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Undergraduate Programme Specification

BSc Actuarial Science and Risk Management

Academic Year 2021/22

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
Programme Code ACT-BSC-S UCAS Code N323 HECoS Code 100106 - Actuarial science - 100
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


Queen's Management School

Quality Code

Higher Education Credit Framework for England

Level 6

Subject Benchmark Statements

The Frameworks for Higher Education Qualifications of UK Degree-Awarding Bodies

Finance (2019)

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)


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 will only be permitted to begin their placement once they have completed 100 CATs points in Stage 2. Students are expected to complete all remaining modules in the August supplementary examining period.
Students may only undertake a second placement year or study abroad year with the approval of the Director of Undergraduate Education.

Students with protected characteristics

Are students subject to Fitness to Practise Regulations

(Please see General Regulations)


Educational Aims Of Programme

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

Foster a stimulating and supportive learning environment which promotes intellectual, professional and personal development.

Develop students' skills base, leadership capacity and connections with practice in ways which will enhance their ability to make valuable contributions to the economy and society.

Promote engagement with issues of ethics, responsibility and sustainability, and maintain respect for social and cultural differences, showing openness, fairness, and equality of opportunity in relation to selection, learning, assessment, and support.

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

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.

Learning Outcomes

Learning Outcomes: Cognitive Skills

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

critically evaluate information

apply logic and reasoning

pursue independent enquiry

Teaching/Learning Methods and Strategies

Cognitive skills are developed across modules and between stages. A combination of teaching methods are used to enhance these skills. Students are encouraged to evaluate information and think independently throughout their course, in lectures, small group tutorials, and interactive learning sessions

Methods of Assessment

A combination of assessment methods including assignments, presentations, class tests and examinations are used to evaluate cognitive skills. Students are awarded marks for their ability to demonstrate critical thinking and originality.

Learning Outcomes: Transferable Skills

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

communicate ideas in both written and presentational forms

use ICT software effectively

work both independently and in groups

manage their own time and workloads effectively

engage with employers and practitioners

Teaching/Learning Methods and Strategies

Transferable skills development permeates teaching and learning throughout the degree programme. The teaching and learning environment is supportive of the need to assist students in developing and enhancing their communication, IT, team working and employability skills

Methods of Assessment

Students are asked to prepare and deliver presentations, and structure and write assignments, which encourages them to improve their oral and written communication skills. These formats also give students experience of using a range of software, and allows them to advance their technical abilities. Some assessments are group based, which helps develop an awareness of how to work as a team, whilst others are individual based, which promotes time management skills.

Learning Outcomes: Knowledge & Understanding

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

appreciate the importance of internationalisation

engage with issues around ethics, responsibility and sustainability

- theory and practice in statistics and actuarial modelling

- the fundamental principles of stochastic processes and risk analysis

- the actuarial work environment

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

- the conceptual underpinnings of economics and finance

- 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.

The international dimension to various issues are included in modules throughout the course, and concerns around ethics, responsibility and sustainability are embedded when discussing topics.

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.

Relevant discussion of the international and ethical aspects to any subject is also regarded as a positive

Learning Outcomes: Subject Specific

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

use statistical, mathematical and demographic techniques to analyse actuarial problems

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

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

connect business problems with actuarial practice

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


Duration Pre-requisite


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 25% 0% 75%
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 25% 75% 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 40 weeks N YES 70% 30% 0%
Equity Research 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%