Actuarial Science

Actuaries evaluate and manage financial risks, particularly in the financial services industry. Our specialist course is taught by professional actuaries and internationally renowned statisticians to make sure you're fully prepared for your career.

By choosing Actuarial Science BSc at Kent, you’ll develop key skills in maths, business economics, probability, statistics and calculus, all of which are highly sought-after by employers.

Foundation Year

Our foundation year course provides an opportunity for you to develop your mathematics skills and start learning some university-level material, fully preparing you for university study before you progress onto the Actuarial Science degree.

Year in Industry

Our year in industry course enables you to gain paid industry experience in addition to being taught by our professionally qualified actuaries and internationally-renowned statisticians to ensure you are fully prepared for your future career.

Accreditation

We're fully accredited by the Institute and Faculty of Actuaries. You can achieve exemptions from six of the thirteen professional examinations required to become a qualified actuary: CB1, CB2, CM1, CM2, CS1 and CS2.  You could then continue your studies with our MSc Applied Actuarial Science to also achieve exemptions in CP1, CP2, CP3, and two SP subjects.

Your Future
Our Actuarial Science course gives you exemptions from the professional exams set by the UK actuarial profession, so you'll have a head start when looking to qualify as an actuary. You can achieve exemptions from six of the thirteen professional examinations required to become a qualified actuary: CB1, CB2, CM1, CM2, CS1 and CS2.

You could then continue your studies with our MSc Applied Actuarial Science to also achieve exemptions in CP1, CP2, CP3, and two SP subjects.

You may also want to consider our 2-year International Master's in Applied Actuarial Science, where you can achieve exemptions from CB1, CB2, CM1, CM2, CS1, CS2, CP1, CP2, CP3, and two SP subjects.

Year 1

The following modules are what students typically study, but this may change year to year in response to new developments and innovations.

Year 1 compulsory modules currently include the following:

• Principles of Probability and Statistics - Many professions require skills in extracting useful information from data and managing and presenting data accurately. You’ll learn the core methods and principles of probability theory and statistics, and gain skills in applying these methods to analyse sample data and draw inferences or generalisations.

• Applications and Practice with R and Python - As you progress through the module, you'll delve into the intricacies of R, Python, and Excel, mastering their functionalities through real-world applications. From data analysis to visualisation and interpretation, you'll gain a holistic understanding of how these tools can be harnessed to extract insights from complex datasets and analyse complex problems.

• Linear Algebra - This module in linear algebra prepares you for advanced topics in the fields of algebra, multivariable calculus, differential equations, data analysis, and financial mathematics.

• Business Economics - You'll be equipped with the knowledge and tools needed to understand the workings of competitive markets, and the interaction of consumers and suppliers, using a variety of models and examples to investigate decision-making in the economy. The practical roles of money, capital and labour, and the involvement of government in influencing the big-picture of the economy, will be tied to the interests of business, with a strong foundation of economic theory underpinning real-world examples and illustrations. Theories are challenged, economic conventions are interrogated, and different viewpoints are considered to ensure a practical and relevant understanding of economic issues.

• Financial Mathematics - You’ll learn about the mathematics behind the design and operation of popular financial investments. This enables you to gain an understanding of the key principles of working with interest rates, and of how these can be used to price and value investments such as loans, shares, bonds and property.

• Calculus - This module delves deep into the fundamental concepts of differentiation and integration. You’ll explore the properties of core functions including polynomials, exponentials and logarithms, trigonometric functions and their inverses, as well as hyperbolic functions. You’ll become proficient in the fundamental techniques of differentiation and integration of single-variable functions.

For more detailed information about these modules, please visit our website.

Year 2

The following modules are what students typically study, but this may change year to year in response to new developments and innovations.

Year 2 compulsory modules currently include the following:

• Predictive and Explanatory Modelling in Context - Explanatory and predictive modelling is essential to data-driven decision-making. Throughout this module, you’ll learn about regression, the cornerstone of versatile statistical analysis and master diagnostics, model specification, selection, and interpretation.

• Optimisation for Data Analysis - You'll gain expertise in the theory and applications of optimisation techniques and algorithms, focusing on the methods most relevant to data science. You'll master how to optimise solutions, analyse and improve the performance of algorithms, and acquire decision-making techniques. The module will equip you with an understanding of the way many standard problems in data science can be formulated as optimisation problems. In addition, you’ll gain skills in applying basic optimisation algorithms and techniques, including Newton's and gradient based methods, to solve problems. Throughout the module computing tools will be used to illustrate how optimisation techniques and algorithms are used to compute solutions to relevant problems in data science.

• Mathematical Statistics - You’ll learn advanced techniques in probability and statistics, including maximum likelihood estimation, advanced hypothesis testing, moments and moment-generating functions. You’ll also discover bivariate and multivariate discrete and continuous distributions.

• Stage 2 Actuarial Practice - In this module, you’ll learn about the mathematics behind the design and operation of popular financial investments. You’ll learn the key principles of working with interest rates, and discover how these can be used to price and value investments such as loans, shares, bonds and property.

• Actuarial Mathematics 1 - In this module, you’ll learn about the key principles of working with mortality rates and interest rates. This will allow you to value cash flows which are contingent on mortality and/or survival, enabling you to price and value products such as whole-life, temporary and endowment assurances and whole-life and temporary annuities.

• Corporate Finance and Financial Reporting - In this module, you’ll explore and apply the principles of corporate finance. You’ll consider a wide variety of sources of finance, from traditional to more contemporary means, and examine the process of selecting an appropriate approach depending on the circumstances.

For more detailed information about these modules, please visit our website.

Year in Industry

Year in Industry

You have the option to add a year in industry to this course. We already know you have the confidence and commitment to thrive in the workplace and kick-start your career. This is your chance to prove it, to yourself and to employers.

Any questions? We have the answers.

When should I start looking? Companies will recruit at different times of the year based on their size. It's good to be application ready by the summer of your first year.

Where can I get help finding a placement? Book an appointment with a placement adviser via the careers service.

Will I get paid? Most of our placements are paid.

Do I have to pay tuition fees? Yes, you’ll pay a substantially reduced fee. Fees for the current year (subject to changes) can be found on our tuition fees website.

Where can I get visa advice if I’m an international student? Kent Students' Union can help with any visa queries.

Does the University keep in touch? You receive four-weekly check-in emails, a visit from the team every three months and you can reach out to us any time by email or phone.

Do I work for a full year? The minimum requirement for an industrial placement is 44 weeks.

Year 3

The following modules are what students typically study, but this may change year to year in response to new developments and innovations.

Year 3 compulsory modules currently include the following:

• Machine Learning and Deep Learning - A strong grasp of statistical modelling and optimisation principles forms the bedrock of machine learning. This module covers essential and advanced topics of machine learning and deep learning, blending theory with practical computing tools, such as R and Python.

• Financial Economics and Derivatives - You’ll gain a strong foundation in financial economics modelling techniques and be able to apply them in quantitative risk management situations, including portfolio selection and the pricing and valuation of financial derivatives.

• Actuarial Mathematics 2 - In this module, you’ll learn how to price and value complex cash flows on various insurance products. You’ll look at cases where the benefits can vary and where the cash flows are contingent on the mortality, morbidity and/or survival of more than one life. You’ll also learn how to calculate and analyse the profitability of these products.

• Actuarial Risk Modelling - This module introduces you to these techniques and illustrates their importance to survival analysis and insurance. You’ll also learn how they are used by actuaries employed by pension schemes and insurance companies.

• Stage 3 Actuarial Practice - This module brings together your theoretical knowledge, skills and insights where you will apply it to the context of the professional and commercial world. You’ll survey the wider landscape of financial services and investigate some of the common roles, issues and complexities you’re likely to encounter working as an actuary.

• Statistical Modelling for Actuaries - This module demonstrates how these concepts are applied by actuaries working for insurance companies and investment firms. You’ll learn how to use time-series skills to analyse security prices and other economic factors such as interest rates, inflation and foreign exchange rates. You’ll also learn how stochastic theory is fundamental in designing actuarial models in fields such as population projection.

For more detailed information about these modules, please visit our website.

Foundation Year

The following modules are what students typically study, but this may change year to year in response to new developments and innovations.

Foundation Year compulsory modules currently include the following:

• Foundation Skills for Engineering, Mathematics and Physics - Your preparation for an engineering, mathematics or physics degree starts here. You will develop critical thinking and problem solving skills required to underpin your studies as well as beginning to gain knowledge to enable you to start using measurement instruments, understand forces, and fundamental electric circuits. Your ability to work with results including measurement errors as well as report writing skills will also be developed to support you throughout the degree and your professional life.

• Foundation Algebra and Geometry - A solid grasp of algebra and geometry is a fundamental requirement for advanced study in any STEM subject. In this module, you will study foundational algebra and coordinate geometry required for Stage 1 entry into your chosen degree. You will see why they are so vital to your subject area. In addition you will learn how to reason with logarithms, exponentials and gain skills in solving equations.

• Foundation Statistics and Programming to Explore Your Subject - You’ll learn the basics of probability, statistics, and hypothesis testing necessary for advanced study. In particular, you’ll gain skills in using measures of central tendency such as the mean, median, and mode, and measures of dispersion such as the range, variance, and standard deviation. You’ll learn how to use quartiles and percentiles, and to interpret and create histograms, box plots, and other graphical representations of data. In probability theory you’ll gain an understanding of the core probability rules, see how to use conditional probability, and become familiar with the binomial and normal distributions, expectation, and variance. You’ll also learn how to use basic programming techniques to help solve problems in statistics.

• Foundation Functions and Calculus - In this module, you will develop your knowledge of mathematical functions to give you a solid foundation with which to grasp calculus and other advanced topics. You will then move on to study differential calculus and its applications – allowing you to quantify and model rates of change mathematically and consistently and find the gradient of any curve – followed by integral calculus and differential equations – allowing you to find anti-derivatives and model real-life situations.

• Business Decision Making - How do businesses operate today? What are their key functions? How are they organized? Most importantly, what do managers need to know in order to make sound decisions? We’ll develop a broad understanding of key business management and accounting models, exploring theories that are integral to how businesses work. Through looking at fundamental ideas of business strategy and different tools of analysis, like break-even calculations, ratio analysis, capital appraisal models, and decision trees, we’ll develop our understanding of the basics of business and start building-up our skills in Excel.

• Analysing Global Dynamics with Data - This course offers you an opportunity to delve into key global economic issues while honing crucial skills in data analysis. Through a comprehensive curriculum, you will gain insights into economic trends using empirical data, which informs discussions and policy considerations. The course covers various topics, including economic disparities, business cycles, macroeconomic performance, and government policies, all examined through a data-driven lens.

For more detailed information about these modules, please visit our website.

Professionally accredited courses provide industry-wide recognition of the quality of your qualification.

• Actuaries, Institute and Faculty of