• Application Deadline
  • 24 months


The Master of Actuarial and Financial Engineering covers the fundamental concepts of insurance, techniques for quantitative risk management and principles of modelling assets and liabilities.

You will learn to construct robust risk models and integrate techniques to report the results of your in-depth analysis, you will study the quantitative instruments necessary to analyze vital contemporary issues.

Programme outline

The Master’s programme consists of two years of 60 ECTS each. The compulsory core consists of about 90 ECTS, 24 of which are accredited to the master’s thesis, the remaining ECTS consist of compulsory courses, organised along five major topics:

  • actuarial engineering: life, health and pensions (18 ECTS);
  • actuarial engineering: property and casualty (12 ECTS);
  • risk engineering (18 ECTS);
  • financial engineering (12 ECTS);
  • regulation and reporting (4 ECTS).

You supplement the compulsory courses with electives along the same five domains, which consist of both business oriented and research oriented topics to cover your interests. An optional internship, research project in the LRisk research center, or summer school is also included in the possibilities. 


  • You will acquire advanced training in the modelling and managing of risks in financial institutions and learn to combine this knowledge across the different domains and to transform it into useful solutions to meet the challenges of insurances, pensions and financial risk management.
  • The diploma of Master of Actuarial and Financial Engineering allows students to join the professional associations of actuaries: the IA|BE (Institute of Actuaries in Belgium) and (via IA|BE) the IAA (International Actuarial Association).
  • International experience: you can spend the first semester of your second Master year abroad with one of the partner universities in our international network, both within and outside Europe. 
Career perspectives

Financial institutions, insurance companies, pension funds and consultancy agencies are traditionally the most important employment domains. The classical distinction between financial products and insurance products is fading and the programme focuses on general, quantitative skills related to risk management. As a result, students, now technical experts, will have various career opportunities in all-round risk management. The government also offers interesting career opportunities for insurance experts. Furthermore, students are often involved in the general management of the company for which the students’ financial and actuarial skills can contribute to the analytical decision-making.

This degree gives the graduate access to the Institute of Actuaries in Belgium, the professional association of actuaries.

Questions about student life in Belgium, life at KU Leuven or more information about a specific course? Chat with our students: www.kuleuven/be/chatwithourstudents.

Programme Structure

Compulsory Courses (64 ECTS), organized along 5 topics:

  • Actuarial Engineering: Life, Health and Pensions (18 ECTS)
  • Actuarial Engineering: Property and Casualty (12 ECTS)
  • Risk Engineering (18 ECTS)
  • Financial Engineering (12 ECTS)
  • Regulation (4 ECTS)

Master's Thesis (24 ECTS)

Elective course work (32 ECTS)

  • Business oriented courses organized along the same 5 topics
  • Research oriented courses organized along the same 5 topics
  • An internship (6 ECTS), a summer school or project in collaboration with our research center LRisk


  • Your mind is on applying tools and models from mathematics and statistics to real-world economic and financial problems;
  •  You want to learn more on data science and analytics and how these tools are used in insurance and finance;
  • You have a solid background in mathematics, probability theory and statistics and basic knowledge in economics and ICT.

Detailed Programme Facts

English Language Requirements

  • Minimum required score:


    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Schedule IELTS
  • Minimum required score:


    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

    Schedule TOEFL®

General Requirements

All applicants must provide:

  • course descriptions of all relevant courses;
  • a letter of motivation written and signed by the applicant, explaining the choice for Leuven and for this particular programme.

Applicants who have a degree that was not issued by a Flemish institution, must apply for admission first.

  • A GMAT-/GRE result above the 75th percentile on the quantitative part is to be included in the application.
  • Applicants must prove their English language proficiency by means of a IELTS or TOEFL test.

For more information on the admission requirements, please visit the homepage of the programme.

Tuition Fee

  • International

    1750 EUR/year
    Tuition Fee
    Based on the original amount of 1750 EUR per year and a duration of 24 months.
  • EU/EEA

    938 EUR/year
    Tuition Fee
    Based on the original amount of 938 EUR per year and a duration of 24 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Leuven

  • 810 - 1280 EUR/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


Check the programme website for information about funding options.

Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

Actuarial and Financial Engineering
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