
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 insuranceModern 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.
Coursework and assessment
There are two teaching semesters of 12 weeks each and approximately 15 weeks of project work. Assessment for the taught part is by exams and coursework.
Dissertations, industrial links and internships
After two semesters with taught courses, in the final three months of the MSc year (June, July, August) students do a piece of independent research type work under direct supervision of a member of staff. The findings are written up in a report called a dissertation. Plenty of support is provided throughout this process (for most students this is a new activity).
The research can be based on relevant actuarial research literature, but a special feature of our programme is that it can also be based on a collaboration with an industrial partner on a problem of particular interest to them. These collaborations allow students to apply their skills to a very relevant ‘real world’ problem, and to have an ongoing conversation with the industrial partner about their progress. Previous partners for such collaborations include Mercer, Police Mutual, Willis Towers Watson, JLT Group and Aegon.
Furthermore we have a special relationship with the company Royal London. Every year they offer a number of paid internships of a special form to our students, which are awarded on a competitive basis. During such an internship, a student spends part of their time working on a project towards their dissertation (like all other students, also still under our supervision) but they also get to experience daily actuarial work in the Royal London offices (in Wilmslow). These internships provide a unique opportunity to combine researching a ‘real world’ problem with obtaining valuable work experience. About half of the students who have taken part in this scheme in the past were offered a job at Royal London after their internship. Availability of internships is subject to Covid developments.
Course unit list
The course unit details given below are subject to change, and are the latest example of the curriculum available on this course of study.
| Title | Code | Credit rating | Mandatory/optional |
|---|---|---|---|
| Martingale Theory for Finance | MATH67201 | 15 | Mandatory |
| Time Series Analysis and Forecasting in Finance | MATH68032 | 15 | Mandatory |
| Generalised Linear Models and Survival Analysis | MATH68052 | 15 | Mandatory |
| Stochastic Modelling in Finance | MATH69102 | 15 | Mandatory |
| Actuarial Models | MATH69511 | 15 | Mandatory |
| General Insurance | MATH69531 | 15 | Mandatory |
| Risk Theory | MATH69542 | 15 | Mandatory |
| Quantitative Risk Management | MATH69551 | 15 | Mandatory |
Career opportunities
Volume 90% Department of Mathematics Alumnus Joshua Fox – MSc Actuarial Science
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, Financial and Risk Management.
Why a career as an actuary?
Actuarial careers generally appear very high in lists of best rated jobs due to excellent job satisfaction, status, career prospects etc.
- An actuarial career is financially rewarding. The average graduate salary in the recruitment market is about £33,000, with senior leading roles paying in excess of £100k (in excess of £200k for senior partners for instance).
- Actuaries enjoy a good work/life balance. Compared to other financial professions such as banking, an actuarial role enables you to balance a rewarding career with your other interests in life.
- An actuarial career can take you anywhere in the world. An actuarial qualification is internationally recognised and even standardised between many countries, allowing for great opportunities to travel and explore.
Where do actuaries work and what do they do on a daily basis?
About a third of the UK actuaries work for insurance companies (life, health and general insurance, and pensions). They typically work in areas such as product development, developing pricing strategies, asset and liability management, reserving, capital modelling and (financial) risk management. Another about a third work for financial consultancy firms, and in that role an actuary typically provides services in the above areas to their clients. The final third of UK actuaries work in a large variety of other sectors, including investment management, corporate finance and banking. Generally you find actuaries in any sector where (financial) risk management plays a role!
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