Program Overview

MSc Actuarial Management

The MSc in Actuarial Management gives students the training they need to become experts in actuarial business management. The program is fully accredited with the Institute and Faculty of Actuaries in the UK for subjects CP1, CP2, CP3, SP2, SP4, SP5, SP6, SP7, SP8, and SP9. Studying subject SP9 leads to the internationally recognized Certified Enterprise Risk Actuary (CERA) qualification.

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

The MSc in Actuarial Management covers a variety of areas, including life insurance, risk management, investment, derivatives, pensions, communication, and modeling. Students can choose the best combination of courses for their needs. Completing this degree gets students close to qualification as an actuary, with only one or two exams left to complete after leaving university.

Studying in Edinburgh

Edinburgh is a wonderful city and the financial heart of Scotland, with many companies based there. It is also a center of arts and culture, with the famous Edinburgh International Festival taking place in August each year.

Heriot-Watt Actuarial Scholarship for Academic Excellence

Students with a strong academic record or a strong record in passing Institute and Faculty of Actuaries (IFoA) exams may be awarded a 20% discount on their fees.

Your Student Experience

The learning environment is informed by the expertise of research-active academics whose work covers four key areas:

• Modelling techniques for quantifying risk and uncertainty
• Asset-liability management and investment strategies
• Enterprise risk management frameworks and applications
• Pension fund design, financing, and risk management
• Data analytics for insurance and financial risk assessment

Course Content

The main course teaching takes place in the first and second semesters. Students normally take four courses in each semester. Two courses are normally required to cover all the material for one of the Institute and Faculty of Actuaries' exemption subjects.

Mandatory and Optional Courses

• Mandatory September: Actuarial Risk Management 1
• Optional September:
  • Financial Markets
  • Derivatives Markets and Pricing
  • Life Insurance 1
  • General Insurance: Reserving and Capital Modelling
  • Practical Data Science
  • Quantitative Risk Analysis
  • Economics
  • Actuarial Applications
• Mandatory January: Actuarial Risk Management 2
• Optional January:
  • Finance and Investment
  • Advanced Derivative Pricing
  • Life Insurance 2
  • General Insurance: Pricing
  • Pensions and Other Benefits
  • Risk Management: Techniques and Tools
  • Financial Economics for Actuarial Science
  • Markov Processes and Survival Modelling
  • Data Analytics and Time Series Analysis
  • Finance and Financial Reporting
• Mandatory May: Dissertation

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

• Heriot-Watt Actuarial Scholarship For Academic Excellence: 20% discount on fees for students with a strong academic record.
• Alumni Discount: 20% fee discount for Heriot-Watt alumni.

Entry Requirements

• A minimum of a 2:1 honours degree or non-UK equivalent with substantial actuarial content.
• 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.

Employability

• Average salary of graduates: £36,500
• Percentage working 15 months after graduating: 100%