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M.Sc. in Actuarial and Financial Mathematics

Program director:

Prof. Dr. Erzsébet Kovács
Department of Operational Research
and Actuarial Sciences


Completion period:

4 semesters

Required credits:


Majors to choose from:

Our department coordinates the Quantitative Finance major.

Entry Specifications

Our M.Sc. program in Actuarial and Financial Mathematics is ideal for those who would like to extend their knowledge they acquired during their B.A./B.Sc. program in Finance and Accounting, Economics or Applied Economics; and broaden their horizons regarding the actuarial and financial sector in both the private and the public sphere.

Our program also welcomes B.A./B.Sc./M.A./M.Sc. graduates from other fields (Mathematics, Physics, Information Technology etc.) who would like to obtain special knowledge of Actuarial and Financial Mathematics.

Who graduates from Corvinus University of Budapest in Actuarial and Financial Mathematics will be able to occupy a job as a professional with comprehensive knowledge at banks, insurance companies, pension funds, institutions of the government and other state organizations, and also at international companies to take care of actuarial, investment- and risk-analysis-related or decision supporting tasks.


Why to choose M.Sc. in Actuarial and Financial Mathematics at Corvinus University of Budapest?

1. Because you can face many challenges at the insurance and the financial sectors.

Measuring and managing actuarial and financial risk is essential in the whole world. In Hungary the financial sector is early in a significant development path, so here the number and the ration of the employed are going to rise. The importance of the sector is indicated for example by the fact that in certain developed countries the volume of savings managed by pension funds might be higher then the country’s gross domestic product.

Our graduates in Actuarial and Financial Mathematics can pursue a career not only at the classic financial sector but also at large enterprises, ministries, the public health or the social sphere.

2. Because our program offers an interdisciplinary approach and study environment.

Our program is open not only for B.A./B.Sc. graduates in Finance and Economics but also for students graduated in Mathematics or Physics. The students of the program can study in an exceptionally vivid and productive intellectual medium for two years, due to their variegated academic background. Corvinus University of Budapest and Eötvös Lóránd University lay special emphasis on bringing students with different background to a common knowledge level by offering leveling courses.

The name of the program – M.Sc. in Actuarial and Financial Mathematics – suggests that its approach is multidisciplinary, i.e. it is based on several fields. In addition to Mathematics, other important areas of science are covered in the curriculum like Economics, Finance, Investments, Insurance, Law and Statistics.

As only a relatively small number of students will be admitted to the program, establishing intensive teacher-student relationships and talent nurture can be easily carried out. Students will have the opportunity to become acquainted with practicing professionals, to participate in scientific programs and to join researches.

3. Because during the program you’ll have the opportunity to become immersed in a field of your interest.

One way to do this is to choose a major according to your interest. We offer two majors in our full-time program: Major in Actuarial Science and Major in Quantitative Finance.

Students majoring in Actuarial Science will be able to occupy a job primarily at insurance companies or pension funds; while those majoring in Quantitative Finance can pursue a career at fund management companies, work at the risk-management or analysis departments of banks, or become treasury managers. The most eminent students also have the opportunity to join in the research and educational work of the departments of Corvinus University of Budapest.

4. Because the curriculum of our M.Sc. program in Actuarial and Financial Mathematics is up-to-date and is in accordance with other similar programs abroad.

In Hungary Actuarial and Financial Mathematics education began anew in the 1990s. The university education of both disciplines has a significant history and is prestigious in Western Europe, North America and Australia. The departments of our program are in intensive contact with reputed foreign departments of the field through their educational work and research projects, and the curriculum of the program is in conformity with international standards.


History of Actuarial and Financial Mathematics education at Corvinus University of Budapest

Antecedents of our current M.Sc. program
In Hungary the Actuarial Science education began afresh in the 1990s: at first for M.Sc. students in Economics, then for M.Sc. students in Finance. Developing the curriculum and the core subjects was possible with the assistance of several higher education developing program (TEMPUS, Know-How Foundation).
At Corvinus University of Budapest there existed a five-year-long M.Sc. in Economic Mathematics program from 2003 to 2010, one of the majors of which was Mathematical Finance that is predecessor of the Quantitative Finance major of our M.Sc. in Actuarial and Financial Mathematics program.
The present M.Sc. program has been existing since 2009.

Career opportunities of graduates
All the graduates in the predecessor majors got a job in some segment of the financial sector before they graduated or immediately after graduation. Our graduates work – often in leader position – in banks, insurance companies, health insurance and pension funds, fund management companies, among others.
Beside this, our graduates can easily occupy a job not only in the private sector but also in the public sphere, at organizations with national authority; furthermore they can readily get a job in the broadly defined business sphere, for instance at large enterprises and audit firms, as the knowledge they acquired at the university is also essential for these entities.
Our graduates with a Ph.D. are successful entrepreneurs in business life or teachers and researchers at universities.
The directorate of the program tries to remain in connection with the graduates and use their empirical experiences at the education. Several of our graduates even participate personally in the education.

Talent nurture
Our students take part in several sections of the annual Conference of Scientific Students’ Associations of Corvinus University of Budapest. This is an excellent opportunity for customized education and for the students to join in the researches of the department.
Our students also have the opportunity to get a Socrates/Erasmus scholarship and spend one or two semesters at a foreign university in the European Union. In the last one and a half decades the major share of our students embraced the opportunity and studied at universities in Western Europe and the United States.


International relations

A guarantee for the education of high quality is the fact that our teachers regularly participate in the international scientific life.
The international programs serving as a model lay special emphasis not only on actuarial courses but also on financial ones. In the case of some programs a close relationship is suggested also by the name of the course: for example the name of the program of Tilburg University is M.Sc. in Quantitative Finance and Actuarial Sciences. Finance, Financial Mathematics and Financial Economics is also part of the programs of Heriot Watt University (Edinburgh), Swiss Federal Institute of Technology (Zurich) and the University of Passau.
Our program is in accord with the professional standards of the Hungarian Actuarial Society and the international requirements of the Groupe Consultatif Actuariel Européen announced in 2005, this way courses concerning the actuarial practice play a more important role in our present program.
The Major in Quantitative Finance covers (and even goes beyond) the curriculum of the European Federation of Financial Analysts Societies’ program and special examination.

Last modified: 2016.07.28.