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Developed by Cass Business School and the CII

The MSc in Insurance and Risk Management explores the growing relationship between insurance, risk management and financial services. The programme combines a practical approach with sound theory, providing the all-round skills and knowledge necessary for success in a competitive global business environment.

Management of risk is now a key issue for all major businesses. Risk takes many forms: fluctuations in currencies, interest rates and commodity prices; threats to physical assets from earthquake, windstorm and other natural perils; man-made threats of terrorism, fraud and criminality. These are in addition to the host of operational and financial risks that surround all commercial enterprises.

This course will help you understand how to identify, control and finance risk by combining insurance programmes, hedging strategies and techniques such as Alternative Risk Transfer (ART).

Today's employers recognise the value of relevant, post-graduate qualifications in helping managers and senior executives, and those who aspire to reach this level, to develop advanced technical and business skills. 

Cass and CII: a meeting of minds

The MSc in Insurance and Risk Management is a ground-breaking collaboration between the premier insurance educational bodies. The CII, with over 100,000 members, is the world's largest professional body dedicated to the insurance, savings and financial services sector. Cass houses Europe's largest Faculty in insurance, risk and actuarial science and is universally respected for the breadth and quality of its teaching.

Why it is right for you

Expertise

You will work with internationally-renowned academics and leading industry practitioners.

World-class

Cass was recently placed third in the UK in the Financial Times ranking of the 'top 40 European Business Schools'.

Accessible

The course is open to anyone holding a good honours degree or equivalent, with a unique fast-track completion route available to CII Advanced Diploma in Insurance/Associateship (ACII) holders.

Tailored

You can devise a programme to meet your career needs and aspirations.

Flexible

There is a choice of full and part-time study programmes.

First class facilities

Cass is situated in the heart of London's financial district.

Established

The Cass MSc programme is proven to deliver real business benefits.

Rewarding

Completion meets the core educational requirement ('Major Achievement') of the CII Fellowship programme or, for those not already holding it, up to 210 of the 290 credits required for completion of the Advanced Diploma in Insurance.



Study routes

Fast-track completion for Advanced Diploma/Associateship (ACII) holders

Holders of the CII's Advanced Diploma in Insurance/Associateship (ACII) can apply to take a fast-track route to completion, which offers exemptions from four of the compulsory eight core courses.

Typically, full-time students should complete the MSc degree in eight months rather than the standard ten months. Part-time students should complete in approximately 20 months, rather than the 24 months it typically takes.

What's more, Advanced Diploma in Insurance/Associateship (ACII) holders accepted onto the fast-track route benefit from a discount of more than 25% on the standard programme fees.

In order to be eligible for study on the fast-track route, applicants must:

  • have completed at least 70% of their Advanced Diploma/Associateship through direct examination with the CII, as opposed
    to via exemptions; and
  • have completed their Advanced Diploma/Associateship studies within 6 years of applying for entry on to the MSc programme.

Study routes for candidates not holding the Advanced Diploma/Associateship (ACII)

In addition to the above fast-track route, the MSc is available to students not holding the Advanced Diploma in Insurance/ Associateship (ACII).

In general terms, students are required to hold:

  • a good degree from a British university; or
  • its equivalent from an overseas university; or
  • an equivalent professional qualification.

Upon completion holders will, in addition to gaining the MSc, receive up to 210 credits towards the Diploma / Advanced Diploma in Insurance (120 or 290 required respectively for completion - further completion requirements also apply) and up to 60 credits to be used towards the Diploma/Advanced Diploma in Financial Planning (credits awarded are dependent on modules chosen). Holders will also be exempt from the core educational requirement (the 'Major Achievement' element) of the CII Fellowship should they wish to study for this after completing the Advanced Diploma.

Creating a new class of insurance professional

Cass's MSc in Insurance and Risk Management, a well established and highly regarded programme, forms the basis of the Cass/CII initiative. The degree has proven popular with a wide range of individuals keen to progress their professional careers and employer organisations looking to bolster and enhance their management/executive development programmes.

Among the many organisations whose staff have benefited from the course are:

Accenture ACE Insurance AIG Allianz Cornhill
Aon Risk Services AXA Insurance Bank of America Merrill Lynch Bank of China
Brit Insurance China Life Insurance Credit Suisse Deloitte
Goldman Sachs Heath Lambert Group Hiscox Jardine Lloyd Thompson
Lloyd's of London Lloyds TSB Marsh McKinsey
Munich Re PwC RSA Swiss Re
Tokio Marine & Fire Insurance Company Towergate Willis Re Wilson Re (P&I) Ltd
Zurich Insurance


What the graduates say

"The MSc in Insurance and Risk Management stands out from other degrees. As the only risk management degree that focuses on insurance, I'm convinced completing the course played a pivotal role in me securing a position on the prestigious business graduate programme at AXA UK. The specialised focus provides the necessary in-depth knowledge and gives a competitive advantage over others in the job market.

The course helps sharpen research skills and judging ability and provides a broad understanding of the various modules with the flexibility to select elective modules, therefore honing skills and shaping career paths. The course includes detailed coverage of important topics such as the risk management process, legislation issues such as solvency and quality control. This, combined with the excellent careers services available through Cass surely provided me with an edge on graduating."

Andreas Karmios, Graduated 2010, PLI Third Party Relationship Management, Champion Business Graduate Programme, AXA UK

"I chose Cass because of its reputation, teaching standards and links within the industry - all useful from both a learning and careers perspective. The opportunity to take electives from a wide range in the final term made the MSc in Insurance and Risk Management stand out because it allowed me to tailor the course to suit my career goals. I also gained more knowledge about different areas in the financial environment, helping me broaden my skill set, and the focus on group work in the course allowed us to learn from different people's backgrounds and experiences.

My ambition now is to complete the CII Advanced Diploma in Insurance and gain more qualifications to help me progress in my career."

Tosin Okusaga, Graduated 2010, Analyst, Bank of America Merrill Lynch



About Cass business school

Cass Business School offers a broad portfolio of degree courses to the global business community. Situated in London, at the heart of the UK's financial centre, it houses Europe's largest Faculty in insurance, risk and actuarial science. Its academic personnel combine broad technical and theoretical knowledge with extensive work-based experience.

The MSc in Insurance and Risk Management is part of the Cass Specialist Masters Portfolio, which attracts international acclaim. All specialist masters courses have a strong practical focus and have been developed to meet the needs of today's financial services employees.

Cass achieved a score of 5 in the last national Research Assessment Exercise (RAE).

Cass has been awarded full accreditation from the Association to Advance Collegiate Schools of Business (AACSB). The school now possesses the sought-after 'triple' crown' gold standard in business education which comprises AMBA, EQUIS and AACSB accreditation. This places Cass in an elite group of global business schools.

Course structure and content

The MSc in Insurance and Risk Management can be studied on either a full-time or a part-time basis:

Full-time programme

The full-time course runs for approximately 12 months from September and typically involves an afternoon and evening session twice a week*. Exemptions for Advanced Diploma in Insurance/Associateship (ACII) holders mean that they commence the course in January and can complete within eight months.

Part-time programme

The part-time course runs over approximately 24 months and typically involves an afternoon and evening session each week*. Again, exemptions for Advanced Diploma in Insurance/Associateship (ACII) holders mean that they only have to attend in Terms II and III of each academic year. Completion will take approximately 20 months.

*Please note: The timetable varies from year to year and students may, on occasions, be required to attend lectures on alternative days.

The table below outlines the available course options and timescales applicable to both the full-time and part-time courses. Full details are available from Cass.

MSc programme  Full-time  Part-time
Term I: October - December
Four core modules:

Advanced Diploma in Insurance/Associateship (ACII) holders following the fast-track route are exempt from modules 1, 2, and 3. These students take module 4 (Principles of Finance and Financial Analysis) in Term II and therefore do not attend classes in Term I.

Other students take all four modules

Advanced Diploma in Insurance/Associateship (ACII) holders taking the fast-track route are exempt from modules 1, 2, and 3. These students may take module 4 (Principles of Finance and Financial Analysis) in Term II of Year 1 or Term I of Year 2

Other part-time students take two modules in Year 1 and two modules in Year 2.
1. Theory of Risk and Insurance Markets
2. Risk Management
3. Insurance Law and Regulations

4. Principles of Finance and Financial Analysis

 

MSc programme  Full-time  Part-time
Term II: January - March
Five core modules:

Advanced Diploma in Insurance/Associateship (ACII) holders following the fast-track route take modules 4, 6, 7 and 8, and are exempt from module 5.

Other students take modules 5, 6, 7 and 8

The requirements under 'Full-time' apply equally to part-time students, who must complete these modules over the two year period. The normal pattern is to take two modules in Year 1 and two modules in Year 2.
4. Principles of Finance and Financial Analysis (fast-track only)
5. General Insurance
6.Accounting and Financial Management in Insurance
7. Risk Analysis and Modelling
8. Business Organisation and Corporate Strategy in Insurance and Financial Services

 

Full-time  Part-time
Term III: April - June
Mandatory for all students - business research project plus three elective modules. Mandatory for all students - business research project plus three elective modules. To be completed by the end of year 2 - a minimum of two modules are to be taken in year 1.
Typical elective modules include:
Alternative Risk Transfer (ART) and Risk Securitisation Claims Management Credit Risk Management Financial Derivatives
Financial Methods in Insurance Financial Risk Management Liability Insurance Life Insurance and Pensions Management
Marine Aviation and Transport Insurance Marketing of Financial Services Operational Risk Management Property Insurance
Reinsurance Stochastic Claims Reserving in General Insurance
Electives are shared with other courses and may be subject to change. The above list reflects a selection from a wide range of electives available.
Dissertation (business research project):
Approximately 8,000 words in length, this enables candidates to select a topic which relates to their current/future career requirements, Research Project Management Skills workshops will be offered.

Deadline for submission is 01 September 2013 (Full-time)
Deadline for submission is 01 September 2014 (Part-time)

 

Frequently asked questions

 

Is there a closing date for entry on to the course?

Yes. For students who do not hold the Advanced Diploma in Insurance/Associateship (ACII), applications will be accepted until 01 August 2013, however, early application is strongly recommended to avoid disappointment. Typically the majority of applications are received before 15 May in any given year. For those who already hold this qualification and are applying for the fast-track route the deadline is 19December 2013.

How do I apply?

To find out more about the MSc in Insurance and Risk Management, call Cass on +44 (0)20 7040 5150. A course adviser will talk you through the application procedures, the subjects on offer, payment facilities, etc. and provide a brochure containing full course details. Alternatively, visit http://www.cass.city.ac.uk/masters/ to view full details online and download an application form or email cass-masters@city.ac.uk for further information and to obtain a prospectus. Please quote reference: C14

How many teaching hours will I have per week?

On the full-time course there are usually between 12 and 18 teaching hours per week. For each lecture you attend, we anticipate that you will have to do another three hours of self-study. Part-time students attend a minimum of six hours per week; this may increase depending on which electives you choose and if we have international academics visiting.

Do I have to write a dissertation?

In term three, students write an 8,000 word business research project, allowing them to explore a chosen subject in depth.

Can dissertations completed for the CII Fellowship be employed towards the MSc?

Yes. Subjects researched for the CII Fellowship dissertation (typically 5,000 words) can be enhanced to meet the requirements of the MSc dissertation (8,000 words).

Is there a distance-learning option for the MSc?

No. Central to the thinking behind the development of the MSc is a belief in the importance of face-to-face learning. Much of the value of the course is derived from 'live' discussion, explanation and debate with expert tutors and fellow students. While textual study and analysis makes up a large part of the programme, it cannot encompass the full range of material covered.

Is it necessary for candidates whose first language is not English to take a language exam?

Applicants whose first language is not English and who are neither working nor studying in an English-speaking environment may be asked to provide further evidence of competence in the English language (for example, a score of at least 7 in the IELTS test).

What are the fees?

Advanced Diploma/Associateship (ACII) holders on the fast-track route:

Full-time tuition fees = £13,500
Part-time tuition fees = £14,000 (£7,000 per annum)

Standard programme fees:

Full-time tuition fees = £18,000
Part-time tuition fees = £18,000 (£9,000 per annum)

Note: fees are subject to change.
 

Next step

To find out more about the MSc in Insurance and Risk Management, call Cass on +44 (0)20 7040 5150.

A course adviser will talk you through the application procedures, the subjects on offer, payment facilities, etc. and provide a brochure containing full course details.

Alternatively, visit the website www.cass.city.ac.uk/irm to view full details online or email cass-masters@city.ac.uk for further information and to obtain a prospectus.

Please quote reference: C14

 

Syllabuses