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Quantitative Finance and Actuarial Sciences

Leerdoel

Tilburg University is renowned for its programme in Econometrics and Operations Research, a unique combination of economics, mathematics and statistics. In this field of quantitative economics the University offers three one-year Master of Science programmes and a one-year Pre(liminary) Master. The three one-year Master of Science programmes are in the field of quantitative economics: Mathematical Economics and Econometric Methods, Operations Research and Management Science and Quantitative Finance and Actuarial Sciences. These three Master's programmes are particularly suited for students who want to apply quantitative methods (mathematics and/or statistics) to economic problems. The pre(-liminary) Master is a preparatory year in Econometrics and Operations Research preceding the one-year Master of Science. The central theme of Quantitative Finance and Actuarial Sciences is risk management, which is nowadays usually based upon explicitly quantitative models. Investors apply risk management to weight risk against return, insurers apply it to limit their risks by calculating the appropriate premiums, and option traders balance their books by calculating the sensitivities of their positions with respect to the relevant risk factors. Fot students who want to continue in Actuarial Sciences towards the title of Actuaris AG, the QFAS programme provides direct access to a post-Master professional education programme offered by the Dutch Actuarial Institute. With a Master of Science in one of the fields of Econometrics and Operations Research you will be able to apply mathematical and statistical methods and typical techniques related to the MSc programme you choose, in a scientific way. In addition, you will be provided with a solid basis for a scientific career in econometrics, mathematical economics, operations research or quantitative economics.

Programma

Quantitative Finance and Actuarial Sciences is a one-year master's programme. The programme consists of 60 ECTS credits offered over two semesters. During the master's year you will take 7 courses of 6 ECTS each. These are core courses and electives. Additionally, in the second semester, you will write a Master's Thesis (18 ECTS) in order to become skilled in doing research. Core courses: Dynamic Capital Investment Empirical Applications Financial Models Issues in Finance and Insurance Electives (partial list): Quantitative Finance Risk Theory Asset Liability Management Master's Thesis Quantitative Finance and Actuarial Sciences shares a common quantitative basis with the master's programmes Operations Research and Management Science and Mathematical Economics and Econometric Methods. Therefore, the courses will be offered in an integrated way, enabling you to fully exploit the existing links between the programmes. For a complete list of electives and more detailed information on the programme, please check the electronic study guide. Specific conditions for entry to the post-Master professional education programme of the Dutch Actuarial Institute, leading to the title of Actuaris AG, can be found in the studyguide and on the website of the Actuarial Institute.

Toelatingseisen

In order for you to be able to successfuly complete the master's programme Quantitative Finance and Actuarial Sciences, you must have a solid background in mathematics and statistics and some knowledge of economics. In order to get an idea of the required mathematical and statistical level, you could review the following literature:

• L.J.Bain & M.Engelhardt, Introduction to Probability and Mathematical Statistics, Duxbury, 2nd edition (1992).
• Sydsaeter, K. and P. Hammond, Essential Mathematics for Economic Analysis, Pearson Education (2002).
• D.C. Lay, Linear Algebra and its Applications, Addison-Wesley, Second Edition, Amsterdam, (1997).

With a bachelor's degree in Econometrics and Operations Research you will be admitted to the programme.

With any other bachelor's degree there are two possibilities: either you will be admitted to the master's programme, possibly extended with some courses, or you will be advised to apply the one year pre(-liminary) Master's Econometrics and Operations Research proceeding the Master of Science programme.

In case you are admitted, this may be with the possible requirement of some extra courses (each of 6 ECTS) to fill the gaps in your background. This number of possible extra required courses will be at most five and the choice of the courses will be individually based, depending upon your educational programme.

Beroepsperspectief en arbeidsmarkt

After successful completion of the programme in Quantitative Finance and Actuarial Sciences, you will be awarded an internationally recognised Master of Science degree, with many career opportunities. To give some examples, graduates in Quantitative Finance and Actuarial Sciences find their way in: Banks and trading houses Pension funds Insurance companies Consultancy agencies such as William M. Mercer, Towers Perrin, etc. Central banks and other regulators Corporate treasuries PhD in Economics or Econometrics