ST226      Half Unit
Actuarial Investigations: Financial

This information is for the 2023/24 session.

Teacher responsible

Dr Gelly Mitrodima


This course is compulsory on the BSc in Actuarial Science. This course is available on the BSc in Data Science and BSc in Mathematics, Statistics and Business. This course is available as an outside option to students on other programmes where regulations permit. This course is not available to General Course students.

This course has a limited number of places (it is capped, the maximum number of students will be 130) and priority will be given to students on BSc Business, Mathematics and Statistics, BSc Mathematics, Statistics and Business and BSc Data Science. Whilst there are places available to students from outside this programme they are very limited and are allocated on a first come first served basis.


Students must have completed Mathematical Methods (MA100) and Elementary Statistical Theory (ST102).

Students must have completed one of the following two combinations of courses: (a) ST102 and MA100, or (b) MA107 and ST109 and EC1C1. Equivalent combinations may be accepted at the lecturer’s discretion.”

Course content

  • Introduction to actuarial modelling
  • The application of compound interest techniques to financial transactions
  • Generalised cash-models to describe financial transactions such as zero-coupon bonds, fixed interest securities, cash on deposit, equities, interest only loans, repayment loans, annuities certain and others
  • Introduction to R programming for Actuarial Science
  • Introduction to life insurance


20 hours of lectures, 9 hours of seminars and 8 hours of computer workshops in the AT.

This course will be delivered through a combination of seminars, lectures and online videos (computer workshops) totalling a minimum of 37 hours across Autumn Term. This course includes a reading week in Week 6 of Michaelmas Term.

Formative coursework

Students will be expected to work in groups and give written answers to a number of problem sets throughout the term. 

Indicative reading

J. J. McCutcheon & W. J. Scott, An Introduction to the Mathematics of Finance, Heinemann; Institute and Faculty of Actuaries, Formulae and Tables for Actuarial Examinations; Core reading notes obtainable from the Institute and Faculty of Actuaries;D. Dickson, M. Hardy & H. Waters,  Actuarial Mathematics for Life Contingent Risks, International Series on Actuarial Science, pp. I-Vi. Cambridge University Press. 2009


Exam (90%, duration: 3 hours) in the January exam period.
Online assessment (10%) in the AT Week 11.

Key facts

Department: Statistics

Total students 2022/23: 107

Average class size 2022/23: 18

Capped 2022/23: Yes (130)

Lecture capture used 2022/23: Yes (MT)

Value: Half Unit

Guidelines for interpreting course guide information

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Personal development skills

  • Team working
  • Problem solving
  • Application of numeracy skills
  • Commercial awareness
  • Specialist skills