Master's

Entry requirements

Actuarial Sciences and Mathematical Finance

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International applicants

The online application is now closed for our international applicants. The entry requirements specified below apply to the September 2015 Intake. These may be subject to change for the September 2016 Intake. We will update the requirements in October 2016.

1. Academic Bachelor's degree

The MSc in Actuarial Science and Mathematical Finance builds on the UvA's Dutch Bachelor in Actuarial Science (Actuariële Wetenschappen). Students holding this degree are automatically admitted to the MSc in Actuarial Science and Mathematical Finance.

Students holding a foreign academic degree should basically have the same knowledge to enter the MSc programme succesfully. Typically, a BSc in Mathematics or Physics gives the required level of calculus and linear algebra. But also a rather thorough knowledge of probability and mathematical statistics is required. To give some examples: students entering the MSc should be familiar with moment generating functions, maximum likelihood estimation, sufficient statistics and multinormal distributions. 

Knowledge of the linear regression model is also required, e.g. through an econometrics course or included in the statistics course. As for economics, we assume knowledge of finance, for instance a course in Investment and Portfolio Theory.

A degree in quantitative economics (or econometrics) also qualifies students, provided some finance is included. Note that the mathematics and statistics level acquired in a typical economics programme is simply not sufficient.

Additionally, we assume the student to be familiar with actuarial science. In particular, risk theory (the expected utility model and compound Poisson ruin and portfolio models), as well as elementary life insurance.

To give an idea about the level of knowledge required, we list the following books used in the BSc in Actuarial Science:

  • Bodie, Kane & Marcus, 'Investments'
  • Bain & Engelhardt, 'Introduction to Probability and Mathematical Statistics'
  • Kaas, Goovaerts, Dhaene & Denuit, 'Modern Actuarial Risk Theory'
  • Promislow, 'Fundamental of Actuarial Mathematics' 

Please note that a Bachelor's degree from a university of applied sciences or a Fachhochschule (Germany) will not be taken into consideration. Specific entry requirements apply to Chinese students and African students. 

2.   Motivation and initiative                                   

Applicants are expected to have the intrinsic motivation to test and build upon this knowledge. Coursework is designed in keeping with this expectation and demands significant personal initiative and an active contribution on the part of the student.

3.  English language proficiency

We require evidence of English language proficiency:

  • Minimum score TOEFL test: 92, at least 20 on each sub-score (237 computer-based/580 paper-based test, reporting number 0398)
  • Minimum score IELTS-test: 6.5, at least 6 on each sub-score
  • Minimum score Cambridge International Examinations: A (FCE), B (CAE), B (CPE)

Applicants with a Dutch Bachelor’s degree, or who have obtained their diploma or degree in a country where English is the native language are exempted from the English proficiency test. For more information on test procedures and exemptions see here.

 4. GRE

A GRE is compulsory for all applicants to the Master's programme in Economics. For registration please refer to the GRE website. The institution code for GRE is 6739, Amsterdam Business School.

In the following cases we also accept a GMAT test:

- if you have already obtained a GMAT score 
- if in your country it is difficult to take the GRE test on a short notice (e.g. China, Taiwan)

Exemptions 
Students that come from one of our partner universities are exempted from taking the GRE test. Please refer to the list of partner universities.

Applicants from another Dutch faculty/university

1. Academic Bachelor's degree

Applicants holding a Bachelor's or Master's degree in actuarial sciences, econometrics, operational research or in another quantitative field such as mathematics, statistics or physics are eligible to apply for the programme. In addition to sufficient background knowledge of mathematics, students must have a solid grasp of statistics, including some knowledge of econometrics. Students should also have taken courses covering investments and portfolio theory.

The following students can be admitted to a minor programme. The minor courses are Dutch-taught and spread over at least two semesters. Having passed these courses is not a necessary requirement for entering the master’s programme, but it is for entering the postmaster APC programme required for membership of the Actuarieel Genootschap.

  • Students holding a Dutch university Bachelor' or Master's degree in Econometrics must take about 30 EC of actuarial courses in the UvA Bachelor's programme in Actuarial Sciences. These students must also have completed a course in financial and empirical mathematics.

  • Students holding a Dutch university Bachelor' or Master's degree in mathematics and physics must in addition have obtained an introductory course in econometrics and courses in mathematical statistics with level and subject matter comparable to that of the book Introduction to Probability and Mathematical Statistics by Bain and Engelhardt. 

  • Students holding other degrees than econometrics, operations research, mathematics and physics, cannot attend a minor programme. They can enroll for the minor courses through modular courses in business (Contract Onderwijs), see the link below. 

Course Catalogue Minor
Contract Onderwijs

2. Motivation and initiative

Applicants are expected to have the intrinsic motivation to test and build upon this knowledge. Coursework is designed in keeping with this expectation and demands significant personal initiative and an active contribution on the part of the student.

Applicants from a Dutch university of applied sciences (HBO)

If you hold a Bachelor's degree from a Dutch university of applied sciences you cannot be unconditionally admitted to the Master's programme in Actuarial Sciences and Mathematical Finance. You first have to obtain an academic Bachelor's degree in Actuariele Wetenschappen. No pre-Master's programme is available.

Applicants from Economics and Business (UvA)

Unconditional eligibility

Students holding a Bachelor's degree in Actuarial Sciences are unconditionally eligible to the programme. Dutch students that have finished the Minor Actuariaat are also unconditionally eligible. Here you can information about the admission procedure for Economics and Business students.

Conditional eligibility

Students holding a Bachelor's degree in Econometrics and Operations Research from Economics and Business need to have obtained the following Bachelor's courses:

Not eligible to apply

  • BSc Economie en Bedrijfskunde students  
  • BSc Economics and Business students
  • BSc Fiscale Economie students 

Published by  Economics and Business

2 April 2015