Master of Science in Financial and Actuarial Engineering

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1 Master of Science in Financial and Actuarial Engineering Faculty of Economics and Business KU Leuven. Inspiring the outstanding.

2 Discover KU Leuven. Situated in Belgium, in the heart of Western Europe, KU Leuven has been a centre of learning for nearly six centuries. Today, it is Belgium's largest and highest-ranked university and, founded in 1425, one of the oldest and most renowned universities in Europe. As a leading European research university and co-founder of the League of European Research Universities (LERU), KU Leuven offers a wide variety of international master s programmes, all supported by high-quality, innovative, interdisciplinary research. Since its founding, KU Leuven has been based in the city that shares its name. Leuven is a pleasant, safe and bustling student town, where centuries-rich history meets cutting-edge science. The university also offers degree programmes at campuses in 11 Belgian cities, including Brussels, Ghent and Antwerp. The Faculty of Economics and Business has established its place amongst the top business schools in the world by acquiring the European Quality Improvement System (EQUIS) accreditation for its four campuses. The EQUIS accreditation is awarded by the EFMD, recognized globally as an accreditation body of quality in management education with established accreditation services for business schools and business school programmes, corporate universities and technology-enhanced learning programmes. 8 feb.kuleuven.be/home/equis The accreditation affirms FEB's place amongst the select group of accredited schools such as Amsterdam Business School, BI, Copenhagen Business School, Edhec, HEC Paris, IESE, IMD, Insead, Judge, London Business School, Melbourne Business School, RSM, Saïd, Stockholm School of Economics, Tsinghua,... Faculty of Economics and Business, Campus Leuven As one of KU Leuven s 16 faculties, the Faculty of Economics and Business offers bachelor s and master s programmes at four campuses: Leuven, Brussels, Antwerp and Kortrijk. Its activities in Leuven include high-level education, innovative research and service to partners in government and the corporate world. These activities are organised by five research departments: Accountancy, Finance and Insurance Decision Sciences and Information Management Economics Managerial Economics, Strategy and Innovation Marketing and Organisation Studies

3 The faculty aims to excel by offering research-based education in economics and business science while never losing touch with the corporate world and government circles. The faculty interfaces with business via a Corporate Council and a wide network of Fellows from the corporate world. It maintains an active partnership with Vlerick Business School and regularly organises workshops and discussion platforms with leaders of industry and government, e. g. the European Commission, situated only 30 minutes from the campus. It also cooperates with other faculties at the university, and with partners and institutions all over the world. One of the faculty s most important assets is its vast national and international network. Many alumni work at European institutions, and many staff members act as advisers to various European bodies and international companies. The faculty s worldwide alumni network offers excellent communication channels and networking opportunities with leading figures in industry and politics all over the world. External quality assessments confirm that the Faculty of Economics and Business teaching and research meet the highest international standards. This academic reputation attracts students and scholars from across the globe, creating a vibrant, multicultural atmosphere. This international focus is also clear in the faculty's wide international student exchange network. The Faculty of Economics and Business participates extensively in the (intra-eu) Erasmus programme (with 82 partners) and has numerous agreements with leading universities outside the EU A list of all partner universities can be found at: 8 Faculty of Science 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 promotes high-quality teaching based on its interdisciplinary research tradition. The faculty awards approximately 90 PhD degrees each year. Currently, the faculty offers 8 bachelor s programmes and 23 master s programmes (of which 11 are taught in English). These degree programmes are firmly grounded in research carried out in the departments of Biology, Chemistry, Earth and Environmental Sciences, Mathematics, Physics and Astronomy. The faculty also maintains strong relationships with its alumni through the Science@Leuven Alumni Association.

4 Master of Science in Financial and Actuarial Engineering 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 risk management, financial and/or actuarial engineering within financial institutions. You will gain an understanding of current and future problems and solutions in these domains. 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, statistical and economic aspects of risk management, financial and actuarial engineering. The programme provides advanced insights into quantitative risk management, the actuarial aspects of life insurance, general insurance, risk theory as well as financial mathematics and the relationship and integration of actuarial sciences and finance. Why KU Leuven? The programme draws on over sixty years of experience and international recognition. The research team, which focuses on risk theory, finance and statistics, has a strong research profile and ranks among the world s top in terms of actuarial research productivity. Building upon these solid scientific funda mentals, this master s programme will provide you with advanced insights in quantitative risk management. The programme is jointly offered by the Faculty of Economics and Business and the Faculty of Science at KU Leuven and in collaboration with Université Catholique de Louvain (UCL). The research group in insurance maintains close and active contacts with the insurance and financial sector. Many of its alumni hold leading positions in these sectors, as illustra ted in the brochure Actuarissen ad rem over Leuven and later (Dutch only). This network enables you to meet today s captains of industry (e.g. through guest lectures taught by practitioners). Or you can opt for a master s paper project in cooperation with one of our business partners. To find out more about the research group in insurance and its initiatives, please visit Graduates are encouraged to join the KU Leuven s actuarial alumni network via 8

5 Admission requirements Degree requirements Holders of one of the following degrees (issued by a Flemish university) obtain direct admission to the programme: Master (of Science) in de verzekeringen (issued by KU Leuven) Master of Science in Statistics Master of Science in Mathematics Master of Science in Physics Master of Science in Business Engineering Master of Science in Business Engineering: Information Systems Engineering Master of Science in Engineering Science (except for architecture) Holders of one of the following degrees are eligible for admission to the programme after the successful evaluation of a complete application file, which is reviewed by the faculty on the basis of information provided by the applicant (see required documents): The above-mentioned degrees issued by a non-flemish university Master of Science in Economics Master of Science in Business Economics Master of Science in Applied Economics Master of Science in Insurance Another university master s degree in economics, business studies or mathematics All candidates should be thoroughly acquainted with the material discussed in: Bowers, N.L.; Gerber, H.U.; Hickman, J.C.; Jones, D.A.; Nesbitt, C.J., (1986). Actuarial Mathematics. The Society of Actuaries. Itacsa, Illinois. Chapters 3,4,5,6,7. Ross, S.M. (2004). Introductory Statistics. Elsevier Academic Press. (Or a similar textbook appropriate for an undergraduate course in statistics). Ross, S.M. (2009). A First Course in Probability (8th edition). Prentice Hall. (Or a similar textbook appropriate for an undergraduate course in probability). Further operational knowledge of differential and integral calculus for one and several variables, as well as linear algebra and matrix calculations is required. For more information about the prere quisites for this programme, see 8 Language requirement All applicants who are not directly admitted must submit a satisfactory score on one of the following inter nationally recognised tests of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) No other proficiency tests will be accepted. An exemption from TOEFL or IELTS is only possible for applicants with a university degree or high school diploma earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the United States. The certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English.

6 Required documents All applicants who are not directly admitted should provide the following documents: certified copies of degrees, transcripts and, if available, also a ranking indication; a GMAT or GRE score. A GRE or a GMAT test result above the 90th percentile on the quantitative part normally entails immediate admission, provided all other requirements are met as well; two recommendation forms (see feb.kuleuven.be/eng/leuven/edu/admissionrequirements) completed, signed, and posted in a closed envelope signed over the lid by the referee to the Faculty of Economics and Business, Campus Leuven. Forms not provided in a closed envelope signed across the lid by the referee will be regarded as void. The recom - men dation forms can also be mailed directly by the referee to [email protected]; a letter of motivation written and signed by the applicant detailing the choice for Leuven and for this particular programme. The faculty evaluates all applications and has the final say on the admissibility of the student, taking the relevant information into account. Incomplete application files will not be evaluated. Application procedure Non-EEA citizens must submit a complete application file by 1 March. EEA citizens (or non-eea citizens with a residence permit for Belgium) are strongly advised to submit their application file before 1 June. Tuition fee: 3,500 EUR For more information on how to apply, please visit 8 Profile Prospective students should be interested in a career in the actuarial and/or financial sector. Given the quantitative nature of this programme, 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. Programme The programme starts in 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 ECTS), the programme consists of six core courses and five elective courses, from which students select two.

7 MASTER OF SCIENCE IN FINANCIAL AND ACTUARIAL ENGINEERING 60 ECTS COURSE ECTS CORE COURSES 35 Advanced Non-life Insurance Mathematics 6 Fundamentals of Financial Mathematics 6 Stochastic Finance in Insurance* 5 Advanced Life Insurance Mathematics 6 Statistics for Finance and Insurance 6 Foundations of Risk Measurement 6 MASTER S THESIS 15 ELECTIVES (students have to choose 2 courses) Stochastic Models 6 Financement des pensions* 5 Health Insurance* 5 Actuarial and Financial Models 6 Reinsurance* 5 Asset and Liability Management* 5 Financial Engineering 6 For detailed descriptions of this programme s courses and for the course timetable, please consult *These courses are taught at UCL. 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 risk management, financial and actuarial engineering and insurance. As an expert in the field of risk and uncertainty, you can play an important role in banking, insurance 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 in social security or economic affairs departments. Graduates holding both the degree of Master of Science in Financial and Actuarial Engineering and Master (of Science) in de verzekeringen (Dutch-language initial master s programme at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA BE) and the international actuarial professional body (IAA). Please consult the master in de verzekeringen brochure for more details.

8 KU LEUVEN Oude Markt 13 box LEUVEN, Belgium Learn more General information Publications Faculty of Economics and Business Naamsestraat 69, box LEUVEN tel fax This brochure provides the most complete and accurate information available concerning this master s programme offered at KU Leuven. However, amendments to the composition of this programme may be approved at any time. Consequently, KU Leuven is in no way legally bound by the information provided in this brochure. The most recent information on all our academic programmes can be consulted at Last updated: February 2015 v.u.: Isabelle Van Geet, Oude Markt 13, 3000 Leuven