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
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, SP7, SP8 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.
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 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.
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
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 also the data science courses: Machine Learning for Risk and Insurance 1 & Machine Learning for Risk and Insurance 2. Additional courses are chosen to secure exemption from two “SP” subjects.
(Two “SP” subjects are required in order to qualify as an actuary.)
Only eight courses across two semesters must be completed in total.
The courses, and any corresponding actuarial exemption subject they are linked to, are as follows.
Mandatory September
- Actuarial Risk Management 1
- Machine Learning for Risk and Insurance 1
Optional September
- Financial Markets
- Derivatives Markets and Pricing
- Life Insurance 1
- Practical Data Science
- General Insurance: Reserving and Capital Modelling
- Quantitative Risk Analysis
Mandatory January
- Actuarial Risk Management 2
- Machine Learning for Risk and Insurance 2
Optional January
- Finance and Investment
- Advanced Derivative Pricing
- Life Insurance 2
- Pensions and Other Benefits
- General Insurance: Pricing
- Risk Management: Techniques and Tools
Mandatory May
- Dissertation
Programme Video
Actuarial Mathematics and Statistics - Postgraduate Study
Actuarial Management with Data Science - Student spotlight
Student testimonials
Yuba Raj Pandeya
MSc Actuarial Management with Data Science graduate
A thriving actuarial student community, the opportunity to gain exemptions from IFoA exams, and the opportunity to explore real-world case studies are some of the highlights of studying at Heriot-Watt.
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 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 actuarial content or non related degree if you have joined profession and sat relevant examinations. Students should have covered much of the syllabus of early Institute and Faculty of Actuaries subjects: CM1, CM2, CS1, CS2, CB1 and CB2.
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.
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, five past presidents of professional actuarial associations, C-suite executives and partners of consultancies, and several founders.
Student life
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