Actuarial Mathematics Master


Actuarial Mathematics Master


International aplications

Final-year students who expect to complete their degree program in the current academic year can apply in the first round of applications, which runs until March 24th.

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 of an Actuary.


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


Detailed Curriculum

Merit Scholarship Program

With the support of the Sponsors, the Master in Actuarial Mathematics includes a Scholarship program for students who have demonstrated exceptional academic achievement in the 1st year of the Master.
In 2022/23, two Merit Scholarships were awarded to 2nd year students.
In 2023/24, 4 Merit Scholarships were awarded to 2nd year students.
In 2024/25, 5 Merit Scholarships will be awarded to 2nd year students.



Classes will take place on 4 days a week, mostly from 3 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

Portuguese students: 2000 €/year

Foreign students: 7000 €/year


Acquisition of individual curricular units: the master's curricular units can be attended by students external to the master's. Registration for each course has a cost corresponding to 1/10 of annual tuition plus 25 €.



1st phase: 12th february to 22nd march 2024

2nd phase: 3rd June to 17th july 2024

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

Entrance requirements for the 2024/2025 academic year

Vacancies for 2024/2025:


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:

Maria de Lourdes Belchior Afonso

Registration and Accreditation


Registration number R/A-Cr 45/2020 on 04/06/2020


Publication date of the accreditation decision: 04/05/2020

Period of validity of the accreditation:
6 years from 31/07/2020


In the academic year 2023/24, MMAct in NOVA School of Science and Technology | FCT NOVA is sponsored by:


European Recognition of MMAct
In 2022, this master's degree was recognised by the Actuarial Association of Europe (AAE), through the Institute of Portuguese Actuaries (IAP) as a study plan that meets the requirements for training actuaries.
MMAct students who apply to IAP are automatically approved and, under the Mutual Recognition Agreement, are recognised as actuaries by the other European Associations that are members of the AAE.

About the Department of Mathematics

The Department of Mathematics (DM) is a permanent teaching and research unit of the NOVA School of Science and Technology . 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 is currently a body of more than 70 Doctorate professors.

The DM is in charge of the Degree in Mathematics, the Degree in Applied Mathematics 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 NOVA FCT.

More info