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BSc Actuarial Science and Risk Management

Academic Year 2019/20

A programme specification is required for any programme on which a student may be registered. All programmes of the University are subject to the University's Quality Assurance processes. All degrees are awarded by Queen's University Belfast.

Programme Title BSc Actuarial Science and Risk Management Final Award
(exit route if applicable for Postgraduate Taught Programmes)
Bachelor of Science in Actuarial Sci and Risk Mgt
Programme Code ACT-BSC-S UCAS Code N323 HECoS Code 100106
ATAS Clearance Required No
Mode of Study Full Time
Type of Programme Single Honours Length of Programme 4 Academic Year(s) Total Credits for Programme 480
Exit Awards available

INSTITUTE INFORMATION

Teaching Institution

Queen's University Belfast

School/Department

Queen's Management School

Framework for Higher Education Qualification Level 
www.qaa.ac.uk

Level 6

QAA Benchmark Group
www.qaa.ac.uk/quality-code/subject-benchmark-statements

Accreditations (PSRB)

Institute and Faculty of Actuaries

Date of most recent Accreditation Visit 06-11-14

REGULATION INFORMATION

Does the Programme have any approved exemptions from the University General Regulations
(Please see General Regulations)

None

Programme Specific Regulations

This programme requires students to undertake a work-based placement at Stage 3 of the programme.

Stage 1
Students will be allowed to proceed from Stage I to Stage 2 only when they have passed all Stage I modules.
Level 2
Students are only permitted to undertake one placement or study abroad year. Students will only be permitted to begin their placement once they have completed 80 CATs points in Stage 2. Students are expected to complete all remaining modules in the August supplementary examining period.

Students with protected characteristics

Are students subject to Fitness to Practise Regulations

(Please see General Regulations)

No

EDUCATIONAL AIMS OF PROGRAMME

Within the context of the University’s mission statement the BSc in Actuarial Science and Risk Management aims to:

(i) provide effective systems of learning, academic guidance and pastoral support to encourage the academic, intellectual and personal development of our students

(ii) provide students with the opportunity to pursue appropriately demanding programmes of study focused on actuarial science, mathematics, statistics, probability, finance, and economics

(iii) develop students' knowledge and skills base in ways which inter alia will enhance their employment opportunities

(iv) through the placement year provide students with a high quality work experience offering them the opportunity to bridge the gap between study at university and the actuarial work environment.

(v) maintain a supportive working environment in which there is respect for social and cultural differences and openness, fairness, and equality of opportunity in relation to selection, learning assessment and support

LEARNING OUTCOMES

Learning Outcomes: Cognitive Skills

On the completion of this course successful students will be able to:

problem solving

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between degree levels. The numerical and statistical modules focus particularly on problem solving and logical reasoning. Independent enquiry, critical evaluation and interpretation, abstraction and assimilation are key elements particularly in the economics, finance and institution based modules. Self assessment and reflection are developed particularly in the placement learning element of the programme.

Methods of Assessment

Assessment of cognitive skills occurs in the form of course homeworks, oral presentations, project work, in class tests, small group based assignments and examinations.

logical reasoning

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between degree levels. The numerical and statistical modules focus particularly on problem solving and logical reasoning. Independent enquiry, critical evaluation and interpretation, abstraction and assimilation are key elements particularly in the economics, finance and institution based modules. Self assessment and reflection are developed particularly in the placement learning element of the programme.

Methods of Assessment

Assessment of cognitive skills occurs in the form of course homeworks, oral presentations, project work, in class tests, small group based assignments and examinations.

independent enquiry

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between degree levels. The numerical and statistical modules focus particularly on problem solving and logical reasoning. Independent enquiry, critical evaluation and interpretation, abstraction and assimilation are key elements particularly in the economics, finance and institution based modules. Self assessment and reflection are developed particularly in the placement learning element of the programme.

Methods of Assessment

Assessment of cognitive skills occurs in the form of course homeworks, oral presentations, project work, in class tests, small group based assignments and examinations.

critical evaluation and interpretation

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between degree levels. The numerical and statistical modules focus particularly on problem solving and logical reasoning. Independent enquiry, critical evaluation and interpretation, abstraction and assimilation are key elements particularly in the economics, finance and institution based modules. Self assessment and reflection are developed particularly in the placement learning element of the programme.

Methods of Assessment

Assessment of cognitive skills occurs in the form of course homeworks, oral presentations, project work, in class tests, small group based assignments and examinations.

self assessment and reflection

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between degree levels. The numerical and statistical modules focus particularly on problem solving and logical reasoning. Independent enquiry, critical evaluation and interpretation, abstraction and assimilation are key elements particularly in the economics, finance and institution based modules. Self assessment and reflection are developed particularly in the placement learning element of the programme.

Methods of Assessment

Assessment of cognitive skills occurs in the form of course homeworks, oral presentations, project work, in class tests, small group based assignments and examinations.

Learning Outcomes: Transferable Skills

On the completion of this course successful students will be able to:

the ability to synthesise and evaluate information/data from a variety of sources including from databases, books, journal articles and the internet

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

the preparation and communication of mathematical, statistical, finance and actuarial ideas in both written and presentational forms

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

the ability to work both independently and in groups

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

organisation and time management

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

problem solving and critical analysis

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

interview technique and work-based skills

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

the application/ use of Information and Communication Technologies: word-processing, e-mail, internet and mathematical, statistical and econometric packages

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year

the ability to communicate quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences

Teaching/Learning Methods and Strategies

This is a four year degree programme with the third year spent in a salaried placement with a firm of actuaries. This learning environment allows the students to test their classroom acquired knowledge in a practice based environment and to develop and enhance the full range of transferable skills.

Students are assigned a work based mentor and an academic mentor.

Methods of Assessment

The development and enhancement of transferable skills are assessed via a range of means; individual and group based presentations and problem solving sets; case study analysis, problem solving and work based activities during the placement year.

Learning Outcomes: Knowledge & Understanding

On the completion of this course successful students will be able to:

theory and practice in statistics and actuarial modelling

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

the fundamental principles of stochastic processes and risk analysis

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

the actuarial work environment

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

the theory and application of mathematics with emphasis on calculus, probability, linear programming and algebra

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

the conceptual underpinnings of economics and finance

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

the basic principles of financial reporting and financial statement analysis
relevant quantitative and demographic techniques

Teaching/Learning Methods and Strategies

The BSc in Actuarial Science and Risk Management follows a structured curriculum based upon modules in actuarial modelling, the work environment, mathematics, statistics, probability, finance and economics.

Acquisition of knowledge and understanding is through structured exposition based on lectures, tutorials, computer-based laboratory work, group work, and private study. A placement of a minimum of nine months offers practical experience of the working environment and the work practices of an actuary.

Methods of Assessment

End-of-term examinations, class tests, individual and group projects, take home tests and individual and group oral presentations are used to assess student learning. The placement component is assessed by way of tutor visits to the work place, a mentor report, student reflective reports, a ‘portfolio of evidence’ and student presentation.

Learning Outcomes: Subject Specific

On the completion of this course successful students will be able to:

the ability to use statistical, mathematical and demographic techniques to analyse actuarial problems

Teaching/Learning Methods and Strategies

Mathematical and statistical skills, through problem solving, constructing proofs and computer application, are at the core of all actuarial work and consequently these are core elements in each year of the degree and are built upon across modules and between levels of the programme. The economic and financial environment both influences and generates the work in which actuaries are involved and therefore in these areas problem solving, data analysis and computer application skills are developed throughout the programme. In addition, up-to-date finance and economic literature is integrated into the curriculum, with an important element being the ongoing development of the students’ ability to communicate, debate and critique this literature

Methods of Assessment

Both summative and formative assessment methods are used throughout all modules.

Formative assessment takes three main forms. First, weekly homework in many of the quantitative, numerical and computer package-based modules aimed at promoting understanding, logic and accurate calculation. Secondly, weekly discussion of key theories and academic readings primarily in the economics and finance modules to develop understanding, logical argument and critical assessment. Thirdly, as part of the placement process the academic tutor, the mentor from the employing firm and the student assess the development of key skills while in the work environment.

Summative assessment also takes a variety of forms. End-of-module examinations are used to gauge and assess understanding and the acquisition of knowledge. Cumulative assessment is also built into all modules to assess ongoing understanding. A variety of forms of cumulative assessment are employed, (i) practical computer based work in the statistical/econometric (ii) class tests in the mathematical modules (iii) a mixture of class tests, group and individual presentations and essays in the actuarial, finance and economics modules.

the ability to use computer-based/mathematical/statistical/econometric packages to analyse and evaluate relevant data

Teaching/Learning Methods and Strategies

Mathematical and statistical skills, through problem solving, constructing proofs and computer application, are at the core of all actuarial work and consequently these are core elements in each year of the degree and are built upon across modules and between levels of the programme. The economic and financial environment both influences and generates the work in which actuaries are involved and therefore in these areas problem solving, data analysis and computer application skills are developed throughout the programme. In addition, up-to-date finance and economic literature is integrated into the curriculum, with an important element being the ongoing development of the students’ ability to communicate, debate and critique this literature

Methods of Assessment

Both summative and formative assessment methods are used throughout all modules.

Formative assessment takes three main forms. First, weekly homework in many of the quantitative, numerical and computer package-based modules aimed at promoting understanding, logic and accurate calculation. Secondly, weekly discussion of key theories and academic readings primarily in the economics and finance modules to develop understanding, logical argument and critical assessment. Thirdly, as part of the placement process the academic tutor, the mentor from the employing firm and the student assess the development of key skills while in the work environment.

Summative assessment also takes a variety of forms. End-of-module examinations are used to gauge and assess understanding and the acquisition of knowledge. Cumulative assessment is also built into all modules to assess ongoing understanding. A variety of forms of cumulative assessment are employed, (i) practical computer based work in the statistical/econometric (ii) class tests in the mathematical modules (iii) a mixture of class tests, group and individual presentations and essays in the actuarial, finance and economics modules.

the ability to appreciate, construct and analyse mathematical, statistical, financial and economic models of practical situations

Teaching/Learning Methods and Strategies

Mathematical and statistical skills, through problem solving, constructing proofs and computer application, are at the core of all actuarial work and consequently these are core elements in each year of the degree and are built upon across modules and between levels of the programme. The economic and financial environment both influences and generates the work in which actuaries are involved and therefore in these areas problem solving, data analysis and computer application skills are developed throughout the programme. In addition, up-to-date finance and economic literature is integrated into the curriculum, with an important element being the ongoing development of the students’ ability to communicate, debate and critique this literature

Methods of Assessment

Both summative and formative assessment methods are used throughout all modules.

Formative assessment takes three main forms. First, weekly homework in many of the quantitative, numerical and computer package-based modules aimed at promoting understanding, logic and accurate calculation. Secondly, weekly discussion of key theories and academic readings primarily in the economics and finance modules to develop understanding, logical argument and critical assessment. Thirdly, as part of the placement process the academic tutor, the mentor from the employing firm and the student assess the development of key skills while in the work environment.

Summative assessment also takes a variety of forms. End-of-module examinations are used to gauge and assess understanding and the acquisition of knowledge. Cumulative assessment is also built into all modules to assess ongoing understanding. A variety of forms of cumulative assessment are employed, (i) practical computer based work in the statistical/econometric (ii) class tests in the mathematical modules (iii) a mixture of class tests, group and individual presentations and essays in the actuarial, finance and economics modules.

the ability to connect business problems with actuarial practice

Teaching/Learning Methods and Strategies

Mathematical and statistical skills, through problem solving, constructing proofs and computer application, are at the core of all actuarial work and consequently these are core elements in each year of the degree and are built upon across modules and between levels of the programme. The economic and financial environment both influences and generates the work in which actuaries are involved and therefore in these areas problem solving, data analysis and computer application skills are developed throughout the programme. In addition, up-to-date finance and economic literature is integrated into the curriculum, with an important element being the ongoing development of the students’ ability to communicate, debate and critique this literature

Methods of Assessment

Both summative and formative assessment methods are used throughout all modules.

Formative assessment takes three main forms. First, weekly homework in many of the quantitative, numerical and computer package-based modules aimed at promoting understanding, logic and accurate calculation. Secondly, weekly discussion of key theories and academic readings primarily in the economics and finance modules to develop understanding, logical argument and critical assessment. Thirdly, as part of the placement process the academic tutor, the mentor from the employing firm and the student assess the development of key skills while in the work environment.

Summative assessment also takes a variety of forms. End-of-module examinations are used to gauge and assess understanding and the acquisition of knowledge. Cumulative assessment is also built into all modules to assess ongoing understanding. A variety of forms of cumulative assessment are employed, (i) practical computer based work in the statistical/econometric (ii) class tests in the mathematical modules (iii) a mixture of class tests, group and individual presentations and essays in the actuarial, finance and economics modules.

the ability to understand and construct mathematical proofs

Teaching/Learning Methods and Strategies

Mathematical and statistical skills, through problem solving, constructing proofs and computer application, are at the core of all actuarial work and consequently these are core elements in each year of the degree and are built upon across modules and between levels of the programme. The economic and financial environment both influences and generates the work in which actuaries are involved and therefore in these areas problem solving, data analysis and computer application skills are developed throughout the programme. In addition, up-to-date finance and economic literature is integrated into the curriculum, with an important element being the ongoing development of the students’ ability to communicate, debate and critique this literature

Methods of Assessment

Both summative and formative assessment methods are used throughout all modules.

Formative assessment takes three main forms. First, weekly homework in many of the quantitative, numerical and computer package-based modules aimed at promoting understanding, logic and accurate calculation. Secondly, weekly discussion of key theories and academic readings primarily in the economics and finance modules to develop understanding, logical argument and critical assessment. Thirdly, as part of the placement process the academic tutor, the mentor from the employing firm and the student assess the development of key skills while in the work environment.

Summative assessment also takes a variety of forms. End-of-module examinations are used to gauge and assess understanding and the acquisition of knowledge. Cumulative assessment is also built into all modules to assess ongoing understanding. A variety of forms of cumulative assessment are employed, (i) practical computer based work in the statistical/econometric (ii) class tests in the mathematical modules (iii) a mixture of class tests, group and individual presentations and essays in the actuarial, finance and economics modules.

MODULE INFORMATION

Stages and Modules

Module Title Module Code Level/ stage Credits

Availability

Duration Pre-requisite

Assessment

S1 S2 Core Option Coursework % Practical % Examination %
Financial Reporting and Analysis FIN1003 1 20 YES 12 weeks N YES 30% 0% 70%
Actuarial Mathematics 1 FIN1013 1 20 YES 12 weeks N YES 25% 0% 75%
Introduction to Probability & Statistics SOR1020 1 30 YES YES 24 weeks N YES 0% 100% 0%
Introduction to Statistical and Operational Research Methods SOR1021 1 10 YES 12 weeks N YES 0% 100% 0%
Economy, Society, and Public Policy 1 ECO1015 1 20 YES 12 weeks N YES 30% 0% 70%
Economy, Society, and Public Policy 2 ECO1016 1 20 YES 12 weeks N YES 30% 0% 70%
Actuarial Placement Preparation FIN1015 1 0 YES 12 weeks N YES 0% 10% 90%
Investment Analysis FIN2010 2 20 YES 12 weeks N YES 25% 0% 75%
Principles of Actuarial Modelling FIN2012 2 20 YES 12 weeks N YES 15% 0% 85%
Actuarial methods in General Insurance FIN2017 2 20 YES 12 weeks N YES 25% 0% 75%
Actuarial Mathematics 2 FIN2018 2 20 YES 12 weeks N YES 25% 0% 75%
EXCEL and VBA FIN2020 2 20 YES 12 weeks N YES 60% 40% 0%
Financial Risk Modelling FIN2021 2 20 YES 12 weeks N YES 40% 60% 0%
Actuarial Placement Learning FIN2023 2 0 YES YES 24 weeks N YES 0% 100% 0%
Queen's Management School Placement Year FIN3333 3 120 YES YES 30 weeks N YES 70% 30% 0%
Capital Markets FIN3013 4 20 YES 12 weeks N YES 30% 0% 70%
Financial Engineering FIN3017 4 20 YES 12 weeks N YES 30% 0% 70%
Actuarial Modelling FIN3019 4 20 YES 12 weeks N YES 10% 0% 90%
Stochastic Processes for Finance FIN3021 4 20 YES 12 weeks N YES 25% 0% 75%
Actuarial Applications FIN3022 4 20 YES 12 weeks N YES 100% 0% 0%
Actuarial Econometrics and Data Science FIN3026 4 20 YES 12 weeks N YES 0% 40% 60%

Notes