ISEG - Lisbon School of Economics and Management, Universidade de Lisboa Masters in Actuarial Science

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

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).