BSc in Actuarial Science and Risk Management

Transcription

1 BSc in Actuarial Science and Risk Management

2 BSc in Actuarial Science and Risk Management Presentation by: Neil McConville FIA (Actuarial Science and Risk Management Programme Lecturer)

3 What is an Actuary? Someone who uses mathematics to solve business problems An actuary is a business professional who deals with the financial impact of risk and uncertainty Actuaries apply financial and statistical theories to solve real business problems.

4 What is an Actuary?

5 What does an actuary do? Employed to quantify financial risks Looks at past experience Models experience using statistical models Projects the model forward into the future. Estimates the timing and amount of future cashflows Puts a price (present value) on those expected future cashflows Advises the client on how to fund for, or mitigate against those risks.

6 Career Opportunities for Actuaries Actuarial pensions consultancies/firms Insurance and reinsurance industry Risk management in finance/banking Public sector/government agencies

7 Where do actuaries work? The majority of actuaries are based in London Dublin, Edinburgh, Manchester, Birmingham, Glasgow also have many actuarial firms Northern Ireland has a small number of actuarial firms

8 Actuaries in Northern Ireland?

9 Actuaries in London? Aon Hewitt Limited APR LLP AXA UK Barnett Waddingham LLP BDO Buck Consultants Deloitte LLP EMB Consultancy LLP GAAPS Actuarial Genworth Financial Government Actuary s Department Grant Thornton UK LLP HSBC Actuaries and Consultants Limited Hymans Robertson LLP Jardine Lloyd Thompson plc KPMG Lane Clark & Peacock LLP Lucida plc Mercer Limited Milliman Limited Munich Re UK Life Branch Nigel Sloam & Co Actuaries & Consultants Pearl Group Punter Southall Limited Prudential Royal London Group Towers Watson Xafinity Consulting Ltd

10 Salary Rewards On qualifying as an actuary salaries are in excess of 45,000 and can be as high as 60,000 depending on location. Five years post qualification salaries can be in excess of 100,000 Job Opportunities in London, Birmingham, Manchester, Edinburgh, Glasgow, Belfast, Dublin Internationally recognised qualification job opportunities worldwide

11 Queen s University Management School Background QUMS has been providing high quality education and research in management, business, accounting, finance and economics for over 40 years. 60+ academic staff (including 14 Chairs), 22 support staff Largest School in Queen s 1,300 undergraduate students Increase number of postgraduate students year on year, almost 250 postgraduate taught and research

12 QUMS relocation School moved to Riddell Hall in Summer of 2011 (Victorian mansion) Leadership Institute at Riddell Hall and the Management School Dedicated facilities and resources for students, including new lecture theatres, trading room and computer suites Virtual Tour:

13 UK Rankings QUMS in the Top 20 UK business Schools Research Assessment Exercise: 95 per cent of QUMS research being deemed as of an international standard, and 55 per cent of its research rated as world-leading and internationally excellent 2013 Guardian University Guide Business and Management ranked 51 st in the UK, Economics ranked 48 th in the UK 2013 Times Good University Guide Accounting and Finance ranked 31 st in the UK, Business Studies ranked 25 th in the UK, Economics ranked 48 th in the UK 2012 Guardian University Guide Business and Management Studies 29th in UK 2012 Times Good University Guide Accounting, Actuarial and Finance 21st in UK Business and Management Studies 43rd in UK 2008 UK Guardian University Guide Business and Management Studies (including accounting and finance) at Queen's University Belfast ranked in the top ten in the UK Teaching Quality The School was rated excellent for teaching quality by the UK Quality Assurance Agency in the latest exercise

14 Programme offerings: full-time undergraduate BSc Accounting BSc Actuarial Science and Risk Management BSc Business Management BSc Business Economics BSc Economics BSc Finance BSc International Business with a Modern Language (French or Spanish) Further information:

15 Actuarial Science and Risk Management Key Features Degree commenced September 2007 Original name was Actuarial Studies Four year degree (3 years at university; 1 in an industrial placement) A broad based intellectually demanding degree which includes: mathematics, statistics, probability, actuarial modelling, finance, accounting and economics

16 Actuarial Science and Risk Management Entry Grades For entry in September 2013 A-Level requirements was A*AA or AAA plus a fourth A at AS-level One of the A-Levels must be in Mathematics Expected intake in September 2013 was 40 home based students. Further Mathematics is not a requirement but is recommended.

17 Actuarial Science and Risk Management Year One Semester 1 Financial Reporting and Analysis Probability Microeconomics Semester 2 Statistics Macroeconomics Actuarial Mathematics 1

18 Actuarial Science and Risk Management Year Two Semester 1 Actuarial Methods in General Insurance Investment Analysis Monetary Theory Semester 2 Principles of Actuarial Modelling Placement Learning Mutual and Pension Fund Management

19 Actuarial Science and Risk Management Year Three Combines academic theory with industry relevant focus Year 3 is spent in a high quality and salaried actuarial placement Examples of placements will include: Spence & Partners, Kerr Henderson, Aviva, AXA, several Lloyds syndicates... Located in, London, Edinburgh, Manchester, Birmingham, Bristol, Dublin, Belfast and overseas.

20 Placement Year The Student Perspective The placement year has been the best experience of my degree so far. Moving away from home and working in London has really opened my eyes to what is out there. Great to be able to see insurance module being put into practise and also learning new terminology. Structured learning good incorporation of class and work based learning. Very friendly team and company. Placement is a good stepping stone for the final year. I particularly liked putting my understanding of the pensions module into practice. I Feel I have a better understanding of what an actuary does which will help in other modules and future career decisions. The first two years of university has given a useful broad base of economics, maths and finance and actuarial however being here has really given insight to what to expect in future

21 Actuarial Science and Risk Management Year Four Semester 1 Stochastic Processes Capital Markets Financial Engineering Semester 2 Actuarial Modelling Fixed Income Instruments Time Series Financial Econometrics

22 Accreditation What s it all about? The Actuarial Science and Risk Management degree at Queen s has been accredited by the Institute & Faculty of Actuaries (IFoA) Exemption from subjects CT1 CT8 of the professional exams Students must achieve 65% or more average over all three teaching years to get all 8 exemptions Achieving less than 65% can still entitle you to some exemptions (at discretion of the IFoA)

23 After your degree Enter paid employment and undertake professional examinations as offered by the Institute & Faculty of Actuaries. Professional examinations will take on average around a further 3 / 4 years to complete. Enter paid employment in a risk management setting but not progressing to become an actuary Continue in education and study the MSc in Finance or the MSc in Risk Management

24 Checklist when choosing your degree Does the degree subject material match my strengths? Is the degree structure interesting? Is the university offering the degree of good quality? Are the academics teaching on the programme engaged in high quality teaching and research? Are the students leaving the degree employable and in rewarding careers?

25 Who is this degree for? Enthusiastic about Mathematics? Going to achieve an A at A-level Mathematics without any problems? Want a career where numerical skills are highly regarded? Want a professional career which is highly regarded around the world For more information about Actuarial Science and Risk Management visit the website: