The Master of Financial and Actuarial Engineering programme provides students with up-to-date, sound and advanced financial, actuarial and statistical skills. It is an intensive, advanced, one-year programme for university graduates interested in a career in risk management, financial and/or actuarial engineering within financial institutions. The discipline focuses on the application of quantitative methods to problems involving risk or uncertainty. You will gain an understanding of current and future problems and solutions in insurance and banking and be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques.
The programme provides advanced insights into the actuarial aspects of life insurance, general insurance and risk theory as well as financial mathematics and the inter-relationship and integration of actuarial sciences and finance. The programme draws on over sixty years of experience and international recognition. The research team for risk theory, finance and statistics has a strong research profile and is ranked among the world top in terms of actuarial research productivity. The programme is jointly offered by the Faculty of Business and Economics and the Faculty of Science at KU Leuven, in collaboration with Université Catholique de Louvain.
This is an advanced master's programme and can be followed on a full-time or part-time basis.
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 main goal of the programme is to provide the students with an sound knowledge of finance and actuarial science. They develop the capabilities to understand current and future problems and solutions in the actuarial and financial context.
They will be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial master at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
At the end of the programme students will:
be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques;
The programme addresses the rapidly-changing needs resulting from the accelerating globalisation of the banking and insurance sector. As such, it provides a sound basis for a career in various areas of risk management, financial and actuarial engineering and insurance. Most graduates find employment in insurance companies, whose financial stability depends on actuarial calculations (e.g. premiums, provisions, capital requirements, reinsurance policy).
As an expert in the field of risk and uncertainty, you can also play an important role in banking and finance. The increasing convergence between the insurance and financial markets as well as the use of mathematically based instruments, such as options and futures, offers excellent career prospects. Graduates are well placed to find employment in banks, pension funds, reinsurance companies, consulting and audit companies.
Some graduates go to work in government, for instance in social security or economic affairs departments. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial Master's programme at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
Prospective students should be interested in a career in the actuarial and/or financial sector. Given the quantitative nature of actuarial sciences, a sound mathematical background and sufficient knowledge of probability theory, statistics and scientific computing is indispensable. In particular, prospective students must have mastered the topics and practical concepts covered in the following international textbooks:
- Ross, S. (2009) A First Course in Probability. (8th edition). Prentice Hall. (Or a similar textbook appropriate for an undergraduate course in probability).
- Ross, S.M. (2004). Introductory Statistics. Elsevier Academic Press. (Or a similar textbook appropriate for an undergraduate course in statistics).
- Bowers, N.L; Gerber, H.U.; Hickman, J.C.; Jones, D.A.; Nesbitt, C.J. (1986). Actuarial Mathematics. The Society of Actuaries, Itacsa, Illiniois. Chapters 3,4,5,6 and 7.
The curriculum is interdisciplinary and is designed for students with a background in either mathematics or economics.
For specific admission requirements, click on the desired programme in the 'Choose your courses of study' section.
PRIOR EDUCATION REQUIREMENTS
* Holders of one of the following degrees obtain direct admission to the program:
Master in de verzekeringen from the Faculty of Economics and Business at KU Leuven, Campus Leuven.
Master of Mathematics from a Flemish university
Master of Statistics from a Flemish university
Master of Physics from a Flemish university
Master of Business Engineering from a Flemish university
Master of Business Engineering: Information Systems Engineering, from a Flemish university
Master of Engineering Science (except Architecture) from a Flemish university
* Holders of one of the following degrees have to submit a complete application file (see http://www.econ.kuleuven.be/eng/campusleuven/prospectivestudentshttp://www.econ.kuleuven.be/eng/campusleuven/prospectivestudents for the application procedure) , which is reviewed by the faculty on the basis of information provided by the applicant (see required documents):
The degrees mentioned above, obtained outside Flanders
Master of Insurance
Master of Economics
Master of Business Economics
Master of Applied Economics
Another university Master's degree in Economics, Business Studies or Mathematics
* All candidates are supposed to be thoroughly acquainted with the material considered in :
Bowers, N.L.; Gerber, H.U.; Hickman, J.C.; Jones, D.A.; Nesbitt, C.J., (1986). Actuarial Mathematics. The Society of Actuaries, Itacsa, Illinois. Chapters 3,4,5,6,7.
Ross, S.M. (2004). Introductory statistics. Elsevier Academic Press. (Or a similar textbook appropriate for an undergraduate course in statistics).
Ross, S.M. (2009). A first course in probability (8th edition). Prentice Hall. (Or a similar textbook appropriate for an undergraduate course in probability).
Further, also operational knowledge of differential and integral calculus for one and several variables, as well as linear algebra and matrix calculations is required.
PROOF OF PROFICIENCY IN ENGLISH
All applicants who are not directly admitted have to submit a satisfactory score on one of the following internationally recognized test of English language proficiency:
TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based)
IELTS (minimum score 7)
No other proficiency tests will be accepted.
An exemption from TOEFL or IELTS is only possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the USA: the certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English
OTHER REQUIRED DOCUMENTS
All applicants should provide the following documents:
certified copies of transcripts, degrees and, if available, a ranking indication
a GMAT- or GRE-score. A GRE- or a GMAT-test result above the 90th percentile on the quantitative part normally entails immediate admission, provided all other requirements are met as well.
two recommendation forms , filled out and signed, and mailed in a closed envelope signed over the lid by the referee to the Faculty of Economics and Business, Campus Leuven. Forms not provided in a closed envelope signed across the lid by the referee will be regarded as void. The recommendation forms can also be mailed directly by the referee to firstname.lastname@example.org.
a letter of motivation written and signed by the applicant, explaining the choice for Leuven and for this particular programme
The faculty evaluates all applications and has the final say on the admissibility of the applicant, taking into account the relevant information. Application files will not be processed as long as they are incomplete.
No work experience is required.
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