Actuarial Science and Management (Taught)

If you aspire to become an actuary, our MSc in Actuarial Science and Management takes you through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.

Your journey spans two enriching years. In the first year, you'll immerse yourself in mathematical subjects, building a strong foundation. In the second year, you'll apply these mathematical principles to real-world situations. Moreover, during this stage, you'll have the opportunity to expand your horizons by choosing from a range of modules, including those related to machine learning.

As an aspiring actuary, your expertise will find application in various sectors, including:
• life insurance
• general insurance
• pensions
• Investment
• Banking

Your career prospects extend beyond these, encompassing roles in:
• Fund Management Companies
• Hedge Funds
• Consultancies
• Software Vendors
• Regulatory Authorities.

What makes this career truly enjoyable is the consistent use of your mathematical prowess to solve complex problems and make insightful predictions about the future. Your journey towards becoming a qualified actuary is not only intellectually stimulating but also professionally rewarding, offering you a world of opportunity upon graduating.

Customise your learning
• In year one of the programme you study courses that correspond with exemptions from IFoA subject codes: CB1, CB2, CM1, CM2, CS1 and CS2.
• In year two of the programme you study your choice of courses that correspond with exemptions from IFoA subject codes: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9.  Typically students choose courses linking to subjects CP1, CP2 and CP3 and also three of the "SP" subjects.  (However, only two "SP" subjects are actually required by the IFoA.).
• Alternatively, in the second year, one of the "SP" subjects can be replaced by courses in Machine Learning for Risk and Insurance. Although not an IFoA exemption subject, machine learning is being increasingly applied by actuaries and is a growth area in the future.
• Courses linked to IFoA subject code SP9 also gain you the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification

Actuarial Accreditation
Institute and Faculty of Actuaries

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

Our MSc in Actuarial Science is fully accredited with the IFoA which means that the subjects you study on our program 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.

Employability

Our Actuarial Mathematics and Statistics graduates have gone on to have incredibly successful careers. Our alumni include 26 CEO's, 5 past presidents of professional actuarial associations, C-suite executives and partners of consultancies, and several founders.