Actuarial Mathematics

Study mode:On campus Study type:Full-time Languages: English
Foreign:$ 17.5 k / Year(s) Deadline: Jun 30, 2024
163 place StudyQA ranking:6739 Duration:3 years

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A course aimed at those students who see themselves working in the world of insurance, financial or governmental services, where actuarial mathematics plays a key role.

This popular degree programme teaches students skills and knowledge that are highly desirable in the industry and offers graduates great employment prospects. The programme is designed primarily for those who wish to work in quantitative finance or banking after graduation.

We have recently received accreditation from the Institute and Faculty of Actuaries. Currently, our students can receive exemptions for CT1-CT8 of the professional actuarial exams conducted by The Institute and Faculty of Actuaries, the Professional body for actuaries in the UK.

Why this subject?

  1. Take the first steps towards a brilliant career. Employers tell us that, alongside key problem solving skills, they want strong communication skills and the ability to work in a team – so we have ensured that these are integral to our Mathematics programmes. As a result, we have an excellent graduate employment record. About a third of graduates become business and finance professionals; but there is a whole host of other careers which our graduates have found success in – management training, information technology, further education or training (including teacher training), and scientific research and development – and many more.
  2. Shape your own degree from our wide range of study options. Our modules range from Financial Mathematics to Fluid Mechanics, from Chaos to Combinatorics. In the final year, many of our degree programmes offer the opportunity to undertake an in-depth project on a topic of your choice, supervised by a leading expert in the field so whatever element of mathematics you are passionate about, you will be able to explore it in full.
  3. Fulfil your potential in a supported environment. We take students from a wide variety of educational backgrounds and we work hard to give everyone the opportunity to shine. Features such as the peer-assisted study scheme – where Year Two and upwards students assist first years with maths problems – as well as small first-year tutorial groups, a department common room and kitchen, and a lively maths society help to foster a friendly and supportive environment. We are also proud of our record on teaching quality, with five members of the Department having received the prestigious Sir Alastair Pilkington Award for Teaching, the University’s top accolade for teaching quality.
  4. Put maths into practice through our innovative outreach programme. We encourage all our students to get involved in our extensive outreach programme with schools in the Merseyside area and beyond. This is a particularly valuable experience for those interested in a career in teaching, but for all students it is a brilliant opportunity to build your transferable skills. Activities include joining a visit to a local school to help out with an interactive learning session, or giving a presentation at the University's Maths Club. 

Programme Year One

The Actuarial Maths degree has been accredited by the UK Actuarial Profession, which means that students can obtain exemption from some of the subjects in the Institute and Faculty of Actuaries’ examination system.  

All exemptions will be recommended on a subject-by-subject basis, taking into account performance at the University of Liverpool.

Further information can be found at the actuarial profession’s website.

Core Technical Stage

Exemptions are based on performance in the relevant subjects as listed below.

  • Subject CT1 Financial Mathematics: Financial Mathematics I &II
  • Subject CT2 Finance & Financial Reporting: Introduction to Financial Accounting, Introduction to Finance & Financial Reposting and Finance
  • Subject CT3 Probability & Mathematical Statistics: Statistical Theory I & II
  • Subject CT4 Models: Applied Probability & Actuarial Models
  • Subject CT5 Contingencies: Life Insurance Mathematics I & Life Insurance Mathematics II
  • Subject CT6 Statistical Methods: Mathematical Risk Theory & Statistical Methods in Actuarial Science
  • Subject CT7 Economics: Principles of Microeconomics, Principles of Macroeconomics, Microeconomics I & International Trade.
  • Subject CT8 Financial Economics: Financial Mathematics II, Security Markets & Stochastic Modelling in Insurance and Finance

You will take the following modules in Year 1:

  • Calculus I
  • Introduction to Linear Algebra
  • Calculus II
  • Financial Accounting
  • Principles of Microeconomics
  • Introduction to Statistics
  • Introductory Finance
  • Principles of Macroeconomics

Tutorials for foundation modules are in groups of about 8 students.

Compulsory modules

  • Calculus I (MATH101)
  • Calculus Ii (MATH102)
  • Introduction To Linear Algebra (MATH103)
  • Introduction To Statistics (MATH162)
  • Principles of Microeconomics (ECON121) 
  • Principles of Macroeconomics (ECON123) 

Programme Year Two

In the second and subsequent years of study, there is a wide range of modules. Each year you will choose the equivalent of eight modules. Please note that we regularly review our teaching so the choice of modules may change.

  • Financial Mathematics I
  • Financial Mathematics II
  • Statistical Theory and Methods I
  • Statistical Theory and Methods II 
  • Life Insurance Mathematics I
  • Financial Reporting and Finance

Please note that along with the compulsory module, two modules in Life Insurance and Financial Reporting & Finance must be taken.

Compulsory modules

  • Financial Mathematics I (MATH267)
  • Financial Mathematics Ii (MATH262)
  • Statistical Theory and Methods I (MATH263)
  • Statistical Theory and Methods II

Optional modules

  • Ordinary Differential Equations (MATH201) 
  • Mathematical It Skills (MATH111)
  • Mathematical Models: Microeconomics and Population Dynamics (MATH227)
  • Introduction To Methods of Operational Research (MATH261)
  • Microeconomics 1 (ECON221) 
  • Introduction To The Methods of Applied Mathematics (MATH224) 
  • Measure Theory and Probability (MATH265) 
  • Numerical Methods (MATH266)
  • Microeconomics 2 (ECON222) 
  • Securities Markets (ECON241) 

Programme Year Three

  • Applied Probability
  • Mathematical Risk Theory
  • Statistical Methods in Actuarial Science
  • Life Insurance Mathematics II
  • Actuarial Models

Please note that along with the compulsory module, two modules in Life Insurance and Financial Reporting & Finance must be taken.

Compulsory modules

  • Applied Probability (MATH362) 
  • Mathematical Risk Theory (MATH366) 

Optional modules

  • Further Methods of Applied Mathematics (MATH323)
  • Mathematical Economics (MATH331)
  • Applied Stochastic Models (MATH360)
  • Networks In Theory and Practice (MATH367)
  • Industrial Organisation (ECON333)
  • International Trade (ECON335)
  • Competition and Regulation (ECON337)
  • Behavioural Finance (ACFI311)

Requirements

  • Students who have followed the national curriculum (Attestat o Srednem Obshchem Obrazovanii) must complete the University of Liverpool International Foundation Year or an equivalent foundation programme.
  • Students offering A-levels, the International Baccalaureate Diploma with a minimum of 28 points or SATs can apply for direct entry to year one of undergraduate programmes.
  • Mathematics A level grade A
  • International Baccalaureate: 35 including 6 in Higher Mathematics
  • IELTS 6.0 with minimum 5.5 in each component.
  • Please note that TOEFL is no longer classified by UK Visas and Immigration (UKVI) as a secure English Language Test (SELT). However the University is continuing to accept TOEFL at the required level for entry onto undergraduate and postgraduate academic programmes.

Scholarships

  • Liverpool International College (LIC) Merit Award
  • International Baccalaureate (IB) Award
  • Vice Chancellor's International Attainment Scholarship
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