Actuarial Mathematics

Education objectives


The Actuarial Mathematics Master aims to train specialists in the habitual domains of an Actuary professional: mathematics, statistics, finance, computing science. The degree will provide a strong grounding in risk management, pricing techniques, solvency models, provisions, among others. The established programme complies with the International Actuarial Association (IAA) and the Actuarial Association of Europe (AAE) Syllabus, and perspectives the international accreditation.
The Master is designed for students with a degree in Mathematics, Science, Technologies, Engineering, Economics, Management or Accounting, with a strong appeal for Applied Mathematics.

Career opportunities

The Actuarial Mathematics Master ensures the education of risk managers specialists: Actuarial specialists. These specialists are in demand by a wide range of organizations that address risk management, such as insurance companies, banks, investment management companies, consulting companies, pension fund management societies, governments, etc. Therefore, the search for these professionals doesn’t restrain to the national labor market. Students may also develop and lead innovation/research projects, in business and academic contexts, by pursuing their Doctoral studies.

General characterization

DGES code



Master (2nd Cycle)



Access to other programs

Access to a 3rd cycle


Pedro Alexandre da Rosa Corte Real

Opening date





(await approval)

Portuguese students: 2500 €/year

Foreign students: 7000 €/year



Teaching language

Available soon

Degree pre-requisites

Duration: 2 years
Credits: 120 ECTS

Scientific Area
Acronym ECTS
Mandatory Optional
Matemática M 69 30
Informática I 12 0
Competências Complementares CC 3 0
Qualquer Área Científica   QAC 0 6 a)
TOTAL 84 36

a) 6 ECTS in courses chosen by the student on a list approved annually by the Scientific Council of FCT NOVAwhich includes the unity of all scientific areas of FCT NOVA

Conditions of admittance

Available soon

Evaluation rules

The evaluation of all UCs is continuous for all the components that integrate it, and it must be completed by the last day of the school term of the academic semester.

The continuous evaluation of a UC must include a minimum of three elements in the set of evaluation components, on dates adequately spaced throughout the period of classes. All UCs with a theoretical-practical evaluation component must provide, in addition, a form of evaluation of this component by exam, to be carried out after the period of classes (Examination of Appeal).

All requirements and conditions related to the evaluation of the UC, namely the minimum weights and classifications, if any, of each component, as well as the Frequency conditions, are defined a priori and, mandatorily, published in the Discipline Form.

For each UC, combinations of three evaluation components are allowed: (i) Theoretical-practical evaluation; (ii) Laboratory or project evaluation; (iii) Summative evaluation.

The final Dissertation (or Project) involves a public discussion with a Jury.

More information: Regulamento de Avaliação de Conhecimentos (Licenciaturas, Mestrados Integrados e Mestrados.)


1.º Semester
Code Name ECTS
12454 Life Contingencies 6.0
12456 Stochastic Processes and Modeling 6.0
12529 Advanced Programming for Data Science and Engineering 6.0
12457 Non-Life Insurance Pricing 6.0
12455 Risk Theory I 6.0
2.º Semester
Code Name ECTS
12458 Advanced Life Contingencies 6.0
10380 Entrepreneurship 3.0
12461 Actuarial Risk Management 3.0
12460 Claims Reserving 6.0
12459 Risk Theory II 6.0
3.º Semester
Code Name ECTS
12468 Pension Funds and Social Security 6.0
12462 Solvency Models 6.0
12463 Health and Long Term Care Insurance 6.0
12078 Systems for Big Data Processing 6.0
12464 Investments Theory 6.0
4.º Semester - Opção Avançada de Formação
Code Name ECTS
12467 Dissertation in Actuarial Mathematics 30.0
12465 Internship with Report 30.0
12466 Project 30.0
O aluno deverá obter 30.0 créditos nesta opção.