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1. Study
2. Postgraduate
3. Taught Courses
4. Masters
5. Actuarial Science

Course Fact File

Code	MSCASC
Duration	1 Year Full-time
Teaching Mode	Full-time
Qualifications	MSc
NFQ Level	Level 9
Start Date	Not on offer for 2024-25

Course Outline

Our MSc Actuarial Science course is designed for graduates of quantitative disciplines who want to kick-start a career in Actuarial Science. It provides a solid foundation in statistics, financial mathematics, economics and business finance. Upon completion of the course, your knowledge and skills could be applied to a range of industries in financial services such as insurance, pensions, healthcare, banking, investment and risk assessment.

This course will equip you with the mathematical and statistical knowledge, and problem-solving skills, necessary to help businesses and institutions with their financial risk portfolio. 

The Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) have approved programme-level exemption status for this MSc Actuarial Science programme. This exemption refers to the first 6 Core Principles of the new 2019 IFoA curriculum (equivalent to 8 Core Technical subjects in the pre-2019 curriculum).

Students may be recommended for exemption from the Institute’s own professional examinations in up to 5 of these Core Principle subjects (equivalent to 7 exams in the pre-2019 curriculum) by performing sufficiently well in the corresponding examinations of the MSc programme. The IFoA exemptions covered are CM1, CM2, CB1, CB2, CS1 & CS2. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemption from the professional actuarial examinations.

Modules

PART I

Core modules (45 credits)

• ST6001 Theory of Annuities-Certain for Actuarial Science (10 credits)
• ST6005 Life Contingencies for Actuarial Science (10 credits)
• ST6015 Computer Analytical Techniques for Actuarial Applications (5 credits)
• ST6017 Application of Stochastic Methods in Actuarial Science (5 credits)
• ST6020 Actuarial Business & Financial Reporting Methods (5 credits)
• ST6022 Survival Methods for Actuarial Science (5 credits)
• ST6032 Stochastic Modelling Techniques (5 credits)

Elective modules (15 credits)

List A (CS1 modules): 

• ST6003 Probability and Mathematical Statistics for Actuarial Science (10 credits) and
• ST6018 Regression and Generalised Linear Model Techniques for Actuarial Science (5 credits) or

List B (CM2 modules): 

• ST6016 Applied Financial Risk Modelling and Analytics for Actuarial Science (5 credits) and
• ST6019 Application of Computational Methods in Actuarial Science and Risk Modelling (5 credits) and
• ST6023 Modelling & Risk Analysis for Actuarial Science (5 credits)

NOTE: The choice of electives must be agreed upon in advance with the programme coordinator.

PART II

Core modules (30 credits)

• PA6007 Market Analysis Methods for Actuarial Science (10 credits) and
• ST6009 Application of Core Technical Research Methodologies in Actuarial Science (20 credits)

Course Practicalities

The teaching methods include a combination of lectures, tutorials, computer practical work, and directed study. You can expect approximately 26 hours per week of lectures, tutorials, and directed study in Semesters 1 and 2 and approximately 10 hours per week of directed study in Semester 3.

Assessment

All taught modules in this course are assessed via a combination of end-of-module examination and submission of a portfolio of research and directed study.

For actuarial exemption purposes, the appointed actuarial independent examiner will base their recommendations for an exemption in the corresponding Core Principle subject, on a student's performance in the final examination

For the research module (ST6009), you will study a number of problems, specific to the insurance and financial sector, and use the methodologies developed in the earlier modules to analyse such problems and produce oral and written reports on your work.

Who teaches this course?

Our teaching staff includes academics from the School of Mathematical Sciences, qualified actuaries, leading mathematicians, financial mathematicians, and statisticians who are nationally and internationally recognised for their research. This expertise ensures that what we teach you is current and applicable to the real workplace and current economy.

Why Choose This Course

This is an exciting new course allowing you to kick-start your career in Actuarial Science. It has similar core principle coverage to UCC’s very successful undergraduate course, Financial Mathematics and Actuarial Science, which, over the last number of years, has achieved close to 100% employment. Graduates of this MSc course have a similar success rate.

Connected Curriculum

Our learning approach reflects our commitment to the Connected Curriculum where we emphasise the connection between students, learning, research and leadership through our vision for a Connected University. Our staff are at the forefront of this integrative approach to learning and will support you in making meaningful connections within and between topics such as mathematics, finance, statistics, technology, and business.

Available Scholarships

We support our postgraduate community by offering scholarships and bursaries to prospective and current students. Please see the SEFS Scholarships and Funding PG page for more information.

Placement or Study Abroad Information

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Skills and Careers Information

An actuarial qualification is very highly regarded. Graduates continue to find employment in traditional areas such as insurance, pensions, underwriting, banking and financial consultancy. However new and non-traditional sectors of employment also attract our graduates and include investments, healthcare, risk management, financial planning, regulation, and hedge funds.

Requirements

• Minimum Second Class Honours Grade II in a primary honours degree (NFQ Level 8) degree in engineering, finance, physical or mathematical sciences, or equivalent, or a degree with a strong numerate content (as determined by the course committee).
• You will have demonstrated by your performance in relevant modules that you have the numeracy skills required for this MSc degree course to the satisfaction of the course committee.
• Graduates with a BSc in Financial Mathematics and Actuarial Science (FMAS graduates) and BSc Risk and Actuarial Studies (RAS graduates) are not eligible to apply for this course.
• All candidates must ultimately be approved by the programme coordinator.
• In the case of competition for places, a selection will be made on the basis of your primary degree results and interview performance (if required).

Fees and Costs

How To Apply

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