Cookie usage policy

The website of the University Carlos III of Madrid use its own cookies and third-party cookies to improve our services by analyzing their browsing habits. By continuing navigation, we understand that it accepts our cookie policy. "Usage rules"

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, Statistics

MORE INFORMATION HERE

For more information click on the link and contact us

 

APPLICATION FOR ADMISSION

» Access your master

Use your 4 digit password to complete your application.

  • 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.

     

    foto de alumnas asistiendo a una clase

    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.
      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 Economics - 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 program 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 language requirements of the generic language required to study for a Master at UC3M, depending on whether it is in Spanish, English or bilingual.

      students with foreign university degrees

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

      More information about Legalization of Documents.

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

    • ENROLLMENT

      Program Price *

      Course 2019-2020

       

      • Reservation fee: €450 (It will be paid once the student receives notification of admission to the master, 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 Community of Madrid for the course 19/20

       

      ✎│Programs fees


      NOTE: The price of enrollment does not include in any case the rate of expedition of the Master Degree Certificate.

      Additional information

      • You can register on the Master’s degree program when you have finished the application admission process and you have received your acceptance.
      • When performing the enrollment you can choose between  Full-time enrollment or Part-time enrollment.
      • The email address which the University provides to the student upon enrollment will be used principally for communications with said student. For this reason, it is essential that it be actualized and periodically consulted.
      • Failure to make payment shall result in non-admission or termination of enrollment according to that established by the University. In case of annulment of registration because of failure to make payment, Universities can demand payment for previous enrollment in earlier academic years as a previous condition for enrollment.
        Universities shall not issue a diploma or certificate when a student has payments of any kind pending.

      ✎ Enrollment master's programs

      ✎ ECTS credits recognition

  • SCHOLARSHIPS

    FUNDACIÓN CAROLINA TRAINING PROGRAM

    CALL FOR SCHOLARSHIPS 2018/19

    The Fundación Carolina has opened its call for scholarships for the academic year 2018-2019 exclusively directed to students from all Latin American countries to complete their training in Spanish universities and study centers.

    • No. of scholarships: 3 financial aids for study
    • Deadline to apply for the scholarship: March 20, 2018

    [+] information
     

    Logotipo Fundacion Carolina

    General Information about grants and scholarships

    You can find more information about scholarships of UC3M and other agencies or entities.

    Financial aid/scholarships for graduate programs

  • PRACTICAL INFORMATION
  • 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.

     

    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.

     

    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.

     

    The Week. 19 September 2013

    http://theweek.com/article/index/249744/6-lucrative-jobs-of-the-future

    • 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.