Actuarial Science with Placement

Numbers, data, information and evidence are everywhere. How can we pick through the noise to find the signal? What does the evidence tell us? How certain should we be? A comprehensive understanding of the methods used in data analysis is vital to reach appropriate conclusions.

You will gain a comprehensive knowledge of probability, upon which statistical techniques are built. You will learn how to prove mathematical results in probability theory.  With a firm foundation in probability, you will develop your skills in statistics, gaining a comprehensive understanding of the reasoning for and methods of statistical inference. You will be able to select appropriate techniques to solve many standard problems, both mathematically and with appropriate software, and critically interpret your results. You will also be ready to study more advanced and non-standard statistical problems.

The module is designed (along with other modules) to satisfy the standards of subject CS1 of the Institute and Faculty of Actuaries examinations for exemption purposes.

This module provides a foundation to the mathematics of interest rates so that you will gain proficiency in the critical areas of designing and pricing investment products.

You will gain a comprehensive understanding of the key principles underlying interest rates and how to use these to price and value investments such as loans, shares, bonds and property.

You will also receive a practical introduction to financial modelling, giving you valuable hands-on experience in using models to solve complex financial problems. You will learn to apply the principles underlying interest rates on real data sets using relevant spreadsheet software (e.g. Microsoft Excel) to strengthen your understanding of the theory and gain valuable workplace proficiency.

This module together with module MACT7340 Actuarial Mathematics can lead to exemption from the CM1 exam of the Institute and Faculty of Actuaries (IFoA).

This module will give you a grounding in mathematical and statistical modelling techniques relevant to the study of survival analysis and non-life insurance, and their application to actuarial work undertaken by actuaries employed by pension schemes and insurance companies.

You will learn techniques applied by actuaries working in life insurance companies and pension schemes to analyse mortality data and claims data, and develop real-world solutions. An important part of the module is to develop an ability to critique statistical, theoretical models used and how results obtained from these models should be adjusted for use in the real-world.

The subject includes theory and its application using programming languages such as R and/or spreadsheet software such as Microsoft Excel to solve real-life problems encountered by actuaries in the pensions and insurance sectors.

You will also engage with topical actuarial issues by reading industry-specific articles, giving you a competitive edge in your career while connecting your learning with real-world problems.

This module will cover a number of syllabus items set out in Subjects CS1 and CS2 published by the Institute and Faculty of Actuaries.

Modelling is crucial for actuarial practice as it allows actuaries to assess and manage risks in various circumstances. This module gives you the valuable practical and theoretical skills needed to navigate these critically relevant issues: What are the commonly used models in actuarial science? How can we apply these models to tackle the complex problems faced by financial professionals in practical situations?

In this module, you will gain a strong foundation in financial economics modelling techniques. You will be able to apply these techniques in quantitative risk management, including portfolio selection, and the pricing and valuation of financial derivatives.

You will develop valuable skills to model economic decision making by forecasting potential future scenarios, and will apply a range of financial risk measurement tools to evaluate suitable investment opportunities. In addition, you will explore a range of liability valuation modelling tools, which have applications in insurance for estimating claims.

The modelling techniques that you learn in this module will provide you with the indispensable knowledge and skills needed for a successful career in insurance, finance, and related areas.

You will also have the opportunity to gain valuable exemptions from subject CM2 of the Institute and Faculty of Actuaries (IFoA, UK).

This module gives you the technical foundation required in the key actuarial areas of designing and pricing life insurance products. You will learn to calculate the financial impact of uncertain future events and gain a systematic understanding of the key principles underlying mortality rates and interest rates.

You will apply this knowledge to model cashflows contingent on mortality, morbidity and/or survival, enabling you to price and value a wide range of life insurance products including those with complex benefit structures. You will also learn valuable real-world proficiencies, including calculating and analysing profitability of these products.

You will have the opportunity to gain valuable, practical experience in working with one of the industry’s leading actuarial modelling software PROPHET, which is used by insurance companies worldwide to improve risk management and develop profitable products.

In addition, you will also gain hands-on experience working with spreadsheet software (e.g. Microsoft Excel) to solve complex actuarial problems, enabling you to add to your skill set of professional competencies.

This module follows on from MACT7320 (Financial Mathematics) and together, these two modules can lead to exemption from subject CM1 of the Institute and Faculty of Actuaries (IFoA).

This module will give you a thorough grounding in the study of stochastic processes and time series techniques and models. A key focus of the module is the application of these theoretical concepts to work undertaken by actuaries employed by insurance companies and investment firms. For example, the skills learnt in relation to time-series will be used by the actuary in analysing security prices and other economic factors such as interest rates, inflation and foreign exchange rates. The application of stochastic theory is fundamental in designing actuarial models in other actuarial fields, such as population projections.

You will be introduced to the necessary theory and its application using industry standard approaches such as R and other software to solve real-life problems encountered in various actuarial sectors.You will engage with topical actuarial issues by reading and discussing industry-specific articles, giving you a competitive edge in your career while connecting your learning with real-world problems.

This module will cover a number of syllabus items set out in Subjects CS1 and CS2 published by the Institute and Faculty of Actuaries.

You will build on the knowledge from Foundations of Data Science, gaining advanced skills that you will use in your career as a data scientist. Our emphasis is on both data modelling skills and the ability to apply this knowledge to messy, real-world data. We will teach you technical skills that are in demand from employers, including different types of sophisticated statistical models and how to apply them using computer languages that are used by many organisations. You will apply these methods in the role of a consultant, working with a stakeholder, such as a client, who has given you a realistic data problem. This will involve working on the problem from the initial meeting, through understanding and analysing the data, to presenting the results back to the client.

From start-ups to established multinationals, businesses need finance at various stages, often to fund growth, but sometimes just to survive.  In this module you will explore and apply the principles of corporate finance; you will consider a wide variety of sources of finance, from traditional to more contemporary means, and the process of selecting an appropriate approach for differing circumstances.

You will also consider methods used by businesses to manage financial risk, and how firms evaluate suitable projects to undertake.  Further, you will cover important topics including corporate governance, alternative business forms, and the impact of taxation.

The corporate accounts and financial statements communicate the financial position of a business to various users.  You will examine the practical process of constructing these reports, develop an understanding of the concepts and techniques of financial accounting, and find yourself in a better position to interpret critically and discuss the financial reports of real companies and financial institutions.

Through this module, you will gain insights into the needs and concerns of businesses in the commercial world, including those relevant to potential employers and clients.

This module can lead to exemption from the CB1 exam of the Institute and Faculty of Actuaries (IFoA).

Business Economics explores the constantly evolving economic world within which actuaries work, providing context and developing critical economic insights that can inform real-world business decisions.

Students will be equipped with the knowledge and tools needed to interrogate the workings of competitive markets, and the interaction of consumers and suppliers, using a variety of models and examples to investigate decision-making in a complex and uncertain economy.  The practical roles of money, capital and labour, and the involvement of government in influencing the big-picture of the economy, will be tied to the interests of business, applying economic theory with a critical approach underpinning real-world examples and illustrations.  Theories are challenged, economic conventions are interrogated, and different viewpoints are discussed to ensure an in-depth and relevant understanding of economic issues.

The module is designed to satisfy the standards of subject CB2 of the Institute and Faculty of Actuaries examinations for exemption purposes.

The Year in Industry Placement provides students with a structured opportunity to combine work experience or entrepreneurial activity with academic study.

The Year in Industry allows students to develop and reflect on managerial and/or professional practice in real and often complex situations, and to integrate this with the study of the relevant subject(s) of your main degree programme.

Where relevant, students develop, reinforce and apply professional and/or technical expertise in an employment or entrepreneurial context.

The Industry Placement requires students to document their experiences in relation to both their university studies as well as to a wide range of employability skills.

To be able to undertake this module it is necessary for the student to secure a Placement or to have validated a Business Start-Up.

A placement should be appropriate to the student’s degree and experience. The length of the placement should normally be at least 44 weeks. It must be completed between the end of Summer Term and the start of Late Summer Term in the following year.

A Business Start-Up should build on the student’s planned business activity as developed and validated by the ASPIRE Business Start-Up Journey.

The particular combination of the student’s degree course and the great variety of increasingly diverse Year in Industry situations make the “curriculum” of the Year in Industry essentially unique.

The Year in Industry Report provides students with a structured opportunity to combine work experience or entrepreneurial activity with academic study.

The Year in Industry allows students to develop and reflect on managerial and/or professional practice in real and often complex situations, and to integrate this with the study of the relevant subject(s) of your main degree programme.

Students develop, reinforce and apply professional and/or technical expertise in an employment or entrepreneurial context.

The Industry Assessment requires students to reflect on and evidence their experiences in relation to both their university studies as well as to a wide range of employability skills.

To be able to undertake this module it is necessary for the student to secure a placement or to have validated a Business Start-Up.

A placement should be appropriate to the student’s degree and experience. The length of the placement should normally be at least 44 weeks. It must be completed between the end of Summer Term and the start of Late Summer Term in the following year.

A Business Start-Up should build on the student’s planned business activity as developed and validated by the ASPIRE Business Start-Up Journey.

The particular combination of the student’s degree course and the great variety of increasingly diverse Year in Industry situations make the “curriculum” of the Year in Industry essentially unique.