The programme
During your Master's you will follow 6 general courses and 3 track-specific courses including 1 elective. You will finish with a thesis. If you want to meet the requirements for admission to the post-Master's Actuarial Practice Cycle, you will also need to take the Honours programme.
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Compulsory courses
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.
Stochastic Calculus
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.
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Track-specific courses
Banking Risk Management
In the 1st part of this course you will learn the basic principles and requirements governing banking regulation and supervision, aimed at safeguarding stable banks. We will analyse the risks as well as the remedies that were drawn up for bank risk management. You will also explore the changing structure of the broader financial system. The 2nd part of this course treats quantitative models for (portfolio) credit and liquidity risk management at an advanced level.
Financial Econometrics
This course covers the following topics: linear time series analysis, volatility models, value at risk, VAR models and cointegration, multivariate volatility and correlation models and high-frequency data and realised variance. These topics are applied to empirical data using Python and R.
Elective
Choose 1 elective from the following options:
- Actuarial Science of Pensions and Ageing
- Machine Learning in Finance
- Retirement Savings and Investment Decisions
- Advanced Mathematics and Economics of Risk
- Experimental Economics
- Financial Institutions and Banking
- Climate Change Economics
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Thesis
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. After a successful defence of your thesis and completion of the courses, you will be awarded the title Master of Science (MSc).
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Honours programme
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.

Students from the ASE are open-minded and friendly. We are encouraged to develop critical thinking and a cooperative mindset.Jingde Guo - track Quantitative Risk Management Read about Jingde's experiences with this Master's
Leon Pieters, Global Sector Leader at Deloitte NL, tells us about his career and how diversity on the workplace is of fundamental importance for the growth of every company.

Brexit, the trade war between the US and China, climate and energy transition risks, household debts, cyber threats, and low interest rates put a constant pressure on the performance of banks, insurance companies and pension funds. Add the ever growing, complex and interconnected financial system, and the need for adequate regulatory policies and risk management practices is larger than ever. These topics are important for regulatory bodies such as the Dutch Central Bank (DNB) and the European Central Bank (ECB), as well as risk departments within banks, pension funds, and insurance companies.

The programme is intellectually interesting. I had the flexibility to design my schedule to work around the assignment and was free in picking my group mate when doing coursework.Vu Ha Anh Pham Read Vu's full review
Contemporary issues
Examples of real-life business cases and company projects you will discuss:
- Financial data. What is an accurate way of modelling financial times series data?
- Capital Buffers. How should capital buffers of banks be determined such that the probability of another financial crisis is minimised?
- Regulation. What issues do banks face when implementing the new bank regulation?
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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.
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Dutch language course
Are you interested in learning Dutch? There are various options available to maximise your Dutch experience and prepare for your future job in the Netherlands.
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Study associations
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 and social events. 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)
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Student associations
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).
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Student participation
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.