As from 1 January 2017 the complete EMAS programme, including the NVAO accreditation, will be transferred to the Actuarial Institute. From this date forward the Actuarial Institute will organize the programme without any changes. All courses and cases take place at the Johan de Witt huis in Utrecht. See more information in our Q&A (in Dutch)>>
The demand for skilled actuarial professionals is growing. Actuaries are the leading professionals in finding ways to manage risk, and managing risk requires knowledge of several disciplines. Understanding how businesses operate, how legislation may have an impact and how financial economics may affect securities are all vital skills for an actuary. Globalization, the integration of financial markets, changing IT environments and market innovation in risk management ensure that the actuary field of action is becoming more challenging and complex by the day. In response to these changes, the Dutch Actuarial Institute (Actuarieel Instituut) offers the Executive Master of Actuarial Science (EMAS).
- State-of-the-art Master Programme towards full actuarial qualification (actuary AG)
- Lectures ans tutorials are mixed with case-based learning
- NVAO accredited programme (MSc)
- A fully qualified actuary (actuary AG), international recognition
- Science meets the profession, state-of-the-art academic knowledge and insights
- People make the difference, lecturers and instructors are renowned professors/lecturers and practitioners, some are affiliated with Netspar (Pension think-tank)
- Directly applicable in your working environment
- 4 to 5-semester, part-time programme in Dutch or English (language of conduct is Dutch unless there are non-Dutch students)
- Exchange of experience and ideas amongst fellow students
- A mentor is assigned for the duration of the programme
- A major contribution to your network
- Become part of the best profession of 2010, 2011, 2012, 2013, 2014 and 2015
Changes to EMAS as of January 2016:
- Face-to-face contact: 1 day a week
- Length of the programme (including the thesis) 2 years (previously 2.5 years)
- Length of the programme after completion of QFAs (with an exemption for the thesis) 14 months (previously 2 years)
- A better match of courses and case studies
- Case studies commence after courses have been completed
- Courses start after case studies have been completed
EMAS, actuarial science meets the profession
EMAS is aimed at individuals who are already professionally active at an academic level and who are looking for ways to broaden and deepen their knowledge. It is one of the goals of the programme to make full use of the opportunities that arise in such a situation. The curriculum mixes concentrated lectures and tutorials with case-based learning in which students work together in small groups and is rounded off by thesis work on an individual basis. The programme is structured in such a way that it is indeed possible for participants to combine work with study and to optimize the cross-fertilization between working and learning. Experience on the job can be incorporated into courses and case studies. Insights developed in the educational programme are translated back into practice, giving rise to further reflection.
Key competences in actuarial practice are the ability to communicate effectively, the ability to examine financial issues from the perspectives of all stakeholders and the ability to form an independent opinion. It is the purpose of the EMAS programme to provide in-depth coverage both of the actuarial body of knowledge and the required competences. In particular, the EMAS program provides participants with the knowledge and competences associated to the status of fully qualified actuary, as described in the Core Syllabus of the Groupe Consultatif Actuariel Européen, the Core Syllabus of the International Actuarial Association, and the AG document, “Eindtermen Opleiding tot Actuaris AG”, published in June 2010.
You qualify for direct admission to the EMAS-programme if you meet one of the following requirements:
- completed the three programmes of Actuarial Calculator, Bachelor Actuarial Analyst and Master Actuarial Analytics at the Actuarial Institute
- completed the premaster programme (Schakelprogramma) which was started before 1 September 2014
- a Master QFAS at Tilburg University with the subjects Life Insurance, Risk Theory, Asset Liability Management and Quantitative Finance
- a Bachelor or Master degree in Actuarial Sciences from the University of Amsterdam
- a Bachelor degree Econometrics and Operations Research, track Actuarial Sciences from the University of Maastricht
- a Master degree Econometrics, Operations Research and Actuarial Science from the University of Groningen
- completed the AI pre-master programmes for students with the following degrees:
- Bachelor Econometrics and Operations Research at Tilburg University
- Master QFAS at Tilburg University without the subjects Life Insurance, Risk Theory, Asset Liability Management and Quantitative Finance
- Doctoral Informatics or Physics (various universities)
- Bachelor Mathematics, Econometry or Informatics (various universities)
- Master Informatics (various universities)
- Master Econometry or Mathematics (various universities)
The specific modules are listed in the overview below.
Additional requirements are:
- Knowledge of mathematical analysis, linear algebra, probability theory and statistics
- Knowledge of financial economics, macroeconomics and microeconomics
- Knowledge of actuarial science at the level of introductory courses on risk theory, life insurance and asset/liability management
- Knowledge of the legal and institutional structures that apply to the insurance and pension industries
- Employment in the actuarial domain
- Presence at all courses and cases in Tilburg and Utrecht
and Operations Research
Mathematics or Applied
Exemption if the exam Life Insurance is passed
Exemption if the exam Life Insurance is passed
Exemption if the exam Risk Theory is passed
Exemption if the exam Asset Liability Management is passed
Exemption if the exam Quantitative Finance is passed
** Exemptions for students with a Master degree in Econometry and Mathematics that were granted in the previous pre-master programme (Schakelprogramma) will not be granted in het Master of Actuarial Analytics.
Pre-master programme HBO Toegepaste Wiskunde
Download the information of the pre-master programme for HBO Toegepaste Wiskunde.
Please note that this document has two pages. The programme for HBO Toegepaste Wiskunde will change as from 1 September 2017.
Master Economics and Master Finance
Students who have completed a Master in Economics or a Master in Finance may be eligible for a pre-master programme. This is not a standard programme. Please contact Leandra Pennartz (030-6866190) for more information.
If you have any questions regarding the admission requirements or pre-masterprogrammes, please contact Leandra Pennartz (030-6866190).
Five courses (21 EC's)
Four courses are strongly quantitative in nature and are taught successively; the two remaining courses are taught in parallel with these four. Lectures and tutorials for each course are concentrated in four two-day meetings (Friday and Saturday, 7 contact hours each day). All courses carry a study load of 4 EC's (1 EC's corresponds to 28 hours of course attendance and self-study on average). An exemption for certain courses is possible depending on preliminary education.
Depending on the nature of the course, these meetings may combine lectures with computer sessions or with group discussions. In addition to attending the course meetings, participants are required to study the course material and to complete homework assignments. The 6 courses are:
- Statistical Methods
- Valuation and Hedging
- Life and Pensions
- Risk and Regulation
- Risk Perception and Product Regulation
As from EMAS 06, starting in January 2016, the course Process Management and Communication will be incorporated in course 5 and in the cases. The number of courses for EMAS 06 is therefore a total of five.
Each course is concluded with an examination.
Six cases (24 EC's)
Participants will be able to apply quantitative methods as well as to address broader issues in financial security systems and financial risk management. Because the work is organized in teams, participants have the opportunity to practice skills in process management. Each team working on a case is supervised by two instructors, a practitioner and an academic, to ensure practical relevance as well as appropriate connection to the current scientific literature.
Each case starts with a plenary kick-off meeting where all teams and their instructors are present. In this meeting, the case is reviewed, questions to be answered by the teams are outlined, and relevant literature is pointed out. The competences addressed by the case are highlighted, and a basic assessment framework is presented that will be used to evaluate the performance of participants in developing these competences. After two weeks, the teams have developed a plan of approach and discuss it in a meeting with the instructors. The instructors are also available for consultation during the entire course of the project.
Results are presented in a meeting that takes place about six weeks (for a 2 EC's case) or two months (for a 3 EC's case) after the kick-off meeting. A written report is produced; the length of the report is 10 to 20 pages (including tables) for a 2 EC's case, and 20 to 40 pages for a 3 EC's case. Presentation meetings are attended by four or five teams who present their own results and discuss the conclusions of the other teams. Depending on the subject of the case, the instructors may for the purpose of the discussion assign specific roles to participants, such as board member, risk manager, supervisor, stakeholder, or manager responsible for implementation. Evaluation of each team’s performance takes place by the instructors.
In each programme, six cases from the list below are used. Case titles:
- Care Insurance
- Valuation of Disability Insurance
- Traditional vs. Market Consistent Valuation
- Universal life
- Life Style Insurance
- Risk Management in Casualty-Liability Insurance
- Recovery Plan
Thesis (15 EC's)
The thesis constitutes proof of the individual qualities of the participant and of his of her ability to carry out a penetrating analysis of a specific topic.
The typical length of a thesis is 30 to 50 pages including tables. At the thesis presentation meetings, a second examiner is present in addition to the thesis supervisor. Participants give an oral presentation of the results of their research, and answer questions by their peers and by the two examiners. The quality of the presentation is taken into account in the final assessment of the thesis work.
Click on the link(s) below to view the EMAS-schedule.
Diploma: Executive Master of Actuarial Science
Study form: part time
Language of conduct: Dutch, unless there are non-Dutch students, study material is in English
Start (month): January
Titel: Master of Science (MSc)
Location: Johan de Witt huis (Utrecht)
Contact: Leandra Pennartz (030-6866190)
It is not possible to register for the programme directly on the website. If you want to register for the EMAS programme, please contact Leandra Pennartz.
First year: Euro 13.250**
Second year: Euro 13.250**
** prices including materials, exam and catering
Please note: Students in the EMAS programme are required to be in possession of a laptop computer which they can bring to class meetings. Laptops must be able to run advanced numerical software such as MATLAB and Eviews, and must be equipped with a wireless network connection. students' laptops should be privately owned, in view of the fact that the software licenses provided as part of the EMAS programme are for private use exclusively.
Dutch Actuarial Institute
The Dutch Actuarial Institute is a provider of actuarial education. The education provided by the Institute distinguishes itself by the combination of working and learning.
Coordinator: Leandra Pennartz
T. +31 (0)30-6866190
If you want to register for the EMAS, please contact the coordinator.