Actuarial Mathematics Master


Actuarial Mathematics Master


What is an Actuary?

Actuaries define, measure and manage risk. An Actuary is a trained professional that applies sound and testable scientific methods, namely mathematics, in order to optimize the financial impact of future and uncertain outcomes. Actuaries are professionally involved in many different areas, though the traditional areas of work are classified as life, non-life, financial and pension funds. Credit risk analysis, loan valuations, insurance valuations and pricing, and claim reserving are some of the activities that an Actuary does.


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.

Course description

The Actuarial Mathematics Master aims to empower students that risk is a central issue in the lives of people, companies and societies, and that added value may be obtained if the proper risk management approach is applied. The education objectives are two-fold: 1-to ensure that students can identify, measure, mitigate and manage the different types of risks and 2-to ensure that students will develop their professional activity in a broader sense than pure risk mathematical analysis, encompassing the Enterprise Risk Management philosophy. In that sense and in order to broaden the students’ education, Economics and Computing Science courses will also be provided.

All Master courses are ministered by Department of Mathematics professors holding a PhD and highly specialized in the area. Some courses will have the collaboration of recognized Actuarial professionals, in order to allow students to further perceive the application relevance of the course contents.

In order to obtain the Degree, students must achieve 120 ECTS:

  • 69 ECTS – Mathematics scientific area courses
  • 12 ECTS – Computer Science scientific area courses
  • 3 ECTS – Entrepreneurship
  • 6 ECTS - Scientific area course to choose
  • 30 ECTS - Dissertation

Master courses


Classes will take place on 4 days a week, mostly from 4 pm, with the exception of one day, when they will start at 2 pm.

Teaching Language

The official language of instruction will be English. If there are no international students, the classes will be taught in Portuguese. The pedagogical materials for the Master's will be in English.

Tuition Fees (awaiting approval by NOVA General Council)

Portuguese students: 2000 €/year

Foreign students: 7000 €/year

Students from CPLP countries may apply for a reduction of up to 50% of tuition fees, subject to the following conditions:
a) 1st Registration: students must demonstrate through their academic certificates that their academic performance is in the first quartile of the evaluation scale used in the system of their country or school of origin;
b) Subsequent enrollments (regardless of the year of entry): exclusively for academic merit, that is, approval in all UCs in which the student enrolled in the previous year, totaling 60 ECTS each year.


PhaseDate Comunicação de resultados
1st Phase17th to 28th february 2021

Until 5th march

2nd Phase18th june to 22nd july 2021

Until 27th july

3rd Phase

30th august to 5th september

Until 8th september

Registration fee: 51 €
Acceptance Fee: € 300 (to be deducted from tuition fees)

Admission requirements for the 2021/2022 academic year

Vacancies for 2021/2022:


Admission rules:

  1. Holders of a Bachelor's degree of the 1st cycle, or equivalent, containing 120 credits in the Mathematics and Statistics fields;
  2. Holders of a foreign degree, or equivalent, in the same scientific area conferred following the 1st cycle of studies according to the Bologna Process;
  3. Holders of a foreign academic degree in required area recognized as meeting the objectives of the Bachelor´s degree by the Scientific Council of the FCT NOVA.
  4. Holders of an academic, scientific or professional curriculum that is recognized as attesting the capacity to accomplish referred cycle of studies by the Scientific Council of the FCT NOVA;


  1. Course classification;
  2. Academic and scientific curriculum;
  3. Professional curriculum;
  4. Possible interview;
  5. Possible Test of Admission.

Course coordinator:

Pedro Corte Real

Registration and Accreditation


Registration number R/A-Cr 45/2020 on 26/05/2020


Accreditation on 04/05/2020, for 6 years

About the Department of Mathematics

The Department of Mathematics (DM) is a permanent teaching and research unit of the Faculty of Sciences and Technology of the Universidade Nova de Lisboa (FCT NOVA). In the DM, multiple activities in the field of Mathematics are developed, ranging from teaching and research to promotion and dissemination, through lifelong training and the provision of services to the community. The DM consists of 83 professors, of whom 79 have doctorates.

The DM is in charge of the Degree in Mathematics, the Degree in Mathematics Applied to Risk Management, the Master in Actuarial Mathematics, the Master in Mathematics and Applications, the Master in Mathematics Teaching for the 3rd cycle of Basic Education and Secondary Education, as well of the PhD in Mathematics at NOVA University. The DM also ensures the teaching of propaedeutic subjects in the field of Mathematics for the various courses at FCT NOVA.

More info