{"id":458,"date":"2021-01-07T15:51:34","date_gmt":"2021-01-07T15:51:34","guid":{"rendered":"https:\/\/iseg.gomo.dev\/?post_type=course&#038;p=458"},"modified":"2026-01-09T11:46:53","modified_gmt":"2026-01-09T11:46:53","slug":"actuarial-science","status":"publish","type":"course","link":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/","title":{"rendered":"Actuarial Science"},"content":{"rendered":"<div class=\"wp-block-uagb-tabs uagb-block-bf529ada uagb-tabs__wrap uagb-tabs__hstyle1-desktop uagb-tabs__vstyle6-tablet uagb-tabs__vstyle6-mobile\" data-tab-active=\"0\"><ul class=\"uagb-tabs__panel uagb-tabs__align-left\" role=\"tablist\"><li class=\"uagb-tab uagb-tabs__active\" role=\"none\"><a href=\"#uagb-tabs__tab0\" class=\"uagb-tabs-list uagb-tabs__icon-position-left\" data-tab=\"0\" role=\"tab\"><div>Overview<\/div><\/a><\/li><li class=\"uagb-tab\" role=\"none\"><a href=\"#uagb-tabs__tab1\" class=\"uagb-tabs-list uagb-tabs__icon-position-left\" data-tab=\"1\" role=\"tab\"><div>Details of the degree<\/div><\/a><\/li><li class=\"uagb-tab\" role=\"none\"><a href=\"#uagb-tabs__tab2\" class=\"uagb-tabs-list uagb-tabs__icon-position-left\" data-tab=\"2\" role=\"tab\"><div>Admissions &amp; Fees<\/div><\/a><\/li><\/ul><div class=\"uagb-tabs__body-wrap\">\n<div class=\"wp-block-uagb-tabs-child uagb-tabs__body-container uagb-inner-tab-0\" aria-labelledby=\"uagb-tabs__tab0\">\n<p class=\"has-huge-font-size\">ISEG presents a master&#039;s degree for people who want to make a difference in the insurance world. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Our Masters in Actuarial Science offers students the chance to gain a solid academic foundation in up-to-date actuarial knowledge, statistics and finance, providing them with the skills and background required to become successful actuaries.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>We designed our master's program, which is fully accredited by the UK's Institute and Faculty of Actuaries (IFoA) and listed by the US Society of Actuaries SoA) to cover the new IFoA syllabus, which now has a strong computational component. Our syllabus covers the core syllabi of the Actuarial Association of Europe and the International Actuarial Association, with a fee minor exceptions, related to concepts that must be covered by the professional association.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><img decoding=\"async\" style=\"width: 150px\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2022\/10\/EY.png\" alt=\"\"><\/td><td><strong>EY Merit Award 2025\/2026<br><\/strong>Prize and internship awarded by EY to the best Portuguese student admitted to the Master's in Actuarial Science.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n    <div class=\"course-accreditations__group\">\n        <div class=\"course-accreditations__type\">recognition<\/div>\n\n        <div class=\"course-accreditations__grid\">\n            \n                <div class=\"course-accreditations__item\">\n                    <img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2025_eduniversal2025-1.png\" loading=\"lazy\" width=\"237\" alt=\"\" class=\"course-accreditations__logo\">\n                    <div class=\"course-accreditations__desc\">Ranked 9th in the Eduniversal Best Masters Ranking in Insurance and Actuarial Sciences TOP 50 Worldwide 2025<\/div>\n                <\/div>\n            \n        <\/div>\n    <\/div>\n    <div class=\"course-accreditations__group\">\n        <div class=\"course-accreditations__type\">Accreditation<\/div>\n\n        <div class=\"course-accreditations__grid\">\n            \n                <div class=\"course-accreditations__item\">\n                    <img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/actuaries.png\" loading=\"lazy\" width=\"237\" alt=\"\" class=\"course-accreditations__logo\">\n                    <div class=\"course-accreditations__desc\"><\/div>\n                <\/div>\n            \n        <\/div>\n    <\/div>\n\n\n<div class=\"block-reasons\">\n    <div class=\"block-reasons__content has-iseg-pink-background\">\n        <h3>Top 7 reasons to do the Master&#039;s in Actuarial Science<\/h3>\n        \n        <div class=\"block-reasons__list\" data-columns>\n\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">01<\/h4>\n                <p class=\"block-reasons__text\">It&#039;s one of the few non-British programs fully accredited by the Institute and Faculty of Actuaries (IFoA) in the UK. The new IFoA curriculum has been adopted since the 2018\/19 school year. The master&#039;s is also on the UCAP list of the Society of Actuaries (SOA) in the USA.<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">02<\/h4>\n                <p class=\"block-reasons__text\">This program provides in-depth coverage of the most up-to-date actuarial knowledge and skills that actuaries are required to use.<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">03<\/h4>\n                <p class=\"block-reasons__text\">ISEG's Masters in Actuarial Science is one of the 50 best masters in insurance according to the Eduniversal Best Masters ranking (currently ranked at no. 10).<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">04<\/h4>\n                <p class=\"block-reasons__text\">ISEG has excellent modern facilities, including an extensive library, which is remarkably complete in Actuarial Science. Students have access to study rooms available during extended hours.<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">05<\/h4>\n                <p class=\"block-reasons__text\">ISEG has a group of lecturers whose achievements in international research are on 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.<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">06<\/h4>\n                <p class=\"block-reasons__text\">As success in the professional world is not just about passing exams and gaining exemptions, ISEG helps students acquire other skills. Research seminars, seminars with speakers from the industry organized by the ISEG Actuarial Science Club, a career development programme, and a career development team, which provides counseling services, are also at students&#039; disposal.<\/p>\n            <\/div>\n                        <div class=\"block-reasons__item\">\n                <h4 class=\"block-reasons__heading\">07<\/h4>\n                <p class=\"block-reasons__text\">This program offers many internship opportunities, an advantage when students apply for jobs.<\/p>\n            <\/div>\n            \n        <\/div>\n        \n    <\/div>\n    <div class=\"block-reasons__image\"><img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/ronan-furuta-gddzfv8_7sE-unsplash.jpg\" loading=\"lazy\" sizes=\"(max-width: 479px) 87vw, (max-width: 767px) 92vw, (max-width: 991px) 28vw, 30vw\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/ronan-furuta-gddzfv8_7sE-unsplash.jpg 500w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/ronan-furuta-gddzfv8_7sE-unsplash.jpg 800w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/ronan-furuta-gddzfv8_7sE-unsplash.jpg 1080w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/ronan-furuta-gddzfv8_7sE-unsplash.jpg 1340w\" alt=\"\" class=\"image-cover\"><\/div>\n<\/div>\n\n\n<figure class=\"wp-block-embed is-provider-youtube wp-block-embed-youtube\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Masters in Actuarial Science | Why ISEG?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/FEfG97Xs8no?start=8&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n<div class=\"block-course-features\">\n    <div class=\"container\">\n                    <div class=\"course-features__grid\">\n        \n            <div class=\"course-features__item\">\n                                    <div class=\"course-features__image\">\n                        <img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/why-iseg.jpg\" loading=\"lazy\" sizes=\"(max-width: 479px) 86vw, (max-width: 767px) 82vw, (max-width: 991px) 41vw, 32vw\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/why-iseg.jpg 500w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/why-iseg.jpg 800w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/why-iseg.jpg 1080w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/why-iseg.jpg 1340w\" alt=\"\" class=\"image-cover\">\n                    <\/div>\n                                <div class=\"course-features__content\">\n                    <div class=\"course-features__topcut\"><\/div>\n                    <h4 class=\"course-features__heading\">\n                                                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/why-iseg-2\/\">10 things you&#039;ll gain by joining ISEG<\/a>\n                                            <\/h4>\n                    <div class=\"course-features__text\">An outstanding faculty and benchmark research centers are responsible for placing ISEG at the forefront of Economics, Management and Finance.<\/div>\n                                            <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/why-iseg-2\/\"  class=\"link-learnmore\">Top 10 Reasons<\/a>\n                                    <\/div>\n            <\/div>\n\n        \n            <div class=\"course-features__item\">\n                                    <div class=\"course-features__image\">\n                        <img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/careers-office.jpg\" loading=\"lazy\" sizes=\"(max-width: 479px) 86vw, (max-width: 767px) 82vw, (max-width: 991px) 41vw, 32vw\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/careers-office.jpg 500w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/careers-office.jpg 800w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/careers-office.jpg 1080w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/careers-office.jpg 1340w\" alt=\"\" class=\"image-cover\">\n                    <\/div>\n                                <div class=\"course-features__content\">\n                    <div class=\"course-features__topcut\"><\/div>\n                    <h4 class=\"course-features__heading\">\n                                                    <a href=\"https:\/\/aquila.iseg.ulisboa.pt\/aquila\/investigacao\/CMX?locale=en\">The Next Step in Your Career<\/a>\n                                            <\/h4>\n                    <div class=\"course-features__text\">Your partner in achieving your career goals. Our consultants guarantee you all the necessary support, helping you prepare for your job search or find an internship.<\/div>\n                                            <a href=\"https:\/\/aquila.iseg.ulisboa.pt\/aquila\/investigacao\/CMX?locale=en\"  class=\"link-learnmore\">Career Office<\/a>\n                                    <\/div>\n            <\/div>\n\n        \n            <div class=\"course-features__item\">\n                                    <div class=\"course-features__image\">\n                        <img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/study-abroad.jpg\" loading=\"lazy\" sizes=\"(max-width: 479px) 86vw, (max-width: 767px) 82vw, (max-width: 991px) 41vw, 32vw\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/study-abroad.jpg 500w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/study-abroad.jpg 800w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/study-abroad.jpg 1080w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/study-abroad.jpg 1340w\" alt=\"\" class=\"image-cover\">\n                    <\/div>\n                                <div class=\"course-features__content\">\n                    <div class=\"course-features__topcut\"><\/div>\n                    <h4 class=\"course-features__heading\">\n                                                    <a href=\"https:\/\/aquila.iseg.ulisboa.pt\/aquila\/unidade\/erasmus?locale=en\">Broaden your horizons.<\/a>\n                                            <\/h4>\n                    <div class=\"course-features__text\">Our mobility programs allow students to explore any part of the world while studying abroad for a semester.<\/div>\n                                            <a href=\"https:\/\/aquila.iseg.ulisboa.pt\/aquila\/unidade\/erasmus?locale=en\"  class=\"link-learnmore\">International Mobility Office<\/a>\n                                    <\/div>\n            <\/div>\n\n                <\/div>\n        <\/div>\n<\/div>\n\n\n<!-- Media\/text -->\n<div class=\"block-media-text\">\n\t<div class=\"container\">\n\t\t<div class=\"block-media-text__container\">\n\t\t\t<img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/themes\/iseg\/assets\/images\/red-shape.svg\" loading=\"lazy\" alt=\"shape\" class=\"block-media-text__red-shape\" \/>\n\t\t\t<figure class=\"block-media-text__media\">\n\t\t\t\t<div class=\"media-text-anim-left-layer\"><\/div>\n\t\t\t\t<div class=\"media-text-anim-right-layer\"><\/div>\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/actuarual-science.jpeg\" class=\"image-cover\" alt=\"\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/actuarual-science.jpeg 1080w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/actuarual-science-300x300.jpeg 300w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/01\/actuarual-science-150x150.jpeg 150w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/>\t\t\t<\/figure>\n\t\t\t<div class=\"block-media-text__content\">\n\t\t\t\t<h2 class=\"block-media-text__heading\">Top 3 in the world<\/h2>\n\t\t\t\t<p class=\"block-media-text__paragraph\"> An ISEG team of students of the Actuarial Science Masters program is in the top 3 of the world competition Student Research Case Study Challenge 2019, promoted by the American Society of Actuaries (SOA), repeating the result of the 2018 Challenge.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">If you want to know more about ISEG's Master's in Actuarial Science, let us help you:<\/h2>\n\n\n\n<div id=\"formconnector_target\"><\/div>\n            \n<script type=\"text\/javascript\">\n    window.FormConnector_settings = {\n        uuid: '27f8b9a0321911ef9f7d17643d714e75',\n    };\n<\/script>\n\n<script type=\"text\/javascript\"\n        src=\"https:\/\/formconnector.com\/form\/formconnector.js\">\n<\/script>\n\n\n<div class=\"block-course-testimonials\">\n    <div class=\"container\">\n        <div data-delay=\"4000\" data-animation=\"slide\" class=\"course-testimonials__slider w-slider\" data-autoplay=\"false\" data-easing=\"ease\" data-hide-arrows=\"false\" data-disable-swipe=\"false\" data-autoplay-limit=\"0\" data-nav-spacing=\"3\" data-duration=\"500\" data-infinite=\"true\">\n            <div class=\"course-testimonials__mask w-slider-mask\">\n                                <div class=\"course-testimonials__slide w-slide\">\n                    <div class=\"course-testimonials__slide-content\"><img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/themes\/iseg\/assets\/images\/icon-quote.svg\" loading=\"lazy\" alt=\"\" class=\"course-testimonials__quote-icon\">\n                        <div><strong>After finishing my bachelor's studies, I wanted to pursue a masters program in Actuarial Science that could expand my knowledge and broaden my horizons as much as possible.Finding this Masters fulfilled my demand! <\/strong> During my two years at ISEG, I was more than satisfied with the professors who were at the same time experts in their fields, humble, and caring! Additionally, living in Lisbon was a very joyful experience! I can confidently say that the masters gave me a solid background in both Actuarial Science's theoretical and practical aspects. I could see this during my last two internships and my PhD studies so far. In fact, this program is highly regarded by the academic and industrial sectors, as I have received several job offers and have been admitted to a PhD program in Actuarial Science without any additional requirement. Today, I can proudly say I made an optimal investment in these two years of my life!<\/div>\n                        <div class=\"course-testimonials__author\">\n                            <div>Rodrigue Kazzi <\/div><img decoding=\"async\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/1715174587485.jpg\" class=\"course-testimonials__author-photo\" alt=\"\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/1715174587485.jpg 200w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/1715174587485-150x150.jpg 150w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/1715174587485-12x12.jpg 12w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>                        <\/div>\n                    <\/div>\n                <\/div>\n                            <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n<div class=\"block-additional-info\">\n    <div class=\"container\">\n        <h4>Additional Info<\/h4>\n        \n        <div class=\"additional-info__grid\">\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/student-services\/\">Student Services<\/a>\n                <\/div>\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/secretaria\/candidaturas\/candidaturas-a-mestrados\/\">Masters &amp; PhD Office<\/a>\n                <\/div>\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/live-iseg\/living-in-lisbon\/\">Living in Lisbon<\/a>\n                <\/div>\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/international\/\">International Mobility Office<\/a>\n                <\/div>\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/international\/mobilidade-incoming\/\">International<\/a>\n                <\/div>\n                            <div class=\"additional-info__item\">\n                    <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/careers\/\">Careers Services<\/a>\n                <\/div>\n                    <\/div>\n\n            <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-tabs-child uagb-tabs__body-container uagb-inner-tab-1\" aria-labelledby=\"uagb-tabs__tab1\">\n<h3 class=\"wp-block-heading\">Details of the degree<\/h3>\n\n\n\n<p class=\"has-large-font-size\">The Masters in Actuarial Science requires a solid academic background in Mathematical Analysis, Probability and Statistics. This typically implies holding a bachelor&#039;s degree, either national or foreign, in Mathematics, Mathematics with Economics, Statistics or some of the bachelor&#039;s degrees in Economics, Finance or Management. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Applicants from other fields will be considered on a case-by-case basis. According to Article 17d) of Decree-Law No. 74\/2006 of 24 March, other applications will also be considered, should they be deemed appropriate by the selection jury based on a curricular analysis.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Students in the final year of the 1st Cycle can apply by presenting the certificates of those Course Units already completed, subject to concluding the degree.<\/p>\n\n\n\n<p>The admission and ranking of the candidates are explained in the <a href=\"https:\/\/www.iseg.ulisboa.pt\/en\/aquila\/getFile.do\/?method=getFile&amp;fileId=809117\">Admission Regulation Document.<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"> Syllabus <\/h4>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table block-table-studyplan has-iseg-pink-thead\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Year 1 \u2013 Semester 1<\/th><th class=\"has-text-align-center\" data-align=\"center\">Credits<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Computation Tools for Actuaries (IFoA: CS1 -10%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Financial Markets and Investments (IFoA: CM2 -40%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Financial Mathematics (IFoA: CM1 -45%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Probability and Stochastic Processes (IFoA: CS1 -15%; CS2 -30%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">8<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Risk Models (IFoA: CS1 -35%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table block-table-studyplan has-iseg-red-thead\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Year 1 \u2013 Semester 2<\/th><th class=\"has-text-align-center\" data-align=\"center\">Credits<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Generalized Linear Models (IFoA: CS1 \u2013 30%; CS2 \u2013 10%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Loss Reserving (IFoA: CM2 \u2013 10%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Risk Theory (IFoA: CS2 \u2013 15%; CM2 \u2013 10%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">8<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Survival Models and Life Contingencies (IFoA: CM1 \u2013 55%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">8<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Time Series (IFoA: CS2 \u2013 20%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table block-table-studyplan has-iseg-yellow-thead\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Year 2 \u2013 Semester 1<\/th><th class=\"has-text-align-center\" data-align=\"center\">Credits<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Models in Finance (IFoA: CM2 \u2013 40%)<\/td><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Solvency Models<\/td><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Electives*<br><strong>\u2022<\/strong> Big Data<br><strong>\u2022<\/strong> Actuarial Topics (IFoA: CS2 \u2013 25%)<br><strong>\u2022<\/strong> Asset Liability Management <br><strong>\u2022<\/strong>&nbsp;Finance and Financial Reporting (IFoA: CB1-100%) <br><strong>\u2022<\/strong> Pension Funds<br><strong>\u2022<\/strong> Ratemaking and Experience Rating (IFoA: CS1 \u2013 10%)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><br>4<br>6<br>4<br>6<br>4<br>4<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table block-table-studyplan has-iseg-blue-thead\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Year 2 \u2013 Semester 2<\/th><th class=\"has-text-align-center\" data-align=\"center\">Credits<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Master&#039;s Final Work \u2013 MFW<br><strong>\u2022<\/strong> Dissertation<br><strong>\u2022<\/strong> Project <br><strong>\u2022<\/strong> Internship<\/td><td class=\"has-text-align-center\" data-align=\"center\">30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>*Students must pass a total of 18 CREDITS in elective units.<\/p>\n\n\n\n<p><strong>NOTE<\/strong>: The electives listed on the website represent the usual portfolio of options available in the Master's programs. Their offering each year depends on demand and available capacity, so we cannot guarantee that all electives will open or have places for all interested students. We encourage you to plan your choices early and explore alternative options if needed.<\/p>\n\n\n\n<p>See the description of each Curricular Units&nbsp;<a href=\"https:\/\/fenix.iseg.ulisboa.pt\/degrees\/ca\/course-web-pages\">here<\/a>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-tabs-child uagb-tabs__body-container uagb-inner-tab-2\" aria-labelledby=\"uagb-tabs__tab2\">\n<h3 class=\"wp-block-heading\">Admissions &amp; Fees<\/h3>\n\n\n\n<p class=\"has-large-font-size\">Applications for all masters at ISEG are online.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Admission Requirements<\/strong><\/h4>\n\n\n\n<p>Candidates for the Master in Actuarial Science are:<\/p>\n\n\n\n<ul>\n<li>The Masters 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.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>In accordance with Article 17 d) of Decree-Law No. 74\/2006 of the 24<sup>'<\/sup> of March, altered and republished as Decree-Law No. 65\/2018 of the 16<sup>'<\/sup> August, other applications considered to be appropriate by the selection panel will be evaluated on the basis of a curricular analysis.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Those students who have not yet completed the 1<sup>st<\/sup> 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).<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><strong>Ranking and Selection Criteria<\/strong><\/strong><\/h4>\n\n\n\n<p>The Masters Scientific Commission will attribute a classification grade (calculated as described in the following section) to the students that meet the pre-requisites, based on their final grades of the 1st Cycle, and also on the curricular analysis, and sometimes by an interview.<\/p>\n\n\n\n<p>Students with an attributed classification grade higher than 12.5 points will be considered for ranking, which is made according to that grade. Students with a grade higher than 14.5 points may be accepted in advance of the ranking.<\/p>\n\n\n\n<p>Calculation of the attributed classification grade<\/p>\n\n\n\n<ol start=\"1\" style=\"list-style-type:1\">\n<li>The application grade is derived from 4 sources:<\/li>\n<\/ol>\n\n\n\n<ol start=\"1\" style=\"list-style-type:lower-alpha\">\n<li>Average Final Grade of the 1st Cycle, taking into consideration the University attended and the Degree studied. Accordingly, a University\/Degree coefficient is attributed (ranging from 0.8 to 1.2). The score is obtained by multiplying the average grade of the degree, on a scale of O to 20, after it has been standardized, by the respective coefficient.<\/li>\n\n\n\n<li>Bonus\/penalty for grades of specific subjects. After evaluating those grades obtained in CUs that are considered to be fundamental for studying the Masters (namely: Mathematical Analysis, Probabilities, and Statistics), the jury may award a bonus or penalty based on the university attended and the grade obtained in these subjects when compared with the average of the 1st Cycle. This score ranges from -2 to 2 points.<\/li>\n\n\n\n<li>The candidate's further academic education can result in an extra score, ranging from 0 to 2 points.<\/li>\n\n\n\n<li>The candidate's professional experience in areas relevant to the Masters can also be recognized by a score ranging from 0 to 2 points.<\/li>\n\n\n\n<li>As this Masters attracts students from various education systems, the final average grade of the 1st Cycle will be standardized on a scale of O to 20. This standardization of grades takes into account the type of education attended and possibly also information regarding percentiles. As an example, the table below shows the equivalence with British grades (used in many countries) and North American ones. This is merely illustrative, as in many cases the students' transcripts contain information that helps attribute a more accurate conversion.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"913\" height=\"259\" src=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/actuarial-science.png\" alt=\"\" class=\"wp-image-43917\" srcset=\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/actuarial-science.png 913w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/actuarial-science-300x85.png 300w, https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/actuarial-science-18x5.png 18w\" sizes=\"(max-width: 913px) 100vw, 913px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application Documents<\/strong><\/h4>\n\n\n\n<ul>\n<li>Certificate of the undergraduate degree<\/li>\n\n\n\n<li>Academic Transcript<\/li>\n\n\n\n<li>Curriculum vitae<\/li>\n\n\n\n<li>Motivation Letter<\/li>\n\n\n\n<li>English Diploma (optional)<\/li>\n\n\n\n<li>Reference Letter (optional)<\/li>\n<\/ul>\n\n\n\n<p>All candidates should have an excellent command of the English language, written and spoken.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Tuition Fee<\/strong><\/h4>\n\n\n\n<p>These are provisional tuition fees for 2026\/27, subject to confirmation by the University of Lisbon statutory bodies.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Students from &nbsp; &nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>First Year <\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>second year&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><\/td><\/tr><tr><td>Within the European Union<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u20ac 3,500<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u20ac 2,000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u20ac 5,500<\/strong><\/td><\/tr><tr><td>Outside the European Union&nbsp; &nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; \u20ac 5,000&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u20ac 3,500&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; <strong>\u20ac 8,500<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Financial restrictions should never come in the way of your access to higher education, and that is why we believe in providing equal opportunities for everyone.<\/p>\n\n\n\n<p>A specific tuition fee payment schedule may be agreed upon request by the student.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Student Visa<\/strong><\/h4>\n\n\n\n<p>If you are not an EU, EEA, or Swiss citizen, you need a Student VISA.<br>Once you have decided to join the master&#039;s program and paid the 1<sup>st<\/sup> tuition fee to secure your place, you can issue the acceptance letter on the FENIX Portal. This document will be needed later to apply for a Student Visa. The student visa must be requested at the nearest Portuguese Embassy or Consular Office in the country of origin.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n<\/div>\n<\/div><\/div>","protected":false},"featured_media":49395,"menu_order":16,"template":"","course_department":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Actuarial Science - ISEG<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/\",\"name\":\"Actuarial Science - ISEG\",\"isPartOf\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg\",\"datePublished\":\"2021-01-07T15:51:34+00:00\",\"dateModified\":\"2026-01-09T11:46:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg\",\"contentUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg\",\"width\":2048,\"height\":1366},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.iseg.ulisboa.pt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Actuarial Science\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/\",\"name\":\"ISEG\",\"description\":\"Lisbon School of Economics &amp; Management\",\"publisher\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.iseg.ulisboa.pt\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#organization\",\"name\":\"ISEG\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg\",\"contentUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg\",\"width\":250,\"height\":120,\"caption\":\"ISEG\"},\"image\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/iseg.pt\",\"https:\/\/x.com\/iseglisbon\",\"https:\/\/www.instagram.com\/iseglisbon\/\",\"https:\/\/www.linkedin.com\/school\/iseglisbon\/\",\"https:\/\/www.youtube.com\/user\/DMREISEG\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Actuarial Science - ISEG","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/","twitter_misc":{"Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/","url":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/","name":"Actuarial Science - ISEG","isPartOf":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage"},"image":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage"},"thumbnailUrl":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg","datePublished":"2021-01-07T15:51:34+00:00","dateModified":"2026-01-09T11:46:53+00:00","breadcrumb":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#primaryimage","url":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg","contentUrl":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg","width":2048,"height":1366},{"@type":"BreadcrumbList","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/study\/masters\/actuarial-science\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.iseg.ulisboa.pt\/"},{"@type":"ListItem","position":2,"name":"Actuarial Science"}]},{"@type":"WebSite","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#website","url":"https:\/\/www.iseg.ulisboa.pt\/en\/","name":"ISEG","description":"Lisbon School of Economics &amp; Management","publisher":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.iseg.ulisboa.pt\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#organization","name":"ISEG","url":"https:\/\/www.iseg.ulisboa.pt\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg","contentUrl":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg","width":250,"height":120,"caption":"ISEG"},"image":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/iseg.pt","https:\/\/x.com\/iseglisbon","https:\/\/www.instagram.com\/iseglisbon\/","https:\/\/www.linkedin.com\/school\/iseglisbon\/","https:\/\/www.youtube.com\/user\/DMREISEG"]}]}},"uagb_featured_image_src":{"full":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg",2048,1366,false],"thumbnail":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k-150x150.jpg",150,150,true],"medium":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg",768,512,false],"large":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg",1024,683,false],"1536x1536":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k-1536x1025.jpg",1536,1025,true],"2048x2048":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k.jpg",2048,1366,false],"trp-custom-language-flag":["https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/53184552020_7b3568db8b_k-18x12.jpg",18,12,true]},"uagb_author_info":{"display_name":"irafael","author_link":"https:\/\/www.iseg.ulisboa.pt\/en\/author\/"},"uagb_comment_info":0,"uagb_excerpt":null,"_links":{"self":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/course\/458"}],"collection":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/course"}],"about":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/types\/course"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/media\/49395"}],"wp:attachment":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/media?parent=458"}],"wp:term":[{"taxonomy":"course_department","embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/course_department?post=458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}