Master of Science - Actuarial Science and Management

Heriot-Watt University is the only Centre of Actuarial Excellence (as recognised by the society of actuaries (SOA) – North America) in Europe. Actuaries are professionals with expertise in risk management and this is usually applied in the world of insurance. This MSc in Actuarial Science and Management takes students through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.

The degree is two years long and covers mathematical subjects in the first year and application of those mathematical subjects in the second year. In addition, in the second year it is also possible to take courses in machine learning.

Actuaries work in the areas of life insurance, general insurance, pensions, investment and banking mostly, but also more widely in fund management companies, hedge funds, consultancies, software vendors and regulatory authorities.

The career is fun in that students are regularly applying their mathematical skills to solve problems and predict the future. Salaries are typically high (a newly qualified actuary in the UK usually earns between £50,000 and £60,000 each year) and the work-life balance is excellent.

The MSc in Actuarial Science and Management is fully accredited with the IFoA which means that the subjects students study on this program lead to exemptions from the corresponding subjects with the IFoA.