BSc Actuarial Science with a Year Abroad

Key details

BSC ACTUARIAL SCIENCE WITH A YEAR ABROAD

Start Year

2020

Attendance

Full Time

Award

Degree of Bachelor of Science

UCAS course code

N32A

Entry Requirements

ABB

Study the art of risk: measuring it, assessing it, managing it, mitigating it – and sometimes profiting from it.
Crossing the road, making a cup of tea, flying on holiday, starting a new business: nearly everything in life encompasses an element of risk. And to an Actuary, risk is everything. If you’re strong on mathematics and have an interest in business and economics, are fascinated by world events and not afraid to take an educated gamble, a career in this small but growing (and pretty lucrative) profession could be ideal.

About

Our Actuarial Science with a Year Abroad degree will teach you how to look to the future from a business perspective, assess any likely impact, then put a price on mitigating any risk. And, due to our strong links with industry, you’ll have opportunities to put the theory into practice. By adding a year abroad to your programme you will have the opportunity to broaden your skillset further by taking additional modules at a partner university. A year abroad will also develop your personal skills and make you stand out to potential employers in the competitive graduate recruitment marketplace. Actuarial Science is exciting, challenging and stimulating – and its skillsets are in increasingly high demand.

If you have a love of mathematics and business but want to work with them in a more applied field, Actuarial Science is a great choice. As well as becoming a professional Actuary, it opens up doors to broader fields including data science and risk management. Our multidisciplinary Actuarial Science degree course brings together UEA’s Schools of Mathematics, Computing Sciences and Economics, along with the expertise of practicing actuaries. You’ll develop core skills in mathematics, statistics and finance, and 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 focus on developing additional computing skills. Plus, we’ll help you hone the communication and presentation skills essential to any graduate entering the financial sector. Our strong links with industry mean you’ll have unique opportunities to see theory put into practice, and our syllabus includes guest lectures from working professionals, such as experts from Aviva. What’s more, you’ll have the opportunity to gain exemptions from the professional examinations set by the Institute and Faculty of Actuaries, so you could graduate one step ahead of your competition. The year abroad will provide you with an opportunity to enhance and expand both your academic and interpersonal skills. It will allow you to create a truly bespoke programme based on your own interests.

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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)

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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 employ a range of assessment methods throughout the course, including examinations, written assignments, class tests, problem sheets, group work and presentations to a variety of audiences. We adapt how and when we assess you in accordance with each module’s content and objectives. However, most modules feature a combination of coursework and exams.

Structure

You’ll commence this four-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.

Year 1

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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Assessment for Year 1

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.

ECONOMICS FOR ACTUARIES

Code CMP-4014Y

Credits 20

By taking this module you will learn an introduction to core economic theory and principles in a business context. You will learn about both basic microeconomic and macroeconomic theory which will ensure you gain the ability to understand and analyse current economic issues with relevance for business.

PROBABILITY

Code MTHA4001B

Credits 10

Probability is the study of the chance of events occurring. It has important applications to understand the likelihood of multiple events happening together and therefore to rational decision-making. This module will give you an introduction to the modern theory of probability developed from the seminal works of the Russian mathematician A.N. Kolmogorov in 1930s. Kolmogorov’s axiomatic theory describes the outcomes (events) of a random experiment as mathematical sets. Using set theory language you will be introduced to the concept of random variables, and consider different examples of discrete random variables (like binomial, geometric and Poisson random variables) and continuous random variables (like the normal random variable). In the last part of the module you will explore two applications of probability: reliability theory and Markov chains. Aside of the standard lectures and workshop sessions, there will be two computer-lab sessions of (2 hours each) where you will apply probability theory to specific everyday life case studies. The only pre-requisites for this module are a basic knowledge of set theory and of calculus that you would have acquired during the Autumn semester. If you have done probability or statistic at A-level you will rediscover its contents now taught using a proper and more elegant mathematical formalism.

CALCULUS AND MULTIVARIABLE CALCULUS

Code MTHA4008Y

Credits 30

In this module you will study: (a) Complex numbers. (b) Vectors. (c) Differentiation; power series. (d) Integration: applications, curve sketching, area, arc-length. (e) First and second-order, constant-coefficient ordinary differential equations. Reduction of order. Numerical solutions using MAPLE. Partial derivatives, chain rule. (f) Line integrals. Multiple integrals, including change of coordinates by Jacobians. Green's Theorem in the plane.

Optional A Modules

(20 credits)

WEB-BASED PROGRAMMING

Code CMP-4011A

Credits 20

In this module you will be introduced to current Web technologies, security and a range of tools used for Web development and to use them to gain experience in designing and building web applications.

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.

Optional B 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. You will use a modern relational database management system to gain practical experience. You will also develop programming experience using SQL to create database objects and to retrieve, update, insert and delete data.

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.

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Important Information

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, the University will endeavour to consult with students and others. It is also possible that 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. In some cases optional modules can have limited places available and so you may be asked to make additional module choices in the event you do not gain a place on your first choice. Where this is the case, the University will inform students.

If students elect to take optional modules associated with IFoA Exemptions (i.e. in Year 2, CMP-5040Y), they will be required to pass these modules as they are designated core.

Assessment for Year 2

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’ll develop the pre-requisite mathematical skills for Actuarial Methods & Models, and Advanced Statistics. 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 aspects.

CONTINGENCIES AND MODELLING

Code CMP-5031Y

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.

TIME SERIES

Code CMP-5042B

Credits 10

Students taking this module will gain an understanding of the nature and processes used to analyse time-series data, to 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.

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.

Optional A Modules

(20 credits)

FINANCIAL ACCOUNTING FOR ACTUARIES

Code CMP-5040Y

Credits 20

In taking this module you will learn the necessary basic financial accounting skills/knowledge required by Actuaries.

FOUNDATIONS OF DATA SCIENCE

Code CMP-5046B

Credits 20

In this module you will study the key concepts, processes, techniques in the data science workflow. There will be coverage of data collection, storage, key statistical and machine learning techniques, and presenting the results of analyses.

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Open Days

Important Information

If students elect to take optional modules associated with IFoA Exemptions (i.e. in Year 3, CMP-6032B and CMP-6035A), they will be required to pass these modules as they are designated core.

Assessment for Year 4

Compulsory Modules

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 the techniques for analysing run-off triangles in general insurance.

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.

Optional A Modules

(60 credits)

INFORMATION RETRIEVAL

Code CMP-5036A

Credits 20

In this module you will learn about the development of the technologies which are the basis of search on the Web. Search engine development has been driven by large increases in online documents and the need to provide better results. You will learn about a range of techniques for improving search results and how to evaluate their impact.

FINANCIAL ACCOUNTING FOR ACTUARIES

Code CMP-5040Y

Credits 20

In taking this module you will learn the necessary basic financial accounting skills/knowledge required by Actuaries.

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 explores modern portfolio theory and asset pricing, behavioural finance, and the efficient markets hypothesis. You’ll examine modern equilibrium asset pricing models, which in turn build upon the concepts of portfolio theory. You’ll be introduced to the Capital Asset Pricing Model (CAPM) and discuss approximations and extensions, including the Single Index model and various factor models such as the recent Fama-French (2015) 5-factor model. Key concepts will be illustrated through lectures and seminars, using numerous real-world examples in Excel.

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Important Information

Entry Requirements

A Levels

ABB including grade A in Mathematics. Science A Levels must include a pass in the practical element.

T Levels

ABB including grade A in Mathematics. Science A Levels must include a pass in the practical element.

BTEC

DDM in IT, Science based or Business alongside A Level Mathematics grade A.

Scottish highers advanced

BCC including grade B in Mathematics.

Irish leaving certificate

3 subjects at H2 including Mathematics and 3 subjects at H3.

Access course

Pass the Access to HE Diploma with Distinction in 30 credits at Level 3 including 12 credits in Maths and Merit in 15 credits at Level 3.

European Baccalaureate

75% overall with 85% in Mathematics.

International Baccalaureate

32 including HL6 in Mathematics: Analysis and Approaches.

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

A-Level General Studies and Critical Thinking are not accepted.

Science A-levels must include a pass in the practical element.

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

If you do not meet the academic requirements for direct entry, you may be interested in one of our Foundation Year programmes.

BSc Mathematics with a Foundation Year

BSc Computing Science with a Foundation Year

If you do not meet the academic and or English requirements for direct entry our partner, INTO University of East Anglia offers guaranteed 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 Physical Sciences and Engineering

International Foundation in Mathematics and Actuarial Sciences

Alternative Qualifications

UEA recognises that some students take a mixture of International Baccalaureate IB or International Baccalaureate Career-related Programme IBCP study rather than the full diploma, taking Higher levels in addition to A levels and/or BTEC qualifications. At UEA we do consider a combination of qualifications for entry, provided a minimum of three qualifications are taken at a higher Level. In addition some degree programmes require specific subjects at a higher level.

Students for whom english is a foreign language

We welcome applications from students from all academic backgrounds. We require evidence of proficiency in English (including speaking, listening, reading and writing) at the following level:

IELTS: 6.5 overall (minimum 5.5 in any component)

We will also accept a number of other English language qualifications. Please click here for further information.

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

English for University Study at INTO UEA

Interviews

The majority of candidates will not be called for an interview and a decision will be made via UCAS Track. However, for some students an interview will be requested. You may be called for an interview to help the School of Study, and you, understand if the course is the right choice for you. The interview will cover topics such as your current studies, reasons for choosing the course and your personal interests and extra-curricular activities. Where an interview is required the Admissions Service will contact you directly to arrange a convenient 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, EU and International applicants. The annual intake for this course is in September each year.

Admissions Live Chat

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 >

Course Reference Number: 666765

BSc ACTUARIAL SCIENCE WITH A YEAR ABROAD