Actuarial Science and Risk Management BSc drafted

Program Overview

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The BSc Actuarial Science and Risk Management programme has been designed by qualified actuaries to enable students to develop the theoretical and practical skills required to pursue a career as an actuary in the pensions and insurance sectors, or in the wider financial industry.

In addition, students may gain up to six exemptions from the initial technical professional exams required to qualify as an actuary via our accreditation with the Institute and Faculty of Actuaries.

Actuarial Science and Risk Management Degree highlights

The Actuarial, Accounting and Finance department at Queen’s is consistently ranked in the top 10 in the UK by the Sunday Times and the Complete University Guide.

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Professional Accreditations

Subject to academic performance, students can gain up to six exemptions from the Institute and Faculty of Actuaries (IFoA) professional exams.

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Industry Links

The Society of Northern Ireland Actuaries (SoNIA) is a regional society for local actuaries. It aims to offer a forum for Northern Ireland based actuaries and student actuaries to share opinions on actuarial topics, providing a networking opportunity.

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Career Development

During the third year of the degree, students complete a 9 to 12 month placement with an actuarial firm. These placements are usually in Belfast, Dublin, London or the Isle of Man. Example placements include Aviva, Irish Life, Spence & Partners, SCOR, The Pension Protection Fund and Pramerica. There are a dedicated team of placement officers in the Management School who will help you to prepare for placement, and obtain positions of the highest quality.

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World Class Facilities

Students on the course will be given the opportunity to develop their financial modelling skills and will use software such as Model Risk and the Bloomberg terminals in the Trading Room.

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Internationally Renowned Experts

Students have the opportunity to engage with industry professionals who regularly deliver guest lectures.

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Student Experience

The Student Managed Fund gives students the opportunity to manage a real money portfolio where they do the research and decide on their investment strategy.

The Finance & Actuarial society runs social and educational events for members, such as the end of year formal.

"During my third year, I was on a

placement with Allianz Re Dublin

Limited, working as a student actuary.

Through the placement, I not only

learnt some technical skills such as

VBA coding, analytical reasoning

and problem solving, it also gave me

opportunities to gain an insight

of an actuary’s job scopes and

responsibility."

Jo Khoon Loh, Malaysia,

BSc Actuarial Science and Risk

Management (2015)

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Course content

Program Outline

Course Structure

Stage 1	Actuarial Mathematics 1 Financial Reporting and Analysis Introduction to Statistics and Operational Research Economy, Society and Public Policy 1 Economy, Society and Public Policy 2 Introduction to Statistical and Operational Research Methods
Stage 2	Actuarial Mathematics 2 Actuarial methods in General Insurance Financial Risk Modelling Investment Analysis Excel and VBA Principles of Actuarial Modelling
Stage 3	Placement Year Students undertake a minimum nine-month, salaried work placement. Placement allows students to develop highly-valued practical skills, as well as critical softer skills that employers value, and on successful completion, students are eligible for a Licentiateship award (a vocational qualification provided through the City and Guilds of London Institute). Recent placement providers have included Scor, Pramerica, Spence and Partners, Milliman and the Government Actuaries Department (GAD).
Stage 4	Actuarial Modelling Equity Research Actuarial Econometrics and Data Science Actuarial Applications Financial Engineering Stochastic Processes for Finance

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People teaching you

Dr Mark Farrell

Senior Lecturer (Education) for Actuarial Science

Queen’s Management School

Mark Farrell is a Fellow of the Institute and Faculty of Actuaries and Senior Lecturer (Education) in the Actuarial Science and Risk Management degree programme at The Management School, Queen's University Belfast. After obtaining a first class degree in Mathematics and Sport Science at Loughborough University Mark spent a number of years working in various actuarial roles in London, Toronto, Belfast and Dublin before making a move into academia in 2009 where he teaches and researches in actuarial science related fields. Mark is also a Fulbright scholar.

Mr Neil McConville

Programme Director for BSc Actuarial Science

Queen's Management School

Neil McConville is a Fellow of the Institute and Faculty of Actuaries and a former consulting pensions Actuary and Scheme Actuary certificate holder. Following his graduation from Queen’s University Belfast, with a degree in Finance, Neil commenced his career as an Actuary in Dublin before moving onto a number of senior roles within benefit consulting firms based in Belfast. Neil is a Lecturer (Education) and programme director of the Actuarial Science and Risk Management degree programme and lectures across all teaching years within the degree.

Ms Gillian McMahon

Lecturer (Education) for Actuarial Science

Queen's Management School

Gillian McMahon is a Fellow of the Institute and Faculty of Actuaries and a Lecturer on the Actuarial Science and Risk Management degree programme at the Management School, Queen’s University Belfast. After completing a master’s degree in Financial and Industrial Mathematics at Dublin City University and obtaining a first class bachelor’s degree in Theoretical Physics from University College Dublin, Gillian spent nine years working in an actuarial role with a Belfast based pensions consultancy. She joined the Management School in 2016.

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Contact Teaching Times

Large Group Teaching	6 (hours maximum) hours of lectures
Medium Group Teaching	6 (hours maximum) hours of practical classes, workshops or seminars each week
Personal Study	24 (hours maximum) 22–24 hours studying and revising in your own time each week, including some guided study using handouts, online activities, etc.
Small Group Teaching/Personal Tutorial	2 (hours maximum) hours of tutorials (or later, project supervision) each week

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Learning and Teaching

Queen’s Management School is one of the largest Schools in the University with more than 1800 full-time undergraduate students and 300 plus postgraduate students. The School has been delivering high quality programmes for more than 40 years and was one of the first schools in the UK to introduce undergraduate management education. Since then, QMS has been developing and enhancing its teaching portfolio for both local and international students and boasts students from more than 20 different nationalities.

In recent years, the School has benefited from significant investment resulting in many new academic appointments and state-of-the-art facilities including computer teaching labs with specialised software and a Trading Room in Riddel Hall. In addition, the new McClay library houses an excellent selection of Management and related texts and there are extensive IT facilities throughout the campus.

At Queen’s, we aim to deliver a high quality learning environment that embeds intellectual curiosity, innovation and best practice in learning, teaching and student support to enable students to achieve their full academic potential. In line with this, one of QMS’ primary objectives is to deliver innovative learning and teaching programmes that provide students with the competences and skills to make a positive contribution to business, economic and civic life.

On the BSc Actuarial Science and Risk Management programme we achieve these goals by providing a range of learning environments which enable our students to engage with subject experts both academic staff and industry guest speakers, develop skills and attributes and perspectives that will equip them for life and work in a global society and make use of innovative technologies and a world-class library that enhances their development as independent, lifelong learners. Examples of the opportunities provided for learning on this degree programme are:

Adviser of Studies

Who acts as a first point of contact for students with academic or personal issues that they may require guidance and/or support with.

E-Learning technologies

Information associated with lectures and assignments is often communicated via a Virtual Learning Environment (VLE) called Queen’s Online. A range of e-learning experiences are also embedded in the degree programme through the use of, for example, interactive support materials, podcasts and web-based learning activities. There are also opportunities to develop skills in the use of industry software associated with actuarial practice.

Induction

A formalised induction for all undergraduate students. For Stage 1 students, this includes several half-day sessions the week before the programme begins to allow students to familiarise themselves with the campus and the degree programme. During Stage 1 there are a number of follow-up sessions throughout the year. Topics such as academic writing, referencing, plagiarism, communication skills, examination preparation and managing time effectively are all covered in these practical sessions.

Lectures

These introduce foundation information about new topics as a starting point for further self-directed private study/reading. As the module progresses this information becomes more complex. Lectures, which are normally delivered in large groups to all year-group peers, also provide opportunities to ask questions and seek clarification on key issues as well as gain feedback and advice on assessments. Additional guest lectures are also delivered by actuaries from a number of actuarial firms. In addition to the academic content of the lectures and workshops, this enables employers to impart their valuable experience to QMS Actuarial Science students and introduces important local employers to our students and allows our students to meet and engage with potential future employers. .

Peer Mentoring Scheme

Whereby students in the second year of their degree programme volunteer to mentor Stage 1 students. Developing the programme themselves, with support from academic staff in QMS, the mentors organise informal meetings, regular contact and a series of events ranging from ice-breaker type events to employer-led sessions with the Stage 1 students.

Personal Development Planning

To encourage students to engage in independent learning.

Practicals

Actuarial Science is a very theoretical yet vocational subject and as such we facilitate opportunities for students to engage in the application of theory. You will have opportunities to develop technical skills and apply theoretical principles to real-life or practical contexts through the modules you study and through industry presentations and workshops that we host.

Self-directed study

This is an essential part of life as a Queen’s student when important private reading, engagement with e-learning resources, reflection on feedback to date and assignment research and preparation work is carried out.

Seminars/tutorials

A significant amount of teaching is carried out in small groups (typically 15-20 students). These sessions are designed to explore, in more depth, the information that has been presented in the lectures. This provides students with the opportunity to engage closely with academic staff who have specialist knowledge of the topic, to ask questions of them and to assess their own progress and understanding with the support of their peers. During these classes, students will be expected to present their work to academic staff and their peers.

Student Support Systems

QMS has an active and co-ordinated student support system to assist students in making the transition from school to university.

Supervised Projects

As part of the continual assessment on a range of modules, you will be expected to undertake project work. You will receive support from the module coordinators who will guide you in terms of how to carry out your projects and will provide feedback to you during the write up stage.

Work placements

The BSc Actuarial Science and Risk Management programme has a compulsory placement year with an actuarial organisation. This begins after all Level 2 modules have been successfully completed. The dedicated Placement Office within the School facilitates students in sourcing and securing appropriate placements and provides appropriate support whilst the student is with the host organisation. This is a significant learning and employability enhancement opportunity and will ensure that the theory being understood in the lecture theatre is complemented by the development of practical, transferrable skills.

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Assessment

Details of assessments associated with this course are outlined below:

The way in which students are assessed will vary according to the learning objectives of each module. Details of how each module is assessed are shown in the Student Handbook which is provided to all students during their first year induction. Actuarial Science modules are typically assessed by a combination of continuous assessment and a final written unseen examination. Continuous assessment consists of tutorial submissions, short class tests, individual project work, small group projects and presentations – this involves three/four students per group working on a specific task, for example, a solution to an actuarial problem.

Once you have reviewed your feedback, you will be encouraged to identify and implement further improvements to the quality of your work.

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Feedback

As students progress through their course at Queen’s they will receive general and specific feedback about their work from a variety of sources including lecturers, module co-ordinators, placement supervisors, personal tutors, advisers of study and peers. University students are expected to engage with reflective practice and to use this approach to improve the quality of their work. Feedback may be provided in a variety of forms including:

Feedback provided via formal written comments and marks relating to work that you, as an individual or as part of a group, have submitted.

Face to face comment. This may include occasions when you make use of the lecturers’ advertised “office hours” to help you to address a specific query.

Placement employer comments or references.

Online or emailed comment.

General comments or question and answer opportunities at the end of a lecture, seminar or tutorial.

Pre-submission advice regarding the standards you should aim for and common pitfalls to avoid. In some instances, this may be provided in the form of model answers or exemplars which you can review in your own time.

Feedback and outcomes from practical classes.

Comment and guidance provided by staff from specialist support services such as, Careers, Employability and Skills or the Learning Development Service.

Once you have reviewed your feedback, you will be encouraged to identify and implement further improvements to the quality of your work.

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Facilities

Students have access to Bloomberg software, a market leader in financial news, data and analytics, which is used by many financial institutions. The Trading Room allows for an interactive and exciting learning environment which, brings textbook theory to life.

https://www.qub.ac.uk/schools/QueensManagementSchool/About/FinTrUTradingRoom/

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Overview

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Modules

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Modules

The information below is intended as an example only, featuring module details for the current year of study (2022/23). Modules are reviewed on an annual basis and may be subject to future changes – revised details will be published through Programme Specifications ahead of each academic year.

Year 1

Year 2

Year 3

Year 4

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Core Modules

Economy, Society, and Public Policy 2

(20 credits)

Actuarial Placement Preparation

(0 credits)

Economy, Society, and Public Policy 1

(20 credits)

Introduction to Statistical and Operational Research Methods

(10 credits)

Actuarial Mathematics 1

(20 credits)

Introduction to Probability & Statistics

(30 credits)

Financial Reporting and Analysis

(20 credits)

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Core Modules

Financial Risk Modelling

(20 credits)

Actuarial Placement Learning

(0 credits)

Excel and VBA

(20 credits)

Actuarial Mathematics 2

(20 credits)

Principles of Actuarial Modelling

(20 credits)

Actuarial methods in General Insurance

(20 credits)

Investment Analysis

(20 credits)

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Core Modules

Queen's Management School Placement Year

(120 credits)

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Core Modules

Actuarial Applications

(20 credits)

Actuarial Econometrics and Data Science

(20 credits)

Stochastic Processes for Finance

(20 credits)

Actuarial Modelling

(20 credits)

Financial Engineering

(20 credits)

Equity Research

(20 credits)

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Course content

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Entry Requirements

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Career Prospects

Introduction

Students pursuing a career in Actuarial Science should enjoy working with numbers, be effective communicators and work well with people as they will have to analyse and interpret financial and other information to meet the needs of different users, including managers and investors.

http://www.prospects.ac.uk

Employment after the Course

The traditional areas in which actuaries are employed include:

Pensions Industry - Actuaries are involved in the management and valuation of pension scheme liabilities (for regulatory purposes). They are also involved in new design and restructuring of pension schemes, deficit management and any requirements of regulatory change on pension schemes.

Investment Industry - Actuaries are involved in a wide variety of work such as pricing financial derivatives, working in fund management or working in quantitative investment research.

Life and Non-Life Insurance Industries - Actuaries design new insurance policies and calculate premium rates for the protection of life (whole life or term assurance) or personal items (car insurance or buildings and contents). Actuaries also perform reserving calculations to demonstrate solvency of the company.

Employment Links

Graduate employers include: Kerr Henderson, Spence & Partners, Irish Life, Invesco, Boal & Co, Willis Towers Watson, Allianz Insurance, Mercer, AXA Insurance, Deloitte, Capita, Liberty Mutual Insurance, PwC, Pramerica, Metlife, XPS.

Alumni Success

"Queen’s gave me the tools to succeed, such as the ability to solve problems and analyse complex situations. It helped me develop strong communication and presentation skills as well as a commercial awareness of the financial industry. I now work as a Commercial Actuary at Allianz which involves estimating the value of claims and premiums to ensure solvency and profitability. I am also involved in pricing work for our main property and small business accounts and through building actuarial models I advise the underwriters on how they should determine technical premiums for customers. I hope to further develop my leadership skills to accompany my technical knowledge and move into more senior roles, gaining experience across a wide range of areas such as reserving, pricing and capital modelling.”

Kevin O’Reilly, Commercial Actuary at Allianz Insurance

Professional Opportunities

Recent placement providers have included Aviva, Irish Life, Kerr Henderson, Spence & Partners, SCOR, The Pension Protection Fund and Pramerica.

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What employers say

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Additional Awards Gained

Year in Industry

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Prizes and Awards

A number of local employers and professional bodies sponsor prizes on an annual basis for best students in their level, module or category.

These include Invesco, The Company of Actuaries Charitable Trust Fund, Kerr Henderson, SCOR Global Life, Mercer, Pramerica, Spence and Partners, Acumen Resources, XPS, and Allianz Re Dublin.

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Degree plus award for extra-curricular skills

In addition to your degree programme, at Queen's you can have the opportunity to gain wider life, academic and employability skills. For example, placements, voluntary work, clubs, societies, sports and lots more. So not only do you graduate with a degree recognised from a world leading university, you'll have practical national and international experience plus a wider exposure to life overall. We call this Degree Plus. It's what makes studying at Queen's University Belfast special.

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Entry requirements

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Fees and Funding