MSc in Actuarial Mathematics

Faculty of Science at University of Copenhagen

Program Description

MSc in Actuarial Mathematics

Faculty of Science at University of Copenhagen

MSc in Actuarial Mathematics

Are you keen on probability theory, mathematics and statistics? And are you interested in insurance, economics, accounting and law? If so, the MSc in Actuarial Mathematics might well appeal to you. A wealth of career opportunities awaits you.

The programme is offered in English.

In the Actuarial Mathematics MSc programme you will cultivate an exiting interdisciplinary body of knowledge in mathematics, finance, insurance economics, accounting, law, probability and statistics that can be deployed to assess risks in a variety of settings. That way you will help secure the everyday lives of people and protect their pensions.

Profile

You should pursue an MSc in actuarial mathematics if, first and foremost, you enjoy working with numbers. Among other themes, you will be engaged in addressing various types of damage insurance, life insurance, insurance economics, insurance accounting and insurance law. The degree embodies a combination of numbers, law and human welfare. Who doesn’t have a pension or insurance policy securing their everyday life and welfare into and through retirement? Actuarial mathematics is an indispensable field of study with regards to modern society, where a secure future cannot be taken for granted.

Competence Description

A graduate in Actuarial Mathemathics has the competences required to:

  • Structure an inquiry into open actuarial mathematical issues, regarding both personal and general insurance mathematics.
  • Further develop and adapt probabilistic and statistical models for real life challenges.
  • Conduct independent, stringent argumentation
  • Independently take responsibility for his or hers own professional development and specialisation.

Career Opportunities

As an actuarial mathematician you could be hired to work for an insurance company, a bank, another type of financial institution or at a consultancy firm. Your work will be to solve statistical problems and deal with risk theory in relation to various types of insurance. Additionally, you can gain employment in public administration or within higher education.

The field is experiencing robust growth, in part due to the development of a rich theory of mathematical finance and also as a response to the reorientation that practical insurance is experiencing due to, e.g., the integration of banking, credit and insurance activities. Further reorientation of the actuarial profession has developed as a result of changes to and interpretations of the risk landscape in which catastrophe, including climate change, is becoming a more and more prominent concern. The future looks bright for you should you choose to pursue the MSc in Actuarial Mathematics.

Programme Structure

The MSc programme includes compulsory coursework in advanced probability theory, various types of actuarial mathematics and financial theory. There is also a large elective part where you can specialise in one of these areas, or perhaps in related mathematical or statistical problems. This specialisation continues with a master's thesis where you work at a scientific level with an insurance-related problem.

The concluding thesis project will often be based on a practical insurance-related problem. In many cases, the thesis is carried out in cooperation with an insurance company.

If you choose to study actuarial mathematics, you will be engaged in the development and application of mathematical, statistical and economic tools. These tools can be used to model, measure and manage insurance risks.

As an actuarial mathematics student, you will be studying three overarching topics intensively:

    • Probability – Probability theory is used to analyze random phenomena, especially with regards to evolving random phenomena. Hence, the calculation of probability is a crucial element of actuarial mathematics.
    • Life Insurance Mathematics – Life insurance mathematics deals with insurance in relation to major life events and includes retirement, death, disability and marriage. This typically incorporates long-term business and significant financial risk.
    • Non-Life Insurance Mathematics – Non-life insurance mathematics deals with insurance covering damage or injury to things or persons, typically in relation to fire, natural disasters, theft and the like. It typically incorporates short-term business with significant catastrophe risk.

 When and how to apply

The application procedure for EU/EEA and Swiss Citizens


  • Make sure to check the admission requirements.
  • Contact SCIENCE Student Service if you have questions.
  • Prepare your relevant documentations (see checklist) - Language tests and certified diplomas can be forwarded through the online application portal up until study start.
  • From 1 February to 1 April you can send your application through THE ONLINE APPLICATION PORTAL
  • We must receive your application no later than 1 April (Fall Semester).
  • After 1 April application deadline, your application will be evaluated by an academic admissions committee.
  • You will receive a response no later than 15 June.
  • Study start 1 September 2014.

Application Procedure Non-EU/EEA Citizens

  • Make sure to check the programme admission requirements.
  • Contact SCIENCE Student Services if you have questions.
  • Prepare your relevant documentations (see checklist). Incomplete applications will not be processed.
  • From 15 November to 15 January you can send your application through THE ONLINE APPLICATION PORTAL
  • We must receive your application no later than 15 January (Fall Semester).
  • Your application is evaluated by an academic admission committee between 15 January and 15 March: All applicants offered admission will receive an invoice for tuition fees which must be paid by 15 April
  • If admitted, you will receive your letter of admission after we have received your tuition fee payment.
  • 1 May is the deadline for applying for your residence permit.


Checklist for Documentation

In order to make sure we have all the information needed to evaluate your past achievements and future potential, you are required to submit the following items:

  • An original or certified copy* of your academic transcript from your Bachelor degree. If the transcript is in a language other than English or a Scandinavian language, please include an official English translation.
  • A certified copy* of your Bachelor diploma. If you are yet to receive your diploma, please provide a letter from your university stating the date when the diploma will be issued.
  • Course descriptions of courses undertaken in your Bachelor degree relevant to the programme you are applying for. These can be in the form of photocopies from your university's academic handbook/course lists or print-outs from the university's website. They should describe what was required of you to complete the courses, what was studied and hours of study. These course descriptions allow us to understand exactly what you have studied in your prior degree, and help us to determine whether you meet the requirements and are eligible for the MSc degree at the Faculty of Science.
  • An updated version of your C.V. (curriculum vitae)/résumé A photo is not necessary.
  • A photocopy of your passport. Should you have more than one passport (citizenship) please copy the passport with which you will use to travel to Denmark. NB: You must use your EU/EEA passport should you wish to be given a tuition fee waiver.
  • Proof of English language proficiency (not applicable to native English speakers) 1) Acceptable TOEFL/IELTS exam results (these test results should be sent to us separately from the test centre upon your request) OR 2) Proof that English was the language of instruction in your prior education. See more information on the language requirements.

* An official certified copy is a copy of an original document that has been certified as a true and correct copy by a person who is authorised to witness a statutory declaration. Official certified copies are usually a photocopy of the original document stamped, signed and verified by an official in your country. Each country varies in whom is qualified to certify documents, however generally speaking your university, lawyers and embassies can certify documents for you, so that we can verify that what we have is a true replica of the original (and therefore determine if you are eligible for the MSc with us).


Please note that when you apply for admission through the digital application system, you are responsible for including and uploading all relevant documents listed in the application package as described above. If you do not have the necessary documentation at time of application you must instead upload an explanation. You can not continue the application process, if you fail to upload information when the application system requires it.

Please note that if you are admitted to an MSc programme at SCIENCE, you may be requested to present your original diploma and transcript at your arrival in Denmark. This will allow us to verify the documents.

If you have already applied digitally, you can always log on to the system and check up on the status of where in the application process your application currently is. Once your application is processed, you will also receive messages regarding your application through the online application system.

Application deadlines

  • EU/ EEA/Swiss applicants:   


1 April 2014 for admission 1 September 2014

  • Non EU/ EEA applicants:   


15 January 2014 for admission 1 September 2014

Admission requirements

(1) Applicants with a Bachelor's degree in actuarial mathematics from the University of Copenhagen may be admitted to the MSc in actuarial mathematics.

(2) Applicants with an Bachelor's degree in mathematical economics, statistics or mathematics may be admitted as long as their Bachelor's programme included the following:

  • Courses in life-insurance mathematics, min. 7.5 ECTS credits
  • Courses in non-life actuarial mathematics, min. 7.5 ECTS credits
  • Courses in statistics based on measure theory, min. 15 ECTS credits


(3) Applicants with a Bachelor's degree in science may be admitted as long as their Bachelor's programme included the following:

  • Courses in mathematical analysis, incl. measure theory, min 22.5 ECTS credits
  • Courses in linear algebra, min 7.5 ECTS credits
  • Courses in life-insurance mathematics, min. 7.5 ECTS credits
  • Courses in non-life actuarial mathematics, min. 7.5 ECTS credits
  • Courses in statistics based on measure theory, min. 15 ECTS credits


(4) In addition, the Faculty may admit applicants who, after a thorough assessment, are deemed to possess educational qualifications equivalent to those required in subsections(1)–(3).
Prioritisation criteria

Applicants with Bachelor's degrees in actuarial mathematics from the University of Copenhagen are guaranteed admission on the first MSc intake after graduation. Priority is then given to applicants with a Bachelor's degree in mathematical economics, statistics or mathematics as per (2). The next priority will be applicants with a Bachelor's degree in science as per (3).

This school offers programs in:
  • English
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2016
Duration
Duration
2 years
Full time
Price
Price
5,300 EUR
Information
Deadline
Start date Sept. 2016
Place
Denmark Copenhagen
Application deadline Request Info
End date Request Info
Duration 2 years
Price 5,300 EUR
per semester for non-EU/EEA citizens