BSc Actuarial Science

Program Overview

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Actuarial science teaches you the art of turning risks into opportunities. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. You benefit from an excellent starting salary, with graduates earning upwards of £30,000 on average. Our BSc Actuarial Science course covers the syllabus of many core subjects of the Institute and Faculty of Actuaries. Depending on your choice of optional modules, and upon sufficient attainment, this can lead to exemptions from the professional exams CS1, CS2, CM1, CM2, CB1 and CB2. More generally, our course features an attractive blend of solid mathematics, an understanding of real-world financial issues, optimisation, experimental design and computing skills which provide you with core skills for entering the world of actuaries and data scientists. Study topics including:

• Mathematical finance
• Financial reporting
• Contingencies, risk management and survival analysis
• Mathematical, statistical and probabilistic techniques
• Programming and computation in languages such as Matlab and R

Professional actuaries in the insurance industry, including influential businesses AXA and Buck Consultants, contribute to our employability module and also host students at their offices to show them typical challenges that actuaries face. As part of our Department of Mathematical Sciences , you’re a member of an inclusive and approachable research community which allows you to explore topics in pure, high-level mathematics and applied mathematics.

Professional accreditation

This programme will meet the educational requirements of the Chartered Mathematician designation, awarded by the Institute of Mathematics and its Applications, when it is followed by subsequent training and experience in employment to obtain equivalent competences to those specified by the Quality Assurance Agency (QAA) for taught masters degrees. Why we're great.

• 85% of our Department of Mathematical Sciences graduates are in employment or further study (Graduate Outcomes 2023).
• We are continually broadening the array of expertise in our department, giving you a wide range of options and letting you tailor your degree to your interests.
• You have access to our excellent dedicated computing facilities that provide real-world experience.

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Study abroad

Your education extends beyond the university campus. We support you in expanding your education through offering the opportunity to spend a year or a term studying abroad at one of our partner universities. The four-year version of our degree allows you to spend the third year abroad or employed on a placement abroad, while otherwise remaining identical to the three-year course. Studying abroad allows you to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. If you spend a full year abroad you'll only pay 15% of your usual tuition fee to Essex for that year. You won't pay any tuition fees to your host university

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Placement year

Alternatively, you can spend your third year on a placement year with an external organisation, where you learn about a particular sector, company or job role, apply your academic knowledge in a practical working environment, and receive inspiration for future career pathways. You will be responsible for finding your placement, but with support and guidance provided by both your department and the placements team. If you complete a placement year you'll only pay 20% of your usual tuition fee to Essex for that year.

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Our expert staff

Many of our academics have won national or regional awards for lecturing, and many of them are qualified and accredited teachers – something which is very rare at a university. Our course teachers are expert academics conducting internationally excellent multidisciplinary research, with significant multi-year experience in consulting and practicing actuarial science. Our key actuarial science staff are Professor Spyridon Vrontos (specialising in actuarial and financial data science, predictive modelling and predictability), Dr Tolulope Fadina (mathematical finance), Dr Junlei Hu (reinsurance and optimal risk transfer), Dr Peng Liu (applied probability and queueing systems), Dr Jackie Wong (Bayesian methods and survival analysis), and Dr John O’Hara (financial mathematics and machine learning in finance).

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Specialist facilities

• In addition to teaching, we have a Maths Support Centre , which offers help to students on a range of mathematical problems. Throughout term-time, we can chat through mathematical problems either on a one-to-one or small group basis
• We have a dedicated social and study space for maths students in the department, which is situated in the STEM Centre
• We host regular events and seminars throughout the year
• Our students run a lively Actuarial Science Society, an active and social group where you can explore your interest in your subject with other students

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Your future

We expect our graduates of BSc Actuarial Science to become actuaries in a range of industries. It is predicted by the US Department of Labor that the employment of actuaries is expected to grow faster than any other occupation, making it a great prospect for a graduate job. Aside from a rewarding career as an actuary, clear thinkers are required in every profession, so the successful mathematician has an extensive choice of potential careers. The Council for Mathematical Sciences offers further information on careers in mathematics. We also work with our University's Student Development Team to help you find out about further work experience, internships, placements, and voluntary opportunities. “Since graduating I have worked as a Trainee Actuary for a London brokerage, then took a year off to learn to code, and now I am working as an Actuarial Systems Analyst at Pacific Life Re. I help design actuarial models as well as working on tools for the actuarial systems team. My Essex degree definitely helped shape my career choices - and the maths is pretty useful!” Frederick Coles, BSc Actuarial Science, 2017

Program Outline

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation. We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 Year 2 Final Year This module will allow you to build your knowledge of differentiation and integration, how you can solve first and second order differential equations, Taylor Series and more. View Calculus on our Module Directory You'll be introduced to a range of important concepts which are used in all areas of mathematics and statistics. This module is structured in such a way that during learning sessions you'll develop good practical understanding of these concepts via discussion and exercises, and have an opportunity to ask questions. Theory is introduced via recorded videos and the corresponding notes published on Moodle, and also via recommendations of textbooks. The contact hours are dedicated to interactive activities such as lab exercises and flipped lecture quizzes; also you will have some additional formative tests in Moodle. View Matrices and Complex Numbers on our Module Directory How do you apply the addition rule of probability? Or construct appropriate diagrams to illustrate data sets? Learn the basics of probability (combinatorial analysis and axioms of probability), conditional probability and independence, and probability distributions. Understand how to handle data using descriptive statistics and gain experience of R software. View Statistics I on our Module Directory Introduction to Finance is designed to give you an introduction to the wider finance subject area ass well as firm foundation for further studies in finance. You’ll gain a overview of the financial system, instruments and markets, and ideas about finance concepts and problems. The topics covered include investment companies, return and risk, and behavioural finance. You’ll develop and be able to transmit knowledge about the financial system, instruments and markets and ideas about finance concepts and problems at an introductory level; be aware of, at an introductory level, different ways of thinking about and analysing financial phenomena; and, reflecting the principles of how we approach Finance at Essex Business School, you’ll gain an appreciation of the role that finance plays in society as whole. View Introduction to Finance on our Module Directory This module introduces students to the core economic principles and how these can be used in a business environment to help decision making and behaviour. In the first half of the module, it provides the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. In the second half, the module explores the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system. This module covers 100% of required material in the Business Economics (CB2) syllabus accredited by the Institute and Faculty of Actuaries (IFoA ). View Economics for Actuaries on our Module Directory This module introduces you to programming skills in the context of a range of mathematical modelling topics. Mathematical modelling skills will be an important focus alongside learning how to structure and implement codes in both Matlab and R. A key part of the module will be investigative open-ended computational modelling studies at both the group and individual level. View Mathematical and Computational Modelling on our Module Directory What skills do you need to succeed during your studies? And what about after university? How will you realise your career goals? Develop your transferable skills and experiences to create your personal profile. Reflect on and plan your ongoing personal development, with guidance from your personal advisor within the department. View Mathematics Careers and Employability on our Module Directory What instruments are used by companies to raise finance and manage financial risk? What is the role of financial institutions operating in financial markets? What are the techniques of financial accounting? How do you use spreadsheets in financial analysis? Examine and develop the concepts and elements of corporate finance. View Finance and Financial Reporting on our Module Directory How do you compare different income streams? You will be able to answer the question after studying this module which is critical in any financial decision making. In this module, all payments are assumed to be guaranteed and we will focus on the concept of valuing future monetary payments in terms of present. This module covers part of the CM1 course of the IFoA. View Financial Mathematics on our Module Directory In this module you'll be introduced to the basics of probability and random variables. Topics you will discuss include distribution theory, estimation and Maximum Likelihood estimators, hypothesis testing, basic linear regression and multiple linear regression implemented in R. View Statistics II on our Module Directory What are the principles of actuarial modelling? And what are survival models? Examine how calculations in clinical trials, pensions, and life and health insurance require reliable estimates of transition intensities/survival rates. Learn how to estimate these intensities. Build your understanding of estimation procedures for lifetime distributions. View Survival Analysis on our Module Directory How do you define simple assurance contracts? What practical methods are required to evaluate expected values from a contract? How can you calculate gross premiums and reserves of assurance and reserves? Understand the mathematical techniques that can calculate, model and value cashflows dependent on death, survival or other uncertain risks. View Contingencies I on our Module Directory Are you able to solve a small linear programming problem using an appropriate version of the Simplex Algorithm? Learn to formulate an appropriate linear programming model and use the MATLAB computer package to solve linear programming problems. Understand the methods of linear programming, including both theoretical and computational aspects. View Optimisation (Linear Programming) on our Module Directory The subject of ordinary differential equations is a very important branch of Applied Mathematics. Many phenomena from Physics, Biology, Engineering, Chemistry, Finance, among others, may be described using ordinary differential equations. To understand the underlying processes, we have to find and interpret the solutions to these equations. The last part of the module is devoted to the study of nonlinear differential equations and stability. This module provides an overview of standard methods for solving single ordinary differential equations and systems of ordinary differential equations, with an introduction to the underlying theory. View Ordinary Differential Equations on our Module Directory How do you prove simple properties of linear space from axioms? Can you check whether a set of vectors is a basis? How do you change a basis and recalculate the coordinates of vectors and the matrices of mapping? Study abstract linear algebra, learning to understand advanced abstract mathematical definitions. View Linear Algebra on our Module Directory What skills do you need to succeed during your studies? And what about after university? How will you realise your career goals? Develop your transferable skills and experiences to create your personal profile. Reflect on and plan your ongoing personal development, with guidance from your personal advisor within the department. View Mathematics Careers and Employability on our Module Directory This module will enable you to expand your knowledge on multiple statistical methods. You will learn the concepts of decision theory and how to apply them, have the chance to explore “Monte Carlo” simulation, and develop an understanding of Bayesian inference, and the basic concepts of a generalised linear model. View Statistical Methods on our Module Directory How do you formulate financial decision problems mathematically? And how do you identify an appropriate method of solution? Understand the basic models and mathematical methods underlying modern portfolio management. Assess the limitations of these models and learn to correctly interpret your results from calculations. View Mathematics of Portfolios on our Module Directory Why are arbitrage arguments important in modern finance? How can a binomial model evaluate derivatives? What are the main models for interest rates? Understand the mathematical techniques underlying the modelling of derivative pricing. Acquire skills in the development of pricing and risk management. Explore stochastic methods and credit risk. View Financial Derivatives on our Module Directory Can you calculate confidence intervals for parameters and prediction intervals for future observations? Represent a linear model in matrix form? Or adapt a model to fit growth curves? Learn to apply linear models to analyse data. Discuss underlying assumptions and standard approaches. Understand methods to design and analyse experiments. View Linear Regression Analysis on our Module Directory What methods are available to model cashflows that are contingent on competing risk? What techniques for discounted emerging costs can be used in pricing, reserving and assessing profitability? Study the methods and techniques used in pricing and valuation of insurance policies and products, putting emphasis on those involving multiple lives. View Contingencies II on our Module Directory Ever considered becoming an Actuary? This module covers the required material for the Institute and Faculty of Actuaries CT4 and CT6 syllabus. It explores the stochastic process and principles of actuarial modelling alongside time series models and analysis. View Stochastic Processes on our Module Directory This module will allow you to step out of the classroom and gain real experience in your selected branch of Mathematics that you could not gain from a lecture. You will be able to develop your ability to work independently on research and produce a project report on your topic of interest. View Capstone Project: Mathematics on our Module Directory What do you understand about Bayes’ theorem and Bayesian statistical modelling? Or about Markov chain Monte Carlo simulation? Focus on Bayesian and computational statistics. Understand the statistical modelling and methods available. Learn to develop a Monte Carlo simulation algorithm for simple probability distributions. View Bayesian Computational Statistics on our Module Directory What skills do you need to succeed during your studies? And what about after university? How will you realise your career goals? Develop your transferable skills and experiences to create your personal profile. Reflect on and plan your ongoing personal development, with guidance from your personal advisor within the department. View Mathematics Careers and Employability on our Module Directory

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Placement

On a placement year you gain relevant work experience within an external business or organisation, giving you a competitive edge in the graduate job market and providing you with key contacts within the industry. The rest of your course remains identical to the three-year degree.

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Year abroad

On your year abroad, you have the opportunity to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. The rest of your course remains identical to the three-year degree.

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Teaching

• Teaching mainly takes the form of lectures – you study roughly two 50-minute lectures and one 50-minute class per week, per module
• Take a mathematics careers and employability module, where you compile a portfolio of skills and experience

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Assessment

• Your final mark is a weighted combination of marks gained on coursework (eg homework problem sheets or tests) and your summer examinations
• Your first year of study does not count towards your final degree class
• Third-year students have the opportunity to complete a full-year or one-term project