Applied Actuarial Science

Why do financial markets exist?  What products and services are available, and why are they designed as they are? 

In this module, you’ll understand the demand and supply drivers for global financial products and services.  By also investigating the external factors influencing these markets, you’ll see why the products exist and how they have developed.  You’ll build your knowledge of the major asset classes and investment products, general and life insurance products, and banking products.

Throughout the module, you will see real-world examples and issues currently affecting financial markets, enabling you to link theoretical knowledge to wider practical considerations, adding depth and relevance to your learning.

You will see where you will apply actuarial techniques in the real world, and then in Core Actuarial Practice 2 will understand actuaries’ roles in financial markets.  Later in your studies, you will be ready to apply your knowledge and skills to the management of financial risks, and to prepare for specialist actuarial roles.

Together with Core Actuarial Practice 2, the material in this module can lead to exemption from the CP1 subject of the Institute and Faculty of Actuaries’ examinations.

What are the key professional roles for actuaries?  How do we apply our core technical knowledge to solve real-world problems?

In this module, you’ll explore how we approach advising clients and the use of actuarial modelling as a base for that advice.

Then you’ll learn in depth about key roles for actuaries, including advising on: 

• setting investment strategy 
• the “4 Ps” of Product Development, Pricing, Provisions, Profit 

This will all be understood within the context of the “5th P” – Professionalism - and you will explore the Institute and Faculty of Actuaries’ Code of Conduct and other regulatory guidance for actuaries.

Throughout the module, you will see real-world examples and issues currently affecting actuarial work. This will help you understand some of the challenges and responsibilities you may face in your career as a financial professional.

Later in your studies, you will be ready to apply your skills to consider the holistic management of financial risks, and to prepare for specialist actuarial roles.

Together with Core Actuarial Practice 1, the material in the module can lead to exemption from the CP1 subject of the Institute and Faculty of Actuaries’ examinations.

How do actuaries identify and manage financial risks for individuals and institutions?  How do we then develop and apply insurance and non-insurance solutions to enable parties to transfer risks from one party to another?

In this module, you’ll explore financial risk management in the context of insurance and non-insurance environments.

You’ll learn to identify and categorise risks and discuss the five fundamental ways to respond to these risks.

You’ll then understand in detail risk solutions provided by insurers, and those used by insurers themselves.  You’ll learn about innovative investment products that are used by businesses around the world to balance their exposure to a range of risks.

Throughout, you will see real-world examples and issues currently affecting professional actuarial and financial work.

This module gives you an in-depth introduction to risk mitigation and introduces  advanced material to prepare you for the specialist actuarial subjects.

Are you interested in gaining valuable, practical experience in working with one of the industry’s leading actuarial modelling software PROPHET? Would you like to understand how insurance and financial services companies use PROPHET to meet reporting responsibilities, improve risk management and develop profitable products?

By enabling you to develop a strong foundation in using various distinctive features of PROPHET, this module will help you solve a wide range of complex, real-world actuarial problems and is a good way to connect theoretical concepts with hands-on learning.

Learning PROPHET gives you a competitive advantage in your career and equips you with a modelling skill set that is an invaluable asset in today’s job market.

How do actuaries communicate their findings, so that various stakeholders can make informed decisions on critical matters? How do they convey technical information to an audience without the same technical expertise?

By equipping you with skills you need to communicate information effectively and appropriately in written and verbal formats, this module helps you build critical professional skills needed in order to become a successful actuary and an effective leader in finance and related fields.

You will take part in a range of exciting activities facilitated by experienced practitioners, including interactive lectures, presentation skills training, individual and group work on real-life topics and business games.

In addition to communication skills, you will polish your teamwork capabilities, improve your business acumen and your ability to solve real-life industry problems in creative and constructive ways.

This module aligns with the needs of employers and meets the standards of the Institute and Faculty of Actuaries professional subject CP3 for exemption purposes.

Actuarial theory and techniques are applied in a variety of practical contexts to equip you with valuable skills and knowledge needed to solve real problems in the financial and actuarial worlds.

Applying theory through hands-on practice, your financial modelling skills will be developed with a rigorous and systematic approach to problem solving using Microsoft Excel. A well-constructed solution is not only accurate and efficient, but needs to be clearly documented and communicated. A significant focus of this module is on gaining a critical appreciation of the delivery of information to a client, a manager or a peer, based on the modelling work carried out. Through a series of practical exercises, examples and critical discussions, you will explore the importance of clear and effective user documentation and client reports, meeting the needs of the respective audiences.

Delivered by experienced practitioners, the module aligns with the needs of employers and meets the standards of the Institute and Faculty of Actuaries professional subject CP2 for exemption purposes.

Are you keen to develop in-depth knowledge of life insurance business that you will need to work as a qualified actuary or other senior roles in this vibrant area of insurance? With a comprehensive introduction to the specialist area of life insurance this module is an excellent stepping stone to qualifying as a life actuary.

You will learn about a wide range of life insurance products, practical considerations when designing these products, robust risk management techniques and the use of advanced modelling techniques for pricing and valuation of life insurance products.

You also have the opportunity to gain valuable exemptions from the SP2 (Life Insurance) subject of the Institute and Faculty of Actuaries (IFoA, UK).

You will learn from subject specialists about key issues relating to the life insurance industry, giving you a competitive edge in your career, while connecting your learning with real-world industry problems.

Are you enthusiastic about developing the knowledge and skills needed to work as a Chief Investment Officer, Chief Financial Officer, or other senior management roles in a wide range of industries? Then you need the strong foundation and comprehensive introduction this module gives you into the specialist area of Investment and Finance.

You will learn about exciting financial products, useful risk management techniques and develop a robust approach to holistic investment management. You also have the opportunity to gain valuable exemptions from the SP5 (Investment and Finance) subject of the Institute and Faculty of Actuaries (IFoA, UK).

Reserving and capital modelling actuaries are the backbone of financial security in the general insurance industry.

This module introduces you to the main principles and techniques of reserving and capital modelling in general insurance. You will learn from subject specialists about how to apply these principles and techniques to solve real-world industry problems. You will develop in-depth knowledge of how reserving and capital modelling link to wider business processes such as business planning and pricing. You will also develop and apply judgement to assess the implications of possible actions and to develop effective recommendations relating to reserving and capital modelling in general insurance.

This module will equip you with the competitive advantage that you will need to work as a qualified actuary or other senior roles in general insurance and related fields.

This module provides you the opportunity to gain exemptions from subject SP7 of the Institute and Faculty of Actuaries (IFoA, UK).

Pricing is the inception of the life cycle of an insurance policy.

You will delve into the many different pricing methods used by actuaries across personal (sold to individuals) and commercial (sold to corporates) lines of general insurance products. You will also develop your judgement as an actuary, grasping the nuances of the knowledge necessary to work alongside other professionals especially underwriters, to fulfil and grow in your role as a pricing actuary. Additionally, you will also pick up skills to work alongside reserving and capital modelling actuaries as is expected in a business environment. Your software skills gained through your previous exams, will now gain further contextually relevant perspective.

The module offers you the opportunity to gain exemption with subject SP8 of the Institute and Faculty of Actuaries (IFoA, UK). Additionally, the knowledge base built through this module would also allow you to leverage the general insurance specialisation, to enable you to ultimately qualify as a general insurance actuary.

Risk professionals with knowledge of the key principles of Enterprise Risk Management (ERM) are critical to successful risk management within businesses. You have the opportunity, through this module, to gain globally recognised, technically strong credentials that may be applied across organisations to promote better business decisions.

You will develop the knowledge and skills needed to work as a Chief Risk Officer, Chief Actuary or other senior role in a wide range of industries, across sectors as diverse as insurance, healthcare, consulting, banking, energy and transport.

This module will give you a grounding in mathematical and statistical modelling techniques relevant to ERM, including using R and/or Microsoft Excel to solve real-life business problems.   

You will have the opportunity to gain valuable exemptions from the SP9 (ERM) subject of the Institute and Faculty of Actuaries (IFoA, UK).  Successful candidates may be eligible for the prestigious CERA qualification (“Certified Enterprise Risk Actuary”) via the University of Kent’s agreement with the IFoA.