Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

Program Description

Master in Actuarial Science

ISEG - Lisbon School of Economics & Management

The main objective of the Master in Actuarial Science is to train students for the actuarial profession, in its multiple components: life, non-life, financial and pension funds.

The programme offers a solid academic foundation in actuarial science, statistics and finance.

The Master was conceived 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 Groupe Consultatif Core Syllabus, as well as the course materials of exams FM, C and M of the Society of Actuaries in North America.

Target Audience

The Master in Actuarial Science was designed for students with a first cycle degree in Mathematics, Economics, Finance or Management, who are seeking to enter the actuarial profession and pursuing a path towards this rewarding career.

Programme Organization

The master’s study programme is spread across 4 semesters with a total of 120 ECTS, 30 of them corresponding to an internship in Insurance Company, or a Project or a Dissertation. All the course units will be taught in English.

The present study programme has been accreditated by the Portuguese Agency for Assessment and Accreditation of Higher Education - A3ES.

Exemption Recognition Agreement

The Master in Actuarial Science at ISEG was evaluated by The Actuarial Profession of the Institute and Faculty of Actuaries, the two professional bodies for UK actuaries, and an Exemption Recognition agreement has been awarded. Any student doing well enough in the programme, as determined by an examiner appointed by The Actuarial Profession, will be exempt from some of the UK professional actuarial examinations.

Admission Requirements and Selection Criteria

We will consider candidates with a first cycle degree in Mathematics, Economics, Finance or Management, or other highly quantitative programme such as Statistics or Physics. The candidates will be selected according to their BSc marks, CV details and a possible interview.


1st year – 1st semester

  • Financial Markets and Investments
  • Financial Mathematics
  • Probability and Stochastic Processes
  • Risk Models

1st year – 2nd semester

  • Time Series
  • Generalized Linear Models
  • Loss Reserving
  • Risk Theory
  • Survival Models and Life Contingences

2nd year – 1st semester

  • Actuarial Topics
  • Asset-Liability Management
  • Models in Finance
  • Pension Funds
  • Ratemaking and Experience Rating
  • Solvency Models

2nd year – 2nd semester

  • MFW (Dissertation/Internship/Project)
This school offers programs in:
  • English

Last updated January 20, 2016
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2017
2 years
Full time
5,000 EUR
Request Info
Applications are now open.
Start date Sept. 2017
Portugal Lisbon
Application deadline Request Info
Applications are now open.
End date Request Info
Duration 2 years
Price 5,000 EUR