Course summary

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. 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. 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. 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.