MSc Actuarial Management with Data Science 12 months Postgraduate Program By Heriot-Watt University |Top Universities
Subject Ranking

# 151-200QS Subject Rankings

Program Duration

12 monthsProgram duration

Tuitionfee

24,176 GBPTuition Fee/year

Scholarship

YesScholarships

Program overview

Main Subject

Mathematics

Degree

MSc

Study Level

Masters

Study Mode

On Campus

Overview

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. 

Self-Taught Courses On Enrolment 

On enrolment, you will gain access to the following self-taught courses that you can use (if you wish): 

  • Introduction To R Programming 
  • Introduction To Python Programming (For R Users) 
  • Report Writing 

In addition, enrolment at Heriot-Watt University gives you free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas. 

Our expertise

Your learning will be informed by the expertise of our research-active academics whose work covers four the following key areas: 

  • Leveraging machine learning algorithms for enhanced risk modelling and uncertainty quantification
  • Asset-liability management and investment strategies  
  • Leveraging advanced data science techniques to extract insights and predict outcomes for actuarial applications 
  • Enterprise risk management frameworks and applications  
  • Pension fund design, financing, and risk management  
  • Data analytics for insurance and financial risk assessment 

Heriot-Watt University is the home of actuarial science in the UK.  We were the first university in the UK to offer a degree in actuarial science.  Now – each year – we help between 100 and 200 students gain the exemptions they need from actuarial Institute and Faculty of Actuaries' (IFoA) exemption subjects. 


Your learning environment

In the MSc Actuarial Management with Data Science programme, you will receive instruction from academic experts and qualified actuaries, instructing through a variety of methods, including lectures, tutorials, practical sessions, and self-directed study.  This approach fosters strong connections with our teaching staff and fellow students.  

A key component of the programme is the integration of data science techniques, allowing you to gain proficiency in advanced analytics and machine learning methods applicable in actuarial work. 

Your assessments will include coursework, exams, and project work, with continuous feedback to aid in your development. 

Throughout your studies, you will have access to outstanding facilities, including: 

  • Specialized software such as advanced Excel, R and Python to enhance your technical skills in modelling, data analysis, and simulation.  
  • The Maths Gym: a physical space at our Edinburgh and Dubai campuses where students can book one-to-one support appointments or attend drop-in sessions and workshops. 
  • Dedicated study spaces and PC labs for both independent and group work. 
  • The Grid: A ground-breaking facility designed to create cohesion between leading academic research, business and entrepreneurship. 

Student Actuarial Society 

Heriot-Watt has a very active Students' Actuarial Society which won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by our students. Outside of the classroom, you can engage with fellow students through this society and events organised by the Mathematics Society. These opportunities will help you expand your professional network and continue your learning journey in the field. 


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 (IFOA) in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. 

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 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. 

Program overview

Main Subject

Mathematics

Degree

MSc

Study Level

Masters

Study Mode

On Campus

Overview

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. 

Self-Taught Courses On Enrolment 

On enrolment, you will gain access to the following self-taught courses that you can use (if you wish): 

  • Introduction To R Programming 
  • Introduction To Python Programming (For R Users) 
  • Report Writing 

In addition, enrolment at Heriot-Watt University gives you free access to LinkedIn Learning which contains thousands of online courses covering a wide range of subject areas. 

Our expertise

Your learning will be informed by the expertise of our research-active academics whose work covers four the following key areas: 

  • Leveraging machine learning algorithms for enhanced risk modelling and uncertainty quantification
  • Asset-liability management and investment strategies  
  • Leveraging advanced data science techniques to extract insights and predict outcomes for actuarial applications 
  • Enterprise risk management frameworks and applications  
  • Pension fund design, financing, and risk management  
  • Data analytics for insurance and financial risk assessment 

Heriot-Watt University is the home of actuarial science in the UK.  We were the first university in the UK to offer a degree in actuarial science.  Now – each year – we help between 100 and 200 students gain the exemptions they need from actuarial Institute and Faculty of Actuaries' (IFoA) exemption subjects. 


Your learning environment

In the MSc Actuarial Management with Data Science programme, you will receive instruction from academic experts and qualified actuaries, instructing through a variety of methods, including lectures, tutorials, practical sessions, and self-directed study.  This approach fosters strong connections with our teaching staff and fellow students.  

A key component of the programme is the integration of data science techniques, allowing you to gain proficiency in advanced analytics and machine learning methods applicable in actuarial work. 

Your assessments will include coursework, exams, and project work, with continuous feedback to aid in your development. 

Throughout your studies, you will have access to outstanding facilities, including: 

  • Specialized software such as advanced Excel, R and Python to enhance your technical skills in modelling, data analysis, and simulation.  
  • The Maths Gym: a physical space at our Edinburgh and Dubai campuses where students can book one-to-one support appointments or attend drop-in sessions and workshops. 
  • Dedicated study spaces and PC labs for both independent and group work. 
  • The Grid: A ground-breaking facility designed to create cohesion between leading academic research, business and entrepreneurship. 

Student Actuarial Society 

Heriot-Watt has a very active Students' Actuarial Society which won several awards at a recent Heriot-Watt 'Oscars' ceremony. This body is completely managed, enthusiastically and professionally, by our students. Outside of the classroom, you can engage with fellow students through this society and events organised by the Mathematics Society. These opportunities will help you expand your professional network and continue your learning journey in the field. 


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 (IFOA) in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. 

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 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. 

Admission requirements

6.5+

Entry requires an excellent Bachelors or Masters degree, and for the student to have studied, and be proficient in, the application of a wide range of the early actuarial material. Broadly speaking, students need to have covered previously much of the syllabus of early Institute and Faculty of Actuaries subjects: CM1, CM2, CS1, CS2, CB1 and CB2.

The degree is challenging but rewarding.  Working hard will get you a suite of exemptions and the ability to perform well in interviews in order to secure your first role in business.

If you have not passed most or all of the early actuarial Institute and Faculty of Actuaries subjects then our MSc in Actuarial Science (1 year) degree or our MSc in Actuarial Science and Management (2 year) degree may be better for you.

1 Year
Sep

Tuition fee and scholarships

Domestic Students

12,344 GBP
-

International Students

24,176 GBP
-

One of the important factors when considering a master's degree is the cost of study. Luckily, there are many options available to help students fund their master's programme. Download your copy of the Scholarship Guide to find out which scholarships from around the world could be available to you, and how to apply for them.

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More programs from the university

From top 10 rankings to opportunities to study abroad, there are many reasons to choose Heriot-Watt.  Here are just a few of them.

A rich heritage
We are proud that since our foundation in 1821 we have been outward-looking pioneers of education, in pursuit of knowledge to the benefit of society and the world.

Become a global student
Heriot-Watt provides you with the opportunity to become a global student both at our UK campuses and internationally. On our Edinburgh Campus you’ll find that about one-third of our students are from countries outside the UK, bringing a real international flavour to our community. This mix of people provides a great opportunity to learn about other cultures and build friendships that stretch across the globe.

We also encourage students to take part in our global student programme, Go Global, by participating in an Inter-Campus Transfer, Exchange or Erasmus+ for a semester or year of their degree.

A world-class reputation
We are world-renowned for excellence in teaching and research. We are ranked 235th in the world and 32nd in the UK (QS World University Rankings 2024), and almost 90% of our research outputs are classed as world-leading and internationally excellent (REF 2021). View our rankings.

Strong links to business and industry
Our taught programmes and research are informed by the needs of business and industry. We actively facilitate collaborations and partnerships, building strategic alliances and promoting knowledge transfer.

Globally employable graduates
Global companies actively seek out our graduates as they are work-ready. Our programmes are designed to ensure that students receive a relevant, careerorientated education. As a result, more than 95% are in employment or further study six months after completing their programme.

Worldwide network
When you join Heriot-Watt you become part of a global family. We have around 123,000 alumni worldwide. The Watt Club was founded in 1854 and is the oldest graduate club in the UK. Lifetime membership is automatic upon graduation from Heriot-Watt and is free to all graduates of the University.

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Heriot-Watt is one of the world’s leading universities with strong links to international business and industry driven by our established reputation as a top research-led institution. Heriot-Watt is world-renowned for conducting ground-breaking research which is relevant to business and industry. We aim to find radical innovations and solutions to real world challenges for the benefit of society.

We offer over 180 Postgraduate courses that will provide you with the knowledge to solve real world challenges. There are around 2,400 postgraduate students studying at our Edinburgh Campus. It is a friendly, welcoming place, where you will have the opportunity to meet with students from all over the world.

Heriot-Watt is regarded as a top UK university across a range of subject areas. The QS World’s University Rankings ranked Heriot-Watt 302nd in the world, 39th in the UK and 7th in Scotland. 

The international outlook of our university has been ranked 37th in the world, 13th in the UK and 3rd in Scotland by Times Higher Education World University Rankings 2019.  This is based on the percentage of the university's international staff, the level of international co-authorship of academic papers and the percentage of international students studying with the university.  The Times/Sunday Times Good University Guide named Heriot-Watt University ‘International University of the Year 2018’.

REF 2014 named Heriot-Watt in the top 25% of UK universities, with 82% of our research ranked as world-leading or internationally excellent. We ranked 9th university in the UK and 1st in Scotland for research impact. View our rankings.

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