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Actuarial Science

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 subject-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.

Unique Aspects of the Course
This is an exciting new course scheduled to run for the first time in September 2013. It allows you to kick-start your career in actuary. It has similar core technical 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.

Entry requirements

2017 Entry Requirements: Minimum 2.2 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) are not eligible to apply for this course.You must be approved by the course coordinator.

In the case of competition for places, selection will be made on the basis of your primary degree results and interview performance (if required).

If you are applying with Qualifications obtained outside Ireland and you wish to verify if you meet the minimum academic and English language requirements for this programme please see course webpage (link below) to view the grades comparison table by country and for details of recognised English language tests.

Duration

1 year full-time or 2 years part-time.

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.

Placement and 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.

Starting Salaries
Starting salaries vary depending on results.
Many of our undergraduate students in Financial Mathematic and Actuarial Science have started on salaries in the range of €35,000.

Further enquiries

Michael Cronin,
Second Course Contact,
School of Mathematical Sciences,
E: m.cronin@ucc.ie
T: 021-4205825 / 4205817

Subjects taught

Programme Requirements

Part 1
Core modules (50 credits)
PA6007 Market Analysis Methods for Actuarial Science (10 credits)
ST6001 Theory of Annuities - Certain for Actuarial Science (10 credits)
ST6002 Applied Financial Reporting Methods for Actuarial Science (10 credits)
ST6003 Probability & Mathematical Statistics for Actuarial Science (10 credits)
ST6004 Mortality Studies and Life Table Analysis for Actuarial Science (10 credits)

Elective Modules (10 credits)

ST6006 Insurance Risk Modelling for Actuarial Science (10 credits)

or

ST6010 Current Topics in Statistical Applications to Actuarial Science (10 credits).

*Were a student to enter the programme with sufficient background knowledge, as determined by the programme co-ordinator, in one of the above core modules, then that student would take both electives specified.

Part II
Core module (20 credits)
ST6009 Application of Core Technical Research Methodologies in Actuarial Science (20 credits)

Elective modules (10 credits)
ST6005 Life Contingencies for Actuarial Science (10 credits)
or
ST6008 Applied Financial Modelling and Risk Stochastics for Actuarial Science (10 credits)

Part-time students take modules ST6001, ST6003 and PA6007 in Year 1 and the remaining modules, including electives where appropriate, in Year 2.

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 2017-18 intake are now open.

While UCC operates a rounds system for Postgraduate Taught courses (detailed below) we would advise you to apply as soon as possible.

Deadline for receipt of Applications: Offers will be made:

For all completed applications received by January 16th 2017 Offers will be made by January 30th 2017

For all completed applications received by March 1st 2017 Offers will be made by March 15th 2017

For all completed applications received by May 1st 2017 Offers will be made by May 15th 2017

For all completed applications received by July 3rd 2017 Offers will be made by July 17th 2017

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

Non-EU Applicants:

Please visit the following page for further information for Non EU applicants http://www.ucc.ie/en/international/studyatucc/postgraduateprogrammes/tau...

Course fee

2017/2018 Irish/EU €8,000. The part-time course fee is half the full-time fee in the particular year of study

Enrolment and start dates

Next Intake: 11th September 2017

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