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Amsterdam Business School Amsterdam Business School
Master
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Actuarial Science (Actuarial Science and Mathematical Finance)

The study programme

In the study programme of the Actuarial Science track, the focus is on how you can apply the latest techniques and practices in the fields of big data science and behavioural insurance and finance in an organisation.

The programme

During your Master's you will follow 6 general courses and 3 track-specific electives. You will finish with a thesis. 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.

COURSES SEM 1 SEM 2 SEMESTER 1 SEMESTER 2 EC
  • Non-Life Insurance: Statistical Techniques and Data Analytics
    5

    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
    5

    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 Insurers and Pensions
    5

    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.

  • Actuarial Science of Pensions and Ageing
    5
  • Financial Mathematics for Insurance
    5

    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.

  • Stochastic Calculus
    5

    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.

  • Asset Liability Management - Cases and Skills
    5

    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.

  • Restricted-choice electives
    5
  • Restricted-choice electives
    5
  • Master's Thesis Actuarial Science and Mathematical Finance: Actuarial Science
    15

    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).

Compulsory course
Elective
Send me the clickable course schedule + programme summary Check more detailed information about the specific courses in the course catalogue

Honours programme

Highly motivated students can participate in the Master's Actuarial Science and Mathematical Finance Honours programme. This challenging programme is a great chance to stand out for future employers.

More about the Honours programme
Overstroming
Real-life case: how to insure against climate change

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.

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
Frequently asked questions
  • When do I need to select a specialisation track?

    A specialisation track must be chosen when applying for the Master’s programme. However, track modifications are still possible until late October. The criteria for all tracks are identical and do not impact the likelihood of being accepted into the programme.

  • How many students are in the programme?

    Our Master’s programme admits around 20 students per specialisation track. If you meet the entry requirements, you will be accepted; this Master’s does not have a numerus fixus.

  • What are the weekly contact hours?

    Most courses have one 2-3 hour lecture and one 2-hour tutorial per week. Generally students take 3 courses at a time, so count on about 12-15 contact hours per week.

  • Will all lectures be held in person, or will there be options for online attendance?

    Our preference is for in-person lectures. Certain sessions may be pre-recorded or follow a hybrid format. This entails preparing for Question and Answer (Q&A) sessions through video clips and readings, with subsequent discussions during meetings.

  • Is attendance compulsory for lectures, tutorials, and other sessions?

    Attendance is usually not compulsory for lectures, but commonly for tutorials and other sessions. Students greatly benefit from being present and engaging in discussions with both the instructor and their classmates.

  • What is the typical method of assessment for most courses?

    The majority of courses have a written on-site exam, which counts for a large percentage of the final grade. Most courses have additional assessment methods, including oral presentations, developing research proposals, conducting experiments and writing up results. Finally, some courses grade attendance, which is reflected by presence and activity in tutorials and online assignments.