Actuarial Management

Actuarial Management

1. 2016 Entry
2. 2017 Entry

• Overview
• Course content
• Teaching staff
• Entry requirements
• Tuition fees and term dates
• Career opportunities

Overview

Intake: September only
Duration: 12 months full-time or 24 months part-time
Fees: £20,000 full-time, £10,000 per annum part-time
Financial support: Please see our Scholarships page
Application deadline: None - rolling admission

Apply now (full time)> Apply now (part time)>

The UK Institute and Faculty of Actuaries accredits the MSc in Actuarial Management course. Indeed, Cass Business School was the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.

Consequently, the course allows you to study the key areas of actuarial practice whilst also offering the opportunity to gain exemptions from the examinations of the UK Institute and Faculty of Actuaries.

In particular, students are able to gain exemptions in Actuarial Risk Management (Subject CA1), Communications (Subject CA3) and most of the Specialist Technical (or ST) subjects*

In addition, students who have outstanding Core Technical (or CT) subjects are able to gain exemptions in many of these also (covers Subjects CT2, CT4, CT5, CT6 and CT8 only).

The MSc in Actuarial Management also provides a good foundation for students preparing for examinations of the professional bodies in other countries (including the United States, Canada and Australia).

The Masters Actuarial Management course is delivered through:

• face-to-face lectures from qualified actuaries (and other experts in the field)
• dedicated online support
• ready access to faculty members
• advice on exam techniques

'Everything that I learnt at Cass is helping me in my work.'
Shubhanjali Gupta, Senior Specialist, Global Solutions Consulting group, Willis.

Shubhanjali describes more of her experiences at Cass...

Full-time and part-time

The full-time version of the MSc in Actuarial Management, which is completed over one academic year, requires students to attend lectures which amount to two days per week.

Alternatively, the part-time version of the course, which is completed over two academic years, has been designed to fit with the study leave packages commonly offered by actuarial employers. As a result, part-time students are required to attend lectures which amount to one day per week during term time over the two years.

Faculty members include a significant number of qualified actuaries and other experts in range of wider fields, who use their commercial experience and current research interests to inform their teaching.

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: Hugh Fairclough

*At present, we offer exemptions in ST1, ST2, ST4, ST5, ST6, ST7 and ST8. If you have any further queries in the regard, please contact the Admissions Office.

Course content

All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice. Therefore, from time to time, there may be some changes to module titles or to the detailed content of individual modules

The MSc in Actuarial Management programme starts with a compulsory induction focused on:

• a refresher course of advanced financial mathematics, statistics, computing and electronic databases.
• An introduction to the Cass Careers offering with a focus on key skills and attributes that employers are looking for. The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.

Term 1 and 2 Actuarial Risk Management (CA1) Part I, Term One

This module provides students with an understanding of the principles of investment and investment risk, and the application of these principles in the management of investment policy and in the financial management of institutional investors. Students will also develop an understanding of the environment in which financial companies operate and the impact that government policy, regulation and risk transfer facilities have on the operation of these companies

Actuarial Risk Management (CA1) Part II, Term Two

This module provides students with an understanding of the role of the actuary in meeting the needs of clients and other stakeholders. Students will also develop an understanding of the statutory duties that may be required by the actuary and a knowledge and understanding of the components of the actuarial control cycle and its application in a range of practical situations.

Strategic Management & Marketing, Term One

The module aims to develop an understanding of the challenges and opportunities associated with working in contemporary organizations. It explores the business concepts and the issues firms face in gaining competitive advantage. On completion, you should be capable of analysing business environments, corporate strategies, and marketing plans.

In addition to the modules above, students must choose a minimum of three modules from the following electives*:

Health and Care (ST1), Term Two

The module provides students with an understanding of the principles of health insurance and health risk. Students will also learn to apply these principles in the management of a health insurance portfolio and in other aspects of financial management of health risks.

Life Insurance (ST2), Term One

This module provides students with an understanding of the mathematical techniques required by life insurance companies. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a life insurance company.

Pensions and Other Benefits (ST4), Term One

This module provides students with an introduction to the practical application of actuarial theory in the context of the operation of defined benefit and defined contribution pensions arrangements, emphasising the role of the actuary. Students will also develop an understanding of the principles underlying the actuarial control cycle in relation to pensions arrangements.

Finance and Investment A (ST5), Term Two

This module provides students with an understanding of how to apply the modern techniques of actuarial planning and control to the appraisal of investments, and to the selection and management of investments in relation to the needs of investors.

Finance and Investment B (ST6), Term One

The module provides students with a full understanding of the main derivative instruments traded in financial markets, including complex instruments such as exotic options. Students will also learn how to develop a theoretical framework for the valuation of contingent claims.

General Insurance - Reserving and Capital Modelling (ST7), Term One

This module provides students with an understanding of the key mathematical techniques required in the reserving and capital modelling of a general insurance company. Students will also learn to apply the principles of actuarial planning and control needed for the successful operation of a general insurance company.

Finance and Financial Reporting (CT2), Term One

This module provides students with an understanding of the key principles of finance, including the structure of joint-stock companies, capital markets and financial statements.

Modelling (CT4), Term Two

This module provides students with an understanding of stochastic processes and their application to models used for financial work.

Contingencies (CT5), Term Two

This module provides students with an understanding of the mathematical techniques of pricing and evaluating insurance and pensions products.

Statistical Method (CT6), Term Two

This module provides students with an understanding of the fundamental statistical techniques used in the analysis of short-term insurance contracts.

Financial Economics (CT8), Term Two

This module provides students with an understanding of modern financial theory and its main applications.

General Insurance - Pricing (ST8), Term Two

This module provides students with the ability to apply, in simple pricing and reinsurance analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of a general insurance company.

Model Documentation, Analysis and Reporting (CA2 - non-exemption module)

This module provides students with understanding of how to model data, document the work, analyse the methods used and outputs generated, and how to communicate the approach, results and conclusions.

*Note that students are required to complete at least two ST modules from this list of electives.

Also, note that all CT modules are subject to availability. These modules are hosted by the MSc in Actuarial Science and students on this programme will be given preference where space is limited.

Term 3

On successful completion of Terms 1 and 2, students can either exit with an Postgraduate Diploma in Actuarial Management or continue in Term 3 to complete the MSc in Actuarial Management.

Please note, if you are a Tier 4 student visa holder and wish to transfer from MSc to Postgraduate Diploma, the change of programme will be reported to the UK Border Agency. Consequently, your Tier 4 student visa will be curtailed (i.e. shortened) and you will have to leave the UK within 60 days of completing your PgDip course (i.e. within 60 days after completion of the Term II exams).

If you plan to attend your graduation in January, you will need to apply for a General Visitor visa in your country before you can return to the UK. More information. For advice please contact the International Student Advice Team

Five electives from the list below*

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. Some of the electives offered in the past years included:

• Enterprise Risk Management
• Introduction to Copula Modelling
• Introduction to Model Office Building in Life Insurance
• Longevity Risk Pensions Products
• Modelling and Data Analysis
• Social Insurance in Emerging Markets
• Stochastic Asset Models
• Topics in Quantitative Risk Management
• Hedge Funds
• Financial Derivatives
• Credit Risk Management
• Ethics Society and the Financial Sector
• Mergers and Acquisitions
• Energy Markets (Taught in a block format in Dubai)
• Project Finance & Infrastructure (Taught in a block format in Madrid)
• Alternative Risk Transfer and Risk Securitisation
• Claims Management
• Liability Insurance
• Marine, Aviation and Transport Insurance
• Operational Risk Management
• Reinsurance
• Corporate Governance
• Technical Analysis and Trading Systems
• Behavioural Finance
• Introduction to C
• Matlab

These electives are taught during Term Three and are assessed by means of a coursework exercise (on an individual or group basis) or an invigilated class test.

Research Methods module (Term 1)

This module is compulsory for all students electing to complete the MSc in Actuarial Management and provides students with an understanding of how to undertake independent research either in the context of a single organisation or by using third-party sources. Students also develop the necessary tools and skills to initiate, research and write up a business project and the module includes dedicated training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete the MSc by means of the Business Research Project.

* If you are a Tier 4 student visa holder and wish to follow the five electives route in the third term your formal course end-date will be moved forward to 31 July 2016. City University has a legal obligation to report the change in your circumstances to UKVI (UK Visas and Immigration). Consequently, your Tier 4 student visa will be curtailed (shortened) to 60 days after the new course end date (to the end of September). The University cannot continue to sponsor your Tier 4 visa after the completion of the electives as continued engagement with the course is no longer required.

If you choose to undertake the Business Research Project as part of your Masters course then your visa will run for the full the length of programme.

If you want any advice about the implications of taking the elective modules on your Tier 4 visa, please contact the University's International Student Advice team.

MSc Research Project

Students choosing to complete the MSc in Actuarial Management have the option of studying five specialised electives in term three to give them an understanding of a breadth of subject matter both in actuarial science and in wider fields such as finance, investment, insurance and IT. However, if students would prefer to study one particular area of interest in depth they have the option of taking one term three elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.

Students who wish to be considered for an exemption from Subject CA3: Communications of the UK Institute and Faculty of Actuaries must complete the MSc in Actuarial Management and must do so by means of the Business Research Project (rather than completing five term three electives).

The Business Research Project will be of approximately 10,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The project should be based on independent research either in the context of a single organisation or using third-party sources.

Students are encouraged from the start of the course to think about a possible topic for their project. A member of the academic staff will be allocated as a supervisor, and students may be able to choose with whom they would like to work (although your first choice supervisor may not always be available). The project must be completed by the end of August. Company sponsored projects are encouraged and a number of such projects may be available from time to time, but should not be relied upon and you should expect to develop the idea from your own interests and resources.

Some students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment after completing the programme, whilst earning course credit. Student research projects are processed and managed jointly by the MSc Course Office team and the student's Course Director.

Some recent projects:

• Advanced Risk Intermediation and Capital Management - A Reinsurance Revolution?
• Mergers & Acquisitions Activities in the Chinese Insurance Market
• The Prediction Error and a Predictive Distribution of Stochastic Claims Reserving in Excel VBA
• The Likely Consequences of the Pension Protection Fund
• Understanding Asset Share
• Insurers' Risk Management and Solvency
• Predicting the Loss Development Pattern For Catastrophic Events
• A Pricing Comparison Between CAT Bonds and Catastrophe Reinsurance

Teaching staff

The teaching staff on the MSc in Actuarial Management have many years of practical experience working in the financial services sector and are also active researchers in their fields

This knowledge and experience helps to inform the highly interactive lectures that make up the MSc in Actuarial Management.

Course Director

• Dr Vali Asimit

MSc Actuarial Management Teaching Staff Dr Vali Asimit

Vali worked as a non-life actuary for Allianz Insurance and Vienna Insurance for several years. He has a PhD in Statistics focusing on rare/catastrophic event with a special interest in non-life insurance. He has been the Course Director of the MSc Actuarial Management since August 2015 and the module leader for Subject CT6.

Find out more about Vali on his Cass Experts page.

Prof. David Blake

David is the Director of the Pensions Institute and Chairman of Square Mile Consultants, a training and research consultancy.

He is also the Co-Founder with JPMorgan and Towers Watson of the LifeMetrics Indices. David Blake gained his PhD on UK pension fund investment behaviour in 1986. David Blake established the Pensions Institute (-institute.org) in 1996. He teaches the “Pension Finance elective.

Find out more about David on his Cass Experts page.

Dr Cherie Chen

Cherie spent 15 years working in the financial services industry with multinational companies such as Zurich Insurance Group, Swiss Re, Standard Chartered Bank and Allianz Global Investors.

Cherie is the module leader for two electives: 'Reinsurance' and 'Marketing for Financial Services'.

Find out more about Cherie on her Cass Experts page.

Mr Andy Cherkas

Andy is an actuary who spent over 25 years in the consulting business with Towers Perrin (now Willis Towers Watson). For the last 20 years of his consulting career he advised insurers on strategy, performance improvement, product proposition development, distribution, risk and organization – in the US, UK and continental Europe. Andy teaches the 'Enterprise Risk Management' elective.

Mr Jacky Cheung

Jacky is a pricing actuary at ACE Group with over nine years of experience in the insurance industry. He has a wide range of experience with roles in insurance companies, a consultancy and the Prudential Regulation Authority (PRA).

He has a primary focus on non-life insurance, with strong experience around health and medical insurance. He is a UK-qualified Chartered Enterprise Risk Actuary (CERA). He is the module leader for Subject ST1.

Dr Dimitrina Dimitrova

Dimitrina worked as a Risk Analyst for the Central Bank of Bulgaria for several years before moving into academia. She has an MSc in Applied Mathematics and a PhD in Actuarial Science. Her...