Actuarial Science

Actuarial science is a discipline that applies mathematics, statistics, and financial theory to the assessment and management of risk. Actuaries work primarily in insurance, pensions, and financial services, using sophisticated quantitative methods to model uncertain future events, price insurance products, set reserve requirements, and advise on the financial implications of risk. The profession is consistently rated among the most intellectually demanding and financially rewarding available to mathematics graduates, and qualified actuaries are in high and consistent demand across the financial services sector.

At Heriot-Watt this four-year full-time programme provides a comprehensive grounding in the mathematical and statistical foundations of actuarial science alongside the financial, economic, and professional knowledge the profession requires. You will study probability and statistics, financial mathematics, life and non-life insurance mathematics, stochastic modelling, and the regulatory and professional context in which actuaries work. A significant proportion of the teaching staff are qualified actuaries, which ensures the curriculum reflects current industry practice and that your learning is grounded in the real-world problems that actuaries face.

A year abroad is built into the programme, with exchange opportunities in Canada, Australia, and at Heriot-Watt's own Malaysia campus. Paid industry placement opportunities are also available, giving you professional experience that complements your academic study.

Graduates typically enter the actuarial profession and work towards the professional qualifications awarded by the Institute and Faculty of Actuaries, with the degree providing exemptions from several professional examination subjects. Careers span life insurance, general insurance, pensions, banking, investment management, and consultancy. Many graduates also continue to postgraduate study in actuarial science, statistics, or financial mathematics.