Our unwavering dedication to satisfaction and integrity is why we are their most trusted actuarial recruiting resource. commonly termed risk, or economic, capital. the ability to make decisions in complex situations. This response is part of our flexible approach to admissions whereby we consider each student and their personal circumstances. pension scheme is taking, holistically, across the entire spectrum of Another approach to modelling longevity risk is via an investigation of The survey is important for UK economic statistics (see Section 2: ... which in the case of DB schemes are the result of an actuarial calculation of the members’ accrued-to-date entitlements in the pension schemes. With the advent of new risk-based regulations for financial services Details of recently published books can be found under staff research interests. Full details of staff research interests can be found on the School's website. If we intend to exercise this right to increase tuition fees, we will let you know by the end of June in the academic year before the one in which we intend to exercise that right. on insurers’ use of genetic test results, or gender classification in Please note that if you are required to meet an English language That’s why 70% of our recruiters have been with us for more than 20 years. do exist in many countries, suggesting that policymakers often perceive The aim of this module is to develop the student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of premium rating needed for the operation on sound financial lines of general insurers. We may also accept applicants who have a good first degree in another subject and who have passed most of the Core Principles Stage subjects. implementation of quantitative risk management techniques for firms and 1.2 The guide has been broken down into three main components. Students selecting this MSc may be interested in charting a route to CERA qualification. Guaranteed Minimum Pension (GMP) is the minimum pension entitlement for members who were contracted out of occupational pension schemes, salary related pension schemes (COSRs) and State Earnings Related Pension Schemes (SERPS) prior to April 1997. beginning a postgraduate degree. Exercises are based on real-world commercial situations, and include group exercises. Contact us and see how we can help you out. If you fail to achieve a suitable overall standard, you might still be awarded individual module exemptions as recommended by the Profession’s examiner. You will gain knowledge and understanding of: You will gain the following transferable skills: The 2021/22 annual tuition fees for this programme are: For details of when and how to pay fees and charges, please see our Student Finance Guide. The UK Actuarial Profession is small, but influential and well rewarded. The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at the Canterbury campus and is organised by University of Kent students and academic staff. provides income protection but also to non-traditional products such as Actuarial Jobs last updated on May 22 2021. The group has a deep and long-standing association with the Institute and Faculty of Actuaries, as well as with other educational institutions worldwide. The average salary in any field of engineering ranges between 47,000 - 200,000 GBP per annum depending upon the specialization, level of degree, city and others. We use cookies to improve your experience on our site. Marks on this module can count towards exemption from the professional examination ST9 of the Institute and Faculty of Actuaries. R-based worked examples. We can help you find your next position, your dream job, and plan the rest of your actuarial career. The largest average pension savings in England were found in Southampton at £58,900. A good first degree in Actuarial Science, or a degree that covers all or most of the Core Principles Stage subjects of the Institute and Faculty of Actuaries’ examinations. In this entertaining University of Kent lecture, Honorary Professor Paul Sweeting, FIA, explores the key issues and how research is helping to address them. programmes will require you to study a combination of compulsory and Outline syllabus includes: An introduction to derivatives, futures and forward, options and trading strategies, binomial tree model, Black-Scholes option pricing formula, Greeks and derivative risk management, numerical techniques, exotic options, interest rate models and interest rate derivatives, credit risk and credit derivatives. Students who achieve a high enough overall mark in our programmes can obtain exemptions from the professional examinations included within their studies. Assessment is usually by a mixture of coursework and examination; exact weightings vary from module to module. Fill out this form and outline your criteria and specifications to subscribe to this program. Actuarial Careers, Inc.® is the leading actuarial recruiting firm in the world, focusing exclusively on the placement of actuaries. Principle of no-arbitrage, or absence of risk-free arbitrage opportunities, is applied to determine prices of derivative contracts, within the framework of binomial tree and geometric Brownian motion models. The aim of this module is to develop the student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of reserving and capital modelling needed for the operation on sound financial lines of general insurers. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres. Careful re-examination of the usual This may include, but is not limited to, advanced topics on financial risk management, mortality models and adverse selection. Certain subjects require a higher The Society hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious speakers from industry and the profession. Millions of real salary data collected from government and companies - annual starting salaries, average salaries, payscale by company, job title, and city. risks they are running. For detailed information see our English language requirements web pages. * money, bond, equity and property markets; * futures and options; collective investment vehicles; * overseas markets; economic influences on investment markets; * other factors affecting relative valuation; * relationship between returns on asset classes; * valuation of asset classes and portfolios; The aim of this module is to develop the student's ability to apply a wide range of key actuarial concepts in simple traditional and non-traditional situations. Work in actuarial science at the University of Kent can be divided Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors. There are more than 6,500 actuaries currently employed in the UK, the majority of whom work in insurance companies and consultancy practices. Actuaries evaluate and manage financial risk. If we intend to exercise this extended right to increase tuition fees, we will let you know by the end of June in the academic year before the one in which we intend to exercise that right. Students, either individually or as part of a group, will be assigned a project on an area of actuarial research. self-assess and quantify the amount of capital they need to cover the The teaching staff include many actuaries drawn from professional practice, along with specialised researchers. Centre for Actuarial Science, Risk and Investment (CASRI), Applied Actuarial Science - MSc - full-time at Canterbury. The first component sets out the overall background to actuarial involvement in retirement benefits and compares and contrasts the key differences between the actuarial calculations made in the countries covered. year in response to new curriculum developments and innovation. Within CASRI, research in actuarial science can be broadly classified into the following three themes: economic capital and financial risk management, longevity risk modelling, and public policy aspects of insurance risk classification. The University requires all non-native speakers of English to reach a R-based worked examples. support programmes for the elderly, most notably to the subset that We put our integrity behind every placement and if we post it, you can trust it represents an actual current position. R-based worked examples. Regression tree-based methods: Classification and regression trees (CART), bagging, random forests and boosting.  As such students intending to study this module should be confident with material studied in the CT6 and CT8 syllabuses. Some typical requirements are listed below. With experience in (or affinity for) actuarial modelling, the successful candidate will ideally possess Prophet (or RAFM) experience. The survey covers both normal practice and legal requirements. An impressive 92% of our research-active staff submitted to the REF and the School’s environment was judged to be conducive to supporting the development of world-leading research.  A number of syllabus items are highly technical - students will be introduced to a number of concepts such as copulas and GARCH models, whilst developing concepts introduced under CT6, CT8 and CA1. To follow professional curriculum of the Faculty and Institute of Actuaries examination SP8 – https://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialist-technical-subjects. When a member of a final salary pension scheme leaves, having completed at least two years’ service, they become entitled to a preserved pension in respect of the benefits that have accrued during their membership of the scheme. This module introduces different financial derivative contracts available in the market, develops pricing techniques and risk management tools to manage risks associated with a portfolio of derivative contracts. Outline syllabus includes: overview of the uses and applications of PROPHET; introduction on how to use the software package (including security implications); using Example Profit Test to perform and check the results (for reasonableness) on new business profit tests on various products using the edit facility on the model point file, parameter file and global file; creation of a new product on PROPHET using an empty workspace and selecting the appropriate indicators and variables for that product; setting up a model point file, parameter file and global file for the new product and also setting up a run setting and run structure for this product; performing a profit test for the new product using one in force model point and one new business model point and checking the cash flow results obtained; performing a number of sensitivity tests on a series of new business model points to achieve a given profit criteria; reporting on dependencies in Diagram View; updating the library and product; using the re-scan and regeneration of products facilities. As one of the few universities to offer actuarial science in the UK, Kent’s programme is recognised for its strong mix of theoretical and practical expertise.  Students should gain an understanding of the implementation and application of ERM; as such successful students in MA909 will acquire skills which are applicable to a diverse range of organisations and scenarios. The Society also arranges talks from external speakers including practitioners, careers advisers and recruiters from the UK and overseas. Outline syllabus includes: how to do a professional job; contract design; modelling; data; setting assumptions; expenses; pricing and financing strategies; valuing liabilities; accounting and disclosure; surplus and surplus management; sources of risks; risks in benefit schemes; pricing and insurance risks; the risk management process; risk management tools; capital management and monitoring experience. risks it accepts. {{ profile.research_interest_highlights }}, MACT9210 - Actuarial Risk Management 1 (30 credits), MACT9220 - Actuarial Risk Management 2 (30 credits), MACT9090 - Enterprise Risk Management (30 credits), MACT9150 - Finance and Investment (30 credits), MACT9160 - Derivative Securities (30 credits), MACT9170 - General Insurance Reserving and Capital Modelling (30 credits), MACT9180 - General Insurance Pricing (30 credits), MACT9230 - Introduction to Actuarial Research (15 credits), MACT9240 - Short Project (Actuarial Research) (15 credits), MACT9520 - Financial Modelling (15 credits), MAST9420 - Data Science with R (15 credits). Click here to fill out our form and outline your criteria and specifications to subscribe to this program. Outline syllabus includes: insurance products; reinsurance products; the business environment; Lloyd's; risk and uncertainty; data; actuarial investigations; reserving by triangulation methods; reserving bases; stochastic claims reserving; assessment of reserving results; use of ranges and best estimates in reserving; investment principles and asset liability matching; capital modelling; determining appropriate reinsurance; reserving of reinsurance; accounting principles; interpreting accounts; regulation. minimum standard of proficiency in written and spoken English before communication: the ability to organise information clearly, respond to written sources, present information orally, adapt style for different audiences and use images as a communication tool, numeracy: make sense of statistical materials, integrate numerical and non-numerical information, understand the limits and potentialities of arguments based on quantitative information, information technology: produce written documents, undertake online research, communicate using email. Our esteemed clients are the most recognized companies in the world. Full details of our terms and conditions can be found at: www.kent.ac.uk/termsandconditions. In the meantime, take a little time to find out more about postgraduate life at Kent: The course is based on a ‘core modules plus options’ structure and exemptions can be gained from professional examinations.  ERM involves the integration of risk management across an organisation, rather than treating each individual risk which an organisation faces separately. Try our Interactive Salary Tools and see how others have performed. condition, we offer a number of pre-sessional courses in English for Most sector. The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to provide educational services as described. the ability to demonstrate a high level of understanding of the main body of knowledge for the programme, the ability to demonstrate skill in calculation and manipulation of the material written within the programme, the ability to apply a range of concepts and principles in various contexts, the ability to demonstrate advanced skills in solving problems in complex situations by various appropriate methods. *Where fees are regulated (such as by the Department for Education or Research Council UK) permitted increases are normally inflationary and the University therefore reserves the right to increase tuition fees by inflation (RPI excluding mortgage interest payments) as permitted by law or Government policy in the second and subsequent years of your course. At Kent we are actively involved in developing rigorous risk The email you will receive will allow you to modify your criteria or opt-out of your program at anytime. Students who are considered to have performed sufficiently well in the programme (both in examinations and coursework), as determined by an examiner appointed by the UK Actuarial Profession will receive exemptions. The table is sorted in order of occupation code, with the smallest numbers at the top. We are delighted to say that we successfully achieved re-accreditation for all of our Actuarial Science programmes and have been offering exemptions under the IFoA's new qualification structure since September 2019. You must take 180 credits in order to pass the MSc. Once started, you can save and return to your application at any time. Sign up for job alerts. Academic Purposes through Kent International Pathways. The module covers various different asset classes like hedge funds, private equity, infrastructure and derivatives pricing and valuation. ensure you are competent in the use of information technology, and are familiar with computers, together with the relevant software. Get Jobs by E-Mail - Automatic Job Update Instructions. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within industry. the ability to work with relatively little guidance. With this feature you can receive email notifications with the latest jobs that match your pre-specified criteria the moment they are added into our database. defined benefit pension schemes operating within the financial services We believe in quality, loyalty and team work. If you take fewer than 180 credits, you may be eligible for the Postgraduate Diploma in Applied Actuarial Science. The average basic salary of a Chief Actuary is £209,292. Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. For 2021, in response to the challenges caused by Covid-19 we will consider applicants either holding or projected a 2:2. positive quadrant dependence between lives, which requires a If you are an international student, visit our International Student website for further information about entry requirements for your country, including details of the International Foundation Programmes. Because they employ the majority of the world’s actuaries, our long-standing relationships with them, and the integrity with which we do business has established us as the leader in actuarial placements. However, the courses, services and other matters may be subject to change. home equity release schemes. For more information about the actuarial profession, see www.actuaries.org.uk. Kent is currently one of only two UK universities that are accredited to offer exemptions for IFoA subject SP9, which is a required subject to obtain the Chartered Enterprise Risk Actuary Accreditation (CERA). The module also explores the relationship between investors and investment managers in detail. Survey results published by the Institute and Faculty of Actuaries suggest that the average basic salary for a student actuary is £36,842 with pay and bonuses increasingly sharply as you become more experienced. level. complex techniques applicable to the solution of problems in all the major areas of current professional actuarial practice. Outline syllabus includes: the theory of finance, specialist asset classes, influence of regulatory and legislative framework on markets, fundamental analysis, valuation of assets, investment indices, performance measurement, risk control, actuarial techniques, portfolio management and taxation. Please contact us to discuss this vacancy or for an informal discussion regarding your career goals. We are the leading actuarial recruiting firm specializing in the placement of Actuaries on a worldwide basis. This achieves a balance between theoretical and applied investigations, as well as addressing social policy implications. Learn more about the applications process or begin your application by clicking on a link below. Topics in advanced topical actuarial research: Students will be introduced to areas of actuarial research which are topical and are of interest to the actuarial profession. One approach to dealing with longevity risk is to model key factors Please note that individual exemptions are granted based on the final written examinations only. The following modules are indicative of those offered on this programme. Exercises are completed and discussed in class, along with the methods and principles of financial modelling and documentation. For each project, the students will be required to process and analyse information, form conclusions, and produce an individual written report in LaTex that contains a review of existing literature on the particular topic, and to produce a piece of work in the assigned area of research and a coherent account thereof in LaTex, either as an individual or as part of a group. Even if you aren’t looking right now, it will be the most career-defining call you can make. 2019 Salary Survey is Now Available. Sign up here to receive all the latest news and events from Kent. For over 20 years, Actuarial Careers, Inc.® has been placing candidates throughout the world in every discipline of the actuarial profession. This module gives students practical experience of working with the financial actuarial model, PROPHET, which is used by commercial companies worldwide primarily for profit testing, valuation and model office work. Introduction: Machine learning and data visualisation with R. Classification and prediction: Generalised linear model (GLM), linear discrimination analysis (LDA), k-nearest neighbors (KNN). the European Union. Restrictions on risk classification can lead to adverse selection, classification regimes can quantify the effects of particular bans, e.g. management techniques to explicitly measure how much risk a firm or Credit risk models are introduced in the context of pricing defaultable bonds and credit derivatives. SERPS is now known as the State Second Pension (S2P). Once this is in place, longevity risk may be They make financial sense of the future for their clients by applying advanced mathematical and statistical techniques to solve complex financial problems. investigations, as well as addressing social policy implications. Outline syllabus includes: using Example Model Office to perform and check the results (for reasonableness) on Model Office runs using multiple products and the total business summary file including when changes have been made to the assumptions to the global file; using the Model Office run view to analyse the effect that changes to the input data has had on the model; running Model Office with products from the Example Model Office and creating reports on model office runs summarising the results obtained; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point using 3 further measures of profitability (Internal Rate of Return, Break Even Month and Profit Margin); using the PROPHET Data Conversion System to read an input file in ASCII format to i) perform a number of calculations on the individual policy data and then produce output files for use by PROPHET system, ii) add validation checks and correction rules to the programme and iii) group the data so that grouped model point file rather than individual model point file data is produced. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details. Query our salary survey results. E: internationalstudent@kent.ac.uk, School of Mathematics, Statistics and Actuarial Science. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying. We are very happy to perform bespoke research on your behalf. The curriculum is intended to be consistent with that of the Institute and Faculty of Actuaries professional subject CP2. complex current issues in the major areas of current professional practice. couples. You may find it helpful to look at both: We have a range of subject-specific awards and scholarships for academic, sporting and musical achievement.