Actuarial Mathematics BSc (Hons)
University of LiverpoolPrice on request
Price on request
Price on request
Price on request
Price on request
Important information
Typology  Bachelor's degree 
Location  Liverpool 
Start  September 2019 
 Bachelor's degree
 Liverpool
 Start:
September 2019
A course aimed at those students who see themselves working in the world of insurance, financial or governmental services, where actuarial mathematics plays a key role. Accreditation This popular degree programme teaches students skills and knowledge that are highly desirable in the industry and offers graduates great employment prospects. The programme is designed primarily for those who wish to work in quantitative finance or banking after graduation. We have recently received accreditation from the Institute and Faculty of Actuaries. Currently, our students can receive exemptions for CT1CT8 of the professional actuarial exams conducted by The Institute and Faculty of Actuaries, the Professional body for actuaries in the UK. Department Key Facts Number of first year students197 Year One undergraduates in 2015 Graduate prospects89.1% of our graduates are employed or in further study within six months of graduating (Destination of Leavers from Higher Education 2012/13) National Student Survey87% of our students agree staff are good at explaining things (National Student Survey 2015) Why this subject? Take the first steps towards a brilliant career. Employers tell us that, alongside key problem solving skills, they want strong communication skills and the ability to work in a team – so we have ensured that these are integral to our Mathematics programmes. As a result, we have an excellent graduate employment record. About a third of graduates become business and finance professionals; but there is a whole host of other careers which our graduates have found success in – management training, information technology, further education or training (including teacher training),...
Starts  Location 

Sep2019 
Liverpool
Chatham Street, L69 7ZH, Merseyside, England See map 
Starts 
Sep2019 
Location 
Liverpool
Chatham Street, L69 7ZH, Merseyside, England See map 
To take into account
· Requirements
Entry Requirements A level offerAAB Subject requirementsMathematics A level grade A BTECApplications considered when combined with A level Maths grade A International Baccalaureate35 including 6 in Higher Mathematics Irish Leaving CertificateA1, A1, A1, B1 (including Maths at A1) Scottish Higher/Advanced HigherNot accepted without Advanced Highers Advanced Welsh BaccalaureateAccepted, including A level Mathematics grade A and another A level at grade A EU Entry RequirementsEU Qualifications ...
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What you'll learn on the course
Security  Financial Reporting  Credit  Basic  
Accounting  IT  Basic IT training  Basic IT  
Microeconomics  Macroeconomics  Statistics  Mathematics  
Economics  Calculus  Algebra  Actuarial Mathematics  
Financial Mathematics  Accounting MBA  Finance  Financial  
Industry  Insurance  Financial Training  Life Insurance  
IT Security  GCSE Mathematics  Skills and Training  Industry
 
Credit 
IT  Industry

IT  
IT

Credit 
IT

Course programme
The Actuarial Maths degree has been accredited by the UK Actuarial Profession, which means that students can obtain exemption from some of the subjects in the Institute and Faculty of Actuaries’ examination system.
All exemptions will be recommended on a subjectbysubject basis, taking into account performance at the University of Liverpool.
Further information can be found at the actuarial profession’s website.
Core Technical Stage
Exemptions are based on performance in the relevant subjects as listed below.
Subject CT1 Financial Mathematics: Financial Mathematics I &II
Subject CT2 Finance & Financial Reporting: Introduction to Financial Accounting, Introduction to Finance & Financial Reposting and Finance
Subject CT3 Probability & Mathematical Statistics: Statistical Theory I & II
Subject CT4 Models: Applied Probability & Actuarial Models
Subject CT5 Contingencies: Life Insurance Mathematics I & Life Insurance Mathematics II
Subject CT6 Statistical Methods: Mathematical Risk Theory & Statistical Methods in Actuarial Science
Subject CT7 Economics: Principles of Microeconomics, Principles of Macroeconomics, Microeconomics I & International Trade.
Subject CT8 Financial Economics: Financial Mathematics II, Security Markets & Stochastic Modelling in Insurance and Finance
You will take the following modules in Year 1:
 Calculus I
 Introduction to Linear Algebra
 Calculus II
 Financial Accounting
 Principles of Microeconomics
 Introduction to Statistics
 Introductory Finance
 Principles of Macroeconomics
Tutorials for foundation modules are in groups of about 8 students.
Compulsory modules
Calculus I (MATH101)
Level
1
Credit level
15
Semester
First Semester
Exam:Coursework weighting
80:20
Aims
1. To introduce the basic ideas of differential and integral calculus, to develop the basic skills required to work with them and to apply these skills to a range of problems.
2. To introduce some of the fundamental concepts and techniques of real analysis, including limits and continuity.
3. To introduce the notions of sequences and series and of their convergence.
Learning OutcomesAfter completing the module students should be able to:
· differentiate and integrate a wide range of functions;
· sketch graphs and solve problems involving optimisation and mensuration;
· understand the notions of sequence and series and apply a range of tests to determine if a series is convergent.

Calculus Ii (MATH102)
Level
1
Credit level
15
Semester
Second Semester
Exam:Coursework weighting
80:20
Aims
· To discuss local behaviour of functions using Taylor’s theorem.
· To introduce multivariable calculus including partial differentiation, gradient, extremum values and double integrals.
Learning OutcomesAfter completing the module, students should be able to:
· use Taylor series to obtain local approximations to functions;
· obtain partial derivatives and use them in several applications such as, error analysis, stationary points change of variables;
· evaluate double integrals using Cartesian and polar coordinates.

Introduction To Linear Algebra (MATH103)
Level
1
Credit level
15
Semester
First Semester
Exam:Coursework weighting
80:20
Aims
 To develop techniques of complex numbers and linear algebra, including equation solving, matrix arithmetic and the computation of eigenvalues and eigenvectors.
 To develop geometrical intuition in 2 and 3 dimensions.
 To introduce students to the concept of subspace in a concrete situation.
 To provide a foundation for the study of linear problems both within mathematics and in other subjects.
After completing the module students should be ableto:
 manipulate complex numbers and solve simple equations involving them
 solve arbitrary systems of linear equations;
 understand and use matrix arithmetic, including the computation of matrix inverses;
 compute and use determinants;
 understand and use vector methods in the geometry of 2 and 3 dimensions;
 calculate eigenvalues and eigenvectors and, if time permits, apply these calculations to the geometry of conics and quadrics.

Introduction To Statistics (MATH162)
Level
1
Credit level
15
Semester
Second Semester
Exam:Coursework weighting
80:20
Aims
To introduce topics in Statistics and to describe and discuss basic statistical methods.
To describe the scope of the application of these methods.
Learning OutcomesAfter completing this module students should be able
 to describe statistical data;
 to use the Binomial, Poisson, Exponential and Normal distributions;
 to perform simple goodnessoffit tests;
 to use the package Minitab to present data, and to make statistical analysis.

Principles of Microeconomics (ECON121)
Level
1
Credit level
15
Semester
First Semester
Exam:Coursework weighting
80:20
Aims
To acquaint students with elementary microeconomic theory. We will cover: basic definitions and concepts in (micro)economics, consumer theory, producer theory, perfect competition, imperfect competition, externalities and public goods.
The mathematics content will include some basic algebra, equations of the straight line, elementary calculus.
Learning OutcomesAfter this module students should have achieved a theoretical background in the elementary concepts of microeconomic theory
Students should have learned how to apply these concepts.

Principles of Macroeconomics (ECON123)
Level
1
Credit level
15
Semester
Second Semester
Exam:Coursework weighting
40:60
Aims
The aims of this module are:
 To complement and build on Principles of Microeconomics and to provide a foundation for further studies in macroeconomics
 To introduce concepts and theories of economics which help understand changes in the macroeconomic environment
 to explain and analyse the formulation of government macroeconomic policy
· Explainthe relationship between expenditures and national income and demonstrate howmonetary and fiscal policies may be used to influence them
· Explainthe behaviour of economic aggregates such as national income, inflation andunemployment over time
· Explainand assess government policy in a range of policy situations
· Explainthe framework of national income accounting
· Usegraphical and algebraic modelling to analyse the economy and economic policy
· Explainthe interconnections between the markets for goods, money and labour
· Explainthe principal influences on longterm growth and the shortrun fluctuation inoutput around the longrun growth trend
· Locate,select and analyse information relevant to assessing the state of the economyand economic policy
In the second and subsequent years of study, there is a wide range of modules. Each year you will choose the equivalent of eight modules. Please note that we regularly review our teaching so the choice of modules may change.
 Financial Mathematics I
 Financial Mathematics II
 Statistical Theory and Methods I
 Statistical Theory and Methods II
 Life Insurance Mathematics I
 Financial Reporting and Finance
Please note that along with the compulsory module, two modules in Life Insurance and Financial Reporting & Finance must be taken.
Compulsory modules
Financial Mathematics I (MATH267)
Level
2
Credit level
15
Semester
First Semester
Exam:Coursework weighting
90:10
Aims
This module is to provide an understanding of the fundamental concepts of financial mathematics, and how these concepts are applied in calculating present and accumulated values for various streams of cash flows. Students will also be given an introduction to financial instruments, such as derivatives, the concept of noarbitrage.
Learning OutcomesAfter completing the module students should be able to:
1. Understand and calculate all kind of rates of interest, find the future value and present value of a cash flow, and write the equation of value given a set of cash flows and an interest rate.
2. Derive formulae for all kinds of annuities.
3. Given an annuity with level payments, immediate (or due) , payable mthly, (or payable continuously), and any three of present value, future value, interest rate, payment, and term of annuity, calculate the remaining two items.
4. Given an annuity with nonlevel payments, immediate (or due) , payable mthly, (or payable continuously), the pattern of payment amounts, and any three of present value, future value, interest rate, payment, and term of annuity, calculate the remaining two items.
5. Calculate the outstanding balance at any point in time.
6. Calculate a schedule of repayments under a loan and identify the interest and capital components in a given payment.
7. Given the quantities, except one, in a sinking fund arrangement calculate the missing quantity.
8. Calculate the present value of payments from a fixed interest security, bounds for the present value of a redeemable fixed interest security.
9. Given the price, calculate the running yield and redemption yield from a fixed interest security.
10. Calculate the present value or real yield from an indexlinked bond.
11. Calculate the price of, or yield from, a fixed interest security where the income tax and capital gains tax are implemented.
12. Calculate yield rate, the dollarweighted and time weighted rate of return, the duration and convexity of a set of cash flows.
13. Describe the concept of a stochastic interest rate model and the fundamental distinction between this and a deterministic model.

Financial Mathematics Ii (MATH262)
Level
2
Credit level
15
Semester
Second Semester
Exam:Coursework weighting
90:10
Aims
to provide an understanding of the basic financial mathematics theory used in the study process of actuarial/financial interest,
to provide an introduction to financial methods and derivative pricing financial instruments ,
to understand some financial models with applications to financial/insurance industry,
to prepare the students adequately and to develop their skills in order to be ready to sit for the CT1 & CT8 subject of the Institute of Actuaries (covers 20% of CT1 and material of CT8).