Actuaries are becoming very popular lately. As life expectancies increase, insurance and pension providers are facing complex problems because their business model is no longer sustainable. Traditionally actuaries have been involved in the insurance and pensions industry, with a strong focus on the pricing and capital reserving of financial products. However over the years actuaries have expanded to other areas such as consultancies and banking.
1. Cass Business School - City, University of London
Cass offers the longest established Actuarial Science degree in England. The Faculty of Actuarial Science and Insurance at Cass is also one the leading actuarial departments in the world. Their research in insurance and risk has been recently ranked 2nd in Europe, and previously 2nd in the world.
Exemptions: 8
Placement year: Yes
Overall Ranking: 4th in the UK , 15th in Europe (Financial Times European Business School Ranking 2017)
2. London School of Economics and Political Science (LSE)
LSE offers one of the best actuarial science degrees in the UK. It has recently been fully accredited by the Institute and Faculty of Actuaries, and offers 8 exemptions from the actuarial exams. LSE has a strong reputation among employers, making it a valuable consideration.
Exemptions: 8
Placement year: No; You may however undertake a 6-9 weeks placements during the summer.
Overall ranking: Ranked 35th in the world (QS World University Rankings 2017-18)
3. University of Warwick
The University of Warwick offers the MMORSE degree (four-year integrated masters course) which is a unique degree as it offers a lot of breadth. The degree covers several subject areas, namely Mathematics, Operational Research, Statistics and Economics. In the final two years of the degree, you have the option to specialise into one of four possible streams. The Actuarial and Financial Mathematics stream leads you into an actuarial career. The good thing is that this degree structure gives you time to choose whether you really want an actuarial career. The downside is that the degree is a long 4 years, which can be increased to 5 with a placement year.
Exemptions: 7
Placement year: Yes
Overall Ranking: 57th in the world overall (QS World University Rankings 2017-18)
4. Heriot-Watt University
Heriot-Watt University is one of the pioneers. The university is recognised as a Centre of Excellence by the Society of Actuaries in America (SOA), and is the only European university with this designation. The university offers a top-notch actuarial science degree within a highly prestigious faculty.
Exemptions: 8
Placement year: Yes
Overall ranking: 15th in the UK, 41st in the world (Times Higher Education World University Rankings 2018)
5. University of Southampton
The University of Southampton is nationally recognised for its proficiency in Mathematics and Actuarial science. The degree has a heavy mathematical component for those having a preference for pure mathematics. The university is also one of the rare universities to offer exemptions to the 8 Core Technical Subjects.
Exemptions: 8
Placement year: No
Overall ranking: 126th in the world by Times Higher Education World University Rankings 2018 and 15th among the UK universities listed
How much will you earn as an actuary?
Actuaries are one of the highest paid jobs in the world. As published by the Institute and Faculty of Actuaries, a recent graduate could be earning an average salary of £32,825, eventually increasing up to £51,594 upon qualification. An actuarial career is definitely lucrative and it also offers great work-life balance with opportunities to travel around the world.
What is an actuary?
An actuary is an expert in risk, professionally trained to assess and quantify risks. In life insurance, actuaries have been using various modelling techniques to forecast life expectancies and consequently allowing them to price the products sold to clients.
How to become an actuary?
To become an actuary, you must complete 15 professional exams set by the Institute and Faculty of Actuaries, and 3 years of work experience in an actuarial role. The best way to start an actuarial career is through an actuarial science degree. Most universities offer actuarial science degrees which give you the possibility to obtain up to 8 exemptions from the actuarial exams. They also allow you to spend one year in industry to learn the practical applications of actuarial science. If all goes well, you will have only 7 professional papers and 2 years of work experience left to qualify as an actuary. Actuarial science degrees definitely give you a head start.
Top 5 Universities for Actuarial Science degrees (UK)
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City, University of London
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Cass offers the longest established Actuarial Science degree in England. The Faculty of Actuarial Science and Insurance at Cass is also one the leading actuarial departments in the world. Their research in insurance and risk has been recently ranked 2nd in Europe, and previously 2nd in the world.
Exemptions: 8
Placement year: Yes
Overall Ranking: 4th in the UK , 15th in Europe (Financial Times European Business School Ranking 2017)
2. London School of Economics and Political Science (LSE)
LSE offers one of the best actuarial science degrees in the UK. It has recently been fully accredited by the Institute and Faculty of Actuaries, and offers 8 exemptions from the actuarial exams. LSE has a strong reputation among employers, making it a valuable consideration.
Exemptions: 8
Placement year: No; You may however undertake a 6-9 weeks placements during the summer.
Overall ranking: Ranked 35th in the world (QS World University Rankings 2017-18)
3. University of Warwick
The University of Warwick offers the MMORSE degree (four-year integrated masters course) which is a unique degree as it offers a lot of breadth. The degree covers several subject areas, namely Mathematics, Operational Research, Statistics and Economics. In the final two years of the degree, you have the option to specialise into one of four possible streams. The Actuarial and Financial Mathematics stream leads you into an actuarial career. The good thing is that this degree structure gives you time to choose whether you really want an actuarial career. The downside is that the degree is a long 4 years, which can be increased to 5 with a placement year.
Exemptions: 7
Placement year: Yes
Overall Ranking: 57th in the world overall (QS World University Rankings 2017-18)
4. Heriot-Watt University
Heriot-Watt University is one of the pioneers. The university is recognised as a Centre of Excellence by the Society of Actuaries in America (SOA), and is the only European university with this designation. The university offers a top-notch actuarial science degree within a highly prestigious faculty.
Exemptions: 8
Placement year: Yes
Overall ranking: 15th in the UK, 41st in the world (Times Higher Education World University Rankings 2018)
5. University of Southampton
The University of Southampton is nationally recognised for its proficiency in Mathematics and Actuarial science. The degree has a heavy mathematical component for those having a preference for pure mathematics. The university is also one of the rare universities to offer exemptions to the 8 Core Technical Subjects.
Exemptions: 8
Placement year: No
Overall ranking: 126th in the world by Times Higher Education World University Rankings 2018 and 15th among the UK universities listed
How much will you earn as an actuary?
Actuaries are one of the highest paid jobs in the world. As published by the Institute and Faculty of Actuaries, a recent graduate could be earning an average salary of £32,825, eventually increasing up to £51,594 upon qualification. An actuarial career is definitely lucrative and it also offers great work-life balance with opportunities to travel around the world.
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