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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 the insurance sector.
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.
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 financial management 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).
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;
- have advanced insights in the actuarial aspects of life insurance, general insurance, risk theory as well as in the interrelationship and integration of actuarial sciences and financial mathematics;
- have a strong background in quantitative methods and financial models and will be able to select and apply those methods to problems that involve risk or uncertainty;
- dispose of enhanced analytical, critical, conceptual, problem solving and decision making capabilities and skills;
- have the ability to integrate actuarial, statistical and financial modelling techniques in order to arrive at effective solutions to problems occurring in insurance and financial practice;
- be able to conduct research, not only in an academic context, but also in view of a professional career;
- be able to stay up-to-date with the advances in actuarial sciences by following up and familiarizing with new insights, developments, results and methods;
- be able to communicate and report adequately on financial and actuarial topics.
The Faculty of Economics and Business participates extensively in the (intra-EU) Erasmus programme (with 65 partners) and has numerous agreements with leading universities outside the EU, including:
* o Wharton School of Business at the University of Pennsylvania
* (United States)
* o University of Illinois (United States)
* o Rochester University (United States)
* o University of British Columbia (Canada)
* o Queen's University (Canada)
* o Indian Institutes of Management Calcutta and Bangalore (India)
* o Chinese University of Hong Kong
* o City University of Hong Kong
* o Tsinghua University (China)
* o Fudan University (China)
* o University of Sydney (Australia)
* o University of Adelaide (Australia)
* o Stellenbosch University (South Africa)
* o Insper (Brazil)
* o Singapore Management University.
PRIOR EDUCATION REQUIREMENTS*
Applicants holding the degree of Master in de verzekeringen from the KU Leuven are immediately admitted.
* Other applicants with one of the following degrees have to submit a complete application file, which is reviewed by the Admissions Board on the basis of information provided by the applicant (see required documents):
o Master of Insurance
o Master of Statistics
o Master of Mathematics
o Master of Physics
o Master of Economics
o Master of Business Economics
o Master of Applied Economics
o Master of Business Engineering
o Master of Business Engineering: Information Systems Engineering
o Master of Civil Engineering
o Another university Master's degree in Economics, Business Studies or Mathematics
* All candidates are supposed to be thoroughly acquainted with the material considered in : o 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.
o Ross, S.M. (2004). Introductory statistics. Elsevier Academic Press. (Or a similar textbook appropriate for an undergraduate course in statistics).
o 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. For more information about the prerequisites for this programme.
PROOF OF PROFICIENCY IN ENGLISH
All applicants 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
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, downloadable here, filled out and signed, and mailed in a closed envelope signed over the lid by the referee to the Faculty of Economics and Business. 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 email@example.com.
- a letter of motivation written and signed by the applicant, explaining the choice for Leuven and for this particular programme
The Admissions Board 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.
|TOEFL paper-based test score:||575|
|TOEFL computer-based test score:||233|
|TOEFL iBT® test:||90|
Scholarship and funding opportunities
* Central bilateral agreements - Grants for Phd students and staff
* FWO Research Funding
* DBOF - PhD Scholarships
* F+ - Fellowships for incoming postdocs
* AXA Research Fund
NON - EU
* Roger Dillemans Fund
* Coimbra group Scholarships programme for young researchers and professors from Latin America
* Coimbra Group Hospitality Scheme (Ukraine and Balkans)
* Coimbra Group scholarships Programme for Young Researchers from European Neighbouring Countries
* Coimbra Group scholarships Programme for Young African researchers
* Erasmus Mundus Partnerships
* FWO Research Funding
* Doctoral Scholarships in the framework of the Interfaculty Council for Development Cooperation
* Travelling allowances for teaching staff and professors in the framework of the Interfaculty Council for Development Cooperation
* Specialisation grants for researchers from developing countries
* VLIR-UOS Scholarships for short training programme ITP (developing countries)
* VLIR-UOS Scholarships for Master Programmes ICP (developing countries
* VLIR-UOS Scholarships for ICP PhD students
* Science without Borders Brasil (2012-2014)
* Belgian bilateral cooperation grants for study and training for nationals of partner countries
(Algeria - Benin - Bolivia - Burundi - DR Congo - Ecuador - Mali - Morocco -Mozambique - Niger Palestinian Territory - Peru - Rwanda - Senegal -South Africa - Tanzania - Uganda Vietnam)
* DBOF - PhD Scholarships
* F+ - Fellowships for incoming postdocs
* Latin America Fund
* EU-ALFA III (Latin-America)
* EU-ACP (Africa, Carribean and Pacific)
* EU-SARC (South Asia)
* EU-SARC (South-East Asia)
* EU Central Asia
* EU ENPI (Neighbourhood and Russia)
EU Central Asia
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