How to apply

Overview

The details

Course: Actuarial Science

Start date: October 2025

Study mode: Full-time

Duration: 1 year

Location: Colchester Campus

Based in: Mathematics, Statistics and Actuarial Science (School of)

Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. Actuaries quantify the probability and manage the risk of future events in areas such as insurance, healthcare, pensions, investment and banking, as well as in non-financial areas. This course is taught by the School of Mathematics, Statistics and Actuarial Science and is intended for those with a first degree in mathematics, statistics, economics or finance looking to acquire knowledge in actuarial science.

Our MSc Actuarial Science course is based on the syllabus of the majority of the core subjects of the Institute and Faculty of Actuaries, so you cover the following subjects as part of your course:

CB1 (Business Finance), depending on the optional module selected
CM2 (Financial Engineering and Loss Reserving)
CS2 (Risk Modelling and Survival Analysis)

This focus on up-to-date research findings in actuarial methodologies and actuarial applications means that you gain solid training in actuarial modelling and actuarial analysis.

You can also specialise on a topic of choice, such as:

actuarial and financial modelling
general insurance
life insurance

You also have the chance to study a problem in-depth through a Masters thesis project on a subject chosen by you or your supervisor.

As part of our School of Mathematics, Statistics and Actuarial Science, you are a member of an inclusive and approachable research community with an international reputation in many areas, including semi-group theory, optimisation, probability, applied statistics, bioinformatics, and mathematical biology.

We are genuinely innovative and student-focused. Our research groups are working on a broad range of collaborative areas tackling real-world issues.

Our data scientists carefully consider how not to lie, and how not to get lied to with data. Interpreting data correctly is especially important because much of our data science research is applied directly or indirectly to social policies, including health, care and education.
We do practical research with financial data (for example, assessing the risk of collapse of the UK's banking system) as well as theoretical research in financial instruments such as insurance policies or asset portfolios.
We also research how physical processes develop in time and space. Applications of this range from modelling epilepsy to modelling electronic cables.
Our optimisation experts work out how to do the same job with less resource, or how to do more with the same resource.
Our pure maths group are currently working on two new funded projects entitled 鈥楳achine learning for recognising tangled 3D objects' and 鈥楽earching for gems in the landscape of cyclically presented groups'.
We also do research into mathematical education and use exciting technologies such as electroencephalography or eye tracking to measure exactly what a learner is feeling. Our research aims to encourage the implementation of 鈥榯he four Cs' of modern education, which are critical thinking, communication, collaboration, and creativity.

Why we're great.

Study the majority of the Core Technical subjects of the Institute and Faculty of Actuaries.
Work alongside expert academics and practicing actuaries.
Through our pioneering teaching approach we develop the actuarial scientists of the future.

Our expert staff

Many of our academics have won national or regional awards for lecturing, and many of them are qualified and accredited teachers 鈥� something which is very rare at a university.

Our course teachers are expert academics conducting internationally excellent multidisciplinary research, with significant multi-year experience in consulting and practicing actuarial science. Our key actuarial science staff are:

Professor Spyridon Vrontos: actuarial and financial data science, predictive modelling, and predictability
Dr Junlei Hu: reinsurance and optimal risk transfer
Dr Peng Liu: applied probability and queueing systems
Dr Jackie Wong: Bayesian methods and survival analysis
Dr John O'Hara: financial mathematics and machine learning in finance

Specialist facilities

Unique to 糖心Vlog is our renowned , which offers help to students, staff, and local businesses on a range of mathematical problems. Throughout term-time, we can chat through mathematical problems either on a one-to-one or small group basis.
We have our own computer labs for the exclusive use of students in the School of Mathematics, Statistics and Actuarial Science. In addition to your core maths modules, you gain computing knowledge of software including MATLAB and Maple.
We host events and seminars throughout the year.

Your future

We expect our graduates of MSc Actuarial Science to become actuaries in a range of industries. It has been predicted by the US Department of Labor that the employment of actuaries is expected to grow faster than any other occupation, making it a great prospect for a graduate job.

Aside from a rewarding career as an actuary, clear thinkers are required in every profession, so the successful mathematician has an extensive choice of potential careers. offers further information on careers in mathematics.

We additionally work with our to help you find out about further work experience, internships, placements, and voluntary opportunities.

We also offer supervision for PhD, MPhil and MSc by Dissertation. Our School is also strongly committed to research and to the promotion of graduate activities, we have an international reputation in many areas such as:

semi-group theory
optimisation
probability
applied statistics
bioinformatics
mathematical biology

Entry requirements

UK entry requirements

A 2:2 degree or international equivalent in one of the following subjects:

Applied Mathematics
Biostatistics
Computer Science
Economic Statistics
Economics
Mathematics
Operational Research
Pure Mathematics
Statistics

Any other 2:2 degree in any subject which includes three modules from the below lists:

One module, from:

Advanced Maths (I/II/III)
Calculus (I/II/III) - AKA Mathematical Analysis
Engineering Maths (I/II/III)
Maths (I/II/III)

And

One module, from:

Advanced Maths (I/II/III)
Engineering Maths (I/II/III)
Maths (I/II/III)
Statistics or Probability

And

One additional relevant module, from:

Advanced Maths (I/II/III)
Algebra
Analysis
Complex Numbers
Differential Equations
Engineering Maths (I/II/III)
Maths (I/II/III)
Numerical Methods
Optimisation (Linear Programming)
Programming Language (R or MATLAB or Python)
Regression
Another module in Probability or Statistics
Stochastic Process

Applicants with a degree below 2:2 or equivalent will be considered dependent on any relevant professional or voluntary experience and previous modules studied.

International & EU entry requirements

We accept a wide range of qualifications from applicants studying in the EU and other countries. Get in touch with any questions you may have about the qualifications we accept. Remember to tell us about the qualifications you have already completed or are currently taking.

Sorry, the entry requirements for the country that you have selected are not available here. Please contact our Graduate Admissions team at pgquery@essex.ac.uk to request the entry requirements for this country.

English language requirements

If English is not your first language, we require IELTS 6.0 overall with a minimum component score of 5.5 in all components.

If you do not meet our IELTS requirements then you may be able to complete a pre-sessional English pathway that enables you to start your course without retaking IELTS.

Additional Notes

The University uses academic selection criteria to determine an applicant鈥檚 ability to successfully complete a course at the 糖心Vlog. Where appropriate, we may ask for specific information relating to previous modules studied or work experience.

Structure

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation.

We understand that deciding where and what to study is a very important decision for you. We'll make all reasonable efforts to provide you with the courses, services and facilities as described on our website and in line with your contract with us. However, if we need to make material changes, for example due to significant disruption, we'll let our applicants and students know as soon as possible.

Components and modules explained

Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose.

Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits.

In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available.

Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the . For example, the module code HR100-4-FY means:

100

The department or school the module will be taught by.

In this example, the module would be taught by the Department of History.

The module number.

The of the module.

A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course.

A standard postgraduate taught course will comprise of level 7 modules.

A postgraduate research degree is a level 8 qualification.

The term the module will be taught in.

AU: Autumn term
SP: Spring term
SU: Summer term
FY: Full year
AP: Autumn and Spring terms
PS: Spring and Summer terms
AS: Autumn and Summer terms

COMPONENT 01: CORE WITH OPTIONS

(60 CREDITS)

COMPONENT 02: COMPULSORY

Bayesian and Computational Statistics

(15 CREDITS)

This module focuses on Bayesian and computational statistics. You will develop your understanding of Bayes鈥� theorem and Bayesian statistical modelling, and Markov chain Monte Carlo simulation, by developing algorithms for simple probability distributions.

COMPONENT 03: COMPULSORY

Contingencies I

(15 CREDITS)

How do you define simple assurance contracts? What practical methods are required to evaluate expected values from a contract? How can you calculate gross premiums and reserves of assurance and reserves? Understand the mathematical techniques that can calculate, model and value cash flows dependent on death, survival or other uncertain risks.

COMPONENT 04: COMPULSORY

Statistical Methods

(15 CREDITS)

This module will enable you to expand your knowledge on multiple statistical methods. You will learn the concepts of decision theory and how to apply them, have the chance to explore Monte Carlo simulation, and develop an understanding of Bayesian inference, and the basic concepts of a generalised linear model.

COMPONENT 05: COMPULSORY

Stochastic Processes

(15 CREDITS)

Ever considered becoming an Actuary? This module covers the required material for the Institute and Faculty of Actuaries CT4 and CT6 syllabus. It explores the stochastic process and principles of actuarial modelling alongside time series models and analysis.

COMPONENT 06: COMPULSORY

Financial Derivatives

(15 CREDITS)

Why are arbitrage arguments important in modern finance? How can a binomial model evaluate derivatives? What are the main models for interest rates? Understand the mathematical techniques underlying the modelling of derivative pricing. Acquire skills in the development of pricing and risk management. Explore stochastic methods and credit risk.

COMPONENT 07: COMPULSORY

Survival Analysis

(15 CREDITS)

What are the principles of actuarial modelling? And what are survival models? Examine how calculations in clinical trials, pensions, and life and health insurance require reliable estimates of transition intensities/survival rates. Learn how to estimate these intensities. Build your understanding of estimation procedures for lifetime distributions.

COMPONENT 08: COMPULSORY

Mathematics of Portfolios

(15 CREDITS)

How do you formulate financial decision problems mathematically? And how do you identify an appropriate method of solution? Understand the basic models and mathematical methods underlying modern portfolio management. Assess the limitations of these models and learn to correctly interpret your results from calculations.

COMPONENT 09: COMPULSORY WITH OPTIONS

(15 CREDITS)

COMPONENT 10: COMPULSORY

Research Skills and Employability

(0 CREDITS)

What skills do you need to succeed during your studies? What about after university? How will you harness your knowledge and soft skills to realise your career goals? This module helps you take an active role in developing transferrable skills and capitalising on your unique background. As well as broad reflection on your professional development, this module will help you explore different career directions and prepare you for the application process, supported by an advisor from within the department.

Teaching

Postgraduate taught students in the School of Mathematics, Statistics and Actuarial Science typically attend two hours of lectures and one class or lab every week, but this will vary by module.
Core components can be combined with optional modules to gain either in-depth specialisation or a broad understanding.
Learn to use LATEX to produce a document as close as possible to those produced by professional mathematicians in terms of organisation, layout, and type-setting.
Our postgraduates are encouraged to attend conferences and seminars.

Assessment

Courses are assessed on the results of your written examinations, together with continual assessments of your practical work and coursework.

Dissertation

You will be provided with a list of dissertation titles or topics proposed by staff, though it may be possible to propose a project of your own.
Most dissertations are between 10,000 and 30,000 words in length. However, these are guidelines rather than mandatory word counts.
Study with close supervision by our academic staff.

Fees and funding

Home/UK fee

£10,500

International fee

£22,750

Masters fees and funding information

Research (e.g. PhD) fees and funding information

What's next

We hold Open Days for all our applicants throughout the year. Our Colchester Campus events are a great way to find out more about studying at 糖心Vlog, and give you the chance to:

tour our campus and accommodation
find out answers to your questions about our courses, student finance, graduate employability, student support and more
meet our students and staff

If the dates of our organised events aren鈥檛 suitable for you, feel free to get in touch by emailing tours@essex.ac.uk and we鈥檒l arrange an individual campus tour for you.

2025 Open Days (Colchester Campus)

Saturday 21 June 2025 - June Open Day

Saturday 20 September 2025 - September Open Day

Saturday 8 November 2025 - November Open Day

Find out more

You can . Before you apply, please check our information about necessary documents that we'll ask you to provide as part of your application.

We aim to respond to applications within two weeks. If we are able to offer you a place, you will be contacted via email.

For information on our deadline to apply for this course, please see our 鈥�how to apply' information.

Applicants with an undergraduate degree from our School of Mathematics, Statistics and Actuarial Science, or who are working towards one, should first contact our admissions staff: maths@essex.ac.uk.

A sunny day with banners flying on Colchester Campus Square 4.

Set within 200 acres of award-winning parkland - Wivenhoe Park and located two miles from the historic city centre of Colchester 鈥� England's oldest recorded development. Our Colchester Campus is also easily reached from London and Stansted Airport in under one hour.

Find out more

View from Square 2 outside the Rab Butler Building looking towards Square 3

If you live too far away to come to 糖心Vlog (or have a busy lifestyle), no problem. Our 360 degree allows you to explore the Colchester Campus from the comfort of your home. Check out our accommodation options, facilities and social spaces.

At 糖心Vlog we pride ourselves on being a welcoming and inclusive student community. We offer a wide range of support to individuals and groups of student members who may have specific requirements, interests or responsibilities.

The University makes every effort to ensure that this information on its programme specification is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to courses, facilities or fees. Examples of such reasons might include, but are not limited to: strikes, other industrial action, staff illness, severe weather, fire, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack (whether declared or not), natural disaster, restrictions imposed by government or public authorities, epidemic or pandemic disease, failure of public utilities or transport systems or the withdrawal/reduction of funding. Changes to courses may for example consist of variations to the content and method of delivery of programmes, courses and other services, to discontinue programmes, courses and other services and to merge or combine programmes or courses. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our . The University would inform and engage with you if your course was to be discontinued, and would provide you with options, where appropriate, in line with our Compensation and Refund Policy.

The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.