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Master in Actuarial Science


Coordinators 2021/2022











Why choose ISEG?

ISEG is internationally recognized for its high standards in teaching and research. ISEG follows the best international standards in its teaching programs and in its research: the school is accredited by AACSB and AMBA, a distinction held by only 5% of business schools in the world, and our programs are recognized by many reputed international entities. Employability of our graduates is a top priority and extremely high. For generations, we have developed innovators and leaders in Portugal and elsewhere.


Located in the Center of Lisbon, ISEG belongs to the University of Lisbon – ISEG is the oldest Portuguese School of Economics and Management and is part of the University of Lisbon, the largest and best ranked Portuguese University in the selective Xangai ranking (ARWU). ISEG is located right in the center of Lisbon and is the perfect place to study if you are looking for a quiet and warm environment at school.  Our beautiful and historical campus is next to the parliament, businesses, museums, shopping, restaurants and bars, and the river Tejo.


A Culture of Commitment to a Better World – ISEG promotes a culture of solidarity and collaboration, involving the community of students, alumni, faculty, international partners, and an extensive business network. The School adopts a plural approach to teaching and research, and encourages the development of synergies between scientific areas. We are deeply committed to the United Nations’ Sustainable Development Goals. With our plural approach, we help develop Open Minds for a Better World!


Why Master in Actuarial Science @ISEG Lisbon?


01. Is one of the few non-British programmes fully accredited by the Institute and Faculty of Actuaries (IFoA) in the UK. The new IFoA curriculum has been adopted since school year 2018/2019. The Masters is also on the UCAP list of the Society of Actuaries (SOA) in the USA.

02. This programme provides in depth coverage of the most up-to-date actuarial knowledge and of the skills that actuaries are required to use. It offers a short route to becoming an actuary after the BSc.

03. The Masters in Actuarial Science at ISEG  is one of the 50 best Masters in Insurance according to the Eduniversal Best Masters ranking (is currently ranked 13).

04. ISEG has excellent modern facilities, including an extensive library, which is particularly complete in the field of Actuarial Science. Students have access to study rooms, accessible during prolonged hours.

05. ISEG has a group of lecturers whose achievements in international research are on a par with the best international schools of Actuarial Science. Some of them are practitioner actuaries. Our academic staff is dedicated and always willing to support and advise students.

06. This programme offers many internship opportunities, which is an advantage when students apply for jobs.

07. As success in the professional world is not just about passing exams and gaining exemptions, ISEG helps students to gain other skills. Research seminars, seminars with speakers from industry, organized by the ISEG Actuarial Science Club, a career development programme, and a career development team, which provides counselling service, are also at students’ disposal.




Student Research Case Study Challenge 2019, promoted by the American Society of Actuaries (SOA):  an ISEG team of students of the Actuarial Science Masters programme in the top 3 of the world competition (repeating the result of the 2018 Challenge).




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.


Active Life Insertion Survey - Masters in AS



Tuition Fees


1 st year - €3500
2 nd year - €2000 

Total -  €5500



1 st year - €4500
2 nd year - €2500 

Total -  €7000


Provisional fees for 2021/22, subject to confirmation by Univerisity of Lisbon statutory bodies. 

Numerus Clausus

  • Total: 25