BSc Actuarial Science

UCAS Code: N321 BSc/ActSci
HEFCE/QAA Teaching Assessment: Approved 22 out of 24 points (November 1999) - as part of a single assessment of Mathematics and Statistics.
Course Requirement: A level Mathematics at grade A or International Baccalaureate Higher level Mathematics (with 7).
Normally required: A level: grades A A A, one of which must be Mathematics. Further Mathematics is highly desirable.
International Baccalaureate: Diploma with 38 points including 7 6 6 at Higher level (with 7 in Mathematics).

If you have enjoyed mathematics at A level and are interested in the applications of statistics to the social sciences you should consider this subject. Actuarial science applies mathematical skills to a range of applied subjects and helps to solve important problems for insurance, government, commerce, industry and academic researchers.

Recent graduates have gone on to work in the areas of insurance (life and general) as well as banking, finance and statistics.

Features of the LSE courses

We have two courses that involve the applications of statistics to the social sciences - the BSc in Actuarial Science and the BSc in Business Mathematics and Statistics. You do not need prior knowledge of statistics but you must have enthusiasm for mathematics.

Both degrees include a range of statistical and mathematical subjects. If you choose the Actuarial Science degree you take additional courses, which (together with the mathematics and statistics required) can lead to exemptions from all of the first of the examinations of the Institute of Actuaries.

Degree Structure

The degree involves studying courses to the value of twelve units over three years. (Please see summary list).

Teaching and Assessment

You will usually attend a mixture of lectures and related classes totally between ten and fifteen hours per week. Your personal tutor will be able to offer general guidance and assistance with both academic and personal concerns and you will be expected to meet him or her at least three times a term.

Most courses are assessed by a three hour examination in June. A small number of courses are assessed by project work. The class of degree you will attain is based on the assessment over all three years with the emphasis on marks gained in the second and third years.

Suggested Preliminary Reading

• V. Bryant Yet Another Introduction to Analysis (Cambridge University Press, 1990)
• T H Wonnacott and R J Wonnacott Introductory Statistics (Wiley, 1990)
• D J Bartholomew and E E Bassett Let's Look at the Figures (Peng, 1971)
• P Eccles An Introduction to Mathematical Reasoning (Cambridge University Press, 1997)
• E R Tufte The Visual Display of Quantitative Information (Graphics Press, 1983)

Academic Staff

• Mr David Balmer
• Dr Pauline Barrieu
• Dr Angelos Dassios
• Dr Martin Knott
• Professor Ragnar Norberg
• Dr Thorsten Rheinlander
• Professor Qiwei Yao

Summary List

First Year

1. ST102 Elementary Statistical Theory
2. MA100 Mathematical Methods
3. EC102 Economics B
4. AC100 Elements of Accounting and Finance

Elementary Statistical Theory is a theoretical statistics course which is appropriate whether or not your A level Mathematics course included statistics. It forms the basis for later statistics options. Mathematical Methods is an introductory level 'how to do it' course designed to prepare you for using mathematics seriously in the social sciences or any other context. Elements of Accounting and Finance will give you an introduction to the preparation, uses and limitations of accounting information and problems of finance and investment. You will also take an Economics course.

Second Year

5. ST202 Probability, Distribution Theory and Inference
6. MA201 Further Mathematical Methods (half) and MA200 Further Mathematical Methods (Calculus)
7. ST227 Survival Methods (half) and ST226 Actuarial Investigations - Financial
8. Courses to the value of one unit (to be discussed with tutor)

Probability, Distribution Theory and Inference will develop your knowledge of probability and statistics beyond the first year course. It will also provide the probability and statistics basis for all third year courses. Further Mathematical Methods covers the mathematics needed for statistics and actuarial courses. Actuarial investigations (Financial) is a course on compound interest techniques from an actuarial viewpoint and Survival models provides an introduction to actuarial mathematics and statistics. Within in the optional unit you can choose from courses in economics, mathematics, sociology, psychology, information systems, or anything else that might interest you. Alternatively, you can do an applied statistics project.

Third Year

9. ST302 Stochastic Processes (half) and ST304 Time Series and Forecasting (half)
10. ST306 Actuarial Mathematics: General (half) and ST302 Regression and Analysis of Variance (half)
11. ST305 Actuarial Mathematics: Life
12. ST330 Stochastic and Actuarial Methods in Finance

There are no options in the third year, but you might substitute one or two of these courses with an option taught outside the department. This however may affect exemptions from the Institute and Faculty of Actuaries examinations.

You might be able to gain exemptions from the core technical stage of the Institute and Faculty of Actuaries examinations if you reach a sufficient standard in the relevant LSE courses. This is normally well above a pass mark.

There could be changes in the programme given here for the second and third years of the degree to keep up with developments in Actuarial Science.

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