MSc Actuarial Management with Data Science

The MSc Actuarial Management with Data Science is a postgraduate program that enables students to develop skills in building and applying models in an actuarial context using computer algorithms and data science techniques. The degree is fully accredited with the Institute and Faculty of Actuaries in the UK for various actuarial subjects.

Key Information

• Level: Postgraduate Taught
• Delivery type: Full Time, Part Time
• Degree qualification: MSc
• Mode of delivery: On-Campus
• Duration: 1 year
• Location: Edinburgh
• Start date: September

Program Description

Data Science, particularly machine learning, uses computer algorithms to build models of the future. This program combines actuarial management with data science, allowing students to develop the skills necessary to build and apply such models in an actuarial context. The degree covers a variety of areas, including life insurance, risk management, investment, derivatives, pensions, communication, and modeling, and leads to the internationally recognized Certified Enterprise Risk Actuary (CERA) qualification.

Course Content

The main course teaching takes place in the first and second semesters, with students normally taking four courses in each semester. Two courses are required to cover all the material for one of the Institute and Faculty of Actuaries' exemption subjects. Students must take courses associated with exemption subject "CP1" and the data science courses: Machine Learning for Risk and Insurance 1 & 2. Additional courses are chosen to secure exemption from two "SP" subjects, which are required to qualify as an actuary.

Mandatory Courses

• Actuarial Risk Management 1
• Machine Learning for Risk and Insurance 1
• Actuarial Risk Management 2
• Machine Learning for Risk and Insurance 2
• Dissertation

Optional Courses

• Financial Markets
• Derivatives Markets and Pricing
• Life Insurance 1
• Practical Data Science
• General Insurance: Reserving and Capital Modelling
• Quantitative Risk Analysis
• Finance and Investment
• Advanced Derivative Pricing
• Life Insurance 2
• Pensions and Other Benefits
• General Insurance: Pricing
• Risk Management: Techniques and Tools

Fees and Funding

• September 2026 intake tuition fees:
  • UK: £12,744 (Full Time), £6,372 (Part Time)
  • International: £24,952 (Full Time), £12,476 (Part Time)
• Scholarships and bursaries are available, including the Heriot-Watt Actuarial Scholarship For Academic Excellence, which offers a 20% discount on tuition fees for students with a strong academic record.

Entry Requirements

• A minimum of a 2:1 honours degree or non-UK equivalent with substantial actuarial content or a non-related degree if the student has joined the profession and sat relevant examinations.
• Students should have covered much of the syllabus of early Institute and Faculty of Actuaries subjects: CM1, CM2, CS1, CS2, CB1, and CB2.
• English language requirements: IELTS 6.5 (or equivalent) with no score lower than 6.0.

Research Areas

The program's research-active academics cover key areas including:

• Leveraging machine learning algorithms for enhanced risk modeling and uncertainty quantification
• Asset-liability management and investment strategies
• Leveraging advanced data science techniques to extract insights and predict outcomes for actuarial applications
• Enterprise risk management frameworks and applications
• Pension fund design, financing, and risk management
• Data analytics for insurance and financial risk assessment

Employability

• Average salary of graduates: £34,967
• Percentage working 15 months after graduating: 100%

Heriot-Watt University

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Overview:

Heriot-Watt University is a research-focused institution with campuses in Edinburgh, the Scottish Borders, Orkney, Dubai, and Malaysia, as well as an online presence. It is known for its career-focused degrees and strong links with industry. Heriot-Watt is highly regarded for its research, with a significant portion ranked world-leading and internationally excellent.

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Services Offered:

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Student Life and Campus Experience:

Heriot-Watt offers a diverse and international student community, with one-third of its Edinburgh Campus students coming from outside the UK. The university provides a range of facilities across its campuses, including healthcare, libraries, food and drink, sports centers, and more. Students can participate in clubs and activities, and the university offers accommodation options near its campuses.

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Key Reasons to Study There:

Career-focused degrees:

Heriot-Watt is ranked first in Scotland for graduate employability and its graduates are first in the UK for CEO or MD roles.

Global reach:

The university has campuses across the UK, Dubai, and Malaysia, providing students with a truly international experience.

Strong research:

Heriot-Watt is valued for its pioneering research, which is informed by the global needs of business and industry.

Diverse student community:

The university boasts a diverse international student community, fostering a multicultural learning environment.

Beautiful campuses:

Heriot-Watt's campuses are located in stunning settings, offering students a unique and inspiring learning environment.

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Academic Programs:

Heriot-Watt offers a wide range of undergraduate and postgraduate programs across various disciplines, including:

• Engineering
• Life Sciences
• Mathematics
• Computer Sciences
• Physical Sciences
• Social Sciences and Business
• Art and Design
• Languages and Culture

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Other:

Heriot-Watt is committed to sustainability and is actively working towards achieving the UN Sustainable Development Goals. The university also offers a personalized virtual experience through its online tour platform, allowing prospective students to explore its campuses virtually.