Actuaries evaluate and manage financial risk. They make financial sense of the future for their clients by applying advanced mathematical and statistical techniques to solve complex financial problems.
Qualifying as an actuary 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 International Master’s programme is fully accredited by the Institute and Faculty of Actuaries. It is equivalent to the conversion MSc in Actuarial Science followed by the one-year MSc in Applied Actuarial Science.
The International Master's in Applied Actuarial Science programme provides a fast-track route to qualifying as an actuary.
Students who achieve a high enough overall mark in this programme can obtain exemptions from professional examinations. Specifically, in the first year of the programme, depending on the modules chosen, students may be eligible to gain exemptions from subjects CB1, CB2, CM1, CM2, CS1 and CS2 of the Institute and Faculty of Actuaries. In the final year of the programme, depending on the modules chosen, students are eligible to gain exemptions from subjects CP1, CP2, CP3, SP2, SP5, SP7, SP8 and SP9 of the Institute and Faculty of Actuaries.
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.
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.
In Stage 1 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.
In Stage 2 you will take all seven compulsory modules and pick two from the list of optional modules. This is your chance to tailor your degree to your interests and ambitions.
Why do financial markets exist? What products and services are available, and why are they designed as they are?
In this module, you’ll understand the demand and supply drivers for global financial products and services. By also investigating the external factors influencing these markets, you’ll see why the products exist and how they have developed. You’ll build your knowledge of the major asset classes and investment products, general and life insurance products, and banking products.
Throughout the module, you will see real-world examples and issues currently affecting financial markets, enabling you to link theoretical knowledge to wider practical considerations, adding depth and relevance to your learning.
You will see where you will apply actuarial techniques in the real world, and then in Core Actuarial Practice 2 will understand actuaries’ roles in financial markets. Later in your studies, you will be ready to apply your knowledge and skills to the management of financial risks, and to prepare for specialist actuarial roles.
Together with Core Actuarial Practice 2, the material in this module can lead to exemption from the CP1 subject of the Institute and Faculty of Actuaries’ examinations.
What are the key professional roles for actuaries? How do we apply our core technical knowledge to solve real-world problems?
In this module, you’ll explore how we approach advising clients and the use of actuarial modelling as a base for that advice.
Then you’ll learn in depth about key roles for actuaries, including advising on:
This will all be understood within the context of the “5th P” – Professionalism - and you will explore the Institute and Faculty of Actuaries’ Code of Conduct and other regulatory guidance for actuaries.
Throughout the module, you will see real-world examples and issues currently affecting actuarial work. This will help you understand some of the challenges and responsibilities you may face in your career as a financial professional.
Later in your studies, you will be ready to apply your skills to consider the holistic management of financial risks, and to prepare for specialist actuarial roles.
Together with Core Actuarial Practice 1, the material in the module can lead to exemption from the CP1 subject of the Institute and Faculty of Actuaries’ examinations.
How do actuaries identify and manage financial risks for individuals and institutions? How do we then develop and apply insurance and non-insurance solutions to enable parties to transfer risks from one party to another?
In this module, you’ll explore financial risk management in the context of insurance and non-insurance environments.
You’ll learn to identify and categorise risks and discuss the five fundamental ways to respond to these risks.
You’ll then understand in detail risk solutions provided by insurers, and those used by insurers themselves. You’ll learn about innovative investment products that are used by businesses around the world to balance their exposure to a range of risks.
Throughout, you will see real-world examples and issues currently affecting professional actuarial and financial work.
This module gives you an in-depth introduction to risk mitigation and introduces advanced material to prepare you for the specialist actuarial subjects.
Are you interested in gaining valuable, practical experience in working with one of the industry’s leading actuarial modelling software PROPHET? Would you like to understand how insurance and financial services companies use PROPHET to meet reporting responsibilities, improve risk management and develop profitable products?
By enabling you to develop a strong foundation in using various distinctive features of PROPHET, this module will help you solve a wide range of complex, real-world actuarial problems and is a good way to connect theoretical concepts with hands-on learning.
Learning PROPHET gives you a competitive advantage in your career and equips you with a modelling skill set that is an invaluable asset in today’s job market.
How do actuaries communicate their findings, so that various stakeholders can make informed decisions on critical matters? How do they convey technical information to an audience without the same technical expertise?
By equipping you with skills you need to communicate information effectively and appropriately in written and verbal formats, this module helps you build critical professional skills needed in order to become a successful actuary and an effective leader in finance and related fields.
You will take part in a range of exciting activities facilitated by experienced practitioners, including interactive lectures, presentation skills training, individual and group work on real-life topics and business games.
In addition to communication skills, you will polish your teamwork capabilities, improve your business acumen and your ability to solve real-life industry problems in creative and constructive ways.
This module aligns with the needs of employers and meets the standards of the Institute and Faculty of Actuaries professional subject CP3 for exemption purposes.
Actuarial theory and techniques are applied in a variety of practical contexts to equip you with valuable skills and knowledge needed to solve real problems in the financial and actuarial worlds.
Applying theory through hands-on practice, your financial modelling skills will be developed with a rigorous and systematic approach to problem solving using Microsoft Excel. A well-constructed solution is not only accurate and efficient, but needs to be clearly documented and communicated. A significant focus of this module is on gaining a critical appreciation of the delivery of information to a client, a manager or a peer, based on the modelling work carried out. Through a series of practical exercises, examples and critical discussions, you will explore the importance of clear and effective user documentation and client reports, meeting the needs of the respective audiences.
Delivered by experienced practitioners, the module aligns with the needs of employers and meets the standards of the Institute and Faculty of Actuaries professional subject CP2 for exemption purposes.
Are you keen to develop in-depth knowledge of life insurance business that you will need to work as a qualified actuary or other senior roles in this vibrant area of insurance? With a comprehensive introduction to the specialist area of life insurance this module is an excellent stepping stone to qualifying as a life actuary.
You will learn about a wide range of life insurance products, practical considerations when designing these products, robust risk management techniques and the use of advanced modelling techniques for pricing and valuation of life insurance products.
You also have the opportunity to gain valuable exemptions from the SP2 (Life Insurance) subject of the Institute and Faculty of Actuaries (IFoA, UK).
You will learn from subject specialists about key issues relating to the life insurance industry, giving you a competitive edge in your career, while connecting your learning with real-world industry problems.
Are you enthusiastic about developing the knowledge and skills needed to work as a Chief Investment Officer, Chief Financial Officer, or other senior management roles in a wide range of industries? Then you need the strong foundation and comprehensive introduction this module gives you into the specialist area of Investment and Finance.
You will learn about exciting financial products, useful risk management techniques and develop a robust approach to holistic investment management. You also have the opportunity to gain valuable exemptions from the SP5 (Investment and Finance) subject of the Institute and Faculty of Actuaries (IFoA, UK).
Reserving and capital modelling actuaries are the backbone of financial security in the general insurance industry.
This module introduces you to the main principles and techniques of reserving and capital modelling in general insurance. You will learn from subject specialists about how to apply these principles and techniques to solve real-world industry problems. You will develop in-depth knowledge of how reserving and capital modelling link to wider business processes such as business planning and pricing. You will also develop and apply judgement to assess the implications of possible actions and to develop effective recommendations relating to reserving and capital modelling in general insurance.
This module will equip you with the competitive advantage that you will need to work as a qualified actuary or other senior roles in general insurance and related fields.
This module provides you the opportunity to gain exemptions from subject SP7 of the Institute and Faculty of Actuaries (IFoA, UK).
Pricing is the inception of the life cycle of an insurance policy.
You will delve into the many different pricing methods used by actuaries across personal (sold to individuals) and commercial (sold to corporates) lines of general insurance products. You will also develop your judgement as an actuary, grasping the nuances of the knowledge necessary to work alongside other professionals especially underwriters, to fulfil and grow in your role as a pricing actuary. Additionally, you will also pick up skills to work alongside reserving and capital modelling actuaries as is expected in a business environment. Your software skills gained through your previous exams, will now gain further contextually relevant perspective.
The module offers you the opportunity to gain exemption with subject SP8 of the Institute and Faculty of Actuaries (IFoA, UK). Additionally, the knowledge base built through this module would also allow you to leverage the general insurance specialisation, to enable you to ultimately qualify as a general insurance actuary.
Risk professionals with knowledge of the key principles of Enterprise Risk Management (ERM) are critical to successful risk management within businesses. You have the opportunity, through this module, to gain globally recognised, technically strong credentials that may be applied across organisations to promote better business decisions.
You will develop the knowledge and skills needed to work as a Chief Risk Officer, Chief Actuary or other senior role in a wide range of industries, across sectors as diverse as insurance, healthcare, consulting, banking, energy and transport.
This module will give you a grounding in mathematical and statistical modelling techniques relevant to ERM, including using R and/or Microsoft Excel to solve real-life business problems. You will have the opportunity to gain valuable exemptions from the SP9 (ERM) subject of the Institute and Faculty of Actuaries (IFoA, UK). Successful candidates may be eligible for the prestigious CERA qualification (“Certified Enterprise Risk Actuary”) via the University of Kent’s agreement with the IFoA.
Duration: 2 years full-time
The course is based on a ‘core modules plus options’ structure and exemptions can be gained from professional examinations.
Progression to Stage 2 is conditional upon satisfactory performance in Stage 1. MSc degree classification is based solely on the marks achieved in the second year of study.
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 an examiner appointed by the UK Actuarial Profession will receive exemptions.
If you fail to achieve a suitable overall standard, you 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.
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 International Master’s offers exemptions from subjects within the Core Principle stage in the first year and exemptions from the Core Practices and Specialist Principle stages in the second year of the programme.
The MSc in Actuarial Science offers exemptions from subjects within the Core Principle Stage of the professional examinations of the Institute and Faculty of Actuaries.
The MSc in Applied Actuarial Science offers exemptions from subjects in the Core Practices Stage and the Specialist Principle Stage of the professional examinations.
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.
Work in actuarial science at the University of Kent can be divided into three broad themes achieving a balance of theoretical and applied investigations, as well as addressing social policy implications.
With the advent of new risk-based regulations for financial services firms, specifically Basel 2 and Basel 3 for banks and Solvency 2 for insurers, there is now a heightened focus on the practical implementation of quantitative risk management techniques for firms and defined benefit pension schemes operating within the financial services sector.
In particular, financial services firms are now expected to self-assess and quantify the amount of capital they need to cover the risks they are running. This self-assessed quantum of capital is commonly termed risk, or economic, capital.
At Kent we are actively involved in developing rigorous risk management techniques to explicitly measure how much risk a firm or pension scheme is taking, holistically, across the entire spectrum of risks it accepts.
More about our research in this area
Longevity risk represents a substantial threat to the stability of support programmes for the elderly, most notably to the subset that provides income protection but also to non-traditional products such as home equity release schemes.
One approach to dealing with longevity risk is to model key factors that influence mortality; this may be achieved using aggregate (causal) mortality rates or panel data with individual-specific covariates. Another approach to modelling longevity risk is via an investigation of positive quadrant dependence between lives, which requires a multivariate framework. Once this is in place, longevity risk may be investigated on various fronts ranging from entire populations to couples.
More about our research in this area
Restrictions on risk classification can lead to adverse selection, and actuaries usually regard this as a bad thing. However, restrictions do exist in many countries, suggesting that policymakers often perceive some merit in such restrictions. Careful re-examination of the usual actuarial arguments can help to reconcile these observations.
Models of insurance purchasing behaviour under different risk classification regimes can quantify the effects of particular bans, e.g. on insurers’ use of genetic test results, or gender classification in the European Union.
More about our research in this area
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 £35,936 with pay and bonuses increasingly sharply as you become more experienced. The average basic salary of a Chief Actuary is £206,236.
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.
Fully accredited by the Institute and Faculty of Actuaries. Students who achieve a high enough overall mark can obtain exemptions from the professional examinations included within their studies.
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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