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Master in Actuarial Science






Why choose ISEG?

Ranked among the TOP Masters in Insurance


Starts: September     



The Master in Actuarial Science at ISEG (University of Lisbon) 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.

It has been evaluated by the Institute & Faculty of Actuaries , the two professional bodies for UK actuaries and an Exemption Recognition Agreement awarded. If you do sufficiently well in the programme, as determined by an examiner appointed by the Institute and Faculty of Actuaries, you will be exempted from the exams CT1, CT3, CT4, CT5, CT6 and CT8 of the UK actuarial profession.

Our Master is classified in the 50 best Masters in Insurance and our university, the University of Lisbon, is second in the 2015  Iberoamerican ranking produced by SCImago.


The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you 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 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 in 2011 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 Bachelor's degree in Mathematics, Statistics, Economics, Finance or Management, who are seeking to enter the actuarial profession and pursuing a path towards this rewarding career. We require that the graduates have had in their University degree modules in Mathematical Analysis and Statistics.


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, KPMG, Optimind Winter,  Ernst & Young Portugal and in Taylor Fry Consulting Company.



Tuition Fees

Application Fee: 50€

Fees for 2015/2016:
1st Year: 3000€
2nd Year: 2000€

See General Informations for more details.

Numerus Clausus

  • Total: 25