Learn advanced techniques from industry professionals
The study programme features lectures and seminars by leading scholars in the fields of big data science, sustainability of pension systems and behavioural insurance and finance, and by a number of professionals who work in the industry itself. You will learn the most advanced techniques, practices and insights of today.
Actuarial Science is one of the tracks of the MSc Actuarial Science and Mathematical Finance. During your Master's you will follow 6 general courses and 3 track-specific electives. You will finish with a thesis. If you have a fundamental drive to challenge the corporate environment, you can participate in our Honours programme.
This track offers ample space for electives that can be selected to meet the entry requirements of the Postmaster Actuarial Practice Cycle. With this Postmaster, you will qualify for membership of the Royal Dutch Actuarial Society.
Asset Liability Management - Cases and Skills
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 and Data Analysis
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.
Principles of the Mathematics and Economics of Risk
The course will cover the basics of information theory, including information asymmetry, moral hazard and adverse selection and the basics of behavioural insurance and finance.
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.
In this course elements of probability theory, stochastic processes and stochastic calculus are discussed to the extent that it is relevant in the analysis of financial derivatives. The emphasis is on the mathematical concepts and techniques and to a lesser extent on their application in pricing and hedging derivatives. Topics that are covered are discrete time methods: binomial trees and the Cox-Ross-Rubinstein model; continuous time stochastic processes: Brownian motion and martingales; stochastic calculus: the Ito integral, Ito's lemma and stochastic differential equations; Girsanov's theorem, equivalent martingale measures and risk-neutral valuation; the Black-Scholes-Merton model; implementation of various numerical methods in computer programmes.
Choose 3 electives from the following options:
- Actuarial Science of Pensions and Ageing
- Advanced Mathematics and Economics of Risk
- Banking Risk Management
- Experimental Economics
- Financial Institutions and Banking
- Machine Learning for Econometrics
- Retirement Savings and Investment Decisions
- Machine Learning in Finance
The Master’s thesis is the final requirement for your graduation. It is your chance to dive deep into a topic that you are enthusiastic about. A professor in your field of choice (track) will supervise and support you in writing your thesis. Upon graduation, you will be awarded the title Master of Science (MSc).
Highly motivated students can participate in the MSc Actuarial Science and Mathematical Finance Honours programme. This challenging programme is a great chance to stand out for future employers.
Climate change is affecting the world in many different ways, which makes it a significant challenge to the insurance industry. How can we quantify the risk of damage from natural disasters? How should we adjust our estimates and predictions to take into account more frequent and more severe disasters? And how many reserves should be put aside to cover possible future claims? The Actuarial Science track will provide you with the mathematical and statistical tools to tackle questions like these.
Examples of real-life business cases and company projects you will discuss:
- Privacy. What data are insurance companies allowed to collect in order to apply price differentiation?
- Capital buffers. How should capital buffers of insurance companies be determined so that the probability of another financial crisis is minimised?
- Discounting. What discount rate should pension funds and insurance companies use to discount long-term liabilities?
Professors give useful instructions on your academic path and future career. You will notice that your classmates are intelligent and creative and it is worthwhile discussing study related matters with them.Shu Zang Read about Shu's experiences with this Master's
Add extra value to your studies
Internship and exchange
If you have completed your curriculum, you can do an internship or go on an exchange abroad. For international students it is an excellent opportunity to experience the Dutch labour market.
Dutch language course
Are you interested in learning Dutch? There are different options to give you the opportunity to maximise your Dutch experience and prepare for your future job in the Netherlands.
Many of our students are members of a study association. It is fun and useful for your future career at the same time. Faculty student associations are a great way to meet fellow students and future employers. They organise study trips (abroad), career events, weekly debates, parties and receptions with drinks. Sometimes you can also purchase your textbooks and course syllabi at reduced rates.
Overview Study Associations
- Faculty student association Sefa
- International Student Committee (ISC,part of Sefa)
- International Student Network Amsterdam (ISN, part of Sefa)
- Study Association Actuarial Sciences, Econometrics and Operational Research (VSAE)
- Financial Study Association Amsterdam (FSA)
- Marketing Association Amsterdam (MAA)
- International study association (AIESEC)
Amsterdam has a thriving student community with many activities organised outside of the university’s grounds. You will find student associations focusing on networking, specific interests and sports. It is only at sororities and fraternities that you can expect an initiation ritual (hazing).
At university, you are entitled to make your voice heard and assess the quality of your own education. Students can participate in the discussion on the university's education policy in various ways, such as by joining the Programme Committee, the Faculty Student Council or the first-year focus group. You can also stand for election and dedicate your efforts to the programme and your fellow students.