Actuarial Science MSc

Program Overview

The MSc Actuarial Science program provides a solid foundation in financial mathematics, statistics, economics, and business finance to prepare graduates for a career in Actuarial Science. The program emphasizes the application of knowledge and skills to solve financial risk management problems in various industries such as insurance, pensions, healthcare, and banking. This program offers potential exemptions from professional actuarial examinations and is designed to provide students with the mathematical and statistical expertise needed in the financial sector.

Program Outline

Degree Overview:

Our MSc Actuarial Science course is designed for graduates of quantitative disciplines who want to kick-start a career in Actuarial Science. It provides a solid foundation in statistics, financial mathematics, economics and business finance. Upon completion of the course, your knowledge and skills could be applied to a range of industries in financial services such as insurance, pensions, healthcare, banking, investment and risk assessment. This course will equip you with the mathematical and statistical knowledge, and problem-solving skills, necessary to help businesses and institutions with their financial risk portfolio.

Outline:

PART I

• Core modules (45 credits)
• ST6001 Theory of Annuities-Certain for Actuarial Science (10 credits)
• ST6005 Life Contingencies for Actuarial Science (10 credits)
• ST6015 Computer Analytical Techniques for Actuarial Applications (5 credits)
• ST6017 Application of Stochastic Methods in Actuarial Science (5 credits)
• ST6020 Actuarial Business & Financial Reporting Methods (5 credits)
• ST6022 Survival Methods for Actuarial Science (5 credits)
• ST6032 Stochastic Modelling Techniques (5 credits)
• Elective modules (15 credits)
• List A (CS1 modules):
• ST6003 Probability and Mathematical Statistics for Actuarial Science (10 credits) and
• ST6018 Regression and Generalised Linear Model Techniques for Actuarial Science (5 credits) or
• List B (CM2 modules):
• ST6016 Applied Financial Risk Modelling and Analytics for Actuarial Science (5 credits) and
• ST6019 Application of Computational Methods in Actuarial Science and Risk Modelling (5 credits) and
• ST6023 Modelling & Risk Analysis for Actuarial Science (5 credits)
• NOTE:
The choice of electives must be agreed upon in advance with the programme coordinator.

PART II

• Core modules (30 credits)
• PA6007 Market Analysis Methods for Actuarial Science (10 credits) and
• ST6009 Application of Core Technical Research Methodologies in Actuarial Science (20 credits)

Assessment:

• All taught modules in this course are assessed via a combination of end-of-module examination and submission of a portfolio of research and directed study.
• For actuarial exemption purposes, the appointed actuarial independent examiner will base their recommendations for an exemption in the corresponding Core Principle subject, on a student's performance in the final examination

Teaching:

• The teaching methods include a combination of lectures, tutorials, computer practical work, and directed study.
• You can expect approximately 26 hours per week of lectures, tutorials, and directed study in Semesters 1 and 2 and approximately 10 hours per week of directed study in Semester 3.
• Our teaching staff includes academics from the School of Mathematical Sciences, qualified actuaries, leading mathematicians, financial mathematicians, and statisticians who are nationally and internationally recognised for their research.
This expertise ensures that what we teach you is current and applicable to the real workplace and current economy.

Careers:

• An actuarial qualification is very highly regarded.
• Graduates continue to find employment in traditional areas such as insurance, pensions, underwriting, banking and financial consultancy.
• However new and non-traditional sectors of employment also attract our graduates and include investments, healthcare, risk management, financial planning, regulation, and hedge funds.

Other:

• The Institute and Faculty of Actuaries (IFoA) have approved programme-level exemption status for this MSc Actuarial Science programme.
This exemption refers to the first 6 Core Principles of the new 2019 IFoA curriculum (equivalent to 8 Core Technical subjects in the pre-2019 curriculum).
• Students may be recommended for exemption from the Institute’s own professional examinations in up to 5 of these Core Principle subjects (equivalent to 7 exams in the pre-2019 curriculum) by performing sufficiently well in the corresponding examinations of the MSc programme.
The IFoA exemptions covered are CM1, CM2, CB1, CB2, CS1 & CS2. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemption from the professional actuarial examinations. Our staff are at the forefront of this integrative approach to learning and will support you in making meaningful connections within and between topics such as mathematics, finance, statistics, technology, and business.