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Actuarial Science with a Foundation Year is designed for students who wish to study Actuarial Science but are applying from a country where secondary education does not reach the level required for direct entry to UK degrees. It is also suitable for those who don't have qualifications in appropriate subjects, or whose grades are not high enough.
Overview
Actuaries evaluate and manage financial risks, particularly in the financial services industry. They form a small yet well-respected, influential and relatively well-paid profession. If you are good at mathematics and you are curious about financial matters, you should enjoy studying actuarial science.
Our degree gives you the opportunity to gain exemptions from eight of the professional examinations set by the UK actuarial profession, and is one of the few programmes to achieve full accreditation from the profession. Once you qualify, employment prospects are good, and students from this course have also gone on to successful careers in other areas such as accountancy, banking or operational research.
The core actuarial modules are taught by professionally qualified actuaries with many years’ industry experience. The course offers an optional year in industry and we run the Invicta Actuarial Society, which provides good links with industry. Our School is friendly and we make a point of getting to know our students on a one-to-one basis.
Think Kent video series
How long are you likely to live? Being able to model human longevity accurately is essential for pension schemes and life insurance companies. In this entertaining lecture, Professor Paul Sweeting, Professor of Actuarial Science at the University of Kent, explores the key issues, and how research is helping to address them.
Independent rankings
In the National Student Survey 2015, 93% of students from the School of Mathematics, Statistics and Actuarial Science were satisfied with the overall quality of their course.
Course structure
The course structure below gives a flavour of the modules that will be available to you and provides details of the content of this programme. This listing 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 ‘wild’ modules from other programmes offered by the University in order that you may customise your programme and explore other subject areas of interest to you or that may further enhance your employability.
Foundation year
If your qualifications are not sufficient, for whatever reason, for direct entry onto a degree programme, you can apply for this programme.
If your first language is not English, the Foundation Year offers additional classes taught by staff who are specialists in teaching English as a foreign language.
Find out more about the benefits of a Foundation Year.
Year in industry
Students on this course spend a year working in industry between Stages 2 and 3. We can offer help and advice in finding a placement. This greatly enhances your CV and gives you the opportunity to put your academic skills into practice. It also gives you an idea of your career options. Recent placements have included IBM, management consultancies, government departments, actuarial firms and banks.
Teaching and assessment
Most of the teaching is by lectures and examples classes. At each Stage, you can go to regular supervised classes where you can get help and advice on the way you approach problems. Modules which include programming or working with computer software packages usually involve practical sessions.
Each year, there are a number of special lectures by visiting actuaries from external organisations, to which all students are invited. These lectures help to bridge the gap between actuarial theory and its practical applications. The course provides practical experience of working with PROPHET, a market-leading actuarial software package used by commercial companies worldwide for profit testing, valuation and model office work.
This market-leading actuarial system is provided by SunGard, a global leader in integrated software and processing solutions primarily for financial services.
Programme aims
We aim to help students develop:
- skills and knowledge appropriate to graduates in mathematical subjects
- the ability to use rigorous reasoning and precise expression
- the capabilities to formulate and solve problems
- an appreciation of recent actuarial developments, and of the links between the theory and its practical application in industry
- the ability to formulate a logical, mathematical approach to solving problems
- an enhanced capacity for independent thought and work
- competence in the use of IT and the relevant software
- opportunities to study advanced topics, engage in research and develop communication and personal skills
- eligibility for up to eight exemptions from examinations of the Institute and Faculty of Actuaries.
In addition, the Year in Industry enables students to gain awareness of the application of technical concepts in the workplace.
Learning outcomes
Knowledge and understanding
You gain knowledge and understanding of:
- the principles of specific actuarial mathematics techniques including calculus, algebra, mathematical methods, discrete mathematics, analysis and linear algebra
- probability and inference and time series modelling, plus specialist statistics applications in insurance
- IT skills relevant to actuaries
- methods and techniques appropriate to the mathematics of finance, finance and financial reporting, and financial economics
- the principles of economics as relevant to actuaries
- methods and techniques appropriate to survival models.
- the core areas of actuarial practice
Intellectual skills
You gain the following intellectual abilities:
- demonstrate a reasonable understanding of the programme's main body of knowledge
- skills in calculation and manipulation of the material in the programme
- to apply a range of concepts and principles in various contexts
- how to present a logical argument
- to solve problems using various appropriate methods
- IT skills
- research, presentation and report-writing skills
- an aptitude to work independently with relatively little guidance.
Subject-specific skills
You gain actuarial science skills in the following:
- specific mathematical and statistical techniques and their application to solving actuarial problems
- use of industry-specific IT skills and software
- an understanding of the practical applications of the subject material in insurance
- the ability to develop simple actuarial computer models to solve actuarial problems and to interpret and communicate the results.
Transferable skills
You gain transferable skills in the following:
- problem-solving in relation to qualitative and quantitative information
- written and oral communication skills
- numeracy and computation
- information retrieval, in relation to primary and secondary information sources, including online computer searches
- word-processing and other IT skills including spreadsheets and internet communication
- interpersonal skills such as the ability to interact with other people and to engage in team-working
- time-management and organisation, and the ability to plan and implement efficient and effective modes of working
- study skills required for continuing professional development
Careers
Our programme is fully accredited by the Actuarial profession. Through your studies, you acquire communication skills, the ability to work in a team and independently, and learn how to present information clearly and concisely. Our graduates have found work as trainee actuaries in financial management, insurance companies and consultancy practices, the Government Actuary’s Department, the stock exchange and other areas of financial management, or have gone on to further study.
Professional recognition
Our degree can give exemption from the core technical subjects (CT1 to CT8) of the professional examinations set by the UK actuarial profession, and gives a firm foundation for the later specialist technical subjects.
Entry requirements
When considering your application, we look at both your qualifications and your potential, as shown, for example, by your personal statement and the comments of your referees.
To take a foundation degree, you need to have an English language standard of 5.5 in IELTS; however please note that these requirements are subject to change. For the latest details, see www.kent.ac.uk/ems/eng-lang-reqs.
Home/EU students
The University will consider applications from students offering a wide range of qualifications, typical requirements are listed below, students offering alternative qualifications should contact the Admissions Office for further advice. It is not possible to offer places to all students who meet this typical offer/minimum requirement.
| Qualification | Typical offer/minimum requirement |
|---|---|
| A level | Applications are individually considered. Please contact an Admissions Officer |
| Access to HE Diploma | The University of Kent will not necessarily make conditional offers to all access candidates but will continue to assess them on an individual basis. If an offer is made candidates will be required to obtain/pass the overall Access to Higher Education Diploma and may also be required to obtain a proportion of the total level 3 credits and/or credits in particular subjects at merit grade or above. |
| BTEC Level 3 Extended Diploma (formerly BTEC National Diploma) | The university will consider applicants holding BTEC National Diploma and Extended National Diploma Qualifications (QCF; NQF;OCR) on a case by case basis please contact us via the enquiries tab for further advice on your individual circumstances. |
| International Baccalaureate | Applications are individually considered. Please contact an Admissions Officer. |
International students
The University receives applications from over 140 different nationalities and consequently will consider applications from prospective students offering a wide range of international qualifications. Our International Development Office will be happy to advise prospective students on entry requirements. See our International Student website for further information about our country-specific requirements.
English Language Requirements
Please see our English language entry requirements web page.
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.
General entry requirements
Please also see our general entry requirements.
Fees
The 2016/17 annual tuition fees for this programme are:
| UK/EU | Overseas | |
|---|---|---|
| Full-time |
For details of when and how to pay fees and charges, please see our Student Finance Guide.
The Government has announced changes to allow undergraduate tuition fees to rise in line with inflation from 2017/18.
The University of Kent is currently considering whether to increase its regulated full-time tuition fees for all returning Home and EU undergraduates from £9,000 to £9,250 in September 2017. This would be subject to us satisfying the Government's Teaching Excellence Framework and the access regulator's requirements. The equivalent part-time fees for these courses might also rise by 2.8%.
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
UK/EU/International students on an approved Year Abroad for the full 2016/17 academic year pay an annual fee of £1,350 to Kent for that year. Those on an approved Year in Industry pay an annual fee of £865 to Kent for that year. Students studying abroad for less than one academic year will pay full fees according to their fee status.
Funding
Kent offers generous financial support schemes to assist eligible undergraduate students during their studies. Details of our proposed funding opportunities for 2016 entry can be found on our funding page.
General scholarships
Scholarships are available for excellence in academic performance, sport and music and are awarded on merit. For further information on the range of awards available and to make an application see our scholarships website.
The Kent Scholarship for Academic Excellence
At Kent we recognise, encourage and reward excellence. We have created the Kent Scholarship for Academic Excellence. For 2016 entry, the scholarship will be awarded to any applicant who achieves a minimum of AAA over three A levels, or the equivalent qualifications as specified on our scholarships pages. Please review the eligibility criteria on that page.