12 monthsProgramme duration
24,952 GBPTuition Fee/year
4Scholarships
SepStarting Month
Programme overview
Main Subject
Mathematics
Degree
MSc
Study Level
Masters
Study Mode
On Campus
The MSc in Actuarial Management gives you all the training you need to become an expert in actuarial business management, to be able to judge the right action to take, and to be able to persuade others of your ideas, in order to make the business successful.
The MSc in Actuarial Management is fully accredited with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. In addition, studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification. It is also possible to "catch up" with some of the earlier subjects that you may have missed – such as CB1, CB2 or CM2.
These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling. You choose the best combination for you.
Completing this degree gets you close to qualification as an actuary, with only one or two exams left to complete after leaving university. It typically speeds up your qualification by one or two years.
Our Expertise
Your learning will be informed by the expertise of our 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
Heriot-Watt University is the home of actuarial science in the UK. We were the first university in the UK to offer a degree in actuarial science. Now – each year – we help between 100 and 200 students gain the exemptions they need from actuarial Institute and Faculty of Actuaries' (IFoA) exemption subjects.
Your learning environment
In the MSc Actuarial Management programme, you will receive instruction 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.
- Dedicated study spaces and PC 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 won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by you, the students.
Becoming an Actuary in the UK:
As an actuary, you specialise in risk management, often within the insurance sector. To qualify as an actuary in the UK, you must pass a series of exams administered by the Institute and Faculty of Actuaries (IFoA).
First Set of Exams (Mathematical Material):
The first set of exams includes CB1, CB2, CM1, CM2, CS1, and CS2. These exams cover subjects such as accounts, economics, financial/actuarial mathematics, and applied statistics. You can take accredited BSc and MSc programmes in Actuarial Science at Heriot-Watt University. The MSc in Actuarial Science provides a quicker route to exemptions, taking just one year to complete.
Second Set of Exams (Real-Life Application):
The second set of exams focuses on applying mathematical knowledge in real-life scenarios. These exams include CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9, all administered by IFoA. You can prepare for these practical challenges through Heriot-Watt University's MSc in Actuarial Management. Alternatively, there is an MSc in Actuarial Management with Data Science, which equips you with machine learning skills, increasingly valuable in the modern world.
Accelerated Path to Qualification:
If you are seeking an accelerated path to qualification, Heriot-Watt University offers a 2-year MSc in Actuarial Science and Management. In the first year, you cover CB1, CB2, CM1, CM2, CS1, and CS2 material. In the second year, you delve into CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9 subjects, with the option to choose a subset. Additionally, the university offers data science (machine learning) courses for students interested in expanding their skill set.
Accreditation
Institute and Faculty of Actuaries in the UK
Fully accredited programme with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. This means that you can mess up an exam but still gain an exemption from sitting the equivalent IFoA exam if your average is high enough. This is a valuable safety net.
Center of Actuarial Excellence
‘Center of Actuarial Excellence’: Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide 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.
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.
Programme overview
Main Subject
Mathematics
Degree
MSc
Study Level
Masters
Study Mode
On Campus
The MSc in Actuarial Management gives you all the training you need to become an expert in actuarial business management, to be able to judge the right action to take, and to be able to persuade others of your ideas, in order to make the business successful.
The MSc in Actuarial Management is fully accredited with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. In addition, studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification. It is also possible to "catch up" with some of the earlier subjects that you may have missed – such as CB1, CB2 or CM2.
These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling. You choose the best combination for you.
Completing this degree gets you close to qualification as an actuary, with only one or two exams left to complete after leaving university. It typically speeds up your qualification by one or two years.
Our Expertise
Your learning will be informed by the expertise of our 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
Heriot-Watt University is the home of actuarial science in the UK. We were the first university in the UK to offer a degree in actuarial science. Now – each year – we help between 100 and 200 students gain the exemptions they need from actuarial Institute and Faculty of Actuaries' (IFoA) exemption subjects.
Your learning environment
In the MSc Actuarial Management programme, you will receive instruction 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.
- Dedicated study spaces and PC 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 won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by you, the students.
Becoming an Actuary in the UK:
As an actuary, you specialise in risk management, often within the insurance sector. To qualify as an actuary in the UK, you must pass a series of exams administered by the Institute and Faculty of Actuaries (IFoA).
First Set of Exams (Mathematical Material):
The first set of exams includes CB1, CB2, CM1, CM2, CS1, and CS2. These exams cover subjects such as accounts, economics, financial/actuarial mathematics, and applied statistics. You can take accredited BSc and MSc programmes in Actuarial Science at Heriot-Watt University. The MSc in Actuarial Science provides a quicker route to exemptions, taking just one year to complete.
Second Set of Exams (Real-Life Application):
The second set of exams focuses on applying mathematical knowledge in real-life scenarios. These exams include CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9, all administered by IFoA. You can prepare for these practical challenges through Heriot-Watt University's MSc in Actuarial Management. Alternatively, there is an MSc in Actuarial Management with Data Science, which equips you with machine learning skills, increasingly valuable in the modern world.
Accelerated Path to Qualification:
If you are seeking an accelerated path to qualification, Heriot-Watt University offers a 2-year MSc in Actuarial Science and Management. In the first year, you cover CB1, CB2, CM1, CM2, CS1, and CS2 material. In the second year, you delve into CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9 subjects, with the option to choose a subset. Additionally, the university offers data science (machine learning) courses for students interested in expanding their skill set.
Accreditation
Institute and Faculty of Actuaries in the UK
Fully accredited programme with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. This means that you can mess up an exam but still gain an exemption from sitting the equivalent IFoA exam if your average is high enough. This is a valuable safety net.
Center of Actuarial Excellence
‘Center of Actuarial Excellence’: Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide 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.
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.
Admission Requirements
A minimum of a 2:1 honours degree or non-UK equivalent with substantial actuarial content or non related degree if you have joined profession and sat relevant examinations. Students should have covered much of the syllabus of early Institute and Faculty of Actuaries subjects: CM1, CM2, CS1, CS2, CB1 and CB2.
If you have not passed most or all of the early actuarial Institute and Faculty of Actuaries subjects then our MSc in Actuarial Science (1 year) degree or our MSc in Actuarial Science and Management (2 year) degree may be better for you.
We welcome applications from international students and accept qualifications from around the world. Please refer to the entry requirements for your country for more details.
Tuition fees
Domestic
International
Scholarships
IMechE Scholarships (for Mechanical Engineers)
Value
$21800
Deadline
31 Aug 2026
Application requirements
QS Event Attendance is NOT required
Entry requirements
You must be admitted to this school to be awarded
Heriot-Watt University Expenses Bursary
Value
$525
Deadline
31 Aug 2026
Application requirements
QS Event Attendance is NOT required
Entry requirements
You must be admitted to this school to be awarded
Value
25% tuition fee waiver
Deadline
31 Jul 2026
Application requirements
QS Event Attendance is NOT required
Entry requirements
You must be admitted to this school to be awarded
IMechE Scholarships (for Mechanical Engineers)
Value
$218000
Deadline
31 Aug 2026
Application requirements
QS Event Attendance is NOT required
Entry requirements
You must be admitted to this school to be awarded
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