Actuarial Management with Data Science

Entry 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.

English language requirements

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.

Please see our detailed English language requirements.

Months of entry

September

Course content

Data Science (machine learning) uses computer algorithms to build models of the future.  Our MSc in Actuarial Management with Data Science will enable you to develop the skills to build and apply such models in an actuarial context. 

In addition, the degree is fully accredited with the Institute and Faculty of Actuaries in the UK for actuarial subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6, SP7, SP8 and SP9.  Studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification. 

These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling.  Combining your choice of these with your development in machine learning skills will prepare you well for the modern world.  You choose the combination that works 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.

Self-Taught Courses On Enrolment

On enrolment, you will gain access to the following self-taught courses that you can use (if you wish):

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

In addition, enrolment at Heriot-Watt University gives you free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas.

Studying in Edinburgh

Edinburgh is a wonderful city close to the sea in Scotland in the United Kingdom.  Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space.  Transport links into the city centre are regular and travel by bus takes thirty minutes – and so you can choose the mix of city and campus life that you like best. 

Edinburgh is the financial heart of Scotland and many such companies are based there.  It is also a centre of arts and culture, with the famous Edinburgh International Festival taking place in August each year.

It is built on seven hills, and views regularly emerge and surprise as you walk the cobbled streets in the old town, or explore the beautiful sandstone buildings in the new town.  Edinburgh Castle rises high in the centre of Edinburgh and is a big attraction for tourists.

Access to all other cities in the UK is straightforward, with fast travel to London for instance taking only 4 hours.

Your student experience

Our expertise

Your learning will be informed by the expertise of our research-active academics whose work covers four the following key areas:

• Leveraging machine learning algorithms for enhanced risk modelling and uncertainty quantification
• Asset-liability management and investment strategies
• Leveraging advanced data science techniques to extract insights and predict outcomes for actuarial applications
• 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 with Data Science programme, you will receive instruction from academic experts 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.

A key component of the programme is the integration of data science techniques, allowing you to gain proficiency in advanced analytics and machine learning methods applicable in actuarial work.

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:

• Specialized 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.

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

Customise your learning

Becoming an Actuary in the UK:

As an actuary, you specialize 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 (IFOA)

Fully accredited programme with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6, SP7, SP8 and SP9.

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.

Information for international students

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.

Please see our detailed English language requirements.

Fees and funding