BSc (Hons) Actuarial Science

Key details

BSC (HONS) ACTUARIAL SCIENCE

Start Year

2023

Attendance

Full Time

Award

Degree of Bachelor of Science

UCAS course code

N324

Entry Requirements

AAB (specific subject requirements apply).

Duration (years)

Actuarial science is used to build analytical solutions to solve the financial problems that businesses have. Like all disciplines, actuarial science is constantly adapting to meet the needs of the ever-changing world. New techniques are being developed and replacing the old. At UEA we recognise this and ensure that the BSc in Actuarial Science continues to evolve so to ensure it is the amongst the best actuarial science programmes in the world.

Our actuarial science degrees provide an excellent grounding in actuarial science, data science, and risk management, giving you the chance to accelerate your journey to becoming a financial professional or an actuary or in alternative fields related to managing risk. We have the brightest students studying actuarial science and data science at the UEA. You will be equipped to play a crucial role in a large range of companies from around the world. If you are ambitious, these skills will be the first step to a successful, secure, and well-remunerated career.

We listen closely to our industrial partners to ensure that our courses include the skills that they are looking for in graduates. We are positioned within the School of Computing Science that ensures that our BSc in Actuarial Science will teach you the key aspects of actuarial science and additionally uniquely develops the highly desirable skills in computing and data science. Students also can develop expertise in machine learning, artificial intelligence, and coding in Python.

The course focuses on developing the multi-disciplinarily skills that combine to create actuarial science. You will become skilled in statistics, actuarial mathematics, financial mathematics, financial economics, and corporate finance. There is also the opportunity to choose options in computer science so to develop your expertise in this area too. These skills are needed in many highly rewarding professions, including becoming a fully qualified actuary.

Our BSc Actuarial Science is ranked in the top 15 for Accounting and Finance by 'The Guardian University Guide 2023'.

About

If you have a love of mathematics and want to use your ability to help businesses solve complex financial problems, then actuarial science is the subject for you. Graduates from our degrees are highly sought after and the BSc can lead you into careers such as becoming an actuary, an investment analyst, an underwriter, a risk manager, or a data scientist.

All our actuarial science courses are fully accredited by the Institute and Faculty of Actuaries (IFoA). Performing well in your studies can lead to the granting up to six exemptions from the IFoA professional examinations. The subject specific exemptions are CM1, CM2, CS1, CS2, CB1, and CB2. This is very important for those who wish to qualify as an actuary. Many of our graduates use the knowledge and skills they learn to support their career through study with other professional bodies such as the Chartered Insurance Institute or the Chartered Financial Analyst Institute.

We combine the learning of actuarial skills, techniques, and models along with the building of your professional skills. On top of the subject specific training, the BSc gives you the unique opportunity to conduct an industrially focused project, attend guest lectures from industry professionals, and develop the key skills to ultimately secure a graduate position. A particular highlight are the two modules focused on employability that involve significant input from Aviva, the global insurer.

The BSc has been designed to allow to you to develop your skills and demonstrate your ability in the multi-disciplinary fields of actuarial science with the aim of you securing the career of your choice.

September 2023 opportunities. Discover more

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Year in industry at Sizewell C

The experiences of a BSc Actuarial Science student.

UEA Award

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Scholarships

The UEA Actuarial Science Scholarship is available for 2019 entry for those achieving AAB with A in A level Maths (or equivalent qualifications)

LEARN MORE >

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Important Information

Whilst the University will make every effort to offer the courses listed, changes may sometimes be made arising from the regular review of course programmes. Where this activity leads to significant (but not minor) changes to programmes, there will normally be prior consultation of students and others. Changes 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 inform students.

Assessment for Year 1

We have a mixture of assessments. These include written work, presentations or demonstrations, and exams (closed and/or time-limited assessment). They combine theoretical understanding with practical application and are designed to test the range of skills and competencies required for the learning outcomes of each module.

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Structure

You’ll commence this three-year degree by further developing your knowledge of mathematics, computing, economics and business. Each year you’ll have the option to choose a traditional actuarial module, or if you’re thinking about specialising in data science, you’ll be able to focus on developing additional computing skills. Plus we’ll help you hone the communication and presentation skills essential to anyone entering the financial sector. 

Compulsory modules in the first year provide you with a clear understanding of mathematics, computing and problem-solving. You’ll build on and develop your pre-existing knowledge and start developing your awareness and understanding of actuarial mathematics, as well as acquiring some practical modelling skills. Options in year 1 allow you to choose between a skills-based module, taught in partnership with practicing actuaries, and an additional computing module, designed to develop your data science skills. 

Teaching and Learning

The Actuarial Science degree at UEA is taught through a combination of lectures, classes, seminars and lab work. Our lab work, classes and seminars are particularly crucial to your degree programme, as they are where we’ll reinforce and expand on the material covered in the lectures. 

We also offer specialist actuarial modules, which are usually taught by qualified actuaries in a classroom environment, providing you with plenty of interactivity and real-world examples. 

Independent study 

Your formal teaching on the course will be complemented with individual study. You’ll be set formative work to complete between lectures and within classes, seminars and lab work, helping to cement your understanding of new material. 

Learning to study independently is a key skill for all aspiring actuaries. It will be developed gradually throughout the programme as your confidence grows. 

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Open Days

Assessment for Year 2

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Structure

In the second year, you’ll be introduced to specific actuarial themes and taught about business in the context of the actuarial profession. Optional modules offer you the choice between Financial Accounting for Actuaries, which is included in the accreditation agreement, and a computing science module. So, once again, you can tailor your programme to a more traditional actuarial science degree, or to one with a broader set of computing skills.

Teaching and Learning

We also offer specialist actuarial modules, which are usually taught by qualified actuaries in a classroom environment, providing you with plenty of interactivity and real-world examples. 

Independent study 

Learning to study independently is a key skill for all aspiring actuaries. It will be developed gradually throughout the programme as your confidence grows. 

September 2023 opportunities. Discover more

Open Days

Assessment for Year 3

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Structure

In your final year, you’ll be able to focus on developing your advanced knowledge of statistics, mathematics and professional actuarial practice. You’ll also be given the option to complete a dissertation, as well as a module taught in partnership with practicing actuaries. Alternatively, if computer science is your preferred area of focus, you can choose to further develop these skills.

Teaching and Learning

We also offer specialist actuarial modules, which are usually taught by qualified actuaries in a classroom environment, providing you with plenty of interactivity and real-world examples. 

Independent study 

Learning to study independently is a key skill for all aspiring actuaries. It will be developed gradually throughout the programme as your confidence grows. 

September 2023 opportunities. Discover more

Open Days

Assessment for Year 1

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Compulsory Modules

INTRODUCTION TO FINANCIAL MATHS & MODELLING

Code CMP-4003A

Credits 20

You will learn introductory material relating to financial maths such as present values, accumulations, annuities. You will also get an introduction to spreadsheet skills for actuaries as well as some discrete maths material in preparation for later modules.

CALCULUS

Code MTHA4008A

Credits 20

Calculus is the mathematical study of rates of change. It underpins much of applied mathematics, since we are often interested in determining how quickly things will change, whether that is looking at changes in space or in time. You will start this module by studying complex numbers and vectors. (These topics are not strictly calculus but will be needed in calculus later on.) You will then study differentiation – how to determine the rate of change of one variable or function as another variable changes. You will meet the formal definition of the derivative, and discover how to differentiate from first principles, before learning various rules and techniques for differentiating more complex functions. You will also learn about applications to curve sketching and power series. Next you will study integration (the inverse of differentiation), learning various techniques, including substitution and integration by parts, and considering applications to finding areas and arc lengths. You will then learn about methods for solving first and second-order ordinary differential equations. Techniques covered here include reduction of order. and integrating factors. You will learn how to use the computer program Maple to solve differential equations numerically.

PROBABILITY AND MULTIVARIABLE CALCULUS

Code MTHA4008B

Credits 20

The module combines two important topics in preparation for your future studies. Probability is the study of the chance of events occurring. It has important applications to understand the likelihood of multiple events happening together in order to make rational decisions. You will be introduced to Kolmogorov’s modern axiomatic theory of probability and the concept of random variables. You will study both discrete and continuous random variables. Finally, will explore two applications of probability: reliability theory (which looks at the likelihood of the failure of a piece of equipment at some point in the future) and Markov chains (which model how the likelihood of being in different states evolves in time). Multivariable calculus extends concepts of calculus to functions of more than one variable. This leads to the idea of partial derivatives. You will learn how to differentiate functions of more than one variable, and how to do integrals of such functions along curves and over areas. You will also learn how to change coordinates in multiple integrals using Jacobians, and study Green's theorem in the plane.

INTRODUCTORY PROGRAMMING

Code CMP-4012A

Credits 20

Introductory Programming introduces a number of programming concepts to students at the start of their programming careers, using a modern programming language common to many digital industries. We structure learning through lectures, delivering core materials, and tutor supported exercises to reinforce learning, and to prepare students for programming in their following studies. At the end of the module, students will be able to apply key programming concepts to financial problems relevant to their courses.

ECONOMICS FOR ACTUARIES

Code CMP-4014B

Credits 20

This module gives an introduction to how principles of economics can help solve problems in business decision making. You will develop an understanding of the central concepts and methods of analysis used by economists and you will gain knowledge and understanding of how markets function and how firms compete. Finally, you will develop skills in thinking about topical issues in a theoretically informed way.

Optional A Modules

(20 credits)

DATABASE SYSTEMS

Code CMP-4010B

Credits 20

This module is based on the relational model and will introduce you to important aspects of databases, database manipulation and database management systems. You will explore the tools and methods for database design and manipulation as well as the programming of database applications. You will use a modern relational database management system to gain practical experience. You will also develop programming experience using SQL, and using a high level programming language to write applications that access the database.

ACTUARIAL SKILLS 1

Code CMP-4011B

Credits 20

In taking this module, in addition to classes led by UEA academics, you will have contact with practicing actuaries. You will develop a good understand of the traditional areas in which actuaries work. You will also begin to develop and practice communication skills, particularly those related to future employment. You will be given the opportunity to identify the skills you already have and to consider how you can develop further relevant skills.

September 2023 opportunities. Discover more

Open Days

Important Information

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring and review of modules. Where this activity leads to significant change to a programme and modules, the University will endeavour to consult with affected students. The University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff. Availability of optional modules may be restricted owing to timetabling, lack of demand, or limited places. Where this is the case, you will be asked to make alternative module choices and you will be supported during this process.

Assessment for Year 2

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Compulsory Modules

FINANCIAL MATHEMATICS

Code CMP-5009A

Credits 20

In taking this module you will build on the fundamentals of compound interest introduced in the first year of the course. You will learn how the key concepts introduced can be used in practical financial applications for actuaries.

MATHEMATICAL STATISTICS

Code CMP-5034A

Credits 20

This module introduces the essential concepts of mathematical statistics deriving the necessary distribution theory as required. In consequence in addition to ideas of sampling and central limit theorem, it will cover estimation methods and hypothesis testing.

DIFFERENTIAL EQUATIONS AND LINEAR ALGEBRA

Code MTHB5008A

Credits 20

This module builds on the mathematical fundamentals introduced in year 1 and covers both differential equations and linear algebra. You will develop the mathematical skills needed for the more specialist actuarial modules studied in the rest of your course. In differential equations, you will develop skills for solving both Ordinary Differential Equations and Partial Differential Equations by a variety of techniques. For Ordinary Differential Equations the methods include series solutions and the method of Frobenius. Fourier series are introduced and utilised when solving Partial Differential Equations by separation of variables. In linear algebra, you will develop skills in the algebra of matrices, including matrix operations, linear equations, determinants, eigenvalues and eigenvectors, diagonalization and geometric applications of linear algebra.

LINEAR REGRESSION USING R

Code CMP-5043B

Credits 10

This is a module designed to give you the opportunity to apply linear regression techniques using R. The aim is to provide an introduction to R and then provide the specifics in linear regression.

TIME SERIES

Code CMP-5042B

Credits 10

This is a module designed to give you the opportunity to apply time series techniques using R. This course will provide students with an understanding of the nature and processes used to analyse time-series data, and being able to confidently understand what trends might exist within a set of data and the complexities of being able to use this information to make predictions or forecasts.

CONTINGENCIES AND MODELLING

Code CMP-5031B

Credits 20

You’ll gain a good grounding in the mathematical techniques which can be used to model and value cash flows dependent on death, survival or other uncertain risks. You will study the statistics associated with various life assurance contracts and the calculation of their premiums and reserves. You will also develop further your financial modelling skills by focusing on understanding the importance of an audit trail and including good model documentation.

Optional A Modules

(20 credits)

ECONOMICS FOR ACTUARIES

Code CMP-4014B

Credits 20

FINANCIAL ACCOUNTING FOR ACTUARIES

Code CMP-5040B

Credits 20

This module gives an introduction to corporate finance and financial accounting. Topics covered include corporate governance and organisation, debt and equity finance and project appraisal using cost/benefit analysis. You will learn how to construct a company’s profit and loss account, its balance sheet and its cash flow statement. Finally, you will learn how to conduct an investment analysis using financial ratios, DuPont Analysis and industry group comparisons.

FOUNDATIONS OF DATA SCIENCE

Code CMP-5046B

Credits 20

This module is designed as an optional module which can be taken by second and third year students within the Science Faculty. You will explore the methodology of Data Science through application of inferential statistical approaches and development of a basic machine learning classification model. You will adopt a programmatic approach to building and applying inferential statistical models in a browser based, interactive coding environment. In terms of data analysis, we will focus on regression and classification algorithms to build prediction models. Through this module, you will gain knowledge of algorithms and methods for data analysis, as well as practical experience programming in Python using popular libraries such as Numpy, Pandas, Polars, Scikit-learn, Matplotlib and Seaborne.

September 2023 opportunities. Discover more

Open Days

Important Information

Assessment for Year 3

You’ll be assessed by a combination of:

Examination (approximately 75-80%)
Written assignments, Demonstrations and Presentations (approximately 20-25%)

Compulsory Modules

FURTHER CONTINGENCIES

Code CMP-6042B

Credits 20

In taking this module you will further your knowledge of the mathematical techniques which can be used to model and value cash flows dependent on death, survival or other uncertain risks. You will study the statistics associated with various life assurance contracts and the calculation of their premiums and reserves. You will learn how to model/value joint life products and consider the handling of products which involve multiple states/decrements. In addition to this you will learn how insurance companies profit test their products and will gain a greater understanding as to how different factors affect the mortality experience of a life. You will also further develop your financial modelling skills and written communication skills as you will learn about how best to present results of a financial model and will further develop your excel skills by applying this knowledge to model ‘further contingencies’ problems in a spreadsheet environment.

ACTUARIAL METHODS AND MODELS

Code CMP-6041Y

Credits 20

You will gain a further grounding in mathematical and statistical techniques of relevance to financial work including a grounding in stochastic processes and survival models and their applications. You will learn about risk models involving frequency and severity distributions and the concept of ruin. You will also examine the use of Bayesian statistics to derive credibility premiums and gain an introduction into machine learning.

STOCHASTIC PROCESSES

Code CMP-6047A

Credits 10

This module introduces stochastic processes. These are processes that vary randomly in time. Such processes include random walks, Markov chains, Poisson processes, and birth and death processes, which are covered in this module. The underlying probability theory and applications of such systems will be explored in this module.

GENERALISED LINEAR MODELS

Code CMP-6046A

Credits 10

This module covers Linear and Generalised Linear models. It covers both the theory and practice of statistical model fitting and students will be expected to analyse real data using R.

Optional A Modules

(60 credits)

FINANCIAL ACCOUNTING FOR ACTUARIES

Code CMP-5040B

Credits 20

SYSTEMS ENGINEERING

Code CMP-6003B

Credits 20

This module draws together a wide range of material and considers it in the context of developing modern large-scale computer systems. Topics such as Systems Thinking, Causal Loop Diagrams, Systems Failure, Outsourcing, Quality, Risk Management, Measurement, Project Management, Software Process Improvement, Configuration Management, Maintainability, Testing, and Peopleware are covered in this module. The module is supported by well documented case studies and includes guest speakers from industry.

STATISTICS PROJECT

Code CMP-6028Y

Credits 40

This module will give you experience of independent project work and, via the lecture programme, will provide a primer on the law, ethical and professional behaviour, project management, reporting and other aspects of being a statistician. You will be allocated a supervisor and will be expected to work closely together on a mutually agreed project.

ACTUARIAL SKILLS 2

Code CMP-6029Y

Credits 20

In taking this module you will further develop the employability skills necessary for an Actuarial/financial trainee. You will receive teaching from practicing actuaries, which will focus on preparing you for the real world i.e. with a focus on ‘hot topics’, developing communication and presentation skills and the professional responsibilities of actuaries.

FURTHER FINANCIAL MATHEMATICS

Code CMP-6032B

Credits 20

This is a technical finance module and ideal if you are wishing to pursue a career in the financial sector. The focus will be on derivatives valuation and risk management via the use of derivatives. The unit will be highly analytical, with seminar sessions held in computer labs. Topics covered will include: bonds; futures/ forwards; options; swaps; hedging; VaR; continuous time stochastic processes and calculus; and stochastic models of security prices.

FINANCIAL MARKETS

Code CMP-6035A

Credits 20

This module gives a practical introduction to portfolio construction and asset pricing. Topics covered include the efficient markets hypothesis, modern portfolio theory, risk management, asset pricing and behavioural finance. You will learn how to test technical trading rules and build portfolio opportunity sets using the Python pandas package and construct portfolios using Excel’s nonlinear optimisation library. You will learn how to measure risk in asset and insurance portfolios and how to decompose risk into its systematic and diversifiable components using modern assert-pricing theory. Finally, you will learn how to analyse problems using recent advances in behavioural finance.

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Open Days

Important Information

Entry Requirements

A Levels

AAB including Mathematics at Grade A. If you are taking an EPQ and three A-levels, we may offer you a one grade reduction on our advertised typical offer, if you achieve an A in the EPQ.

T Levels

Obtain an overall Pass including an A in the core of the T Level and a Distinction in the Occupational Specialism. Acceptable subject: Science.

BTEC

DDD in IT, Engineering, Science based or Business alongside Grade A in A-Level Mathematics. Excluding BTEC Public Services, Uniformed Services and Business Administration.

Scottish highers

AAAAA (please note this can only be accepted in combination with Mathematics Advanced Higher Grade B or A-Level Grade A).

Scottish highers advanced

BBC including Mathematics Grade B.

Irish leaving certificate

4 subjects at H2 including Mathematics, 2 subjects at H3.

Access course

Pass the Access to HE Diploma with Distinction in 36 credits at Level 3, including 12 credits in Mathematics, and Merit in 9 credits at Level 3.

European Baccalaureate

80% overall with 8.5 in Mathematics.

International Baccalaureate

33 points including HL6 in Mathematics.

GCSE offer

You are required to have Mathematics and English Language at a minimum of Grade C or Grade 4 or above at GCSE.

Additional entry requirements

UEA are committed to ensuring that Higher Education is accessible to all, regardless of their background or experiences. One of the ways we do this is through our contextual admissions schemes.

We welcome and value a wide range of alternative qualifications. If you have a qualification which is not listed here, please contact us via Admissions Enquiries.

A-Level General Studies and Critical Thinking are not accepted. Where applicable Science A Levels awarded by an English Exam board require a pass in the practical element.

If you do not meet the academic requirements for direct entry, you may be interested in one of our Foundation Year programmes such as BSc Mathematics with a Foundation Year.

Important note

Once enrolled onto your course at UEA, your progression and continuation (which may include your eligibility for study abroad, overseas experience, placement or year in industry opportunities) is contingent on meeting the assessment requirements which are relevant to the course on which you are enrolled.

International Requirements

We accept many international qualifications for entry to this course. View our International Students pages for specific information about your country.

INTO University of East Anglia

If you do not meet the academic and/or English language requirements for direct entry our partner, INTO UEA offers progression on to this undergraduate degree upon successful completion of a preparation programme. Depending on your interests, and your qualifications you can take a variety of routes to this degree:

International Foundation in Mathematics and Actuarial Sciences

International Foundation in Physical Sciences and Engineering

Students for whom english is a foreign language

Applications from students whose first language is not English are welcome. We require evidence of proficiency in English (including writing, speaking, listening and reading):

IELTS: 6.0 overall (minimum 5.5 in all components) for year 1 entry
IELTS: 6.5 overall (minimum 6.0 in all components) for year 2 entry

We also accept a number of other English language tests. Review our English Language Equivalencies for a list of example qualifications that we may accept to meet this requirement.

If you do not yet meet the English language requirements for this course, INTO UEA offer a variety of English language programmes which are designed to help you develop the English skills necessary for successful undergraduate study:

Pre-sessional English at INTO UEA

Academic English at INTO UEA

Interviews

Most applicants will not be called for an interview and a decision will be made via UCAS Track. However, for some applicants an interview will be requested. Where an interview is required the Admissions Service will contact you directly to arrange a time.

Gap year

We welcome applications from students who have already taken or intend to take a gap year. We believe that a year between school and university can be of substantial benefit. You are advised to indicate your reason for wishing to defer entry on your UCAS application.

Intakes

This course is open to UK and International applicants. The annual intake is in September each year.

September 2023 opportunities. Discover more

Year in industry at Sizewell C

The experiences of a BSc Actuarial Science student.

UEA Award

Develop your skills, build a strong CV and focus your extra-curricular activities while studying with our employer-valued UEA award.

LEARN MORE >

Scholarships

The UEA Actuarial Science Scholarship is available for 2019 entry for those achieving AAB with A in A level Maths (or equivalent qualifications)

LEARN MORE >

Ask a Student

This is your chance to ask UEA's students about UEA, university life, Norwich and anything else you would like an answer to.

ASK US ON UNIBUDDY >

What's included in your fees

Explore some of the benefits included as part of your UEA learning package.

FIND OUT MORE >

Course Reference Number: 6775192

BSc (Hons) ACTUARIAL SCIENCE