Program Overview

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MSc Actuarial Science

The MSc Actuarial Science provides a fast track into the profession by providing up to six exemptions from the exams required to become a fully qualified actuary. As an actuary, one is an expert in risk management, with most actuaries working in areas like life insurance, pensions, investments, banking, and more. With data science skills, actuaries are in high demand across the world, typically earning high salaries and enjoying an excellent work-life balance.

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

Actuarial Transformation

The program introduces an innovative curriculum for 2024, offering a well-rounded approach to actuarial education. This comprehensive overhaul equips students with practical skills and business awareness sought after by employers, allowing them to excel in their actuarial careers from day one.

Tailored for Success

The program is uniquely designed to offer a blend of technical mastery, business acumen, and communication skills essential for a successful actuarial career. Developed in collaboration with industry leaders, it ensures the acquisition of sought-after skills, setting students apart in interviews and excelling in real-world tasks.

Self-Taught Courses

On enrollment, students gain access to self-taught courses, including:

• Introduction To R Programming
• Introduction To Python Programming (For R Users)
• Report Writing Additionally, enrollment at Heriot-Watt University provides free access to LinkedIn Learning, which contains thousands of online courses covering a wide range of subject areas.

Why Choose Edinburgh?

Edinburgh is a wonderful city close to the sea in Scotland, United Kingdom. The Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space. Transport links into the city center are regular, and travel by bus takes thirty minutes, allowing students to choose the mix of city and campus life that suits them best. Edinburgh is the financial heart of Scotland, with many companies based there, and it is also a center of arts and culture.

Course Content

The MSc Actuarial Science takes students through the first six actuarial exams with the Institute and Faculty of Actuaries (IFoA) in the UK, accelerating their journey to becoming an actuarial professional. These examinations enhance expertise in statistical and financial modeling.

September Intake - Edinburgh

Year 1 includes up to 11 courses, covering all 6 of the IFoA Core Principles exemptions (CM1, CM2, CB1, CB2, CS1, CS2), and gives students the option to go beyond to deepen their actuarial knowledge or make themselves stand out to employers.

Optional Courses

• Economics
• Actuarial Applications
• Financial Mathematics Fundamentals
• Life Contingencies
• Statistical Methods
• Finance and Financial Reporting
• Climate Change and Sustainability
• Financial Economics for Actuarial Science
• Data Storytelling
• Markov Processes and Survival Modelling
• Data Analytics and Time Series Analysis

Mandatory Course

• Dissertation (in May)

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)
• Status: Defined as the country where the student has been ordinarily resident for the three years before the start of the course.
• International: Includes applicants from European Union countries who do not hold Pre-Settled or Settled status in the UK.

Scholarships and Bursaries

• Heriot-Watt Actuarial Scholarship For Academic Excellence: A 20% discount on fees for students with a strong academic record or a strong record in passing Institute and Faculty of Actuaries (IFoA) exams.
• Alumni Discount: A 20% fee discount for postgraduate taught courses across all global campuses for all Heriot-Watt alumni.

Entry Requirements

• A minimum of a 2:1 honors degree or non-UK equivalent with substantial mathematics, statistics, actuarial mathematics, or financial mathematics.
• The MSc Actuarial Science is challenging and requires the ability to work hard and have a strong drive to succeed.
• If students already have passes or exemptions from most or all of the early actuarial Institute and Faculty of Actuaries subjects, the MSc in Actuarial Management may be suitable.
• International students are welcome, and qualifications from around the world are accepted.

English Language Requirements

• The minimum English language requirement for entry to this program is IELTS 6.5 (or equivalent) with no score lower than 6.0.
• If the student does not have IELTS 6.5, a range of English language courses is offered to help meet the English language requirement prior to commencing studies.

Employability

• Average salary of graduates: ｣29,425
• Percentage working 15 months after graduating: 72%
• Percentage studying 15 months after graduating: 15%