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

Imagen presentación del máster
Direction
Prof. Margarita Samartin Saenz
Deputy Direction
Prof. Pedro José Serrano Jiménez
Language
Spanish
Attendance
On-campus
Credits
120
Campus
Madrid - Puerta de Toledo
Applications

Closed

☛  Places available: 45

Departments
Business Administration Department, Statistics Department

CONTACT

Click here and make your query

 

APPLICATION FOR ADMISSION

» Access your master

If you do not remember your password you can access our application to create a new one.

  • 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 SOA recognizes UC3M's Master in Actuarial and Financial Sciences as the highest possible category on the UCAP list (Universities & Colleges with Actuarial Programs).

    (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

  • CURRICULUM
  • FACULTY

    UC3M FACULTY

    • BALBAS DE LA CORTE, ALEJANDRO
      Department of Business Economics
      Full Professor
      PhD in Mathematics - UCM
      Brief CV
    • BENITO OSMA, FÉLIX
      Department of Private Law
      Assistant Professor
      PhD in Law - UC3M
      Brief CV
    • CALDERÓN PÉREZ, RAQUEL
      Department of Business Economics
      Assistant Professor
      Assistant to Management in the No Vida Actuarial Area at MAPFRE ESPAÑA
    • CASTRO JUAN, JOSE MANUEL
      Department of Business Economics
      Assistant Professor
      Actuarial Director
      ING NATIONALE-NEDERLANDEN
      Brief CV
    • CERVIGÓN, JUAN JOSÉ
      Department of Statistics
      Assistant Professor
      PhD in Economic Sciences
      State Statistician
      INSTITUTO NACIONAL DE ESTADÍSTICA
      Brief CV
    • CUERNO DÍAZ, PABLO
      Department of Business Economics
      Assistant Professor
      Actuarial manager
      AM TRUST EUROPE LIMITED
      Brief CV
    • GARCÍA GARCÍA, FAUSTINO
      Department of Public State Law
      Assistant Professor
      Partner of the firm CAÑADAS ABOGADOS
      Brief CV
    • PEÑA SÁNCHEZ DE RIVERA, JUAN IGNACIO
      Department of Business Economics
      Full Professor
      PhD in Economics - UAM
      Brief CV
    • PÉREZ, JESÚS
      Department of Business Economics
      Assistant Professor
      Financial and actuarial consultant
      ACTUARIOS Y SERVICIOS FINANCIEROS, S.L.
      Brief CV
    • 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
    • SAEZ DE JAUREGUI, LUIS MARÍA
      Department of Business Economics
      Assistant Professor
      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

      Brief CV
    • SAMARTÍN SAENZ, MARGARITA
      Department of Business Economics
      Associate Professor
      European Doctorate in Quantitative Economics - CORE (Universidad Católica de Lovaina, Belgium)
      Brief CV
    • SÁNCHEZ CAMPOS, ÓSCAR MANUEL
      Department of Business Economics
      Assistant Professor
      Director of Accounting and Finance
      XELTEC VIDEO S.L.
      Brief CV
    • SERRANO JIMÉNEZ, PEDRO JOSÉ
      Department of Business Economics
      Associate Professor
      PhD in Quantitative Finance - Universidad del País Vasco (Bilbao)
      Brief CV
    • USABEL RODRIGO, MIGUEL ARTURO
      Department of Business Economics
      Associate Professor
      PhD in Financial Economics and Actuarial - UCM
      Brief CV
    • VALENZUELA, RENÉ ​
      Department of Statistics
      Assistant Professor
      Data Scientist
      PROSEGUR
      Brief CV

    EXTERNAL FACULTY

    • DE VICENTE MALDONADO, JAVIER
      PhD in International Statistics - UC3M
  • ADMISSION
    • ADMISSION

      Application

      The request is made electronically through our application. Before starting the admission process, please, read the following information:

      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

      TUITION FEES*

      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
      • the reservation fee will only be refunded if the master program is cancelled

      60 ECTS in the first academic year:

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

      ✎│Tuition fees
       

      NOTE: the indicated public prices do not include in any case, neither the ECTS corresponding to the Formative Complements that the student must take (only master's degrees with previous Formative Complements), nor the cost of issuing the master’s degree certificate.

      _______

      * Current fees for the 23/24 academic year, pending approval by the Community of Madrid for the 24/25 academic year.

      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

    NACIONAL RE STUDY SCHOLARSHIPS

    The Fundación Carlos Sunyer, in collaboration with Nacional Re, offers scholarships to study the Master's Degree in Actuarial and Financial Sciences at the Universidad Carlos III de Madrid in the 2024/2025 academic year.

    The economic endowment of the scholarship consists of the amount equivalent to the full tuition fee of the Master's Degree. In addition, the Fundación Carlos Sunyer will provide the candidate with access to the obligatory curricular internships of the 2nd year of the Master, in one of the Foundation's collaborating insurance companies, subject to availability.

    The application to participate in this call shall be made exclusively by e-mail addressed to becas@fundacioncarlosunyer.org.
     

    Application deadline: from June 1 to September 20, 2024

    Resolution: individual notification to the awardees
     

    📥 │ Terms of Nacional Re study scholarships

    📌 │ [+] information
     

    Logotipo Fundacion Carlos Sunyer con Nacional Re

    FUNDACIÓN CAROLINA EDUCATION PROGRAM CLOSED

    CALL FOR SCHOLARSHIPS 2024/2025

    Fundación Carolina has opened its call for scholarships for the 2024-2025 academic year, aimed exclusively at students from Latin American countries that are members of the Ibero-American Community of Nations or Portugal to complete their education in Spanish universities and study centers.

    • Number of scholarships: 1
    • Deadline to apply for the scholarship: March 14, 2024, at 9:00 a.m. (Spanish time)

    [+] information
     

    Logotipo Fundacion Carolina

    General information on scholarships

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

    🎓 │ Scholarships to study a University Master

  • PRACTICAL INFORMATION

    titulo cabecera para sección horario del master

    MASTER’S COURSE SCHEDULE

    Check the Master’s schedule

    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

    Contact mailbox 

  • 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.

    🔗 │ Link to the Instituto de Actuarios Españoles

    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

    The Master in Actuarial and Financial Sciences (MCAF) of Universidad Carlos III has been recognized by the UCAP list of the SOA (Universities & Colleges with Actuarial Programs), which includes, worldwide, those universities whose academic programs meet the criteria required by the SOA exams.

    In the case of Spain, to enter the actuarial profession it is necessary to complete an official master's degree such as the MCAF at UC3M, which qualifies you as an actuary after becoming a member of the Institute of Spanish Actuaries. This is the case in Spain, however, the traditional formula is to enter the profession by passing exams proposed by actuarial organizations.

    In this sense, SOA (Society of Actuaries) is the largest organization of actuaries in the world with more than 30,000 members, whose exams are a prerequisite to become a member and work as an actuary in the United States and Canada, among other countries in the world. The attainment of the rank of associate of the SOA is obtained after passing 6 exams, which are normally distributed over 6 years of studies.

    This list is made up of the best universities in the world, making it a benchmark in the search for actuarial programs for future students and placing us at the forefront of Spain as a reference, having been recognized four of six exams, the other two being in the process of applying for recognition.

    The benefits of belonging to this list, in addition to those described above, are:

    1. Access to three annual scholarships for the registration of our students in three SOA exams valued, in 2024, between $225 and $1125 USD.
    2. Grants for research on actuarial topics.
    3. Study materials valued, in 2024, at $500 USD.
    4. Funding for SOA events on the university campus.
    5. Travel grants, in 2024, of up to $500 for attendance at SOA conferences.
    6. SOA mentoring programs where they assign their students to an experienced professional.
    7. Networking network.