Actuarial Science MSc

Our MSc Actuarial Science provides you with a fast track into the profession by providing up to six exemptions from the exams you must pass to become a fully qualified actuary.

As an actuary, you are an expert in risk management. Most actuaries work in areas like life insurance, pensions, investments, banking and more. With your data science skills, you are in high demand across the world.

Salaries are typically high and the work-life balance excellent. A newly qualified actuary in the UK usually earns between £50,000 and £60,000 each year, with salaries increasing significantly post-certification.

Our MSc takes you through the first six actuarial exams with the Institute and Faculty of Actuaries (IFoA) in the UK, accelerating your journey to becoming an actuarial professional. These examinations enhance your expertise in statistical and financial modelling.

Our Actuarial Transformation: Introducing an innovative curriculum for 2024.
We are thrilled to announce an exciting curriculum update set to launch in the academic year 2024-25 for our MSc Actuarial Science programme at Heriot-Watt University. This comprehensive overhaul offers you a well-rounded approach to actuarial education, going well beyond academic theory to equip you with the practical skills and business awareness sought after by employers, allowing you to hit the ground running on day one of your actuarial career.

Tailored for success as an Actuary
This programme has been uniquely designed to offer a blend of technical mastery, business acumen, and communication skills essential for a successful actuarial career.

Developed in collaboration with industry leaders, it ensures the acquisition of sought-after skills, setting you apart in interviews and excelling in real-world tasks.

Gain a competitive edge with an intensified focus on software tools like Excel and R, and experience enriched learning through 'value-added' components, emphasizing teamwork and communication.

Accreditation

Our MSc in Actuarial Science has been fully Accredited by the Institute and Faculty of Actuaries (IFOA).

Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) in the UK sets exams that must be passed to qualify as a Fellow of the IFoA and become fully qualified as an actuary.

Our MSc in Actuarial Science is fully accredited with the IFoA which means that the subjects you study on our program lead to exemptions from the corresponding subjects with the IFoA.
These are (with IFoA subject codes in brackets):
• Actuarial Statistics (CS1)
• Risk Modelling and Survival Analysis (CS2)
• Actuarial Mathematics (CM1)
• Financial Engineering and Loss Reserving (CM2)
• Business Finance (CB1)
• Business Economics (CB2)

These six exemptions put you well on your way to full qualification and demonstrate your actuarial ability to potential employers.

Centre of Actuarial Excellence
Heriot-Watt University is recognised as a Centre of Actuarial Excellence by the Society of Actuaries (SOA), North America. We were the first Centre of Actuarial Excellence in Europe and remain one of only two schools in Europe today with this designation.

Employability

Our Actuarial Mathematics and Statistics graduates have gone on to have incredibly successful careers. Our alumni include 26 CEO's, 5 past presidents of professional actuarial associations, C-suite executives and partners of consultancies, and several founders. Career prospects and salaries are excellent for graduates of our specialist actuarial science programmes – 93% of recent graduates have secured employment or gone onto further study within six months of graduating. Of those employed, 96% are in professional-level jobs. Recent students have gone on to work for industry-leading organisations including: Standard Life Aberdeen, Lloyds Banking Group, Deloitte, KPMG, PwC, Prudential, Royal London and many more.