Data Analytics and Actuarial Science BSc (Hons)

Who is it for?
 

If you love mathematics, especially modelling and probability, and you are interested in the use of coding, data and IT to solve real-world problems, then you will find this course ideal for you.

As you would expect, the Data Analytics and Actuarial Science undergraduate course sets you up for a career in actuarial science. However, the course will also prepare you for a career in the wider fields of data analysis and risk management, or in investment management or financial analysis.
 

Objectives
 

Traditionally, actuaries have used data to solve problems in the financial risk area. However, the world of finance is being transformed by two major trends – the increase in the volume and types of data and the focus on risk management. This means some problems are now best solved using different data analysis techniques.
 

This course prepares you for these new challenges. You will explore the traditional actuarial approach to risk management but you’ll also learn about some of the newest areas of data science, including artificial intelligence and machine learning, and their practical application to finance and insurance.
 

As well as developing your understanding of mathematics, probability, statistics, economics and IT you’ll look into probability modelling, data analysis and the financial markets. You’ll also be able to demonstrate your skills and your ability to communicate your findings in your final year project.
 

Structure
 

What will I learn?

• Develop your knowledge and understanding of data analytics, actuarial science, statistics, mathematics, finance and related disciplines.

• Develop your ability to communicate your knowledge and understanding effectively.

• Develop your understanding of the roles of mathematical and statistical calculation, analysis and judgement in financial risk management and actuarial science.

• Develop your ability to make reasoned judgements, frame appropriate questions and draw independent conclusions.

• Equip you with the skills required to work professionally in fields related to statistics, finance, risk management, actuarial science, and general management.

• Prepare you to enter postgraduate study in actuarial science or related disciplines.
   

Year 1
 

Core modules:

• Introduction to Actuarial Methods and Career Planning

  This module raises awareness of your career options within and outside of the actuarial profession. To achieve this aim, the module examines the use of actuarial methods to solve financial problems and provides an introduction to the industries that actuaries work in.

• Mathematics for Actuarial Science

  This module will initially consolidate your mathematical knowledge to ensure all students have the same basic understanding no matter what their educational background. In the second term we will cover more advanced mathematical topics. The mathematics course is designed to give you the tools needed to solve the problems in the other modules.

• Probability and Statistics 1

  The probability and statistics module will assume that students will arrive with no knowledge of probability or statistics. The module will start with basic concepts such as summary statistics and basic probability and will develop these concepts to more advanced topics such as confidence intervals, hypothesis testing, regression and probability distributions. This module forms part of the CS1 course of the IFoA.

• Finance and Investment Mathematics

  This module will focus on the concept of valuing future monetary payments in terms of present values to allow a comparison of different income streams which is critical in any financial decision making. In this module we will consider all payments to be guaranteed. We will also look at linking amounts to various inflation indices. This module covers part of the CM1 course of the IFoA.

• Introduction to Economics

  To be able to understand the possible changes in the financial world, students need to study economics. This module assumes no prior knowledge and will cover both micro and macro economics over the year. This module covers the CB2 course of the IFoA.

• Introduction to Excel and Statistical Packages

  This module introduces you to the statistical package Minitab and Excel workbooks, There will also be additional information on the statistical package R but this will not be examined. The lectures and practical sessions are scheduled in such a way that you are able to use the IT tools presented in this module to solve problems generated by concepts introduced in other modules on the programme.

• Introduction to VBA for Excel

  This module aims to Provide you with an introduction to programming in VBA for Excel, to the level where you can write macros and user-defined functions to assist in carrying out analytical tasks. It will also explain the reasons for technical standards of documentation and give instruction in how to apply them in practice.
   

Year 2
 

Core modules:

• Calculus and Linear Algebra (Mathematics 2)

  This module will cover more advanced techniques in calculus and linear algebra that will be used in your other modules on the degree.

• Probability and Statistics 2

  This module will continue your development in the areas of probability and statistics.  In particular, we will be combining ideas from your first year mathematics module to allow more complex situations to be modelled. This module forms the second part of the CS1 of the IFoA.

• Stochastic Modelling

  This module will allow you to study ways to model uncertainty for a selection of probabilistic events. The techniques you learn here can be applied to a number of different situations and will be developed further in more advanced modules. This module covers part of the CS2 course of the IFoA.

• Fundamentals of Finance

  This module will introduce you to the various financial instruments and markets that exist allowing you to be able to develop solutions to financial risk questions. This module covers the first part of the CB1 course of the IFoA (the second part is covered in financial reporting).

• Python, R and Data Structures

  In this module you will be introduced to Python and R, two of the most popular languages in the area of data science, statistics, and visualisations.

• Python, R and Databases

  Develop and deepen your knowledge of Python and R and get an introduction to databases and SQL in this module which will strengthen your data analysis skills.
   

Year 3
 

Core modules:

• Statistical Modelling

  This module will provide a further continuation in your development in the areas of probability and statistics.  In particular, we give you an introduction to several advanced statistical techniques as applied in the actuarial field. This module completes the CS1 course of the IFoA.

• Probabilistic Modelling

  This module builds further on your knowledge of probability theory and stochastic modelling. It introduces some advanced models that are or can be applied in actuarial work. This module completes the CS2 course of the IFoA.

• AI and Machine Learning

  This module will introduce you to the rapidly evolving topics of AI and machine learning from an actuarial point of view, making use of your knowledge of the Python and R programming languages gained in Year 2.

• Data Visualisation

  This module introduces you to modern trends in the display of data. You’ll discover how to use appropriate packages to produce displays which are truly informative, clearly understandable, memorable and striking.

• Final Year Project

United Kingdom
 

A Level: A (Maths) AA

If you are studying General Studies or Critical Thinking these subjects will not be included in any offer condition.

For A-Level applicants we also require a minimum of grade 5 (C) in GCSE English Language.
 

BTEC/OCR Cambridge Technical Level 3 Extended Diploma: DDD plus A-Level Maths A*

For BTEC/OCR Cambridge Technical applicants we also require a minimum of grade 5 (C) in GCSE English Language.
 

For candidates taking a combination of A Level/BTEC/OCR Cambridge Technical qualifications we accept the following:

BTEC/OCR Cambridge Technical Level 3 National Diploma (grades DD) with A-Level Maths A*
BTEC/OCR Cambridge Technical Level 3 Subsidiary Diploma/National Extended Certificate (grade D) with two A-levels (including A-Level Maths A* and a second A-Level grade A)

For combination BTEC/OCR/A-Level applicants we also require a minimum of grade 5 (C) in GCSE English Language.
 

IB: 35 points overall with at least 18 points across three Higher Level subjects, with minimum 6 in Higher Level Maths. Please note that we are happy to accept both Maths Analysis & Approaches and Maths Applications & Interpretations.
 

Access to Higher Education: Pass the course with 45 level 3 credits including minimum 30 distinction credits and the remaining 15 credits at merit or above, plus A-Level Maths A*.
 

For Access applicants we also require a minimum of grade 5 (C) in GCSE English Language.
 

Foundation course for UK/EU students
 

If you do not meet the qualification criteria for this course, you may still meet the criteria for our Actuarial Science Foundation course. The Foundation course is a one-year full-time programme that provides an entry route to the BSc Actuarial Science course.
 

International students

We accept a wide range of international and other UK qualifications at Bayes.
 

Information for international and EU applicants
 

For international applicants requiring a Student Route visa we accept any of the below English language proficiency qualifications at the grades listed:

• Language Cert International ESOL: Language Cert B2 Communicator High Pass

• IELTS (Academic, UKVI or IELTS Indicator): 6.5 overall with no less than 6.0 in any sub test.

• TOEFL (Test centre or iBT Special Home Edition): 92 overall (24 Writing, 23 Reading, 22 Speaking, 21 Listening)

• Pearson Test of English (PTE) Academic: 59 overall with minimum of 59 in each sub test

• Pearson Academic Online: 62 overall with minimum of 59 in each sub test

• IGCSE: English as a First Language (Syllabus 0500 & 0522) or English as Second Language (Syllabus 0510 & 0511) at Grade B or above

• International Baccalaureate: Grade 5 at Standard level or Grade 4 at Higher level

• Trinity College (Integrated Skills): ISE III – pass in each area

• INTO City Pre-sessional English: 6.5 overall with no less than 6.0 in any sub test (NB. Must be the 6 or 8 week Bayes-specific course)

• Cambridge English Advanced (also known as Certificate in Advanced English): Grade C (180-192) at CEFR Level C1

• Cambridge English Proficiency (also known as Certificate of Proficiency in English): Grade C (200-212) at CEFR Level C2

• Hong Kong Diploma of Secondary Education (HKDSE): English Language Examination grade 4 or above

• Bellerbys Foundation Course 69% overall and 59% minimum in each sub test

• Oxford Test of English 130 overall with minimum 120 in each sub test

• GCSE English Language Grade C/5 or above but 1) Qualifications must be issued by Ofqual, SQA, Qualifications Wales or CCEA regulated body in the UK; 2) Education must be undertaken in a UK school.

• A Level English Language Grade C or above but 1) Qualifications must be issued by Ofqual, SQA, Qualifications Wales or CCEA regulated body in the UK; 2) Education must be undertaken in a UK school.

• Vitnemal: English grade 5

• French Baccalaureat: 14/20 in English

• Malaysian GCE O Level (SPM-1119 syllabus only): grade A
   

An exception to the above criteria applies to Student Route visa applicants from the below majority English-speaking countries for whom we can accept a wider range of English qualifications:

• Antigua and Barbuda

• Australia

• The Bahamas

• Barbados

• Belize

• Canada

• Dominica

• Grenada

• Guyana

• Ireland

• Jamaica

• Malta

• New Zealand

• St Kitts and Nevis

• St Lucia

• St Vincent and the Grenadines

• Trinidad and Tobago

• United Kingdom

• United States of America
   

Information for home and EU applicants

In addition to the above English language proficiency qualifications accepted for International applicants, as a Home or EU applicant we can also accept any of the below English qualifications:

• GCSE: Grade C or 5

• O-Level: Grade C

• A-Level: Grade C

• Cambridge English First (also known as Certificate of First in English): Grade A (180-190) at CEFR Level C1

UK£9,250 *Tuition fees are subject to annual change

EU£20,500** per yearTuition fees are subject to annual change

International£20,500 **Tuition fees are subject to annual change
 

UK students
 

* The fee for this course in 2021/22 was £9,250 for each year of study. Fees for students commencing study in 2022/23 are £9,250.
 

EU and Non-EU international students
 

** In 2021/22 the fee is £19,500 for the first year of study. Fees for students commencing study in 2022/23 are £20,500. The institution reserves the right to increase your tuition fees annually to take account of the institution's increased costs of delivering educational services. The increase will normally be 2% but this is kept under review with reference to the RPI. If the institution intends to increase your tuition fees you will be advised of this alongside the published entry fee.

This degree prepares you for a career in data analytics, risk management, actuarial science or financial analysis.

You’ll also have data science analysis and communication skills invaluable for a career in general management.