Actuarial Mathematics

The MSc in Actuarial Mathematics at the University of Liverpool is a comprehensive postgraduate program designed to equip students with advanced knowledge and skills in the field of actuarial science. This program aims to prepare graduates for a career as professional actuaries by providing a strong foundation in mathematics, statistics, finance, and risk management. The curriculum is carefully structured to cover core areas such as probability theory, financial mathematics, survival models, loss models, and actuarial modeling techniques, enabling students to develop both theoretical understanding and practical application skills.

Throughout the course, students engage with a variety of modules that explore the principles of insurance, pension funding, and investment strategies, as well as emerging areas like data analytics and computational methods. The program also emphasizes the importance of professional ethics and communication skills, which are vital in the actuarial profession. Delivered by experienced academics and industry experts, the program combines lectures, seminars, and practical case studies to foster a deep understanding of complex concepts and their real-world applications.

The University of Liverpool’s strong links with the actuarial industry provide students with opportunities for placements, networking, and professional development. Students are encouraged to undertake actuarial examinations in parallel with their studies, facilitating progression towards full membership of professional bodies such as the Institute and Faculty of Actuaries. The MSc in Actuarial Mathematics is suitable for graduates with a background in mathematics, statistics, economics, or related disciplines who wish to specialize in actuarial work.

Graduates of this program will be well-positioned to pursue careers in insurance companies, consultancy firms, financial institutions, and governmental agencies, where they can contribute to risk assessment, product development, and strategic decision-making. The program aims not only to develop technical proficiency but also to foster analytical thinking, problem-solving skills, and ethical standards necessary for success in the dynamic field of actuarial science. The MSc typically lasts one year full-time, with flexible study options available for part-time students.

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

The Actuarial Mathematics program at the University of Liverpool offers students a comprehensive education in the principles and practices that underpin the actuarial profession. Designed to prepare students for careers in insurance, finance, and risk management, the program combines rigorous mathematical instruction with practical applications relevant to real-world financial and insurance contexts. Students will develop a strong foundation in mathematical techniques, probability theory, statistics, financial mathematics, and actuarial modeling, equipping them with the skills necessary to analyze and solve complex problems faced by insurance companies, pension schemes, and financial institutions.

The program is structured to include modules in core areas such as calculus, linear algebra, probability and statistics, as well as specialized courses focused on actuarial science, risk theory, and financial mathematics. Practical skills are emphasized through coursework and real-world case studies, fostering an understanding of the ethical, legal, and regulatory considerations inherent in actuarial work. The curriculum is aligned with the requirements of professional actuarial bodies such as the Institute and Faculty of Actuaries (IFoA) in the UK, enabling students to progress smoothly toward professional accreditation.

Students pursuing this degree can benefit from access to dedicated actuarial professional development resources, guest lectures from industry experts, and opportunities for internships or work placements. The University of Liverpool's strong links with insurance and financial companies provide pathways for experiential learning and networking, enhancing employability upon graduation. The program also offers flexibility through optional modules, allowing students to tailor their studies according to their interests in areas such as data analytics, financial risk management, or pension schemes.

In addition to technical expertise, graduates of this program acquire critical thinking, problem-solving, and communication skills that are highly valued in the actuarial industry. The program equips students with the analytical tools needed to assess risk, develop pricing strategies, and make informed financial decisions. With a focus on both theoretical knowledge and practical application, the Actuarial Mathematics program at Liverpool aims to produce highly competent professionals capable of meeting the evolving challenges of the financial sector.

Overall, this degree provides a solid academic and professional foundation for those aspiring to become fully qualified actuaries, offering a pathway to membership in professional actuarial societies and a wide range of career opportunities worldwide.