BSc (Hons) Actuarial Science
Overview
What is the BSc (Hons) Actuarial Science?
The BSc (Hons) Actuarial Science is a three-year degree, extendable to four with an optional year in placement or abroad.
You’ll secure a broad understanding of the role of an actuary and the core professional skills of actuaries and data scientists.
Why this course
The BSc (Hons) Actuarial Science lets you blend solid mathematics, real-world financial issues, optimisation, experimental design and computing skills.
You will cover the syllabus of many core subjects of the Institute and Faculty of Actuaries. Depending on your choice of optional modules, and upon sufficient attainment, this can lead to exemptions from the professional exams CS1, CS2, CM1, CM2, CB1 and CB2.
Add a placement year or study abroad to put your learning into practice, expand your perspective and build confidence in professional or international settings.
You’ll graduate on the path to an actuary career earning upwards of a £30,000 starting salary as a graduate.
Who should apply
- Future actuaries and financial mathematicians
- Students ready to enter the working world
- Those considering careers that apply mathematics to finance
- Practical, analytic thinkers
What you’ll learn
- Finance: Progress from an introduction to finance and economics to mastering contingencies, risk management and survival analysis
- Statistics: Explore forms of data science and analysis, including Bayesian and computational statistics
- Mathematics: Study calculus, algebra, differential equations and more
Your learning experience
- Optional study abroad year: Spend a year at one of our partner universities and experience another culture with the Study Abroad programme
- Optional placement year: Gain professional experience in a business or organisation with university support from Placements at Essex
- Expert teaching: Learn from active researchers furthering our modern understanding of mathematics and award-winning lecturers qualified and accredited in mathematics education
- Specialist facilities: Consult our Maths Support Centre one-to-one or in a group, and study in a dedicated social and study spaces for maths students in the STEM Centre
- Employability: Hear from professional actuaries in the insurance industry, including influential businesses AXA and Buck Consultants
Careers and outcomes
A BSc (Hons) Actuarial Science degree prepares you for a rewarding career as an actuary in a range of industries:
- Insurance: Life, health, pensions
- Banking and investment: Portfolio management, risk assessment, investment analysis
- Technology: FinTech, InsurTech, AI
- Energy: Utilities, renewables, environmental risk
- Transport: Airlines, shipping, rail
- Public sector: Social programmes, healthcare spending, public pensions
Professional accreditation
Accredited by the Institute and Faculty of Actuaries for the purpose of exemption from some professional examinations.
This programme will meet the educational requirements of the Chartered Mathematician designation, awarded by the Institute of Mathematics and its Applications, when it is followed by subsequent training and experience in employment to obtain equivalent competences to those specified by the Quality Assurance Agency (QAA) for taught masters degrees.
- We’re ranked 6th in UK for mathematics (Guardian University Guide 2026).
- We are continually broadening the array of expertise in our School, letting you tailor your degree to your interests.
- You have access to our dedicated computing facilities that provide real-world experience.
“Since graduating I have worked as a Trainee Actuary for a London brokerage, then took a year off to learn to code, and now I am working as an Actuarial Systems Analyst at Pacific Life Re. I help design actuarial models as well as working on tools for the actuarial systems team. My Essex degree definitely helped shape my career choices - and the maths is pretty useful!”
Frederick Coles, BSc Actuarial Science, 2017
Meet the researchers
Course content
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
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 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.
|
COMPONENT 01: CORE
This module will allow you to build your knowledge of differentiation and integration, how you can solve first and second order differential equations, Taylor Series and more.
COMPONENT 02: CORE
Matrices and complex numbers are two fundamental concepts which arise throughout mathematics. In this module you will be introduced to these objects and learn fundamental techniques for working with them in a variety of contexts.
COMPONENT 03: CORE
In this module you will learn the fundamentals of probability and statistics, including axioms and combinatorial analysis, distributions, and independence conditions. You will learn how to apply the addition rule of probability and construct diagrams to visually represent data sets. The course also covers the use of descriptive statistics to analyse data and provides hands-on experience with the R software package.
COMPONENT 04: CORE
Introduction to Finance is designed to give you an introduction to the wider finance subject area ass well as firm foundation for further studies in finance. You’ll gain a overview of the financial system, instruments and markets, and ideas about finance concepts and problems. The topics covered include investment companies, return and risk, and behavioural finance. You’ll develop and be able to transmit knowledge about the financial system, instruments and markets and ideas about finance concepts and problems at an introductory level; be aware of, at an introductory level, different ways of thinking about and analysing financial phenomena; and, reflecting the principles of how we approach Finance at Essex Business School, you’ll gain an appreciation of the role that finance plays in society as whole.
COMPONENT 05: CORE
This module introduces foundational concepts of microeconomics and macroeconomics. You will learn how economic agents make decisions, how these decisions interact, and how these impact the broader economic system.
COMPONENT 06: COMPULSORY
This module introduces programming skills and their applications in a range of mathematical contexts. Mathematical modelling skills will be an important focus, along with structuring and implementing code in MATLAB and R. To help you consolidate these skills, a key part of the module will be investigative computational modelling studies.
View Mathematical and Computational Modelling on our Module Directory
COMPONENT 07: 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 Mathematics Careers and Employability on our Module Directory
COMPONENT 01: CORE
What instruments are used by companies to raise finance and manage financial risk? What is the role of financial institutions operating in financial markets? What are the techniques of financial accounting? How do you use spreadsheets in financial analysis? Examine and develop the concepts and elements of corporate finance.
View Finance and Financial Reporting on our Module Directory
COMPONENT 02: CORE
How do you compare different income streams? You will be able to answer the question after studying this module which is critical in any financial decision making. In this module, all payments are assumed to be guaranteed and we will focus on the concept of valuing future monetary payments in terms of present. This module covers part of the CM1 course of the IFoA.
COMPONENT 03: CORE
This module continues your journey into probability and statistics. Topics include distribution theory, estimation and Maximum Likelihood estimators, hypothesis testing, basic linear regression and multiple linear regression. You will continue to develop your skills with implementations in R.
COMPONENT 04: CORE
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 05: CORE
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 06: COMPULSORY
Are you able to solve a small linear programming problem using an appropriate version of the Simplex Algorithm? Learn to formulate an appropriate linear programming model and use the MATLAB computer package to solve linear programming problems. Understand the methods of linear programming, including both theoretical and computational aspects.
View Optimisation (Linear Programming) on our Module Directory
COMPONENT 07: COMPULSORY
Ordinary differential equations are the backbone of much applied mathematics, arising everywhere that a physical, financial or other system changes continuously. This module introduces techniques for studying classes of linear and nonlinear differential equations, and for interpreting their solutions.
View Ordinary Differential Equations on our Module Directory
COMPONENT 08: COMPULSORY
Linear systems are some of the most widely-applied concepts in modern algebra. Beginning with the abstract axiomatic definitions of vectors, vector spaces and linear maps, this module allows you to derive powerful methods for understanding many different systems in mathematics and science.
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 Mathematics Careers and Employability on our Module Directory
COMPONENT 01: CORE
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 02: CORE
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 03: CORE
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 04: COMPULSORY
Can you calculate confidence intervals for parameters and prediction intervals for future observations? Represent a linear model in matrix form? Or adapt a model to fit growth curves? Learn to apply linear models to analyse data. Discuss underlying assumptions and standard approaches. Understand methods to design and analyse experiments.
COMPONENT 05: COMPULSORY
What methods are available to model cash flows that are contingent on competing risk? What techniques for discounted emerging costs can be used in pricing, reserving and assessing profitability? Study the methods and techniques used in pricing and valuation of insurance policies and products, putting emphasis on those involving multiple lives.
COMPONENT 06: 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 07: COMPULSORY
A Capstone Project is a self-study module which allows you to step out of the classroom and gain experience of a topic from mathematical sciences beyond your taught modules. You will develop your independent research skills, as well as report-writing and communication skills, both written and oral.
COMPONENT 08: 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 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 Mathematics Careers and Employability on our Module Directory
Placement
On a placement year you gain relevant work experience within an external business or organisation, giving you a competitive edge in the graduate job market and providing you with key contacts within the industry. The rest of your course remains identical to the three-year degree.
Year abroad
On your year abroad, you have the opportunity to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. The rest of your course remains identical to the three-year degree.
Teaching
- Undergraduate students in the School of Mathematics, Statistics and Actuarial Science typically attend three taught hours per module per week. This varies by module, e.g. two hours of lectures and one class/lab.
- Take a mathematics careers and employability module, where you compile a portfolio of skills and experience.
Assessment
- Your final mark is a weighted combination of coursework and summer examinations.
- Your first year of study does not count towards your final degree class.
- In your final year, you have the opportunity to complete a full-year or one-term project.
Entry requirements
UK entry requirements
- A-levels: BBB - BBC or 120 - 112 UCAS tariff points from a minimum of 2 full A-levels, including B in Mathematics or Further Mathematics. Please note we are unable to accept A-level Use of Mathematics in place of A-level Mathematics.
- BTEC: DDM - DMM or 120 - 112 UCAS tariff points from a minimum of the equivalent of 2 full A-levels and only in conjunction with A-level Maths. The acceptability of BTECs is dependent on subject studied and optional units taken - email ugquery@essex.ac.uk for advice.
- Combined qualifications on the UCAS tariff: 120 - 112 UCAS tariff points from a minimum of 2 full A levels or equivalent including B in Mathematics or Further Mathematics. Tariff point offers may be made if you are taking a qualification, or mixture of qualifications, from the list on our undergraduate application information page.
- IB: 30-29 points in the IB Diploma or 120 - 112 UCAS tariff points to include a minimum of 2 Higher Level subjects including 5 in Higher level Mathematics.
- IB Career-related Programme: We consider combinations of IB Diploma Programme courses with BTECs or other qualifications. Advice on acceptability can be provided, email Undergraduate Admissions.
- QAA-approved Access to HE Diploma: 120-112 UCAS tariff points depending on subject studied - advice on acceptability can be provided, email Undergraduate Admissions.
- T-levels: 120-112 UCAS tariff points. We consider T-levels on a case-by-case basis, depending on subject studied. Depending on the course applied for there may be additional requirements, which may include a specific grade in the Core.
Contextual Offers:
We are committed to ensuring that all students with the merit and potential to benefit from an Essex education are supported to do so. We make Contextual Offers, of up to two A-level grades (or equivalent) below our standard conditional offer, to applicants from underrepresented groups residing in the UK. Our Contextual Offers policy outlines the full eligibility criteria.
For further information about what a Contextual Offer may look like for your specific qualification profile, email ugquery@essex.ac.uk.
If you haven't got the grades you hoped for, have a non-traditional academic background, are a mature student, or have any questions about eligibility for your course, more information can be found on our undergraduate application information page or get in touch with our Undergraduate Admissions Team at ugquery@essex.ac.uk.
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 Undergraduate Admissions team at ugquery@essex.ac.uk to request the entry requirements for this country.
English language requirements
English language requirements for applicants whose first language is not English
IELTS 6.0 overall with a minimum of 5.5 in each component, or specified score in an equivalent test that we accept.
Details of English language requirements and the tests we accept for applicants who require a Student visa (excluding Nationals of Majority English Speaking Countries) can be found here
If we accept the English component of an international qualification it will be included in the academic levels listed above for the relevant countries.
Pre-sessional English courses
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
If you’re an international student, but do not meet the academic requirements for direct admission to this degree, you could prepare and gain entry through a pathway course. Find out more about opportunities available to you at the University of Essex International College
Fees and funding
Home/UK fee
£9,790 per year
International fee
£22,600 per year
Fees will increase for each academic year of study.
If your course has the option to include a placement year or study abroad, and you choose to do so, you will pay the following:
Placement year
20% of your standard tuition fee for that year
Study abroad
Full year abroad
15% of your standard tuition fee for that year
Single term abroad
Standard tuition fee
Scholarships and financial support
There may be scholarships, bursaries or discounts available to help with the cost of this course.
Fees and funding guide
What's next
Open Days
Our events are a great way to find out more about studying at Essex. We run a number of Open Days throughout the year which enable you to discover what our campus has to offer. You have 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
Check out our Visit Us pages to find out more information about booking onto one of our events. And if the dates aren’t suitable for you, feel free to book a campus tour here.
2026 Open Days (Colchester Campus)
Applying
Applications for our full-time undergraduate courses should be made through the Universities and Colleges Admissions Service (UCAS). Full details on how to apply can be found on the filling in your UCAS undergraduate application web page.
Our UK students, and some of our EU and international students, who are still at school or college, can apply through their school. Your school will be able to check and then submit your completed application to UCAS. Our other international applicants (EU or worldwide) or independent applicants in the UK can also apply online through UCAS Apply.
The UCAS code for our University of Essex is ESSEX E70. The individual campus code for our Loughton Campus is 'L'.
You can find further information on how to apply, including information on transferring from another university, applying if you are not currently at a school or college, and applying for readmission on our How to apply and entry requirements page.
If you receive an undergraduate offer to study with us in October 2026 and live in the UK, you will receive an email invitation to book onto one of our Open Days. These events provide the opportunity to meet your department, join interesting taster sessions, tour our campus and accommodation, and chat to current students. You can visit our Open Days event page for more information, including terms and conditions.
Visit Colchester Campus
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.
Virtual tours
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 our University from the comfort of your home. Check out our Colchester virtual tour to see accommodation options, facilities and social spaces.
Got a question about this course? Chat with one of our academics in the School of Mathematics, Statistics and Actuarial Science.
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