Actuarial Science

Actuarial science is the discipline that uses mathematical and statistical methods to assess financial risk and uncertainty, helping insurance companies, pension funds and financial institutions manage the consequences of uncertain future events. It is a highly specialised field that sits at the intersection of mathematics, statistics, finance and the social sciences, and it leads to some of the most analytically demanding and financially rewarding careers available to quantitative graduates. At the London School of Economics, this three-year full-time BSc is taught within a social science context that distinguishes it from purely technical actuarial programmes.

You will develop the mathematical and statistical foundations that actuarial practice requires alongside an understanding of the economic, social and ethical dimensions that shape how risk is assessed and managed in the real world. This means engaging with finance theory, probability and statistical modelling while also grappling with questions about how decisions made under uncertainty affect individuals, institutions and society more broadly. A year abroad is built into the programme, giving you the opportunity to study in a different academic environment and to experience how actuarial and quantitative finance training is approached in other countries and institutions.

Actuarial science graduates who pass the professional examinations of the Institute and Faculty of Actuaries become qualified actuaries, and this qualification opens some of the most sought-after professional careers available. Insurance, reinsurance, pensions, investment management, banking, healthcare and the public sector all employ actuaries in roles that involve sophisticated risk modelling and financial analysis. The quantitative and analytical skills the degree develops are also valued in data science, quantitative finance, financial consulting and academic research.

Many graduates proceed directly to the actuarial professional examination process while working, with the academic preparation the degree provides offering significant exemptions from early examination papers.