Actuarial Science and Management

Entry requirements

A minimum of a 2:1 honours degree or non-UK equivalent with substantial mathematics, statistics, actuarial mathematics or financial mathematics.

The MSc Actuarial Science and Management is challenging and it is necessary to be able to work hard and to have a strong drive to succeed

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

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.

Tailored for success as an Actuary

This programme has been uniquely designed to offer a blend of technical mastery, business acumen, and communication skills essential for a successful actuarial career.

Developed in collaboration with industry leaders, it ensures the acquisition of sought-after skills, setting you apart in interviews and excelling in real-world tasks.

Gain a competitive edge with an intensified focus on software tools like Excel and R, and experience enriched learning through 'value-added' components, emphasizing teamwork and communication.

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.

Why choose 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.

Your student experience

Our expertise

• Heriot-Watt University was the first Centre of Actuarial Excellence (as recognised by the society of actuaries (SOA) – North America) in Europe
• Heriot-Watt University was the first in the UK to offer a degree in actuarial science.  We have been leading the way in the UK ever since and built a wonderful teaching team of world-renowned academics and experienced industry professionals. 
• Each year we enable between 100 and 200 students to gain exemptions from actuarial subjects. 
• We also understand that you need to be ready for the business world and able to interview well.  We develop these softer skills too, and develop your ethics, so you will become an excellent capable professional.

Your learning environment

Students' Actuarial Society

We are very proud of our award-winning Students' Actuarial Society which is entirely managed, enthusiastically and professionally, by our students. As well as arranging a series of topical presentations by industry professionals, and popular social events, the Society's highly anticipated Annual Actuarial Conference attracts speakers and attendees from around the world.

Watch a video

Visit our YouTube channel to see videos from our students and graduates, as well as an example of a lecture in Life Insurance Mathematics.

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

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 and Management is fully accredited with the IFoA which means that the subjects you study on our programme lead to possible 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)
• Actuarial Practice (CP1)
• Modelling Practice (CP2)
• Communications Practice (CP3)
• Life Insurance (SP2)
• Pensions (SP4)
• Investment and Finance (SP5)
• Financial Derivatives (SP6)
• General Insurance Reserving and Capital Modelling (SP7)
• General Insurance Pricing (SP8)
• Enterprise Risk Management (SP9)

These 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. 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

Scholarships and bursaries