M.Sc. Quantitative Finance and Actuarial Science

Tilburg University

Application deadline: August intake: July 1; Non EU: April 1; January intake: October 1
Tuition fee:
  • € 1,951 / Year (EEA)
  • € 13,000 / Year (Non-EEA)
Start date: August  2015, January  2016
Credits (ECTS): 60 ECTS
Duration full-time: 12 months
  • English
Delivery mode: On Campus
Educational variant: Full-time

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Investors weigh risks against returns; insurers limit their risks by calculating the appropriate premiums; option traders balance their books by calculating the sensitivities of their positions with respect to the relevant risk factors.

The Master's program in Quantitative Finance and Actuarial Science takes the critical field of risk management as its central theme, examined through the lens of quantitative models. Taught by the leading international academics of Tilburg University, content reflects the forefront of world developments. Delve into the challenging worlds of continuous time finance, empirical applications, and the actuarial sciences of risk theory and asset liability management - giving you a tool-kit of highly practical skills you can apply throughout your entire financial career.

A Tilburg University Master's program in Quantitative Finance and Actuarial Science offers:

* The best preparation for a career in the arena - with a Tilburg University Master's degree recognized for its combined academic rigour and industry relevance.
* Customised learning with a wide range of optional electives available including the possibility to follow courses from the Master's program in Finance or to customise your degree with a specialisation in Pensions, Aging and Retirement.
* The possibility for students, who completed the Master's program in Quantitative Finance and Actuarial Science and continue in the insurance and pensions industry, to make use of the part-time Executive Master in Actuarial Science offered by TiasNimbas and the Dutch Actuarial Institute. This is a part-time program that leads to the degree of fully qualified actuary (Actuaris AG).
* Research-Based Learning. From the start, we teach you how to conduct research and how to apply it. You will be taught to directly link theory to practice: thinking and doing always go together.

* Expansive career opportunities in a broad array of directions. Our students go on to pursue successful careers everywhere from large financial institutions to regulating institutions (central banks).

Rankings# 1 in the Netherlands and #10 in Europe in Economics & Econometrics - QS World University Rankings
# 7 in Europe in Economics & Business - Academic Ranking of World Universities


The program consists of 60 Credits (ECTS), equivalent to 1680 hours of study, offered over two semesters. The first semester starts in September, with exams in December and January. The second semester runs from January to June, but is divided in two. From January to March, you will take varying courses.

From April on, you will be able to focus on writing your Masters thesis.

Cluster A (24 ECTS)

Four courses should be selected from the following list of courses:

* Financial Models
* Empirical Finance
* Pension System Design*
* Asset Liability Management*
* Issues in Finance and Insurance
* Dynamic Real Investment

Cluster B (12 ECTS)

Two courses should be selected from the following list of courses:

* The core course, not selected above
* Microeconometrics
* Panel Data Analysis of Microeconomic Decisions
* Nonlinear and Robust Optimization
* Simulation
* The Economics and Finance of Pensions*
* Management Science
* Dynamic Models and their Applications
* Games and Cooperative Behavior
* Other courses, to be approved by the examination committee

Cluster C (6 ECTS)

One course can be chosen from all TiSEM Masters courses, provided that this course has no overlap with the courses mentioned in Clusters A and B above. This course has to be approved by the examination committee.

Master's thesis (18 ECTS)

The Master's thesis should be written on a subject in the field of QFAS. To obtain the Netspar certificate, the Master's thesis should be written on a Netspar related topic.


In order to have access to the Master's programme in Quantitative Finance and Actuarial Science, candidates must meet two entry requirements: a Bachelor´s degree in Econometrics or a similar programme from a university that is recognised by the Admission Board, and proficiency in English.

We require you to have a solid academic background in mathematics and statistics and some knowledge of finance.

In order to get an idea of the required mathematical and statistical level, you could review the following literature:

* L.J.Bain & M.Engelhardt, Introduction to Probability and Mathematical Statistics, Duxbury, 2nd edition (1992).
* Sydsaeter, K. and P. Hammond, Essential Mathematics for Economic Analysis, Pearson Education (2002).
* D.C. Lay, Linear Algebra and its Applications, Addison-Wesley, Second Edition, Amsterdam, (1997).

Upon request, the Admission Board may grant the opportunity to rectify deficiencies during the Master´s programme.

Proficiency in English is required. Students who did their Bachelor´s in the Netherlands, native English speakers and applicants with a Bachelor´s degree from a programme entirely in English are admitted without test. All other students should have a minimum Academic IELTS score of 6.5 overall (6.0 minimum on parts), or, alternatively, a minimum TOEFL score of 575 (paper test) or 233 (computer test) or 90 (Internet based test) is necessary. Scores on separate parts are also evaluated, since candidates must possess good reading, writing, and oral skills. In addition, candidates need to submit an above average GRE test score.

The following characteristics are not required:

* Candidates with work experience are welcome, but work experience is not a prerequisite to enter the programme.
* Proficiency in Dutch or any other language apart from English.

If you meet these requirements, you have a good chance of being accepted.

English Language Requirements

IELTS band: 6.5
TOEFL paper-based test score : 575
TOEFL iBT® test: 90



All programs at Tilburg University are internationally benchmarked and accredited by:

* the NVAO in the Netherlands.
* the Association To Advance Collegiate Schools of Business (AACSB) internationally

Furthermore we belong to the European top 10 in Economics & Business according to the Academic Ranking of World Universities.


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