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Actuarial Mathematics – (M.Sc.)
University of Copenhagen
Faculty of Science
| Application Deadline: | March 15; October 15 | ||
| Annual Tuition Fee: | Free - ≈ € 13,000 (non-EEA) | ||
| Location: | Copenhagen / Denmark / View location on map ▾ Hide location on map ▴ | ||
| Duration: | 24 months | Start Date: | February, September |
| Educational Form: |
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| Education Variants: |
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| Credits (ECTS): | 120 | ||
| Languages: | English | ||
Location of University of Copenhagen
You should pursue an MSc in actuarial mathematics if, first and foremost, you enjoy working with numbers. Among other themes, you will be engaged in addressing various types of damage insurance, life insurance, insurance economics, insurance accounting and insurance law. The degree embodies a combination of numbers, law and human welfare. Who doesn’t have a pension or insurance policy securing their everyday life and welfare into and through retirement? Actuarial mathematics is an indispensable field of study with regards to modern society, where a secure future cannot be taken for granted.
Career Opportunities
As an actuarial mathematician you could be hired to work for an insurance company, a bank, another type of financial institution or at a consultancy firm. Your work will be to solve statistical problems and deal with risk theory in relation to various types of insurance. Additionally, you can gain employment in public administration or within higher education.
The field is experiencing robust growth, in part due to the development of a rich theory of mathematical finance and also as a response to the reorientation that practical insurance is experiencing due to, e.g., the integration of banking, credit and insurance activities. Further reorientation of the actuarial profession has developed as a result of changes to and interpretations of the risk landscape in which catastrophe, including climate change, is becoming a more and more prominent concern. The future looks bright for you should you choose to pursue the MSc in Actuarial Mathematics.
Contents
The MSc programme includes mandatory coursework in advanced probability theory, various types of actuarial mathematics and financial theory. There is also a large elective portion where you can specialise in one of these areas, or perhaps in related mathematical or statistical problems. This specialisation continues with a master's thesis where you work at a scientific level with an insurance-related problem.
In the culminating thesis project, you will often begin with a practical insurance related problem. The thesis is in many cases carried out in cooperation with an insurance company.
If you choose to study actuarial mathematics you will find yourself engaged in the development and application of mathematical, statistical and economic tools. These tools can be used to model, measure and manage insurance risks.
As an actuarial mathematics student, you will be heavily engaged with three overarching topics:
* Probability – Probability theory is used to analyze random phenomena, especially with regards to evolving random phenomena. Hence, the calculation of probability is a crucial element of actuarial mathematics.
* Life Insurance Mathematics – Life insurance mathematics deals with insurance in relation to major life events and includes retirement, death, disability and marriage. This typically incorporates long-term business and significant financial risk.
* Non-Life Insurance Mathematics – Non-life insurance mathematics deals with insurance covering damage or injury to things or persons, typically in relation to fire, natural disasters, theft and the like. It typically incorporates short-term business with significant catastrophe risk.
Master's Thesis: 30 ECTS
Restricted Optional Courses: 15 ECTS
Compulsory Courses: 60 ECTS
Optional Courses: 15 ECTS
IELTS
You are normally required to take an English Proficiency Test.
Most European Universities recognise the IELTS test.
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Requirements
To qualify for admittance on the MSc programme in Actuarial Mathematics, you must hold a BSc within the field of Actuarial Mathematics from the Faculty of Science, University of Copenhagen (as described in the curriculum) or a comparable BSc from another Danish or foreign university. If you are not completely qualified, you may be required to spend your elective courses on complementary courses.
Students from universities outside EU are recommended to take the Graduate Record Examination (GRE) subject test in mathematics .
Applicants with English as their second language (except Scandinavians) must pass an IELTS or TOEFL English test before being admitted. The Faculty of Science, University of Copenhagen, accepts the following tests and scores:
* IELTS-test (British Council) with a minimum score of 6.5
* Computer-based TOEFL-test with a minimum score of 213 points
* Paper-based TOEFL-test with a minimum score of 550 points
* Internet-based TOEFL-test with a min score of 79 points
Language tests older than 2 years are not accepted (from the application deadline).
Additional Requirements
| Minimal degree required: | Bachelor's degree |
| Minimal amount of work experience | Not specified |
Language Proficiency
| IELTS Band: | 6.5 |
| TOEFL Paper-based: | 550 |
| TOEFL Computer-based: | 213 |
| TOEFL Internet-based: | 79 |
Accreditation
The programmes of University of Copenhagen are being accredited by national accreditation agency ACE Denmark.
THE-QS ranking: University of Copenhagen is the highest ranked Nordic university on the list of the world´s best universities according to the 2009 edition of Times Higher Education-QS World University Rankings. This year, University of Copenhagen is ranked number 51 worldwide and number 15 in Europe.
Ask a Question
You can contact Office of International Affairs at the Faculty of Science to ask a question about Actuarial Mathematics at University of Copenhagen.
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