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Actuarial science teaches you the art of turning risks into opportunities. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. You benefit from an excellent starting salary, with graduates earning upwards of £30,000 on average.
Our BSc Actuarial Science course covers the syllabus of many core subjects of the Institute and Faculty of Actuaries. Depending on your choice of optional modules, and upon sufficient attainment, this can lead to exemptions from the professional exams CS1, CS2, CM1, CM2, CB1 and CB2. More generally, our course features an attractive blend of solid mathematics, an understanding of real-world financial issues, optimisation, experimental design and computing skills which provide you with core skills for entering the world of actuaries and data scientists.
Study topics including:
Mathematical finance
Financial reporting
Contingencies, risk management and survival analysis
Mathematical, statistical and probabilistic techniques
Programming and computation in languages such as Matlab and R
Professional actuaries in the insurance industry, including influential businesses AXA and Buck Consultants, contribute to our employability module and also host students at their offices to show them typical challenges that actuaries face.
As part of our School of Mathematics, Statistics and Actuarial Science, you're a member of an inclusive and approachable research community which allows you to explore topics in pure, high-level mathematics and applied mathematics.
Professional accreditation
Accredited by the Institute and Faculty of Actuaries for the purpose of exemption from some professional examinations.
This programme will meet the educational requirements of the Chartered Mathematician designation, awarded by the Institute of Mathematics and its Applications, when it is followed by subsequent training and experience in employment to obtain equivalent competences to those specified by the Quality Assurance Agency (QAA) for taught masters degrees.
Why we're great.
We’re ranked 25th in UK for mathematics (The Guardian University Guide 2025).
We are continually broadening the array of expertise in our School, giving you a wide range of options and letting you tailor your degree to your interests.
You have access to our excellent dedicated computing facilities that provide real-world experience.
Study abroad
Your education extends beyond the university campus. We support you in expanding your education through offering the opportunity to spend a year or a term studying abroad at one of our partner universities. The four-year version of our degree allows you to spend the third year abroad or employed on a placement abroad, while otherwise remaining identical to the three-year course.
Studying abroad allows you to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised.
If you spend a full year abroad you'll only pay 15% of your usual tuition fee to Essex for that year. You won't pay any tuition fees to your host university
Placement year
Alternatively, you can spend your third year on a placement year with an external organisation, where you learn about a particular sector, company or job role, apply your academic knowledge in a practical working environment, and receive inspiration for future career pathways. You will be responsible for finding your placement, but with support and guidance provided by both your department and the placements team.
If you complete a placement year you'll only pay 20% of your usual tuition fee to Essex for that year.
Our expert staff
Many of our academics have won national or regional awards for lecturing, and many of them are qualified and accredited teachers – something which is very rare at a university.
Our course teachers are expert academics conducting internationally excellent multidisciplinary research, with significant multi-year experience in consulting and practicing actuarial science. Our key actuarial science staff are Professor Spyridon Vrontos (specialising in actuarial and financial data science, predictive modelling and predictability), Dr Tolulope Fadina (mathematical finance), Dr Junlei Hu (reinsurance and optimal risk transfer), Dr Peng Liu (applied probability and queueing systems), Dr Jackie Wong (Bayesian methods and survival analysis), and Dr John O'Hara (financial mathematics and machine learning in finance).
Specialist facilities
In addition to teaching, we have a Maths Support Centre, which offers help to students on a range of mathematical problems. Throughout term-time, we can chat through mathematical problems either on a one-to-one or small group basis
We have a dedicated social and study space for maths students in the School, which is situated in the STEM Centre
We host regular events and seminars throughout the year
Our students run a lively Actuarial Science Society, an active and social group where you can explore your interest in your subject with other students
Your future
We expect our graduates of BSc Actuarial Science to become actuaries in a range of industries. It is predicted by the US Department of Labor that the employment of actuaries is expected to grow faster than any other occupation, making it a great prospect for a graduate job.
Aside from a rewarding career as an actuary, clear thinkers are required in every profession, so the successful mathematician has an extensive choice of potential careers. The Council for Mathematical Sciences offers further information on careers in mathematics.
We also work with our University's Student Development Team to help you find out about further work experience, internships, placements, and voluntary opportunities.
“Since graduating I have worked as a Trainee Actuary for a London brokerage, then took a year off to learn to code, and now I am working as an Actuarial Systems Analyst at Pacific Life Re. I help design actuarial models as well as working on tools for the actuarial systems team. My Essex degree definitely helped shape my career choices - and the maths is pretty useful!”
Frederick Coles, BSc Actuarial Science, 2017
Entry requirements
UK entry requirements
A-levels: BBB - BBC or 120 - 112 UCAS tariff points from a minimum of 2 full A-levels, including B in Mathematics or Further Mathematics. Please note we are unable to accept A-level Use of Mathematics in place of A-level Mathematics.
BTEC: DDM - DMM or 120 - 112 UCAS tariff points from a minimum of the equivalent of 2 full A-levels and only in conjunction with A-level Maths. The acceptability of BTECs is dependent on subject studied and optional units taken - email ugquery@essex.ac.uk for advice.
Combined qualifications on the UCAS tariff: 120 - 112 UCAS tariff points from a minimum of 2 full A levels or equivalent. Tariff point offers may be made if you are taking a qualification, or mixture of qualifications, from the list on our undergraduate application information page.
IB: 30 - 29 points or three Higher Level certificates with 555-554. Either must include 5 in Higher level Mathematics.
IB Career-related Programme: We consider combinations of IB Diploma Programme courses with BTECs or other qualifications. Advice on acceptability can be provided, email Undergraduate Admissions.
QAA-approved Access to HE Diploma: 6 level 3 credits at Distinction and 39 level 3 credits at Merit, depending on subject studied - advice on acceptability can be provided, email Undergraduate Admissions.
T-levels: We consider T-levels on a case-by-case basis, depending on subject studied. The offer for most courses is Distinction overall. Depending on the course applied for there may be additional requirements, which may include a specific grade in the Core.
Contextual Offers:
We are committed to ensuring that all students with the merit and potential to benefit from an Essex education are supported to do so. If you are a home fee paying student residing in the UK you may be eligible for a Contextual Offer of up to two A-level grades, or equivalent, below our standard conditional offer. Factors we consider:
Applicants from underrepresented groups
Applicants progressing from University of Essex Schools Membership schools/colleges
Applicants who attend a compulsory admissions interview
Applicants who attend an Offer Holder Day at our Colchester or Southend campus
For further information about what a contextual offer may look like for your specific qualification profile, email ugquery@essex.ac.uk.
If you haven't got the grades you hoped for, have a non-traditional academic background, are a mature student, or have any questions about eligibility for your course, more information can be found on our undergraduate application information page or get in touch with our Undergraduate Admissions Team.
International & EU entry requirements
We accept a wide range of qualifications from applicants studying in the EU and other countries. Get in touch with any questions you may have about the qualifications we accept. Remember to tell us about the qualifications you have already completed or are currently taking.
Sorry, the entry requirements for the country that you have selected are not available here. Please contact our Undergraduate Admissions team at ugquery@essex.ac.uk to request the entry requirements for this country.
English language requirements
English language requirements for applicants whose first language is not English: IELTS 6.0 overall, or specified score in another equivalent test that we accept.
Details of English language requirements, including component scores, and the tests we accept for applicants who require a Student visa (excluding Nationals of Majority English Speaking Countries) can be found here
If we accept the English component of an international qualification it will be included in the academic levels listed above for the relevant countries.
English language shelf-life
Most English language qualifications have a validity period of 5 years. The validity period of Pearson Test of English, TOEFL and CBSE or CISCE English is 2 years.
If you require a Student visa to study in the UK please see our immigration webpages for the latest Home Office guidance on English language qualifications.
Pre-sessional English courses
If you do not meet our IELTS requirements then you may be able to complete a pre-sessional English pathway that enables you to start your course without retaking IELTS.
Pending English language qualifications
You don’t need to achieve the required level before making your application, but it will be one of the conditions of your offer.
If you cannot find the qualification that you have achieved or are pending, then please email ugquery@essex.ac.uk
.
Requirements for second and final year entry
Different requirements apply for second and final year entry, and specified component grades are also required for applicants who require a visa to study in the UK. Details of English language requirements, including UK Visas and Immigration minimum component scores, and the tests we accept for applicants who require a Student visa (excluding Nationals of Majority English Speaking Countries) can be found here
Additional Notes
If you’re an international student, but do not meet the English language or academic requirements for direct admission to this degree, you could prepare and gain entry through a pathway course. Find out more about opportunities available to you at the University of Essex International College
Structure
Course structure
Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation.
We understand that deciding where and what to study is a very important decision for you. We'll make all reasonable efforts to provide you with the courses, services and facilities as described on our website and in line with your contract with us. However, if we need to make material changes, for example due to significant disruption, we'll let our applicants and students know as soon as possible.
Components and modules explained
Components
Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose.
Each component has a status and carries a certain number of credits towards your qualification.
Status
What this means
Core
You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options
You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory
You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options
You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional
You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.
Modules
Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits.
In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available.
Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code. For example, the module code HR100-4-FY means:
HR
100
4
FY
The department or school the module will be taught by.
In this example, the module would be taught by the Department of History.
This module will allow you to build your knowledge of differentiation and integration, how you can solve first and second order differential equations, Taylor Series and more.
Matrices and complex numbers are two fundamental concepts which arise throughout mathematics. In this module you will be introduced to these objects and learn fundamental techniques for working with them in a variety of contexts.
In this module you will learn the fundamentals of probability and statistics, including axioms and combinatorial analysis, distributions, and independence conditions. You will learn how to apply the addition rule of probability and construct diagrams to visually represent data sets. The course also covers the use of descriptive statistics to analyse data and provides hands-on experience with the R software package.
Introduction to Finance is designed to give you an introduction to the wider finance subject area ass well as firm foundation for further studies in finance. You’ll gain a overview of the financial system, instruments and markets, and ideas about finance concepts and problems. The topics covered include investment companies, return and risk, and behavioural finance.
You’ll develop and be able to transmit knowledge about the financial system, instruments and markets and ideas about finance concepts and problems at an introductory level; be aware of, at an introductory level, different ways of thinking about and analysing financial phenomena; and, reflecting the principles of how we approach Finance at Essex Business School, you’ll gain an appreciation of the role that finance plays in society as whole.
This module introduces foundational concepts of microeconomics and macroeconomics. You will learn how economic agents make decisions, how these decisions interact, and how these impact the broader economic system.
This module introduces programming skills and their applications in a range of mathematical contexts. Mathematical modelling skills will be an important focus, along with structuring and implementing code in MATLAB and R. To help you consolidate these skills, a key part of the module will be investigative computational modelling studies.
What skills do you need to succeed during your studies? What about after university? How will you harness your knowledge and soft skills to realise your career goals? This module helps you take an active role in developing transferrable skills and capitalising on your unique background. As well as broad reflection on your professional development, this module will help you explore different career directions and prepare you for the application process, supported by an advisor from within the department.
What instruments are used by companies to raise finance and manage financial risk? What is the role of financial institutions operating in financial markets? What are the techniques of financial accounting? How do you use spreadsheets in financial analysis? Examine and develop the concepts and elements of corporate finance.
How do you compare different income streams? You will be able to answer the question after studying this module which is critical in any financial decision making. In this module, all payments are assumed to be guaranteed and we will focus on the concept of valuing future monetary payments in terms of present. This module covers part of the CM1 course of the IFoA.
This module continues your journey into probability and statistics. Topics include distribution theory, estimation and Maximum Likelihood estimators, hypothesis testing, basic linear regression and multiple linear regression. You will continue to develop your skills with implementations in R.
What are the principles of actuarial modelling? And what are survival models? Examine how calculations in clinical trials, pensions, and life and health insurance require reliable estimates of transition intensities/survival rates. Learn how to estimate these intensities. Build your understanding of estimation procedures for lifetime distributions.
How do you define simple assurance contracts? What practical methods are required to evaluate expected values from a contract? How can you calculate gross premiums and reserves of assurance and reserves? Understand the mathematical techniques that can calculate, model and value cashflows dependent on death, survival or other uncertain risks.
Are you able to solve a small linear programming problem using an appropriate version of the Simplex Algorithm? Learn to formulate an appropriate linear programming model and use the MATLAB computer package to solve linear programming problems. Understand the methods of linear programming, including both theoretical and computational aspects.
Ordinary differential equations are the backbone of much applied mathematics, arising everywhere that a physical, financial or other system changes continuously. This module introduces techniques for studying classes of linear and nonlinear differential equations, and for interpreting their solutions.
Linear systems are some of the most widely-applied concepts in modern algebra. Beginning with the abstract axiomatic definitions of vectors, vector spaces and linear maps, this module allows you to derive powerful methods for understanding many different systems in mathematics and science.
What skills do you need to succeed during your studies? What about after university? How will you harness your knowledge and soft skills to realise your career goals? This module helps you take an active role in developing transferrable skills and capitalising on your unique background. As well as broad reflection on your professional development, this module will help you explore different career directions and prepare you for the application process, supported by an advisor from within the department.
This module will enable you to expand your knowledge on multiple statistical methods. You will learn the concepts of decision theory and how to apply them, have the chance to explore Monte Carlo simulation, and develop an understanding of Bayesian inference, and the basic concepts of a generalised linear model.
How do you formulate financial decision problems mathematically? And how do you identify an appropriate method of solution? Understand the basic models and mathematical methods underlying modern portfolio management. Assess the limitations of these models and learn to correctly interpret your results from calculations.
Why are arbitrage arguments important in modern finance? How can a binomial model evaluate derivatives? What are the main models for interest rates? Understand the mathematical techniques underlying the modelling of derivative pricing. Acquire skills in the development of pricing and risk management. Explore stochastic methods and credit risk.
Can you calculate confidence intervals for parameters and prediction intervals for future observations? Represent a linear model in matrix form? Or adapt a model to fit growth curves? Learn to apply linear models to analyse data. Discuss underlying assumptions and standard approaches. Understand methods to design and analyse experiments.
What methods are available to model cashflows that are contingent on competing risk? What techniques for discounted emerging costs can be used in pricing, reserving and assessing profitability? Study the methods and techniques used in pricing and valuation of insurance policies and products, putting emphasis on those involving multiple lives.
Ever considered becoming an Actuary? This module covers the required material for the Institute and Faculty of Actuaries CT4 and CT6 syllabus. It explores the stochastic process and principles of actuarial modelling alongside time series models and analysis.
A Capstone Project is a self-study module which allows you to step out of the classroom and gain experience of a topic from mathematical sciences beyond your taught modules. You will develop your independent research skills, as well as report-writing and communication skills, both written and oral.
This module focuses on Bayesian and computational statistics. You will develop your understanding of Bayes’ theorem and Bayesian statistical modelling, and Markov chain Monte Carlo simulation, by developing algorithms for simple probability distributions.
What skills do you need to succeed during your studies? What about after university? How will you harness your knowledge and soft skills to realise your career goals? This module helps you take an active role in developing transferrable skills and capitalising on your unique background. As well as broad reflection on your professional development, this module will help you explore different career directions and prepare you for the application process, supported by an advisor from within the department.
On a placement year you gain relevant work experience within an external business or organisation, giving you a competitive edge in the graduate job market and providing you with key contacts within the industry. The rest of your course remains identical to the three-year degree.
Year abroad
On your year abroad, you have the opportunity to experience other cultures and languages, to broaden your degree socially and academically, and to demonstrate to employers that you are mature, adaptable, and organised. The rest of your course remains identical to the three-year degree.
Teaching
Undergraduate students in the School of Mathematics, Statistics and Actuarial Science typically attend three taught hours per module per week, for example, this could be two hours of lectures and one class/lab every week, but this will vary dependent upon the module.
Take a mathematics careers and employability module, where you compile a portfolio of skills and experience.
Assessment
Your final mark is a weighted combination of marks gained on coursework (eg homework problem sheets or tests) and your summer examinations
Your first year of study does not count towards your final degree class
Third-year students have the opportunity to complete a full-year or one-term project
Fees and funding
Home/UK fee
£9,250 per year
International fee
£21,525 per year
Fees will increase for each academic year of study.
Our events are a great way to find out more about studying at Essex. We run a number of Open Days throughout the year which enable you to discover what our campus has to offer.
You have the chance to:
tour our campus and accommodation
find out answers to your questions about our courses, student finance, graduate employability, student support and more
meet our students and staff
Check out our Visit Us pages to find out more information about booking onto one of our events. And if the dates aren’t suitable for you, feel free to book a campus tour here.
Our UK students, and some of our EU and international students, who are still at school or college, can apply through their school. Your school will be able to check and then submit your completed application to UCAS. Our other international applicants (EU or worldwide) or independent applicants in the UK can also apply online through UCAS Apply.
The UCAS code for our University of Essex is ESSEX E70. The individual campus codes for our Loughton and Southend Campuses are 'L' and 'S' respectively.
You can find further information on how to apply, including information on transferring from another university, applying if you are not currently at a school or college, and applying for readmission on our How to apply and entry requirements page.
Offer Holder Days
If you receive an undergraduate offer to study with us in October 2024 and live in the UK, you will receive an email invitation to book onto one of our Offer Holder Days. Our Colchester Campus Offer Holder Days run from February to May 2024 on various Wednesdays and Saturdays, and our Southend Campus events run in April and May. These events provide the opportunity to meet your department, tour our campus and accommodation, and chat to current students. To support your attendance, we are offering a travel bursary, allowing you to claim up to £150 as reimbursement for travel expenses. For further information about Offer Holder Days, including terms and conditions and eligibility criteria for our travel bursary, please visit our webpage.
If you are an overseas offer-holder, you will be invited to attend one of our virtual events. However, you are more than welcome to join us at one of our in-person Offer Holder Days if you are able to - we will let you know in your invite email how you can do this.
Visit Colchester Campus
Set within 200 acres of award-winning parkland - Wivenhoe Park and located two miles from the historic city centre of Colchester – England's oldest recorded development. Our Colchester Campus is also easily reached from London and Stansted Airport in under one hour.
If you live too far away to come to Essex (or have a busy lifestyle), no problem. Our 360 degree virtual tours allows you to explore our University from the comfort of your home. Check out our Colchester virtual tour and Southend virtual tour to see accommodation options, facilities and social spaces.
At Essex we pride ourselves on being a welcoming and inclusive student community. We offer a wide range of support to individuals and groups of student members who may have specific requirements, interests or responsibilities.
The University makes every effort to ensure that this information on its programme specification is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to courses, facilities or fees. Examples of such reasons might include, but are not limited to: strikes, other industrial action, staff illness, severe weather, fire, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack (whether declared or not), natural disaster, restrictions imposed by government or public authorities, epidemic or pandemic disease, failure of public utilities or transport systems or the withdrawal/reduction of funding. Changes to courses may for example consist of variations to the content and method of delivery of programmes, courses and other services, to discontinue programmes, courses and other services and to merge or combine programmes or courses. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications. The University would inform and engage with you if your course was to be discontinued, and would provide you with options, where appropriate, in line with our Compensation and Refund Policy.
The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and
Ordinances and in the University Regulations, Policy and Procedures.
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