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Portugal - Western Europe

Insurance and Actuarial Sciences

ISEG - Lisbon School of Economics and Management, Universidade de Lisboa

Master in Actuarial Science - informations

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3 Palmes - Eduniversal Ranking

Program overview

The Master's in Actuarial Science was designed for students with a solid background in Mathematical Analysis and Statistics, who are seeking to enter the actuarial profession and pursuing a path towards this rewarding career.

Objectives

The main objectives of the Master's in Actuarial Science are:

  • training students for the actuarial profession, in its multiple components: life, non-life, financial and pension funds;
  • contributing to the education of academics, allowing the University to play an active role in the production of advanced studies in the areas of the Master.

Curriculum (courses, subject modules)

Year 1 – 1st Semester

  • Computation Tools for Actuaries (IFoA: CS1 -10%)
  • Financial Markets and Investments (IFoA: CM2 -40%)
  • Financial Mathematics (IFoA: CM1 -45%)
  • Probability and Stochastic Processes (IFoA: CS1 -15%; CS2 -30%)
  • Risk Models (IFoA: CS1 -35%)

Year 1 – 2nd Semester

  • Generalised Linear Models (IFoA: CS1 – 30%; CS2 – 10%)
  • Loss Reserving (IFoA: CM2 – 10%)
  • Risk Theory (IFoA: CS2 – 15%; CM2 – 10%)
  • Survival Models and Life Contingencies (IFoA: CM1 – 55%)
  • Time Series (IFoA: CS2 – 20%)

Year 2 – 1st Semester

  • Models in Finance (IFoA: CM2 – 40%)
  • Solvency Models

Electives
• Big Data
• Actuarial Topics (IFoA: CS2 – 25%)
• Asset-Liability Management
• Finance and Financial Reporting (IFoA: CB1- 100%)
• Pension Funds
• Ratemaking and Experience Rating (IFoA: CS1 – 10%)

Year 2 – 2nd Semester

Master’s Final Work – MFW

  • Dissertation
  • Project
  • Internship

Admission conditions

Required diploma(s) :

  • Bachelor

Tuition & Fees

Between 5500 and 8500 €

Employment opportunities & career impact

Employment opportunities :

Here is a regular demand for actuaries all over the world. The main employers of our Master students have been:

  • insurance companies (life and non-life)
  • pension fund management societies
  • consulting companies
  • control authorities
  • banks
  • universities

Several of our students did their Final Mater Work as interns in Autoridade de Supervisão de Seguros e Fundos de Pensões, Liberty Seguros, Companhia de Seguros Allianz Portugal SA, Companhia de Seguros Tranquilidade, Axa Portugal, Fidelidade, Willis Towers Watson, KPMG, Optimind Winter,  Ernst & Young Portugal, Mercer and in Taylor Fry Consulting Company.

Application Deadlines


Application Deadline Date of Eligibility Date / period for personal interview Admission result
Session 1 2nd December to 3rd February Until February 14th
Session 2 4th February to 31st March Until April11th
Session 3 1st Abril to 15th May Until May 30th

Applications for Master's degrees are made exclusively online through the ISEG website, from December 2024 to May 2025.

Candidates for the Master's in Actuarial Science are:

  • The Master's in Actuarial Science requires a solid academic background in Mathematical Analysis, Probability and Statistics. This normally implies holding a bachelor’s degree, either national or foreign institutions, in Mathematics, Mathematics with Economics, Statistics or some of the bachelor’s degrees in Economics, Finance or Management. Applicants from other fields will be considered on a case-by-case basis.
  • In accordance with Article 17 d) of Decree-Law No. 74/2006 of the 24th of March, altered and republished as Decree-Law No. 65/2018 of the 16th August, other applications considered to be appropriate by the selection panel will be evaluated on the basis of a curricular analysis.
  • Those students who have not yet completed the 1st Study Cycle (Bachelors) are eligible to apply conditionally, provided that they satisfy the conditions for obtaining the degree by the end of September (of the same academic year as their application).

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  • Additional information / brochure

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CountryRankSchool / Programme Request Info / Application 
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1
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Italy
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U.S.A.
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Columbia University - School of Professional Studies

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Belgium
5
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KU Leuven - Faculty of Business and Economics

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U.S.A.
6
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University of Pennsylvania - The Wharton School

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China
7
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Shanghai Jiao Tong University

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Slovenia
8
****

University of Ljubljana, School of Economics and Business (UL SEB)

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France
9
****

Université Paris Dauphine-PSL

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Portugal
10
****

ISEG - Lisbon School of Economics and Management, Universidade de Lisboa

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France
11
****

ENASS

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Netherlands
12
****

Maastricht University, School of Business and Economics

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France
13
****

ENSAE Paris

MS Actuariat

Australia
14
****

The University of Melbourne - Melbourne Business School

Master of Actuarial Science

U.S.A.
15
****

Temple University - Fox School of Business

Actuarial Science

Japan
16
****

Keio University

M- A in Mathematics - Statistics - actuarial mathematics

Spain
17
****

Universidad Complutense de Madrid - Facultad de Ciencias Económicas y Empresariales

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South Africa
18
****

University of Cape Town - Faculty of Commerce

Master in Actuarial Science

South Africa
19
****

University of Stellenbosch - Faculty of Economic and Management Sciences - Dpt of Statistics and Actuarial Sciences

Postgraduate diplomas Actuarial Science

France
20
****

Université Paris Dauphine - PSL

DU IAP-Dauphine

Netherlands
21
****

University of Amsterdam - Amsterdam School of Economics

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Switzerland
22
****

HEC Lausanne, the Faculty of Business and Economics of the University of Lausanne

MSc in Actuarial Science

U.S.A.
23
****

Boston University - The Boston University Metropolitan College

Master of Science in Insurance Management

Ireland
24
***

University of Limerick - Kemmy Business School

MSc in Risk Management & Insurance

United Kingdom
25
***

City University of London - Bayes Business School

MSc in Insurance & Risk Management

Hong Kong (S.A.R.,China)
26
***

City University of Hong Kong

MSc Mathematics for Finance and Actuarial Science

Australia
27
***

University of New South Wales -UNSW Business School

Master of Actuarial Studies

France
28
***

Université Panthéon-Assas (Paris II)

Master 2 Assurances

U.S.A.
29
***

University of Wisconsin-Madison - Wisconsin School of Business

MBA in Risk Management and Insurance

France
30
***

ESA - Ecole Supérieure d'Assurances

MBA "Audit et Management des Risques et des Assurances de l'Entreprise"

Italy
31
***

Università di Roma 1 "La Sapienza"

Master Finance and Insurance

France
32
***

Université Caen Normandie

Master 2 Droit Assurances et personnes

Senegal
33
***

Groupe ISM - Ecole de Management

MBA en Banque Assurance

Italy
34
***

Università degli Studi di Torino

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Thailand
35
***

Chulalongkorn University - Chulalongkorn Business School

M.Sc. in Insurance

Taiwan Region, China
36
***

NCCU Department of Risk Management and Insurance

MS in Risk Management and Insurance

Philippines
37
***

De La Salle University

Master in Risk and Insurance Management

Netherlands
38
***

University of Groningen - Faculty of Economics and Business

MSc Econometrics, Operations Research & Actuarial Studies

Germany
39
***

TU München - Department of Mathematics

Master Mathematical Finance and Actuarial Science

China
40
***

Shanghai University of Finance and Economics (SUFE) - School of Finance

Master Insurance

China
41
**

Nanjing University

Master in Finance (including Insurance) - The Department of Finance and Insurance

Ukraine
42
**

Kiev National Economic University

Master in Insurance Management

Spain
43
**

Universidad Carlos III de Madrid - Departamento de Economia de la Empresa

Máster en Ciencias Actuariales y Financieras

U.S.A.
44
**

Georgia State University

Master of Actuarial Science

Poland
45
**

Poznan University of Economics and Business

Master in Insurance and Risk Management

South Africa
46
**

University of the Witwatersrand

Master of Commerce by research Insurance and Risk Management

India
47
**

Birla Institute of Management Technology (BIMTECH)

PGDM (Insurance Business Management)

Japan
48
**

Meiji University

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Dominican Rep.
49
**

Pontificia Universidad Catolica Madre y Maestra

Maestría en Administración de Programas de Seguros

France
50
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ESA - Ecole Supérieure d'Assurances

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