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
Our MSc Actuarial Science provides you with a fast track into the profession by providing up to six exemptions from the exams you must pass to become a fully qualified actuary.
As an actuary, you are an expert in risk management. Most actuaries work in areas like life insurance, pensions, investments, banking and more. With your data science skills, you are in high demand across the world.
Salaries are typically high and the work-life balance excellent. A newly qualified actuary in the UK usually earns between £50,000 and £60,000 each year, with salaries increasing significantly post-certification.
Our MSc takes you through the first six actuarial exams with the Institute and Faculty of Actuaries (IFoA) in the UK, accelerating your journey to becoming an actuarial professional. These examinations enhance your expertise in statistical and financial modelling.
Our Actuarial Transformation: Introducing an innovative curriculum for 2024.
We are thrilled to announce an exciting curriculum update set to launch in the academic year 2024-25 for our MSc Actuarial Science program at Heriot-Watt University.
This comprehensive overhaul offers you a well-rounded approach to actuarial education, going well beyond academic theory to equip you with the practical skills and business awareness sought after by employers, allowing you to hit the ground running on day one of your actuarial career.
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
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Heriot-Watt is a Society of Actuaries (SoA) Centre of Actuarial Excellence
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Our distinguished programme is taught by qualified actuaries with industry experience and high-flying researchers
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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.
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Each year we enable between 100 and 200 students to gain exemptions from actuarial subjects.
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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
You will take up to 11 courses from the following selection including F71AD. 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.
Optional September
- Economics
- Actuarial Applications
- Financial Mathematics Fundamentals
- Life Contingencies
- Statistical Methods
Optional January
- Finance and Financial Reporting
- Climate Change and Sustainability
- Financial Economics for Actuarial Science
- Data Storytelling
- Markov Processes and Survival Modelling
- Data Analytics and Time Series Analysis
Mandatory May
- Dissertation
Programme Video
Actuarial Mathematics and Statistics - Postgraduate Study
Student testimonials
Varun Katariya
MSc Actuarial Science graduate
Learning from people who have been in the industry and are qualified actuaries brought a great impact. Not only are they great at teaching the subject but I also got to discuss the actuarial market, job preparation and made great connections.
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
Contact us for the fee for the Diploma in Actuarial Science. This option is available only to UK and EU students.
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 is challenging and it is necessary to be able to work hard and to have a strong drive to succeed.
If you already have passes or exemptions from most or all of the early actuarial Institute and Faculty of Actuaries subjects then our MSc in Actuarial Management may be suitable 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, 5 past presidents of professional actuarial associations, C-suite executives and partners of consultancies, and several founders. Career prospects and salaries are excellent for graduates of our specialist actuarial science programmes – 93% of recent graduates have secured employment or gone onto further study within six months of graduating. Of those employed, 96% are in professional-level jobs. Recent students have gone on to work for industry-leading organisations including: Standard Life Aberdeen, Lloyds Banking Group, Deloitte, KPMG, PwC, Prudential, Royal London and many more.
Student life
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