Master of Financial and Actuarial Engineering
Master of Science
EducationProviding up-to-date, sound and advanced financial, actuarial and statistical skills, the Master of Financial and Actuarial Engineering curriculum offers an intensive advanced one-year programme for university graduates interested in a career in the insurance sector. You will gain an understanding of current and future problems and solutions in insurance and banking. This discipline focuses on the application of quantitative methods to problems involving risk or uncertainty. You will be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques. The programme provides advanced insights into the actuarial aspects of life insurance, general insurance and risk theory as well as insight into financial mathematics and the inter-relationship and integration of actuarial sciences and finance. The programme draws on over sixty years of experience and international recognition. The research team for risk theory, finance and statistics has a strong research profile and is ranked in the world top in terms of actuarial research productivity. The programme is jointly offered by the Faculty of Business and Economics and the Faculty of Science at KU Leuven and in collaboration with Université Catholique de Louvain.
The Master of Financial and Actuarial Engineering is an advanced Master's programme. You can follow this programme on a full-time or part-time basis.
ProfileProspective students should be interested in a career in the actuarial and/or financial sector. Given the quantitative nature of actuarial sciences, a sound mathematical background and sufficient knowledge of probability theory, statistics and scientific computing is indispensable. In particular, they must have mastered the topics and practical concepts covered in the following international textbooks:
- Ross, S. (2009) A First Course in Probability. (8th edition). Prentice Hall. (Or a similar textbook appropriate for an undergraduate course in probability).
- Ross, S.M. (2004). Introductory Statistics. Elsevier Academic Press. (Or a similar textbook appropriate for an undergraduate course in statistics).
- Bowers, N.L; Gerber, H.U.; Hickman, J.C.; Jones, D.A.; Nesbitt, C.J. (1986). Actuarial Mathematics. The Society of Actuaries, Itacsa, Illiniois. Chapters 3,4,5,6 and 7.
As a result of its interdisciplinary approach, the curriculum is designed for students with a background in either mathematics or economics.
For specific admission requirements, click on the desired programme in the 'Choose your courses of study' section.
ObjectivesThe main goal of the programme is to provide the students with an sound knowledge of finance and actuarial science. They develop the capabilities to understand current and future problems and solutions in the actuarial and financial context. They will be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial master at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
At the end of the programme students will:
- be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques;
- have advanced insights in the actuarial aspects of life insurance, general insurance, risk theory as well as in the interrelationship and integration of actuarial sciences and financial mathematics;
- have a strong background in quantitative methods and financial models and will be able to select and apply those methods to problems that involve risk or uncertainty;
- dispose of enhanced analytical, critical, conceptual, problem solving and decision making capabilities and skills;
- have the ability to integrate actuarial, statistical and financial modelling techniques in order to arrive at effective solutions to problems occurring in insurance and financial practice;
- be able to conduct research, not only in an academic context, but also in view of a professional career;
- be able to stay up-to-date with the advances in actuarial sciences by following up and familiarizing with new insights, developments, results and methods;
- be able to communicate and report adequately on financial and actuarial topics.
After graduationThe programme addresses the rapidly changing needs resulting from the accelerating globalisation of the banking and insurance sector. As such, it provides a sound basis for a career in various areas of financial management and insurance. The main employers are insurance companies, whose financial stability depends on actuarial calculations (e.g. premiums, provisions, capital requirements, reinsurance policy). As an expert in the field of risk and uncertainty, you can also play an important role in banking and finance. The increasing convergence between the insurance and financial markets as well as the use of mathematically based instruments, such as options and futures, offers excellent career prospects. Graduates are well placed to find employment in banks, pension funds, reinsurance companies, or consulting and audit companies. The government also provides diverse career opportunities, for instance in social security or economic affairs departments. Graduates holding both the degree of Master of Financial and
Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial master at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
Information sessionsKU Leuven organises a Verderstudeerbeurs each spring. In addition, faculties also organise information sessions for many of their bridging and graduate programmes.
All information sessions for (future) Master's students
(Inter)nationalOne of the faculty's most important assets is its vast national and international network. We maintain strong links with the business and financial community by organising regular workshops with industry leaders and the European Commission, situated only 30 minutes from our campus. Many of our alumni work at European institutions, and many of the department's staff members act as advisers to various European bodies and international companies. The student association, Ekonomika, is equally active via its Business-to-University lecture programme. Our Alumni network offers excellent communication channels and networking opportunities with leading figures in industry and politics.
We have a wide international student exchange network as well. Not only do we participate extensively in the (intra-EU) Erasmus programme (with 65 partners), we also have numerous agreements with leading universities outside the EU, e.g. the Wharton School of Business (University of Pennsylvania), the University of Chicago, Cornell University, the University of Illinois and Rochester University in the United States, the University of British Columbia, Queen's University, the University of Toronto and the Université de Montréal in Canada, the Indian Institutes of Management Calcutta and Bangalore in India, the Chinese University and the City University of Hong Kong, Beida, Tsinghua and Fudan in China, Chulalongkorn University in Thailand, National Taiwan University, Seoul National University in South Korea, Queensland University of Technology Brisbane and the University of Sydney in Australia, Stellenbosch in South Africa, Insper in Brazil, Esan in Peru, the University of Monterrey in Mexico and the Singapore Management University.
SpotlightLeuven is a dynamic, vibrant city in the centre of Belgium, only a fifteen-minute train journey from the airport and a twenty-minute journey to Brussels, the capital of Belgium and seat of the European Union institutions. With Paris, London, Amsterdam and major German cities within easy reach, it is an ideal hub for the internationally inclined student. Leuven offers a wealth of cultural and recreational opportunities, including a lively gastronomic and social scene, state-of-the-art sports facilities and opportunities to hike and bike in the vast woodlands south of town. The humanities and social sciences campuses are scattered throughout the old town, Oxbridge style. Connoisseurs will enjoy Leuven's architecture, which spans 10 centuries and includes a truly stunning fifteenth-century Gothic city hall, a UNESCO world-heritage beguinage and a Renaissance-style castle set in a 3 square kilometre park. The population is highly educated; many alumni choose to stay in and around Leuven after graduation. Graduates work mostly in the service-based or knowledge-based sectors, but there is also a sizable hi-tech industrial presence (with 94 KU Leuven spin-offs employing 3,000 people) and one big traditional employer, Anheuser Bush Inbev, which has a large brewery and its headquarters in Leuven.
ContactFaculty of Economics and Business
tel. + 32 16 32 66 12
Students can ask questions through the webform on: www.econ.kuleuven.be/onderwijshelpdesk/
Study Advice Service
Naamsestraat 80 box 5415
3000 LEUVEN, Belgium
To contact us please complete the contact form on our website