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 Postgraduate Diploma 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:
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:
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.
Many of our academics have won national or regional awards for lecturing, and many of them are qualified and accredited teachers – 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:
We expect our graduates of Postgraduate Diploma 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. The Council for Mathematical Sciences offers further information on careers in mathematics.
We additionally work with our Employability and Careers Centre 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:
OR
One module, from:
One additional relevant module, from:
Applicants with a degree below 2:2 or equivalent will be considered dependent on any relevant professional or voluntary experience and previous modules studied.
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.
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.
The University uses academic selection criteria to determine an applicant’s ability to successfully complete a course at the University of Essex. Where appropriate, we may ask for specific information relating to previous modules studied or work experience.
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 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 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 module code. For example, the module code HR100-4-FY means:
HR | 100 | 4 | FY |
---|---|---|---|
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 UK academic level 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.
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COMPONENT 01: COMPULSORY
This module focuses on Bayesian and computational statistics. You will develop your understanding of Bayes’ theorem and Bayesian statistical modelling, and Markov chain Monte Carlo simulation, by developing algorithms for simple probability distributions.
View Bayesian and Computational Statistics on our Module Directory
COMPONENT 02: COMPULSORY
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 03: COMPULSORY
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 04: COMPULSORY
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 05: COMPULSORY
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 06: COMPULSORY
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 07: COMPULSORY
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
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.
View Research Skills and Employability on our Module Directory
£8,400
£18,200
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 Essex, and give you the chance to:
If the dates of our organised events aren’t suitable for you, feel free to get in touch by emailing tours@essex.ac.uk and we’ll arrange an individual campus tour for you.
You can apply for this postgraduate course online. 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 ‘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.
Set within 200 acres of award-winning parkland - Wivenhoe Park and located two miles from the historic city centre of Colchester – England's oldest recorded development. Our Colchester Campus is also easily reached from London and Stansted Airport in under one hour.
If you live too far away to come to Essex (or have a busy lifestyle), no problem. Our 360 degree virtual tour allows you to explore the Colchester Campus from the comfort of your home. Check out our accommodation options, facilities and social spaces.
At Essex 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 programme specifications. 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.
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