Key information
- Level
- Postgraduate Taught
- Delivery type
- Full Time, Part Time
- Degree qualification
- MSc
- Mode of delivery
- On-Campus
- Duration
- 2 years
- Location
- Edinburgh
- Start date
- September
If you aspire to become an actuary, our MSc in Actuarial Science and Management takes you through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.
Your journey spans two enriching years. In the first year, you'll immerse yourself in mathematical subjects, building a strong foundation. In the second year, you'll apply these mathematical principles to real-world situations. Moreover, during this stage, you'll have the opportunity to expand your horizons by choosing from a range of modules, including those related to machine learning.
As an aspiring actuary, your expertise will find application in various sectors, including:
- life insurance
- general insurance
- pensions
- Investment
- Banking
Your career prospects extend beyond these, encompassing roles in:
- Fund Management Companies
- Hedge Funds
- Consultancies
- Software Vendors
- Regulatory Authorities.
What makes this career truly enjoyable is the consistent use of your mathematical prowess to solve complex problems and make insightful predictions about the future. Your journey towards becoming a qualified actuary is not only intellectually stimulating but also professionally rewarding, offering you a world of opportunity upon graduating.
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.
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.
Why choose 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.
Your student experience
- Heriot-Watt University was the first Centre of Actuarial Excellence (as recognised by the society of actuaries (SOA) – North America) in Europe
- Heriot-Watt University was the first in the UK to offer a degree in actuarial science. We have been leading the way in the UK ever since and built a wonderful teaching team of world-renowned academics and experienced industry professionals.
- Each year we enable between 100 and 200 students to gain exemptions from actuarial subjects.
- We also understand that you need to be ready for the business world and able to interview well. We develop these softer skills too, and develop your ethics, so you will become an excellent capable professional.
Go Global
There are currently no Go Global opportunities for this particular programme. However, other Go Global opportunities may be available. Please contact studywithus@hw.ac.uk for more information.
Course content
September Intake - Edinburgh
At stage 1, you will take up to 10 courses from the following selection. These courses cover all 6 of the IFoA Core Principles exemptions CM1, CM2, CB1, CB2, CS1, CS2 and give you the option to go beyond to deepen your actuarial knowledge or make yourself stand out to employers.
Mandatory September
- Financial Mathematics Fundamentals
- Actuarial Applications
- Life Contingencies
Optional September
- Economics
- Statistical Methods
Optional January
- Finance and Financial Reporting
- Financial Economics for Actuarial Science
- Markov Processes and Survival Modelling
- Data Science Life Cycle
- Climate Change and Sustainability
- Data Analytics and Time Series Analysis
Programme Video
Actuarial Mathematics and Statistics - Postgraduate Study
MSc Actuarial Science and Management - Student Spotlight
Aniruddh Shekhawat shares his experience moving to Edinburgh from India, and studying the MSc Actuarial Science and Management programme.
Student testimonials
Chenesani Patella
MSc Actuarial Science Management graduate
The teaching staff were very supportive. Their passion and innovation ignited my drive to succeed even more, and I gained a variety of skillsets such as modelling and research.
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).
Additional information
Please note that fees are payable for each year of this two year MSc.
Year 2 Fees
| Status | Full Time | Part Time |
|---|---|---|
| UK | £10,528 | £5,264 |
| International | £19,816 | £9,908 |
Scholarships and bursaries
Heriot-Watt Actuarial Scholarship For Academic Excellence for 2025-26
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.
A minimum of a 2:1 honours degree or non-UK equivalent with substantial mathematics, statistics, actuarial mathematics or financial mathematics.
The MSc Actuarial Science and Management is challenging and it is necessary to be able to work hard and to have a strong drive to succeed
We welcome applications from international students and accept qualifications from around the world. Please refer to the entry requirements for your country for more details.
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.
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.
Student life
Explore facilities, and chat to staff and students
