Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

Program Description

Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

The Masters in Actuarial Science at ISEG (Universidade de Lisboa) was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course subjects that are indispensable for the accreditation of an actuary in the European Union, as designated by The Actuarial Association of Europe, as well as the majority of the subjects of the professional exams for admission as an Associate of the Institute and Faculty of Actuaries – IfoA - in the UK, or of the Society of Actuaries in North America - SOA.

It was accredited by the Institute & Faculty of Actuaries, the UK's only chartered professional body dedicated to educating, developing and regulating actuaries. If you do sufficiently well in the programme, you will be exempted from the IFoA exams CT1, CT2, CT3, CT4, CT5, CT6 and CT8.

Our Master is also in the SOA UCAP list.

Our Master is classified in the 50 best Masters in Insurance and our university, Universidade de Lisboa, is second in the 2017 Iberoamerican ranking produced by SCImago.

The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you with 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 centers.


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 of 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



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 2017 IberoAmerican ranking produced by SCIMAGO.


ISEG is one of the few non-British universities accredited by 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 competencies 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 an 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.


This school offers programs in:
  • English

Last updated March 19, 2018
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2019
2 years
Full time
6,000 EUR
Application fee: 50€
Portugal - Lisbon, Lisbon
Start date : Sept. 2019
Application deadline Request Info
End date Request Info
Sept. 2019
Portugal - Lisbon, Lisbon
Application deadline Request Info
End date Request Info

Masters in Actuarial Science | Why ISEG?