Master of Financial

and Actuarial
Engineering

Faculty of Business and Economics

Faculty of Science
Leuven
Leuven is a dynamic, vibrant city in the
centre of Belgium, only a twenty-minute
drive from Brussels, the capital of Belgium
and of the European Union, and within easy
reach of Paris, London, Amsterdam and
major German cities. Leuven offers a wealth
of cultural and recreational opportunities,
including a lively nightlife, while also enjoying
easy access to beautiful countryside.
The city of Leuven has an impressive
collection of Romanesque, Gothic,
Renaissance, Baroque and Classical
monuments, of which the fifteenth-century Gothic city hall is the most splendid.
The presence of the university benefits the community in many ways. On average,
the population is relatively highly educated, as many students remain in Leuven
after graduating. Employment is primarily in the tertiary and quaternary sectors.

The University of Leuven

K.U.Leuven is a modern university offering an ideal research and learning environment,
strongly rooted in tradition but with its sights set firmly on the future. The aim of the
university is not merely to train professional experts, but also to foster critical thinking,
intellectual openness, a genuine taste for culture and a sense of civic responsibility.
At present, K.U.Leuven caters to more than 31,000 students, around 12% of whom are
international students from over 120 countries. K.U.Leuven is a charter member of the
League of European Research Universities, together with Cambridge, Oxford, Leiden,
Edinburgh, Geneva, Strasbourg, Heidelberg and others. In terms of scholarly output,
K.U.Leuven is consistently ranked among the top ten European universities in
European surveys and it was ranked 61st worldwide in the 'Times Higher Education
Supplement'.

Likewise, several quality assurance reviews have shown that K.U.Leuven's teaching
is on par with internationally respected institutions in a large number of fields.
This academic reputation attracts students and scholars from across the globe,
creating a vibrant, multicultural atmosphere. Leuven has a truly international outlook,
and its alumni can be found all over the world.
Faculty of Business and Economics
As one of K.U.Leuven’s 13 faculties, the Faculty of Business and Economics conducts
teaching and research in five departments:

• Economics
• Marketing and Organization Studies
• Accountancy, Finance and Insurance
• Managerial Economics, Strategy and Innovation
• Decision Sciences and Information Management

One of the Faculty’s most important assets is its vast national and international
network. We maintain strong links with the business and financial community by
organizing regular workshops with captains of industry and the European Commission,
situated only half an hour from our campus. Many of our alumni work at European
institutions, while many of our colleagues act as advisers to various European bodies
and international companies.

We have a wide international student exchange network. Not only do we participate

extensively in the Erasmus programme, we also have numerous agreements with
leading universities outside the EU, such as the Wharton School at the University of
Pennsylvania, the University of Chicago Business School and Cornell University in the
USA, the University of British Columbia, Queen’s University, the University of Toronto
and the Université de Montréal in Canada, the Indian Institute of Management Calcutta
and Bangalore in India, the Chinese University and the City University in Hong Kong,
the Singapore Management University and 65 universities throughout Europe.

Faculty of Science
The Faculty of Science is one of K.U.Leuven’s oldest
faculties. Close collaboration between its departments
results in a research-oriented atmosphere, and around
90 PhD degrees are awarded each year. The Faculty
of Science promotes high-quality teaching based on
its interdisciplinary research tradition. Currently,
the faculty offers 8 Bachelor’s programmes and
19 Master’s programmes (8 in English, 11 in Dutch).
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.
Master of Financial and • Other Applicants with one of the following
degrees have to submit a complete
Actuarial Engineering application file, which is reviewed by
the Admissions Board on the basis of
Providing up-to-date, sound and advanced
information provided by the applicant,
financial, actuarial and statistical skills, the
including certified copies of diploma
Master of Financial and Actuarial Engineering
and transcripts etc (see below):
curriculum offers an intensive advanced
- Master in de statistiek
one-year programme for university graduates
- Master in de wiskunde
interested in a career in the insurance sector.
- Master in de fysica
You will gain an understanding of current and
- Master in de economische
future problems and solutions in insurance
wetenschappen
and banking. This discipline focuses on the
- Master in de toegepaste
application of quantitative methods to problems
economische wetenschappen
involving risk or uncertainty. You will be
- Master in de toegepaste economische
equipped with fundamental and conceptual
wetenschappen: handelsingenieur
knowledge of the mathematical and economic
- Master in de handelswetenschappen
aspects of financial theory and insurance
- Master handelsingenieur
techniques. The programme provides
- Master in de ingenieurswetenschappen
advanced insights into the actuarial aspects
(except architecture)
of life insurance, general insurance, risk theory
- Master of Insurance
as well as into financial mathematics and
- Master of Statistics
the interrelationship and integration of actuarial
- Master of Mathematics
sciences and finance. The programme draws
- Master of Physics
on more than sixty years of experience and
- Master of Economics
international recognition. The research team
- Master of Business Economics
that focuses on risk theory, finance and
- Master of Applied Economics
statistics has a strong research profile and
- Master of Business Engineering
is ranked in the top ten worldwide in terms
- Master of Business Engineering:
of research productivity. The programme is
Information Systems Engineering
jointly offered by the Faculty of Business
- Master of Engineering
and Economics and the Faculty of Science
- Master of Civil Engineering
from K.U.Leuven and in collaboration with
- Another Master's degree in Economics,
Université Catholique de Louvain.
Business Studies or Mathematics

Proof of proficiency in English

Admission requirements
Prior education requirements
• Applicants holding the degree of
master in de verzekeringen from the
K.U.Leuven are immediately admitted.
Applicants who are non-native speakers of
English must provide evidence of English
language proficiency.
• If the applicant’s prior degree is
from K.U.Leuven, the language exam
results provide sufficient information
to take a decision.
• For students who hold a prior degree awarded by an English-speaking university
from Australia, Canada, Ireland, New Zealand, United Kingdom or the USA,
the certified diploma and transcripts suffice, provided they confirm that the entire
university study was completed in English.
• Other students should submit a satisfactory score on an internationally recognized
test of English language proficiency: TOEFL (minimum score 575 paper-based,
233 computer-based, 90 internet-based), IELTS (minimum score 7) or CEFR
(minimum level C2). No other proficiency tests will be accepted.

Additional credentials
Next to certified copies of diplomas and transcripts, all applicants not holding the degree
of Master in de verzekeringen from the K.U.Leuven must provide
• a GMAT- or GRE-score. A GRE- or a GMAT-test result above the 90th percentile on the
analytical part (or on average) normally entails immediate admission, provided all other
requirements are met as well, but this is not an absolute minimum. Applicants with a
score below 575 are only admitted exceptionally.
• two recommendation forms, filled out and signed, and sent in a closed envelope signed
over the lid by the referee
• a letter of motivation written and signed by the applicant, explaining the choice for
Leuven and for this particular programme
The Admissions Board evaluates all applications and has the final say on the admissibility of
the student, taking into account all the relevant information.

Application procedure
• Applications should be submitted by 1 March for non-EEA citizens and preferably by
1 June for EEA citizens. However, EEA students with the required background and
language fluency may register until the end of September.
• Tuition fee: 2800 EUR
For more information on how to apply, please visit www.lsbe.be or www.kuleuven.be/application.

Profile
Prospective students should be interested in a career in the actuarial and financial sector.
Given the quantitative nature of actuarial sciences, 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 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, the programme consists of six core courses and five electives of
which students have to choose two courses.

MASTER OF FINANCIAL AND ACTUARIAL ENGINEERING 60 credits

COURSE CREDITS
Core Courses 35
• Advanced Life Insurance Mathematics 6
• Advanced Non-Life Insurance Mathematics 6
• Fundamentals of Financial Mathematics 6
• Advanced Topics in Risk Management 6
• Statistics for Finance and Insurance 6
• Stochastic Finance in Insurance* 5
Master’s Thesis 15
Electives (students have to choose 2 courses) 10-12
• Financial Engineering 6
• Actuarial Models 6
• Reinsurance* 5
• Asset and Liability Management* 5
• Health Insurance* 5

For detailed descriptions of this programme's courses and for the course timetable,
please consult www.kuleuven.be/onderwijs/aanbod/opleidingen/E
*These courses are taught at UCL.

The MFAE programme has been a valuable addition to my education. It helped

me to develop the strong mathematical and business skills required in actuarial
practice. Another advantage is the possibility to combine coursework with an
internship, which allows you to gain work experience in a particular area of
actuarial practice. This really helped me make an informed career choice.
While completing the MFAE programme, I also gained an understanding of other
cultures, because participants represented many different nationalities. If you are
considering enrolling, you should enjoy solving both mathematical and financial
problems; you should also be able to work independently and as part of a team.
You will certainly not regret choosing this programme.
Peggy Van de Perre, MFAE graduate, Infact N.V.
 I chose the Master of Financial and Actuarial Engineering programme
because I wanted to take both financial and actuarial courses. And I opted
for K.U.Leuven because I wanted to improve my Dutch. Indeed, I think it is
very important to be able to speak Dutch fluently in the Belgian context.
I find the courses very interesting. Also, working on my thesis has allowed
me to gain an insight into the modelling techniques used in the banking sector.
Florence Guillaume, MFAE graduate

Career prospects
The programme addresses the rapidly changing needs resulting from the accelerating
globalization of the banking and insurance sector. As such, it provides a sound basis
for a career in various areas of financial management and insurance.

The main employers are insurance companies, whose financial stability depends on
actuarial calculations (e.g. premiums, provisions, capital requirements, reinsurance policy).
As an expert in the field of risk and uncertainty, you can also play an important role in
banking 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, for instance in social security
or economic affairs departments. Students having completed both the Master in Financial
and Actuarial Engineering programme and the initial ‘Master in de verzekeringen’ at
K.U.Leuven are eligible to become members of the professional body of actuaries in
Belgium (KVBA-ARAB), and also of the international actuarial professional body (IAA).
 Communications Office
Oude Markt 13 box 5005
3000 LEUVEN, Belgium
tel. + 32 16 32 40 10 • fax + 32 16 32 40 14
onderwijscommunicatie@kuleuven.be
www.kuleuven.be

More information
www.kuleuven.be/ma/MFAE

General information
International programmes: www.kuleuven.be/internationalprogrammes
International Office: www.kuleuven.be/english

Faculty of Business and Economics

tel. + 32 16 32 66 19
fax + 32 16 32 66 20
lsbe@econ.kuleuven.be
www.lsbe.be

This brochure provides the most complete information available for this Master's programme offered by K.U.Leuven during
the 2010-2011 academic year. However, small changes to the composition of the programmes may be approved after
the publication of this brochure. In no way is the university legally bound by the information provided in this brochure.
The most recent information on all our academic programmes can be consulted on
www.kuleuven.be/onderwijs/aanbod/opleidingen/E.

Last updated: December 2009

Copyright: D/2009/1082/92