UCC Postgraduate courses

Actuarial Science

About This Course

Fact File

  • Title

    Actuarial Science

  • Code

    CKR46 Full-time

  • College

    Science, Engineering and Food Science

  • Duration

    1 year Full-time

  • Teaching Mode

    Full-time

  • Qualifications

    MSc

  • EU Fees 2019

    €8,000
    See Fees and Costs for full details.

  • Non-EU Fees 2019

    €18,000

  • Entry Requirements

    See Requirements for full details.

  • Closing Date

    Open for EU applications, check rounds closing dates under How to Apply

  • Non-EU Closing Date

    15th June

  • Start Date

    9 September 2019

Course Outline

This 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 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 (IFoA) has approved programme-level exemption status for the MSc programme in Actuarial Science at UCC in respect of their first 6 Core Principles in 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 exemptions from the professional actuarial examinations.

Programme Requirements

PART 1

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 in advance with the programme coordinator.

PART II

Core module (30 credits)

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

Modules

Further details on the modules listed above can be found in our book of modules. Any modules listed above are indicative of the current set of modules for this course but are subject to change from year to year.

University Calendar

You can find the full academic content for the current year of any given course in our University Calendar.

Course Practicalities

The teaching methods used will be a combination of lectures, tutorials, computer practicals and directed study. You can expect to have approximately 26 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 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 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. 

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, which, over the last number of years, has achieved close to 100% employment. Graduates of this course are expected to also have no difficulty in gaining employment.

Placement or Study Abroad Information

Given the short duration of this course (one year full-time), work placement is not included. However, staff who teach on the course have well-established links with many employers and have actively assisted and advised undergraduate actuarial science students on securing jobs after graduation. Finance and actuarial companies as well as actuarial recruiters regularly visit UCC during term to assist students on securing jobs.

Skills and Careers Information

An actuarial qualification gives an excellent grounding in subjects like economics, finance, mathematics, and statistics, as well as the more actuarial subjects. This makes actuarial graduates suitable for a range of careers, not just actuarial work.

Requirements

  • Minimum 2H2 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)
  • 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, 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. 

English Language Requirements

Applicants that are non-native speakers of the English language must meet the university approved English language requirements available here.

For applicants with qualifications completed outside of Ireland

Applicants must meet the required entry academic grade, equivalent to Irish requirements, please find our grades comparison by country here

International/non-EU applicants

For full details of the non-EU application procedure please visit our how to apply pages for international students. In UCC, we use the term programme and course interchangeably to describe what a person has registered to study in UCC and its constituent colleges, schools, and departments.

Not all courses are open to international/non-EU applicants, please check the fact file above.

For more information please contact the International Office.

Fees and Costs

The EU fee for this course is €8,000.

The Non-EU fee for this course is €18,000.

Full-time/Part-time fee:

If your course is offered full time and part time, normally the fee for the part-time course is half the full-time fee per year, please check the fact file for confirmation.

Deposits:

If your course required a deposit, that figure will be deducted from your second semester fee payment in January.

EU student fee payment:

Fees for EU students are payable in two equal instalments. First payment at registration in August and the second in January.

International student fee payment:

Fees for Non-EU Students are payable in one instalment in August.

How can I pay?

By Credit/Debit card online or by credit transfer.

Questions?

If you have any questions on fee payment please email our Fees Office at fees@ucc.ie .

Non-EU Fees

The fee schedule for 2019/2020 is available here.

How Do I Apply

1. Choose Course

Firstly choose your course. Applicants can apply for up to three courses under one application. Details of taught courses are available on our online prospectus.

2. Apply Online

Once you have chosen your course you can apply online at the Postgraduate Applications Centre (PAC). Applicants will need to apply before the course closing date. There is a €50 application fee for all courses apart from the Education - Professional Master of Education - (Secondary School/Post-Primary Teacher Training) which has a €100 application fee.

3. Gather Supporting Documents

Scanned copies of the following documents will need to be uploaded to PAC in support of your application. Applicants may need to produce the original documents if you are accepted onto a course and register at UCC.

  • Original qualification documents listed on your application including transcripts of results from institutions other than UCC
  • Any supplementary forms requested for your course.

Please log into PAC for more details.

4. Application processing timeline

Our online application system PAC opens for applications for most courses in early November of each year. Check specific course details. 

Rounds

For courses that are in the rounds system (Irish and EU applicants), please check the rounds closing dates here

Questions on how to apply?

Please use our web enquiry form to contact us.

The closing date for non-EU applications is 15th June

Apply Now

For queries regarding course content or timetables please contact

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