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Program overview
2 years
Part time
Master's degree
Scholarships available
Start dates
5,500 EUR
September 2021

5,500 EUR
September 2022

5,500 EUR
September 2023
Master in Actuarial Science

Program description


ISEG Lisbon is taking all measures with health and safety of our community as a top priority. Since March we're operating 100% online, engaging virtually and using online tools for learning and evaluation. ISEG Lisbon is fully commited to ensure safety of our candidates for next intake, and we're preparing everything to welcome you all in September.

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

WELCOME TO ISEG - Lisbon School of Economics & Management

10 reasons why ISEG Lisbon #1 ISEG Lisbon has just entered the prestigious Global Financial Times FT Rankings in 2020 with the Master's in Finance, and is accredited by AACSB, a distinction earned by only 5% of business schools in...

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Contact info

ISEG - Lisbon School of Economics and Management

Rua do Quelhas, n.º 6
1200-781 Lisbon

Contact school

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