Actuarial Management MSc

Program Overview

Program Summary

The Actuarial Management Master's Program at Bayes Business School provides exemptions from professional actuarial exams and offers in-depth study of actuarial science, insurance, finance, and investment. The program features a flexible structure with compulsory core modules and a range of electives, allowing students to tailor their studies to their career aspirations. Graduates are highly sought after by leading organizations in the actuarial and financial sectors.

Program Outline

Actuarial Management Master's Program (Bayes Business School)

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Degree Overview:

• Focus:
Exemptions from professional actuarial exams (Institute and Faculty of Actuaries) in Core Practice (CP1), Modelling Practice (CP2), Communications Practice (CP3) and Specialist Principle Subjects SP1, SP2, SP4, SP5, SP6, SP7 and SP8.
• Possibilities:
Exemptions from Core Principle Subjects CB1, CB2, CS2 are CM2 are also offered.
• Additional:
Business Analytics modules available as electives in term 3.
• Benefits:
In-depth study of actuarial science, insurance, finance and investment.
• Duration:
12 months (full-time), 24 months (part-time)

Outline:

• Course Structure:
• Part-time students complete compulsory modules in year 1, spread the elective modules between years 1 & 2, and must complete the ARP/BRP in year 2
• Full-time students complete modules each term:
• Term 1 & 2: Compulsory Core Modules + Electives
• Term 3: Business Research Project (BRP)/Applied Research Project (ARP) + electives OR Modelling Practice (CP2), Professional Communication (CP3) + Project/electives OR 5 electives
• Induction weeks:
mandatory before course start

Term 1:

• Compulsory Core Modules ( CP1 parts covered )
Actuarial Practice (Part I): Strategic concepts in managing financial institutions, risk management principles, analyze issues, formulate solutions. Actuarial Practice (Part II): Building office models utilizing mathematical/actuarial techniques. Research Methods for Actuarial Professionals: Statistical learning research, applications to real data.
• Module Leaders Include:
• Electives ( SP subjects covered):
Life Insurance (SP2): Principles of actuarial planning and control, apply knowledge to life insurance companies. Pensions and Other Benefits (SP4): Technical skills for pensions industry, pension schemes. General Insurance: Reserving and Capital Modelling (SP7): Introduction to reserving and Capital Modelling in General Insurance. Finance and Financial Reporting (CB1): Gain skills/knowledge to engage with finance/financial reporting within a company. Business Economics (CB2): Fundamental economic analysis at micro/macro level, apply to actuarial science. Enterprise Risk Management (non-exemption module): Principles of risk management across corporate settings, enhance firm value through strategic/business unit risk management.
• Core Principles CB1 and CB2 offered subject to availability for MSc Actuarial Science students who are prioritized.
Enterprise Risk Management also prioritized for MSc insurance/risk, MSc corporate risk students.

Term 2:

• Compulsory Core Modules ( CM subjects covered )
Actuarial Practice (Part III): Continuation from Term 1.
• Electives ( SP8 subjects covered )
1. Health and Care (SP1): In-depth analysis of theory/pracice of health insurance through actuarial lens. Finance and Investment A (SP5): Modern financial management techniques, applications to asset management/corporate financing. Finance and Investment B (SP6): Types of financial derivatives, markets they're traded in, credit derivatives, models for credit risk, portfolio risk assessment/management with derivatives. General Insurance: Pricing (SP8): Introduction to mathematical/economic techniques used in pricing within insurance and reinsurance products. Financial Economics (CM2): Utilize/understand models used in financial economics including computer-based applications, analyze insurance problems utilizing utility theory, assess different risks, measure investment risk, evaluate derivatives, risk assessment within firms, make portfolio decisions etc. Insurance Risk Modelling (CS2): Explain fundamental modelling for insurance applications, discuss statistical and stochastic modelling for life
on-life insurance risks. Utilize computer-based applications for various topics. Financial Risk (non-exemption module): Understanding the financial risk landscape, measures/manages different financial riesgos faced globally; strategies/techniques/tools, impact for corporate financial risks.
• Core Principles CM2 and CS2 offered subject to availability for MSc in Actuarial Science students who are prioritized.
Financial Risk module for Insurance/corporate risk MSc students.

Term 3:

• Multiple options available including:
> - Business Research Project (BRP) or Applied Research Project (ARP)
• Modelling Practice (CP2), Professional Communication (CP3) with one of the project OR with more electives
• 5 short electives
• Short Electives (2023):
Applied ML, Applied NLP, Financial Crime, FinTech, Ethics/Finance, Emerging G Risks, Finance Institutions Valuation; Data systems analysis, claims reserving modeling, quantitative risk topics.
• Elective availability subject to change.

Note:

Elective details were available for 2023 intake and may change for your year.

Assessment:

(Note: Coursework methods can vary)

• Coursework/Assignments/Project
• Exams
• Group-based projects
• Presentations
• Computer-based elements

Note:

Assessment information is limited in provided material. Contact faculty for details.

Teaching:

• Qualified/experienced teaching staff (commercial/research) including Institute/faculty of Actuaries members.
• Courses linked to professional exams to prepare thoroughly.
• Small class environment allows for individual attention and group work collaboration.
• Access to academic/careers advisors for additional support and guidance.

Careers:

• Successful/rewarding career as actuary in life
  -life insurance, heath/care, pensions, finance+investment.
• Strong connections with City firms lead graduates to prestigious roles across various organizations each year: Actuarial Consultants, Sr actuarial analysts, underwriters, management associates etc.

• Bayes Careers Team assists with tailored career-path development to fulfill ambitions.
Class of 2022 graduates hold titles within: Pricing/Risk Modelling Consultants, Actuarial Devs, PricingAnalysts, Sr Actuarial Associates, Product+Pricing/Portfolio Analysts etc.

Recent Employers Include

AIG Insurance, Allianz Global Corporate, BNP Paribas, EY Advisory, Fidelity international, Goldman Sachs, HSBC , KPMG & more.

Other information:

• Scholarship opportunities available for master's programs at Bayes.
• - PG Loan another potential funding source.

Tuition Fees and Payment Information:

UK/Home fee September 2024 entry £15,000 MSc full-time £7,500 (per year) MSc part-time Tuition fees are subject to annual change. International fee September 2024 entry £24,700 MSc full-time £12,350 (per year) MSc part-time Tuition fees are subject to annual change. Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met).First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period).Second installment: Half fees (paid in January following start of course).City's Fee status assessment policy.