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Master in Actuarial and Financial Science

Graduate School of Business

Direction
Prof. Margarita Samartin Saenz
Deputy Direction
Prof. Pedro José Serrano Jiménez
Coordination
Prof. Jose Miguel Rodríguez-Pardo
Language
Spanish
Attendance
On-campus
Credits
120
Campus
Madrid - Puerta de Toledo
Applications

Open

☛  Places available: 60

Departments
Business Administration, Department of Statistics

MORE INFORMATION HERE

For more information click on the link and contact us

 

APPLICATION FOR ADMISSION

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  • Inicio

    The Master in Actuarial and Financial Sciences (MCAF) is a full time official master's program offered by Universidad Carlos III de Madrid. The Master in Actuarial and Financial Sciences consists of 120 ECTS credits distributed over two academic year, each with two terms. 90 of this total number of credits are compulsory subjects, 18 cover external work placements and 12 are allocated to the master thesis dissertation. The program covers range of subjects, providing students with a solid conceptual basis in finance and insurance, supported by an eminently practical component.

    The main aim of the Master in Actuarial and Financial Sciences is to train Insurance Actuaries who will also act as professionals with a solid knowledge basis in the field of finance. This differential factor of the master's studies is that it provides students with the proper skills to understand the financial sector. These skills can also be applied to the area of insurance, creating professionals with a sound and comprehensive education in their field of interest.

    The program is able to take advantage of the excellent research facilities at Universidad Carlos III and the international reputation of its teachers who work full time on the course and who regularly publish their work in leading academic journals. Our staff also includes acknowledged experts in the field of insurance due to our institution's ongoing contact and collaboration with the insurance market.

     

     

    Logotipo Society of Actuaries (SOA)

    The Master in Actuarial and Financial Sciences has been recognized by the UCAP list of the SOA (Universities & Colleges with Actuarial Programs), composed of the best universities in the world.

    (See the full article in THE PROFESSION tab)

    reasons to study master in actuarial and financial science

    │MASTER IN NUMBERS

    • 1st official master of Actuarial Sciences accredited by ANECA
    • 45 students per course
    • 100% job placement
    • 120 ECTS

     

    Link button to more information page of the master

  • PROGRAM
  • FACULTY

    UC3M FACULTY

    • BALBAS DE LA CORTE, ALEJANDRO
      Department of Business Economics
      Full Professor
      PhD in Mathematics - UCM
    • BENITO OSMA, FÉLIX
      Department of Private Law
      Assistant Professor
      PhD in Law - UC3M
    • CASTRO JUAN, JOSE MANUEL
      Department of Business Economics
      Assistant Professor
      Actuarial Director
      ING NATIONALE-NEDERLANDEN
    • CUERNO DÍAZ, PABLO
      Department of Business Economics
      Assistant Professor
      Actuarial manager
      AM TRUST EUROPE LIMITED
    • LLEDO BENITO, JOSEP
      Department of Statistics
      Assistant Professor
      PhD in Statistics - UV
      REALE SEGUROS
    • LORENZO ROMERO, CELIA DE
      Department of Public Law of the State
      Assistant Professor
      Arbitro ICAM
      REPSOL, SA
    • PEÑA SÁNCHEZ DE RIVERA, JUAN IGNACIO
      Department of Business Economics
      Full Professor
      PhD in Economics - UAM
    • PÉREZ, JESÚS
      Department of Business Economics
      Assistant Professor
      Financial and actuarial consultant
      ACTUARIOS Y SERVICIOS FINANCIEROS, S.L.
    • RODRÍGUEZ - PARDO DEL CASTILLO, JOSE MIGUEL
      Department of Business Economics
      Assistant Professor
      PhD in Business and Economicss - UCM
      PhD in Biomedicine and Health Sciences - U.E.M.
      President of the School of Actuarial and Financial Practice of the Institute of Spanish Actuaries
      President of the School of Culture and Economics of Aging Thought
      Ex- Director General en BBVA Seguros, para España y Portugal
    • SAMARTÍN SAENZ, MARGARITA
      Department of Business Economics
      Associate Professor
      European Doctorate in Quantitative Economics - CORE (Universidad Católica de Lovaina, Belgium)
    • SÁNCHEZ CAMPOS, ÓSCAR MANUEL
      Department of Business Economics
      Assistant Professor
      Director of Accounting and Finance
      XELTEC VIDEO S.L.
    • SERRANO JIMÉNEZ, PEDRO JOSÉ
      Department of Business Economics
      Visiting Professor
      PhD in Quantitative Finance - Universidad del País Vasco (Bilbao)
    • SIMÓN DEL POTRO, JESÚS RAMÓN
      Department of Business Economics
      Assistant Professor
      PhD engineer of weapons and expert on fluid mechanics
      Actuary
      Director of the Department of Applied Sciences for Military Engineering
      ESCUELA POLITÉCNICA SUPERIOR DEL EJÉRCITO
    • USABEL RODRIGO, MIGUEL ARTURO
      Department of Business Economics
      Associate Professor
      PhD in Financial Economics and Actuarial - UCM
    • VALENZUELA, RENÉ ​
      Department of Statistics
      Assistant Professor
      Data Scientist
      PROSEGUR
    • VELILLA CERDÁN, SANTIAGO​
      Department of Statistics
      Full Professor
      Ph.D in Statistics and operational Research - UCM

    EXTERNAL FACULTY

    • SAEZ DE JAUREGUI, LUIS MARÍA
      PhD in Applied Economics - UNED
      Collegiate actuary and practicing lawyer
      Member of the Committee of Presidents of the Institute of Spanish Actuaries
      Member of the Insurance Advisory Board of the Ministry of Economy
      Member of Executive Committee of AXA Spain
  • ADMISSION
    • ADMISSION

      Application

      The request is made electronically through our application. Before starting the admission process it is important to consult the supporting information that we offer below:

      Requirements

      Proof of a degree or equivalent qualification.

      In addition, the committee can decide on the admission of students to the Master in Actuarial and Financial Sciences, establishing the minimum prerequisites based on their first degree studies.

       

      PREREQUISITES

      • FINANCIAL ECONOMICS AND ACCOUNTING - 6 ECTS
      • MATHEMATICS (ALGEBRA AND CALCULUS) - 12 ECTS
      • STATISTICS  -  6 ECTS
      • ECONOMIC THEORY (MICRO AND MACRO)  - 6 ECTS

      Prior to the start of every academic year the committee will establish the form and manner in which the above entry requirements can be established.

       

      Admission criteria

      Admission to the programme will be based on the decision of the academic committee which will assess each candidate’s potential, taking into account their motivation and the merits of the documentation accompanying their application:

      ADMISSION CRITERIA %
      Official academic records 50%
      Curriculum vitae 20%
      Grades and quality of the University of origin 10%
      Satisfactory command of English and Spanish languages at Level B2 20%

      Language requirements

      Check the general language requirements required to study a Master’s at UC3M, depending on whether it is in Spanish, English or bilingual.

      students with foreign university degrees

      Once admitted to the Master’s, students with university degrees issued by a higher education institution belonging to an educational system outside the EHEA, must provide, for enrolment, the diploma, legalized by diplomatic procedures or by means of The Hague Apostille. They must also submit the transcript of records, with the grade point average, duly legalized.

      More information about Legalization of Foreign Documents.

      If needed, documents must be accompanied by an official sworn translation into Spanish.

    • ENROLLMENT

      FEES *

      2019-2020 Academic year

       

      • Reservation fee: €450 (It will be paid once the student receives notification of admission to the master’s, and deducted from the first tuition payment)

      60 ECTS in the first academic year:

      • EU students: €4,800 (€80/ECTS credit)
      • Non EU students: €7,200 (€120/ECTS credit)

      * Pending approval by the Regional Government of Madrid for 2019/2020

       

      ✎│Programme’s fees


      NOTE: The enrolment fees do not include the cost of issuing the master’s degree certificate.

      Additional information

      • You may enrol on the master’s degree after completing the admission process and receiving formal confirmation of your acceptance.
      • When performing the enrolment you can choose between Full-time enrolment or Part-time enrolment.
      • The email address provided upon enrolment will be used for formal communications; students are therefore kindly requested to check their mail regularly.
      • Pursuant to the regulations of the Universidad Carlos III de Madrid, a student failing to pay any part of the fees will not be admitted and the enrolment process will be terminated. In cases of cancellation of enrolment due to non-payment, the University may demand the payment of the pending amounts for enrolment in previous academic courses as a prior condition of enrolment.
        No diploma or certificate will be issued if a student has any outstanding payments.

      ✎│Enrolment master’s programmes

      ✎│ECTS credits recognition

  • SCHOLARSHIPS

    FUNDACIÓN CAROLINA EDUCATION PROGRAM

    CALL FOR SCHOLARSHIPS 2019/20 │ CLOSED

    The Fundación Carolina has opened its call for scholarships for the academic year 2019-2020 exclusively directed to students from all Latin American countries to complete their education in Spanish universities and study centres.

    • Number of scholarships: 3
    • Deadline to apply for the scholarship: March 7, 2019

    [+] information
     

    Logotipo Fundacion Carolina

    General information on grants and scholarships

    For more information on specific grants of interest awarded by UC3M and by other agencies or organisations.

    🎓 Grants to study a University Master’s

  • PRACTICAL INFORMATION

    titulo cabecera para sección horario del master

    MASTER’S COURSE SCHEDULE

    Check the Master’s schedule (Academic Year 2019/2020)

    0 Courses: Matlab and R - algebra and mathematical calculation

    titulo cabecera para sección secretaría virtual

    VIRTUAL SECRETARIAT

    Access to Virtual Secretariat

    titulo cabecera para seccion recursos materiales del máeter

    Material Resources of the programme

    Madrid - Puerta de Toledo Campus

    titulo cabecera para sección quejas, reclamaciones y sugerencias

    complaints and suggestions

    General Registry Office

    OPINA system

    icono cabecera para sección empleo y practicas

    Employability

    Access to Employment and internships

  • THE PROFESSION

    In Spain, the actuarial profession dates back to 1908 although it was in 1917 that the first qualification for Actuarial Teaching in Spain was first awarded.

    La Real Academia Española de la Lengua defines the Actuary as: “A person versed in mathematical calculations and statistical, legal and financial knowledge concerning insurance and its regulation that advises insurance companies and acts as an expert in their operations”.

    The Spanish Actuaries Institute regulates the profession of Actuary, with a degree qualification which legally qualifies actuaries to quantify economic risks of all kinds, based on a deep knowledge of statistics and finance, and with exclusive competences granted under law.

    Their functions and duties include: quantification of insurance premiums, amounts that Insurance companies or banks have available in order to hedge their risks in a solvent manner, risks of Pension Funds or those risks assumed by Social Security.


    Consult the professional job opportunities open to graduates of the Master’s degree in Actuarial Sciences.

     

    FUNCTIONS

    In order to effectively fulfil their duties, actuaries should have extensive knowledge of:

    • Mathematics, Economics, Finance, Demography, Probability and Statistics.
    • Programming and software development in order to implement systems relating to field of actuarial work. Risk modelling and simulation
    • Optimisation of industrial and financial models.

    In order to provide a greater understanding of the scope of the actuarial profession, international regulations in the field of insurance have taken into account the following functions:

    • Coordinating the calculation of technical provisions.
    • Ascertaining the adequacy of the methodologies and underlying models used, as well as the hypotheses used in the calculation of technical provisions.
    • Evaluating the sufficiency and quality of data used in calculating technical provisions.
    • Comparison of  the calculation of technical provisions with the earlier experience
    • Informing the administrative authority of the reliability and adequacy of calculation of technical provisions.
    • Supervising calculation of technical provisions in cases in which as there is no precise data, where approximations are used including a case by case approach in relation to calculation of the best estimation of the technical provisions.
    • Pronouncing on the general policy of subscription
    • Pronouncing on the adequacy of reinsurance agreements
    • Contributing to the effective application of the risk management system, in particular with regard to the risk modelling on which calculation of the capital requirements is based, and the internal evaluation of risks and solvency.
    • Furthermore, actuarial duties will be performed by those who have sufficient knowledge of actuarial and financial mathematics, in accordance with the nature, volume and complexity of the risks inherent in the activity of the insurance or reinsurance business, and who can attest to having the appropriate experience in accordance with professional regulations and other applicable rules.

    NEWS

    ACTUARY IS A PROFESSION FOR THE FUTURE

    The profession of actuary is considered as one for which there will be considerable demand in the coming years. Its specialisation in statistical models applied to risk is being increasingly valued in sectors not normally connected with the traditional fields of insurance, banking, pensions, consulting and the government.

    A recent article published in the journal The Week in September 2013 listed the six most profitable professions for the future. The author Thomas Frey, included the profession of actuary as one of the six jobs which will be most demanded and with the best prospects for the future.

     In referring to actuaries, the article states that "they earn an average salary in the United States of 87,650 $, and the Department of Employment predicts that a growth in employment will increase by 27% over the next seven years. According to Frey, the skills of an actuary "may take many different career paths”. Although insurance companies usually use the services of actuaries, Frey predicts that these professionals will soon be entering the medical industry.


    ✎│ Journal The Week. September 19, 2013
     

    The prestige attained by the Master in Actuarial and Financial Sciences at the University Carlos III has led to its singular recognition in the insurance market. The skills and abilities acquired by actuaries, graduated in this University, enable them to enter the job market at senior levels.

    LISTA UCAP DE LA SOCIETY OF ACTUARIES

    El Máster en Ciencias Actuariales y Financieras de la Universidad Carlos III, ha sido reconocido por la UCAP list de la SOA (Universities & Colleges with Actuarial Programs) que recoge, a nivel mundial, a aquellas universidades cuyos programas académicos cumplen con los criterios exigidos por los exámenes SOA.

    En el caso de España, para acceder a la profesión de actuario es necesario completar un máster oficial como el MCAF de la UC3M, que te habilita como actuario tras colegiarte en el Instituto de Actuarios Españoles. Esto es así en España, sin embargo, la fórmula tradicional es acceder a la profesión mediante la superación de exámenes propuestos por organizaciones actuariales.

    En este sentido, SOA (Society of Actuaries) es la mayor organización de actuarios del mundo con más de 30.000 asociados, cuyos exámenes, son requisito indispensable para asociarte y trabajar como actuario en Estados Unidos y Canadá entre otros países del mundo. La consecución del rango de asociado del SOA se obtiene tras superar 6 exámes, que normalmente están distribuídos a lo largo de 6 años de estudios.

    Esta lista, está compuesta por las mejores universidades del mundo, por lo que es un punto de referencia en la búsqueda de programas actuariales para futuros alumnos y nos coloca al frente de España como referencia, al haber sido reconocidos cuatro de seis exámenes, estando los otros dos en proceso de solicitud de reconocimiento.

    Los beneficios de pertenecer a esta lista, además de los descritos anteriormente, son:

    1. Acceso a tres becas anuales para la inscripción de nuestros alumnos en tres exámenes SOA valorados entre $225 y $1125 USD.
    2. Becas para la investigación sobre temas de índole actuarial
    3. Materiales de estudio por valor de $500 USD.
    4. Financiación para eventos del SOA en el campus de la universidad.
    5. Ayudas para gastos de viaje de hasta $500 USD para la asistencia a conferencias del SOA.
    6. Programas de tutor del SOA donde asignan a sus estudiantes a un profesional con experiencia.
    7. Red de networking.