Graduate School of Business
- 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
-
☛ Places available: 45
- Departments
- Business Administration Department, Statistics Department
CONTACT
Click here and make your query
APPLICATION FOR ADMISSION
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.
_______
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)
│MASTER IN NUMBERS
- ☛ 1st official master of Actuarial Sciences accredited by ANECA
- ☛ 45 students per course
- ☛ 100% job placement
- ☛ 120 ECTS
- CURRICULUM
- CURRICULUM
The master’s programme consists of 120 ECTS credits distributed over two academic years, with two terms in each academic course. 90 of the total number of credits are compulsory, 18 cover external work placements and 12 are allocated to the Final Dissertation.
The final dissertation of the Master's degree consists of a research project in one of the areas taken from the syllabus, which will be publicly defended and explained before a committee.
Year 1 - Semester 1
General subjects Subjects ECTS TYPE Language Actuarial statistics 6 C 
Life contingences 6 C Pension plans and social security systems 3 C Insurance accounting 6 C Dynamic financial analysis I 6 C Survival models 3 C Year 1 - Semester 2
General subjects Subjects ECTS TYPE Language Stochastic processes 6 C Loss models 3 C Multivariate data analysis 6 C Actuarial valuation tools 6 C Dynamic financial analysis II 6 C Time series analysis 3 C Year 2 - Semester 1
Year 2 - Semester 2
General subjects Subjects ECTS TYPE Language Master thesis 12 TFM No data Professional practices in firms (*) 18 Professional Practice No data NOTE: all the subject are compulsory
(C) Compulsory: 90 ECTS
Internship: 18 ECTS
Master's Thesis: 12 ECTS
course Programs
- QUALITY
General Course Information
☛ First year offered: 2009
Programme's Quality Assurance
The Academic Committee of the Master’s programme complies with the SGIC-UC3M and it is responsible for the follow-up, analysis, review, assessment and quality of the program, it contributes with proposals to improve the program and produces the “Memoria Académica de Titulación” (Programme Report).
FACULTY AND COURSE PLAN
Graduate Profile and Competences
- 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
- PÉREZ-CUELLAR, IVÁN
Department of Statistics
Assistant Professor
Master in Economic Analysis
State Statistician
INSTITUTO NACIONAL DE ESTADÍSTICA
- 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
EXTERNAL FACULTY
- DE VICENTE MALDONADO, JAVIER
PhD in International Statistics - UC3M
- BALBAS DE LA CORTE, ALEJANDRO
- ADMISSION
- ADMISSION
Application
The request must be submitted electronically through our application system. Before beginning 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 program, students holding a university degree from a higher education institution outside the EHEA must provide the diploma, legalized through diplomatic procedures or by The Hague Apostille, for enrollment. They must also submit their transcript of records, including 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)
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 24/25 academic year, pending approval by the Community of Madrid for the 25/26 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.
- ADMISSION
- SCHOLARSHIPS
General information on scholarships
For more information on specific scholarships of interest, awarded by the Universidad Carlos III de Madrid as well as other agencies or organizations, please refer here:
- PRACTICAL INFORMATION
MASTER’S COURSE SCHEDULE
0 Courses: Matlab and R - algebra and mathematical calculation
- 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
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:
- Access to three annual scholarships for the registration of our students in three SOA exams valued, in 2024, between $225 and $1125 USD.
- Grants for research on actuarial topics.
- Study materials valued, in 2024, at $500 USD.
- Funding for SOA events on the university campus.
- Travel grants, in 2024, of up to $500 for attendance at SOA conferences.
- SOA mentoring programs where they assign their students to an experienced professional.
- Networking network.