Master of Science in Financial and Actuarial Engineering

  My profile | Admission requirements | Study programme | Assets | Career prospects | More information | Application

Fact sheet

The Master's

Providing up-to-date, sound and advanced financial, actuarial and statistical skills, the Master of Science in Financial and Actuarial Engineering curriculum offers an intensive advanced one-year programme for university graduates interested in a career in the insurance sector. You will gain an understanding of current and future problems and solutions in insurance and banking. This discipline focuses on the application of quantitative methods to problems involving risk or uncertainty. You will 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, risk theory as well as into financial mathematics and the interrelationship and integration of actuarial sciences and finance. The programme draws on over sixty years of experience and international recognition.The research team that focuses on risk theory, finance and statistics has a strong research profile and is ranked in 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 and in collaboration with Université Catholique de Louvain.

My profile

Prospective students should be interested in a career in the actuarial and/or financial sector. Given the quantitative nature of actuarial sciences, a sound mathematical background is indispensable. Candidates should have sufficient knowledge of probability theory, statistics and scientific computing. As a result of its interdisciplinary approach, the curriculum is designed for students with a background in either mathematics or economics.

Admission requirements

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Study programme

The programme starts mid-September. The academic year is divided into two semesters, each consisting of 13 teaching weeks, followed by exam revision and exams. In addition to the Master’s thesis (15 credits), the programme consists of six core courses and five elective courses, from which students select two.

The MFAE programme has been a valuable addition to my education. It helped me to develop the strong mathematical and business skills required in actuarial practice. Another advantage is the possibility to combine coursework with an intern ship, which allows you to gain work experience in a particular area of actuarial practice. This really helped me make an informed career choice. While completing the MFAE programme, I also gained an understanding of other cultures, because participants represented many different nationalities. If you are considering enrolling, you should enjoy solving both mathematical and financial problems; you should also be able to work independently and as part of a team. You will certainly not regret choosing this programme.
- Peggy Van de Perre, MFAE graduate, Infact N.V.

To a detailed overview of the programme

Assets

One of the faculty’s most important assets is its vast national and international network. We maintain strong links with the business and financial community by organising regular workshops with industry leaders and the European Commission, situated only 30 minutes from our campus. Many of our alumni work at European institutions, and many of the department’s staff members act as advisers to various European bodies and international companies. The student association, Ekonomika, is equally active via its Business-to-University lecture programme. Our Alumni network offers excellent communication channels and networking opportunities with leading figures in industry and politics.

We have a wide international student exchange network as well. Not only do we participate extensively in the (intra-EU) Erasmus programme (with 65 partners), we also have numerous agreements with leading universities outside the EU, e.g. the Wharton School of Business (University of Pennsylvania), the University of Chicago, Cornell University, the University of Illinois and Rochester University in the United States, the University of British Columbia,
Queen’s University, the University of Toronto and the Université de Montréal in Canada, the Indian Institutes of Management Calcutta and Bangalore in India, the Chinese University and the City University of Hong Kong, Beida, Tsinghua and Fudan in China, Chulalongkorn University in Thailand, National Taiwan University, Seoul National University in South-Korea, Queensland University of Technology Brisbane and the University of Sydney in Australia, Stellenbosch in South Africa, Insper in Brazil, Esan in Peru, the University of Monterrey in Mexico and the Singapore Management University.

The Faculty of Science is one of KU Leuven’s oldest faculties. Close collaboration between its departments results in a research-oriented atmosphere. The Faculty of Science promotes high-quality teaching based on its interdisciplinary research tradition.

Career prospects

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. The main employers are 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, or consulting and audit companies. The government also provides diverse career opportunities, for instance in social security or economic affairs departments. Graduates holding both the degree of Master of Science in 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).

The MFAE programme has been a valuable addition to my education. It helped me to develop the strong mathematical and business skills required in actuarial practice. Another advantage is the possibility to combine coursework with an
internship, which allows you to gain work experience in a particular area of actuarial practice. This really helped me make an informed career choice. While completing the MFAE programme, I also gained an understanding of other cultures, because participants represented many different nationalities. If you are considering enrolling, you should enjoy solving both mathematical and financial problems; you should also be able to work independently and as part of a team. You will certainly not regret choosing this programme.
- Peggy Van de Perre, MFAE graduate, Infact N.V.

Application

More information on how to apply