Actuarial Management with Data Science Master of Science - MSc (UG)

Data Science (machine learning) uses computer algorithms to build models of the future. Our MSc in Actuarial Management with Data Science will enable you to develop the skills to build and apply such models in an actuarial context.

In addition, the degree is fully accredited with the Institute and Faculty of Actuaries in the UK for actuarial subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. Studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification.

These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling. Combining your choice of these with your development in machine learning skills will prepare you well for the modern world. You choose the combination that works for you.

Completing this degree gets you close to qualification as an actuary, with only one or two exams left to complete after leaving university. It typically speeds up your qualification by one or two years.

Customise your learning

Becoming an Actuary in the UK:

As an actuary, you specialize in risk management, often within the insurance sector. To qualify as an actuary in the UK, you must pass a series of exams administered by the Institute and Faculty of Actuaries (IFoA).

First Set of Exams (Mathematical Material):

The first set of exams includes CB1, CB2, CM1, CM2, CS1, and CS2. These exams cover subjects such as accounts, economics, financial/actuarial mathematics, and applied statistics. You can take accredited BSc and MSc programmes in Actuarial Science at Heriot-Watt University. The MSc in Actuarial Science provides a quicker route to exemptions, taking just one year to complete.

Second Set of Exams (Real-Life Application):

The second set of exams focuses on applying mathematical knowledge in real-life scenarios. These exams include CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9, all administered by IFoA. You can prepare for these practical challenges through Heriot-Watt University's MSc in Actuarial Management. Alternatively, there is an MSc in Actuarial Management with Data Science, which equips you with machine learning skills, increasingly valuable in the modern world.

Accelerated Path to Qualification:

If you are seeking an accelerated path to qualification, Heriot-Watt University offers a 2-year MSc in Actuarial Science and Management. In the first year, you cover CB1, CB2, CM1, CM2, CS1, and CS2 material. In the second year, you delve into CP1, CP2, CP3, SP2, SP4, SP5, SP6, and SP9 subjects, with the option to choose a subset. Additionally, the university offers data science (machine learning) courses for students interested in expanding their skill set.

Accreditation

Institute and Faculty of Actuaries (IFOA)

Fully accredited programme with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6, SP7, SP8 and SP9.

Center of Actuarial Excellence

‘Center of Actuarial Excellence’: Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organisation with more than 28,000 actuaries as members.