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Master Programme in Actuarial Science






Why choose ISEG?






Starts: September     



The Master in Actuarial Science at ISEG (University of Lisbon) offers a solid academic foundation in actuarial science, statistics and finance, providing you the skills to become a successful actuary.

It 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. 

Our Masters in Actuarial Science is one of only a few to be accredited by the   Institute & Faculty of Actuaries (IFoA), the professional body for UK actuaries. If you do sufficiently well in the programme, you may gain exemptions from the Core Principles exams CS1, CS2, CM1, CM2 and CB1 of the UK actuarial profession. If you have a BSc from ISEG you may be able of getting exemptions from the CB2, provided your marks are good enough. After exemptions are granted by IFoA, students my be conceded exemptions to the correspondent Society of Actuaries (USA) exams.

Our Master is classified in the 50 best Masters in Insurance, Risk and Actuarial Sciences and our university, the University of Lisbon, is second in the 2018   Iberoamerican ranking produced by SCImago.

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.


ISEG Actuarial Science Club is entirely managed by our students.  They arrange a series of seminars by industry professionals (most of them alumni from our Masters) and popular social events.


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 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, Mercer and in Taylor Fry Consulting Company.

Operational Regime



Fees for 2019/2020, here.