Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

Program Description

Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

The Master in Actuarial Science at ISEG (University of Lisbon) was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course materials indispensable for the accreditation of an actuary in the European Union, in accordance with The Actuarial Association of Europe, as well as the course materials of exams FM, C, MFE and MLC of the Society of Actuaries. The three VEE topics (Economics, Corporate Finance and Applied Statistical Methods) sponsored by the Society of Actuaries (SOA) - USA, Casualty Actuarial Society (CAS) - USA and Canadian Institute of Actuaries (CIA), may automaticaly be awarded for the students that have a Bachelors degree from ISEG and decide to take the SOA actuarial exams. See SOA VEE courses. Our Master is also in the SOA UCAP list.

It has been evaluated by the Institute & Faculty of Actuaries , the two professional bodies for UK actuaries and an Exemption Recognition Agreement awarded. If you do sufficiently well in the programme, as determined by an examiner appointed by the Institute and Faculty of Actuaries, you will be exempted from the exams CT1, CT2, CT3, CT4, CT5, CT6 and CT8 of the UK actuarial profession.

Our Master is classified in the 50 best Masters in Insurance and our university, the University of Lisbon, is second in the 2015 Iberoamerican ranking produced by SCImago.

The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you the skills to become a successful actuary. During the fourth semester you can take a training post in an insurance company or write a thesis or a project. You may be able of spending a semester in a partner university, through the ERASMUS programme.

Last, but not least, Lisbon offers an exceptional historical heritage and ISEG is situated in the heart of it. The cost of living is below that of other capitals which gives to this Master financial advantage over other academic actuarial centres.


The post-graduate studies in actuarial science at ISEG started in 1990 with a Post-Graduation Course in Actuarial and Financial Risk Management, which originated a Master with the same title in 1993/94. In 1997/98 it was restructured and renamed MSc in Actuarial Science. Until 2007 it was offered every two years. In 2007/2008 it was adapted to the Bologna regime and has been offered every year since then. It was accredited in 2011 by the Agency for Assessment and Accreditation of Higher Education - A3ES.


The main objectives of the Master 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.

Designed For

The Master 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.

We accept candidates with a bachelor's degree in Mathematics, Mathematics with Economics or Statistics, and some of the bachelor's degrees in Economics, Finance or Management. Accepted applicants have normally achieved a minimum of 14 out of 20 points in the Portuguese system for one of these degrees, or a 2:1 honours in the British system, or equivalent (e.g. G.P.A. 3.0).


There 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 and in Taylor Fry Consulting Company.

Study Programme

1st Year


2nd Year


The students must pass a total of 18 ECTS in optional units, with a minimum of 8 ECTS in optional (1)and 4 ECTS optional (2)


Ten Reasons To Chose Actuarial Science At ISEG


ISEG, Lisbon School of Economics and Management is the only Faculty in Portugal that offers a University degree in Actuarial Science.


Since 2013 ISEG has been part of the Universidade de Lisboa (ULisboa), which is now the largest University in Portugal. The University of Lisbon is the result of the merger of two public Universities in Lisbon, the former University of Lisbon (1911-2013) and the Technical University of Lisbon (1930-2013). The history of the University of Lisbon dates back to the 13th century. ISEG history dates back to 1789 and it was one of the original founders of the Technical University of Lisbon in 1930. The University of Lisbon is second in the 2014 IberoAmerican ranking produced by SCIMAGO.


ISEG is one of the few non-Bristish universities to have an Exemption Recognition Agreement with the Institute and Faculty of Actuaries in the UK.


Our program provides in depth coverage of the most up-to-date actuarial knowledge and required competences and offers a short root to becoming an actuary after completing a BSc. It is classified in the 50 best Masters in Insurance by the Eduniversal Best Masters ranking.


ISEG has a group of lecturers whose achievements in international research are on a par with the best international schools of Actuarial Science and some of them are practitioner Actuaries. Our academic staff is dedicated and always willing to support and advise students.


ISEG has excellent modern facilities, including a extensive library, which is particularly complete in the field of Actuarial Science. Students have access to dedicated rooms, accessible during extended hours.


As success in the professional world is not just about passing exams and gaining exemptions, ISEG helps you to gain other skills. These include computing courses, research seminars, seminars with speakers from industry, a career development programme and a career development team, which provides counselling service.


Our programme offers some internship opportunities, which give you an advantage when applying for jobs.


ISEG is located in the centre of Lisbon, one of the most beautiful and historical capitals of Europe, and still one of the cheapest.


Our fees are very competitive, when compared to other similar programmes, especially for students outside the EU.


Useful Information


Applications for all Masters at ISEG are made online. The deadline for the 2017-18 intake is the 31st of May, but you are advised to apply before the 28th of February, especially if you require a STUDENT VISA.

We require a solid academic background in Mathematical Analysis and Statistics. This normally implies holding a bachelor’s degree in Mathematics, Mathematics with Economics or Statistics, and some of the bachelor’s degrees in Economics, Finance or Management. Applicants from other academic disciplines will be considered on a case-by-case basis. Accepted applicants have normally achieved a minimum of 14 out of 20 points in the Portuguese system for one of these degrees, or a 2:1 honours in the British system, or equivalent (e.g. G.P.A. 3.0). Candidates are selected according to their BSc grade, their CV details and possibly an interview. If you are in the last year of studies for your BSc, you may apply on the basis of your predicted grade and your application will be considered for a conditional offer.


1st Step

Fill out our application form. You will need to attach some digitalised documents: photo, ID document (passport if you require a Student Visa), bachelor’s degree certificate, academic transcript of records and CV, and also pay the application fee. You may submit these document later on, and/or pay the application fee by logging on to our site, using the username and password that were previously supplied by us by E-mail. Your application will only be considered valid after all the documents have been submitted and the application fee paid. Payment can be made in three ways: by ATM — only if you hold a Portuguese Bank Account, by Bank Transfer or by Paypal — if you live outside Portugal. Please note that you don’t need to have a Paypal account, but you just need to have a credit card that is accepted by Paypal. If payment is made by Bank Transfer, then you need to send proof of the payment to

2nd Step

After your application has been validated, it will then be analysed by ISEG (you may well be contacted at this stage by the Scientific and Pedagogical Masters Committee). Next you will be contacted after a decision has been made.

3rd Step

If you are accepted and to secure a place for the Masters you are given a deadline for acceptance (this is made online) and for the payment of a non-refundable Registration Fee. This can be done in the same way as the Application Fee.

Student Visa

If you are not a EU, EAA or Swiss citizen, then you need a Student VISA.

After you have definitely accepted our offer and have paid the Registration Fee to secure your place, ISEG will then send you an acceptance letter which you need for applying for a Study Visa. At this stage, you should contact the nearest Portuguese Consulate or Embassy, in your country, to find out which other documents are required to apply for the Visa. If there is no Portuguese Consulate or Embassy in your country, ISEG will let you know where to apply. We advise all the students entering in Portugal with a visa to book an appointment with Helena Cardoso, from the ISEG postgraduate office, on the first working day after their arrival in Portugal. Helena will help you with the first contact with SEF– the Immigration Authority. This is particularly urgent if your passport was not stamped upon arrival in Portugal.

This school offers programs in:
  • English

Last updated September 28, 2017
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2018
2 years
Full time
5,000 EUR
Portugal - Lisbon
Start date: Sept. 2018
Application deadline Request Info
End date Request Info
Sept. 2018
Portugal - Lisbon
Application deadline Request Info
End date Request Info
Application fee: 50€

Masters in Actuarial Science | Why ISEG?