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Actuarial Mathematics

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Ready to apply? You can apply for this course online now using the UCAS website. The deadline for UK students to apply for this course is 25 January 2023.

The deadline for international students is 30 June 2023.

Add choice to your UCAS application

Use these details to apply for this course through UCAS:

  • University name: University of Liverpool
  • Course: Actuarial Mathematics NG31
  • Location: Main site
  • Start date: 25 September 2023

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Bachelor of Science

Bachelor of Science (BSc) is a bachelor’s degree awarded for an undergraduate programme in the sciences.

Course overview

Studying Actuarial Mathematics at Liverpool will allow you to take your career in any number of directions. Choose this programme and you will become an expert, using mathematical models to solve financial problems.

Introduction

Mathematics is a fascinating, beautiful and diverse subject to study. It underpins a wide range of disciplines; from physical sciences to social science, from biology to business and finance.

At Liverpool, our programmes are designed with the needs of employers in mind, to give you a solid foundation enabling you to take your career in any number of directions.

Actuarial mathematics prepares students to be professionals who use mathematical models to analyse and solve financial problems under uncertainty. Actuaries are experts in the design, financing and operation of insurance plans, annuities, and pension or other employee benefit plans.

This programme is aimed at students who want to work in the world of insurance, financial or governmental services, where actuarial mathematics plays a key role. You will graduate prepared for a career as an actuary, combining financial and actuarial mathematics with statistical techniques and business topics.

You will cover  specialised work in advanced actuarial and financial mathematics. You will then study more advanced ideas in both life and non-life insurance mathematics as well as stochastic modelling, econometrics and finance.

We have accreditation from the Institute and Faculty of Actuaries, the professional body for actuaries in the UK.

We have accreditation from the Institute and Faculty of Actuaries.

What you'll learn

  • Core aspects of Mathematics such as finance, algebra, calculus and statistics.
  • Teamwork
  • Problem solving
  • How to present and communicate clearly
  • How to analyse and solve financial problems.

Course content

Discover what you'll learn, what you'll study, and how you'll be taught and assessed.

Year one

In year one you will study compulsory modules covering economic principles, algebra, calculus, statistics, mathematical IT skills, finance.

Compulsory modules

ECONOMIC PRINCIPLES FOR BUSINESS AND MARKETS (ECON127)

Credits: 15 / Semester: semester 1

The aim of this module is to introduce the core principles of economics (both micro and macro), to develop models and economic perspectives relevant to business students and demonstrate how modern economics can illuminate the problems that businesses (both national and international) face on a day-to-day basis.

Calculus I (MATH101)

Credits: 15 / Semester: semester 1

​At its heart, calculus is the study of limits. Many quantities can be expressed as the limiting value of a sequence of approximations, for example the slope of a tangent to a curve, the rate of change of a function, the area under a curve, and so on. Calculus provides us with tools for studying all of these, and more. Many of the ideas can be traced back to the ancient Greeks, but calculus as we now understand it was first developed in the 17th Century, independently by Newton and Leibniz. The modern form presented in this module was fully worked out in the late 19th Century. MATH101 lays the foundation for the use of calculus in more advanced modules on differential equations, differential geometry, theoretical physics, stochastic analysis, and many other topics. It begins from the very basics – the notions of real number, sequence, limit, real function, and continuity – and uses these to give a rigorous treatment of derivatives and integrals for real functions of one real variable.​ ​

Introduction to Linear Algebra (MATH103)

Credits: 15 / Semester: semester 1

Linear algebra is the branch of mathematics concerning vector spaces and linear mappings between such spaces. It is the study of lines, planes, and subspaces and their intersections using algebra.

Linear algebra first emerged from the study of determinants, which were used to solve systems of linear equations. Determinants were used by Leibniz in 1693, and subsequently, Cramer’s Rule for solving linear systems was devised in 1750. Later, Gauss further developed the theory of solving linear systems by using Gaussian elimination. All these classical themes, in their modern interpretation, are included in the module, which culminates in a detailed study of eigenproblems. A part of the module is devoted to complex numbers which are basically just planar vectors. Linear algebra is central to both pure and applied mathematics. This module is an essential pre-requisite for nearly all modules taught in the Department of Mathematical Sciences.

Mathematical IT skills (MATH111)

Credits: 15 / Semester: semester 1

This module introduces students to powerful mathematical software packages such as Maple and Matlab which can be used to carry out numerical computations or to produce a more complicated sequence of computations using their programming features. We can also do symbolic or algebraic computations in Maple. These software packages have built-in functions for solving many kinds of equations, for working with matrices and vectors, for differentiation and integration. They also contain functions which allow us to create visual representations of curves and surfaces from their mathematical descriptions, to work interactively, generate graphics and create mathematical documents. This module will teach students many of the above-mentioned features of mathematical software packages. This knowledge will be helpful in Years 2, 3 and 4 when working on different projects, for example in the modules MATH266 and MATH371.

INTRODUCTION TO FINANCE (ACFI103)

Credits: 15 / Semester: semester 2

This module introduces students to fundamental concepts in finance. The course aims to provide a firm foundation for the students to build on later on in the second and third years of their programmes, by covering basic logical and rational analytical tools that underpin financial decisions. The course covers topics such as the structure of firms and time value of money. Building on these notions, we then discuss the valuation of simple securities such as bonds and equities. The course also introduces students to project appraisal techniques.

CALCULUS II (MATH102)

Credits: 15 / Semester: semester 2

This module, the last one of the core modules in Year 1, is built upon the knowledge you gain from MATH101 (Calculus I) in the first semester. The syllabus is conceptually divided into three parts: Part I, relying on your knowledge of infinite series, presents a thorough study of power series (Taylor expansions, binomial theorem); part II begins with a discussion of functions of several variables and then establishes the idea of partial differentiation together with its various applications, including chain rule, total differential, directional derivative, tangent planes, extrema of functions and Taylor expansions; finally, part III is on double integrals and their applications, such as finding centres of mass of thin bodies. Undoubtedly, this module, together with the other two core modules from Semester 1 (MATH101 Calculus I and MATH103 Introduction to linear algebra), forms an integral part of your ability to better understand modules you will be taking in further years of your studies.

Introduction to Statistics using R (MATH163)

Credits: 15 / Semester: semester 2

Students will learn fundamental concepts from statistics and probability using the R programming language and will learn how to use R to some degree of proficiency in certain contexts. Students will become aware of possible career paths using statistics.

Theory of Interest (MATH167)

Credits: 15 / Semester: semester 2

This module mainly focuses on the theory of interest rates in financial mathematics.  The module provides an understanding of some fundamental concepts of financial mathematics, and how these concepts are applied in calculating present and accumulated values for various streams of cash flows. Students will also be given an introduction to financial instruments, such as derivatives and the concept of no-arbitrage.​

Programme details and modules listed are illustrative only and subject to change.

Our curriculum

The Liverpool Curriculum framework sets out our distinctive approach to education. Our teaching staff support our students to develop academic knowledge, skills, and understanding alongside our graduate attributes:

  • Digital fluency
  • Confidence
  • Global citizenship

Our curriculum is characterised by the three Liverpool Hallmarks:

  • Research-connected teaching
  • Active learning
  • Authentic assessment

All this is underpinned by our core value of inclusivity and commitment to providing a curriculum that is accessible to all students.

Course options

Studying with us means you can tailor your degree to suit you. Here's what is available on this course.

Global Opportunities

University of Liverpool students can choose from an exciting range of study placements at partner universities worldwide.

What's available on this course?

Year in China

Immerse yourself in Chinese culture on an optional additional year at Xi'an Jiaotong Liverpool University in stunning Suzhou.

  • Learn Chinese
  • Study in a bustling world heritage city
  • Improve employment prospects
  • Study Chinese culture
  • 30 minutes from Shanghai
  • Learn new skills

Read more about Year at XJTLU, China

Language study

Every student at The University of Liverpool can study a language as part of, or alongside their degree. You can choose:

  • A dedicated languages degree
  • A language as a joint or major/ minor degree
  • Language modules (selected degrees)
  • Language classes alongside your studies

Read more about studying a language

Study as part of XJTLU 2+2

Actuarial Mathematics BSc (Hons) can be studied through the 2+2 programme by students on the following XJTLU courses. Select your course for further details:

The natural next step for ambitious XJTLU students who want to build a brilliant career.

  • Spend two years at the University of Liverpool campus
  • Improve your prospects of progressing to postgraduate study at a top 100 university
  • Receive two degrees: one from XJTLU, one from the University of Liverpool
  • Get support with visas, accommodation and your career.

Read more about the 2+2 programme.

Your experience

You will be taught by internationally recognised experts within a friendly department.

Your course will be delivered by the Department of Mathematical Sciences.

Virtual tour

What students say...

The academic staff in the Department are fantastic and their doors are all open if you want to go and talk to them

Kate Johnson, MMath Mathematics

Careers and employability

A mathematically-based degree opens up a wide range of career opportunities, including some of the most lucrative professions.

87.5% of mathematical sciences graduates go on to work or further study within 15 months of graduation.

Discover Uni, 2018-19.

Typical types of work our graduates have gone onto include:

  • An actuarial trainee analyst
  • A graduate management trainee risk analyst
  • A trainee chartered accountant.

Recent employers of our graduates are:

  • Barclays Bank plc
  • Deloitte
  • Forrest Recruitment
  • Marks and Spencer
  • Mercer Human Resource Consulting Ltd
  • Venture Marketing Group.

 

Preparing you for future success

At Liverpool, our goal is to support you to build your intellectual, social, and cultural capital so that you graduate as a socially-conscious global citizen who is prepared for future success. We achieve this by:

  • Embedding employability within your , through the modules you take and the opportunities to gain real-world experience offered by many of our courses.
  • Providing you with opportunities to gain experience and develop connections with people and organisations, including student and graduate employers as well as our global alumni.
  • Providing you with the latest tools and skills to thrive in a competitive world, including access to Handshake, a platform which allows you to create your personalised job shortlist and apply with ease.
  • Supporting you through our peer-to-peer led Careers Studio, where our career coaches provide you with tailored advice and support.

Fees and funding

Your tuition fees, funding your studies, and other costs to consider.

Tuition fees

Tuition fees cover the cost of your teaching and assessment, operating facilities such as libraries, IT equipment, and access to academic and personal support. Learn more about tuition fees, funding and student finance.

UK fees
Also applies to Channel Islands, Isle of Man and Republic of Ireland
Full-time place, per year £9,250
Year in industry fee £1,850
Year abroad fee £1,385
International fees
Full-time place, per year £23,300
Year in industry fee £1,850
Year abroad fee £11,650
Fees stated are for the 2023-24 academic year.

Additional costs

Your tuition fee covers almost everything but you may have additional study costs to consider, such as books.

Find out more about the additional study costs that may apply to this course.

Additional study costs

Your tuition fee covers almost everything but you may have additional study costs to consider, such as books.

Find out more about additional study costs.

Scholarships and bursaries

We offer a range of scholarships and bursaries to help cover tuition fees and help with living expenses while at university.

Scholarships and bursaries you can apply for from the United Kingdom

Entry requirements

The qualifications and exam results you'll need to apply for this course.

My qualifications are from: United Kingdom.

Your qualification Requirements

About our typical entry requirements

A levels

AAB

Applicants with the Extended Project Qualification (EPQ) are eligible for a reduction in grade requirements. For this course, the offer is ABB with A in the EPQ.

You may automatically qualify for reduced entry requirements through our contextual offers scheme.

GCSE 4/C in English and 4/C in Mathematics
Subject requirements

Mathematics A level grade A.

Applicants must have studied Mathematics at Level 3 within 2 years of the start date of their course.

For applicants from England: For science A levels that include the separately graded practical endorsement, a "Pass" is required.

BTEC Level 3 National Extended Diploma

Applications considered when combined with A level Maths grade A

International Baccalaureate

35 including 6 in Higher Mathematics

Irish Leaving Certificate H1, H1, H2, H2, H2, H3 including Mathematics at H1
Scottish Higher/Advanced Higher

Advanced Highers accepted at grades AAB including grade A in Mathematics.

Welsh Baccalaureate Advanced Acceptable at grade B or above alongside AA at A level including grade A in Mathematics.
Access Considered
International qualifications

Many countries have a different education system to that of the UK, meaning your qualifications may not meet our entry requirements. Completing your Foundation Certificate, such as that offered by the University of Liverpool International College, means you're guaranteed a place on your chosen course.

Contextual offers: reduced grade requirements

Based on your personal circumstances, you may automatically qualify for up to a two-grade reduction in the entry requirements needed for this course. When you apply, we consider a range of factors – such as where you live – to assess if you’re eligible for a grade reduction. You don’t have to make an application for a grade reduction – we’ll do all the work.

Find out more about how we make reduced grade offers.

About our entry requirements

Our entry requirements may change from time to time both according to national application trends and the availability of places at Liverpool for particular courses. We review our requirements before the start of the new UCAS cycle each year and publish any changes on our website so that applicants are aware of our typical entry requirements before they submit their application.

Recent changes to government policy which determine the number of students individual institutions may admit under the student number control also have a bearing on our entry requirements and acceptance levels, as this policy may result in us having fewer places than in previous years.

We believe in treating applicants as individuals, and in making offers that are appropriate to their personal circumstances and background. For this reason, we consider a range of factors in addition to predicted grades, widening participation factors amongst other evidence provided. Therefore the offer any individual applicant receives may differ slightly from the typical offer quoted in the prospectus and on the website.

Alternative entry requirements

Changes to Actuarial Mathematics BSc (Hons)

See what updates we've made to this course since it was published. We document changes to information such as course content, entry requirements and how you'll be taught.

7 June 2022: New course pages

New course pages launched.