| Learning outcomes | The main objective of this professional advanced Master's programme is to produce actuaries ready to join private industry.
This is why the criteria with regard to the nature and the curriculum of the training programme are largely determined by the existing professional associations.
As far as the academic aspect is concerned, the international guidelines for the curriculum can be ranged in four different levels:
- the first level comprises a range of topics which do not exclusively pertain to the field of actuarial science but which do constitute a necessary basis for advanced level studies (as a rule these topics are treated at bachelor level);
- the second level involves the topics which include the fundamental concepts of actuarial science and financial sciences;
- the third level of topics covers topics developing the principles and applications of actuarial techniques as part of a wide range of different fields of applications;
- in conclusion there is a fourth level in which a local topic or a specialisation can be explored in-depth - the offering at this level is clearly dependent on the local situation and the teaching staff present.
Ranged as part of the first level are: the foundational training programmes in mathematics, probability theory and statistics, stochastic processes and computing. It also includes the foundations of economics, accountancy and financial reporting and the structures and legislative instruments of the European Union. Communication and language skills too can be ranged as part of this level.
The second level, which is the actuarial basic level, comprises financial mathematics, demographic models, actuarial mathematics in life and disability insurance and in pension schemes, risk theory and investment theory.
The elements from the second level are explored in greater depth as part of the third level where a shift of focus is made to take place towards actuarial risk management, with due attention going out to life insurance, non-life insurance, pensions and social insurance.
The fourth level is made up of a practical placement, classroom duties or the dissertation.
The actuarial profession training programme has always reflected these guidelines.
However the fact of the matter is also that the theoretical mathematical models developed as part of a number of subjects of the curriculum (e.g. in financial mathematics) not necessarily need to be considered as simply a tool. They can also serve as a topic of advanced in-depth exploration and study in their own right. As such, Master of Actuarial Science graduates need to have a due level of command and understanding to also enable them to conduct research in these fields on a self-reliant basis.
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