Actuarial Science BSc

Actuarial Science applies mathematics, statistics, and financial theory to assess risk and uncertainty in industries such as insurance, pensions, banking and investment. It is one of the most career-focused degrees, as it directly prepares students for professional actuarial qualifications. An Actuarial Science degree is ideal for students who are highly numerate, analytical and interested in finance, data and problem-solving.

Course Structure

Most Actuarial Science degrees last three years full time (BSc), or four years with a placement year or study abroad. Many courses are accredited by the Institute and Faculty of Actuaries (IFoA), meaning students can gain exemptions from some professional exams during their degree.

Teaching combines lectures, problem-solving workshops, computing sessions and independent study. Assessment is through exams, coursework, group projects, presentations and sometimes real-world case studies.

Typical Modules

Year 1 – Foundations of Actuarial Science

Mathematics for Actuarial Science

Probability and Statistics

Financial Mathematics

Economics for Actuaries

Introduction to Insurance and Risk Management

Programming and Data Analysis (often using R, Python or Excel VBA)

Year 2 – Core Development

Life Contingencies (modelling survival and mortality)

Risk Theory and Loss Models

Stochastic Processes and Time Series

Corporate Finance

Actuarial Models and Methods

Optional modules such as Data Science, Derivatives or Pension Schemes

Year 3 – Advanced Applications

Advanced Financial Mathematics

Survival Models and Demography

Investment and Asset Management

Advanced Risk Management

Professional Practice and Actuarial Case Studies

Dissertation or Independent Research Project

Year 4 (if integrated master’s)

Advanced Actuarial Modelling

Big Data and Predictive Analytics

Extended Research Project or Thesis

Useful A-Level or BTEC Subjects

• A levels: Mathematics (essential), Further Mathematics (highly recommended), Economics or Physics.

  
  

• BTECs: Rarely accepted unless supported by A level Maths.

  
  

• International Baccalaureate: Higher Level Maths is essential; Economics or Physics is useful.

  
  

What Makes a Strong Application

Universities look for students with excellent numeracy and problem-solving skills. A strong application should include:

• High grades in Maths (and Further Maths if possible).

  
  

• A personal statement showing enthusiasm for mathematics applied to real-world finance and risk.

  
  

• Evidence of wider engagement, such as online finance courses, maths competitions, coding projects or financial news awareness.

  
  

• Analytical ability and logical reasoning demonstrated through problem-solving activities.

Transferable Skills You Will Develop

An Actuarial Science degree provides both specialist knowledge and versatile skills, including:

• Quantitative analysis – applying mathematical and statistical models.

  
  

• Risk assessment – evaluating uncertainty in finance and insurance.

  
  

• Programming and computing – using R, Python, SQL or Excel VBA.

  
  

• Problem-solving – applying maths to financial and actuarial contexts.

  
  

• Communication – explaining complex results clearly to stakeholders.

  
  

• Business awareness – understanding markets, investments and economics.

  
  

Wider Reading: Recommended Books for Aspiring Actuarial Science Students

Here are four accessible and relevant books:

“The Norm Chronicles” by Michael Blastland and David Spiegelhalter – A lighthearted look at risk in everyday life.

“Against the Gods: The Remarkable Story of Risk” by Peter L. Bernstein – A history of risk and probability.

“The Signal and the Noise” by Nate Silver – A guide to prediction and statistical thinking.

“How Not to Be Wrong: The Power of Mathematical Thinking” by Jordan Ellenberg – An engaging exploration of how maths applies to real-world problems.

Typical Pay After Graduation

Actuarial Science is one of the most financially rewarding career paths. Starting salaries for actuarial trainees are typically £28,000–£35,000, often with study support for professional exams. Fully qualified actuaries can earn £55,000–£80,000, while senior actuaries in insurance, pensions or investment can earn £100,000+.