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If you want to start your career with a year's work experience in hand, then you should consider this course. It combines the rigorous studies of the BSc (Hons) Actuarial Science with a year-long work placement in level 4. The work placement gives you experience of working in an organisation such as a life insurance company, a pension consultancy, an investment management firm or a bank. The Diploma in Industrial Training is gained through successful completion of this work placement. The work placement helps you to develop specific work-related skills, giving you the opportunity to apply and build upon the theory you learn in your studies. It allows you to take on real responsibilities, enhance your interpersonal skills through teamwork and communication and experience workplace culture.
The Diploma is available to all students, including those from overseas, as it does not require a work visa. If you are planning to come to the UK using a student visa you should check the Tier 4 Student Visa Policy Guidance to confirm you are permitted to undertake a work placement as part of your studies. It is your responsibility to find a suitable work placement; acceptance onto the course does not guarantee you a placement. If you are registered on the course and are unable to find a suitable work placement before the end of level 3 then you can transfer to the standard BSc (Hons) Actuarial Science degree. Organisations that recent students have secured placements with include Prudential, Aegon and Mercer.
Teaching excellence and student satisfaction
92% of our 2018 graduates reported in the National Student Survey that they were satisfied overall with their course.
2019/20: Our BSc in Actuarial Science and Diploma in Industrial Training is fully accredited for IFoA subjects CS1 and 2, CM1 and 2 and CB1 and 2.
The degree is accredited by the Royal Statistical Society.
Center of Actuarial Excellence
Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. We are the only Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organisation with more than 28,000 actuaries as members.
Industry Prize Sponsors
A number of annual prizes, sponsored by employers, for overall student performance in each year, are available to our Actuarial Mathematics and Statistics students. These include:
Standard Life Prize
- Worshipful Company of Actuaries Prize
- Scottish Widows Prize
- Longevitas Prize for Survival Models
- IMA Prize
A range of external speakers from industry present to our students throughout the year. These talks are organised by academics within the Department, who have close links to the actuarial profession and the financial sector. Recent participants have included Standard Life, Munich Re, Deloitte, Lloyds Banking Group and Hymans Robertson. The talks allow students to learn first-hand about what they can expect in their work in the future. They also raise awareness of graduate and internship roles available within these companies.
Students will have many opportunities to develop their skills in specialist mathematical and statistical software throughout their degree to solve real-world problems, learn programming and mathematical modelling skills and handle large, complex data sets. This software includes:
Practical, computer-based project work is an integral part of many of our courses, to help students prepare for the modern workplace.
Students' Actuarial Society (SAS)
With over 250 members, our Students' Actuarial Society (SAS) is one of the largest societies dedicated to actuarial studies in the UK. SAS holds an Annual Actuarial Conference which brings together students and financial sector professionals, including many qualified actuaries, providing presentations and debates on topical actuarial issues. Last year's conference was attended by over 200 delegates, and included sessions on insurance investment strategy, insurance of terrorism risk, risk management in climate change, and the rising profile of pensions. The conference is also sponsored by the Scottish Board of the IFoA, which presents prizes for the best questions asked by student attendees.
Introduction to Statistical Science; Calculus; Introduction to University Mathematics; Professional Development Planning; Finance; Economics and practical work.
Probability and Statistics; Actuarial and Financial Mathematics; Linear Algebra; Real Analysis; Multivariate Calculus; Numerical Analysis and practical work.
Financial Mathematics; Survival Models; Portfolio Theory; Life Insurance Mathematics; Statistical Models; Stochastic Processes and a project.
12 month work placement.
Risk Theory; Risk Management; Pension Funds; Life Office Practice; Financial Economics; Time Series; Bayesian Inference and other statistical topics.
More in-depth information on the content of the courses listed above, how they are assessed and the learning outcomes can be accessed via our current student portal.
Work and study
This is what our BSc (Hons) Actuarial Science and Diploma in Industrial Training students are doing six months after graduating:
- 75% are working
- 5% are studying
- 15% are working and studying.
- 90% of those working are in a professional/managerial position six months after graduating.
- The average salary of students six months after graduating: £29000
- The average UK salary of students six months after graduating from a similar course: £25000
These are the most common jobs students go into six months after graduating:
- Business, research and administrative professionals
- Business and public service associate professionals
Year 1Standard entry requirements
- Highers AAAB including Mathematics at A
- A-Levels AAB including Mathematics at A
- Int. Baccalaureate 28 points with higher level Mathematics at 6
- BTEC DDD including sufficient Mathematics
Minimum entry requirements*
- Highers ABBC including Mathematics at A
- A-Levels ABC including Mathematics at A
* Minimum: under our Fair Access Policy, we will relax our standard entry requirements for some Scottish students depending on their circumstances. Our minimum requirements will apply if you:
- live in an area within the Scottish Index of Multiple Deprivation lowest 20% (SIMD20), or
- are care experienced.
We can also make exceptions for some Scottish students with grades above minimum but below standard. Read more about our Minimum and standard entry requirements
- Advanced Highers AAB including Mathematics at A plus excellent Highers
- A-Levels AAA including Mathematics
- Int. Baccalaureate 30 points with higher level Mathematics at 7
- BTEC DDD including sufficient Mathematics
- You may have the opportunity to transfer to our Malaysia Campus for one semester or for one academic year, subject to satisfactory academic progress. Learn more about campus transfer and exchange opportunities.
- If you do not see your qualifications here please contact us at email@example.com
- For all years, applications are welcomed from holders of non-school qualifications, mature candidates and overseas students.
- Please check that you meet our University-wide National 5/GCSE (or equivalent) English and Maths requirements.
- To find out about the difference between the 3 and 4 year honours courses, please watch our video to help you decide which route is best for your qualifications and experience so far.
English language requirements
- The minimum requirement for English language for all our undergraduate Actuarial Mathematics and Statistics courses is IELTS 6.5. Please see our English language requirements.
|Status*||Scotland / EU**||England / Northern Ireland / Wales***||International|
|Fee||Paid by SAAS||£9,250||£15,080|
* 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. Find out more about tuition fees.
** European Union countries (not including England, Northern Ireland or Wales).
*** 'Rest of the UK' (RUK) students entering at Level 1 receive a fee waiver of one year's tuition fee. Normally this will be the final year, or a year during which students study abroad (either at a partnership institution, or at one of Heriot-Watt's overseas campuses).
You may incur additional costs in the course of your studies at Heriot-Watt over and above tuition fees in an academic year. Depending on your programme of study, these may include: protective equipment, field trips, professional memberships, studio fees, required course texts or other study resources.
Additional fee information
BSc in Actuarial Science with Diploma in Industrial Training
Students with Scotland or Non-UK EU fee status pay £910 for the placement year instead of the standard fees. Students with England, Northern Ireland, Wales or Overseas fee status pay £1300 for the placement year instead of the standard fees.
Scholarships and bursaries
Bursaries for students from England, Northern Ireland or Wales starting undergraduate degree courses in 2020
In addition to government loans and grants towards the costs of fees and living costs, we are offering generous financial support to attract and support eligible students from England, Northern Ireland or Wales:
View our full range of undergraduate scholarships.