Actuarial Science

Actuarial Science at the University of Amsterdam offers a comprehensive and rigorous education designed to prepare students for a successful career in the actuarial profession. This programme integrates mathematics, statistics, economics, and business insights to develop the analytical and problem-solving skills necessary to assess financial risks and uncertainties. Throughout the programme, students delve into core actuarial topics such as probability theory, financial mathematics, actuarial modeling, and risk management, gaining both theoretical understanding and practical experience.

The curriculum is structured to meet the requirements of professional actuarial bodies, providing a solid foundation for students aspiring to become certified actuaries. In addition to technical skills, students also develop their abilities in communication, data analysis, and decision-making, which are vital in complex financial environments. The programme emphasizes real-world applications, engaging students with case studies, project work, and internships that bridge the gap between academic knowledge and industry practice.

Students benefit from the university’s excellent links with the insurance, pension, and financial services industries, offering opportunities for networking, mentorship, and employment. The programme is taught by experienced faculty members who are actively involved in research and the actuarial profession, ensuring that students receive up-to-date and relevant education. Moreover, the university provides access to extensive resources, including modern laboratories, statistical software, and dedicated career services.

Graduates of the Actuarial Science programme at the University of Amsterdam are well-equipped to pursue careers in insurance companies, consulting firms, government agencies, and financial institutions. Whether aiming for professional actuarial certification or pursuing further academic research, students leave with a versatile skill set that meets the demands of an evolving job market. The programme’s blend of theoretical rigor, practical experience, and industry engagement makes it an excellent choice for those passionate about mathematics and finance and seeking to make a significant impact in the financial sector.

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.

The Actuarial Science program at the University of Amsterdam offers a comprehensive financial structure designed to support students throughout their studies. Tuition fees for domestic students are set at approximately €2,200 per year, while international students are expected to pay around €13,000 annually. These fees are subject to change and may vary depending on the year of enrollment and specific circumstances. The university provides various forms of financial aid, including scholarships, grants, and student loans, aimed at assisting both domestic and international students in covering their educational expenses. Scholarships are often awarded based on academic excellence, motivation, or financial need, and applicants are encouraged to check the university’s official scholarship portals for detailed eligibility criteria.

In addition to scholarships, students can benefit from government student loan schemes available in the Netherlands, which offer favorable repayment conditions. Part-time work opportunities are also accessible, allowing students to gain practical experience and earn supplementary income during their studies. The university's career services regularly host job fairs, internships, and employer networking events, facilitating employment prospects that can help offset study costs. Students are advised to plan their finances carefully and take advantage of available financial support mechanisms to ensure a smooth academic journey.

Moreover, the university provides guidance on applying for financial aid, budgeting, and managing expenses effectively. It encourages early planning and utilization of available resources to mitigate financial stress and concentrate on academic and professional development. International students, in particular, should explore visa-related financial requirements and possible funding options, as these can vary significantly from those available to domestic students. The university’s commitment to accessible education is reflected in its transparent and supportive approach to student financing. Overall, studying Actuarial Science at the University of Amsterdam is an investment in a promising career, supported by a range of financial options designed to make higher education attainable for a diverse student body.

The Actuarial Science bachelor's program at the University of Amsterdam offers students a comprehensive education in the fields of mathematics, statistics, economics, and finance, all tailored to prepare them for a career as professional actuaries. The program emphasizes developing strong analytical and problem-solving skills, enabling students to assess financial risks and contribute to the stability of insurance companies, pension funds, and other financial institutions. Throughout the curriculum, students engage with coursework covering probability theory, financial mathematics, risk management, and actuarial modeling, gaining both theoretical understanding and practical experience through projects, assignments, and internships. The program is designed in collaboration with industry professionals and the Dutch actuarial association, ensuring that the content remains relevant and aligned with current professional standards and requirements. In addition to core courses, students have opportunities to specialize in areas such as insurance mathematics, pension mathematics, or financial risk management, providing them with a competitive edge in the job market. The university offers excellent facilities, including access to advanced statistical and mathematical software, and fosters a vibrant academic environment with lectures, seminars, and workshops led by experienced faculty members and industry experts. The program also prepares students for the necessary actuarial examinations, which are critical for professional accreditation in the field. Graduates of this program find employment in various sectors, including insurance companies, consultancy firms, financial institutions, and governmental agencies, where they contribute to the development of sustainable financial strategies and risk assessments. The University of Amsterdam supports students with career services, networking events, and connections to industry partners. Overall, the Actuarial Science program at the University of Amsterdam combines rigorous academic training with practical industry exposure, ensuring that graduates are well-equipped to meet the challenges of a rapidly evolving financial and actuarial landscape.