actu-science-research-prog-approvedr-pasc-v-aug08

The expansion of the Actuarial Science subject area within the Department has enabled the recruitment of staff with research and supervisory experience and the resource to develop and su

UNIVERSITY OF KENT

FACULTY OF SCIENCE TECHNOLOGY AND MEDICAL STUDIES

INSTITUTE OF MATHEMATICS, STATISTICS AND ACTUARIAL SCIENCE

PROGRAMME SPECIFICATION

The Institute consist of three groups: Actuarial Science, Mathematics (Applied and Pure) and Statistics This programme is based primarily within the Actuarial Science Group, with support from and, if appropriate, overlap with the other groups

1 Award and Title

PhD / MPhil / MSc in Actuarial Science

2 Length and Mode of Registration:

PhD: three years full-time, five years part-time

MPhil: two years full-time, three years part-time

MSc: one year full-time, two years part-time

3 Entry Requirements

A first degree with at least upper second class honours in Actuarial Science or a subject that covers all or most of the Core Technical subjects of the examinations of the Institute and Faculty of Actuaries A first degree or Master’s degree in a mathematical, statistical or

economics-based subject and passes in the majority of the Core Technical professional

examinations would also be acceptable Candidates with a lower second class degree and/or

a lower number of CT exemptions/passes may be considered for entry on to the MSc course Students are required to meet the general University of Kent criteria for competence in English and to provide references for their academic achievements and potential for research

4 Anticipated Total Student Registrations

Under current staffing and workload management, a maximum of 3 full-time students will be registered each year Students will only be accepted providing there is appropriate resource and expertise available to supervise their research project, and subject to funding

requirements

5 Programme Management

Director of Graduate Studies: Dr R James Shank

Director of Research (Actuarial Science) & Admissions Officer: Mr Andrew James

Departmental Administrator: Dr Frank Sowrey

6 Proposed Start Date

September 2008

7 Opportunity and Need

It is central to the University’s mission and to the Departmental Plan to pursue research to an internationally recognised standard, and a vital aspect of this is the training of research

students The recognised quality of research undertaken in the department (RAE 5* in

Statistics and RAE 5 in Applied Mathematics: 2001 RAE) indicates the opportunity to provide excellent training of research students exists Furthermore, this recognition has raised the Department’s profile both nationally and internationally, leading to increased interest in the existing research programmes, as well as a number of queries explicitly regarding research in Actuarial Science

The expansion of the Actuarial Science subject area within the Department has enabled the recruitment of staff with research and supervisory experience and the resource to develop and support research programmes, with the support of the broader Department A PhD/MPhil/MSc

in Actuarial Science will enhance the profile of the subject area with research informing the undergraduate and postgraduate taught programmes and making these programmes, in turn, more attractive to potential students In addition it is highly likely that the research

programmes can meet the approval requirements of the Actuarial Profession in order to provide research students with exemptions from a Specialist Applications papers within the profession’s qualification The department’s links to the Actuarial Profession will support the student’s ongoing professional development

8 Aims and Objectives

The assessment criteria for research degrees will be consistent with the current criteria as published by the Office for Quality Assurance and Validation and the Framework for Higher Education Qualifications

In order to be eligible for the award of the degree of Master of Science by research and thesis

a candidate is required to show in the thesis the ability to conduct an independent study and

to understand its relationship to a wider field of knowledge The candidate is also required to show appropriate ability in the organisation and presentation of the material in the thesis The MPhil thesis should be an original investigation and should demonstrate the candidate’s ability to test ideas, whether his/her own or those of others, and to understand the

relationship of the theme of the investigation to a wider field of knowledge The candidate is also required to show appropriate ability in the organisation and presentation of the material

in the thesis

The PhD thesis should be an original contribution to knowledge or understanding in the field under investigation and should demonstrate the candidate’s ability to test ideas, whether his/her own or those of others, and to understand the relationship of the theme of the

investigation to a wider field of knowledge It should be of such scholarly merit as would on that ground justify its publication either as submitted or in an abridged form The candidate is also required to show appropriate ability in the organisation and presentation of the material

in the thesis

Research work in Actuarial Science covers a broad range of subjects Actuarial Science applies mathematical and statistical methods to finance, insurance and risk assessment, using

deterministic and stochastic models to solve real business problems Research areas can span economics, investment, financial instruments, risk management, survival models, financial planning and management

In undertaking this the student is expected to be able to demonstrate:

 the ability to recognise and validate problems;

 original, independent and critical thinking, and the ability to develop theoretical

concepts;

 a knowledge of recent advances within one’s field and in related areas;

 an understanding of relevant research methodologies and techniques and their

appropriate application to one’s research field;

 the ability to critically analyse and evaluate one’s findings and those of others;

 an ability to summarise, document, report and reflect on progress

9 Programme Outline

1 Research Training

A Departmental Training Log for Postgraduate Students is used to verify that appropriate training takes place

Subject specific training required to perform the research underlying the thesis is done on the advice of the supervisor, tailored to the specific needs of the individual students Key

elements of this training include attending seminars and workshops, reading subject specific material, and participating in discussions with the supervisor, other members of staff and other students It is important that as much time as possible is reserved for subject specific training and that the supervisor has the flexibility to tailor the training to the needs of a specific student working on a specific project This support and training will continue to be developed in response to the needs of the students

Communication skills: new research students are required to participate in workshops offered

as part of the undergraduate mini-projects module, unless equivalent training has already been done An exemption from, or a pass in, the Actuarial Profession’s CA3 Communications module would also be sufficient These workshops (or the qualification) prepare students to make presentations and to write effectively, using appropriate computer software (such as LATEX, MS Word, MS PowerPoint) to support their communication

Computing Skills: new research students will participate in relevant introductory computer sessions If they will be using specialist computer software then appropriate training and support will be provided

Students will participate in the Faculty’s Postgraduate Skills Training programme Students are expected to attend an appropriate selection of the courses offered by the London Taught Course Centre for PhD Students in the Mathematical Sciences and the Academy for PhD Students in Statistics Students will be able to attend elements of the taught MSc courses within the department which are relevant to their research, subject to prior approval by the supervisory team

Students are expected to attend and participate in relevant seminars and discussion groups There are regular, usually weekly, seminars in Mathematics and Statistics, and occasional study groups within the Statistics group It is anticipated that Actuarial Science research students will participate in these sessions where appropriate and that Actuarial Science

seminars and discussion groups will be set up Students will gain experience in giving

presentations by speaking at internal seminars

Students will be encouraged to gain teaching experience by supervising or assisting with undergraduate classes

Students are encouraged to attend external conferences and workshops Regular sessional meetings and discussions of papers take place at the Institute of Actuaries in London, and an

annual Actuarial Research and Teaching Conference takes place at various locations in the UK (University of Kent in July 2008) These events will provide students with the opportunity for personal and professional development in addition to their academic value

EPSRC supported students are required to attend a Research Council’s Graduate School (or an equivalent training programme) during the second or third year

2 Other Courses

New members to the department, including new research students, are given a health and safety induction by the Health and Safety Officer

3 Progression Milestones

Students admitted to the MPhil programme who whish to progress to the PhD programme will undergo an Upgrade Review which will involve the Supervisory team and the departmental Director of Graduate Studies Progression decisions are reviewed and confirmed by the

Department’s Research and Enterprise Committee

In addition to regular monitoring reports and progress reviews, detailed below in section 12, student progression milestones include the following: towards the end of the first year,

students are expected to give a presentation on a suitable topic and to submit a short

literature review; towards the end of the second year, students are expected to give a second presentation indicating progress made on their research project and to submit a type-set summary of achievements which might, for example, consist of annotated lecture notes from their presentation

4 Assessment Methods

Students will write a thesis embodying their research work The thesis is examined by an internal and an external examiner whose appointments are made according to university

criteria PhD students will be given a viva voce examination MPhil students may be

examined similarly while MSc students usually will not

10 Chairs of Supervisory Teams

Professor Stephen Walker (Statistics) is an Approved Supervisor with experience supervising research students and recent active research relevant to Actuarial Science, meeting the criteria required to perform the role of Supervisory Chair Dr Lothar Breuer is an experienced member of the statistics group with research in risk analysis and work relevant to Actuarial Science Dr Pradip Tapadar has relevant research experience and publications in Actuarial Science, and Miss Clare Bellis has published research and co-supervised MSc research

students in Actuarial Science in Australia

11 Research Environment

Within the Institute of Statistics, Mathematics and Actuarial Science there are research groups

in Applied Mathematics, Pure Mathematics, and Statistics and, from 2007, Actuarial Science

It is anticipated that, through co-supervision and potential co-investigation, the 2001 RAE 5* rated Statistics group will support the development of the Actuarial Science research group

In addition to Dr Tapadar’s and Miss Bellis’ experience in research in Actuarial Science,

members of the Statistics group (including Professor Walker) have had work experience in the actuarial field, and the Actuarial Group includes (as at November 2007) 10 professionally qualified actuaries, a Visiting Actuary and an Honorary Lecturer

Research is also carried out within the broader Actuarial Profession and the group’s members maintain links with industry to ensure that research is current and relevant and, where

appropriate, reflective of the needs and direction of the profession and industry, being mindful

of the commercial implications of such work

Weekly research seminars and regular discussion groups in the department include students and research staff Students are provided with office space and, if appropriate, a computer Financial support is available in the department for students to attend conferences or

workshops The library has a good collection of specialised books and journals, and access to on-line articles, electronic journals and preprint servers Actuarial Science students also have full access to the library of the Institute of Actuaries in Holborn

12 Student Support and Guidance

On registration, students are issued with a copy of the Department Handbook ‘Information for New Research Students’ There will be an induction session, with refreshments, for new research students during the first week of term; returning students are also invited to attend The principal source of support is the academic supervisor The supervisory team is assigned

as part of the registration process and students will meet regularly with their supervisors Students are expected to maintain a training log Copies of the log can be obtained from the Director of Graduate Studies

Progress review meetings are held as follows:

1 Induction Review (after approximately 5 months)

This will normally involve a review meeting including the student and the full supervisory team A short written report and a completed “Research Ethics Form” should be submitted

to the Director of Graduate Studies

2 Probation Review (after approximately 10 months)

This will normally involve a review meeting including the student and the full supervisory team A report from the supervisory team and a progress report from the student should

be submitted to the Director of Graduate Studies The report from the supervisory team should refer to the programme milestones (see section 9.3) and include a recommendation concerning the continuation of registration

3 Interim Report (after approximately 17 months)

The student will submit a short progress review and an up-to-date training log

4 Second Year Progress Report (after approximately 22 months)

A progress report from the supervisory team and a progress report from the student should

be submitted to the Director of Graduate Studies The report from the supervisory team should refer to the programme milestones (section 9.3) and include a recommendation concerning the continuation of registration

5 Submission Review Meeting (approximately 3 months prior to the end of registration) This meeting will include the student, the full supervisory team and the Director of

Graduate Studies

The Postgraduate Staff Student Liaison Committee (PSSLC) meets regularly and is a forum for postgraduate students to raise issues regarding the course, support and to offer formal

feedback to the department If there are issues which it would be inappropriate to raise in a

public forum then a private feedback interview can be arranged by approaching the Director

of Graduate Studies or the Chair of the PSSLC

13 Departmental Quality Assurance and Enhancement

Postgraduate research students are represented on the Departmental Graduate Studies Committee and on the Faculty Research and Enterprise Committee

The regular reviews discussed above in section 12 ‘Student Support and Guidance’ provide a mechanism for student feedback

The University offers a Postgraduate Certificate in Higher Education programme The

programme is open to any member of academic staff but is particularly geared to the needs of new members of staff New academic staff who are appointed with a probationary period of two years or more are required to register for the programme

14 Departmental Resource Implications

The supervision of research students requires a significant commitment of time and this is included in workload allocation The Department provides office space and computing

equipment for all research students The Department is committed to providing funding for students to attend conferences and workshops

15 Professional Accreditation

The Actuarial Profession accepts a Specialist Applications examination by research project Individual students will be able to apply for exemption from this subject in the professional examinations on a case-by-case basis

The Profession has awarded accreditation of the taught programmes (BSc & Postgraduate Diploma in Actuarial Science, MSc in Applied Actuarial Science) for courses completed in 2008 and onwards

Reduced rate student membership of the Institute of Actuaries is available, subject to the individual member’s income