Quantitative Finance and Actuarial Science, M.Sc.

  • Application Deadline
  • 12 months
  • English (book IELTS)
University rank #195 (WUR) ,
If you are interested in mathematics and finance and you want to learn how to use mathematics and statistics to solve real financial and actuarial problems, the Master's program in Quantitative Finance and Actuarial Science at Tilburg University is the program for you.


The Master's program in Quantitative Finance and Actuarial Science at Tilburg University 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 in which:

  • 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.

Delve into these 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.

The Master's program in Quantitative Finance and Actuarial Science offers you:
  • 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. 
  • Great career prospectsThe Master’s program in Quantitative Finance and Actuarial Science is one of the programs with the best career prospects. Graduates find work easily, often before graduation, and they earn above average. They work as, for instance, risk management consultants, actuaries or investment analysts. More about the excellent career prospects.
  • Customized learningWith a wide range of optional electives available including the possibility to follow courses from the Master's program in Finance or to customize your degree with a specialization in Pensions, Aging and Retirement. 
  • Ideal stepstone to become a fully qualified actuaryAfter graduation you are eligible to apply for the part-time Executive Master in Actuarial Science offered the Dutch Actuarial Institute. 
  • Teaching by leading international academicsGiving you a tool-kit of highly practical skills you can apply throughout your entire financial career.

    According to the latest Times Higher Education ranking Tilburg University is #1 in the Netherlands and #3 in Europe in the field of Economics and Business.

Future jobs

Your Master's degree in Quantitative Finance and Actuarial Science from Tilburg University will open up extensive career opportunities for you in the private sector, as well as in the public and non-profit sectors.

Graduates of our program currently pursue successful careers at:

  • Banks
  • Insurance companies
  • Pension funds
  • Consulting agencies
  • Trading firms
  • Corporate treasuries and risk control departments
  • Regulatory institutions and government bodies.


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.

Programme Structure

Semester 1: September - December
Core courses (cluster A):
  • Empirical Finance
  • Life Cycle Investment and Pension SystemsFormerly Pension System Design
  • Valuation and Risk ManagementFormerly Financial Models
  • Electives QFAS (cluster B)
  • MSc Thesis QFAS (if you start in February)
Semester 2: January - June
Core courses (cluster A):
  • Asset Liability Management (Unit 3)
  • Data Science Methods (Unit 3)
  • Issues in Finance and Insurance
  • Electives QFAS (cluster B)
  • MSc Thesis QFAS (if you start in September)

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 12 months
  • Credits
    60 ECTS
  • Languages
    • English
  • Delivery mode
    On Campus

English Language Requirements

You only need to take one of these language tests:

  • Minimum required score:


    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Book IELTS
  • Minimum required score (Grade C):


    The CAE test – or the Cambridge Advanced English – is an exam for applicants who wish to get a Certificate in Advanced English. To receive the Advanced certificate, test-takers must score between 142 and 210 on the Cambridge English: Advanced test. Read more about CAE.

    Note: degree programmes and applications may require a more specific minimum score for admission.

  • Minimum required score:


    The TOEFL – or Test OF English as a Foreign Language – offers a paper-based test (PBT). The final, overall PBT score ranges between 310 and 677, and is based on an average taken from the three test components (listening, structure, and reading). The writing part of this test is scored separately on a scale of 0-6. Read more about TOEFL (PBT).

  • Minimum required score:


    The TOEFL – or Test Of English as a Foreign Language – offers an internet-based test (iBT). The final, overall iBT score ranges between 0 and 120, and includes a scaled average from the four components (reading, listening, speaking, and writing). Read more about TOEFL (iBT).

Academic Requirements

  • This programme accepts GRE® scores, however, has not provided a recommended or minimum required score range.

    The GRE® General Test is a widely administered admissions test that measures the skills needed in today's graduate and business school programs worldwide. The GRE® General Test contains three sections - Verbal Reasoning, Quantitative Reasoning, and Analytical Writing. Three scores are reported: a Verbal Reasoning score on a 130 - 170 score scale in one-point increments, a Quantitative Reasoning score on a 130 - 170 score scale in one-point increments, and an Analytical Writing score on a 0 - 6 score scale in half-point increments. Read more about the GRE® General test.

  • Copy / scan of your valid passport.
  • Certified copy of your Bachelor's and/or Master's degree*, includinga) Transcript of Records/list of grades.b) Short description of all the courses undertaken *If you still need to graduate, you should submit the expected graduation date
  • GMAT / GRE test results.
  • English proficiency test results (TOEFL; IELTS; Cambridge Proficiency).
  • Statement of purpose (motivation letter).

  • Resume / Curriculum vitae.

Tuition Fee

  • International Applies to you

    14600 EUR/year
    Tuition Fee
    Based on the original amount of 14600 EUR per year and a duration of 12 months.
  • EU/EEA Applies to you

    2060 EUR/year
    Tuition Fee
    Based on the original amount of 2060 EUR per year and a duration of 12 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Tilburg

  • 700 - 1100 EUR/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


Tilburg University offers scholarships for both prospective and current students.

At Tilburg University we are committed to financially supporting talented and motivated students. Below you will find a short description and a link to various types of scholarships which can help you finance your studies at Tilburg University.

Please note that the number of scholarships are limited and mainly targeted at students with excellent study results. We therefore recommend you to carefully read the requirements and observe the deadlines. 

StudyPortals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

The Global Study Awards: get funded with up to £10,000 to study abroad

Together with the ISIC Association and British Council IELTS, StudyPortals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.