MSc Actuarial Management with Data Science
Data science today is becoming increasingly important within the actuarial field, and Heriot-Watt has developed this unique new programme to meet this growing actuarial demand.
Taking our MSc in Actuarial Management with Data Science is a great way to speed your progress to this most prestigious of careers - it's designed to take you almost all of the way to qualification. Our MSc in Actuarial Management is an established and successful programme covering the more advanced actuarial subjects.The MSc in Actuarial Management with Data Science introduces exciting new opportunities for actuaries of the future.
Entry to the actuarial profession is by a demanding series of examinations, but the rewards after qualifying are great. The Institute and Faculty of Actuaries in the UK has four levels of examinations to qualify. The first level, the Core Principles (CS, CM and CB) subjects, are taught in our BSc or MSc in Actuarial Science and lead to exemptions from subjects CS1, CS2, CM1, CM2, CB1 and CB2. Students will typically study CP1, CP2, CP3, two SP subjects (two SP subjects are needed to satisfy the profession's requirements) and two courses on data science applied to insurance.
Actuarial data science combines advanced statistical modelling and analysis with modern computational techniques in order to analyse potentially large datasets arising in insurance and finance. These analyses have the ability to improve forecasts and enhance decision making in an uncertain environment where rapid advancements in technology and data availability are transforming fields of actuarial work. Additionally, they are building synergies with new sectors such as medical and healthcare. This is an area of science and technology that is attracting significant interest and that will continue to grow for the foreseeable future, as more and more industries adopt data-driven and data-centric approaches.
Students graduating from the MSc will have excellent employment prospects that are not restricted to any one narrow sector of financial services. By their choice of IFoA subjects, they may target the life, pensions, asset management, investment and risk management sectors. They will be in demand in quantitative risk management roles in both banks and insurance companies, as well as fund management companies, hedge funds, consultancies, software vendors and regulatory authorities. The market for graduates with actuarial qualifications complemented with data science skills is growing fast and we expect that it will continue to grow for the foreseeable future.
Campus Information
Edinburgh Campus
Our Edinburgh Campus is truly international. Over 10,500 staff and students are based here, with around a third of them coming from outside the UK. Our international students find a warm and friendly welcome and all the support they might need.
Intakes
- Jan
- Sep
Application Processing Time in Days: 30
Application Process
Minimum English Language Requirements
| English Level Description | IELTS (1.0 -9.0) | TOEFL IBT (0-120) | TOEFL CBT (0-300) | PTE (10-90) | |
|---|---|---|---|---|---|
| Expert | 9 | 120 | 297-300 | 86-90 | |
| Very Good | 8.5 | 115-119 | 280-293 | 83-86 | |
| Very Good | 8 | 110-114 | 270-280 | 79-83 | |
| Good | 7.5 | 102-109 | 253-267 | 73-79 | |
| Good | 7 | 94-101 | 240-253 | 65-73 | |
| Competent | 6.5 | 79-93 | 213-233 | 58-65 | |
| Competent | 6 | 60-78 | 170-210 | 50-58 | |
| Modest | 5.5 | 46-59 | 133-210 | 43-50 | |
| Modest | 5 | 35-45 | 107-133 | 36-43 | |
| Limited | 4 | 32-34 | 97-103 | 30-36 | |
| Extremely Limited | < 4 | < 31 | < 93 | < 30 |
Job Opportunity Potential
Employers around the world actively seek out our graduates. This is because they are work ready. All our degrees are career-focused and relevant to the needs of business and industry.
We are known for our applied teaching and research, informed and shaped by real world needs. We placed 1st in Scotland and 2nd in the UK graduate employability, with over 84% of our graduates in full-time employment or further study 15 months after graduation (Graduate Outcomes survey, 2024).
At Heriot-Watt you will learn from world leading academics at the forefront of their specialisms.
You'll enjoy a distinctive, high quality academic experience focused on developing your skills and knowledge to help you transition smoothly into the world of work at the end of your studies.
We offer many specialist programmes and all of our degrees are structured so that you can, as far as possible, customise them to suit your specific interests and career aspirations.
Heriot-Watt boasts extensive links with business and industry. We are known for our excellent industrial placements and companies often approach us directly seeking students for work placements or employment.
Our degrees are career-focused and relevant to the needs of business and industry. Employers actively seek out our graduates as our degrees are highly regarded for their relevance to the world of work. Many of our degrees are accredited by professional bodies.
The University's Careers Advisory Service is available throughout your studies, ensuring you have the skills you need to successfully market yourself to future employers.
PSW Opportunity
- 2 Years PSW is applicable after completing a minimum duration of 9 months course (like- Undergraduate, Postgraduate Level)
- 3 Years PSW is applicable after completing PhD level courses.
Admission Requirement / Eligibility Criteria
FOR INDIA
- For most of our Masters level programmes we require a good first degree in a relevant subject. From most Indian Universities, this means an overall score of 55% or above.
- We will consider students whose grades are slightly lower than this (52% or above) Universities of Delhi/ Mumbai/ Calcutta/ Madras/ Pune/ Bangalore/ Rajasthan and this will depend on other factors, such as any relevant work experience, the quality of the references you can provide etc.
FOR PAKISTAN
- A four-year bachelors degree in a relevant subject from an HEC recognised institution in Pakistan with 60% or above, will be considered.
FOR NEPAL
- Students holding a bachelors degree of minimum four years duration in a relevant subject would be eligible for Masters level study.
FOR BANGLADESH
- Students with a masters degree following a 3 or 4 year bachelors degree, are eligible to apply. Previous study should be in a relevant subject area and a score of 60% or above is required.
FOR SRI LANKA
- A Bachelors special degree in a relevant subject with 60% or higher.
PTE Academic 60 (minimum 59) 65 (minimum 59) 65 (minimum 59) 68 (minimum 63) 73 (minimum 67)
TOEFL iBT 72 (Reading 18, Listening 17, Speaking 20, Writing 17) 79 (Reading 18, Listening 17, Speaking 20, Writing 21) 79 (Reading 18, Listening 17, Speaking 20, Writing 21) 85 (Reading 20, Listening 19, Speaking 20, Writing 21) 90 (Reading 22, Listening 21, Speaking 23, Writing 23)
- Course Type: Full Time
- Course Level: Masters/PG Degree
- Duration: 01 Year
-
Total Tuition Fee:
27200 GBP
Average Cost of Living: 13632 GBP /year
Application Fee: N/A
Similar Programs
- MPhil Psychology at Heriot Watt University
- MSc Toxicology at Heriot Watt University
- MSc Sport Psychology at Heriot Watt University
- MSc Mathematics of Sustainable Finance at Heriot Watt University
- MSc Global Environmental Change and Policy at Heriot Watt University
- MSc Food Process Engineering at Heriot Watt University