The University of Southampton
Social Sciences: EconomicsPart of Social Sciences

L1N3 BSc Economics and Actuarial Science (3 yrs)

The course will appeal to you if you are fascinated by financial and economic problems and would like to develop your skills in economics and mathematics to tackle them. BSc Economics and Actuarial Science focuses on the study of economics integrated with mathematics, statistics, demography and actuarial science. We are the only UK university to offer such combination of subjects.

Similar courses emphasise the study of mathematics and actuarial science. Our BSc Economics and Actuarial Science offers a unique opportunity to pursue your interests in mathematics, economics and statistics and follow courses designed to give you a head start in a career as an actuary.

 

Book your placeVisit us at an Open Day on 3 or 4 September 2016

Introducing your course

Unique in the UK, this programme combines study of economics, social sciences, and actuarial science. Graduates can enter a wide variety of careers, ranging from economists working in the banking sector to actuaries working in the insurance, pensions, and investment sectors. All of our actuarial science programmes provide students with a professionally-recognised education.

By doing sufficiently well in corresponding modules, you could kick-start your graduate career with exemption from Subjects CT1-CT8 of the Core Technical professional exams of the Institute and Faculty of Actuaries, which are internationally recognised. On graduation you’ll be well equipped to begin your actuarial career with advanced professional standing, or to follow many other careers that require high-level quantitative skills, including within the wider financial services industry

Overview

What is this?(More Information)This information is based on historical data and may have been aggregated. Find out more.

The programme is unique in the UK, steering a middle way between degrees in Actuarial Science and those in Economics or Mathematics. It equips you with the knowledge and understanding of economic theory and statistical methods and their applications necessary to undertake graduate study in economics or actuarial science and/or to pursue a future career as an economist or actuary. It provides an excellent preparation for a variety of careers in quantitative finance and will give you a head start if you intend to enter the actuarial profession.

View the programme specification document for this course

To Apply

All applications for full-time study should be made through UCAS - www.ucas.com Applications for part-time study can be made through UCAS or directly to the University.

Accreditation

The table below sets out the proposed exemption mapping between the professional Core Technical (CT) subjects of the Institute of Actuaries and the corresponding university courses. As you can see, we can offer exemption from all 8 Core technical examinations, one of the few Universities in the country to do so.

  CT Title Course Title Weighting
CT1 Financial mathematics Financial mathematics 100%
CT2 Finance and financial reporting  Accounting and finance for Non-Specialists  100% 
CT3 Probability and mathematical statistics  Statistics for economics  40% 
    Quantitative modelling in economics  40% 
    Statistical theory 2 20%
CT4 Models Survival Models 50% 
    Stochastic processes  50% 
CT5  Contingencies Actuarial mathematics I  50% 
    Actuarial mathematics II  50% 
CT6 Statistical methods Statistical methods in insurance 100% 
CT7  Economics  Foundations/principles of microeconomics  50% 
    Principles of macroeconomics  50% 
CT8  Financial economics  Mathematical finance  100% 

The usual criterion for achieving exemption status is the attainment of a raw (unscaled) mark of 60% or more in the final examination paper for the corresponding university course (where several university courses contribute to a CT subject, the usual requirement is that an appropriate weighted average of the corresponding raw final examination marks be 60% or more). This threshold of 60% may be raised (say, to 65%) or lowered (say, to 55%) at the discretion of the profession’s Independent Examiner, who scrutinizes each student’s performance and makes recommendations to the profession in respect of exemptions.

Programme Structure

Module choices in year one are dependent on whether you have studied economics at A level. The programme structure below outlines the modules that you may typically expect to study, although this may vary depending on demand for the modules and staff availability. Eight modules are studied each year, with four in each semester. During year three you will study a dissertation, equivalent to two modules, which is a piece of independent research on a topic of your choice spread over both semesters.

Key Facts

Find out more about the University's Actuarial Society, SUAS

Members of staff are actively involved in the development of educational material and in the provision of actuarial training both in the UK and overseas.

Entry Requirements

Typical entry requirements

GCSEs:
QualificationGrade
GCSEGCSE English grade C or above (or an equivalent standard in other English language qualifications approved by the University)
A Levels:
QualificationGrade
GCE A-level
  • 3 A level subjects: AAB (including A level Mathematics at grade A) or ABB (including A level Mathematics at grade A) with grade A in the Extended Project Qualification.
  • 4 A level subjects: ABBB (including A level Mathematics at grade A or above).

Queries about contextualised offers can be made to: ugapplyfshs@soton.ac.uk . Information about the university’s scheme to widen participation (A2S) can be found here: Access to Southampton

Although an Economics A level is not required, preference will be given to applicants taking at least one analytical A level subject; that is, either Economics or Mathematics or a science-based subject.

Most A level subjects are acceptable with the exception of General Studies. One subject such as those on the following list is accepted if combined with other academic subjects:

  • Art, including Design, Fine Art, Photography, Textiles, etc
  • Critical Thinking
  • Home Economics
  • ICT
  • Leisure Studies
  • Media Studies
  • Music, including Music Technology
  • Sports Studies including all forms of PE, Dance, etc
  • Theatre Studies including Drama and Performing Arts
  • Travel and Tourism

There may be a few places available for marginal candidates who have just missed the grades required by their conditional offer. For these students ONLY, the Admissions Tutor will consider any extra A level subject, including General Studies. Therefore, it is worth taking an extra A level as an insurance policy. There is no guarantee that extra spaces will be available.

IB:
QualificationGrade
International Baccalaureate34 points, 17 at Higher Level including at least 6 points in HL Mathematics
Alternative qualifications

We welcome applications from candidates offering qualifications other than A and AS levels (including BTEC, European Baccalaureate, International Baccalaureate, Irish Leaving Certificate and Scottish Highers). You will be expected to attain an equivalent standard in other qualifications to an A level applicant or an equivalent standard in other qualifications approved by the University. Contact us for further information on equivalencies for these qualifications and others not listed here.

Please note that we cannot accept applicants from Greece on the basis of the Apolyterion alone; it must be supplemented by two A levels or an equivalent standard in other qualifications approved by the University.

International applications

We welcome applications from international students. Helpful information on applying, meeting a University representative in your country, or improving your English language levels can be found on the International Office website. If English is not your first language you will be required to pass an approved English test. We normally ask for a score of IELTS 6.5.

Mature applicants

We welcome applications from mature students: if you will be over 21 at the start of your proposed degree programme, you are eligible for exemption from our normal entry requirements. However, you will be required to provide evidence of having completed recent serious and successful study (e.g. Access, Return to Study, Open University Foundation Courses), and of your capacity to pursue the course. Please note - due to the mathematical content of the courses at Southampton, you will be expected to have studied the appropriate level of mathematics relevant to the course.

Contextual Admissions

The University of Southampton is committed to widening participation and ensuring that all students with the potential to succeed, regardless of their background, are encouraged to apply to study with us. The additional information gained through contextual data supports our admissions teams to recognise a student’s potential to succeed in the context of their background and experience. Students who flagged in this way will be made an offer which is lower than the typical offer for that programme

A typical contextual offer is ABB including grade A in A level Mathematics from three A levels or an equivalent standard in other qualifications.

Please see our contextual admissions pages for more information.

Selection process:

We usually make our decisions based on your UCAS form alone. Only candidates who require special consideration, e.g. on grounds of age or non-standard entry qualifications, are interviewed.

All of our degree programmes require modules in mathematics (algebra and calculus) and statistics to be taken in the first year. If you have not studied mathematics for some time, you are strongly advised to prepare for these courses prior to entry

This page contains specific entry requirements for this course. Find out about equivalent entry requirements and qualifications for your country.

Modules

Typical course content

Eight modules are studied each year, with four in each semester.

The programme structure below outlines the modules that you may typically expect to study, although this may vary depending on demand for the modules and staff availability.

Innovation modules outside of your subject area

Our Curriculum Innovation Programme offers you the chance to take optional modules outside of your chosen subject area. This allows you to personalise your education, to develop new skills and knowledge for your future. Modules range from "Living and working on the web" to "Business skills for employability".

View the Curriculum Innovation modules for this course


Learn a language

Some of our courses also give you the option of taking a language module, which can count towards your degree. These modules cover ten languages and range from absolute beginner to near-native speaker level.

View the language modules on offer for this course

Year 1

The aim of the first year is to provide you with a firm foundation in the core subjects of your degree and an opportunity, through the choice of optional units, to broaden your field of study. Module choices in year one are dependent on whether you have studied Economics at A level.

Students choose three optional modules. They can choose options from other departments, from the Curriculum Innovation programme, and from Economics. Students are offered a variety of Social Sciences and Humanities modules: for example in Languages, Psychology, Management, Anthropology, Demography, Politics, Criminology, Philosophy, and Statistics. Curriculum Innovation modules include ‘Experiments in Economics’ and ‘Health Policy and Economics’. Modules in Economics itself include options in Microeconomics, Macroeconomics, Econometrics, Labour Economics, Finance, and Public Economics.

Semester One

Students who do not have Economics A-level take Module ECON1001, those who have Economics A-level take Module ECON1003.

Compulsory
ECON1008
Mathematics For Economics
Semester Two
Compulsory
ECON1002
Principles of Macroeconomics
ECON1007
Statistics For Economics
ECON1011
Quantitative Modelling in Economics
Optional
ECON1004
Economic Perspective and Policy

This is only an example. There is a wide choice of optional modules (see above).

Year 2

Year 2 comprises a mixture of compulsory and optional modules.

In addition to the compulsory modules listed below, students take one optional modules in semester 2 from a list approved by the Economics Division.

Semester One
Compulsory
ECON2001
Applied Microeconomics 2
ECON2002
Macroeconomic Policy 2
ECON2006
Statistical Theory 2
Optional
MATH2040
Financial Mathematics

This is only an example. There is a wide choice of optional modules (see above).

Semester Two

At least 3 modules over years 2/3 combined from MANG2014, MATH2012 (Year 2) and MATH3063, MATH3022, MATH3066, STAT3010 (Year 3) must be chosen. Provided this minimum requirement is met, any other options from the relevant year list supplied by Social Sciences may be taken as alternatives to the specified named-degree options.

Compulsory
ECON2007
Econometrics 2
Optional

MANG2014 Accounting and Finance for Non-Specialists

MATH2012
Stochastic Processes

These are only examples. There is a wide choice of optional modules (see above).

Year 3

During year three you will study a dissertation (ECON3023 or DEMO3011), equivalent to two modules, which is a piece of independent research on a topic of your choice spread over both semesters. Students must take least one of ECON3008, ECON3010 and ECON3015.

Semester One
Compulsory
MATH3085
Survival Models
Optional
ECON3015
Principles of Finance
MATH3063
Actuarial Mathematics I

These are only examples. There is a wide choice of optional modules (see above).

Semester Two
Optional
STAT3010
Statistical Methods in Insurance
ECON3008
Macroeconomic Policy 3
MATH3022
Mathematical Finance
MATH3066
Actuarial Mathematics II

These are only examples. There is a wide choice of optional modules (see above).

Please note: This specification provides a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if s/he takes full advantage of the learning opportunities that are provided. More detailed information can be found in the programme handbook (or other appropriate guide or website).

Fees & funding

Tuition fees

Course fees for 2016/17 full-time UK and EU undergraduate students are typically £9,000 per year. Tuition fees for international students differ between each course. Most part-time courses cost 50% of the full-time fee.

View the full list of course fees

Funding

Scholarships, bursaries or grants may be available to support you through your course. Funding opportunities available to you are linked to your subject area and/or your country of origin. These can be from the University of Southampton or other sources.

Explore funding opportunities

Costs associated with this course

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

There will also be further costs for the following, not purchasable from the University:

TypeDescription
EquipmentApproved calculators: Candidates may use calculators in the examination room only as specified by the University and as permitted by the rubric of individual examination papers. The University approved model is Casio FX-570 This may be purchased from any source and no longer needs to carry the University logo.
StationeryYou will be expected to provide your own day-to-day stationery items, e.g. pens, pencils, notebooks, etc. Any specialist stationery items will be specified under the Additional Costs tab of the relevant module profile.
BooksWhere a module specifies core texts these should generally be available on the reserve list in the library. However due to demand, students may prefer to buy their own copies. These can be purchased from any source. Some modules suggest reading texts as optional background reading. The library may hold copies of such texts, or alternatively you may wish to purchase your own copies. Although not essential reading, you may benefit from the additional reading materials for the module.
EquipmentIT: Software licences - Publicly available software in public workstations and some available via iSolutions, but otherwise purchase.
Printing and copyingIn the majority of cases, coursework such as essays, projects and dissertations is likely to be submitted on line. However, there are some items where it is not possible to submit on line and students will be asked to provide a printed copy. A list of the University printing costs can be found here: http://www.southampton.ac.uk/isolutions/students/printing/
OtherExemptions: Students who perform sufficiently well in relevant modules will receive recommendation for exemption from the corresponding professional exams of the Institute and Faculty of Actuaries (IFoA), at no cost to the student. Graduates who subsequently decide to join the IFoA and claim these exemptions must pay the relevant fees to the IFoA, details of which may be found here: http://www.actuaries.org.uk

In some cases you'll be able to choose modules (which may have different costs associated with that module) which will change the overall cost of a programme to you. Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.

Career Opportunities

Employability is embedded into modules from the first year onwards and right from the first lecture. We explain the degree skills which are taught throughout the modules and offer a number of optional employability modules.

The skills you will develop are in high demand. Our degrees are a passport to vocational and non-vocational careers alike, with recent graduates employed in a range of professions.

Actuarial studies students can apply for short internships over the Easter and Summer holidays. One route is  via the university’s Excel Placement scheme. In addition, the university uses a specialist recruitment agency for one-year actuarial placements. The placement can count towards the requirements for the Institute and Faculty of Actuaries’ associateship or fellowship qualifications.

Read more about the careers and employability support we offer.

Learning & Assessment

Our degrees are full-time honours programmes of three years duration, with the exception of the M.Econ. programme, which lasts 4 years. All programmes aim to provide knowledge of the key concepts and arguments in the relevant subjects together with the capacity to apply this knowledge in a variety of contexts. In addition, we seek to ensure that all of our students are able to use data and quantitative techniques appropriately and effectively. The overall programme structure is a flexible one, allowing you to discover and pursue your own interests - either by choice of options or, if appropriate, by changing degree course at the end of year one.

Lectures and classes

Teaching takes place during two semesters, the first running from October to February and the second from February through to June. Eight subject units are taken per year - normally four per semester - some of which are compulsory and others optional. Teaching comprises both lectures (two or three per week, depending on the module) and weekly or fortnightly small group classes. In a typical semester you would spend about twelve hours per week attending lectures and classes; in addition, we expect about twenty-eight hours of self-study (preparing for classes, writing essays and so on) bringing the weekly total to forty hours.

Assessment

Modules are examined at the end of the semester in which they are taught, and in some cases a coursework mark will contribute to the overall grade for the unit. Satisfactory performance in the first year is required in order to progress to year two. Final degree classes are based upon marks from the second and third years.

Resources

The resources for teaching and learning at Southampton are excellent. The University's Hartley library, which is located close to the Division, contains a comprehensive collection of books and journals. Computer workstations are available both on the campus and at halls of residence, in many cases offering round-the-clock access. In addition, every student is provided with an e-mail account, and all rooms in halls of residence have a telephone/internet connection.

Study Locations

Highfield campus

Social Sciences is based on the main campus of the University in the M...Find out more

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