PROGRAMME STRUCTURE

Programme Aim The Aim of the MSc/PG Diploma in Actuarial Science is to give students, in a post-graduate setting, a good grounding in the fundamental mathematical and business-related aspects of actuarial science. Specifically the programme will cover the syllabuses of Subjects CT1 to CT8 of the education strategy of the UK actuarial profession (Faculty and Institute of Actuaries ).

Diploma modules

All students begin the programme with the taught Diploma in Actuarial Science courses.

There are 12 courses available for the Diploma. These correspond in total to Subjects CT1 to CT8 of the actuarial profession's current education/examination strategy. The courses are listed below, with information about the lecturer, the duration of the course, the current Heriot-Watt course code, the number of courses and the corresponding professional actuarial subject.

Note all durations given are approximate. Individual courses may run for one or two weeks more or less than described. The final timetables issued to students will be more accurate.

Course	Course code	Semester	Course weight	Examined in	Professional Subject
Financial Mathematics	F71AB	1	1	December	CT1
Lecturer: Torsten Kleinow: Office CM F11; telephone 451 3252; T.Kleinow@hw.ac.uk
Finance and Financial Reporting	C31FF	1	1	December	CT2
Lecturer: Diane Walters: (Contact the secretary in Accounting and Finance telephone 451 3556 or the Course Manager.)
Economics	C21AO	1	1	December	CT7
Lecturer: Valerie Dickie: Office MB1.11; telephone 451 3587; V.A.Dickie:hw.ac.uk
Statistical Methods/ Further Statistical Methods	F71SM/ F71SN	1 and 2	1.5	May	CT3
Lecturers:   Semester 1:  Roger Gray: Office CM G15; telephone 451 3206; R.J.Gray@hw.ac.uk Semester 2: James Cruise: (contact details to be confirmed)
Life Insurance Mathematics 1	F71AF	1	1	December	CT5
Lecturer: Howard Waters: Office CM T06; telephone 451 3211; H.R.Waters@hw.ac.uk
Life Insurance Mathematics 2	F71BF	2	1	May	CT5
Lecturer: Andrew Stott: A.D.Stott@hw.ac.uk / Andrea Sneddon: Office CM T10; telephone 451 3226; A.E.Sneddon@hw.ac.uk
Stochastic Modelling	F71SZ	1	1	December	CT4
Lecturer: Serguei Foss: Office CM G07; telephone 451 3238; S.Foss@hw.ac.uk
Survival Models	F71AE	2	1	May	CT4
Lecturer: Iain Currie. Office CM S02; telephone 451 3208; I.D.Currie@hw.ac.uk
Risk Theory/Time Series Analysis	F71AG/F71TS	2	1.5	May	CT6
Lecturers:                                                                                                                         Time Series Analysis: Seva Shneer (contact details to be confirmed)                                                 Risk Theory: Howard Waters: Office CM T06; telephone 451 3211; H.R.Waters@hw.ac.uk
Financial Economics 1	F71AH	2	1	May	CT8
Lecturer : Kevin Yuen (contact details to be confirmed)
Financial Economics 2	F71AJ	2	1	May	CT8
Lecturer : Terence Chan: Office CM G06; telephone 451 3212; T.Chan@hw.ac.uk

Which courses should you take?

To qualify for progression to the MSc, or the award of PG Diploma, you must pass at least eight courses.  Therefore you must ensure you are registered for at least eight courses.

If you wish to attempt all of subjects CT1 to CT8 you must register for all 12 subjects (13 courses).

If you are not sure how many courses to take, please register for all courses at the start of the year.  It is possible to drop one or more of the subjects during the year, provided the subjects still being taken are equivalent to eight or more courses.

Students who have not previously studied Statistics will probably be advised not to take Stochastic Modelling or Financial Economics 2.  Some students may have studied Statistics or Economics before and may wish to drop one or both of these subjects. 

However, it should be noted that it is not possible for us to decide whether the previous study is sufficient for an exemption from the corresponding professional actuarial subject - these exemption decisions can be taken only by the profession and then only after you have joined the profession.  The decision to drop one or more subjects should be taken only after a full discussion with your Mentor or the Programme Manager.

In exceptional circumstances, a student may be permitted to replace one or more of the 12 subjects listed above with one or more single courses given to honours undergraduate students.  Note that such courses may or may not lead to exemptions from professional actuarial Subjects.

Giving Feedback

At the end of each course you will receive a questionnaire. This will give you the opportunity to say what you thought was good and what was not so good about that course.

It is important for us that you take these questionnaires seriously - we do. We listen to what you say and always aim to improve the programme wherever possible. You are benefiting this year from improvements to courses which have been made as a result of past students' comments.

What Are the Award and Progression requirements?

For each course you will receive a mark and grade based on your performance in the examination and related coursework.  The University’s standard grade classification is as follows: 

Grade	Range of Marks
A	70 – 100%

 

B	60 – 70%
C	50 – 60%
D	40 – 50%
E	30 – 40%
F	0 – 30%

 Results statements will be issued by Academic Registry following each examination diet.

 For MSc dissertations the Examiners will award a mark and grade based upon the following classification: 

Grade	Range of Marks
A	70 – 100%
B	60 – 70%
C	50 – 60%
Resubmit for Grade C Pass	50% after resubmission with satisfactory amendments.
Fail	0 – 50%

The Board of Examiners’ Meeting will be held each May and September to consider Award and Progression decisions based on the following criteria:

PG Diploma in Actuarial Science

Award of PG Diploma in Actuarial Science requires at least eight courses passed at D Grade.

Award of PG Diploma in Actuarial Science with Distinction requires at least eight courses passed at D Grade, with an average in the best eight courses of at least 70%.

Progression to MSc

Progression to MSc dissertation requires at least eight courses passed at D Grade, with an average in the best eight courses of at least 50%.

Progression to MSc dissertation carrying distinction requires at least eight courses passed at D Grade, with an average in the best eight courses of at least 70%.

The Examiners reserve the right to exclude anyone who meets the minimum progression requirements but whom they consider to be unsuitable for project work.

No student will be permitted to progress to the MSc dissertation before meeting the specified coursework requirements.

No “exemptions” from Diploma courses or “credits” of course passes are given - on the grounds of work done elsewhere or on any other grounds.

MSc project work will be carried out over the summer immediately after the end of the summer semester - a period of 11 weeks is specified for this.  You will be advised of the project submission date later in the year. 

MSc in Actuarial Science

Award of MSc in Actuarial Science requires at least eight courses passed at D Grade, with an average in the best eight courses of at least 50%, and at least a C Grade dissertation.

Award of MSc in Actuarial Science with Distinction requires at least eight courses passed at D Grade, with an average in the best eight courses of at least 70%, and an A Grade dissertation.

(A precise statement of the requirements for the award of the degree is contained in the University Regulations. In cases of apparent conflict the Regulations take precedence.)

Graduation

Students who qualify for an award following the May Examiners’ meeting (usually those taking the PG Diploma) are eligible to graduate in July.

Students who qualify for an award following the September Examiners’ meeting are eligible to graduate in November.

Students eligible to graduate will be sent a Graduation Pack by Academic Registry.  It is your responsibility to return the required forms and payment to Registry before the specified deadline to ensure you are included in the Graduation ceremony.  No student with outstanding debt will be permitted to graduate from the University.

Resit Opportunities

If you have been unable to meet the award or progression requirements outlined above after the first attempt you generally have one further attempt to sit the exams, although no exemptions will be available from these resits.  (The policy regarding resits for Exemptions is discussed separately later in this Guide.)

If you have not yet passed eight courses at D Grade or above you may resit the exam in any course for which you are registered, and have not yet achieved a D Grade pass.  This includes examinations where you were absent from the first attempt. 

If you have already passed eight courses at D Grade or above but have not qualified for progression to the MSc (as your average in the best eight courses is lower than 50%) you may resit the exam in any course where you achieved no more than a D Grade at first attempt in order to increase your average in the best eight courses and proceed to the MSc.

You must take the resit examinations at the next available opportunity.  For most students this will be in August 2011. 

Only one resit opportunity will be permitted.

All reassessment is based on examination results only, even in courses which include assessable coursework.

Special arrangements apply where a student has presented medical evidence in relation to the first attempt.  See the relevant section below for more information.

Students who achieve the standards required to progress to the MSc dissertation following reassessment may be invited to return to the University in the following summer to undertake their dissertation.  We do not normally offer MSc supervision at other times of the year.

Students who fail to meet the standards required for the PG Diploma following reassessment may be awarded the PG Certificate in Actuarial Science provided they have passed at least four courses at D Grade or above.

The Faculty of Actuaries Prize

The Faculty of Actuaries Prize is awarded annually to the student with the best overall performance in the Diploma examinations.

Programme Committee The Programme Committee meets to discuss issues relating to the programme. The members are Howard Waters (Programme Director, Chair), Torsten Kleinow and Amanda Hearn (Programme Manager) Class Representatives Early in Semester 1 the class will elect two course representatives who will liaise with the Programme Director and Programme Manager whenever any problems arise which are of a general nature for the class.