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, SP7, SP8 and SP9. In addition, studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification. Students also have the opportunity to take courses that provide exemption from earlier subjects, such as CB1, CB2, CM2 or CS2. 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. 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 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, SP7, SP8 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.