Objectives
The Master's Degree Programme in Actuarial and Financial Sciences aims to train professionals specialized in actuarial science, mathematical finance, and other quantitative methodologies used in the insurance, pension, and financial markets sectors, as well as in risk management (demographic, market, economic, operational, etc.).
The Degree Programme is the preferred training path for those intending to pursue the legally regulated profession of actuary. To practice the profession, students must pass a specific State Examination and be registered with the National Order of Actuaries (Section A).
The entire training programme took into account similar experiences abroad, and in particular, the approach adopted by the Actuarial Association of Europe, with its "Core Syllabus," regarding the training and definition of the skills of the "European Actuary".
A solid foundation in Mathematics, Probability, Statistics, Financial Mathematics, and Actuarial Mathematics is required for admission to the Degree Programme, which is the natural continuation of the Degree Programme in Statistics, Economics, Finance, and Insurance at the University of Rome "La Sapienza".
The Degree Programme provides a consistent, unified educational foundation consisting of core disciplinary activities in the fields of Statistics, Applied Statistics, and Mathematics for Actuarial and Financial Sciences. This allows master's degree graduates to:
• possess in-depth knowledge of actuarial science, mathematical finance, markets, and business, as well as risk control and management;
• possess excellent command of the logical, conceptual, and methodological tools for designing and conducting surveys and analyses of insurance, pension, and financial markets;
• possess solid knowledge of stochastic processes and advanced statistical methodologies, as well as their applied aspects, with particular reference to actuarial science, mathematical finance, and risk management;
• understand the fundamentals and use of data processing systems, as well as the issues related to the creation, updating, and use of suitable databases in the insurance, pension, and financial fields.
Based on this common platform, the Degree Programme offers a choice of alternative curricula that allow students to acquire specific skills related to well-defined professional roles, outlined in the subsequent sections of this document.
Specifically, the Degree Programme is divided into curricula focused on the following specific areas:
• Actuarial Sciences;
• Mathematical Finance.
The curriculum focused on Actuarial Sciences is taught entirely in Italian, while the curriculum focused on Mathematical Finance includes a significant number of mandatory core, complementary, or supplementary courses taught in English.
The Degree Programme, with specific activities aimed at ensuring adequate skills for the professional profiles it trains, provides an in-depth study of the principles, methodologies, and algorithms specific to Actuarial Sciences, Mathematical Finance, and risk analysis, assessment, and control, with ongoing updates to the related programmes.
The specialization of student preparation within the curricula occurs through diversification:
• among the core disciplinary activities, courses in the areas of Statistics, Applied Statistics, Mathematics for Actuarial and Financial Sciences, and Business Economics;
• among the complementary or supplementary activities, courses in the scientific-disciplinary fields of the courses included therein;
• among the other training activities, courses in the laboratories included therein.
In particular, it should be noted that:
• in the Actuarial Sciences curriculum, in-depth study primarily focuses on the mathematical-actuarial methodologies needed to model all forms of insurance and pension provision: private insurance (life, non-life), public and supplementary pension provision (pension funds, health funds), reinsurance, etc.
• in the Mathematical Finance curriculum, in-depth study primarily focuses on the mathematical methodologies needed to understand and model complex financial problems.