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Actuarial Science

Course Outline
This course is designed for graduates of quantitative disciplines who want to kick-start a career in actuary. It provides a solid foundation in statistics, financial mathematics, economics and business finance. Upon completion of the course, your knowledge and skills could be applied to a range of industries in the financial services such as insurance, pensions, healthcare, banking, investment and risk assessment.

You will be equipped with mathematical and statistical knowledge and problem-solving skills to help businesses and institutions evaluate the long-term financial implications of the decisions they make. You will also have the opportunity to undertake a minor dissertation involving the study of a number of problems specific to the insurance and financial sector.

The Institute and Faculty of Actuaries has approved programme-level exemption status for the MSc programme in Actuarial Science at UCC in respect of their first 8 Core Technical subjects. Students may be recommended for exemption from the Institute's own professional examinations in up to 7 of these Core Technical subjects by performing sufficiently well in the corresponding examinations of the MSc programme. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemptions from the professional actuarial examinations.

Who teaches this course
Our teaching staff include qualified actuaries, leading mathematicians, financial mathematicians and statisticians who are nationally and internationally recognised for their research. This expertise ensures that what we teach you is current and applicable to the real workplace and current economy.

Why Choose This Course
This is an exciting new course allowing you to kick-start your career in actuarial science. It has similar core principle coverage to UCC's very successful undergraduate course, which, over the last number of years, has achieved close to 100% employment. Graduates of this course are expected to also have no difficulty in gaining employment.

Placement or Study Abroad Information
Given the short duration of this course (one year full-time or two year part-time), work placement is not included. However, staff who teach on the course have well-established links with many employers and have actively assisted and advised undergraduate actuarial science students on securing jobs after graduation. Finance and actuarial companies as well as actuarial recruiters regularly visit UCC during term to assist students on securing jobs.

Entry requirements

Requirements
• Minimum 2H2 honours primary degree in engineering, finance, physical or mathematical sciences, or equivalent, or a degree with a strong numerate content (as determined by the course committee)
• You will have demonstrated by your performance in relevant modules that you have the numeracy skills required for this MSc degree course to the satisfaction of the course committee.
• Graduates with a BSc in Financial Mathematics and Actuarial Science (FMAS graduates) and BSc Risk and Actuarial Studies (RAS graduates) are not eligible to apply for this course.
• All candidates must ultimately be approved by the programme coordinator.
• In the case of competition for places, a selection will be made on the basis of your primary degree results and interview performance (if required).

English Language Requirements
Applicants that are non-native speakers of the English language must meet the university approved English language requirements available at https://www.ucc.ie/en/study/comparison/english/postgraduate/

International/non-EU applicants
For full details of the non-EU application procedure please visit our how to apply pages for international students. In UCC, we use the term programme and course interchangeably to describe what a person has registered to study in UCC and its constituent colleges, schools, and departments.

Not all courses are open to international/non-EU applicants, please check the fact file above.

For more information please contact the International Office.

Duration

1 year full-time.

Additional Teaching Mode Information
The part-time option will be taught during weekday working hours over 2 years.

The teaching methods used will be a combination of lectures, tutorials, computer practicals and directed study. You can expect to have approximately 22 hours per week of lectures, tutorials and directed study in semesters 1 and 2 and about 10 hours per week of directed study in semester 3.

Careers or further progression

Skills and Careers Information
An actuarial qualification gives an excellent grounding in subjects like economics, finance, mathematics, and statistics, as well as the more actuarial subjects. This makes actuarial graduates suitable for a range of careers, not just actuarial work.

Further enquiries

Contact details for this course
Dr. Liang Chen
liang.chen@ucc.ie
+ 353 21 420 5841
http://www.ucc.ie/en/euclid/

Finbarr Kiely
finbarr.kiely@ucc.ie
021-4205863

Subjects taught

Core modules (45 credits)
• ST6001 Theory of Annuities-Certain for Actuarial Science (10 credits)
• ST6005 Life Contingencies for Actuarial Science (10 credits)
• ST6015 Computer Analytical Techniques for Actuarial Applications (5 credits)
• ST6017 Application of Stochastic Methods in Actuarial Science (5 credits)
• ST6020 Actuarial Business & Financial Reporting Methods (5 credits)
• ST6022 Survival Methods for Actuarial Science (5 credits)
• ST6032 Stochastic Modelling Techniques (5 credits)

Elective Modules (15 credits)

List A (CS1 modules):
• ST6003 Probability and Mathematical Statistics for Actuarial Science (10 credits) and
• ST6018 Regression and Generalised Linear Model Techniques for Actuarial Science (5 credits)
Or
List B (CM2 modules):
• ST6016 Applied Financial Risk Modelling and Analytics for Actuarial Science (5 credits) and
• ST6019 Application of Computational Methods in Actuarial Science and Risk Modelling (5 credits) and
• ST6023 Modelling & Risk Analysis for Actuarial Science (5 credits).

Note: The choice of electives must be agreed in advance with the programme coordinator.

Part II
Core module (30 credits)
• PA6007 Market Analysis Methods for Actuarial Science (10 credits) and
• ST6009 Application of Core Technical Research Methodologies in Actuarial Science (20 credits)

Assessment method

All taught modules in this course are assessed via a combination of end-of-module examination and submission of a portfolio of research and directed study.

For actuarial exemption purposes, the appointed actuarial independent examiner will base their recommendations for an exemption in the corresponding CT subject, on a student's performance in the final examination.

For the research module (ST6009), you will study a number of problems, specific to the insurance and financial sector, and use the methodologies developed in the earlier modules to analyse such problems and produce oral and written reports on your work.

Application date

Applications for academic year 2020/2021 are open.

EU Applicants: UCC operates a rounds closing date system for the majority of postgraduate taught courses, which means offers are made four times a year on a rolling basis. Some courses have one specific closing date, please check your course prospectus page for this information.

The UCC rounds closing dates for postgraduate taught courses are below. Applicants are advised to apply as soon as possible.

Deadline for receipt of full applications:
For all completed applications received by January 10th 2020
Offers will be made by January 24th 2020

For all completed applications received by March 2nd 2020
Offers will be made by March 16th 2020

For all completed applications received by May 1st 2020
Offers will be made by May 15th 2020

For all completed applications received by July 1st 2020
Offer will be made by July 15th 2020

Late applications may be accepted on a first-come, first-served basis for any courses that have remaining capacity.

Non-EU Closing Date: 15 June
Non-EU Applicants: Information for Non-EU applicants may be found on the International Office Website https://www.ucc.ie/en/international/

Enrolment and start dates

Start Date: 7 September 2020

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