M.Sc. Risk and Stochastics

  • On Campus
  • 10 months
  • GBP25440 per Year (International

    Tuition fee for the international students.

    )
    GBP24936 per Year (EEA

    European Economic Area tuition fee is applicable to the students from EU countries, Iceland, Liechtenstein, Norway and Switzerland.

    )
  • English ( Take IELTS test or Find a course )
| London, England, United Kingdom
This programme provides high-level training in probability theory and statistics for random processes with applications in the areas of insurance and finance and their interface. It includes a comprehensive and unified approach to all quantitative aspects of modern actuarial science.

Description

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This programme provides high-level training in probability theory and statistics for random processes with applications in the areas of insurance and finance and their interface. It includes a comprehensive and unified approach to all quantitative aspects of modern actuarial science. Students receive rigorous training in mathematics and scientific computation and are introduced to a range of schemes for risk transfer, sufficiently broad to equip them for highly specialised work in insurance, pensions, investment, and banking and for independent research in these areas.

The programme is mathematically advanced and suitable candidates will normally hold a good BSc degree in actuarial science, statistics, mathematical economics or mathematics. This should include training in analysis and linear algebra, with rigorous proofs, and probability theory at the level of our third year undergraduate course Stochastic Processes.

Your application should be submitted as early as possible and must include:

  • A personal statement, no longer than 150 words, outlining your reasons for wanting to study Risk and Stochastics.
  • Course descriptions and reading lists for advanced courses in mathematics and statistics in your degree (either held or pending).

Please note that the Department of Statistics requires references to be submitted with your application form from at least one person who is familiar with your academic achievements. Normally, this will be a tutor from your current or previous academic institution.

Programme details

Each MSc student has an academic adviser who is available for guidance and advice on academic or personal concerns. The compulsory courses lay the foundations in advanced stochastic models and methods and give a broad introduction to theories of risk exchange in insurance and finance. Students can choose options in statistics, mathematics and finance.

Detailed Course Facts

Start dates and application deadlines

Started in

  • There is no deadline for this start date.

Dates reflect the university's timezone.

Tuition fee
  • GBP25440 per year ( International

    Tuition fee for the international students.

    )
  • GBP24936 per year ( EEA

    European Economic Area tuition fee is applicable to the students from EU countries, Iceland, Liechtenstein, Norway and Switzerland.

    )
Credits (ECTS) 90 ECTS
Duration full-time 10 months
Delivery mode On Campus
Educational variant Part-time, Full-time
Intensity Flexible
Duration part-time 22 months

Course Content

Compulsory courses

(* half unit)

  • Stochastic Processes* provides a broad broad introduction to stochastic processes with an emphasis on financial and actuarial applications.

  • Insurance Mathematics* provides an introduction to life and pensions insurance mathematics based on the theory of stochastic processes, notably counting processes and their associated counting martingales.
  • Computational Methods in Finance and Insurance* develops computational skills and introduces a range of numerical techniques of importance in actuarial and financial engineering.
  • Stochastics for Derivatives Modelling* examines valuation and hedging of derivative securities.
  • Recent Developments in Finance and Insurance* covers recent developments in the theory of stochastic processes and applications in finance and insurance and their interface.

Students will be expected to choose courses to the value of one and a half units from a range of options.

Please read the following important information before referring to full details of course options found in the Programme Regulations.

The programme regulations available are for the current academic session and may be subject to change before the beginning of the next academic year. For more information about course availability in the next academic session, please contact the relevant academic department. The School reserves the right at all times to withdraw, suspend or alter particular courses and syllabuses, and to alter the level of fees. Courses are on occasion capped (limited to a maximum number of students) or subject to entry conditions requiring the approval of the course convenor. The School cannot guarantee that places on specific courses will be available.

Graduate destinations

The programme offers excellent prospects for employment and further study. Students can gain employment in the finance or insurance industries. They can also go on to do a higher degree. The Department has good relations with the financial services industry, particularly insurance and professional bodies.

English Language Requirements

IELTS Take IELTS test
7
CAE score
193(Grade B)
TOEFL iBT® test (read more)
107

IMPORTANT NOTE: The UK government confirmed new requirements for secure English language testing for visa and immigration purposes. Learn more

Requirements

Minimum entry requirement: First class honours in actuarial science, statistics, mathematical economics or mathematics

Admission to UK universities often requires that students have completed a recognized Bachelor's degree. International students should consider taking a Pre-Master to gain access to UK universities when:

  • You are considered ineligible for admission
  • You need to improve your academic, study, research or language skills
Search all Pre-Masters

Work Experience

No work experience is required.

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