Postgraduate Programme Specification
MSc Actuarial Science
Academic Year 2022/23
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 | MSc Actuarial Science | Final Award (exit route if applicable for Postgraduate Taught Programmes) |
Master of Science | |||||||||||
Programme Code | ACT-MSC-AS | UCAS Code | HECoS Code |
100106 - Actuarial science - 100 |
ATAS Clearance Required |
No |
Health Check Required |
No |
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Portfolio Required |
-- |
Interview Required |
-- |
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Mode of Study | Full Time | |||||||||||||
Type of Programme | Postgraduate | Length of Programme |
Full Time - 1 Academic Year |
Total Credits for Programme | 180 | |||||||||
Exit Awards available | No |
Institute Information
Teaching Institution |
Queen's University Belfast |
School/Department |
Queen's Business School |
Quality Code Higher Education Credit Framework for England |
Level 7 |
Subject Benchmark Statements The Frameworks for Higher Education Qualifications of UK Degree-Awarding Bodies |
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Accreditations (PSRB) |
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Institute and Faculty of Actuaries |
Date of most recent Accreditation Visit 19-05-21 |
Regulation Information
Does the Programme have any approved exemptions from the University General Regulations |
Programme Specific Regulations The information in this section must be read in conjunction with the University Calendar: General Regulations for Postgraduate Students |
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 striving towards achieving the University’s mission statement, the MSc Actuarial Science aims to:
• foster a stimulating and supportive learning environment which promotes intellectual, professional and personal development
• encourage critical thinking, independent enquiry, and an international outlook
• develop the skills necessary to undertake independent research and continuing professional 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 and 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 mathematics, statistics for insurance, economics, financial reporting, actuarial modelling, computational methods in finance and financial engineering.
Learning Outcomes
Learning Outcomes: Cognitive SkillsOn the completion of this course successful students will be able to: |
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Develop and articulate solutions to complex business problems. |
Teaching/Learning Methods and Strategies A variety of teaching and learning methods are used throughout the modules listed below including lectures, computer lab sessions, national and international case studies, and directed reading. Methods of Assessment Student’s problem solving skills will be tested throughout the course, but specifically in the applied research project where they will be required to develop a solution to a business problem. |
Conduct independent learning and enquiry. |
Teaching/Learning Methods and Strategies Due to the fast pace of change in the actuarial industry and the wider fields that actuaries are moving into, students’ ability to conduct independent learning and enquiry is crucial to their future success. Methods of Assessment Most of the assessments will require students to conduct independent inquiry. |
Critical evaluation and interpretation and creativity |
Teaching/Learning Methods and Strategies Students will learn to critically evaluate theories, research findings, modelling tools, solutions, and actuarial techniques. Methods of Assessment All assessments will require students to use critical evaluation, interpretation, and creativity. |
Self-assessment and reflection |
Teaching/Learning Methods and Strategies Students will learn to evaluate their own strengths and weaknesses, which will feed into their motivation for self learning. The course will overview many tools and techniques, and not all in detail – students can take this knowledge to engage in self-directed learning. Methods of Assessment Students will be required to reflect on their own skills and abilities throughout the course, and will be encouraged to work on any gaps in their own actuarial and business skills through both the core course material and self directed learning. Students will also be required to reflect on their learning during other modules. |
Learning Outcomes: Knowledge & UnderstandingOn the completion of this course successful students will be able to: |
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Evaluate and apply theory and practice in statistics and actuarial modelling. |
Teaching/Learning Methods and Strategies Modules are offered which focus on these key elements of the course. Methods of Assessment Students will be required to demonstrate their understanding through a range of assessment methods including written assignments, presentations, and group projects. |
Evaluate and apply the conceptual underpinnings of economics and finance |
Teaching/Learning Methods and Strategies This will be the focus of the economics and computational finance modules. Methods of Assessment Students will be required to solve complex economic and financial problems throughout the assessments and exams. |
Evaluate and apply the basic principles of financial reporting and financial statement analysis |
Teaching/Learning Methods and Strategies This will be the focus of the financial reporting module. Methods of Assessment Students will be required to analyse financial statements and cashflows via continuous assessment and exams. |
Evaluate and apply the theory and application of mathematics with emphasis on probability, linear programming and the fundamental principles of stochastic processes and risk analysis. |
Teaching/Learning Methods and Strategies Students will be exposed to elements of this principles throughout the core modules and modules that feed into the Applied Research Project. Methods of Assessment Students will be required to use analytical tools via continuous assessment and exams. |
Evaluate, apply, and interpret the output from statistical techniques, and their application in actuarial work |
Teaching/Learning Methods and Strategies Core statistical concepts will be covered in dedicated statistics modules. Methods of Assessment Students will be required to demonstrate their statistical ability in the statistical modules. These skills will be assessed through assignments, exams as well as the final project. |
Learning Outcomes: Subject SpecificOn the completion of this course successful students will be able to: |
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Develop the ability to use statistical, mathematical and demographic techniques to analyse actuarial problems. |
Teaching/Learning Methods and Strategies This will be embedded into the statistics and actuarial mathematics modules. Students will be challenged to apply current techniques to solve actuarial problems. Methods of Assessment This will be assessed throughout the modules through group assignments and exams. |
Develop the ability to use computer-based/mathematical/statistical/econometric packages to analyse and evaluate relevant data. |
Teaching/Learning Methods and Strategies This is embedded particularly in the modules on statistics, and the modules that feed into the Applied Research Project. Methods of Assessment This will be assessed throughout the modules through group assignments and exams |
Develop the ability to appreciate, construct and analyse mathematical, statistical, financial and economic models of practical situations. |
Teaching/Learning Methods and Strategies This core skill will be embedded throughout the majority of core modules, as well as the Applied Research Project. In depth understanding, and practical skills, will be developed. Methods of Assessment The majority of the core modules will include assignments focusing on building models. |
Develop the ability to connect business problems with actuarial practice. |
Teaching/Learning Methods and Strategies Students will be encouraged to apply theory to real world scenarios. Majority of modules will be taught by actuaries with practical real world experience and they will be encouraged to bridge the gap between theory and practice. Methods of Assessment Assignments and practical model building exercises. |
Critically evaluate the wider ethical and societal implications of actuarial science and the work of actuaries from both a national and international perspective. |
Teaching/Learning Methods and Strategies Students will consider the wider implications of actuarial work during case study and group discussions. Ethical discussions on actuarial work will form elements of core modules. Methods of Assessment Students will be required to consider the wider implications of actuarial work during their assignments. |
Learning Outcomes: Transferable SkillsOn the completion of this course successful students will be able to: |
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Solve complex business problems, and in particular take an actuarial approach to business problems where that is the best course of action. |
Teaching/Learning Methods and Strategies All core modules will focus on problem solving using analytical techniques. Methods of Assessment Most assessments will require students to solve business problems using the theory and skills developed during the module. |
Work both independently and in groups. |
Teaching/Learning Methods and Strategies Students will have opportunities to work both independently and in groups. This includes developing solutions individually and in groups. Methods of Assessment Modules include both individual and group work and assessment. |
Organisation and time management. |
Teaching/Learning Methods and Strategies Students will be required to manage their time effectively through group and individual assignments, and more generally through independent study, attending lectures etc. Methods of Assessment The planning and delivery of technical solutions will form components of the group and individual assignments. |
Synthesize written material e.g. online sources, journals and books. |
Teaching/Learning Methods and Strategies Students will receive instruction of acquisition of information, for example, through the data management module. Methods of Assessment Most assessments will require students to synthesise written material, particularly the less technical modules and those focusing on specific business domains. |
Communicate complex technical concepts, and outputs from data analyses, to non specialist audiences in verbal and written form. |
Teaching/Learning Methods and Strategies Class sessions will allow students to communicate complex concepts, for example through presentations and group discussions. Methods of Assessment Assessment of written communication, and presentation of solutions. |
Evaluate and develop solutions using a range of software packages and programming languages to a proficient level. |
Teaching/Learning Methods and Strategies Technical and analytical classes will involve the use of a range of software packages and programming languages to carry out tasks such as statistical analysis, machine learning, and data visualisation. Methods of Assessment Individual and group assessments across will require programming and software skills. |
Develop and internalise personal frameworks and techniques for learning new software, programming, and technical tools and skills to keep up with constantly changing industry trends. |
Teaching/Learning Methods and Strategies Students will engage in independent learning as well as directed learning in all modules. This will require students to build on the material covered in class by conducting independent research and investigation into solutions. Methods of Assessment Coursework will be assessed for originality, and the extent to which students have gone beyond the material covered in class. |
Module Information
Stages and Modules
Module Title | Module Code | Level/ stage | Credits | Availability |
Duration | Pre-requisite | Assessment |
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S1 | S2 | Core | Option | Coursework % | Practical % | Examination % | ||||||
Statistics for Insurance | FIN7039 | 7 | 15 | -- | YES | 15 weeks | N | YES | -- | 0% | 30% | 70% |
Actuarial Modelling | FIN7040 | 7 | 15 | -- | YES | 15 weeks | N | YES | -- | 0% | 30% | 70% |
Applied Research Project | FIN7041 | 7 | 60 | -- | YES | 15 weeks | N | YES | -- | 50% | 0% | 50% |
Actuarial Mathematics 2 | FIN7038 | 7 | 15 | -- | YES | 15 weeks | N | YES | -- | 30% | 0% | 70% |
Economics | FIN7037 | 7 | 15 | YES | -- | 15 weeks | N | YES | -- | 30% | 0% | 70% |
Computational Methods in Finance | FIN7029 | 7 | 15 | -- | YES | 15 weeks | N | YES | -- | 40% | 0% | 60% |
Actuarial Mathematics 1 | FIN7035 | 7 | 15 | YES | -- | 15 weeks | N | YES | -- | 0% | 30% | 70% |
Actuarial Statistics | FIN7036 | 7 | 15 | YES | -- | 15 weeks | N | YES | -- | 0% | 20% | 80% |
Corporate Finance | FIN9005 | 7 | 15 | YES | -- | 15 weeks | N | YES | -- | 40% | 0% | 60% |
Notes
Students must normally have successfully completed all taught courses of at least 105 CATS before progressing to the applied research project stage of the programme.