MMath Actuarial and Data Science


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Degree of Master of Mathematics



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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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Find out what it’s like to study Actuarial Sciences at UEA.

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Key facts

Key facts

Gain exemptions from the CM1, CM2, CS1, CS2, CB1 and CB2 professional exams set by the Institute and Faculty of Actuaries.

Crossing the road, making a cup of tea, flying on holiday, starting a new business: nearly everything in life encompasses an element of risk. To an Actuary, risk is everything. If you’re strong on mathematics and have an interest in business and economics, are fascinated by world events and not afraid to take an educated gamble, a career in this profession could be ideal.

Our integrated masters in Actuarial & Data Science degree will teach you how to look to the future from a business perspective, assess any likely impact, then put a price on mitigating any risk. Due to our strong links with industry, you’ll have opportunities to put the theory into practice. The fourth year of the programme will allow you to expand your skills beyond that of a standard graduate. You will have the opportunity to increase your computing, communication and business awareness skills to provide the potential for you to be an asset to any potential employer.

Overview

If you have a love of mathematics and business but want to work with them in a more applied field, Actuarial Science is a great choice. As well as becoming a professional Actuary, it opens up doors to broader fields including data science and risk management.

Our multidisciplinary Actuarial Science degree course brings together UEA’s Schools of Mathematics, Computing Sciences and Economics, along with the expertise of practising Actuaries.

You’ll develop core skills across mathematics, statistics and finance, and each year you’ll have the option to choose a traditional actuarial module or, if you’re thinking about specialising in data science, you’ll be able focus on developing additional computing skills. Plus, we’ll help you hone the communication and presentation skills essential to any graduate entering the financial sector. Adding a 4th year to your programme will broaden your skillset and expose you to the world of data science which is an exciting growth area for the actuarial profession.

Our strong links with industry mean you’ll have unique opportunities to see theory put into practice and our syllabus includes guest lectures from working professionals, such as the expertise of practising Actuaries from global insurance giant, Aviva. What’s more, you’ll have the opportunity to gain exemptions from the professional examinations set by the Institute & Faculty of Actuaries, so you could graduate one step ahead of your competition.

Course Structure

You’ll commence this four-year degree by further developing your knowledge of mathematics, computing, economics and business. In each of the first 3 years you’ll have the option to choose a traditional actuarial module, or if you’re thinking about specialising in data science, you’ll be able to focus on developing additional computing skills. Plus we’ll help you hone the communication and presentation skills essential to anyone entering the financial sector. The final year of the programme allows an increased level of choice allowing students to increase their data science skills as well as business awareness and communication.

Year 1

Compulsory modules in the first year provide you with a clear understanding of mathematics, computing and problem solving. You’ll build on and develop your pre-existing knowledge and start developing your awareness and understanding of actuarial mathematics, as well as acquiring some practical modelling skills. Options in year one allow you to choose between a skills-based module, taught in partnership with practicing actuaries, and an additional computing module, designed to develop your data science skills.

Year 2

In the second year you’ll be introduced to specific actuarial themes and taught about business in the context of the actuarial profession. Optional modules offer you the choice between ‘Financial Accounting for Actuaries’, which is included in the accreditation agreement, and a computing science module. So, once again, you can tailor your programme to a more traditional actuarial science degree, or to one with a broader set of computing skills.

Year 3

In third year you’ll be able to focus on developing your advanced knowledge of statistics, mathematics and professional actuarial practise. You’ll also be given the option to complete a dissertation, as well as a module taught in partnership with practising actuaries. Alternatively, if computer science is your preferred area of focus, you could choose to further develop these skills.

Year 4

Academic development continues into your final year, where you will be able to focus on developing your skills to suit your strengths and tailor them to future employment opportunities. Students will have the option to either build on computing skills learnt in the first 3 years or to gain further computing skills depending on the options taken previously. Students will also have the option to take additional modules to develop their ‘soft skills’ such as communication and business awareness. Finally, all students will take a project module which will allow them to develop skills/knowledge in a relevant area of their choice.

Teaching and Learning

The Actuarial Science degree at UEA is taught through a combination of lectures, classes, seminars and lab work. Our lab work, classes and seminars are particularly crucial to your degree programme, as they are where we’ll reinforce and expand on the material covered in the lectures.

We also offer specialist actuarial modules, which are usually taught by qualified actuaries in a classroom environment, providing you with plenty of interactivity and real world examples.

Independent study

Your formal teaching on the course will be complemented with individual study. You’ll be set formative work to complete between lectures and within classes, seminars and lab work, helping cement your understanding of new material.

Learning to study independently is a key skill for all aspiring Actuaries and is something that will be developed gradually throughout the programme as your confidence grows.

Assessment

We employ a range of assessment methods throughout the course, including, examinations, written assignments, class tests, problem sheets, group work and presentations to a variety of audiences.

We adapt how and when we assess you in accordance with each module’s content and objectives, however most modules will feature a combination of coursework and exams.

After the course

On successful completion of our Actuarial Science degree, your academic performance could earn you exemptions to the professional actuarial examinations set by the Institute & Faculty of Actuaries. This means that on graduation, subject to reaching a certain level of academic performance, you will be entitled to exemptions from CM1 &2, CS1&2 CB1 &2. If you achieve a good degree class, you can expect to be fully-qualified within two or three years.

Beyond becoming a professional Actuary, you could choose to pursue a stimulating and influential career in a wide range of sectors, including business, insurance, pensions, banking, accounting and other financial services.

Career destinations

Examples of careers that you could enter include:

  • Actuary
  • Banking and finance
  • Data scientist
  • Risk manager
  • Investment manager
  • Financial modeler

Course related costs

Students are strongly encouraged to purchase recommended texts for the actuarial modules as well as a copy of the ‘Formulae and Tables for Examinations of the Faculty of Actuaries and the Institute of Actuaries’. Both can be purchased via the School at a discounted price at the start of each academic year.

Please see Additional Course Fees for details of other course-related costs.

Accreditation

This course is accredited by the Institute and Faculty of Actuaries (IFoA).

By studying an accredited degree course means that you may be eligible for exemptions from some of the IFoA’s professional exams. This will depend on the modules you take and the grades you obtain. For a current list of exemptions please visit the IFoA’s website

Course Modules 2019/0

Students must study the following modules for 80 credits:

Name Code Credits

CALCULUS AND MULTIVARIABLE CALCULUS

In this module, you will explore: (a) Complex numbers. (b) Vectors. (c) Differentiation; power series. (d) Integration: applications, curve sketching, area, arc-length. (e) First and second-order, constant-coefficient ordinary differential equations. Reduction of order. Numerical solutions using MAPLE. Partial derivatives, chain rule. (f) Line integrals. Multiple integrals, including change of coordinates by Jacobians. Green's Theorem in the plane.

MTHA4008Y

30

ECONOMICS FOR ACTUARIES

By taking this module you will learn an introduction to core economic theory and principles in a business context. You will learn about both basic microeconomic and macroeconomic theory which will ensure you gain the ability to understand and analyse current economic issues with relevance for business.

CMP-4014Y

20

INTRODUCTION TO FINANCIAL MATHS and MODELLING

You will learn introductory material relating to financial maths such as present values, accumulations, annuities. You will also get an introduction to spreadsheet skills for actuaries as well as some discrete maths material in preparation for later modules.

CMP-4003A

20

PROBABILITY

Probability is the study of the chance of events occurring. It has important applications to understand the likelihood of multiple events happening together and therefore to rational decision-making. This module will give you an introduction to the modern theory of probability developed from the seminal works of the Russian mathematician A.N. Kolmogorov in 1930s. Kolmogorov's axiomatic theory describes the outcomes (events) of a random experiment as mathematical sets. Using set theory language you will be introduced to the concept of random variables, and consider different examples of discrete random variables (like binomial, geometric and Poisson random variables) and continuous random variables (like the normal random variable). In the last part of the module you will explore two applications of probability: reliability theory and Markov chains. Aside of the standard lectures and workshop sessions, there will be two computer-lab sessions of (2 hours each) where you will apply probability theory to specific everyday life case studies. The only pre-requisites for this module are a basic knowledge of set theory and of calculus that you would have acquired during the Autumn semester. If you have done probability or statistic at A-level you will rediscover its contents now taught using a proper and more elegant mathematical formalism.

MTHA4001B

10

Students will select 20 credits from the following modules:

Name Code Credits

ACTUARIAL SKILLS 1

In taking this module, in addition to classes led by UEA academics, you will have contact with practicing actuaries. You will develop a good understand of the traditional areas in which actuaries work. You will also begin to develop and practice communication skills, particularly those related to future employment. You will be given the opportunity to identify the skills you already have and to consider how you can develop further relevant skills.

CMP-4011B

20

DATABASE SYSTEMS

This module is based on the relational model and will introduce you to important aspects of databases, database manipulation and database management systems. You will explore the tools and methods for database design and manipulation as well as the programming of database applications. You will use a modern relational database management system to gain practical experience. You will also develop programming experience using SQL, and using a high level programming language to write applications that access the database.

CMP-4010B

20

Students will select 20 credits from the following modules:

Name Code Credits

INTRODUCTORY PROGRAMMING

Introductory Programming introduces a number of programming concepts to students at the start of their programming careers, using a modern programming language common to many digital industries. We structure learning through lectures, delivering core materials, and tutor supported exercises to reinforce learning, and to prepare students for programming in their following studies. At the end of the module, students will be able to apply key programming concepts to financial problems relevant to their courses.

CMP-4012A

20

WEB-BASED PROGRAMMING

In this module you will be introduced to some of the tools used for web development. You will then build a substantial dynamic web site using HTML, CSS, Javascript and a high level language. An understanding of the underlying mechanisms of the technologies used in the Internet and World Wide Web is essential for any computing science student. Therefore, in the latter part of the module you will learn about these technologies and undertake a practical approach to exploring them. You will learn about issues of information systems security at all stages but also in dedicated sessions. In the final element of the module you will study multi-media issues in web based systems.

CMP-4011A

20

Students must study the following modules for 100 credits:

Name Code Credits

Applied Statistics

This module considers both the theory and practice of statistical modelling of time series. Students will be expected to analyse real data using R.

CMP-5042B

10

CONTINGENCIES AND MODELLING

You'll gain a good grounding in the mathematical techniques which can be used to model and value cash flows dependent on death, survival or other uncertain risks. You will study the statistics associated with various life assurance contracts and the calculation of their premiums and reserves. You will also develop further your financial modelling skills by focusing on understanding the importance of an audit trail and including good model documentation.

CMP-5031Y

20

DIFFERENTIAL EQUATIONS AND LINEAR ALGEBRA

This module builds on the mathematical fundamentals introduced in year 1 and covers both Differential Equations and Linear Algebra. You'll develop the pre-requisite mathematical skills for Actuarial Methods and Models, and Advanced Statistics. In Differential Equations you will develop skills for solving both Ordinary Differential Equations and Partial Differential Equations by a variety of techniques. For Ordinary Differential Equations the methods include series solutions and the method of Frobenius. Fourier series are introduced and utilised when solving Partial Differential Equations by separation of variables. In Linear Algebra you will develop skills in the algebra of matrices, including: Matrix operations, linear equations, determinants, eigenvalues and eigenvectors, diagonalization and geometric aspects.

MTHB5008A

20

FINANCIAL MATHEMATICS

In taking this module you will build on the fundamentals of compound interest introduced in the first year of the course. You will learn how the key concepts introduced can be used in practical financial applications for actuaries.

CMP-5009A

20

LINEAR REGRESSION USING R

THIS MODULE WILL NOT BE AVAILABLE UNTIL 2020/21. This is a module designed to give students the opportunity to apply linear regression techniques using R. 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 provide an introduction to R and then provide the specifics in linear regression.

CMP-5043B

10

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 will select 20 credits from the following modules:

Name Code Credits

FINANCIAL ACCOUNTING FOR ACTUARIES

In taking this module you will learn the necessary basic financial accounting skills/knowledge required by Actuaries.

CMP-5040Y

20

PROGRAMMING FOR NON-SPECIALISTS

The purpose of this module is to give you a solid grounding in the essential features programming using the Java programming language. The module is designed to meet the needs of the student who has not previously studied programming.

CMP-5020B

20

Students must study the following modules for 60 credits:

Name Code Credits

ACTUARIAL METHODS AND MODELS

You will gain a further grounding in mathematical and statistical techniques of relevance to financial work including a grounding in stochastic processes and survival models and their applications. You will learn about risk models involving frequency and severity distributions and the concept of ruin. You will also examine the use of Bayesian statistics to derive credibility premiums and the techniques for analysing "run-off" triangles in general insurance.

CMP-6041Y

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

GENERALISED LINEAR MODELS

This module covers Linear and Generalised Linear models. It covers both the theory and practice of statistical model fitting and students will be expected to analyse real data using R.

CMP-6046A

10

STOCHASTIC PROCESSES

NOT AVAILABLE UNTIL 2020/1. This module covers stochastic processes - including the random walk, Markov chains, Poisson processes, and birth and death processes.

CMP-6047A

10

Students will select 60 credits from the following modules:

Name Code Credits

FINANCIAL ACCOUNTING FOR ACTUARIES

In taking this module you will learn the necessary basic financial accounting skills/knowledge required by Actuaries.

CMP-5040Y

20

FINANCIAL MARKETS

In taking this module you will learn about both asset pricing and portfolio management.

CMP-6035A

20

FURTHER FINANCIAL MATHEMATICS

This is a technical finance module and ideal if you are wishing to pursue a career in the financial sector. The focus will be on derivatives valuation and hedging. The unit will be highly analytical, with seminar sessions held in computer labs. Topics covered will include: bonds; futures/ forwards; options; swaps; hedging; VaR; continuous time stochastic processes and calculus; and stochastic models of security prices.

CMP-6032B

20

INFORMATION RETRIEVAL

In this module you will learn about the development of the technologies which are the basis of search on the Web. Search engine development has been driven by large increases in online documents and the need to provide better results. You will learn about a range of techniques for improving search results and how to evaluate their impact.

CMP-5036A

20

STATISTICS PROJECT

This will give you experience of independent project work and, via the lecture programme, will provide a primer on the law, ethical and professional behaviour, project management, reporting and other aspects of being a statistician. You will be allocated a supervisor and will be expected to work closely with him or her on a mutually agreed project.

CMP-6028Y

40

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 Systems Thinking, Casual Loop Diagrams, Systems Failure, Outsourcing, Quality, Risk Management, Measurement, Project Management, Software Process Improvement, Configuration Management, Maintainability, Testing, and Peopleware are covered in this module. The module is supported by well documented case studies and includes guest speakers from industry.

CMP-6003B

20

Students must study the following modules for 60 credits:

Name Code Credits

DATA MINING

This module is designed for postgraduate students studying on MSc courses. You will explore the methodologies of Knowledge Discovery and Data Mining (KDD). You will cover each stage of the KDD process, including preliminary data exploration, data cleansing, pre-processing and the various data analysis tasks that fall under the heading of data mining, focusing on clustering, classification and association rule induction. Through this module, you will gain knowledge of algorithms and methods for data analysis, as well as practical experience using leading KDD software packages.

CMP-7023B

20

MMATH PROJECT

This module is modelled on the Mathematics MMath project module MTHA7029Y. However, in this case it consists of a supervised dissertation on a topic in the general area of probability or statistics. It may involve some computation, this will depend on the topic chosen.

CMP-7017Y

40

Students will select 60 credits from the following modules:

Name Code Credits

APPLICATIONS PROGRAMMING

The module aims to establish a clear understanding of Object Oriented Programming (OOP) and essential Objected Oriented Methodologies for developing application software. It teaches Java programming language and uses it as a vehicle to learn important concepts, such as objects, classes, inheritance, encapsulation and polymorphism. It also covers the Unified Modelling Language (UML) as a tool for object-oriented analysis and design, software development life cycle models, software testing strategies and techniques and version control.

CMP-7000A

20

ARTIFICIAL INTELLIGENCE

This module will introduce you to core techniques in Artificial Intelligence. Topics covered may include introduction to Prolog programming, state space representation and search algorithms, knowledge representation, expert systems, Bayesian networks, neural networks and deep learning.

CMP-7028A

20

BUSINESS AWARENESS and ETHICS

CMP-7035A

20

COMMUNICATION FOR BUSINESS

CMP-7035B

20

DATABASE MANIPULATION

This module introduces you to important aspects of databases, database manipulation and database management systems. The module is based on the relational model. You will explore the tools and methods for database design and manipulation as well as the programming of database applications. Part of the practical experience you will gain will be acquired using a modern relational database management system. You will also gain programming experience using SQL, and using a high level programming language to write applications that access the database.

CMP-7025A

20

FINANCIAL ACCOUNTING FOR ACTUARIES (MMTH)

CMP-7035Y

20

INFORMATION VISUALISATION

This module is an introduction to information visualisation. You will learn techniques for summarising and presenting a wide range of data. There is a strong emphasis on understanding the appropriate context and use of visualisation techniques. You will also learn about problems and techniques for dealing with large data flows and issues of integrating multiple data sources.

CMP-7022B

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. In some cases optional modules can have limited places available and so you may be asked to make additional module choices in the event you do not gain a place on your first choice. Where this is the case, the University will endeavour to inform students.

Further Reading

  • UEA Award

    Develop your skills, build a strong CV and focus your extra-curricular activities while studying with our employer-valued UEA award.

    Read it UEA Award
  • Scholarship

    The UEA Actuarial Science Scholarship is available for 2019 entry for those achieving AAB with A in A level Maths (or equivalent qualifications)

    Read it Scholarship
  • Ask a Student

    This is your chance to ask UEA's students about UEA, university life, Norwich and anything else you would like an answer to.

    Read it Ask a Student
  • University Taster Events

    Come to one of our taster events and experience university life for yourself. Book now.

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Entry Requirements

  • A Level ABB including grade A in Mathematics. Science A Levels must include a pass in the practical element.
  • International Baccalaureate 32 including HL6 in Mathematics: Analysis and Approaches.
  • Scottish Highers Only accepted in combination with Advanced Highers.
  • Scottish Advanced Highers BCC including grade B in Mathematics.
  • Irish Leaving Certificate 3 Subjects at H2 including Mathematics and 3 subjects at H3.
  • Access Course Pass the Access to HE Diploma with Distinction in 30 credits at Level 3 including 12 credits in Maths and Merit in 15 credits at Level 3.
  • BTEC DDM in IT, Science based or Business alongside grade A A-Level Mathematics. Excludes BTEC Public Services, BTEC Uniformed Services and BTEC Business Administration
  • European Baccalaureate 75% overall with 85% in Mathematics.

Entry Requirement

A-Level General Studies and Critical Thinking are not accepted.

Science A-levels must include a pass in the practical element.

You are required to have English Language at a minimum of Grade C/4 or above and Mathematics at Grade C/4 or above at GCSE.

If you do not meet the academic requirements for direct entry, you may be interested in one of our Foundation Year programmes.

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 speaking, listening, reading and writing) at the following level:

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

We will also accept a number of other English language qualifications. Please click here for further information.

INTO University of East Anglia 

If you do not meet the academic and/or English language requirements for this course, our partner INTO UEA offers guaranteed progression on to this undergraduate degree upon successful completion of a foundation programme. Depending on your interests and your qualifications you can take a variety of routes to this degree:

  •  

INTO UEA also offer a variety of English language programmes which are designed to help you develop the English skills necessary for successful undergraduate study:

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 on your UCAS application.

Intakes

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

Alternative Qualifications

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.

GCSE Offer

You are required to have Mathematics and English Language at a minimum of Grade C or Grade 4 or above at GCSE.

Course Open To

UK and Overseas applicants.

Fees and Funding

Undergraduate University Fees and Financial Support

Tuition Fees

Information on tuition fees can be found here:

 

UK students

 

EU Students (2019 entry)

 

Overseas Students

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. 

 

The University of East Anglia offers a range of Scholarships; please click the link for eligibility, details of how to apply and closing dates.

Scholarships

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. 

 

The University of East Anglia offers a range of Scholarships; please click the link for eligibility, details of how to apply and closing dates.

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 application 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 is sent to UCAS so that they can process it and send it to your chosen universities and colleges.

The Institution code for the University of East Anglia is E14.

FURTHER INFORMATION  

Please complete our Online Enquiry Form to request a prospectus and to be kept up to date with news and events at the University. 

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