Actuarial & Financial Studies  (BSS3)

This programme is aimed at students who wish to gain a deep understanding of the concepts of actuarial science, and a mastery of the associated skills and technologies. Our students will become autonomous inquisitive learners capable of formulating and creatively solving relevant problems in actuarial science. Our graduates will continue to be in demand by employers and academic research institutes for their ability to use the tools they have learned to explain, monitor and manage risks and financial schemes with embedded risks. We aim to provide a teaching and learning environment that develops confidence and independence through a wide variety of interactive formats, both inside and outside the classroom including lectures, tutorials, blackboard and computer assisted labs.

1 - Demonstrate an in-depth understanding of actuarial science
2 - Approach problems in an analytical, precise and rigorous way
3 - Build, calibrate, test, and implement models using data relating to future cash flows to estimate their amount and timing
4 - Handle data and assumptions underlying models in a critical manner
5 - Use economic analyses to form judgements on such matters as future inflation and interest rates.
6 - Measure, monitor and manage risks embedded in financial products or schemes
7 - Monitor, and manage the variation in, the progress of the accumulation of a fund and the build up of assets to meet future liabilities and advise on suitable investment strategies
8 - Communicate the results of their work in an effective way.
9 - Operate within an environment that requires professionalism, scrutiny and transparency
10 - Work with other professionals to solve problems
11 - Apply the highest standards of independence and due diligence to protect the public interest
12 - Critically appraise topical applications of actuarial research and practice using case studies

Students’ performance will be reviewed at the end of the academic year. Students who fail 50% or more of their registered modules, and who fail to progress to the next stage of their programme, will be identified under the UCD Continuation – Academic progress policy. Students’ performance will continue to be reviewed in subsequent trimesters and students will be invited to meetings with the College of Science office for support and guidance.

Where the rate of progression and performance over two academic years is deemed unacceptable, a case will be submitted to the Governing Board for review. A recommendation for discontinuation may be the outcome of this review.

As Stages 3 and 4 have the most dynamic components of the programme, and the material studied previously may no longer be relevant, a student who has been away from the programme for a significant period should be required to register again to Stage 3. The upper limit for completion of Stages 3 and 4 should be six years if they choose to do 120 credits with 20 in each year.

Actuaries are typically employed in the financial services sector where their role is to understand the nature of risk and find ways to manage it. The BAFS (Hons) degree will prepare you for a professional career in the actuarial or financial professions, but it has also been designed to be broader and more diverse than most traditional programmes in actuarial science. It takes a combination of strong analytical skills, business knowledge and understanding of human behaviour to design and manage programmes that control risk and guarantee sufficient funds for the insurance and pension sectors. For example, the actuary works out the risk (i.e. the likelihood of an incident such as a fire happening) and calculates how much the customer should pay for insurance cover in order to ensure the insurance company has sufficient funds to pay out if the incident occurs. The actuary calculates the premium based on the pattern and trends in the entire marketplace. To that end, your degree will focus on statistics, mathematics, economics finance, investment and related actuarial science and business subjects.

STAGE 1
You will study modules in Mathematics, Statistics, Economics and Computer Programming.

STAGES 2-4
Later you will concentrate on more advanced areas of Actuarial Science, Economics, Statistics and Finance. An essential element of the programme is a six-month supervised professional work experience undertaken in Stage 3. You are placed in insurance and financial institutions in which you gain valuable insight into possible careers as actuaries or financial analysts. Most students undergo their work experience in Ireland, the UK or the USA.

Most graduates take positions as actuarial trainees in life insurance, pensions, health insurance, general insurance or investment. The

Actuarial & Financial Studies degree at UCD offers potential exemptions from the core subjects CS1, CS2, CM1, CM2, CB1, CB2 and CP1 of the professional examinations of the Institute and Faculty of Actuaries, UK.

Some graduates also work in banking or finance as business or financial analysts. As an Actuarial & Financial Studies graduate, you are also eligible to pursue graduate study in statistics, computer science, economics, mathematics, management science, finance and other specialist business subjects.

UCD Science Office

You can contact the UCD Science Office in the following ways:

• Submit your query using our dedicated Contact Form.


• Drop into the office in the UCD O'Brien Centre for Science, Science East, Room E1.09. Our office opening hours are 10am to 4pm (during term time).

Stage 1

Students take all 11 core modules and a further elective module in Spring trimester for a total of 60 credits

Stage 2

Students take 9 core modules and 1 option module as well as 2 elective modules.

Stage 3

Students take six core modules in Trimester 1 and 30 credit Work Experience core module in Trimester 2.

Stage 4

Students should take eleven core modules (for 55 credits). Students must also select 5 credits of electives.

See the UCD Assessment website for further details

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Module Weighting Info