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Study programme

With the MSc Actuarial Science and Mathematical Finance you will develop expertise in financial risk management both within and outside the insurance area. Moreover, you can specialise in your field of interest by choosing 1 of 2 tracks.

Help organisations identify financial consequences of risks

As a future expert you will analyse the financial consequences of economic developments and risks. You will use mathematics, statistics, and financial theory to study uncertain future events, for example those of concern to insurance and pension companies.

During your studies we help you gain insight into the latest theories and models. Besides this, we will train you to apply them to real-life business cases.

Learn from the experts

The Amsterdam School of Economics has an exceptionally strong tradition in actuarial science and mathematical finance. Internationally leading experts conduct world-class research here. This means you will have access to the latest techniques and practices.

Gain up-to-date insights

Our strong links to and support from international insurance and financial institutions will help you gain up-to-date insights. Expect interesting guest lectures from leading institutions such as the Dutch Central Bank (DNB), the European Central Bank and the Ministry of Social Affairs and Employment. During your year with us, you will discuss and reflect on theories, and apply the practice of Actuarial Science and Mathematical Finance to real-life cases.

Education in the 1st semester of 2020-2021

The 2020-2021 academic year will start as scheduled in September. If we are once again allowed to offer education to physically take place at the Roeterseiland Campus, we will do this. We will use a step-by-step approach to decide which components we will be able to offer physically on campus, in compliance with government regulations. We expect that at first, these will mainly be small-scale activities organised to promote contact between students and between lecturers and students.

We will provide you as a student – wherever you may reside – with the certainty that you will be able to commence or continue with your study. Therefore, we will in any case offer education and exams online in the 1st semester. In each period, we will evaluate whether the circumstances, in line with the social distancing rules of a 1.5 metre society, allow for meetings of small groups for small-scale lectures at the Roeterseiland Campus. There will be no mandatory attendance for these lectures.

Interactive teaching

At the UvA you will enjoy mastering knowledge at the highest level through our blended learning teaching method. We offer both offline and online education such as Web and Tablet Assisted Video Lecture. This frees up class time for interaction with the lecturer and peers.

Assignments can be in traditional form such as a paper or a Powerpoint but also a video recording or a peer-feedback assignment.

The UvA Centre for Innovation in Learning and Teaching continuously works on improving our teaching methods with regards to interactions between students, teachers and learning resources.

The programme

  • Choose your track

    Our Master’s programme in Actuarial Science and Mathematical Finance consists of a general part for all students and a specific part where you follow courses related to the specialisation track of your choice. After the joint first period, you can choose the track that suits you best:

    • General track
      Choose this track if you wish to prepare for the Postmaster Actuarial Practice Cycle (in Dutch) to qualify for membership of the Royal Dutch Actuarial Society. This track offers ample space for electives that can be selected to meet the Postmaster entry requirements.
    • Quantitative Risk Management track
      Choose this track if you wish to develop a slightly broader foundation in Actuarial Science and Mathematical Finance, featuring two extra required courses.
  • Asset Liability Management – Cases

    In this hands-on seminar you will learn about the practical implementation of an Asset Liability Management (ALM) study focusing on the match between investment policies and liabilities. The cases involve theoretical aspects such as asset dynamics and liability modelling, numerical aspects like Monte Carlo simulation as well as practical communication and team working skills.

  • Financial Mathematics for Insurance

    In this course you learn the basic principles of asset pricing and risk mitigation on a market-consistent basis. The course provides an introduction to mathematical techniques which can be used in complete markets such as those for equity and interest derivatives, but it also considers incomplete markets.

  • Non-Life insurance – Statistical Techniques

    In this course you study statistical techniques that can be applied in non-life insurance. We explore Generalized Linear Models for determining insurance prices. Also, we take a look at IBNR models for predicting future payments on claims regarding events that have occurred in the past but are not yet (fully) known to the insurer. Another topic is credibility theory to predict future claims. Apart from the theory, we study and practice the implementation of the techniques using the programming language R.

  • Risk Management for Insurance and Pensions

    This course provides an in-depth treatment of the principles of (quantitative) risk management for insurers and pensions. The course focuses first on the joint measurement, modelling and allocation of financial and insurance risks. Next, the course treats the design of risk mitigation strategies and of asset allocation strategies from a long-term perspective.

  • Thesis

    Your Master’s thesis is the final requirement for your graduation and your first proof of competence to future employers. It is your chance to dive deep into a topic that you are enthusiastic about. One of the researchers within the Department of Quantitative Economics will supervise and support you in writing your thesis. The subject must be based on a relevant theoretical topic or on a research internship at a firm. Since we offer you a structured thesis process, you will be able to finish your Master’s degree within 1 year.

  • Internship and exchange

    Students who have completed the curriculum will have the possibility of doing an internship or going on exchange. An internship especially gives international students a unique opportunity to experience the Dutch labour market.

Real-life case: advise on future pensions

Advise policymakers of the Ministry of Social Affairs on the future of the Dutch pension system.

'Career events help to expand your network'

Puck Veeling

Alumna Puck Veeling: 'The study environment here is relaxed as well as inspiring; a lot of career events are organised, which makes it easy to meet companies and expand your network. Personally, I think these events helped me most in determining the field of expertise I like most.'
Read Puck's full review