Actuarial Science

Description

If you have enjoyed A level Mathematics and are interested in the applications of statistics to the social sciences, business and finance, you should consider one of the three programmes offered in this area.

BSc Actuarial Science applies mathematical skills to a range of applied subjects, and helps to solve important problems for insurance, government, commerce, industry and academic researchers. Recent graduates have gone on to work in the areas of insurance (life and general), as well as banking, finance and statistics.

Detailed Course Facts

• English

Course Content

First year:

(* half unit)

• Elementary Statistical Theory
• Mathematical Methods
• Elements of Accounting and Finance or Introduction to Abstract Mathematics
• Economics B
• LSE100 (Lent Term only)

Second year:

• Probability, Distribution Theory and Inference
• Further Mathematical Methods (Linear Algebra and Calculus)
• Actuarial Investigations: Financial*
• Survival Models*
• One option in sociology, social psychology, statistics (including Applied Regression* and Applied Statistics Project*), mathematics or population studies
• LSE100 (Michaelmas Term only)

Third year:

• Stochastic Processes*
• Time Series and Forecasting*
• Regression and Generalised Linear Models*
• Actuarial Mathematics: Life
• Actuarial Mathematics: General*
• Stochastic and Actuarial Methods in Finance

(Students can substitute some of these courses to the value of one unit with another approved subject; Stochastic Processes and Time Series and Forecasting cannot be substituted.)

First year

Elementary Statistical Theory is a theoretical statistics course which is appropriate whether or not your A level Mathematics course included statistics. It forms the basis for later statistics options. Mathematical Methods is an introductory level 'how to do it' course designed to prepare you for using mathematics seriously in the social sciences, or any other context. Elements of Accounting and Finance will give you an introduction to the preparation, uses and limitations of accounting information and the problems of finance and investment. Introduction to Abstract Mathematics introduces the student to rigorous mathematical thinking and is strongly recommended for first year students. You will also take an economics course.

Second year

The second year courses are:

• Probability, Distribution Theory and Inference: this will develop your knowledge of probability and statistics beyond the first year course. It will also provide the probability and statistics basis for all third year courses.
• Further Mathematical Methods: this covers the mathematics needed for statistics and actuarial courses.
• Actuarial Investigations: Financial: a course on compound interest techniques from an actuarial viewpoint.
• Survival Models: an introduction to actuarial mathematics and statistics.
• An outside option: you can choose from courses in economics, mathematics, sociology, social psychology and information systems, or anything else that might interest you. Alternatively you can do an applied statistics project.

Third year

There are no options in the third year, but you might substitute up to one full unit of these courses with an option taught outside the department.

You might be able to gain exemptions from the core technical stage of the Institute and Faculty of Actuaries examinations if you reach a sufficient standard in the relevant LSE courses. This is normally well above a pass mark. In addition to this, LSE has an accreditation agreement with the Institute and Faculty of Actuaries. This means that students with a high enough average mark on related courses can get all exemptions on offer, even if that is not the case for individual courses. The exemption system on a course by course basis will still be in place.

There may be changes to the programme given here for the second and third years of the degree to keep up with developments in Actuarial Science.

English Language Requirements

IELTS band : 7 CAE score : 80(Grade A) TOEFL paper-based test score : 627 TOEFL iBT® test : 107

To study at this university, you have to speak English. We advice you to

Requirements

GCSE pass at grade A or A* in Mathematics Usual standard offer: A level: grades A A A, one of which must be Mathematics. Further Mathematics is highly desirableInternational Baccalaureate: Diploma with 38 points including 7 6 6 at Higher level (with 7 in Mathematics)Other qualifications are considered.

English language requirements

Although it is not necessary to have the required grade in an acceptable English Language qualification when you make your application to LSE, if you are made an offer of a place and English is not your mother tongue, it is likely that you would be asked to obtain an acceptable English Language qualification as a condition of your offer.

The following qualifications are acceptable to LSE:

• GCSE English Language with a grade B or better.
• International General Certificate of Secondary Education (IGCSE) English as a First Language with a grade B or better including the Speaking and Listening coursework component (Edexcel) or grade 2 in the optional speaking test (CIE).
• International English Language Testing Service (IELTS) academic test with a score of 7.0 in all four components.
• Test of English as a Foreign Language (TOEFL) with a minimum score of 627 in the paper test including 5.5 in writing and 50 in TSE, or 107 in the internet based test with a minimum of 25 out of 30 in each of the four skills.
• Cambridge Certificate of Proficiency in English (CPE) with grade B or better.
• Cambridge Advanced Certificate of English (CACE) with a grade A.
• Cambridge English Language (1119) conducted overseas by the University of Cambridge Local Examinations Syndicate: B4 or better.
• O level (1120 Brunei, 1125 Mauritius A, 1127 Singapore) grade B or better.
• Singapore Integrated Programme (IP) Secondary 4 English Language grade B or better.
• Pearson Test of English (General) with a distinction at level 5 in both the written and the oral test.

Exceptions

If students offer the IGCSE in English as a First Language or O level (other than those specified above) and have been educated in the medium of English during their five most recent years of study (prior to 1 September 2011), then we will accept the qualification as sufficient evidence of English Language proficiency.

Please note that test scores must be achieved from one sitting of the relevant qualification. We will not accept individual component scores from multiple tests

Work Experience

No work experience is required.

Related Scholarships*

• Academic Excellence Scholarship

  "The Academic Excellence Scholarship can provide up to a 50 % reduction in tuition per semester. These scholarships will be renewed if the student maintains superior academic performance during each semester of their 3-year Bachelor programme. The scholarship will be directly applied to the student’s tuition fees."

• Access Bursary

  Bursary for UK students all subjects where the variable tuition fee rate is payable.

• Alumni Bursary

  Alumni Bursary for UK Undergraduate students

* The scholarships shown on this page are suggestions first and foremost. They could be offered by other organisations than London School of Economics and Political Science.

Funding

Financial support for 2011 entry

The School recognises that the cost of living in London may be higher than in your home town or country. Government support, in the form of loans and grants, is available to UK and some EU students, while LSE provides generous financial support, in the form of bursaries and scholarships to UK, EU and overseas students.

Government support

for students from England

Student loan for maintenance

The student loan for maintenance helps students pay living costs during term times and holidays. The maximum loan available for students studying in London and living away from their parents' home is currently £6,928.

Maintenance grants

The means-tested maintenance grant (currently worth up to £2,906) also helps students with living expenses during their time at university. The amount a student is eligible to receive is assessed by Student Finance England. The grant does not have to be repaid.

Special Support Grant

The special support grant replaces the maintenance grant for some students who during the course of the academic year, meet the conditions for being a 'prescribed person' under the income support or housing benefit regulations. Students who are likely to qualify include:

• Single parents
• Other student parents if they have a partner who is also a student
• Students with certain disabilities

Other students may be eligible for the Special Support Grant. You don't necessarily have to receive or even have applied for Income Support or Housing Benefit.

for students from elsewhere in the UK

Different financial support packages are available for students from Wales, Scotland and Northern Ireland. Students from these countries should refer to one of the following websites:

Student Finance Wales

www.studentfinancewales.co.uk

Student Awards Agency Scotland

www.saas.gov.uk

Student Finance Northern Ireland

www.studentfinanceni.co.uk

for EU students

Students from the EU are not usually eligible for UK Government financial support. However, EU nationals (or children of EU nationals) who have lived in the UK or islands for three years before the start of their course (ie, since 1 September 2008 for a course starting on 1 September 2011) may now qualify for a student loan and grants.

for overseas students

Students from outside the EU are not eligible to apply for UK Government funds. However, there is a range of funding available for overseas students from external agencies, bodies or your home government, details of which are available from your home government or nearest British Council office (www.britishcouncil.org/learning), or UKCISA (www.ukcisa.org.uk).

LSE financial support

for UK students

LSE Bursary

The LSE Bursary is available for students from low-income backgrounds (from England and Wales) and is worth up to £7,500 over a three-year programme. The value of the LSE Bursary is linked to students' (or their family's) income levels, which will be assessed when calculating the maintenance grant. The maximum LSE Bursary of £2,500 per year is awarded to those students with the lowest residual income. These Bursaries do not have to be repaid.

LSE Discretionary Bursary

The LSE Discretionary Bursary is available for new LSE students (from the UK and the EU) who face exceptional financial needs, including, for example, caring responsibilities, financial need related to disability or an unavoidable requirement to live at home. The value of the award may vary according to need. These Bursaries do not have to be repaid.

LSE Scholarships

Each year LSE awards a number of scholarships - funded by private or corporate donation - to UK applicants to the School. The number, value, eligibility criteria and type of awards vary from year to year. Awards are made on the basis of financial need and academic merit.

Stelios scholarships

Four Stelios scholarships, currently worth £5,444 per year, are available for UK students applying for business subjects at LSE.

Access to Learning funds

Registered UK students from low-income households can apply directly to LSE for Access to Learning funds. These funds are designed for students who may need extra financial support for their course, and are provided by the Government to assist with living expenses.

for EU students

LSE Discretionary Bursary

The LSE discretionary bursary is available to EU students. For information about this bursary and how to apply, please see the section on LSE financial support for UK students.

LSE scholarships

LSE offers a number of undergraduate scholarships of varying amounts each year to EU students.

Stelios scholarships

Six Stelios scholarships, currently worth £5,444 per year, are available for EU students applying for business subjects at LSE.

for overseas students

LSE undergraduate support scheme

The LSE undergraduate support scheme (USS) is designed to help overseas students who do not have the necessary funds to meet all their costs of study. In 2008, the School disbursed nearly £1 million in entrance awards available to self-financing students of all nationalities. This financial aid is available only for study at LSE. If you are made an offer of admission, we will advise you on how to apply to the USS online. This system is able to provide an immediate indication of an applicant's eligibility for assistance. In the first instance, you will be assessed on the basis of your financial circumstances. Awards are renewable for each year of your course. Applications will be considered between the end of February and the middle of August.

LSE scholarships

The School offers a limited number of undergraduate scholarships of varying amounts each year for overseas students.