BSc Actuarial Sciences

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Actuarial Sciences incorporates multi-disciplinary teaching, combining the expertise of the School of Computing Sciences, School of Mathematics, School of Economics and Norwich Business School to give our students a unique opportunity to pursue a stimulating and influential career as an actuary.

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Key facts

Key facts

Actuarial Sciences at UEA allows you to turn your interest in maths, computing and business into a successful career as an actuary. We focus on preparing and supporting you for a secure, in demand and well-paid career path. With strong links with Aviva, we provide you with a unique opportunity to gain tuition, experience and employment from the best in the industry.

You will be taught by expert academics from the Schools of Computing Sciences, Mathematics and Economics, as well as practicing Actuaries from Aviva. The vast majority of learning takes place in small groups, providing you with quality contact time with lecturers while learning through first-hand experience.

Overview

The BSc Actuarial Sciences degree is aimed at students who wish to become professional actuaries and who are passionate about mathematics, economics and problem solving. The degree programme covers current issues in Mathematics, Computing, Finance and Business, as well as providing a thorough theoretical background of these areas.

This multidisciplinary programme combines the expertise of the School of Computing Sciences, School of Mathematics and the School of Economics. Additional teaching comes through our strong links with industry, and includes tuition from practicing actuaries from Aviva at their headquarters. 

The teaching programme is designed to develop your mathematical, financial and statistical knowledge, as well as encouraging you to pursue specialist interests in business or computing and helping you to develop valuable communication and presentation skills. The course also gives you the opportunity to gain exemptions from the first eight professional examinations set by the UK Actuarial Profession (CT1-CT8, so that you are able to qualify as a professional actuary far more swiftly after successfully graduating.

Course Structure

This three year course will begin by developing your knowledge in areas including mathematics, computing, economics and business. Each year includes an optional module which allows you to pursue your own specialist interests. Specialisation continues in your final year, alongside core modules designed to strengthen your mathematical knowledge and familiarise you with professional actuarial practice.

Year 1

Compulsory modules in the first year provide you with a clear understanding of areas including mathematics, computing, business and problem solving skills. You will receive teaching from a variety of departments that will build upon and develop your pre-existing knowledge, with modules including ‘An Introduction to Financial Maths’ that will begin to develop your awareness and understanding of actuarial practice as well as developing some practical modelling skills.  The optional module in year 1 offers you the choice between ‘Actuarial Skills 1’ which is taught in partnership with Aviva and ‘Database Systems’ which offers students the opportunity to further develop skills that would be useful for those students looking to work in the area of data science.

Year 2

In the second year of your degree you will be introduced to specific actuarial themes and taught about business and economics in the actuarial profession.  The optional module in year 2 offers you the choice between ‘Financial Accounting for Actuaries’ which is included in the accreditation agreement and ‘Programming for non-specialists’,once again allowing students the opportunity to tailor their programme to either the more traditional actuarial science degree or one with a broader set of computing skills.

Year 3

Academic development continues into your final year, where you will be able to focus on developing your advance knowledge of statistics, mathematics and professional actuarial practise.  The final year allows students the option to complete a dissertation as well as a further module taught in partnership with Aviva or alternatively to develop further computer science skills by taking ‘Information retrieval’.

Course Modules 2017/8

Students must study the following modules for 120 credits:

Name Code Credits

ACTUARIAL METHODS

This module provides a further grounding in mathematical and statistical techniques of relevance to financial work. It considers risk models involving frequency and severity distributions and the concept of ruin. It also examines the use of Bayesian statistics to derive credibility premiums and the techniques for analysing run-off triangles in insurance. Part of this module will be taught by Aviva actuaries and will focus on the practical application of actuarial techniques across a range of disciplines. Successful completion of this module will contribute towards students gaining an exemption from the Institute and Faculty of Actuaries CT6 professional examination.

CMP-5001B

20

APPLIED STATISTICS B

This is a module designed to give students the opportunity to apply statistical methods in realistic situations. While no advanced knowledge of probability and statistics is required, we expect students to have some background in probability and statistics before taking this module. The aim is to teach the R statistical language and to cover 3 topics: Linear regression, ANOVA, and Survival Analysis.

CMP-5019B

20

CONTINGENCIES AND DIFFERENTIAL EQUATIONS

Provides a grounding in the mathematical techniques which can be used to model and value cash flows dependent on death, survival, or other uncertain risks. It closely follows the Actuarial Profession's syllabus for "CT5", Contingencies, and it is anticipated that successful completion of this part of the module together with the successful completion of the final year module CMP-6037B, Further Contingencies, will enable students choosing to follow an actuarial career to gain an exemption from CT5.

CMP-5035Y

20

FINANCIAL ACCOUNTING

This module is about the theory and practice of financial accounting and reporting. This includes an examination of current and legal professional requirements as they relate to limited liability companies in the UK. Large UK companies report using International Financial Reporting Standards and therefore international reporting issues are considered.

NBS-5002Y

20

FINANCIAL MATHEMATICS

This module builds on fundamentals of compound interest introduced in Mathematics for Actuaries to show how the key concepts introduced can be used in practical financial applications for Actuarial Science or Business Statistics students.

CMP-5009A

20

MATHEMATICAL STATISTICS

It introduces the essential concepts of mathematical statistics deriving the necessary distribution theory as required. In consequence in addition to ideas of sampling and central limit theorem, it will cover estimation methods and hypothesis-testing. Some Bayesian ideas will be also introduced.

CMP-5034A

20

Students must study the following modules for 80 credits:

Name Code Credits

ACTUARIAL MODELS

This module provides a grounding in stochastic processes and survival models and their applications. It also gives an update on current issues in each of these areas and a review of the professional environment for actuaries with these topics being taught by Aviva actuaries. There is a Communication and Presentational skills session at Aviva where students have to present their coursework. We anticipate that successful completion of this module, as well as Advanced Statistics, will enable students choosing to follow an actuarial career to gain an exemption from "CT4" (the Actuarial Profession's Actuarial Models subject). This module is restricted to Actuarial Science students only and is not available to students outside this course.

CMP-6001B

20

ADVANCED STATISTICS

This module covers two topics in statistical theory: Linear and Generalised Linear models and also includes Stochastic processes. The first two topics consider both the theory and practice of statistical model fitting and students will be expected to analyse real data using R. Stochastic processes including the random walk, Markov chains, Poisson processes, and birth and death processes.

CMP-6004A

20

BUSINESS FINANCE

This module sets out the basic principles of financial management and applies them to the main decisions faced by the financial manager. For example, it explains why the firm's owners would like the manager to increase firm value and shows how managers choose between investments that may pay off at different points of time or have different degrees of risk. Moreover, it discusses how companies raise the necessary funds to pay for these investments and why they might prefer a particular source of finance. Overall, this module presents the tools of modern financial management in a consistent conceptual framework.

NBS-5008Y

20

FURTHER ACTUARIAL TOPICS

The use of stochastic techniques for modelling share prices, derivatives and interest rates are becoming increasingly important tools for the actuary. This module introduces stochastic interest rate models and gives an introduction to derivatives. It also expands on the application of Statistics within General Insurance with particular reference to Ruin Theory and Credibility Theory. This module is restricted to Actuarial Science students only and is not available to students outside this course.

CMP-6033A

10

FURTHER CONTINGENCIES

This module provides grounding in the mathematical techniques which can be used to model and value cash flows dependent on death, survival or other uncertain risks. It considers the statistics associated with various life assurance contracts and the calculation of their premiums and reserves. The module closely follows the Actuarial Profession's syllabus for 'CT5', Contingencies (www.actuaries.org.uk/researchand-resources/documents/subject-ct5-contingencies-syllabus-2012-exams) and it is anticipated that successful completion of this module together with the successful completion of the second year module CMP-5035Y, Contingencies, will enable students choosing to follow an actuarial career to gain an exemption from CT5.

CMP-6037B

10

Students will select 40 credits from the following modules:

Please be aware that if you wish to be eligible for the IFoA CT8 exemption then you must select BOTH CMP-6035A and CMP-6032B. Students are not permitted to take just one of these modules, they must take both CMP-6035A AND CMP-6032B together.

Name Code Credits

ADVANCED FINANCIAL ACCOUNTING

This module is about building on the work done in NBS-5002Y Financial Accounting. It will deepen your understanding of the theory and practice of financial reporting. You look at some technical areas such as group accounts in more depth. The module will develop your technical skills. It is also an opportunity to question the practices of financial reporting; why are some things included and others excluded from the financial statements, in what other ways could transactions be reported, how do we measure transactions and why that way?

NBS-6001Y

20

AUDIT AND ACCOUNTABILITY

The aim of this module is to give students an introduction to the theory and practice of auditing. The emphasis is on the external audit of limited companies. The module also includes a discussion of current dilemmas and research in auditing, notably the audit expectations gap and audit regulation. It is designed as a specialist module for students on Accounting related degrees.

NBS-6002Y

20

COMPUTING PROJECT

This module will give you experience of independent project work through the development of research and application involving a significant amount of computing science knowledge and skills, for example, in design/implementation of algorithms, software, or hardware systems. It will also provide, via the lecture programme, a primer on the law, ethical and professional behaviour, project management, reporting and other aspects of being a computer scientist. You will be allocated a supervisor and will be expected to work closely with him or her on a mutually agreed project.

CMP-6013Y

40

FINANCIAL MARKETS

This module is an asset pricing and portfolio management module.

CMP-6035A

20

FURTHER FINANCIAL MATHEMATICS

This is a technical finance unit aimed at students wishing to pursue careers in the financial sector. The focus will be on derivatives valuation and hedging. The unit will be highly analytical, with weekly seminar sessions held in computer labs. Topics covered will include: bonds; futures/ forwards; options (incl. real options); hedging; VaR; continuous time stochastic processes and calculus; and stochastic models of security prices.

CMP-6032B

20

MACHINE LEARNING

This module covers the core topics that dominate machine learning research: classification, clustering and reinforcement learning. We describe a variety of classification algorithms (e.g. Neural Networks, Decision Trees and Learning Classifier Systems) and clustering algorithms (e.g. k-NN and PAM) and discuss the practical implications of their application to real world problems. We then introduce reinforcement learning and the Q-learning problem and describe its application to control problems such as maze solving.

CMP-6002B

20

PERSONAL AND CORPORATE TAXATION

This module is about the theory and practice of personal and corporate taxation within the UK. The module includes an examination of current legal and professional taxation requirements. Whilst the module is primarily directed at the UK taxation system, aspects of International taxation will also be considered.

NBS-6003Y

20

SYSTEMS ENGINEERING

This module draws together a wide range of material and considers it in the context of developing modern large-scale computer systems. Topics such as Outsourcing, Process Improvement, System Failure, Project Management, Configuration Management, Maintainability, Legacy Systems and Re-engineering, Acceptance and Performance Testing, Metrics and Human Factors are covered in this module. The module is supported by a series of industrial case studies and includes speakers from industry.

CMP-6003B

20

Disclaimer

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules and regular (five-yearly) review of course programmes. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, there will normally be prior consultation of students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff or sabbatical leave. Where this is the case, the University will endeavour to inform students.

Entry Requirements

  • A Level AAB or ABBB including A in Mathematics
  • International Baccalaureate 33 points including HL Mathematics at 6 and one other HL subject at 6
  • Scottish Advanced Highers AAB including A in Mathematics
  • Irish Leaving Certificate AAAABB including A in Mathematics or 4 subjects at H1 and 2 subjects at H2 including H1 in Mathematics
  • Access Course Pass the Access to HE Diploma with Distinction in 36 credits at Level 3 and Merit in 9 credits at Level 3, including 12 Level 3 credits in Mathematics
  • BTEC Only accepted alongside A level Mathematics
  • European Baccalaureate Overall 80% including 85% in Mathematics

Entry Requirement

Grade A or A* in A Level Mathematics or equivalent.

General Studies and Critical Thinking are not accepted.

You are required to have Mathematics and English Language at a minimum of Grade B or Grade 5 or above at GCSE.

UEA recognises that some students take a mixture of International Baccalaureate IB or International Baccalaureate Career-related Programme IBCP study rather than the full diploma, taking Higher levels in addition to A levels and/or BTEC qualifications. At UEA we do consider a combination of qualifications for entry, provided a minimum of three qualifications are taken at a higher Level. In addition some degree programmes require specific subjects at a higher level.

Students for whom English is a Foreign language

We welcome applications from students from all academic backgrounds. We require evidence of proficiency in English (including writing, speaking, listening and reading):

  • IELTS: 6.5 overall (minimum 6.0 in any component)

We also accept a number of other English language tests. Please click here to see our full list.

INTO University of East Anglia 

If you do not meet the academic and or English requirements for direct entry our partner, INTO University of East Anglia offers guaranteed progression on to this undergraduate degree upon successful completion of a preparation programme. Depending on your interests, and your qualifications you can take a variety of routes to this degree:

International Foundation in General Science FS1

International Foundation in Physical Sciences and Mathematics FS3

International Foundation in Mathematics with Actuarial Science FMA 

Interviews

The majority of candidates will not be called for an interview and a decision will be made via UCAS Track. However, for some students an interview will be requested. You may be called for an interview to help the School of Study, and you, understand if the course is the right choice for you.  The interview will cover topics such as your current studies, reasons for choosing the course and your personal interests and extra-curricular activities.  Where an interview is required the Admissions Service will contact you directly to arrange a convenient time.

Gap Year

We welcome applications from students who have already taken or intend to take a gap year.  We believe that a year between school and university can be of substantial benefit. You are advised to indicate your reason for wishing to defer entry and to contact admissions@uea.ac.uk directly to discuss this further.

Intakes

The School's annual intake is in September of each year.

Fees and Funding

Undergraduate University Fees and Financial Support: Home and EU Students

Tuition Fees

Please see our webpage for further information on the current amount of tuition fees payable for Home and EU students and for details of the support available.

Scholarships and Bursaries

We are committed to ensuring that costs do not act as a barrier to those aspiring to come to a world leading university and have developed a funding package to reward those with excellent qualifications and assist those from lower income backgrounds. 

Home/EU - The University of East Anglia offers a range of Bursaries and Scholarships.  To check if you are eligible please visit 

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Undergraduate University Fees and Financial Support: International Students

Tuition Fees

Please see our webpage for further information on the current amount of tuition fees payable for International Students.

Scholarships

We offer a range of Scholarships for International Students – please see our website for further information.

How to Apply

Applications need to be made via the Universities Colleges and Admissions Services (UCAS), using the UCAS Apply option.

UCAS Apply is a secure online application system that allows you to apply for full-time Undergraduate courses at universities and colleges in the United Kingdom. It is made up of different sections that you need to complete. Your application does not have to be completed all at once. The system allows you to leave a section partially completed so you can return to it later and add to or edit any information you have entered. Once your application is complete, it must be sent to UCAS so that they can process it and send it to your chosen universities and colleges.

The UCAS code name and number for the University of East Anglia is EANGL E14.

Further Information

If you would like to discuss your individual circumstances with the Admissions Office prior to applying please do contact us:

Undergraduate Admissions Office
Tel: +44 (0)1603 591515
Email: admissions@uea.ac.uk

    Next Steps

    We can’t wait to hear from you. Just pop any questions about this course into the form below and our enquiries team will answer as soon as they can.

    Admissions enquiries:
    admissions@uea.ac.uk or
    telephone +44 (0)1603 591515