SCHOOL OF MATHEMATICS STATISTICS AND ACTUARIAL SCIENCE Postgraduate Diploma in Actuarial Science MSc in Applied Actuarial Science Version – March 2010 Postgradu

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SCHOOL OF MATHEMATICS STATISTICS AND ACTUARIAL SCIENCE Postgraduate Diploma in Actuarial Science MSc in Applied Actuarial Science Version – March 2010 Postgradu Powered By Docstoc
					  SCHOOL OF MATHEMATICS, STATISTICS AND ACTUARIAL SCIENCE

      Postgraduate Diploma in Actuarial Science
          MSc in Applied Actuarial Science




Version – March 2010
       Postgraduate Studies Booklet – Actuarial Science at University of Kent


Why come to Kent to study Actuarial Science?
Actuaries are concerned with evaluating and managing financial risks, particularly
those associated with insurance companies and pension funds. The UK Actuarial
Profession is small but influential and well rewarded. There are more than 6,500
actuaries currently employed in the UK, the majority of whom work in insurance
companies and consultancy practices. Others are employed in government service, in
the Stock Exchange, in investment management, healthcare and in universities. If you
are good at mathematics and curious about financial matters, you will enjoy studying
Actuarial Science.

Teaching excellence
Our actuarial staff are involved in examining and tutoring for the Actuarial Profession
and are in frequent contact with actuaries working in insurance companies and
consultancy firms. In our most recent research assessment (2008), our work in
Statistics was ranked among the top ten universities in the UK. All of our core
actuarial science modules on our postgraduate study programmes are taught by
qualified actuaries, who are all Fellows of the Institute or Faculty of Actuaries with
many years’ experience in consultancy or the insurance industry. Our department is
friendly and we place an emphasis on getting to know our students on a one-to-one
basis.

Professional exemption
For students who wish to qualify as actuaries, recognition of our postgraduate study
programmes by the Actuarial Profession is very important. Our Postgraduate
Diploma in Actuarial Science programme gives you the opportunity to gain
exemptions from eight of the Core Technical subjects (CT1 to CT8) of the
professional examinations set by the UK Actuarial Profession, and provides you with
a firm foundation for the later subjects. If you do well enough on this course to obtain
the full set of exemptions available, you could reduce your time to qualify as an
actuary by three years or more.

Our MSc in Applied Actuarial Science programme gives you the opportunity to gain
exemptions from most of the Core Applications and Specialist Technical subjects of
the professional examinations set by the UK Actuarial Profession.

Accreditation
All our actuarial science courses at Kent are accredited by the UK Actuarial
Profession.

International recognition
The UK actuarial qualifications – Fellowship of the Institute of Actuaries (FIA) or the
Fellowship of the Faculty of Actuaries (FFA) – are highly valued throughout the
world and so are ideal if you are someone who wants to work in another country.
Nearly 3,000 actuaries with UK qualifications work abroad.

The UK Actuarial Profession also offers Associateships (AIA or AFA), a valuable
qualification that recognises a significant milestone in an actuary's career. It is
recognised internationally as meeting the minimum requirements to be an actuary in
many countries of the world.


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         Postgraduate Studies Booklet – Actuarial Science at University of Kent



PROPHET
We are able to offer you the chance to gain practical experience of working with
PROPHET, the market leading actuarial software package marketed by SunGard, a
global leader in providing software solutions for financial services. PROPHET is used
by companies worldwide for profit testing, valuation and model office work.

Invicta Actuarial Society
The Invicta Actuarial Society is a regional actuarial society which has its meetings on
campus and is organised by Kent students and academic staff. Meetings are also
attended by practising actuaries and other visiting actuaries who present current
research and business problems and provide valuable contacts between students and
employers.

Good career prospects
Kent has an excellent postgraduate employability record: 97.6% of our postgraduate
students who graduated in 2007 found a job or further study opportunity within six
months. While the courses provide an excellent start to an actuarial career, choosing
these programmes does not commit you to becoming an actuary. While many students
do become actuarial trainees, others go on to successful careers in insurance,
accountancy, banking or operational research.

Flexible study
We also offer a 2-year, part-time version of the MSc programme. For more details on
the part-time programme, please email imsadmin@kent.ac.uk.

 An actuary’s work
 Actuarial work is varied, the list below showing the kinds of tasks an actuary
 undertakes:

     •    advises a company how much money needs to be set aside to pay the
          pensions of employees when they retire;
     •    advises a life insurance company how surplus funds should be distributed
          among policyholders;
     •    designs new insurance policies, sets premium rates;
     •    advises how to set up a national social security scheme on a sound
          financial basis;
     •    prices financial derivatives, works in fund management and quantitative
          investment research;
     •    estimates the effects of possible major disasters such as earthquakes or
          hurricanes and sets premium rates for insurance against such disasters.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent



   Postgraduate Diploma – Facts

   LOCATION
   Canterbury.

   DURATION
   Nine months (September to June) full-time.

   PROFESSIONAL RECOGNITION:
   Our Diploma can give exemption from eight Core Technical subjects (CT1 to CT8) of
   the examinations set by the UK Actuarial Profession and gives a firm foundation for
   later subjects.

   In addition, this programme has been accredited by the UK Actuarial Profession.

   ENTRY REQUIREMENTS
   Graduates with a good first degree (upper-second class degree or better), usually in
   mathematics, statistics or economics although other subjects with a high mathematical
   content are acceptable.

   ENGLISH LANGUAGE REQUIREMENT
   TOEFL: 80 (Internet-based test) or 213 (Computer-based test) or 550 (Paper-based test)
   or British Council IELTS: 6.0.


Modules
The Postgraduate Diploma programme offers modules covering the following
subjects of the examination syllabus of the Actuarial Profession:

Financial Mathematics (CT1)
An introduction to financial mathematics and its simple applications.

Finance & Financial Reporting (CT2)
An introduction to corporate finance and the interpretation of company accounts.

Probability and Mathematical Statistics (CT3)
A grounding in basic statistics and its applications in readiness for other courses.

Models (CT4)
A grounding in stochastic processes and actuarial survival models and their
applications.

Contingencies (CT5)
The mathematical techniques of pricing and evaluating insurance and pension
products.

Statistical Methods (CT6)
The fundamental statistical techniques used in the analysis of short-term insurance
contracts.


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       Postgraduate Studies Booklet – Actuarial Science at University of Kent



Business Economics (CT7)
An introduction to key economic concepts at both the micro and macro levels.

Financial Economics (CT8)
A grounding in modern financial theory and its applications.

PROPHET
The University of Kent has entered into an exclusive arrangement with SunGard, a
global leader in providing software solutions for financial services. SunGard markets
the industry’s leading actuarial software package PROPHET, used by companies
worldwide for profit testing, valuation and model office work. As a result of this
arrangement, an optional Financial Modelling module is available which provides an
introduction to the use and application of this market leading actuarial software
package. This module also introduces students to other financial models and how to
analyse and summarise data, develop a model with an audit trail and develop the
ability to apply the results.

Assessment Details
Examinations
There are written examination papers for each subject, which take place in the third
academic term. Although only 120 credits (equivalent to a minimum of 4 subjects
leading to the professional examinations) are required to pass the Diploma, further
subjects may be taken for exemption purposes. If fewer than 120 credits are taken,
students may be eligible for the Postgraduate Certificate in Actuarial Science.

Coursework
In addition to the written examinations, some modules may also have assessments that
make up the final module mark.

Accreditation
Since our courses are accredited, this means that students who are considered to have
done sufficiently well in the programme (both examinations and coursework), as
determined by an examiner appointed by the UK Actuarial Profession, will be exempt
from all the CT subjects studied within the programme.

If a student fails to achieve a suitable overall standard, they might still be awarded
individual module exemptions as recommended by the Profession’s examiner. Please
note that individual exemptions are granted based on the final written examinations
only.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent



 MSc in Applied Actuarial Science – Facts

 LOCATION
 Canterbury.

 DURATION
 One year full-time.
 2 years part-time.

 PROFESSIONAL RECOGNITION:
 Our MSc can give exemption from CA1 and CA3 of the Core Applications subjects and ST2 to
 ST9 of the Specialist Technical subjects of the examinations set by the UK Actuarial
 Profession.
 Students on this programme can also choose an optional Modelling module which prepares
 them for subject CA2.

 In addition, this programme has been accredited by the UK Actuarial Profession.

 ENTRY REQUIREMENTS
 Graduates with a good first degree (upper-second class degree or better) in actuarial science or
 a degree that covers all or most of Core Technical subjects of the professional examinations of
 the Actuarial Profession. Applicants who have another degree and who have passed most of
 Core Technical subjects may also be accepted.

 ENGLISH LANGUAGE REQUIREMENT
 TOEFL: 85 (Internet-based test) or 237 (Computer-based test) or 580 (Paper-based test) or
 British Council IELTS: 6.5.


Modules
The MSc programme offers modules covering the following subjects of the
examination syllabus of the Actuarial Profession:

Actuarial Risk Management (CA1)
The aim of this subject is to give students the ability to apply the principles of
investment and investment risk to the selection and management of investments
appropriate to the needs of investors. This subject is covered by two modules in the
course, both of which are compulsory.

Model Documentation, Analysis and Reporting (CA2)
The aim of this subject is to ensure that the successful candidate understands how to
model data in practice and to maintain an audit trail for information. This subject is
covered by one module in the course, and it is optional.

Communications (CA3)
The aim of the communications subject is to ensure that successful candidates have
the ability to present fundamental actuarial ideas and arguments to others outside the
profession. This subject is covered by one module in the course, and it is compulsory.



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       Postgraduate Studies Booklet – Actuarial Science at University of Kent



Life Insurance Specialist Technical (ST2)
The aim of this subject is to give students the ability to apply, in simple situations, the
principles of actuarial planning and control needed for the operation of life insurance
companies. This subject is covered by one module in the course, and it is optional.

General Insurance Specialist Technical (ST3)
This subject has now been replaced by two new subjects – ST7 and ST8 (please see
below).

Pensions and Other Benefits Specialist Technical (ST4)
The aim of this subject is to give students the ability to apply, in simple situations, the
principles of actuarial planning and control needed for the operation of providers of
pensions and other benefits. This subject is covered by one module in the course, and
it is optional.

Finance and Investment Specialist Technical A (ST5)
The aim of this subject is to give students the ability to apply modern techniques in
financial management to the business of managing assets and financing corporate
entities. This subject is covered by one module in the course, and it is optional.

Finance and Investment Specialist Technical B (ST6)
The aim of this subject is to give students the ability to value financial derivatives.
This subject is covered by one module in the course, and it is optional.

General Insurance Specialist Technical (ST7 and ST8)
These two new subjects have replaced ST3. The aim of these subjects is to give
students the ability to apply, in simple situations, the principles of actuarial planning
and control needed for the operation of general insurers. This subject is covered by
two modules in the course, and they are optional.

Enterprise Risk Management Specialist Technical (ST9)
The aim of this subject is to give students the ability to understand and apply modern
techniques in risk management. This subject will be covered by one module in the
course, and it will be optional.

Additional PROPHET modules
The University of Kent has entered into an exclusive arrangement with SunGard, a
global leader in providing software solutions for financial services. SunGard markets
the industry’s leading actuarial software package PROPHET, used by companies
worldwide for profit testing, valuation and model office work. As a result of this
arrangement, there are two optional financial modelling modules available, giving
students practical experience of working with PROPHET:

PROPHET 1
This module gives students an introduction on how to use the software package
PROPHET, including setting up a new product, performing profit testing and model
office runs.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent


PROPHET 2
This module provides further experience on the use and application of PROPHET and
also shows students how to analyse and summarise data used in financial models as
well as develop the ability to apply the results obtained.

Assessment Details
Examinations
There are written examination papers for the modules covering the CA1 and CA3
subjects and each ST subject, which normally take place in May and August. A total
of 180 credits are required to pass the MSc. If fewer than 180 credits are taken,
students may be eligible for the Postgraduate Diploma in Applied Actuarial Science.

Coursework
In addition to the written examinations, some modules may also have assessments that
make up the final module mark.

Accreditation
Since our courses are accredited, this means that students who are considered to have
done sufficiently well in the programme (both examinations and coursework), as
determined by an examiner appointed by the UK Actuarial Profession, will be exempt
from subjects CA1, CA3 and the Specialist Technical subjects studied within the
programme. Our accreditation arrangements with the Profession now include the new
Specialist Technical subjects (ST7, ST8 and ST9).

If a student fails to achieve a suitable overall standard, they might still be awarded
individual module exemptions as recommended by the Profession’s examiner. Please
note that individual exemptions are granted based on the final written examinations
only.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent


Fees and Funding
The tuition fee for the Postgraduate Diploma course for the academic year 2010-11
is £11,250 (tbc) which is payable in full on the first day of the course (instalment
arrangements are available).

The tuition fee for the MSc (full-time) course for the academic year 2010-11 is
£13,500 (tbc) which is payable in full on the first day of the course (instalment
arrangements are available). The tuition fee for the first year of our 2-year part time
MSc programme in Applied Actuarial Science is £7,250 (tbc).

The above fees include the cost of course reading, which is mainly taken from the
course notes provided by the Actuarial Education Company.

Fees are reviewed annually. These fees apply to both home students and overseas
students.

 The Department does not offer any scholarships for the programmes. Details of other
scholarships and awards are available at
http://www.kent.ac.uk/registry/finance/students.

Many UK students fund their places through a Career Development Loan (contact any
UK bank or Job Centre for further information). Organisations are occasionally
willing to offer students sponsorship. For up to date details, you should contact the
Actuarial Profession for information (Tel +44 (0) 1865 268200; web address:
www.actuaries.org.uk). For information on paying by instalments please contact the
Student Finance Office (Tel +44 (0) 1227 823101: web address:
www.kent.ac.uk/registry/finance/students).

For overseas students, more information on funding is available at the University’s
funding website:
http://www.kent.ac.uk/recruitment/PG_Funding/Index_International.html.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent


The Department
The School of Mathematics, Statistics and Actuarial Science (SMSAS), with slight
changes in name, has existed from the earliest days of the University of Kent and is
part of the Faculty of Sciences. Currently there are three academic groups within the
SMSAS: Actuarial Science, Mathematics and Statistics.

Actuarial Science is an important component of the SMSAS due to the number of
students from both the UK and overseas who are attracted to study actuarial science at
Kent. Currently approximately two thirds of SMSAS students are on actuarial science
study programmes.

The University
The University of Kent is one of a very limited number of universities in the UK to
teach actuarial science. The principal feature of the undergraduate and postgraduate
actuarial science programmes at Kent is the exemptions that successful students can
gain from the professional examinations of the UK Actuarial Profession. The
successful completion of these programmes leads to excellent job prospects, as
demonstrated by the strong graduate employment record for all of our actuarial
science students.

The University of Kent at Canterbury is built on 300 acres of parkland in the midst of
the Kent countryside on a hill overlooking the city. It was founded in 1965 and
combines modern architecture with open green spaces, courtyards, gardens, ponds and
woodland which, put together with the view across Canterbury and the Stour Valley,
make it an attractive and friendly campus.




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       Postgraduate Studies Booklet – Actuarial Science at University of Kent


How to apply
An online application form for entry onto the courses is available at
http://records.kent.ac.uk/external/admissions/pgapplication.php. If you wish to apply
online then please note that you will also need to supply two academic references and
proof of your degree result (if known). It will speed up the admissions process, if you
can send us scanned copies of your transcripts via email.

If you wish to receive a paper copy of the application form, then please e-mail
imsadmin@kent.ac.uk giving your postal address.

Further information about our Postgraduate courses in Actuarial Science and
application forms may be obtained from:

The Admissions Officer,
MSc/Postgraduate Diploma in Actuarial Science,
School of Mathematics, Statistics and Actuarial Science
Cornwallis Building,
University,
Canterbury,
Kent CT2 7NF.

Tel: +44 (0) 1227 827181
Fax: +44 (0) 1227 827932
Email: imsadmin@kent.ac.uk

If you still have questions after reading through this booklet, you may find our
answers to frequently asked questions helpful and which can be found on the web on:
http://www.kent.ac.uk/IMS/actuarial/index.html




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        Postgraduate Studies Booklet – Actuarial Science at University of Kent


Appendix

Examinations of the Institute and Faculty of Actuaries

Core Technical Stage
CT1 Financial Mathematics
CT2 Finance & Financial Reporting
CT3 Probability and Mathematical Statistics
CT4 Models
CT5 Contingencies
CT6 Statistical Methods
CT7 Economics
CT8 Financial Economics
CT9 Business Awareness Module

The Business Awareness Module involves a 2-day residential course arranged by the
Actuarial Profession. Attendance of this course and passing the follow-up test is a
requirement of qualification for students joining the profession from 1st July 2004.

Core Applications Stage
CA1 Actuarial Risk Management
CA2 Model Documentation, Analysis and Reporting
CA3 Communications

Specialist Technical Stage
ST0   Alternative Specialist Technical
ST1   Health and Care Specialist Technical
ST2   Life Insurance Specialist Technical
ST4   Pensions and Other Benefits Specialist Technical
ST5   Finance and Investment Specialist Technical A
ST6   Finance and Investment Specialist Technical B
ST7   General Insurance: Reserving and Capital Modelling Specialist Technical
ST8   General Insurance: Pricing Specialist Technical
ST9   Enterprise Risk Management

Specialist Applications Stage
SA0   Research Dissertation Specialist Applications
SA1   Health and Care Specialist Applications
SA2   Life Insurance Specialist Applications
SA3   General Insurance Specialist Applications
SA4   Pensions and Other Benefits Specialist Applications
SA5   Finance Specialist Applications
SA6   Investment Specialist Applications

Students are required to take all subjects from the Core Technical and Core
Applications Stages, two subjects from the Specialist Technical Stage and one subject
from the Specialist Applications Stage.



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