Business School
Key Information about the Master in Actuarial Science in ISEG - Lisbon School of Economics and Management, Universidade de Lisboa
The Master in Actuarial Science at ISEG - Lisbon School of Economics and Management, Universidade de Lisboa is ranked 9th this year in the Master in master Insurance and Actuarial Sciences. Programme Director(s): Professor Onofre Simões - Associate Professor.
The program is available in a full-time format
The total length of the program is 4 semestres
All courses are taught in English
Director's message
Why Master in Actuarial Science @ISEG Lisbon?
01. Is one of the few non-British programmes fully accredited by the Institute and Faculty of Actuaries (IFoA) in the UK. The new IFoA curriculum has been adopted since school year 2018/2019. The Masters is also on the UCAP list of the Society of Actuaries (SOA) in the USA.
02. This programme provides in depth coverage of the most up-to-date actuarial knowledge and of the skills that actuaries are required to use. It o?ers a short route to becoming an actuary after the BSc.
03. The Master's in Actuarial Science at ISEG is one of the 50 best Masters in Insurance according to the Eduniversal Best Masters ranking.
04. ISEG has excellent modern facilities, including an extensive library, which is particularly complete in the ?eld of Actuarial Science. Students have access to study rooms, accessible during prolonged hours.
05. ISEG has a group of lecturers whose achievements in international research are on a par with the best international schools of Actuarial Science. Some of them are practitioner actuaries. Our academic sta? is dedicated and always willing to support and advise students.
06. This programme o?ers many internship opportunities, which is an advantage when students apply for jobs.
07. As success in the professional world is not just about passing exams and gaining exemptions, ISEG helps students to gain other skills. Research seminars, seminars with speakers from industry, organized by the ISEG Actuarial Science Club, a career development programme, and a career development team, which provides counselling service, are also at students’ disposal.
All about this master
Programme 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
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 |
Application deadline precision
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).
How to Apply?
Admission process
Application
|
December to May |
|
Application process entirely online |
Application Checklist
Academic documents required
- Undergraduate Diploma copy
- Language diploma
Academic documents other
- Academic Transcript
Administrative document require
- Photocopy of ID Card / Passport
Administrative document other
- Motivation letter required
