Postgraduate - Glasgow Caledonian University

MSc/PgD Actuarial Science
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Contact: Admissions & Marketing Co-ordinator
E: seccourses@gcal.ac.uk
T: +44(0)141 331 3277
W: www.caledonian.ac.uk/sec
Mode of Study & Duration:
PgD Full-time: 32 weeks
MSc Full-time: 48 weeks
MSc Part-time: Three years
Number of Places:
Full-time: 20
Part-time: 10
UK/EU Fees & Funding:
Part funding of PgD awards may be available
from SAAS for eligible full-time candidates.
The period developing the MSc project is not
funded. 2008/09 fees are approximately
£6,300 plus Dissertation fee
Application:
Download a form from our website on
www.caledonian.ac.uk/postgrad
For further information, see page 124 or use
the paper form at the back of this prospectus
Assessment:
All modules include examinations.
Some may also include coursework
This programme mirrors the core technical stage of professional actuarial education provided
by the Faculty and Institute of Actuaries in the UK. This corresponds to the first layer of the UK
actuarial education system and will provide students with a thorough grounding in the key
subject techniques that are the foundations of actuarial work. It will provide successful
graduates with the opportunity to ‘fast track’ their way to the professional qualification.
The university actuarial examinations cover the same syllabus as the professional modules of the Faculty
and the Institute of Actuaries.
Actuarial Science is a distinct blend of mathematics, statistics, finance, economics and other business
oriented subjects. This integrated approach provides a full understanding of financial risk and uncertainty,
its place in the economic fabric, its management and how such can be modelled mathematically.
Risk assessment is particularly appropriate in insurance and pensions where individuals invest money on the
promise of future benefits. It is an actuary who is charged with making financial sense of the future to
predict future benefits and the likely variation in them. In the current climate of financial uncertainty and
given the real-life effect of financial investments, the role of an actuary is gaining even greater importance.
The programme will build on the mathematical knowledge typical of a Mathematics Honours graduate.
It will develop the necessary techniques in a contextual manner to provide conceptualisation and practical
illustration of the material. Additional input from working actuaries will be integral to the programme to help
underpin the academic material. The MSc programme requires the student to research and prepare an
individual project of a substantial nature.
The programme’s entry requirements are an Honours degree or advanced qualification in Mathematics
or Mathematical Statistics or cognate discipline from a British university or recognised overseas institution or
financial experience in an actuarial environment and an Honours degree. For mature candidates, equivalence
to an Honours degree may be demonstrated through the university’s procedures for the Recognition of Prior
Informal Learning (RPL).
Programme Structure:
Semester A: Financial Mathematics;
Foundation Economics for Actuaries;
Probability & Mathematics Statistics
Semester B: Contingencies; Mathematical
Finance; Statistical Methods
International Students:
International students whose first language
is not English shall be required to
demonstrate evidence of satisfactory
competence by completing an IELTS test
with a score of at least 6.0 (with no single
element below 5.5) or by holding another
recognised qualification. See page 12 for
details
Overseas Fees:
£11,000 (2009 fees)
Scholarships:
Partial scholarships are available and
applicants will be advised of these
arrangements upon receipt of an offer