BSc Actuarial Science - Keele University
 

Keele Management School

Umbrella Programme Information

Actuaries are the professionals who evaluate the likelihood of future risky events and determine strategies to manage the associated risk. In general, actuaries provide advice to financial institutions like insurance or re-insurance companies, pensions funds and financial and investment institutions.  The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future. 

The programme is a 3 year full-time, single honours programme (or 4 year single honours programme including a one year placement to start in 2010/2011). It is ideal for students with good training in quantitative subjects and in particular with a good A-level grade in mathematics (A or B, or equivalent). 

The course provides the academic training in mathematics, statistics, economics and finance which is necessary to understand modern developments in actuarial science.  In addition, throughout the three taught years of the course, students will follow specialist modules which will give them a good understanding of the knowledge required in order to become an actuary.

Programme Structure

The programme is a 3 year full-time, single honours programme (or 4 year single honours programme including a one year placement).

Year 1

The first year programme will take four modules from the existing dual honours finance and economics programmes and four from the mathematics programme.  The objective of the first year will be to equip students with the basic tools of mathematical, financial, accounting and economic analysis which will be required for the modules to follow at Level 2. A specialist module in the first year, Fundamentals of Actuarial Science, introduces student to the basics of actuarial science in the deterministic context.

Year 2

The second year programme will split similarly between finance and mathematics with some options being offered to enable students to have pre-requisites for options offered in the third year. One new module, Economic Decision under Risk, has been developed especially for this level of the programme. The objective of the second year will be to develop analytical skills in actuarial science, finance and mathematics on which students can build at Level 3.

Year 3

The third year follows the pattern of the previous two.  There will be the possibility of a choice of options.  Third year students will be required to write a dissertation/project worth 30 credits. The dissertation project will be divided into three, smaller, related pieces of work amounting to the required size of a dissertation at that level.  The objective of the third year will be to complete the training in actuarial, financial and mathematical analysis in order to gain exemption from some of the Core Technical subjects determined by the Institute of Actuaries.  Graduates should then gain employment and achieve their professional qualification as an actuary sooner than they would otherwise be able to.

Year 1

 

Semester I

Credits

Calculus 1

15

Algebra 1

15

Households, Firms and Government

15

Accounting Principles

15

Semester II

 

Calculus 2

15

Algebra 2

15

Economics of Financial Markets

15

Fundamentals of Actuarial Science

15

Year 2

 

Semester I 

 

Probability

15

Differential Equations

15

Economic Decision Under Risk

15

Asset Pricing

15

Semester II

 

Linear Statistical Models

15

Stochastic Processes

15

Portfolio Choice

15

Open Economy Macroeconomics

15

Year 3

  

Semester I

 

Insurance Theory

15

Options and Futures

15

Insurance Statistics

15

Plus ONE from:

 

Partial Differential Equations

15

Probability Models

15

Corporate Finance

15

Numerical Analysis

15

Semester II

 

Topics in Theoretical and Applied Actuarial Science

15

Contingencies

15

ISP Economic and Business Forecasting

15

Plus ONE from:

 

Medical Statistics

15

International Finance

15

Health Economics

15

Game Theory

15

TOTAL NUMBER OF CREDITS

360

Becoming an Actuary

In order to become an actuary it is necessary to qualify as a Fellow in the Institute of Actuaries in England and Wales or the Faculty of Actuaries in Scotland; these are two professional bodies for UK actuaries. To qualify as a Fellow, students must pass professional examinations set by these bodies and be able to demonstrate appropriate experience.

The main objective of the third year of the programme's delivery is to complete the training in actuarial, financial and mathematical analysis in order to gain exaption from some of the Core Technical subjects determined by the Faculty and Institute of Actuaries. Graduates should then gain employment and go on to achieve their full professional qualification as an actuary sooner than they would otherwise be able to.

Accreditation

The School is currently working to gain exemptions from a number of the Core Technical examination papers of the Institute of Actuaries, for students successfully completing the degree.

For further information contact:

 
Programme Director  

Professor Gauthier Lanot

(01782) 733102
Administrative Leads  

Tracy Statham

(01782) 734281

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