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    ISEG - Lisbon School of Economics and Management Logo
  • Study Type

    Full time available

  • Subject Areas



  • Start Date


  • Course Duration

    2 years

  • Course Type


  • Course Fees

    International Students: 7000€
    UE Students: 5500€
    Applications for 2020/2021 are now open.

  • Last Updated

    25 November 2019


The Masters in Actuarial Science at ISEG - Lisbon School of Economics and Management, 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.

The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you the skills to become a successful actuary. 

Our Masters in Actuarial Science is one of only a few to be accredited by the UK actuarial profession, the Institute and Faculty of Actuaries. A good performance can lead to exemptions from the professional examinations CT1, CT2, CT3, CT4, CT5, CT6 and CT8. If you have a BSc from ISEG you may have also exemption from CT7.

Our Master is also in the SOA (Society of Actuaries, in North America) UCAP list.

During the fourth semester, you may take a training post in an insurance company.

It is accredited by the Portuguese Agency for Assessment and Accreditation of Higher Education - A3ES.

Our Master is classified in the 50 best Masters in Insurance, Risk and Actuarial Sciences and our university, the University of Lisbon, is second in the 2018 Iberoamerican ranking produced by SCImago.

ISEG Actuarial Science Club is entirely managed by our students. They arrange a series of seminars by industry professionals (most of them alumni from our Masters) and popular social events.

Credits: 120 ECTS

Language : English

Application: Online


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 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


The Master in Actuarial Science was designed for students with a solid background in Mathematical Analysis and Statistics, who are seeking to enter the actuarial profession and pursuing a path towards this rewarding career.

We accept candidates with a bachelor's degree in Mathematics, Mathematics with Economics or Statistics, and some of the bachelor's degrees in Economics, Finance or Management. Accepted applicants have normally achieved a minimum of 14 out of 20 points in the Portuguese system for one of these degrees, or a 2:1 honours in the British system, or equivalent (e.g. G.P.A. 3.0).


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, Willis Towers Watson, KPMG, Optimind Winter, Ernst & Young Portugal, Mercer and in Taylor Fry Consulting Company.



Core Modules

1st Semester

Computational Tools for Actuaries

Financial Mathematics

Financial Markets and Investments

Probability and Stochastic Processes

Risk Models

2nd Semester

Generalized Linear Models

Loss Reserving

Survival Models and Life Contingencies

Risk Theory

Time Series

3rd Semester

Actuarial Topics

Asset-Liability Management

Finance and Financial Reporting

Models in Finance

Pension Funds

Ratemaking and Experience Raking

Solvency Models

4th Semester


Visit the Masters in Actuarial Science page on the University of Lisbon website for more details!






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