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| Annual Tuition Fee: | ≈ € 22,380 - | ||
| Location: | London / United Kingdom | ||
| Duration: | 24 months | Start Date: | July |
| Educational Form: |
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| Education Variants: |
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| Languages: | English | ||
Location of Imperial College London
This pioneering part-time programme is offered only at Imperial College's Business School and is designed to fit in with the demands of a full-time career. Developed with the help of large actuarial employers, and accredited by the actuarial profession, this innovative programme offers an alternative, fast-track approach to professional actuarial qualification, and ensures that tomorrow's actuaries understand the language of modern finance, whether they work in insurance, pensions or investments.
Imperial College Business School is internationally recognized as a centre of excellence for quantitative finance. Our academic strength, combined with strong industry links provides an invaluable understanding of current market practice.
Students can graduate with a double qualification – exemption from most UK professional actuarial exams and a Master’s degree from Imperial College.
Employers can gain a significant recruitment advantage by sponsoring employees.
Contents
MSc Actuarial Finance core courses Quantitative Methods This course provides an introduction to econometrics applicable to actuarial problems. The material is presented through detailed examples with associated data and programs and should prove useful and interesting to students whether or not they have covered CT3-5 of the Actuarial syllabus or have some prior exposure to econometrics.
Topics include:
* ARMA models
* Non-stationary time series models
* ARCH and GARCH models
* Survival analysis
* Life tables.
Business Economics This course equips students with the basic tools of micro- and macro-economics, with particular emphasis on applications useful to actuaries. The first half of the course concerns the behaviour of individual agents (firms or households) and single markets paying particular attention to the design of pricing policies. The second part of the course deals with the economy as a whole, emphasizing forecasting and the determination of key financial indicators such as interest rates and exchange rates.
Topics include:
* Modelling individual decisions
* Consumer demand
* The economics of supply
* Market interactions
* Market failures.
Finance This course introduces students to financial markets and the principles of financial modelling. It:
* Develops basic tools including approaches to describing preferences under uncertainty and mean-variance analysis
* Introduces capital asset and arbitrage pricing models
* Describes important features of default-free fixed income markets
* Introduces principles of portfolio management.
Topics include:
* Choice under uncertainty
* Mean-variance portfolio analysis
* Capital Asset Pricing Model
* Interest rate theory and the pricing of bonds
* Portfolio management
Corporate Finance This course equips students to understand firms' financial decisions. Topics covered include the determinants of capital structure, dividends, mergers and acquisitions and firms' real investments. Examples are used to illustrate how the general principles of corporate finance may be applied to insurance companies and pension funds.
Topics include:
* Valuing bonds and stocks
* Capital structure
* Financing and valuation of real assets
* Corporate governance
* Mergers and acquisitions
Valuation This course covers equilibrium and actuarial approaches to valuing risky payoffs. It:
* Develops pricing results for financial options and a range of term structure derivatives
* Discusses the pricing of non-traded exposures in insurance and pensions markets.
Topics include:
* Stochastic calculus
* Option pricing
* Term structure modelling
* Interest rate derivatives
* Swaps.
Enterprise Risk Management This course introduces modern methods of enterprise risk management applicable for financial organizations with some emphasis on risk management techniques applicable to insurance companies and pension funds. It analyses different types of risk and methods for measuring and managing them before examining how insurance companies and pension funds employ models that bring together different risk types in order to implement risk mitigation techniques such as reinsurance, securitisation, or hedging.
Topics include:
* Properties of risk measures
* Credit risk
* Risk in general insurance claims
* Dynamic Financial Analysis (DFA) models
* Risk management for pension funds.
Actuarial Practice This course provides an overview of how techniques taught in other classes in the programme are applied by practicing actuaries. Students will learn how to analyse qualitative issues which arise in the application of actuarial methods to practical problems.
* Autumn term: The actuarial context: profession, client and environment
* Spring term: Formulating problems in an actuarial way
* Summer term: Developing and managing actuarial solutions.
Accounting This e-learning course is completed by students working independently but with assistance and guidance from an on-line tutor. It covers the general principles of accounting relevant to actuaries and then looks in greater detail at the specifics of accounting for life and general insurance companies and pension funds.
Topics include:
* The institutional setup
* Pension plan accounting
* Pension cost accounting by employer sponsors
* Life insurance and general insurance accounting
* Complications.
Business Communications This course teaches you how to communicate technical ideas effectively to business colleagues and the wider public.
* Courses subject to approval by Imperial College London
IELTS
You are normally required to take an English Proficiency Test.
Most European Universities recognise the IELTS test.
Take testRequirements
The MSc Actuarial Finance programme is suited to those considering, or in the early stages of, an actuarial career. If you are already a qualified actuary, you may be more suited to other programmes offered by the Business School.
Due to the highly quantitative nature of our MSc Actuarial Finance programme, applicants must have a strong background in Mathematics.
Additionally, applicants are expected to meet the academic and language requirements set by Imperial College London.
Academic requirement
To be eligible for admission to the MSc Actuarial Finance programme you need:
* A good undergraduate degree (usually an upper second or first class honours degree from a UK institution, or an equivalent international qualification) in Mathematics, Statistics, Mathematical Economics or Finance, Engineering, or a natural science subject, or
* A good undergraduate degree (usually an upper second or first class honours degree from a UK institution, or an equivalent international qualification) in other subjects and have successfully completed at least four of the five Institute and Faculty of Actuaries examinations CT1 and CT3-CT6.
There is no GMAT requirement for the MSc Actuarial Finance programme.
English language requirement
All students are required to hold an English language requirement, of a higher standard than the College minimum requirement. Acceptable qualifications include:
* GCSE English grade C or equivalent
* IELTS: A minimum score of 7 with a score of 6 or better in written English.
* TOEFL: A minimum score of 610 (or 253 in the computer-based test) with a minimum score of 4.5 in written English. For the internet-based test we require 98 overall, including a minimum of 25 in the written section and 23 in the speaking section.
Please note that this requirement is equally applicable to Home, EU and Overseas students. It may be possible to waive the Tanaka Business School higher language requirement element under exceptional circumstances at the discretion of the School. ALL applications MUST meet the College minimum requirement.
Additional Requirements
| Minimal degree required: | Bachelor's degree |
| Minimal amount of work experience | Not specified |
Language Proficiency
| IELTS Band: | 7.0 |
| TOEFL Paper-based: | 610 |
| TOEFL Computer-based: | 253 |
| TOEFL Internet-based: | 98 |
Ask a Question
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