Postgraduate Diploma in Actuarial Science MSc in Applied Actuarial Science International Masters in Applied Actuarial Science

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1 CENTRE FOR ACTUARIAL SCIENCE, RISK AND INVESTMENT Postgraduate Diploma in Actuarial Science MSc in Applied Actuarial Science International Masters in Applied Actuarial Science Version January 2015

2 Why come to Kent to study Actuarial Science? Actuaries are concerned with evaluating and managing financial risks, particularly those associated with insurance companies and pension funds. The UK Actuarial Profession is small but influential and well rewarded. There are more than 11,000 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices. Others are employed in government service, in the Stock Exchange, in investment management, healthcare and in universities. If you are good at mathematics and curious about financial matters, you will enjoy studying Actuarial Science. Teaching excellence Our actuarial staff are involved in examining and tutoring for the Actuarial Profession and are in frequent contact with actuaries working in insurance companies and consultancy firms. In our most recent research assessment (2008), our work in Statistics was ranked among the top ten universities in the UK. All of our core actuarial science modules on our postgraduate study programmes are taught by qualified actuaries, who are all Fellows of the Institute or Faculty of Actuaries with many years experience in consultancy or the insurance industry. Our department is friendly and we place an emphasis on getting to know our students on a one-to-one basis. Professional exemption For students who wish to qualify as actuaries, recognition of our postgraduate study programmes by the Actuarial Profession is very important. Our Postgraduate Diploma in Actuarial Science programme gives you the opportunity to gain exemptions from eight of the Core Technical subjects (CT1 to CT8) of the professional examinations set by the UK Actuarial Profession, and provides you with a firm foundation for the later subjects. If you do well enough on this course to obtain the full set of exemptions available, you could reduce your time to qualify as an actuary by three years or more. Our MSc in Applied Actuarial Science programme gives you the opportunity to gain exemptions from most of the Core Applications and Specialist Technical subjects of the professional examinations set by the UK Actuarial Profession. Our International Masters in Applied Actuarial Science is a two-year integrated programme, covering the subjects taught in the Diploma in the first year and covering the subjects taught in the MSc in the second year. Accreditation All our actuarial science courses at Kent are accredited by the UK Actuarial Profession. International recognition The UK actuarial qualifications Fellowship of the Institute of Actuaries (FIA) or the Fellowship of the Faculty of Actuaries (FFA) are highly valued throughout the world and so are ideal if you are someone who wants to work in another country. Over 2,000 actuaries with UK qualifications work abroad. Page 2 of 14

3 The UK Actuarial Profession also offers Associateships (AIA or AFA), a valuable qualification that recognises a significant milestone in an actuary's career. It is recognised internationally as meeting the minimum requirements to be an actuary in many countries of the world. PROPHET We are able to offer you the chance to gain practical experience of working with PROPHET, the market leading actuarial software package marketed by SunGard, a global leader in providing software solutions for financial services. PROPHET is used by companies worldwide for profit testing, valuation and model office work. Invicta Actuarial Society The Invicta Actuarial Society is a regional actuarial society which has its meetings on campus and is organised by Kent students and academic staff. Meetings are also attended by practising actuaries and other visiting actuaries who present current research and business problems and provide valuable contacts between students and employers. Good career prospects Kent has an excellent postgraduate employability record: 94% of our postgraduate students who graduated in 2013 found a job or further study opportunity within six months. While the courses provide an excellent start to an actuarial career, choosing these programmes does not commit you to becoming an actuary. While many students do become actuarial trainees, others go on to successful careers in insurance, accountancy, banking or operational research. Flexible study We also offer a 2-year, part-time version of the MSc programme. For more details on the part-time programme, please pgactsci@kent.ac.uk. An actuary s work Actuarial work is varied, the list below showing the kinds of tasks an actuary undertakes: advises a company how much money needs to be set aside to pay the pensions of employees when they retire; advises a life insurance company how surplus funds should be distributed among policyholders; designs new insurance policies, sets premium rates; advises how to set up a national social security scheme on a sound financial basis; prices financial derivatives, works in fund management and quantitative investment research; estimates the effects of possible major disasters such as earthquakes or hurricanes and sets premium rates for insurance against such disasters. Page 3 of 14

4 Postgraduate Diploma Facts LOCATION Canterbury. DURATION Nine months (September to June) full-time. PROFESSIONAL RECOGNITION: Our Diploma can give exemption from eight Core Technical subjects (CT1 to CT8) of the examinations set by the UK Actuarial Profession and gives a firm foundation for later subjects. In addition, this programme has been accredited by the UK Actuarial Profession. ENTRY REQUIREMENTS Graduates with a good first degree (upper-second class degree or better), usually in mathematics, statistics or economics although other subjects with a high mathematical content are acceptable. ENGLISH LANGUAGE REQUIREMENT TOEFL: 87 (Internet-based test) including 22 in reading, 21 in writing, 21 in listening 23 in speaking or British Council IELTS: 6.0 including 5.5 in all four components. Modules The Postgraduate Diploma programme offers modules covering the following subjects of the examination syllabus of the Actuarial Profession: Financial Mathematics (CT1) An introduction to financial mathematics and its simple applications. Finance & Financial Reporting (CT2) An introduction to corporate finance and the interpretation of company accounts. Probability and Mathematical Statistics (CT3) A grounding in basic statistics and its applications in readiness for other courses. Models (CT4) A grounding in stochastic processes and actuarial survival models and their applications. Contingencies (CT5) The mathematical techniques of pricing and evaluating insurance and pension products. Statistical Methods (CT6) The fundamental statistical techniques used in the analysis of short-term insurance contracts. Page 4 of 14

5 Business Economics (CT7) An introduction to key economic concepts at both the micro and macro levels. Financial Economics (CT8) A grounding in modern financial theory and its applications. PROPHET The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in providing software solutions for financial services. SunGard markets the industry s leading actuarial software package PROPHET, used by companies worldwide for profit testing, valuation and model office work. As a result of this arrangement, an optional Financial Modelling module is available which provides an introduction to the use and application of this market leading actuarial software package. This module also introduces students to other financial models and how to analyse and summarise data, develop a model with an audit trail and develop the ability to apply the results. Assessment Details Examinations There are written examination papers for each subject, which take place in the third academic term. Although only 120 credits (equivalent to a minimum of 4 subjects leading to the professional examinations) are required to pass the Diploma, further subjects may be taken for exemption purposes. If fewer than 120 credits are taken, students may be eligible for the Postgraduate Certificate in Actuarial Science. Coursework In addition to the written examinations, some modules may also have assessments that make up the final module mark. Accreditation Since our courses are accredited, this means that students who are considered to have done sufficiently well in the programme (both examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession, will be exempt from all the CT subjects studied within the programme. If a student fails to achieve a suitable overall standard, they might still be awarded individual module exemptions as recommended by the Profession s examiner. Individual exemptions are usually awarded based on the final written examinations only. For more details regarding accreditation and exemptions please see Page 5 of 14

6 MSc in Applied Actuarial Science Facts LOCATION Canterbury. DURATION One year full-time. 2 years part-time. PROFESSIONAL RECOGNITION: Our MSc can give exemption from CA1 and CA3 of the Core Applications subjects and ST2 to ST9 of the Specialist Technical subjects of the examinations set by the UK Actuarial Profession. Students on this programme can also choose an optional Modelling module which prepares them for subject CA2. In addition, this programme has been accredited by the UK Actuarial Profession. ENTRY REQUIREMENTS Graduates with a good first degree (upper-second class degree or better) in actuarial science or a degree that covers all or most of Core Technical subjects of the professional examinations of the Actuarial Profession. Applicants who have another degree and who have passed most of Core Technical subjects may also be accepted. ENGLISH LANGUAGE REQUIREMENT TOEFL: 90 (Internet-based test) including 22 in reading, 21 in writing, 21 in listening 23 in speaking or British Council IELTS: 6.5 including 6.0 in reading and writing 5.5 in listening and speaking. Modules The MSc programme offers modules covering the following subjects of the examination syllabus of the Actuarial Profession: Actuarial Risk Management (CA1) The aim of this subject is to give students the ability to apply the principles of investment and investment risk to the selection and management of investments appropriate to the needs of investors. This subject is covered by two modules in the course, both of which are compulsory. Model Documentation, Analysis and Reporting (CA2) The aim of this subject is to ensure that the successful candidate understands how to model data in practice and to maintain an audit trail for information. This subject is covered by one module in the course, and it is optional. Communications (CA3) The aim of the communications subject is to ensure that successful candidates have the ability to present fundamental actuarial ideas and arguments to others outside the profession. This subject is covered by one module in the course, and it is compulsory. Page 6 of 14

7 Life Insurance Specialist Technical (ST2) The aim of this subject is to give students the ability to apply, in simple situations, the principles of actuarial planning and control needed for the operation of life insurance companies. This subject is covered by one module in the course, and it is optional. General Insurance Specialist Technical (ST3) This subject has now been replaced by two new subjects ST7 and ST8 (please see below). Pensions and Other Benefits Specialist Technical (ST4) The aim of this subject is to give students the ability to apply, in simple situations, the principles of actuarial planning and control needed for the operation of providers of pensions and other benefits. This subject is covered by one module in the course, and it is optional. Finance and Investment Specialist Technical A (ST5) The aim of this subject is to give students the ability to apply modern techniques in financial management to the business of managing assets and financing corporate entities. This subject is covered by one module in the course, and it is optional. Finance and Investment Specialist Technical B (ST6) The aim of this subject is to give students the ability to value financial derivatives. This subject is covered by one module in the course, and it is optional. General Insurance Specialist Technical (ST7 and ST8) These two new subjects have replaced ST3. The aim of these subjects is to give students the ability to apply, in simple situations, the principles of actuarial planning and control needed for the operation of general insurers. This subject is covered by two modules in the course, and they are optional. Enterprise Risk Management Specialist Technical (ST9) The aim of this subject is to give students the ability to understand and apply modern techniques in risk management. This subject will be covered by one module in the course, and it will be optional. Additional PROPHET modules The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in providing software solutions for financial services. SunGard markets the industry s leading actuarial software package PROPHET, used by companies worldwide for profit testing, valuation and model office work. As a result of this arrangement, there are two optional financial modelling modules available, giving students practical experience of working with PROPHET: PROPHET 1 This module gives students an introduction on how to use the software package PROPHET, including setting up a new product, performing profit testing and model office runs. Page 7 of 14

8 PROPHET 2 This module provides further experience on the use and application of PROPHET and also shows students how to analyse and summarise data used in financial models as well as develop the ability to apply the results obtained. Assessment Details Examinations There are written examination papers for the modules covering the CA1 and CA3 subjects and each ST subject, which normally take place in May and August. A total of 180 credits are required to pass the MSc. If fewer than 180 credits are taken, students may be eligible for the Postgraduate Diploma in Applied Actuarial Science. Coursework In addition to the written examinations, some modules may also have assessments that make up the final module mark. Accreditation Since our courses are accredited, this means that students who are considered to have done sufficiently well in the programme (both examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession, will be exempt from subjects CA1, CA3 and the Specialist Technical subjects studied within the programme. For more details regarding If a student fails to achieve a suitable overall standard, they might still be awarded individual module exemptions as recommended by the Profession s examiner. Individual exemptions are usually awarded based on the final written examinations only. For more details regarding accreditation and exemptions please see Page 8 of 14

9 International Masters in Applied Actuarial Science Facts LOCATION Canterbury. DURATION 2 years full-time. The first year runs from September to June and the second year runs from September to August. PROFESSIONAL RECOGNITION: Our International can give exemption from CT1 to CT8 in the first year and CA1 and CA3 of the Core Applications subjects and ST2 to ST9 of the Specialist Technical subjects of the examinations set by the UK Actuarial Profession in the second year. Students on this programme can also choose an optional Modelling module which prepares them for subject CA2 in the second year of the programme. In addition, this programme has been accredited by the UK Actuarial Profession. ENTRY REQUIREMENTS Graduates with a good first degree (upper-second class degree or better), usually in mathematics, statistics or economics although other subjects with a high mathematical content are acceptable. ENGLISH LANGUAGE REQUIREMENT TOEFL: 87 (Internet-based test) including 22 in reading, 21 in writing, 21 in listening 23 in speaking or British Council IELTS: 6.0 including 5.5 in all four components. Modules The International Masters programme is an integrated programme and offers modules covering the following subjects of the examination syllabus of the Actuarial Profession: Year 1 of the programme: Modules covering subjects CT1 to CT8 of the Core Technical stage. Year 2 of the programme: Modules covering subjects from the Core Applications and Specialist Technical stages, as taught in the MSc programme. PROPHET The International Masters will include PROPHET modules as taught in the Diploma and the MSc programmes. Page 9 of 14

10 Assessment Details Year 1 of the programme: Examinations There are written examination papers for each subject, which take place in the third academic term. Although only 120 credits (equivalent to a minimum of 4 subjects leading to the professional examinations) are required in the first year, further subjects may be taken for exemption purposes. Students need to obtain at least 55% in this year to progress to the second year of study. If fewer than 120 credits are taken, students may be eligible for the Graduate Certificate in Actuarial Science. Coursework In addition to the written examinations, some modules may also have assessments that make up the final module mark. Accreditation Since our courses are accredited, this means that students who are considered to have done sufficiently well in the programme (both examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession, will be exempt from all the CT subjects studied within the programme. If a student fails to achieve a suitable overall standard, they might still be awarded individual module exemptions as recommended by the Profession s examiner. Please note that individual exemptions are granted based on the final written examinations only. Year 2 of the programme: Examinations There are written examination papers for the modules covering the CA1 and CA3 subjects and each ST subject, which normally take place in May and August. A total of 180 credits are required to pass the MSc. If fewer than 180 credits are taken, students may be eligible for the Postgraduate Diploma in Applied Actuarial Science. Coursework In addition to the written examinations, some modules may also have assessments that make up the final module mark. Accreditation Since our courses are accredited, this means that students who are considered to have done sufficiently well in the programme (both examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession, will be exempt from subjects CA1, CA3 and the Specialist Technical subjects studied within the programme. If a student fails to achieve a suitable overall standard, they might still be awarded individual module exemptions as recommended by the Profession s examiner. Individual exemptions are usually awarded based on the final written examinations only. Page 10 of 14

11 For more details regarding accreditation and exemptions please see Fees and Funding The tuition fee for the Postgraduate Diploma course for the academic year is 9,370 for Home/EU students and 13,280 for International students. The tuition fee for the MSc (full-time) course for the academic year is 11,310 for Home/EU students and 16,070 for International students. The tuition fee for the first year of our 2-year part time MSc programme in Applied Actuarial Science is 5,650 for Home/EU students and 8,040 for International students. The tuition fee for the first year of the International Masters course for the students joining the programme in the academic year is as follows: Year 1 (stage 1) of the programme: 14,000. Year 2 (stage 2) of the programme: 14,000. Fees are payable in full on the first day of the course (instalment arrangements are available). The above fees include the cost of course reading, which is mainly taken from the course notes provided by the Actuarial Education Company. Fees are reviewed annually. The School has established a bursary scheme to support taught postgraduate students. Full details are available at Details of other scholarships and awards are available at Many UK students fund their places through a Career Development Loan (contact any UK bank or Job Centre for further information). Organisations are occasionally willing to offer students sponsorship. For up to date details, you should contact the Actuarial Profession for information (Tel +44 (0) ; web address: For information on paying by instalments please contact the Student Finance Office (Tel +44 (0) : web address: For overseas students, more information on funding is available at the University s funding website: Page 11 of 14

12 CASRI and the School The Centre of Actuarial Science, Risk and Investment (CASRI) was recently set up within the School of Mathematics, Statistics and Actuarial Science to reflect the widening scope of the teaching and research of the staff. After many years of successful provision of undergraduate and postgraduate actuarial science programmes, the Centre is now: developing taught programmes in other finance related areas; showcasing the increasing level of research activity undertaken by staff within these areas; aiming to develop CPD programmes for the financial services industry. The School of Mathematics, Statistics and Actuarial Science has existed from the earliest days of the University of Kent and is part of the Faculty of Sciences. Actuarial Science is an important component of the School due to the number of students from both the UK and overseas who are attracted to study actuarial science at Kent. Currently approximately two thirds of the School s students are on actuarial science study programmes. The University The University of Kent is one of a very limited number of universities in the UK to teach actuarial science. The principal feature of the undergraduate and postgraduate actuarial science programmes at Kent is the exemptions that successful students can gain from the professional examinations of the UK Actuarial Profession. The successful completion of these programmes leads to excellent job prospects, as demonstrated by the strong graduate employment record for all of our actuarial science students. The University of Kent at Canterbury is built on 300 acres of parkland in the midst of the Kent countryside on a hill overlooking the city. It was founded in 1965 and combines modern architecture with open green spaces, courtyards, gardens, ponds and woodland which, put together with the view across Canterbury and the Stour Valley, make it an attractive and friendly campus. Page 12 of 14

13 How to apply An online application form for entry onto the courses is available via If you wish to apply online then please note that you will also need to supply two academic references and proof of your degree result (if known). It will speed up the admissions process, if you can send us scanned copies of your transcripts via . If you wish to receive a paper copy of the application form, then please imsadmin@kent.ac.uk giving your postal address. Further information about our Postgraduate courses in Actuarial Science and application forms may be obtained from: The Admissions Officer, Taught Postgraduate Programmes in Actuarial Science, School of Mathematics, Statistics and Actuarial Science Cornwallis Building, University, Canterbury, Kent CT2 7NF. Tel: +44 (0) Fax: +44 (0) pgactsci@kent.ac.uk If you still have questions after reading through this booklet, you may find our answers to frequently asked questions helpful and which can be found on the web on: Page 13 of 14

14 Appendix Examinations of the Institute and Faculty of Actuaries Core Technical Stage CT1 Financial Mathematics CT2 Finance & Financial Reporting CT3 Probability and Mathematical Statistics CT4 Models CT5 Contingencies CT6 Statistical Methods CT7 Economics CT8 Financial Economics CT9 Business Awareness Module The Business Awareness Module involves a 2-day residential course arranged by the Actuarial Profession. Attendance of this course and passing the follow-up test is a requirement of qualification for students joining the profession from 1 st July Core Applications Stage CA1 Actuarial Risk Management CA2 Model Documentation, Analysis and Reporting CA3 Communications Specialist Technical Stage ST0 Alternative Specialist Technical ST1 Health and Care Specialist Technical ST2 Life Insurance Specialist Technical ST4 Pensions and Other Benefits Specialist Technical ST5 Finance and Investment Specialist Technical A ST6 Finance and Investment Specialist Technical B ST7 General Insurance: Reserving and Capital Modelling Specialist Technical ST8 General Insurance: Pricing Specialist Technical ST9 Enterprise Risk Management Specialist Applications Stage SA0 Research Dissertation Specialist Applications SA1 Health and Care Specialist Applications SA2 Life Insurance Specialist Applications SA3 General Insurance Specialist Applications SA4 Pensions and Other Benefits Specialist Applications SA5 Finance Specialist Applications SA6 Investment Specialist Applications Students are required to take all subjects from the Core Technical and Core Applications Stages, two subjects from the Specialist Technical Stage and one subject from the Specialist Applications Stage. Page 14 of 14