The program develops an understanding of the actuarial principles and techniques necessary for the management of insurance companies as well as financial and savings institutions, including pension funds and social security systems. Although applied mathematics are the actuary's main tool, good knowledge of economics, management and computing is also required to enable him to work effectively.
This program includes specialized courses in risk theory, stochastic processes, compound interest, credibility, mathematics for finance, actuarial modeling for insurance. Most of the subjects taught involve training in quantitative risk management, the actuary's most important working tool. Good knowledge of management, economics and information technology is also necessary to ensure an adequate level of professional expertise.
This Master is recognized by the Swiss Association of Actuaries (SAA) and hence by the European Associations. Moreover, certain courses prepare the students for the first professional exams for actuaries (SOA).
The courses are taught in English by professionally qualified academics with a strong profile.
Why choose this Master's program?
Variety of career prospects: insurance companies, consultants, banks, global companies, government
High financial rewards: high salaries from an actuarial career in most countries in the world
No unemployment in the sector
The demand for actuaries is higher than the offer. There are approximately 50,000 actuaries around the world. The World Bank has estimated a need for 25,000 more
In Switzerland the density of insurance is extremely high
Internationally recognized qualification
This program is fairly inexpensive: CHF 580 per semester
Tuition fee for the international students.)
European Economic Area tuition fee is applicable to the students from EU countries, Iceland, Liechtenstein, Norway and Switzerland.)
The MScAS program includes a total of four semesters. The first three comprise a collection of compulsory and elective courses. During the third semester, students can ask to participate in an exchange program in another university. The fourth is entirely dedicated to the Master thesis.
All students must attend a set of five compulsory courses.
Students gain knowledge of actuarial mathematics for life assurance, risk theory, modeling distributions of claims/losses, social security, simulation and advanced probability theory.
Students gain knowledge of actuarial mathematics for life insurance, advanced actuarial modeling, credibility theory, insurance accounting, asset management and risk management, analysis of results and international social protection.
Research or internship thesis (fourth semester)
The last semester is dedicated to the Master's thesis. The student may opt for a research thesis or an internship thesis.
Work and credit allocation
The 120 ECTS credits of this Master's program are allocated as follows:
90 credits awarded for the first three semesters of coursework
30 credits for the Master's thesis (contingent upon the earning of the initial 90 credits)
Applicants whose native tongue is not English or whose Bachelor's degree was not taught in English, should provide evidence of proficiency in English as a foreign language at the level of C1 corresponding to the following minimum levels: TOEFL CBT 230 (IBT 88-89, PBT 570) or IELTS 6.5-7 or Certificate of Advanced English (CAE).
Minimum Mathematical skills:
in calculus: you can use any book on calculus (differential and integral calculus), for example "Calculus and Analytic Geometry (9th Edition)" by George B. Thomas and Ross L. Finney
in linear algebra: again any university level linear algebra book, like "Linear Algebra and Its Applications" by David Lay, Pearson
in probability: again most books on probability (elementary university level) like, for example, "Introduction to Probability Models, Ninth Edition" by Sheldon M. Ross, Academic Press.
No work experience is required.
The Master of Actuarial Science program meets the educational requirements of the Swiss Association of Actuaries syllabus (SAA). Moreover, certain courses prepare the students for the first exams of actuaries (SOA).
Due to the inclusion of certain optional courses, the Master program will be in compliance with the future syllabus of the International Actuarial Association, which is currently working on promoting a new specialty track in the field of social security at the international level.
Collaboration with the International Labor Organization (ILO)
Established experts from ILO will deliver courses on social security financing, based on recent ILO series of textbooks on social security financing, actuarial practice, health financing and social budgeting.
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