Actuarial Science presentation - City University London Undergraduate Open Day 29th June 2013
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Actuarial Science presentation - City University London Undergraduate Open Day 29th June 2013

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Presentation about undergraduate courses at City University London's business school - Cass Business School. Course areas include business, management, finance and banking. Presentation was given as ...

Presentation about undergraduate courses at City University London's business school - Cass Business School. Course areas include business, management, finance and banking. Presentation was given as part of the programme of the City University London Undergraduate Open Day on 2nd July 2014.

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Actuarial Science presentation - City University London Undergraduate Open Day 29th June 2013 Actuarial Science presentation - City University London Undergraduate Open Day 29th June 2013 Presentation Transcript

  • www.cass.city.ac.uk David Smith Co-Course Director Actuarial Science – Open Day 02 July 2014
  • www.cass.city.ac.uk What is an actuary? • Someone who applies a knowledge of mathematics, statistics and economics to the solution of problems, which usually involve risk and finance • Traditionally an actuary worked in the areas of life assurance or pensions • Ensuring that the premiums charged by a life assurance company are adequate to cover claims and expenses • Ensuring that a pension fund is able to meet its liabilities • However, actuaries are now using their risk management skills in other areas
  • www.cass.city.ac.uk What is an actuary? • Financial risk is entering into most parts of modern life • The rapid increase in computer power now allows actuaries to perform more complicated calculations extremely quickly • This has allowed actuaries to use their skills in the areas of: • Healthcare • General insurance • Option pricing • Reinsurance • Alternative Risk Transfer • Project management • This means that the demand for actuaries continues to increase View slide
  • www.cass.city.ac.uk Why become an actuary? • Well remunerated – A qualified actuary in London will earn at least £45,000 • The demand for actuaries at all levels of experience is high because of the need for risk managers • For the pay, the job is low stress and the environment is usually pleasant • As a result the profession is always highly ranked in job surveys • Still a limited number of actuaries in the UK •Lack of awareness in the general population •15 professional examinations to pass View slide
  • www.cass.city.ac.uk First year students on BSc Actuarial Science in 2013/14 • Male: 87 Female: 30 • Home: 57 Overseas: 60 • Average A-level profile is A*AA/A*AB
  • www.cass.city.ac.uk Year 1st 2:1 2004/05 35% 36% 2005/06 38% 33% 2006/07 34% 37% 2007/08 35% 45% 2008/09 30% 41% 2009/10 43% 39% 2010/11 34% 40% 2011/12 33% 43% 2012/13 23% 48%
  • www.cass.city.ac.uk What are employers in the area of financial risk looking for? • Knowledge of mathematics and finance • Ability to interpret data • Ability to communicate analysis to both experts and non- experts • Teamwork skills • Ability to manage time and deadlines • Ability to complete relevant professional examinations
  • www.cass.city.ac.uk BSc Actuarial Science • Three BSc (Hons.) courses are available: • Three year course • Four year course including one year business placement • Four year course including one year study abroad • The additional year in the four year courses takes place between the second and third year of the degree
  • www.cass.city.ac.uk The degree structure • The first and second years of the course include modules in: • Probability • Mathematics • Actuarial Mathematics • Economics • Accountancy • Computing • The majority of the modules in the first two years are compulsory.
  • www.cass.city.ac.uk The degree structure • The third year contains some compulsory modules in advanced actuarial mathematics • There are also a number of optional modules to choose from • These modules include actuarial subjects such as life assurance, general insurance; investment modules; mathematical modules • This allows the students to tailor their degree to their strengths and future job requirements
  • www.cass.city.ac.uk Why study a degree in actuarial science? • Gives a sound education in mathematics, statistics and actuarial science • Provides an excellent background to anyone contemplating a career in the wide field of financial management whether or not as an actuary • Allows students to continue the study of mathematics in the applied area • Allows students to gain exemptions from eight of the Actuarial Profession’s 15 exams
  • www.cass.city.ac.uk Alumni • Name : Iqbal Bhamani • Graduated : 2006 (BSc.) • Qualified : 2009 (FIA) • Current Position : General Insurance Consultant, PwC • Current Role : Interacting effectively with clients, in order to understand their needs and respond to queries. Taking responsibility for the delivery of a sub-task or project, as directed by the manager.
  • www.cass.city.ac.uk “I thoroughly enjoyed my 3 years at Cass. Although the actuarial degree was demanding, it was intellectually stimulating and practical – I often apply the material I learnt at university in my day-to-day work.”
  • www.cass.city.ac.uk Alumni profile • Name : Wajahat Rizvi • Graduated : 2011 (BSc.) • Qualified : 2013 • Current Position : Actuarial Advisor, PwC • Current Role : Working on a variety of projects including in insurance, banking and the public sector to provide and effectively communicate solutions to clients’ complex problems.
  • www.cass.city.ac.uk Alumni profile “I decided to join Cass Business School due to its outstanding faculty and world-renowned status. I gained exemptions from early actuarial exams and built a solid foundation for later exams. In addition, I really enjoyed the flexibility offered by the course to study electives in different areas of finance. I believe Cass truly prepared me well for my professional career.”
  • www.cass.city.ac.uk Admission • BSc (Hons) Actuarial Science degree • A-level: A*AA (including A* mathematics) • IB: 35 points (including 7 points mathematics higher level) • Other overseas qualifications accepted (including international foundation year courses) • IELTS 6.5
  • www.cass.city.ac.uk Any questions?