MSc Actuarial Science 12 months Postgraduate Programme By Heriot-Watt University |TopUniversities
Subject Ranking

# 201-250QS Subject Rankings

Programme Duration

12 monthsProgramme duration

Tuitionfee

24,176 GBPTuition Fee/year

Main Subject Area

MathematicsMain Subject Area

Programme overview

Main Subject

Mathematics

Degree

MSc

Study Level

Masters

Study Mode

On Campus

Overview

Our MSc Actuarial Science provides you with a fast track into the actuarial profession by providing up to six exemptions from the exams you must pass to become a fully qualified actuary.  

As an actuary, you are an expert in risk management. Actuaries work in areas like life insurance, pensions, investments, banking and more. With your data science skills, you are in high demand across the world.  

Salaries are typically high and the work-life balance excellent. A newly qualified actuary in the United Kingdom usually earns between £55,000 and £60,000 each year, with salaries increasing significantly post-certification.  

Our MSc takes you through the first six actuarial exams with the Institute and Faculty of Actuaries (IFoA) in the UK, accelerating your journey to becoming an actuarial professional. These examinations enhance your expertise in statistical and financial modelling.  

Our actuarial transformation: introducing an innovative curriculum  

We launched an exciting curriculum update recently for our MSc Actuarial Science programme at Heriot-Watt University.   

This comprehensive overhaul offers you a well-rounded approach to actuarial education, going well beyond academic theory to equip you with the practical skills and business awareness sought after by employers, allowing you to hit the ground running on day one of your actuarial career.  

Tailored for success as an actuary  

This programme has been 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 you apart in interviews and excelling in real-world tasks.  

Gain a competitive edge with an intensified focus on software tools like Excel and R, and experience enriched learning through 'value-added' components, emphasizing teamwork and communication skills.  You will have a choice of wider knowledge and skills such as Python programming and the opportunity to dive into the implications of climate change for the finance sector.  

Courses on enrolment

On enrolment, you will gain access to our Maths Gym which provides you with support from the very start and throughout your time with us to make sure your maths skills are fresh and ready for your programme of study.

Enrolment with us also gives you access to the following optional self-taught courses that you can use (if you wish) before you begin or at any time throughout your programme: 

  • Introduction To R Programming 
  • Introduction To Python Programming (For R Users) 
  • Report Writing 

You will also have free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas. 

Our expertise

Our distinguished programme is taught by qualified actuaries with industry experience and by high-flying researchers. Heriot-Watt University is the home of actuarial science in the United Kingdom. We were the first university in the UK to offer a degree in actuarial science and the first Society of Actuaries (SoA) Center of Excellence in Europe. Now, each year, we help over 200 students gain the exemptions they need from the Institute and Faculty of Actuaries (IFoA). 

Your learning environment

In the MSc Actuarial Science programme, you will receive support from academic leaders and qualified actuaries, instructing through a variety of methods, including lectures, tutorials, practical sessions, and self-directed study. This approach fosters strong connections with our teaching staff and fellow students.  

Your assessments will include coursework, exams, and project work, with continuous feedback to aid in your development.  

Throughout your studies, you will have access to outstanding facilities, including:  

  • specialised software such as advanced Excel, R and Python to enhance your technical skills in modelling, data analysis, and simulation,   

  • the Maths Gym: a physical space at our Edinburgh and Dubai campuses where students can book one-to-one support appointments or attend drop-in sessions and workshops, as well as a dedicated Virtual Learning Environment, 

  • dedicated study spaces and computer labs for both independent and group work, 

  • The Grid: A ground-breaking facility designed to create cohesion between leading academic research, business and entrepreneurship.  

Outside of the classroom, you can engage with fellow students through the Actuarial Society and events organised by the Mathematics Society. These opportunities will help you expand your professional network and continue your learning journey in the field.  

Your Actuarial Society  

Heriot-Watt has a very active Students' Actuarial Society which has won several awards at a Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by you, the students.  


Our MSc in Actuarial Science has been fully Accredited by the Institute and Faculty of Actuaries (IFOA). 

Institute and Faculty of Actuaries  

The Institute and Faculty of Actuaries (IFoA) in the United Kingdom sets exams that must be passed to qualify as a Fellow of the IFoA and become fully qualified as an actuary.  

Accreditation

Our MSc Actuarial Science is fully accredited with the IFoA which means that the subjects you study on our programme lead to exemptions from the corresponding subjects with the IFoA.  

These are (with IFoA subject codes in brackets):  

  • Actuarial Statistics (CS1)  

  • Risk Modelling and Survival Analysis (CS2)  

  • Actuarial Mathematics (CM1)  

  • Financial Engineering and Loss Reserving (CM2)  

  • Business Finance (CB1)  

  • Business Economics (CB2)  

These six exemptions put you well on your way to full qualification and demonstrate your actuarial ability to potential employers.  

Centre of Actuarial Excellence  

Heriot-Watt University is recognised as a Centre of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Centre of Actuarial Excellence in Europe and remain one of only two schools in Europe today with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organisation with more than 28,000 actuaries as members.  

Programme overview

Main Subject

Mathematics

Degree

MSc

Study Level

Masters

Study Mode

On Campus

Overview

Our MSc Actuarial Science provides you with a fast track into the actuarial profession by providing up to six exemptions from the exams you must pass to become a fully qualified actuary.  

As an actuary, you are an expert in risk management. Actuaries work in areas like life insurance, pensions, investments, banking and more. With your data science skills, you are in high demand across the world.  

Salaries are typically high and the work-life balance excellent. A newly qualified actuary in the United Kingdom usually earns between £55,000 and £60,000 each year, with salaries increasing significantly post-certification.  

Our MSc takes you through the first six actuarial exams with the Institute and Faculty of Actuaries (IFoA) in the UK, accelerating your journey to becoming an actuarial professional. These examinations enhance your expertise in statistical and financial modelling.  

Our actuarial transformation: introducing an innovative curriculum  

We launched an exciting curriculum update recently for our MSc Actuarial Science programme at Heriot-Watt University.   

This comprehensive overhaul offers you a well-rounded approach to actuarial education, going well beyond academic theory to equip you with the practical skills and business awareness sought after by employers, allowing you to hit the ground running on day one of your actuarial career.  

Tailored for success as an actuary  

This programme has been 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 you apart in interviews and excelling in real-world tasks.  

Gain a competitive edge with an intensified focus on software tools like Excel and R, and experience enriched learning through 'value-added' components, emphasizing teamwork and communication skills.  You will have a choice of wider knowledge and skills such as Python programming and the opportunity to dive into the implications of climate change for the finance sector.  

Courses on enrolment

On enrolment, you will gain access to our Maths Gym which provides you with support from the very start and throughout your time with us to make sure your maths skills are fresh and ready for your programme of study.

Enrolment with us also gives you access to the following optional self-taught courses that you can use (if you wish) before you begin or at any time throughout your programme: 

  • Introduction To R Programming 
  • Introduction To Python Programming (For R Users) 
  • Report Writing 

You will also have free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas. 

Our expertise

Our distinguished programme is taught by qualified actuaries with industry experience and by high-flying researchers. Heriot-Watt University is the home of actuarial science in the United Kingdom. We were the first university in the UK to offer a degree in actuarial science and the first Society of Actuaries (SoA) Center of Excellence in Europe. Now, each year, we help over 200 students gain the exemptions they need from the Institute and Faculty of Actuaries (IFoA). 

Your learning environment

In the MSc Actuarial Science programme, you will receive support from academic leaders and qualified actuaries, instructing through a variety of methods, including lectures, tutorials, practical sessions, and self-directed study. This approach fosters strong connections with our teaching staff and fellow students.  

Your assessments will include coursework, exams, and project work, with continuous feedback to aid in your development.  

Throughout your studies, you will have access to outstanding facilities, including:  

  • specialised software such as advanced Excel, R and Python to enhance your technical skills in modelling, data analysis, and simulation,   

  • the Maths Gym: a physical space at our Edinburgh and Dubai campuses where students can book one-to-one support appointments or attend drop-in sessions and workshops, as well as a dedicated Virtual Learning Environment, 

  • dedicated study spaces and computer labs for both independent and group work, 

  • The Grid: A ground-breaking facility designed to create cohesion between leading academic research, business and entrepreneurship.  

Outside of the classroom, you can engage with fellow students through the Actuarial Society and events organised by the Mathematics Society. These opportunities will help you expand your professional network and continue your learning journey in the field.  

Your Actuarial Society  

Heriot-Watt has a very active Students' Actuarial Society which has won several awards at a Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by you, the students.  


Our MSc in Actuarial Science has been fully Accredited by the Institute and Faculty of Actuaries (IFOA). 

Institute and Faculty of Actuaries  

The Institute and Faculty of Actuaries (IFoA) in the United Kingdom sets exams that must be passed to qualify as a Fellow of the IFoA and become fully qualified as an actuary.  

Accreditation

Our MSc Actuarial Science is fully accredited with the IFoA which means that the subjects you study on our programme lead to exemptions from the corresponding subjects with the IFoA.  

These are (with IFoA subject codes in brackets):  

  • Actuarial Statistics (CS1)  

  • Risk Modelling and Survival Analysis (CS2)  

  • Actuarial Mathematics (CM1)  

  • Financial Engineering and Loss Reserving (CM2)  

  • Business Finance (CB1)  

  • Business Economics (CB2)  

These six exemptions put you well on your way to full qualification and demonstrate your actuarial ability to potential employers.  

Centre of Actuarial Excellence  

Heriot-Watt University is recognised as a Centre of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Centre of Actuarial Excellence in Europe and remain one of only two schools in Europe today with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organisation with more than 28,000 actuaries as members.  

Admission Requirements

6.5+

The programme is primarily intended for graduates with a strong numerate background. Our normal minimum entry requirement is the equivalent of a UK 2:1 degree in mathematics or statistics, or a related discipline with a high mathematics or statistics content (such as economics or physics).

The degree is challenging and it is necessary to be able to work hard and to have a strong drive to succeed.

If your first language is not English, we'll need to see evidence of your English language ability.

The minimum English language requirement for entry to this programme is  IELTS 6.5  (or equivalent) with no score lower than 6.0.

If you do not have IELTS 6.5, we offer a range of English language courses to help you meet the English language requirement for this programme prior to commencing your studies.

1 Year
Sep

Domestic
12,344 GBP
International
24,176 GBP

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