Key information
- Level
- Postgraduate Taught
- Delivery type
- Full Time, Part Time
- Degree qualification
- MSc
- Mode of delivery
- On-Campus
- Duration
- 1 year
- Location
- Edinburgh
- Start date
- September
The MSc in Actuarial Management gives you all the training you need to become an expert in actuarial business management, to be able to judge the right action to take, and to be able to persuade others of your ideas, in order to make the business successful.
The MSc in Actuarial Management is fully accredited with the Institute and Faculty of Actuaries in the UK for subjects: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9. In addition, studying subject SP9 leads to the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification. It is also possible to "catch up" with some of the earlier subjects that you may have missed – such as CB1, CB2 or CM2.
These subjects cover a variety of areas including life insurance, risk management, investment, derivatives, pensions, communication and modelling. You choose the best combination 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.
Studying in Edinburgh
Edinburgh is a wonderful city close to the sea in Scotland in the United Kingdom. Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space. Transport links into the city centre are regular and travel by bus takes thirty minutes – and so you can choose the mix of city and campus life that you like best.
Edinburgh is the financial heart of Scotland and many such companies are based there. It is also a centre of arts and culture, with the famous Edinburgh International Festival taking place in August each year.
It is built on seven hills, and views regularly emerge and surprise as you walk the cobbled streets in the old town, or explore the beautiful sandstone buildings in the new town. Edinburgh Castle rises high in the centre of Edinburgh and is a big attraction for tourists.
Access to all other cities in the UK is straightforward, with fast travel to London for instance taking only 4 hours.
Your student experience
Your learning will be informed by the expertise of our research-active academics whose work covers four key areas:
- Modelling techniques for quantifying risk and uncertainty
- Asset-liability management and investment strategies
- 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.
Go Global
With Go Global, Heriot-Watt's global student programme, you can carry your studies to new places and experience new cultures, expanding your horizons on the way. You'll discover what it means to be a true global citizen and emerge prepared for wherever your career journey will take you.
Inter-Campus Transfer
Course content
September Intake - Edinburgh
The main course teaching on the programme takes place in the first and second semesters. Students normally take four courses in each semester. Two courses are normally required to cover all the material for one of the Institute and Faculty of Actuaries’ exemption subjects.
Students must take courses associated with exemption subject 'CP1', and then usually choose courses in order to secure exemption from three 'SP' subjects.
(Although only two 'SP' subjects are required in order to qualify as an actuary, taking three enables you to develop a wide range of expertise and widens the job opportunities available to you.)
Eight courses only across two semesters must be completed in total.
Some students replace an 'SP' subject with courses that enable them to secure exemption from earlier subjects 'CB1' and 'CB2', or 'CM2'.
The courses, and the corresponding actuarial exemption subject they are linked to, are as follows.
Mandatory September
- Actuarial Risk Management 1
Optional September
- Financial Markets
- Derivatives Markets and Pricing
- Life Insurance 1
- Pensions A
- Quantitative Risk Analysis
- Economics
- Actuarial Applications
Mandatory January
- Actuarial Risk Management 2
Optional January
- Finance and Investment
- Advanced Derivative Pricing
- Life Insurance 2
- Pensions B
- Risk Management: Techniques and Tools
- Financial Economics for Actuarial Science
- Finance and Financial Reporting
Mandatory May
- Dissertation
Programme Video
Actuarial Mathematics and Statistics subject video
Student testimonials
Sagar Balkavde
MSc Actuarial Management graduate
The teaching staff are very knowledgeable and approachable and were always open to listening to me and helping academically.
Fees and funding
| Status | Full Time | Part Time |
|---|---|---|
| UK | £12,344 | £6,172 |
| International | £24,176 | £12,088 |
- Status: Your residency status is usually defined as the country where you have been ordinarily resident for the three years before the start of your course.
- International: 'International' includes applicants from European Union countries who do not hold Pre-Settled or Settled status in UK. (This does not include students from the Republic of Ireland - see above).
Scholarships and bursaries
Heriot-Watt Actuarial Scholarship For Academic Excellence for 2024-25
Students with a strong academic record, or a strong record in passing Institute and Faculty of Actuaries (IFoA) exams to date, will be awarded a 20% discount on their fees. The award is at the programme manager's discretion - and they will make their assessment based on your application.
The award is made automatically on each application received. If you are successful, then you will see details of the award on your offer letter.
Entry requirements
We have standard entry requirements for all of our courses that you will have to meet.
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 mathematical 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.
Why Heriot-Watt
We're the top university in Scotland for graduate outcomes which means that more of our graduates are employed or in postgraduate education than any other institution in the country and we ranked 5th in the UK.
We're also rated number one in the UK for CEO or MD roles, meaning more of our graduates go on to become CEOs or MDs than any other university in the whole of the UK. On top of that, we have beautiful campuses, across the globe, so you'll get a truly international education. Our Edinburgh Campus is home to Oriam, Scotland's National Sports Performance Centre combined with plenty of wellbeing resources, prioritising fitness and mental health for all students. Our Global Research Institutes look at solving real world issues such as climate change and saving our oceans as well as working on the next medical technological breakthrough and the future of AI and robots.
Student life
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