| Program start date | Application deadline |
| 2023-09-25 | - |
Program Overview
Course overview
Studying Actuarial Mathematics at Liverpool will allow you to take your career in any number of directions. Choose this programme and you will become an expert, using mathematical models to solve financial problems.
Introduction
Mathematics is a fascinating, beautiful and diverse subject to study. It underpins a wide range of disciplines; from physical sciences to social science, from biology to business and finance.
At Liverpool, our programmes are designed with the needs of employers in mind, to give you a solid foundation enabling you to take your career in any number of directions.
Actuarial mathematics prepares students to be professionals who use mathematical models to analyse and solve financial problems under uncertainty. Actuaries are experts in the design, financing and operation of insurance plans, annuities, and pension or other employee benefit plans.
This programme is aimed at students who want to work in the world of insurance, financial or governmental services, where actuarial mathematics plays a key role. You will graduate prepared for a career as an actuary, combining financial and actuarial mathematics with statistical techniques and business topics.
You will cover specialised work in advanced actuarial and financial mathematics. You will then study more advanced ideas in both life and non-life insurance mathematics as well as stochastic modelling, econometrics and finance.
We have accreditation from the Institute and Faculty of Actuaries, the professional body for actuaries in the UK.
What you'll learn
Accreditation
Institute and Faculty of Actuaries
We have accreditation from the Institute and Faculty of Actuaries. Currently our students can receive exemptions for CS1, CS2, CM1, CM2, CB1 and CB2 of the professional actuarial exams conducted by the Institute and Faculty of Actuaries, the professional body for actuaries in the UK.
Accreditations in detail
Program Outline
Compulsory modules
ECONOMIC PRINCIPLES FOR BUSINESS AND MARKETS (ECON127)
Credits: 15 / Semester: semester 1
The aim of this module is to introduce the core principles of economics (both micro and macro), to develop models and economic perspectives relevant to business students and demonstrate how modern economics can illuminate the problems that businesses (both national and international) face on a day-to-day basis.
Calculus I (MATH101)
Credits: 15 / Semester: semester 1
At its heart, calculus is the study of limits. Many quantities can be expressed as the limiting value of a sequence of approximations, for example the slope of a tangent to a curve, the rate of change of a function, the area under a curve, and so on. Calculus provides us with tools for studying all of these, and more. Many of the ideas can be traced back to the ancient Greeks, but calculus as we now understand it was first developed in the 17th Century, independently by Newton and Leibniz. The modern form presented in this module was fully worked out in the late 19th Century. MATH101 lays the foundation for the use of calculus in more advanced modules on differential equations, differential geometry, theoretical physics, stochastic analysis, and many other topics. It begins from the very basics – the notions of real number, sequence, limit, real function, and continuity – and uses these to give a rigorous treatment of derivatives and integrals for real functions of one real variable.
Introduction to Linear Algebra (MATH103)
Credits: 15 / Semester: semester 1
Linear algebra is the branch of mathematics concerning vector spaces and linear mappings between such spaces. It is the study of lines, planes, and subspaces and their intersections using algebra.
Linear algebra first emerged from the study of determinants, which were used to solve systems of linear equations. Determinants were used by Leibniz in 1693, and subsequently, Cramer’s Rule for solving linear systems was devised in 1750. Later, Gauss further developed the theory of solving linear systems by using Gaussian elimination. All these classical themes, in their modern interpretation, are included in the module, which culminates in a detailed study of eigenproblems. A part of the module is devoted to complex numbers which are basically just planar vectors. Linear algebra is central to both pure and applied mathematics. This module is an essential pre-requisite for nearly all modules taught in the Department of Mathematical Sciences.
Mathematical IT skills (MATH111)
Credits: 15 / Semester: semester 1
This module introduces students to powerful mathematical software packages such as Maple and Matlab which can be used to carry out numerical computations or to produce a more complicated sequence of computations using their programming features. We can also do symbolic or algebraic computations in Maple. These software packages have built-in functions for solving many kinds of equations, for working with matrices and vectors, for differentiation and integration. They also contain functions which allow us to create visual representations of curves and surfaces from their mathematical descriptions, to work interactively, generate graphics and create mathematical documents. This module will teach students many of the above-mentioned features of mathematical software packages. This knowledge will be helpful in Years 2, 3 and 4 when working on different projects, for example in the modules MATH266 and MATH371.
INTRODUCTION TO FINANCE (ACFI103)
Credits: 15 / Semester: semester 2
This module introduces students to fundamental concepts in finance. The course aims to provide a firm foundation for the students to build on later on in the second and third years of their programmes, by covering basic logical and rational analytical tools that underpin financial decisions. The course covers topics such as the structure of firms and time value of money. Building on these notions, we then discuss the valuation of simple securities such as bonds and equities. The course also introduces students to project appraisal techniques.
CALCULUS II (MATH102)
Credits: 15 / Semester: semester 2
This module, the last one of the core modules in Year 1, is built upon the knowledge you gain from MATH101 (Calculus I) in the first semester. The syllabus is conceptually divided into three parts: Part I, relying on your knowledge of infinite series, presents a thorough study of power series (Taylor expansions, binomial theorem); part II begins with a discussion of functions of several variables and then establishes the idea of partial differentiation together with its various applications, including chain rule, total differential, directional derivative, tangent planes, extrema of functions and Taylor expansions; finally, part III is on double integrals and their applications, such as finding centres of mass of thin bodies. Undoubtedly, this module, together with the other two core modules from Semester 1 (MATH101 Calculus I and MATH103 Introduction to linear algebra), forms an integral part of your ability to better understand modules you will be taking in further years of your studies.
Introduction to Statistics using R (MATH163)
Credits: 15 / Semester: semester 2
Students will learn fundamental concepts from statistics and probability using the R programming language and will learn how to use R to some degree of proficiency in certain contexts. Students will become aware of possible career paths using statistics.
Theory of Interest (MATH167)
Credits: 15 / Semester: semester 2
This module mainly focuses on the theory of interest rates in financial mathematics. The module provides an understanding of some fundamental concepts of financial mathematics, and how these concepts are applied in calculating present and accumulated values for various streams of cash flows. Students will also be given an introduction to financial instruments, such as derivatives and the concept of no-arbitrage.
Careers and employability
A mathematically-based degree opens up a wide range of career opportunities, including some of the most lucrative professions.
87.5%
of mathematical sciences graduates go on to work or further study within 15 months of graduation.
Discover Uni, 2018-19.
Typical types of work our graduates have gone onto include:
Recent employers of our graduates are:
Preparing you for future success
At Liverpool, our goal is to support you to build your intellectual, social, and cultural capital so that you graduate as a socially-conscious global citizen who is prepared for future success. We achieve this by:
