Undergraduate Course

Integrated Master in Science: Actuarial Science and Data Science

How to apply

Overview

The details

Course: Actuarial Science and Data Science

UCAS code: N399

Start date: October 2023

Study mode: Full-time

Maximum duration: 4 years

Location: Colchester Campus

Based in: Mathematical Sciences

Our MSci Actuarial Science and Data Science is an Integrated Masters course that will teach you the art of turning risk into opportunity with the understanding of visualising data in actuarial applications and beyond. Such a skillset is crucial for the growing market for experts in data science with the collection and analysis of data being crucial to understanding how to improve, create and guide products and services across the globe.

Our attractive blend of actuarial science and data science will equip you with an understanding of real-world financial issues, efficient use of experimental design to provide fast and less expensive solutions, and computing skills essential for entering the actuarial and data science profession.

You’ll be taught theory and methods used by professional actuaries; on how to apply mathematical and statistical skills to minimise financial risk when the stakes are high, in areas such as commerce, government, insurance and finance. You’ll be provided with the crucial basis of core skills in data base programming and management, in developing data processing pipelines and in organising and analysing large and massive data sets. And you’ll be introduced to and use programming language Python and R for statistical analysis and data visualisation. In your third and fourth year, analysing data and methods in group projects will be essential capstone modules for the learning outcomes of the course.

Topics include:

Contingencies, risk management and survival analysis
Computer science and programming
Statistics and operations research
Artificial intelligence, databases and information retrieval
Ethical issues around the use and processing of data
Specialist skills in the areas of big data, data analytics and data science

Our Integrated Masters will give you the opportunity to fast-track your degree and complete your final year in nine months compared with a regular MSc which usually takes twelve months. Combining your undergraduate and postgraduate study in one degree will give you a strong theoretical background as well as specialist expertise through independent research. This combination makes graduates from our course attractive candidates for many employers.

Professional accreditation

This programme is accredited to meet the educational requirements of the Chartered Mathematician designation awarded by the Institute of Mathematics and its Applications.

Female student sat in the corner of a sofa holding a cup of tea and chatting to another student slightly out of view in the left of the image.

Chat to our staff and students

Find out what it's like to live and study at Essex from those who are already here.

Why we're great.

You have access to our ultramodern facilities in our STEM Centre.
You join a community of scholars leading the way in technological research and development.
We have active links with industry to broaden your employment potential and placement opportunities.

Our expert staff

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 Professor Spyridon Vrontos (specialising in actuarial and financial data science, predictive modelling and predictability), Dr Tolulope Fadina (mathematical finance), Dr Junlei Hu (reinsurance and optimal risk transfer), Dr Peng Liu (applied probability and queueing systems), Dr Jackie Wong (Bayesian methods and survival analysis), and Dr John O’Hara (financial mathematics and machine learning in finance).

Specialist facilities

In addition to teaching, we have a Maths Support Centre, which offers help to students 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 a dedicated social and study space for maths students in the department, which is situated in the STEM Centre
We host regular events and seminars throughout the year
Our students run a lively Mathematics Society, an active and social group where you can explore your interest in your subject with other students

Your future

Demand for skilled graduates in the areas of mathematics, big data, data science and actuarial science is growing rapidly in both the public and private sector, and there is a predicted shortage of data scientists with the skills to understand and make commercial decisions based on the analysis of big data. It is 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.

We also work with our University's Student Development Team to help you find out about further work experience, internships, placements, and voluntary opportunities.

Entry requirements

UK entry requirements

A-levels: AAB including Mathematics or Further Mathematics Please note we are unable to accept A-level Use of Mathematics in place of A-level Mathematics

BTEC: D*DD, only in conjunction with A-level Mathematics.

IB: 33 points or three Higher Level certificates with 665. Either must include Higher Level Mathematics grade 5. We will accept 5 in either Higher Level Mathematics: Analysis and Approaches or Higher Level Mathematics: Applications and Interpretation.
We are also happy to consider a combination of separate IB Diploma Programme Courses (formerly certificates) at both Higher and Standard Level. Exact offer levels will vary depending on the range of subjects being taken at higher and standard level, and the course applied for.
We can also consider combinations with BTECs or other qualifications in the Career-related programme – the acceptability of BTECs and other qualifications depends on the subject studied, advice on acceptability can be provided. Please contact the Undergraduate Admissions Office for more information.

T-levels: Distinction, only in conjunction with A-level Mathematics.

What if I don’t achieve the grades I hoped?

If your final grades are not as high as you had hoped, the good news is you may still be able to secure a place with us on a course which includes a foundation year. Visit our undergraduate application information page for more details.

What if I have a non-traditional academic background?
Don’t worry. To gain a deeper knowledge of your course suitability, we will look at your educational and employment history, together with your personal statement and reference.

You may be considered for entry into Year 1 of your chosen course. Alternatively, some UK and EU applicants may be considered for Essex Pathways, an additional year of study (known as a foundation year/year 0) helping students gain the necessary skills and knowledge in order to succeed on their chosen course. You can find a list of Essex Pathways courses and entry requirements here

If you are a mature student, further information is here

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 select your country page where you'll find this information.

English language requirements

English language requirements for applicants whose first language is not English: IELTS 6.0 overall. Different requirements apply for second year entry, and specified component grades are also required for applicants who require a visa to study in the UK.

Other English language qualifications may be acceptable so please contact us for further details. If we accept the English component of an international qualification then it will be included in the information given about the academic levels listed above. Please note that date restrictions may apply to some English language qualifications

If you are an international student requiring a visa to study in the UK please see our immigration webpages for the latest Home Office guidance on English language qualifications.

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.

Structure

Course structure

We offer a flexible course structure with a mixture of core/compulsory modules, and optional modules chosen from lists.

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The course content is therefore reviewed on an annual basis to ensure our courses remain up-to-date so modules listed are subject to change.

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. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, 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 module code. 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 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.

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

Calculus

(30 CREDITS)

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.

View Calculus on our Module Directory

COMPONENT 02: CORE

Matrices and Complex Numbers

(15 CREDITS)

You'll be introduced to a range of important concepts which are used in all areas of mathematics and statistics. This module is structured in such a way that during learning sessions you'll develop good practical understanding of these concepts via discussion and exercises, and have an opportunity to ask questions. Theory is introduced via recorded videos and the corresponding notes published on Moodle, and also via recommendations of textbooks. The contact hours are dedicated to interactive activities such as lab exercises and flipped lecture quizzes; also you will have some additional formative tests in Moodle.

View Matrices and Complex Numbers on our Module Directory

COMPONENT 03: CORE

Statistics I

(15 CREDITS)

How do you apply the addition rule of probability? Or construct appropriate diagrams to illustrate data sets? Learn the basics of probability (combinatorial analysis and axioms of probability), conditional probability and independence, and probability distributions. Understand how to handle data using descriptive statistics and gain experience of R software.

View Statistics I on our Module Directory

COMPONENT 04: CORE

Introduction to Finance

(15 CREDITS)

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.

View Introduction to Finance on our Module Directory

COMPONENT 05: CORE

Economics for Actuaries

(30 CREDITS)

View Economics for Actuaries on our Module Directory

COMPONENT 06: COMPULSORY

Mathematical and Computational Modelling

(15 CREDITS)

This module introduces you to programming skills in the context of a range of mathematical modelling topics. Mathematical modelling skills will be an important focus alongside learning how to structure and implement codes in both Matlab and R. A key part of the module will be investigative open-ended computational modelling studies at both the group and individual level.

View Mathematical and Computational Modelling on our Module Directory

COMPONENT 07: COMPULSORY

Mathematics Careers and Employability

(0 CREDITS)

What skills do you need to succeed during your studies? And what about after university? How will you realise your career goals? Develop your transferable skills and experiences to create your personal profile. Reflect on and plan your ongoing personal development, with guidance from your personal advisor within the department.

View Mathematics Careers and Employability on our Module Directory

COMPONENT 01: CORE

Finance and Financial Reporting

(15 CREDITS)

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

Financial Mathematics

(15 CREDITS)

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.

View Financial Mathematics on our Module Directory

COMPONENT 03: CORE

Statistics II

(15 CREDITS)

In this module you'll be introduced to the basics of probability and random variables. Topics you will discuss include distribution theory, estimation and Maximum Likelihood estimators, hypothesis testing, basic linear regression and multiple linear regression implemented in R.

View Statistics II on our Module Directory

COMPONENT 04: CORE

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.

View Survival Analysis on our Module Directory

COMPONENT 05: CORE

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 cashflows dependent on death, survival or other uncertain risks.

View Contingencies I on our Module Directory

COMPONENT 06: COMPULSORY

Linear Algebra

(15 CREDITS)

How do you prove simple properties of linear space from axioms? Can you check whether a set of vectors is a basis? How do you change a basis and recalculate the coordinates of vectors and the matrices of mapping? Study abstract linear algebra, learning to understand advanced abstract mathematical definitions.

View Linear Algebra on our Module Directory

COMPONENT 07: COMPULSORY

Ordinary Differential Equations

(15 CREDITS)

The subject of ordinary differential equations is a very important branch of Applied Mathematics. Many phenomena from Physics, Biology, Engineering, Chemistry, Finance, among others, may be described using ordinary differential equations. To understand the underlying processes, we have to find and interpret the solutions to these equations. The last part of the module is devoted to the study of nonlinear differential equations and stability. This module provides an overview of standard methods for solving single ordinary differential equations and systems of ordinary differential equations, with an introduction to the underlying theory.

View Ordinary Differential Equations on our Module Directory

COMPONENT 08: COMPULSORY

Optimisation (Linear Programming)

(15 CREDITS)

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 09: COMPULSORY

Mathematics Careers and Employability

(0 CREDITS)

View Mathematics Careers and Employability on our Module Directory

COMPONENT 01: CORE

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.

View Statistical Methods on our Module Directory

COMPONENT 02: CORE

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.

View Mathematics of Portfolios on our Module Directory

COMPONENT 03: CORE

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.

View Financial Derivatives on our Module Directory

COMPONENT 04: 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.

View Stochastic Processes on our Module Directory

COMPONENT 05: COMPULSORY

Contingencies II

(15 CREDITS)

What methods are available to model cashflows 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.

View Contingencies II on our Module Directory

COMPONENT 06: COMPULSORY

Linear Regression Analysis

(15 CREDITS)

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.

View Linear Regression Analysis on our Module Directory

COMPONENT 07: COMPULSORY

Capstone Project: Mathematics

(15 CREDITS)

This module will allow you to step out of the classroom and gain real experience in your selected branch of Mathematics that you could not gain from a lecture. You will be able to develop your ability to work independently on research and produce a project report on your topic of interest.

View Capstone Project: Mathematics on our Module Directory

COMPONENT 08: COMPULSORY

Bayesian Computational Statistics

(15 CREDITS)

What do you understand about Bayes’ theorem and Bayesian statistical modelling? Or about Markov chain Monte Carlo simulation? Focus on Bayesian and computational statistics. Understand the statistical modelling and methods available. Learn to develop a Monte Carlo simulation algorithm for simple probability distributions.

View Bayesian Computational Statistics on our Module Directory

COMPONENT 09: COMPULSORY

Mathematics Careers and Employability

(0 CREDITS)

View Mathematics Careers and Employability on our Module Directory

COMPONENT 01: CORE

Advanced Capstone Project: Actuarial Science, Data Science or Mathematics

(30 CREDITS)

Our Advanced Capstone Projects are opportunities for students to study independently a topic in mathematics, statistics and related areas (such as mathematical physics, data science, modelling and so on) and develop skills such as writing reports and giving presentations. You will be monitored by a supervisor, who will periodically set tasks and discuss the progress of the work. The key purpose of Advanced Capstone Projects is that you should be given the opportunity to show your strengths and be allowed a certain amount of freedom and leeway in how you complete the project. It will also provide opportunities for you to develop transferable communication, time- and task-management skills, through researching the topic and organising and producing the written and oral reports.

View Advanced Capstone Project: Actuarial Science, Data Science or Mathematics on our Module Directory

COMPONENT 02: COMPULSORY

Machine Learning

(15 CREDITS)

Humans can often perform a task extremely well (e.g., telling cats from dogs) but are unable to understand and describe the decision process followed. Without this explicit knowledge, we cannot write computer programs that can be used by machines to perform the same task. “Machine learning” is the study and application of methods to learn such algorithms automatically from sets of examples, just like babies can learn to tell cats from dogs simply by being shown examples of dogs and cats by their parents. Machine learning has proven particularly suited to cases such as optical character recognition, dictation software, language translators, fraud detection in financial transactions, and many others.

View Machine Learning on our Module Directory

COMPONENT 03: OPTIONAL

(45 CREDITS)

COMPONENT 04: OPTIONAL

(30 CREDITS)

Teaching

Courses are taught by a combination of lectures, laboratory work, assignments, and individual and group project activities

Group work

A significant amount of practical lab work will need to be undertaken for written assignments and as part of your learning

Assessment

You are assessed through a combination of written examinations and coursework
All our modules include a significant coursework element
You receive regular feedback on your progress through in-term tests
Courses are assessed on the results of your written examinations, together with continual assessments of your practical work and coursework

Fees and funding

Home/UK fee

£9,250

International fee

£18,585

Fees will increase for each academic year of study.

Home/UK fees and funding information

International fees and funding information

What's next

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.

2023 Open Days (Colchester Campus)

Wednesday, April 5, 2023

Find out more

Applications for our full-time undergraduate courses should be made through the Universities and Colleges Admissions Service (UCAS). Applications are online at: www.ucas.com. Full details on this process can be obtained from the UCAS website in the how to apply section.

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 codes for our Loughton and Southend Campuses are 'L' and 'S' respectively.

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.

Applicant Days

If you are an undergraduate student residing in the UK who has received an offer to study with us in October 2023, you will receive an email invitation to book onto one of our Applicant Days. Our Colchester Campus Applicant Days run from February to May 2023 on various Wednesdays and Saturdays, and our Southend Campus Applicant Days run from March to June 2023 on various weekdays and Saturdays. Applicant Days provide the opportunity to meet your department, tour our campus and accommodation, and chat to current students. We appreciate that travelling to university events can be expensive. This is why we have increased our Applicant Day Travel Bursary cap, allowing you to claim up to £150 as reimbursement for travel expenses. For further information about Applicant Days, including Terms and Conditions and eligibility criteria for our Travel Bursary, please visit our Applicant Days webpage.

If you are an overseas offer-holder, you will be invited to attend one of our virtual events. However, you are more than welcome to join us at one of our in-person Applicant Days if you are able to, so if you’d like to book a place, please contact our Applicant Day Team at applicantdays@essex.ac.uk

Home to 15,000 students from more than 130 countries, our Colchester Campus is the largest of our three sites, making us one of the most internationally diverse campuses on the planet - we like to think of ourselves as the world in one place.

Set within the 200-acre award-winning beautiful 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.

Whether you are planning to visit us at one of our Open Days, or coming to an Applicant day. Our campus conveniently located and easy to reach by car, train or bus.

How to get to Colchester Campus, parking and other travel information

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 Essex (or have a busy lifestyle), no problem. Our 360 degree virtual tours allows you to explore our University from the comfort of your home. Check out our Colchester virtual tour and Southend virtual tour to see accommodation options, facilities and social spaces.

Our staff travel the world to speak to people about the courses on offer at Essex. Take a look at our list of exhibition dates to see if we’ll be near you in the future.

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.

Find out more

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.

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.