Actuarial Science and Risk Management

Program Overview

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Queen's University Belfast

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Actuarial Science and Risk Management

Overview

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.

Course Structure

The programme is designed to provide students with a comprehensive understanding of actuarial science and risk management, including:

• Foundations of Economics 2: A module that builds on the material covered in Foundations of Economics 1, focusing on the application of economic theory to real-world problems.
• Employability Preparation Module: A module that prepares students for placement opportunities and helps them develop employability skills.
• Foundations of Economics 1: A module that introduces students to the principles of economics and the global economy.
• Introduction to Statistical and Operational Research Methods: A module that introduces students to statistical and operational research methods, including linear programming, decision theory, and random sampling.
• Actuarial Mathematics 1: A module that introduces students to actuarial mathematics, including the time value of money, interest rates, and force of interest.
• Introduction to Probability & Statistics: A module that introduces students to probability theory and statistical methods, including discrete and continuous random variables, standard distributions, and hypothesis testing.

Modules

• Foundations of Economics 2: A module that builds on the material covered in Foundations of Economics 1, focusing on the application of economic theory to real-world problems.
• Employability Preparation Module: A module that prepares students for placement opportunities and helps them develop employability skills.
• Foundations of Economics 1: A module that introduces students to the principles of economics and the global economy.
• Introduction to Statistical and Operational Research Methods: A module that introduces students to statistical and operational research methods, including linear programming, decision theory, and random sampling.
• Actuarial Mathematics 1: A module that introduces students to actuarial mathematics, including the time value of money, interest rates, and force of interest.
• Introduction to Probability & Statistics: A module that introduces students to probability theory and statistical methods, including discrete and continuous random variables, standard distributions, and hypothesis testing.
• Employability Module: A module that prepares students for placement opportunities and helps them develop employability skills.
• Excel Analysis: A module that introduces students to advanced spreadsheet analysis using Excel.
• Financial Risk Modelling: A module that introduces students to financial risk modelling, including model analysis and reporting.
• Actuarial Mathematics 2: A module that builds on the material covered in Actuarial Mathematics 1, focusing on the application of actuarial mathematics to real-world problems.
• Principles of Actuarial Modelling: A module that introduces students to the principles of actuarial modelling, including stochastic processes and survival models.
• Actuarial methods in General Insurance: A module that introduces students to actuarial methods in general insurance, including loss distributions and time series.
• Investment Analysis: A module that introduces students to investment analysis, including firm valuation, valuation techniques, and portfolio management.
• Employability Module: A module that prepares students for placement opportunities and helps them develop employability skills.
• Actuarial Applications: A module that introduces students to actuarial applications, including pension schemes, pension fund investment, and investment strategy.
• Actuarial Econometrics and Data Science: A module that introduces students to actuarial econometrics and data science, including statistical techniques and data analysis.
• Stochastic Processes for Finance: A module that introduces students to stochastic processes for finance, including Wiener processes, Markov processes, and martingales.
• Actuarial Modelling: A module that builds on the material covered in Principles of Actuarial Modelling, focusing on the application of actuarial modelling to real-world problems.
• Financial Engineering: A module that introduces students to financial engineering, including forwards, futures, options, and swaps.
• Equity Research: A module that introduces students to equity research, including firm valuation, valuation techniques, and portfolio management.

Learning Outcomes

Upon successful completion of the programme, students will be able to:

• Understand the principles of actuarial science and risk management
• Apply actuarial techniques to real-world problems
• Analyze and interpret data using statistical and operational research methods
• Develop employability skills, including communication, teamwork, and problem-solving
• Understand the principles of actuarial modelling, including stochastic processes and survival models
• Apply actuarial methods in general insurance, including loss distributions and time series
• Understand investment analysis, including firm valuation, valuation techniques, and portfolio management
• Develop skills in financial risk modelling, including model analysis and reporting
• Understand the principles of actuarial applications, including pension schemes, pension fund investment, and investment strategy
• Apply actuarial econometrics and data science, including statistical techniques and data analysis
• Understand stochastic processes for finance, including Wiener processes, Markov processes, and martingales
• Develop skills in actuarial modelling, including the application of actuarial techniques to real-world problems
• Understand financial engineering, including forwards, futures, options, and swaps
• Develop skills in equity research, including firm valuation, valuation techniques, and portfolio management

Skills

• Numerical and problem-solving skills: Students will develop numerical and problem-solving skills through the application of actuarial techniques to real-world problems.
• Communication and teamwork skills: Students will develop communication and teamwork skills through group work and presentations.
• Data analysis and interpretation skills: Students will develop data analysis and interpretation skills through the use of statistical and operational research methods.
• Employability skills: Students will develop employability skills, including communication, teamwork, and problem-solving.
• Actuarial modelling skills: Students will develop actuarial modelling skills, including the application of stochastic processes and survival models.
• Financial risk modelling skills: Students will develop financial risk modelling skills, including model analysis and reporting.
• Investment analysis skills: Students will develop investment analysis skills, including firm valuation, valuation techniques, and portfolio management.
• Actuarial applications skills: Students will develop skills in actuarial applications, including pension schemes, pension fund investment, and investment strategy.
• Actuarial econometrics and data science skills: Students will develop skills in actuarial econometrics and data science, including statistical techniques and data analysis.
• Stochastic processes for finance skills: Students will develop skills in stochastic processes for finance, including Wiener processes, Markov processes, and martingales.
• Financial engineering skills: Students will develop skills in financial engineering, including forwards, futures, options, and swaps.
• Equity research skills: Students will develop skills in equity research, including firm valuation, valuation techniques, and portfolio management.

Assessment

• Coursework: 30%
• Examination: 70%
• Practical: 0%

Facilities

• Bloomberg software: Students will have access to Bloomberg software, a market leader in financial news, data, and analytics.
• Trading Room: The Trading Room allows for an interactive and exciting learning environment, bringing textbook theory to life.

What our academics say

• "The Actuarial Science and Risk Management Degree exposes students to the key principles of Actuarial Science and facilitates the practical application of theory developed in lectures. With the opportunity to undertake a placement in industry, students are able to develop the softer skills, in addition to the academic skills, that employers look for in potential employees." - Neil McConville FIA, lecturer in Actuarial Science and Risk Management

Career Prospects

• Employment after the Course: Students can pursue careers in actuarial science, risk management, and finance, including roles in pensions, insurance, and investment.
• Employment Links: The university has links with employers in the actuarial and financial industries, including KPMG, Canada Life, Irish Life, and Aviva.
• Alumni Success: Alumni have gone on to work in a range of roles, including actuarial consultant, risk manager, and investment analyst.
• Professional Opportunities: Students can pursue professional qualifications, including the Institute and Faculty of Actuaries (IFoA) exams.

Prizes and Awards

• SCOR Global Life: A prize for the best student in Actuarial Science and Risk Management.
• Mercer: A prize for the best student in Actuarial Science and Risk Management.
• Spence and Partners: A prize for the best student in Actuarial Science and Risk Management.
• Acumen Resources: A prize for the best student in Actuarial Science and Risk Management.
• XPS: A prize for the best student in Actuarial Science and Risk Management.

Degree Plus/Future Ready Award

• Degree Plus: A award that recognizes students' extra-curricular activities and skills.
• Future Ready Award: A award that recognizes students' employability skills and readiness for the workforce.

Scholarships

• International Scholarships: Scholarships available for international students.
• Scholarships: Scholarships available for students, including the Queen's University Belfast Scholarship.

How to Apply

• Application: Students can apply through UCAS or directly to the university.
• Admissions: The university's admissions process, including entry requirements and deadlines.
• Fees and Funding: Information on tuition fees and funding opportunities.

Terms and Conditions

• Terms and Conditions: The university's terms and conditions, including policies on admissions, fees, and student conduct.

Additional Information for International (non-EU) Students

• Applying through UCAS: Information on applying through UCAS for international students.
• Applying direct: Information on applying directly to the university for international students.
• Applying through agents and partners: Information on applying through agents and partners for international students.
• English Language Requirements: Information on English language requirements for international students.
• International Scholarships: Scholarships available for international students.

Program Outline

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Degree Overview:

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Overview:

The BSc Actuarial Science and Risk Management program at Queen's University Belfast has been designed to equip students with 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.

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Objectives:

• Graduates will be prepared to sit the initial professional exams required to become a fully qualified actuary.
• Graduates will develop a strong understanding of actuarial science and its application to real-world problems.
• Graduates will be able to use their analytical and problem-solving skills to solve complex financial problems.
• Graduates will be able to effectively communicate their findings to both technical and non-technical audiences.

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Program Description:

• The program is delivered over four years, with the final year being a work placement in an actuarial organization.
• Students will gain a solid foundation in mathematics, statistics, economics, and finance.
• They will also develop specialist knowledge in areas such as pension schemes, insurance pricing, and risk management.
• The program is accredited by the Institute and Faculty of Actuaries (IFoA), and graduates are eligible for up to six exemptions from the initial professional exams.

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Outline:

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Program Content:

The program covers the following core subjects:

• Actuarial mathematics
• Statistics
• Economics
• Finance
• Law
• Risk Management
• Accounting

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Program Structure:

The program is structured as follows:

• Year 1: Foundation modules in mathematics, statistics, economics, and finance.
• Year 2: More advanced modules in actuarial mathematics, statistics, economics, and finance.
• Year 3: Specialist modules in areas such as pension schemes, insurance pricing, and risk management.
• Year 4: Work placement in an actuarial organization.

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Course Schedule:

The course schedule is available on the Queen's University Belfast website.

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Individual Modules:

• Mathematics: Students will study a range of mathematical topics, including calculus, linear algebra, and probability theory.
• Statistics: Students will learn how to collect, analyze, and interpret data.
• Economics: Students will learn about economic theory and its application to real-world problems.
• Finance: Students will learn about financial markets, institutions, and products.
• Law: Students will learn about the legal framework governing the insurance and pensions industries.
• Risk Management: Students will learn how to identify, assess, and manage risk.
• Accounting: Students will learn about the principles of accounting and financial reporting.

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Assessment:

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Assessment Methods:

Assessment methods vary depending on the module but typically include a combination of continuous assessment, written exams, and group projects.

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Assessment Criteria:

Assessment criteria are designed to ensure that students have achieved the learning outcomes for each module.

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Teaching:

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Teaching Methods:

A variety of teaching methods are used, including lectures, seminars, tutorials, and workshops.

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Faculty:

The program is taught by a team of experienced and qualified academics.

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Technology:

The program makes use of a range of technologies, including online learning resources, a virtual learning environment (VLE), and industry-standard software.

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Careers:

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Career Paths:

Graduates of the program have gone on to successful careers in a range of actuarial roles, including:

• Actuary
• Pension scheme actuary
• Insurance actuary
• Financial analyst
• Risk management specialist

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Opportunities:

There are excellent job opportunities for actuarial science graduates in a variety of sectors, including:

• Insurance
• Pensions
• Finance
• Risk Management

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Outcomes:

Graduates of the program are highly sought after by employers and have a high rate of graduate employment.

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Other:

• The program is delivered in a supportive environment that provides students with the opportunity to develop their academic and personal skills.
• The program includes a number of opportunities for students to develop their employability skills, such as internships, work placements, and industry visits.
• The program is delivered in a vibrant and international city, offering students a wealth of cultural and social opportunities.

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Tuition Fees and Payment Information:

Northern Ireland (NI) 1 £4,750 Republic of Ireland (ROI) 2 £4,750 England, Scotland or Wales (GB) 1 £9,250 EU Other 3 £20,800 International £20,800 1EU citizens in the EU Settlement Scheme, with settled status, will be charged the NI or GB tuition fee based on where they are ordinarily resident. Students who are ROI nationals resident in GB will be charged the GB fee. 2 EU students who are ROI nationals resident in ROI are eligible for NI tuition fees. 3 EU Other students (excludes Republic of Ireland nationals living in GB, NI or ROI) are charged tuition fees in line with international fees. The tuition fees quoted above are for the 2024/25 academic year and are a guide only. In addition, all tuition fees will be subject to an annual inflationary increase in each year of the course. Fees quoted relate to a single year of study unless explicitly stated otherwise. Tuition fee rates are calculated based on a student’s tuition fee status and generally increase annually by inflation. How tuition fees are determined is set out in the Student Finance Framework. Additional course costs Students undertake a placement in year 3 and are responsible for funding travel, accommodation and subsistence costs. These costs vary depending on the location and duration of the placement. A limited amount of funding may be available to contribute towards these additional costs, if the placement takes place through a government student mobility scheme. Student who undertake optional study tours are expected to make a contribution, of approximately £150. Year in Industry All Students Depending on the programme of study, there may be extra costs which are not covered by tuition fees, which students will need to consider when planning their studies. Students can borrow books and access online learning resources from any Queen's library. If students wish to purchase recommended texts, rather than borrow them from the University Library, prices per text can range from £30 to £100. Students should also budget between £30 to £75 per year for photocopying, memory sticks and printing charges. Students undertaking a period of work placement or study abroad, as either a compulsory or optional part of their programme, should be aware that they will have to fund additional travel and living costs. If a programme includes a major project or dissertation, there may be costs associated with transport, accommodation and/or materials. The amount will depend on the project chosen. There may also be additional costs for printing and binding. Students may wish to consider purchasing an electronic device; costs will vary depending on the specification of the model chosen. There are also additional charges for graduation ceremonies, examination resits and library fines. How do I fund my study? There are different tuition fee and student financial support arrangements for students from Northern Ireland, those from England, Scotland and Wales (Great Britain), and those from the rest of the European Union. Information on funding options and financial assistance for undergraduate students is available at www.qub.ac.uk/Study/Undergraduate/Fees-and-scholarships/. Scholarships Each year, we offer a range of scholarships and prizes for new students. Information on scholarships available. International Scholarships Information on scholarships for international students, is available at www.qub.ac.uk/Study/international-students/international-scholarships.