MSc Actuarial Management 12 months Postgraduate Program By Heriot-Watt University |Top Universities
Subject Ranking

# 151-200QS Subject Rankings

Program Duration

12 monthsProgram duration

Tuitionfee

24,176 GBPTuition Fee/year

Scholarship

YesScholarships

Program 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. 

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. 

Program 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. 

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. 

Admission requirements

6.5+

Entry requires an excellent Bachelors or Masters degree, and for the student to have studied, and be proficient in, the application of a wide range of the early actuarial mathematical material. Broadly speaking, students need to have covered previously much of the syllabus of early Institute and Faculty of Actuaries subjects: CM1, CM2, CS1, CS2, CB1 and CB2.

The degree is challenging but rewarding. Working hard will get you a suite of exemptions and the ability to perform well in interviews in order to secure your first role in business.

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.

1 Year
Sep

Tuition fee and scholarships

Domestic Students

12,344 GBP
-

International Students

24,176 GBP
-

One of the important factors when considering a master's degree is the cost of study. Luckily, there are many options available to help students fund their master's programme. Download your copy of the Scholarship Guide to find out which scholarships from around the world could be available to you, and how to apply for them.

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More programs from the university

From top 10 rankings to opportunities to study abroad, there are many reasons to choose Heriot-Watt.  Here are just a few of them.

A rich heritage
We are proud that since our foundation in 1821 we have been outward-looking pioneers of education, in pursuit of knowledge to the benefit of society and the world.

Become a global student
Heriot-Watt provides you with the opportunity to become a global student both at our UK campuses and internationally. On our Edinburgh Campus you’ll find that about one-third of our students are from countries outside the UK, bringing a real international flavour to our community. This mix of people provides a great opportunity to learn about other cultures and build friendships that stretch across the globe.

We also encourage students to take part in our global student programme, Go Global, by participating in an Inter-Campus Transfer, Exchange or Erasmus+ for a semester or year of their degree.

A world-class reputation
We are world-renowned for excellence in teaching and research. We are ranked 235th in the world and 32nd in the UK (QS World University Rankings 2024), and almost 90% of our research outputs are classed as world-leading and internationally excellent (REF 2021). View our rankings.

Strong links to business and industry
Our taught programmes and research are informed by the needs of business and industry. We actively facilitate collaborations and partnerships, building strategic alliances and promoting knowledge transfer.

Globally employable graduates
Global companies actively seek out our graduates as they are work-ready. Our programmes are designed to ensure that students receive a relevant, careerorientated education. As a result, more than 95% are in employment or further study six months after completing their programme.

Worldwide network
When you join Heriot-Watt you become part of a global family. We have around 123,000 alumni worldwide. The Watt Club was founded in 1854 and is the oldest graduate club in the UK. Lifetime membership is automatic upon graduation from Heriot-Watt and is free to all graduates of the University.

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Heriot-Watt is one of the world’s leading universities with strong links to international business and industry driven by our established reputation as a top research-led institution. Heriot-Watt is world-renowned for conducting ground-breaking research which is relevant to business and industry. We aim to find radical innovations and solutions to real world challenges for the benefit of society.

We offer over 180 Postgraduate courses that will provide you with the knowledge to solve real world challenges. There are around 2,400 postgraduate students studying at our Edinburgh Campus. It is a friendly, welcoming place, where you will have the opportunity to meet with students from all over the world.

Heriot-Watt is regarded as a top UK university across a range of subject areas. The QS World’s University Rankings ranked Heriot-Watt 302nd in the world, 39th in the UK and 7th in Scotland. 

The international outlook of our university has been ranked 37th in the world, 13th in the UK and 3rd in Scotland by Times Higher Education World University Rankings 2019.  This is based on the percentage of the university's international staff, the level of international co-authorship of academic papers and the percentage of international students studying with the university.  The Times/Sunday Times Good University Guide named Heriot-Watt University ‘International University of the Year 2018’.

REF 2014 named Heriot-Watt in the top 25% of UK universities, with 82% of our research ranked as world-leading or internationally excellent. We ranked 9th university in the UK and 1st in Scotland for research impact. View our rankings.

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