Other options

If you study Actuarial Science BSc at XJTLU you can choose from these options to study at the University of Liverpool on the XJTLU 2+2 programme.

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Actuarial Mathematics BSc (Hons): XJTLU 2+2 programme

Course details

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.

Course overview

A programme aimed at those students who want to work in the world of insurance, financial or governmental services, where actuarial mathematics plays a key role.

We have accreditation from the Institute and Faculty of Actuaries, the professional body for actuaries in the UK and from the Institute of Mathematics and its Applications. Currently, our students can receive exemptions for CM1, CM2, CS1, CS2, CB1 and CB2 from IFoA of the professional actuarial exams.

Course content and modules

Discover what you’ll learn in each year, the kinds of modules you’ll study, and how you’ll be taught and assessed.

Year two

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.

On the 2+2 programme, you'll study your third and fourth years at the University of Liverpool. These will be year two and year three of the University of Liverpool's programme of study.

Compulsory

FINANCIAL REPORTING AND FINANCE (NON-SPECIALIST) (ACFI290)

Credits: 15 / Semester: semester 1

This module is a non-specialist introduction into the field of accounting and finance. The module aims to give students basic knowledge and skills in a range of financial accounting areas covering 4 main topics – financial reporting and analysis looking at the creation and understanding of financial statements and how to interpret the numbers included in such statements; taxation looking at basic tax calculations covering personal income tax, corporation tax and capital gains tax, along with understanding the tax system in place in the UK; managerial accounting looking at decision making based on financial data; and financial instruments and looking at financial institutions and how businesses can raise finance. Successful students will obtain a good knowledge of basic accounting techniques, the ability to perform accounting calculations and the ability to interpret and understand key financial statements and how to use them in a business scenario. Such skills are essential in the business world and offer students a good foundation on which to build if they are interested in further accounting or business modules. The module is delivered through interactive lectures and seminars involving a high level of question practice with discussion on key topics. It is assessed through a 100% exam. There will be a practice test in Week7 of the Semester. Details will be announced.

Principles of Economics II (ECON210)

Credits: 15 / Semester: semester 1

This course will explore and apply mathematically the core economics principles learned in ECON127 Principles of Economics in order to better understand Economic decision making and behaviour. Microeconomic analysis will illuminate the interactions and outcomes of individual agents while the Macroeconomic analysis will illuminate how the collective economics system operates.

Statistics and Probability I (MATH253)

Credits: 15 / Semester: semester 1

Analysis of data has become an essential part of current research in many fields including medicine, pharmacology, and biology. It is also an important part of many jobs in e.g. finance, consultancy and the public sector. This module provides an introduction to statistical methods with a strong emphasis on applying and interpreting standard statistical techniques. Since modern statistical analysis of real data sets is performed using computer power, a statistical software package is introduced and employed throughout.

Life Insurance Mathematics I (MATH273)

Credits: 15 / Semester: semester 1

Actuarial science is the discipline that assesses the impact of risks. The aim of this module is to provide a solid grounding and quantitative tools of actuarial science pertaining to individuals. This module develops skills of calculating the premium for a certain life insurance contract and analyses insurance problems adequately. The module also explains the concept of reserve for insurances and annuities contracts and analyses the annual loss or profit in different types of policies. This module can contribute to getting a CM1 exemption by The Institute and Faculty of Actuaries.

Financial Mathematics (MATH262)

Credits: 15 / Semester: semester 2

Mathematical Finance uses mathematical methods to solve problems arising in finance. A common problem in Mathematical Finance is that of derivative pricing. In this module, after introducing the basic concepts in Financial Mathematics, we use some particular models for the dynamic of stock price to solve problems of pricing and hedging derivatives. This module is fundamental for students intending to work in financial institutions and/or doing an MSc in Financial Mathematics or related areas.​

STATISTICS AND PROBABILITY II (MATH254)

Credits: 15 / Semester: semester 2

This module provides an introduction to probabilistic methods that are used not only in actuarial science, financial mathematics and statistics but also in all physical sciences. It focuses on discrete and continuous random variables with values in one and several dimensions, properties of the most useful distributions (e.g. geometric, exponential, and normal), their transformations, moment and probability generating functions and limit theorems. This module will help students doing MATH260 and MATH262 (Financial mathematics). This module complements MATH365 (Measure theory and probability) in the sense that MATH365 provides the contradiction-free measure theoretic foundation on which this module rests.

Optional

METRIC SPACES AND CALCULUS (MATH242)

Credits: 15 / Semester: semester 2

This is a foundational module aimed at providing the students with the basic concepts and techniques of modern real Analysis. The guiding idea will be to start using the powerful tools of analysis, familiar to the students from the first year module MATH101 (Calculus I) in the context of the real numbers, to vectors (multivariable analysis) and to functions (functional analysis). The notions of convergence and continuity will be reinterpreted in the more general setting of metric spaces. This will provide the language to prove several fundamental results that are in the basic toolkit of a mathematician, like the Picard Theorem on the existence and uniqueness of solutions to first order differential equations with an initial datum, and the implicit function theorem. The module is central for a curriculum in pure and applied mathematics, as familiarity with these notions will help students who want to take several other subsequent modules as well as many projects. This module is also a useful preparation (although not a formal prerequisite) for MATH365 Measure theory and probability, a very useful module for a deep understanding of financial mathematics.

Numerical Methods (MATH256)

Credits: 15 / Semester: semester 2

Most problems in modern applied mathematics require the use of suitably designed numerical methods. Working exactly, we can often reduce a complicated problem to something more elementary, but this will often lead to integrals that cannot be evaluated using analytical methods or equations that are too complex to be solved by hand. Other problems involve the use of ‘real world’ data, which don’t fit neatly into simple mathematical models. In both cases, we can make further progress using approximate methods. These usually require lengthy iterative processes that are tedious and error prone for humans (even with a calculator), but ideally suited to computers. The first few lectures of this module demonstrate how computer programs can be written to handle calculations of this type automatically. These ideas will be used throughout the module. We then investigate how errors propagate through numerical computations. The focus then shifts to numerical methods for finding roots, approximating integrals and interpolating data. In each case, we will examine the advantages and disadvantages of different approaches, in terms of accuracy and efficiency.

Operational Research (MATH269)

Credits: 15 / Semester: semester 2

The term "Operational Research" came in the 20th century from military operations. It describes mathematical methods to achieve the goal (or to find the best possible decision) having limited resources. This branch of applied mathematics makes use of and has stimulated the development of optimisation methods, typically for problems with constraints. This module can be interesting for any student doing mathematics because it concentrates on real-life problems.

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...

Every student has an academic adviser. My academic adviser holds a meeting nearly every month to give us some suggestions or help us solve the problems.  He has given me useful tips for applying for graduate study and wrote a reference letter for me.

Zeng Changyi