Actuarial Science

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Academic Year of Entry: 2024/25
Course overview
(BSc) Bachelor of Science
Actuarial Science
Current
University of Essex
University of Essex
Mathematics, Statistics and Actuarial Science (School of)
Colchester Campus
Honours Degree
Full-time
Mathematics, Statistics and Operational Research
Economics
Finance
BSC N323DT
08/05/2024

Details

Professional accreditation

Accredited by the Institute and Faculty of Actuaries for the purpose of exemption from some professional examinations.

This programme will meet the educational requirements of the Chartered Mathematician designation, awarded by the Institute of Mathematics and its Applications, when it is followed by subsequent training and experience in employment to obtain equivalent competences to those specified by the Quality Assurance Agency (QAA) for taught masters degrees.

Admission criteria

IELTS (International English Language Testing System) code

Course qualifiers

A course qualifier is a bracketed addition to your course title to denote a specialisation or pathway that you have achieved via the completion of specific modules during your course. The specific module requirements for each qualifier title are noted below. Eligibility for any selected qualifier will be determined by the department and confirmed by the final year Board of Examiners. If the required modules are not successfully completed, your course title will remain as described above without any bracketed addition. Selection of a course qualifier is optional and student can register preferences or opt-out via Online Module Enrolment (eNROL).

None

Rules of assessment

Rules of assessment are the rules, principles and frameworks which the University uses to calculate your course progression and final results.

Additional notes

None

External examiners

Staff photo
Dr Yinghui Wei

University of Plymouth

Dr Murray Pollock

Director of Statistics / Senior Lecturer

Newcastle University

External Examiners provide an independent overview of our courses, offering their expertise and help towards our continual improvement of course content, teaching, learning, and assessment. External Examiners are normally academics from other higher education institutions, but may be from the industry, business or the profession as appropriate for the course. They comment on how well courses align with national standards, and on how well the teaching, learning and assessment methods allow students to develop and demonstrate the relevant knowledge and skills needed to achieve their awards. External Examiners who are responsible for awards are key members of Boards of Examiners. These boards make decisions about student progression within their course and about whether students can receive their final award.

eNROL, the module enrolment system, is now open until Monday 27 January 2025 8:59AM, for students wishing to make changes to their module options.

Key

Core You must take this module.
You must pass this module. No failure can be permitted.
Core with Options You can choose which module to study.
You must pass this module. No failure can be permitted.
Compulsory You must take this module.
There may be limited opportunities to continue on the course/be eligible for the degree if you fail.
Compulsory with Options You can choose which module to study.
There may be limited opportunities to continue on the course/be eligible for the degree if you fail.
Optional You can choose which module to study.
There may be limited opportunities to continue on the course/be eligible for the degree if you fail.

Year 1 - 2024/25

Component Number Module Code Module Title Status Min Credits Max Credits
01  MA101-4-FY-CO  Calculus  Core  30  30 
02  MA114-4-AU-CO  Matrices and Complex Numbers  Core  15  15 
03  MA108-4-SP-CO  Statistics I  Core  15  15 
04  BE304-4-SP-CO  Introduction to Finance  Core  15  15 
05  EC111-4-FY-CO  Introduction to Economics  Core  30  30 
06  MA185-4-AU-CO  Mathematical and Computational Modelling  Compulsory  15  15 
07  MA199-4-FY-CO  Mathematics Careers and Employability  Compulsory 

Year 2 - 2025/26

Component Number Module Code Module Title Status Min Credits Max Credits
01  MA211-5-SP-CO  Finance and Financial Reporting  Core  15  15 
02  MA226-5-AU-CO  Financial Mathematics  Core  15  15 
03  MA200-5-AU-CO  Statistics II  Core  15  15 
04  MA216-5-SP-CO  Survival Analysis  Core  15  15 
05  MA212-5-AU-CO  Contingencies I  Core  15  15 
06  EC201-5-FY-CO  Macroeconomics (Intermediate)  Core  30  30 
07  MA202-5-SP-CO  Ordinary Differential Equations  Compulsory  15  15 
08  MA199-5-FY-CO  Mathematics Careers and Employability  Compulsory 

Year 3 - 2026/27

Component Number Module Code Module Title Status Min Credits Max Credits
01  MA318-6-AU-CO  Statistical Methods  Core  15  15 
02  EC202-6-FY-CO  Microeconomics (Intermediate)  Core  30  30 
03  MA311-6-AU-CO  Mathematics of Portfolios  Core  15  15 
04  MA320-6-SP-CO  Financial Derivatives  Core  15  15 
05  MA312-6-SP-CO  Contingencies II  Compulsory  15  15 
06  MA319-6-AU-CO  Stochastic Processes  Compulsory  15  15 
07  MA830-6-SP-CO  Capstone Project: Mathematics  Compulsory  15  15 
08  MA199-6-FY-CO  Mathematics Careers and Employability  Compulsory 

Exit awards

A module is given one of the following statuses: 'core' – meaning it must be taken and passed; 'compulsory' – meaning it must be taken; or 'optional' – meaning that students can choose the module from a designated list. The rules of assessment may allow for limited condonement of fails in 'compulsory' or 'optional' modules, but 'core' modules cannot be failed. The status of the module may be different in any exit awards which are available for the course. Exam Boards will consider students' eligibility for an exit award if they fail the main award or do not complete their studies.

Programme aims

The course aims to provide an advanced understanding of the theoretical, practical and technological developments that affect the whole of the actuarial discipline.

  • To offer an innovative, dynamic and flexible programme that considers developments in the academic study of actuarial science.
  • To develop students' ability to formulate and solve problems.
  • To develop in students appreciation of actuarial methods, and of the links between the theory of the subjects and their practical application in industry.
  • To develop in students a logical, formal and quantitative approach to solving problems.
  • To provide a foundation of knowledge about the financial sector and risk management.
  • To equip and develop tools and skills to tackle issues and problems in financial analysis.
  • To provide students with a knowledge and skills base from which to develop further abilities to understand and analyse financial markets and institutions.
  • To form all rounded actuarial professionals with good grounding in the mathematical and statistical approach.
  • To provide a favourable teaching and learning environment for students to evolve, thrive and achieve their potential.

The course also provides the foundation for a career in many areas of finance and risk.

It also offers the opportunity to prepare for eight of the Core Technical Subjects (CT1 to CT8) of the professional examinations of the Institute and Faculty of Actuaries.

The course will produce specialists who will help meet the demand for actuaries to support the local, and national economy, and beyond.



Learning outcomes and learning, teaching and assessment methods

On successful completion of the programme a graduate should demonstrate knowledge and skills as follows:

A: Knowledge and understanding

A1: Knowledge and understanding of the basic mathematical methods and techniques of linear mathematics, calculus and statistics that underpin the study of more advanced mathematical ideas.

A2: Knowledge and understanding of the principles of specific actuarial mathematics techniques

A3: Knowledge and understanding of the subjects of probability and inference and specialist statistics applications in insurance

A4: Knowlede and understanding of information technology skills as relevant to an actuary

A5: A range of ideas concerning Mathematics and Finance, including methods appropriate in specialized applications and some knowledge of relevant probabilistic/statistical/computing ideas.

A6: Knowledge and understanding of the application of reasoning in financial analysis to applied topics.

A7: Knowledge and understanding of the debate on the performance of national and international financial markets

A8: Knowledge and understanding of some of the ideas and methods used in mathematical proof of results in algebra, analysis, and discrete mathematics and familiarity with some specific examples.

A9: Knowledge and understanding of the power and potential pitfalls of computer use and mathematical computer packages, and experience in their use.

A10: Knowledge and understanding of the use of mathematics for modelling and as an investigative tool for the solution of practical problems. An appreciation of the importance of assumptions.

A11: Appreciation of one or more specialist areas of economics in depth

A12: Understanding of the application of economic reasoning to the study of relevant problems and policies.

A13: Understanding of contemporary theories relating to portfolio analysis, asset allocation and the market efficiency debate

A14: Knowledge and understanding of the principles of finance relevant to Actuarial Science.

A15: Knowledge and understanding of the principles of economics relevant to Actuarial Science.

Learning methods

Lectures are the principal method of delivery for the concepts and principles involved in A1-A15.


Students are also directed to reading from textbooks and material available online.


In some modules, understanding is enhanced through the production of a written report.


Understanding is reinforced by means of classes (A1-A15), laboratories (A3, A4) and assignments (A1-A15).


Assessment methods

Achievement of knowledge outcomes is assessed primarily through unseen examinations and also, in some modules, through marked coursework, laboratory reports, statistical assignments, project reports, and oral examinations.

Regular problem sheets provide formative assessment in most modules.


B: Intellectual and cognitive skills

B1: Analyse a specified problem and choose the most suitable methods and tools for its solution.

B2: Assess the relative merits of a range of theories, techniques and tools needed for a problem's solution or to articulate arguments and policies.

B3: Synthesise and interpret information from a range of sources (lectures, classes, journals, books, etc.) developing a critical evaluation of the importance and relevance of the sources to an area of study.

B4: Construct reasoned, informed and concise descriptions and assessments of accounting or finance ideas.

B5: Critically evaluate contemporary theories and empirical evidence, marshal evidence, develop an argument (in writing) and present ideas in a coherent and effective manner;

B6: Manipulate and analyse numerical (including financial) data and appreciate the nature and limitations of basic statistical concepts;

Learning methods

The basis for intellectual skills is provided in lectures, and the skills are developed by means of recommended reading, guided and independent study, assignments and project work.


B1-B6 are developed through exercises supported by classes.


B1-B6 are all important aspects of the projects which constitute a part of some modules.



B1-B6 are developed through exercises supported by classes.

B1-B6 are all important aspects of the projects which constitute a part of some modules.

Assessment methods

Achievement of intellectual skills is assessed primarily through unseen examinations, and also through marked assignments and project work.


C: Practical skills

C1: Use computational tools and packages.

C2: The ability to apply a rigorous, analytic, highly numerate approach to a problem.

C3: Identify, select and gather information, using the relevant sources.

C4: Organise ideas in a systematic way.

C5: Present financial ideas and arguments coherently in writing.

C6: Use and apply the terminology and concepts of finance.

Learning methods

The practical skills of actuarial science including mathematics, finance and economics are developed in exercise classes, laboratory classes, assignments, and project work.


C1 is acquired through the learning of at least one programming language and the use of a number of computer packages, as a part of the teaching of module for which they are relevant.


C2-C6 are acquired and enhanced throughout the programme.


Assessment methods

Achievement of practical skills is assessed through marked coursework and project reports.


D: Key skills

D1: Communicate effectively, both mathematical arguments and textual accounts of ideas.

D2: Use appropriate IT facilities as a tool in the analysis of mathematical problems.

D3: Use mathematical techniques correctly.

D4: Analyse complex problems and find effective solutions.

D5: Organise activity and manage time in the course of study.

D6: Capacity to organise and implement a plan of independent study.

Learning methods

D1 is practised throughout the course in the writing of solutions to mathematical problems, both for assessment and as exercises, and (in some modules) writing reports or projects.


D1 and D2 are developed in group and individual project work.


D2 is developed through the use of computer packages in a number of modules.


D3 - D6 are developed in exercises and assignments throughout the course.


Assessment methods

D1 is assessed through examinations, coursework and oral examinations.


D2 is assessed primarily through coursework.


Assessment of the key skills D3 - D6 is intrinsic to subject-based assessment.



Note

The University makes every effort to ensure that this information on its programme specification is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to courses, facilities or fees. Examples of such reasons might include a change of law or regulatory requirements, industrial action, lack of demand, departure of key personnel, change in government policy, or withdrawal/reduction of funding. Changes to courses may for example consist of variations to the content and method of delivery of programmes, courses and other services, to discontinue programmes, courses and other services and to merge or combine programmes or courses. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications.

The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.

Contact

If you are thinking of studying at Essex and have questions about the course, please contact Undergraduate Admissions by emailing admit@essex.ac.uk, or Postgraduate Admissions by emailing pgadmit@essex.ac.uk.

If you're a current student and have questions about your course or specific modules, please contact your department.

If you think there might be an error on this page, please contact the Course Records Team by emailing crt@essex.ac.uk.