Quantitative Finance and Actuarial Science

If you are interested in mathematics and finance and you want to learn how to use mathematics and statistics to solve real financial and actuarial problems, the Master's program in Quantitative Finance and Actuarial Science is the program for you.

Risk management through the lens of quantitative models

The Master's program in Quantitative Finance and Actuarial Science takes the critical field of risk management as its central theme, examined through the lens of quantitative models. Taught by the leading international academics of Tilburg University, content reflects the forefront of world developments in which:

  • Investors weigh risks against returns;
  • insurers limit their risks by calculating the appropriate premiums;
  • option traders balance their books by calculating the sensitivities of their positions with respect to the relevant risk factors.

Delve into these challenging worlds of continuous time finance, empirical applications, and the actuarial sciences of risk theory and asset liability management - giving you a tool-kit of highly practical skills you can apply throughout your entire financial career.

The Master's program in Quantitative Finance and Actuarial Science offers you:

THE Ranking TiSEM
  • The best preparation for a career in the arena
  • With a Tilburg University Master's degree recognized for its combined academic rigour and industry relevance.
  • Great career prospects
    The Master’s program in Quantitative Finance and Actuarial Science is one of the programs with the best career prospects. Graduates find work easily, often before graduation, and they earn above average. They work as, for instance, risk management consultants, actuaries or investment analysts. More about the excellent career prospects.
  • Customized learning
    With a wide range of optional electives available including the possibility to follow courses from the Master's program in Finance or to customize your degree with a specialization in Pensions, Aging and Retirement.
  • Ideal stepstone to become a fully qualified actuary
    After graduation you are eligible to apply for the part-time Executive Master in Actuarial Science offered the Dutch Actuarial Institute.
  • Teaching by leading international academics
    Giving you a tool-kit of highly practical skills you can apply throughout your entire financial career.

    According to the latest Times Higher Education ranking Tilburg University is #1 in the Netherlands and #3 in Europe in the field of Economics and Business.

QFAS student Stefka Kirilova has won the 2016 Johan the Witt Thesis Award!

Her Master’s thesis about the estimation of insurance losses due to wind storms provided a value added ingredient in the risk-evaluation activities of the insurer. Read the interview about Stefka's award winning thesis below.

Interview with Stefka Kirilova

What can you tell us about yourself?

I am from Bulgaria and have lived in the Netherlands for the last six years. I first did my Bachelor in Economics, and continued with a Pre-Master’s in Econometrics and a Master’s in Quantitative Finance and Actuarial Science. All at Tilburg University. When I decided to study abroad, Tilburg University was the main destination that interested me. So I embraced the new challenge with lots of willpower and belief that I was doing the right thing. At that time, I read that Tilburg University is one of the highest rated universities for research activity.

Can you explain to a broad audience what your research is about, and say something about your findings?

My Master’s thesis is about estimation of insurance losses due to wind storms. The theoretical part is based on Extreme Value Theory (EVT) with specific application to storm events in greenhouse insurance contracts. I think the main message of my work is that the relatively easier univariate EVT analysis produces comparable results to those from more comprehensive storm risk modeling, e.g., the natural catastrophe models by specialized providers. The approaches are completely different and yet the similar results give confidence about the risk position. Therefore, the EVT-based analysis is a value added ingredient in the risk-evaluation activities of the insurer.

What does the Johan de Witt award mean to you, and what are you going to do with your prize money?

It is an honor to receive an award from the Dutch Actuarial Society and I thank the jury for the time they dedicated to reviewing my work and that they saw merits worth the award named after such a prominent figure as Johan de Witt. In a more abstract sense, the award means that if you are passionate about your project or research, it will sooner or later be rewarded in one form or another.

A part of the prize money I want to donate to a good cause, such as a charity for sick people or animals. It is not easy to choose whom or how to help though …

Now that you are a QFAS graduate, what are you going to do next?

I have started a PhD in Statistics at the Université Catholique de Louvain in Belgium with a topic in multivariate EVT. The message I carry with me from the Johan de Witt prize is that research with practical relevance and implications is more likely to be successful.

Do you dream of a certain career path?

I wished I had, but I realize that this changes over time. I could say I wished to be a great researcher and leave a fruitful legacy of research works, but this is naive. I prefer to think about the small things I can do every day in my work that perhaps one day might lead to something significant.

Do you have any recommendations for prospective students?

Be good students and strive to be excellent students. It may be difficult but this is how you get the most from your time as a student.

Is there anything else you want to say?

I would like to express my gratitude to Prof. John Einmahl. He was the supervisor of my winning thesis, and presented to me the opportunity to apply for it. The thesis had a relevant topic due to Rob Vermunt and Joost Hoogendoorn from Achmea Reinsurance. I am very grateful to all of them.

Jeroen Dalderop banner

Student Jeroen Dalderop

"In my opinion, the main advantage of this program is that it offers a rigorous analytical approach to topics in finance and insurance."

Quantitative Finance and Actuarial Science in short

Language English
Start End of August and end of January
Duration One year. More about the courses and program structure
Title Master of Science (MSc)
Best preparatory Bachelor’s programs Econometrics and Operations Research. More about
the admission requirements and application procedure
After graduation Large financial institutions, banks and trading
houses, pension funds and insurance companies,
consultancy agencies, central banks and
other regulators, corporate treasuries,
PhD track. More about the career prospects
Rankings #11 worldwide in Business and Economics
Times Higher Education Ranking, 2016
#37 worldwide in Economics & Econometrics
QS World University Rankings
#1 in it's field according to Elsevier Best Studies
#18 in the world in Economics and Business - Global
Universities Ranking US News, 2016
►#1 in the Netherlands, #2 in Europe, #8 worldwide in Finance
Shanghai Subject Ranking

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