Actuaries evaluate and manage financial risk. You'll be able to make financial sense of the future by applying advanced mathematical and statistical techniques to solve complex financial problems. This sets you up for success in a range of industries.
Studying actuarial science on this conversion programme is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world.
Our MSc in Actuarial Science, MSc in Applied Actuarial Science and Integrated Master’s are all fully accredited by the Institute and Faculty of Actuaries; they also provide a fast-track route to qualifying as an actuary, because students who achieve a high enough overall mark in these programmes can obtain exemptions from the professional examinations included within their studies.
As one of the few universities to offer actuarial science in the UK, Kent’s programme is recognised for its strong mix of theoretical and practical expertise. The teaching staff include many actuaries drawn from professional practice, along with specialised researchers.
Depending on the modules chosen, MSc in Actuarial Science students may be eligible to gain exemptions from subjects CB1, CB2, CM1, CM2, CS1 and CS2 of the Institute and Faculty of Actuaries
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If you are considering applying for the Actuarial Science MSc course you may wish to consider alternatively applying for the Applied Actuarial Science (Integrated Master's) MSc course (2 years).
The Integrated Master's offers an identical programme in Stage 1 to the Actuarial Science MSc course, with the additional flexibility of automatically being accepted for Stage 2 (subject to satisfactory assessment performance) which is equivalent to the Applied Actuarial Science MSc, without the need to re-apply for another one year visa. Students can opt-out of the two year course at the end of Stage 1 and receive the full MSc qualification under the Actuarial Science MSc course (subject to satisfactory assessment performance).
In 2010, the Centre for Actuarial Science, Risk and Investment (CASRI) was set up to reflect the widening scope of the teaching and research of our staff. Within CASRI, research in actuarial science can be broadly classified into the following three themes: economic capital and financial risk management, longevity risk modelling, and public policy aspects of insurance risk classification. This achieves a balance between theoretical and applied investigations, as well as addressing social policy implications. The group has a deep and long-standing association with the Institute and Faculty of Actuaries, as well as with other educational institutions worldwide.
A good first degree usually in mathematics, statistics, economics, or physics (or other maths-based degree), although applicants with good non-mathematical degrees and Maths A-level results (or equivalent) will also be considered.
All applicants are considered on an individual basis and additional qualifications, professional qualifications and relevant experience may also be taken into account when considering applications.
Please see our International Student website for entry requirements by country and other relevant information. Due to visa restrictions, students who require a student visa to study cannot study part-time unless undertaking a distance or blended-learning programme with no on-campus provision.
This course requires a Good level of English language, equivalent to B2 on CEFR.
Details on how to meet this requirement can be found on our English Language requirements webpage.
Examples:
IELTS 6.0 with a minimum of 5.5 in each component
PTE Academic 63 with a minimum of 59 in each sub-test
A degree from a UK university
A degree from a Majority English Speaking Country
Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways.
We’ve created the most progressive approach to higher education, developing and modernising our curriculum. For 2025 our courses will be designed with you at their heart to deliver a top-class student experience and career outcomes.
The following modules are what students will typically study, but this may change year to year in response to new developments and innovations.
You will take all nine compulsory modules. These modules are designed to gives you the skills and knowledge you need to become a talented and confident actuary.
Numbers, data, information and evidence are everywhere. How can we pick through the noise to find the signal? What does the evidence tell us? How certain should we be? A comprehensive understanding of the methods used in data analysis is vital to reach appropriate conclusions.
You will gain a comprehensive knowledge of probability, upon which statistical techniques are built. You will learn how to prove mathematical results in probability theory. With a firm foundation in probability, you will develop your skills in statistics, gaining a comprehensive understanding of the reasoning for and methods of statistical inference. You will be able to select appropriate techniques to solve many standard problems, both mathematically and with appropriate software, and critically interpret your results. You will also be ready to study more advanced and non-standard statistical problems.
The module is designed (along with other modules) to satisfy the standards of subject CS1 of the Institute and Faculty of Actuaries examinations for exemption purposes.
This module provides a foundation to the mathematics of interest rates so that you will gain proficiency in the critical areas of designing and pricing investment products.
You will gain a comprehensive understanding of the key principles underlying interest rates and how to use these to price and value investments such as loans, shares, bonds and property.
You will also receive a practical introduction to financial modelling, giving you valuable hands-on experience in using models to solve complex financial problems. You will learn to apply the principles underlying interest rates on real data sets using relevant spreadsheet software (e.g. Microsoft Excel) to strengthen your understanding of the theory and gain valuable workplace proficiency.
This module together with module MACT7340 Actuarial Mathematics can lead to exemption from the CM1 exam of the Institute and Faculty of Actuaries (IFoA).
This module will give you a grounding in mathematical and statistical modelling techniques relevant to the study of survival analysis and non-life insurance, and their application to actuarial work undertaken by actuaries employed by pension schemes and insurance companies.
You will learn techniques applied by actuaries working in life insurance companies and pension schemes to analyse mortality data and claims data, and develop real-world solutions. An important part of the module is to develop an ability to critique statistical, theoretical models used and how results obtained from these models should be adjusted for use in the real-world.
The subject includes theory and its application using programming languages such as R and/or spreadsheet software such as Microsoft Excel to solve real-life problems encountered by actuaries in the pensions and insurance sectors.
You will also engage with topical actuarial issues by reading industry-specific articles, giving you a competitive edge in your career while connecting your learning with real-world problems.
This module will cover a number of syllabus items set out in Subjects CS1 and CS2 published by the Institute and Faculty of Actuaries.
Modelling is crucial for actuarial practice as it allows actuaries to assess and manage risks in various circumstances. This module gives you the valuable practical and theoretical skills needed to navigate these critically relevant issues: What are the commonly used models in actuarial science? How can we apply these models to tackle the complex problems faced by financial professionals in practical situations?
In this module, you will gain a strong foundation in financial economics modelling techniques. You will be able to apply these techniques in quantitative risk management, including portfolio selection, and the pricing and valuation of financial derivatives.
You will develop valuable skills to model economic decision making by forecasting potential future scenarios, and will apply a range of financial risk measurement tools to evaluate suitable investment opportunities. In addition, you will explore a range of liability valuation modelling tools, which have applications in insurance for estimating claims.
The modelling techniques that you learn in this module will provide you with the indispensable knowledge and skills needed for a successful career in insurance, finance, and related areas.
You will also have the opportunity to gain valuable exemptions from subject CM2 of the Institute and Faculty of Actuaries (IFoA, UK).
This module gives you the technical foundation required in the key actuarial areas of designing and pricing life insurance products. You will learn to calculate the financial impact of uncertain future events and gain a systematic understanding of the key principles underlying mortality rates and interest rates.
You will apply this knowledge to model cashflows contingent on mortality, morbidity and/or survival, enabling you to price and value a wide range of life insurance products including those with complex benefit structures. You will also learn valuable real-world proficiencies, including calculating and analysing profitability of these products.
You will have the opportunity to gain valuable, practical experience in working with one of the industry’s leading actuarial modelling software PROPHET, which is used by insurance companies worldwide to improve risk management and develop profitable products.
In addition, you will also gain hands-on experience working with spreadsheet software (e.g. Microsoft Excel) to solve complex actuarial problems, enabling you to add to your skill set of professional competencies.
This module follows on from MACT7320 (Financial Mathematics) and together, these two modules can lead to exemption from subject CM1 of the Institute and Faculty of Actuaries (IFoA).
This module will give you a thorough grounding in the study of stochastic processes and time series techniques and models. A key focus of the module is the application of these theoretical concepts to work undertaken by actuaries employed by insurance companies and investment firms. For example, the skills learnt in relation to time-series will be used by the actuary in analysing security prices and other economic factors such as interest rates, inflation and foreign exchange rates. The application of stochastic theory is fundamental in designing actuarial models in other actuarial fields, such as population projections.
You will be introduced to the necessary theory and its application using industry standard approaches such as R and other software to solve real-life problems encountered in various actuarial sectors.You will engage with topical actuarial issues by reading and discussing industry-specific articles, giving you a competitive edge in your career while connecting your learning with real-world problems.
This module will cover a number of syllabus items set out in Subjects CS1 and CS2 published by the Institute and Faculty of Actuaries.
You will build on the knowledge from Foundations of Data Science, gaining advanced skills that you will use in your career as a data scientist. Our emphasis is on both data modelling skills and the ability to apply this knowledge to messy, real-world data. We will teach you technical skills that are in demand from employers, including different types of sophisticated statistical models and how to apply them using computer languages that are used by many organisations. You will apply these methods in the role of a consultant, working with a stakeholder, such as a client, who has given you a realistic data problem. This will involve working on the problem from the initial meeting, through understanding and analysing the data, to presenting the results back to the client.
From start-ups to established multinationals, businesses need finance at various stages, often to fund growth, but sometimes just to survive. In this module you will explore and apply the principles of corporate finance; you will consider a wide variety of sources of finance, from traditional to more contemporary means, and the process of selecting an appropriate approach for differing circumstances.
You will also consider methods used by businesses to manage financial risk, and how firms evaluate suitable projects to undertake. Further, you will cover important topics including corporate governance, alternative business forms, and the impact of taxation.
The corporate accounts and financial statements communicate the financial position of a business to various users. You will examine the practical process of constructing these reports, develop an understanding of the concepts and techniques of financial accounting, and find yourself in a better position to interpret critically and discuss the financial reports of real companies and financial institutions.
Through this module, you will gain insights into the needs and concerns of businesses in the commercial world, including those relevant to potential employers and clients.
This module can lead to exemption from the CB1 exam of the Institute and Faculty of Actuaries (IFoA).
Business Economics explores the constantly evolving economic world within which actuaries work, providing context and developing critical economic insights that can inform real-world business decisions.
Students will be equipped with the knowledge and tools needed to interrogate the workings of competitive markets, and the interaction of consumers and suppliers, using a variety of models and examples to investigate decision-making in a complex and uncertain economy. The practical roles of money, capital and labour, and the involvement of government in influencing the big-picture of the economy, will be tied to the interests of business, applying economic theory with a critical approach underpinning real-world examples and illustrations. Theories are challenged, economic conventions are interrogated, and different viewpoints are discussed to ensure an in-depth and relevant understanding of economic issues.
The module is designed to satisfy the standards of subject CB2 of the Institute and Faculty of Actuaries examinations for exemption purposes.
Duration: 1 year full-time
The MSc in Actuarial Science is a one-year, full-time intensive programme that is suited to students who have a degree in mathematics, statistics or economics.
Leading to the award of a Master’s degree, it offers the opportunity to gain exemption from professional exemptions.
Although you only need to take 180 credits for the MSc, you can take further subjects for exemption purposes. If you take fewer than 180 credits, you may be eligible for a Postgraduate Diploma in Actuarial Science.
Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module.
Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by examiners appointed by the Institute and Faculty of Actuaries, will receive exemptions.
If you fail to achieve a suitable overall standard, you might still be awarded individual subject exemptions.
For course aims and learning outcomes please see the course specification.
The University’s Templeman Library houses a comprehensive collection of books and research periodicals. The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in integrated software and processing solutions primarily for financial services, who market the industry’s leading actuarial software package PROPHET. As a result, our taught postgraduate courses include optional modules on the uses and applications of PROPHET.
This Postgraduate Diploma in Actuarial Science offers exemption from eight subjects within the Core Technical Stage of the professional examinations of the Institute and Faculty of Actuaries.
The MSc in Applied Actuarial Science offers exemption from subjects in the Core Applications Stage and the Specialist Technical Stage of the professional examinations.
The Integrated Master’s offers exemptions from eight subjects within the Core Technical stage in the first year and exemptions from the Core Applications and Specialist Technical stages in the second year of the programme.
The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at the Canterbury campus and is organised by University of Kent students and academic staff. The Society hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious speakers from industry and the profession. The Society also arranges talks from external speakers including practitioners, careers advisers and recruiters from the UK and overseas.
Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: British Actuarial Journal; Actuary Australia; Annals of Actuarial Science; Journal of Pension Economics and Finance. Details of recently published books can be found under staff research interests.
All students registered for a taught Master's programme are eligible to apply for a place on our Global Skills Award Programme. The programme is designed to broaden your understanding of global issues and current affairs as well as to develop personal skills which will enhance your employability.
The UK Actuarial Profession is small, but influential and well rewarded. There are more than 6,500 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices.
Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £209,292.
As an actuary, your work is extremely varied and can include: advising companies on the amount of funds to set aside for employee pension payments; designing new insurance policies and setting premium rates; pricing financial derivatives and working in fund management and quantitative investment research; advising life insurance companies on he distribution of surplus funds; and estimating the effects of possible major disasters, such as earthquakes or hurricanes, and setting premium rates for insurance against such disasters. For more information about the actuarial profession, see www.actuaries.org.uk
Helping our students to develop strong employability skills is a key objective within the School and the University. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within industry. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres.
Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.
Offers exemptions from subjects CT1 to CT8 of the Institute and Faculty of Actuaries professional examinations, with the option to take further subjects for exemption purposes.
The 2025/26 annual tuition fees for this course are:
For details of when and how to pay fees and charges, please see our Student Finance Guide.
Tuition fees may be increased in the second and subsequent years of your course. Detailed information on possible future increases in tuition fees is contained in the Tuition Fees Increase Policy. If you are uncertain about your fee status please contact information@kent.ac.uk.
The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.
For details of when and how to pay fees and charges, please see our Student Finance Guide.
Tuition fees may be increased in the second and subsequent years of your course. Detailed information on possible future increases in tuition fees is contained in the Tuition Fees Increase Policy. If you are uncertain about your fee status please contact information@kent.ac.uk.
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