The course

Full-time, Per course
Course type
Entry date



This exciting 2-year MSc programme is designed to kick-start your career as an actuary, preparing you to take a leading role in managing risk in financial institutions worldwide.

Entry to the actuarial profession is by a demanding series of examinations, but the rewards after qualifying are great. The Institute and Faculty of Actuaries in the UK have four levels of examinations to qualify: The first level, the Core Technical (CT) subjects are taught in Stage 1 and lead to exemptions from CT1 to CT8. Students will typically study CT1, CT5 and can choose from some or all of the remaining CT subjects.

Stage 2 covers the more advanced actuarial subjects and offers exemptions from the syllabuses of the Core Application subjects CA1 and CA3 and Specialist Technical subjects ST2, ST4, ST5, ST6 and ST9. Students will typically study CA1, CA3 and up to three ST subjects (two ST subjects are needed to satisfy the profession's requirements).

Students who successfully meet the progression requirements will then go on to undertake a summer project after Stage 2.

Taking our MSc in Actuarial Science and Management is a great way to speed your progress to this most prestigious of careers - it's designed to take you almost all of the way to qualification. A student who graduates with a full set of exemptions from Heriot-Watt (CT, CA and ST subjects) will only have to pass three more examinations, and gain the necessary work experience, to qualify as a Fellow of the Institute and Faculty of Actuaries.

The tuition fee cost for 2015/16 for full-time study is £14,040 per annum (subject to increase based on rate of inflation in 2016/17)

Course content

   Detailed course guide

Stage 1

Mandatory Courses:

F71AB Financial Mathematics

F71AF Life Insurance Mathematics 1

F71BF Life Insurance Mathematics 2

Optional Courses:

C21A0 Economics

C31FF Finance and Financial Reporting

F71SM Statistical Methods

F71SZ Stochastic Modelling

F71AG Risk Theory

F71TS Time Series Analysis

F71AH Financial Economics 1

F71AJ Financial Economics 2

F71AE Survival Models

*progression to stage 2 requires an average mark of 60% over all examinations taken at the 1st attempt, with a grade C required in all mandatory courses.

Stage 2

Mandatory Courses:

F71CA Actuarial Risk Management 1

F71CB Actuarial Risk Management 2

F71MD MSc Dissertation

Optional Courses:

F71PC Pensions A

F71LA Life Insurance 1

C31FM Financial Markets

F71DV Derivative Markets and Pricing

F71ER Enterprise Risk Management 1

F71PD Pensions B

F71LB Life Insurance 2

C31FV Finance and Investment

F71AP Advanced Derivative Pricing

F71EM Enterprise Risk Management II