Actuarial Science

Should a heavy smoker pay more for health insurance than a non-smoker? What about people with genetic diseases – should they pay more? Actuaries estimate complex financial risks regarding financial and economic crises, fire or earthquake damage, population ageing, mortality etc. So, are you good with figures and complex issues? If so, Actuarial Science is definitely the programme for you, and Amsterdam is definitely the city for you!

Actuarial Science at the University of Amsterdam: Is it for you?

• Mathematics is one of your favorite subjects. You study mathematics at the highest possible level and achieve good grades for it.
• You see yourself working as an actuary or risk manager for an insurance company, consultancy, pension fund or another financial or government institution.
• You have an affinity for numbers as well as the societal reality behind them, you are a good abstract thinker and you have strong analytical skills.
• You achieve high marks in English.
• You are capable of working independently: you know how to use a library. Initiative and inquisitiveness are also of great value.

Balancing likelihood and risks

Thousands of factors that influence our lives are formulated into a hazard model that emulates reality as closely as possible. These models are constantly updated to ensure they accurately reflect interest rates, inflation and other rising costs, as well as demographic, ethical, legal and fiscal developments. Actuarial Science is therefore an exact degree programme, providing you with a unique insight into society and people’s lives.

Actuarial Science in Amsterdam

Actuarial Science is a three-year full-time Bachelor’s programme at the UvA. We are the only university offering Actuarial Science as both a Bachelor’s and Master’s programme. Studying at the UvA is an unforgettable experience that you will benefit from throughout your personal and professional life.

First year

The first year is all about your basic knowledge of mathematics, statistics and economics. During the orientational courses, you will make acquaintance with the quantitative economics programmes: Actuarial Science, Econometrics, and Operations Research & Management. You examine case studies and complete assignments on the computer.

You will learn to work with advanced mathematical and statistical software such as Matlab, R and Eviews.

Second and third year

In the second and third academic years, you will take mandatory courses such as:

• Introduction to Life and Non-Life Actuarial Science
• Probability & Statistics
• Investment Theory
• Econometrics and Operations Research

You are becoming more and more familiar with the process of mathematically translating and clarifying the financial and economic risk-management problems faced by insurers, pension funds and other financial institutions and government bodies. You conclude the programme with a Bachelor's thesis in which you explain your insights into actuarial science based on literature and your own research.

For the first two academic years, you will study the same courses as students of the Bachelor's programme in Econometrics and Operational Research. As a result, you can switch to this programme in the third year.

Teaching methods

During your Bachelor's programme, you will participate in a variety of teaching activities.

• Lectures will give you an introductory overview into the course content. You will attend them together with a large number of fellow students in a lecture room, where you will ask questions and take notes. The lecturer does most of the talking.
• In seminars, you go into greater depth. You will discuss specific subjects from the lectures with a small group of students. Practice assignments will help you to become adept with the theory.
• During the practical training sessions you will learn to work with various computer programmes. A computer is an actuary's 'laboratory'.

Most of the courses are concluded with one or more tests. This is usually a written examination, although it can sometimes take the form of an essay or a talk.

How many hours of study per week?

• Total: 40 hours per week
• Education: 15-20 hours (years 2 & 3: 10-15 hours)
• Self-study: 20 hours (years 2 & 3: 25-30 hours)

Internships

During your Bachelor's programme, you may put your knowledge into practice by means of a work placement. Internships are not part of the programme, although they can be very useful. The study association VSAE has a special site for quantitative work placements. Many students gain relevant work experience in this way. You can meet potential employers at the Professional Days organised by the VSAE.

Besides the VSAE, the UvA Economics and Business Careers Centerand the UvA Job Board might be of help in finding a suitable internship. 

Studying a semester abroad

The University of Amsterdam is an international university that participates in a large number of collaborative and exchange programmes. We have made agreements with over 100 foreign universities, enabling you to study there for a period. Studying abroad allows you to get to know a different culture, language and country, and we strongly recommend you take advantage of this opportunity.

Study trips abroad

Every year, the various study associations at UvA Economics & Business organise study trips focusing on research and/or visiting companies abroad. Students have already travelled to places as diverse as New York, Cuba, Mexico, Brazil, Hong Kong, London and Madrid, amongst many others. 

Deadlines

The application deadlines (including the English test if applicable) for the September 2019 intake are:

International applicants from EU/EEA and non-EU/EEA countries

• 1 March 2019 - for applicants who are applying for university housing
• 1 April 2019 - for applicants who are not applying for university housing

Applicants from The Netherlands (VWO)

• 1 May 2019

Prior education

• Studying with a foreign diploma at the University of Amsterdam means that a student's preparatory education must be equivalent to the Dutch VWO diploma, with English included in the final examination.
• The starting level of a regular study programme at Dutch universities is comparable to that of other European countries, which is usually one or two years higher than in most countries outside of Europe.
• A student's diploma or certificate from prior education will be compared with the list of country qualifications that has been drawn up by the Netherlands Ministry of Education, Culture and Science (Nuffic).

Required documents

In this application you will need to indicate your previous education and upload all of the required documents:

• Final secondary school/higher education diplomas and grade lists obtained;
• Proof of recent results (if you are still attending a programme);
• Official translations in English or Dutch if the diploma and/or transcripts are not already in English, Dutch or German;
• A sufficient English test result, if required and already available. If your results are insufficient, do not upload this test, but send another one at a later date;
• A curriculum vitae;
• UvA Matching form.

What is it?

UvA Matching for international students is an introduction to the Bachelor’s programme for which you have applied. It is designed to help you assess whether you have chosen the right programme, through a combination of online activities such as assignments, reading course literature and/or making a test. The activities may differ per programme.

Once you have completed these activities, you will receive personal advice based on your test results. This will help you determine whether the Bachelor’s programme matches your interests and capabilities and whether you have the motivation and study skills to start the programme in September.

After submitting your enrolment application in Studielink you will receive more information on UvA Matching for international students.

English language requirements

All our international programmes are conducted in English, therefore, applicants must show their ability to write and speak in English on an academic level. Students with a Bachelor’s degree from a Dutch university and students who successfully finished a full academic programme at an esteemed institute in one of the following countries are exempt: UK, Ireland, USA, Canada, Australia and New Zealand.

Please note we only accept the TOEFL Test, the test of the International English Language Testing Service (Academic IELTS) or a Cambridge Examination Score. For Non-EU/EEA students the required English test result should be received on or before 1 February in the year of application by the International Team at the Faculty of Science. If this in any case is not possible, contact the International Team first, before applying. For EU/EEA students the deadline of submitting the test results is 1 July.

TOEFL Test

The minimum scores required on the TOEFL Test are:

• Internet-based test (iBT): 92 with a minimum of 20 on each subject
  
  Exceptions:
• Artificial Intelligence, Brain and Cognitive Sciences and Information Studies: 98, with a minimum of 22 for reading and listining and 24 for writing and speaking
• Software Engineering: 98 with a minimum of 22 on each subject

Please note the TOEFL-code for the Faculty of Science of the University of Amsterdam is: 8628. 

 IELTS Test (only Academic IELTS is accepted)

• Minimum score 6.5, at least 6.0 on sub-scores (listening/reading/writing/speaking). 

Exceptions

• Artificial Intelligence,  Brain and Cognitive Sciences and Information Studies> minimum score 7.0, sub-scores on writing and speaking at least 7.0, sub-scores on listening and reading at least 6.5 
• Software Engineering > minimum score 7.0, at least 6.5 on each sub-score (listening/reading/writing/speaking)
• The UvA offers the IELTS test for free to current UvA students to assess their English language proficiency.    

Cambridge Examination Score

A Cambridge Examination Score with a minimum test result of C1 Advanced (CAE) A or B will also be accepted. For the C2 Proficiency test (CPE) a minimal score of C is required.

Nuffic Certificate for Chinese students

Chinese applicants are required to take an IELTS test or the TOEFL (Internet-based test only). These are the only two tests accepted by the Nuffic, which provides certificates to all Chinese students who wish to study in the Netherlands.

Please note there are some differences between the TOEFL and IELTS test. Available practice material, test dates, prices and locations differ per country.