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Program overview
2 years
Full time
Master's degree
5,500 EUR
Start dates
Lisbon
September 2020  (English)
September 2021  (English)
September 2022  (English)

Program description

Actuarial Science

The Masters in Actuarial Science at ISEG (Universidade de Lisboa) was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course subjects that are indispensable for the accreditation of an actuary in the European Union, as designated by The Actuarial Association of Europe, as well as the majority of the subjects of the professional exams for admission as an Associate of the Institute and Faculty of Actuaries – IfoA - in the UK, or of the Society of Actuaries in North America - SOA. It was accredited by the Institute & Faculty of Actuaries, the UK's only chartered professional body dedicated to educating, developing and regulating actuaries. 

Our Master is also in the SOA UCAP list. Our Master is classified in the 50 best Masters in Insurance and our university, Universidade de Lisboa, is second in the 2017 Iberoamerican ranking produced by SCImago.

The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you with the skills to become a successful actuary. 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.

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 centers.

Admission requirements

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).


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Program content

  • Computation Tools for Actuaries
  • Financial Markets and Investments
  • Financial Mathematics
  • Probability and Stochastic Processes
  • Risk Models
  • Generalised Linear Models
  • Loss Reserving
  • Risk Theory
  • Survival Models and Life Contingencies
  • Time Series
  • Actuarial Topics
  • Asset-Liability Management
  • Finance and Financial Reporting
  • Models in Finance
  • Pension Funds
  • Ratemaking and Experience Rating
  • Solvency Models
  • Internship/Dissertation/Project

Tuition fees

Students from the EU: €5500

International students: €7000

Continuing studies

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.

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About this institute

ISEG - Lisbon School of Economics and Management

ISEG - Lisbon School of Economics & Management

With over one hundred years of history, ISEG was the first school of economics and management founded in Portugal. The school is part of the University of Lisbon, the largest Portuguese university. Well-recognized nationally, ISEG is likewise establishing itself as...


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Contact info

ISEG - Lisbon School of Economics and Management


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