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Master in Actuarial Science

Alumni  Statements

    Rodrigue Kazzi

    MSc in Actuarial Science (2018)


    •      PhD student at Vrije Universiteit Brussel

    "After finishing my bachelor studies, I wanted to pursue a Master program in Actuarial Science that could expand my knowledge and broaden my horizons as much as possible. Finding this Masters, which is simultaneously accredited by the Institute and Faculty of Actuaries (IFoA) in the UK and highly regarded by the Society of Actuaries (SOA) in North America ,  fulfilled my demand!
    During my two years at ISEG, I was more than satisfied with the professors who are at the same time experts in their fields, modest, and caring! Additionally, living in Lisbon was a very joyful experience!
    I can confidently say that the master gave me a solid background in both the theoretical and practical aspects of Actuarial Science. I could see this during my last two internships and my Ph.D. studies so far. Actually, this program is highly regarded by the academic and industrial sectors as I have received several job offers and have been admitted to a Ph.D. program in Actuarial Science without any additional requirement.
    Today, I can proudly say I made an optimal investment of these two years of my life!"


    Inês Carreira

     MSc in Actuarial Science (2017)

     EY | Consultant | FSO Advisory - Risk & Actuarial Services

    "After finishing my first degree, I tried to search for a master's degree related to mathematics and statistics that would really be an asset to me. And I found the Master in Actuarial Science at ISEG. It is a well-recognized master's degree and, therefore, I consider the specialization in this field a great opportunity at a professional level, not only in Portugal but also abroad, thanks to to the possibility of obtaining exemptions for some Core Technical (CT) exams of the Institute and Faculty of Actuaries.

    The master's structure combined with the quality of the professors provided me with an excellent knowledge base of the actuarial world, covering the areas of life, non-life and pension funds. In addition, it allows us to share experiences and knowledges with people coming from different parts of the world.

    Therefore, I strongly recommend the MSc in Actuarial Science at ISEG, both for students and for workers who wish to deepen their knowledge in this area."

    Eunice Madeira


    MSc in Actuarial Science (2014)
    •     Actuary at Fidelidade, Companhia de seguros SA

    " The Master in Actuarial Science at ISEG was a demanding but rewarding experience at both a personal and professional level.

    After 1 year of working as actuary, the Master allowed me to consolidate my knowledge and acquire the theoretical support that I needed in order to be able to respond to the new challenges of the insurer market.

    This is a quite intensive programme, requiring much dedication and commitment, but it is endowed with highly qualified and available professors who provide the support needed for the success of the students.

    I strongly recommended this Master to whoever wants a career in the actuarial area."




    Daniela  Dinis Pateiro


        MSc in Actuarial Science (2013)       

    •  EVC Analyst at Towers Watson


    "The Master in Actuarial Science was a rather natural choice after finishing my First degree in Mathematics Applied to Economics and Management.  It is the ideal master's degree for people who like mathematics and want consolidate their knowledge in this field and learn new skills to work in the actuarial world. 

    The various courses allow students to develop actuarial concepts that I believe are fundamental for their professional success.  Also, the possibility of obtaining exemptions for most of the Core Technical exams of the Institute and Faculty of Actuaries corroborates the quality of the master's programme."


    Bram Kierkels

      MSc in Actuarial Science (2013)
    • Triple A - Risk Finance,  Amsterdam

    "During my bachelor degree in mathematics I was especially interested in probability and statistics. I decided to do a master degree in Actuarial Science. It was a good choice to do the master at ISEG. The relatively small group together with the professors' enthusiasm, their interest and genuine concern about the student creates a pleasant atmosphere in the classroom to work in.

    In the last semester of the curriculum you have the opportunity to do an internship. I went to Melbourne, Australia for half a year to work as an intern at Taylor Fry Consulting Actuaries.

    As a student from the Netherlands, it was a great experience to study in another culture and to do an internship on the other side of the globe.

    I ended up with friends from almost every continent of the world. Besides from that, the completion of the master resulted in several job offers from banks and insurance companies. I decided to start my career at the Central Bank of the Netherlands where I worked as an insurance supervisor for almost 5 years and qualified as a Fellow of the Institute of Actuaries. In 2018 I changed my job; I am now an actuarial risk consultant at Triple A - Risk Finance, in Amsterdam."






    Miguel Herculano

                MSc in Actuarial Science (2013)                  

    Studying towards the MSc in Actuarial Science at ISEG was an enjoyable experience. The programme provides solid quantitative skills that are in demand in both Academia and Industry, particularly for those who are looking for a quantitative oriented career in banking and insurance. 

    I enrolled in the Master´s degree straight after completing my undergraduate studies in Economics at ISEG. I had the opportunity to do an internship at an insurance company as part of the degree and was offered a job upon graduation. 

    I am currently working at the Central Bank of Portugal as a Trainee in the Supervision team. The solid analytical training gained at ISEG is proving extremely valuable in a supervision environment. 

    The friendly, diverse and supportive study environment created between professors and fellow classmates helped me deal with the demanding workload during the semester. 

    I would recommend the MSc in Actuarial Science at ISEG to those with a quantitative mindset, not afraid of hard work, looking for a career in analytical fields or just for an intellectual challenge. The programme is also valuable for practitioners seeking specialization in the Actuarial Science. 


    Miguel Seixas

    MSc in Actuarial Science (2012)
    • Actuary at AXA Spain

    "The Master in Actuarial Science at ISEG provided me an excellent insight about the Mathematics, Statistics and Finance applied to insurance. The professors are all excellent professionals with great teaching experience, they are always available to help in classes and they offer time to help outside classes .The Master is very well structured, it covers a vast variety of topics, both in Life and Non-life insurances, the possibility of exemption from some of the exams of the Institute and Faculty of actuaries is a great plus! Students with a good background in Mathematics and Statistics will feel much more comfortable to finish the Master.

    In the final semester I did a thesis but I could have done an Internship that is also an excellent choice due to the variety of possibilities that this course offers. This Master was an excellent preparation to my professional life and allowed me to find a great job in a short period of time after finishing it."

    Interview for TheActuary - The magazine of the Actuarial Profession

    Maria Angelica Ojeda


    MSc in Actuarial Science (2013) 


    •   Actuary at the Principal Supervisor of Peru

    "Before I started this Master, I had been working for the Insurance Supervisory Authority in Peru for four years, and it was there that I could see the necessity of having an expert in Actuarial Science and how it is so important for the insurance industry, so I decided to complement my studies in Statistics with a master in that field.

    So, I started to look for the master in Actuarial Science with solid academic foundation in this field, that has agreements with well-recognized actuarial institutions, and this Master was the one that satisfied my criteria.

    Now, that I have already have finished my Master, I can say that this Master was my best choice, the courses in general satisfied my expectations, the professors were all willing to help us to have a better understanding of the classes and all people in class exchanged experiences because we came from different part of the world. It was really a great academic and life experience!"



    Hélio Silva

    MSc in Actuarial Science (2012)

    · Actuary at Aegon Santander Portugal

    "After I finished my first degree in Mathematics Applied to Economics and Management I felt that something was missing, I needed to specialize myself. Then I discovered a field in full expansion and development, where the main topics addressed are modeling, as well as the analysis and management of risks - I found the actuarial world.
    Today, I believe that the master in Actuarial Science at ISEG was, with no doubt, a wise choice, which exceeded all my expectations and requirements. This is a master extremely well structured, with a panel of teachers of excellence that gave to me all the foundations and tools for a future that has everything to be promising. "

    Interview for TheActuary - The magazine of the Actuarial Profession

    Carlos Rosa

    MSc in Actuarial Science (2012)
    • Actuary at Fidelidade

    "I strongly recommend the Master in Actuarial Science at ISEG to people who already perform the actuarial function and also to those who anticipate performing it in the future.
    Because of the recent reorganization of the course, the Faculty and Institute of Actuaries (UK) granted Exemption Recognition Agreements for some of their Subjects CT (Core Technical). The internationalization of the master gives students the advantage of sharing different cultures and ways of thinking. It further allows the assimilation of global technical terms.
    The quality of the faculty, the high level of the programme and the nice facilities are the strengths of the Master. Although being an employed student this was a successful experience and I wish to encourage all those who delay their candidatures on the grounds of professional reasons."

    Isabel Ribeiro

    Isabel Ribeiro MSc in Actuarial and Financial Risk Management
    • Director of the Non-Life Actuarial Department and Chief Actuary at the "Liberty Seguros"
    • Former member of the Directive Board of the Portuguese Institute of Actuaries, IAP

    "The Master in Actuarial Science provides a deep and strong basis for actuaries as it covers the most important issues of the actuarial needs. It constantly adapts to give response to new challenges of the real insurance world. Measuring the risk is not an easy task but ISEG has been on the top of passing that knowledge to their students.
    To every actuary, I strongly advice to take advantage of the best Portuguese actuarial school.
    To the managers of companies whose business has any kind of risk, I advice to accept an intern from ISEG."

    Tomé Pedroso

    MSc in Actuarial Science (2002)
    MA in Economics by Catholic University of Portugal - FCEE
    • Portuguese representative of the CEA's Health Committee
    • President of the Health Technical Committee at "Associação Portuguesa de Seguradores"
    • Member of the Board of Management and Member of the Executive Committee of "Companhia de Seguros Tranquilidade"
    • Member of the Board of Management of "BES Seguros"
    • Member of the Board of Management of "Esumédica"
    • Member of the Board of Management of Advancecare
    "The master in actuarial sciences is a well achieved program comprising a modern and global vision of the most relevant issues either in the life or in the non life sectors. It counts upon a varied group of professors who have a recognised academic, professional and pedagogic merit. Within a context of global markets, increased competition and risks, this master allows one to reinforce skills on the analysis of risk and return, for product development, underwriting policies and taking management decisions in one of the most challenging and complex businesses. The fact of completing the master after some years of exposure to the analysis and management of this kind of subjects, allowed me to make even better use of the advantages of science and theory by applying them to the practical problems that I used to face in my daily activity, providing new ways of analysing, creating solutions and deciding matters. I am sure that the quality of my decisions and management would have been quite poorer should I have not reinforced my skills with this master. This course is a tool for the daily life of those who wish to have a more adequate answer to the challenges of risk management."


    Hugo Catarino

    Hugo Catarino

    Mestre em Ciências Actuariais (2011)
    Licenciado em Matemática Aplicada e Computação

    • BBVA Fundos - Sociedade Gestora de Fundos de Pensões

    "Frequentei e conclui este ano o Mestrado em Ciências Actuarias, ministrado pelo ISEG. Quero ressalvar o Plano Curricular deste mestrado que potenciou os meus conhecimentos nesta área e me enriqueceu ao nível profissional, bem como o grupo de docentes que esteve à frente deste Plano, pela sua disponibilidade, profissionalismo e pedagogia. A troca de experiências, a entreajuda e solidariedade entre colegas também facilitaram a conclusão desta etapa. Seguramente que o meu desempenho profissional está agora mais cimentado e fundamentado devido às competências desenvolvidas ao nível das Ciências Actuarias, quer numa perspetiva teórica, quer numa vertente mais prática."

    Ricardo Garcia

    Ricardo Garcia MSc in Actuarial Science (2004)
    • Assistant Director, Actuarial Services, Bermuda Monetary Authority.

    "The insurance sector is under a deep restructuring process, due to several challenges of which I underline the future European solvency system, the so called Solvency II system. The new risk based regime will induce significant changes in the management of insurance undertakings and in the supervisory review process, emphasising the actuarial science role. Modern actuarial science goes far beyond underwriting risk and reserves calculation, providing robust and consistent theoretical background for modelling the main quantifiable risks that affect insurance activity.
    ISEG was the pioneer university in teaching and researching actuarial science in Portugal, and has been able to constantly adapt itself in an effective way to the new developments. The current curriculum is well balanced, updated and innovator in the main areas of actuarial science: non life, life, pension funds and financial actuarial science. Its academic staff has members of acknowledged international scientific and professional merit, driven by high standards of didactic practices.
    This MSc in Actuarial Science has been fundamental for the acknowledgement of new concepts and its application in my professional field, providing myself with a coherent and integrated view of the insurance activity."

    Paulo Pinheiro

    MSc in Actuarial Science (2000)
    • Chief Actuary General Insurance Zurich - Companhia de Seguros SA
    "ISEG is an outstanding School of Actuarial Science, as corroborated by:
    - the recognised preparedness of its professors and researchers, in order to respond to the increasing challenges faced by the financial and economic sector professionals and assuring adherence to the most recent tendencies in the actuarial world;
    - the dedication of the teachers to their students, demonstrating an extraordinary ability to share knowledge and external visibility;
    - the international recognition it has, as well as its close relationship with the national companies;

    In this context, completing the Master Degree on Actuarial Science in ISEG was much more than a fundamental step for my professional development, also an important element of motivation and personal enrichment. "

    Ana Rita Ramos


    MSc in Actuarial Science (2010)
    BSc in Mathematics Applied to Economics and Management (ISEG)

    • Senior risk and solvency analyst at the Portuguese Insurance and Pension Funds Supervisory Authority
    • Member of the Financial Requirements Expert Group of the "Comitte of European Insurance and Occupational Pensio's Supervisors" (CEIOPS).

    " The completion of the Master in Actuarial Sciences was a decisive step in my career as actuary, once it enabled the acquisition and consolidation of knowledge and the development of skills in Life and Non-Life actuarial areas, Pension Funds and Finance. With this Master, I have been able to use new tools which have been very useful in the accomplishment of my tasks as Technician of the Department of Risk Analysis and Solvency of the Portuguese Insurance and Pension Funds Supervisory Authority (Instituto de Seguros de Portugal).
    In addition to the comprehensive and, simultaneously, very thorough curriculum structure, I highlight the prestigious docent body of this Masters, regarding its technical and pedagogic excellence, which undoubtedly contributes for the success of apprenticeship of the students who attend this Masters.
    Especially considering the recent challenges that have been faced in insurance business, mainly the future implementation of "Solvency II" regime, it has become increasingly important to have sound knowledge in the areas covered by this Masters.

    I strongly recommend this Masters to everyone who intends to initiate the actuary career or, as in my situation, intend to deepen its knowledge in these areas in order to be permanently able to respond to new challenges. "

    Mariana Santos

    Mariana Santos

    MSc in Actuarial Science (2010) 
    BSc in Mathematics Applied to Economics and Management (ISEG)

    • Actuary at Tranquilidade

    " The master in Actuarial Science has a theoretically and practical component which make it very well designed. The former prepares professionals to the challenges that appear every day in this area and the latter prepares the students to the problems they will need to solve in an insurer.
    The actuarial area is in a constant development, therefore a theoretically support is important to overcome the challenges that appear every time and to find answers to the needs of the insurer market. The master is updated with the market reality and with the changes on this area over the past years.
    The master has the purpose of educate students to be great professionals in an insurer and be capable to make their own decisions. Moreover, the master prepares the students for an academic life and so is a very complete master.
    ISEG is a recognized university in actuarial area and teachers are professionals with recognized academic and professional background and always available to teach and help the students to enjoy the master.
    The master gave me the necessary tools to do my work and prepare myself to a career in this area."

    Carla Sá Pereira

    Carla Sá Pereira MSc in Actuarial Science (2000)
    • Ernst & Young, S.A. - Senior Manager | Advisory | Risk | Actuarial Services 

    "The Master Degree (MSc) in Actuarial Science that I attended at ISEG had a decisive importance in my professional valorisation, due to the acquisition of new competences and also it gave me the possibility to study new and more sophisticated tools that are indispensable for my profession.
    Nowadays, the development and investment centred in know-how is highlighted, demanding a major reinforcement of specialized knowledge, a simple skills acquisition is surely not enough to face those challenges: it is needed an actualization capacity and a proactive attitude when developing those competences, particularly the ones that integrate our areas of expertise, conditions that became more important when facing the new challenges resulting from the adoption of the new European solvency regime.
    ISEG, the oldest academical school of economic and business sciences in the country, constitutes the most natural choice for this continuous improvement process, for the special adaptation of curricula of courses and also for their teachers' and researchers' technical excellence."

    Rafael Sobral Melo

    MSc in Actuarial Science (2009)
    BSc in Actuarial Science

    • Director of Actuary and Products
    • Hapvida Medical Assistance LTD

    "I believe that my trip to Portugal was utterly important to improve my academic background in order to better perform my career. ISEG taught me to study more in depth a range of technical theories already known.
    Moreover, the fact of being taught by worldwide well known actuary lecturers and the time spent amongst peers benefited my personal and professional life."

    Nélia Rodrigues da Câmara

    Nélia Rodrigues da Câmara MSc in Actuarial and Financial Risk Management
    • Leader of Lisbon Shared Service Center on Actuarial Valuations at Mercer
    "My Master in Actuarial Science and Financial Risk Management at ISEG has contributed significantly to growth and consolidate my technical actuarial skills but also help me having a better view of the role of an Actuary in the business. In a world that is more and more global, a successfully career depends on the continuous update of our technical competences ("how to do") and interpersonal competences ("how to be"). I suggest all professionals to invest in training through masters, MBAs or other specific courses."

    Henda Mondlane Ferreira da Silva

    Henda Mondlane Ferreira da Silva Mestre em Ciências Actuariais (2006)
    • Professor Assistente da Universidade Agostinho Neto, Luanda, Angola
    • Actuário da Empresa de Seguros de Angola (ENSA, S.A.)

    "De facto o mestrado em Ciências Actuariais do ISEG permitiu aumentar as minhas competências tanto a nível profissional como académico, pelo facto de ter adquirido conhecimentos teórico-práticos no Ramo do Actuariado.
    Um dos factores que, em minha opinião, constitui a grande mais valia do mestrado é o facto de abranger simultaneamente as áreas Vida, Não Vida e Fundos de Pensões.
    Outra grande mais valia que este curso proporciona é o facto de abordar o risco na Actividade Seguradora em duas vertentes, nomeadamente o risco técnico e o risco financeiro, o que prova ser um curso bastante actual.
    Assim, considero que o mestrado em Ciências Actuariais do ISEG é o ideal para quem pretender iniciar-se na carreira de Actuário e/ou para quem pretenda adquirir mais competências no Ramo do Actuariado."

    Maria Concórdia Cunha

    Maria Concórdia Cunha Mestre em Ciências Actuariais (2000)
    • Responsável do Departamento de Controlo Técnico de Actuariado Não Vida da Ocidental Seguros
      Actuária Responsável

    "Foi o mestrado em Ciências Actuariais que permitiu, porque foi concluído no início da minha carreira, aprender não só tudo o que sei sobre actuariado mas sobre a própria actividade seguradora.
    Todos os conhecimentos adquiridos são utilizados diariamente no desempenho das minhas funções como Responsável do Departamento de Controlo Técnico de Actuariado Não Vida da Ocidental-Seguros e foram estes que me permitiram a minha evolução em termos profissionais, inclusivamente o facto de ser Actuária Responsável desta mesma empresa.
    Com os desafios que se aproximam para a Actividade Seguradora (novas normas contabilisticas, SolvênciaII,...) penso ser essencial uma formação especifica na área de Actuariado e a melhor via para a obter será precisamente o Mestrado em Ciências Actuariais."