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Actuarial Science MSc

Fact File

Course Code: CKR46 Full-time; CKR52 Part-time

Course Title: Actuarial Science

College: Science, Engineering and Food Science

Actuarial Science

Duration: 1 year Full-time; 2 years Part-time

Teaching Mode: Full-time, Part-Time

The part-time option will be taught during weekday working hours over 2 years.

Qualifications: MSc

NFQ Level: Level 9

Costs: 2017/2018 Irish/EU €8,000; 2017/2018 Non-EU Fee: €18,000. The part-time course fee is half the full-time fee in the particular year of study

2017 Entry Requirements: Minimum 2.2 honours primary degree in engineering, finance, physical or mathematical sciences, or equivalent, or a degree with a strong numerate content (as determined by the course committee). See also Detailed Entry Requirements.

Closing Date: Applications now closed for 2017/2018

Next Intake: September 2018

Overview

This course is designed for graduates of quantitative disciplines who want to kick-start a career in actuary. 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 the financial services such as insurance, pensions, healthcare, banking, investment and risk assessment.

You will be equipped with mathematical and statistical knowledge and problem-solving skills to help businesses and institutions evaluate the long-term financial implications of the decisions they make. You will also have the opportunity to undertake a minor dissertation involving the study of a number of problems specific to the insurance and financial sector.

The Institute and Faculty of Actuaries has approved programme-level exemption status for the MSc programme in Actuarial Science at UCC in respect of their first 8 Core Technical subjects. Students may be recommended for exemption from the Institute’s own professional examinations in up to 7 of these Core Technical subjects by performing sufficiently well in the corresponding examinations of the MSc programme. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemptions from the professional actuarial examinations.

Course Details

Programme Requirements

Part 1
Core modules (50 credits)

PA6007 Market Analysis Methods for Actuarial Science (10 credits)
ST6001 Theory of Annuities - Certain for Actuarial Science (10 credits)
ST6002 Applied Financial Reporting Methods for Actuarial Science (10 credits)
ST6003 Probability & Mathematical Statistics for Actuarial Science (10 credits)
ST6004 Mortality Studies and Life Table Analysis for Actuarial Science (10 credits)

Elective Modules (10 credits)

ST6006 Insurance Risk Modelling for Actuarial Science (10 credits)

or

ST6010 Current Topics in Statistical Applications to Actuarial Science (10 credits).

*Were a student to enter the programme with sufficient background knowledge, as determined by the programme co-ordinator, in one of the above core modules, then that student would take both electives specified.
 

Part II
Core module (20 credits)
ST6009 Application of Core Technical Research Methodologies in Actuarial Science (20 credits)

Elective modules (10 credits)
ST6005 Life Contingencies for Actuarial Science (10 credits)
or
ST6008 Applied Financial Modelling and Risk Stochastics for Actuarial Science (10 credits)

Part-time students take modules ST6001ST6003 and PA6007 in Year 1 and the remaining modules, including electives where appropriate, in Year 2.

Detailed Entry Requirements

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) are not eligible to apply for this course.You must be approved by the course coordinator.

In the case of competition for places, selection will be made on the basis of your primary degree results and interview performance (if required).

If you are applying with Qualifications obtained outside Ireland and you wish to verify if you meet the minimum academic and English language requirements for this programme please click here to view the grades comparison table by country and for details of recognised English language tests. 

Application Procedure

Application for this programme is on-line at www.pac.ie/ucc. Places on this programme are offered in rounds. The closing dates for each round can be found here. For full details of the application procedure click How to Apply.

All required documentation must be either uploaded to your online application, or sent in hard copy to The Postgraduate Applications Centre, 1, Courthouse Square, Galway, immediately after an application is made.

Please note that late applications will be considered after first round applications who meet the selection criteria requirements. Offers will then be made to late applications, if places are still available on the programme and if candidates meet the selection criteria requirements.

Course Practicalities

The teaching methods used will be a combination of lectures, tutorials, computer practicals and directed study. You can expect to have approximately 22 hours per week of lectures, tutorials and directed study in semesters 1 and 2 and about 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 CT 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 include 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. 

Further Contact Information

Michael Cronin,

Second Course Contact,

School of Mathematical Sciences,

E: m.cronin@ucc.ie

T: 021-4205825 / 4205817

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