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Opens 15 November for applicants from outside the EU/EEA/Switzerland, and 16 January for applicants from within the EU/EEA/Switzerland.
About the programme
In the Actuarial Mathematics MSc programme you will cultivate an exciting interdisciplinary body of knowledge in mathematics, finance, insurance economics, accounting, law, probability and statistics. Actuarial mathematics is immediately relevant to modern society where security cannot be taken for granted.
The programme is offered in English.
Admission and application
To apply for admission to this master's degree programme, you must have completed a qualifying bachelor’s degree or a similar Danish or international degree programme which is assessed to be relevant. Apply for admission via the application portal.
Below, you can read more about admission requirements and which documents to upload in the application portal.
Academic admission requirements
Here you'll find the different academic requirements depending on which qualifying degree you hold.
With a Bachelor's degree in
- Actuarial Mathematics (forsikringsmatematik) from University of Copenhagen
you are granted legal right of admission and guaranteed a place on the Master’s programme in Actuarial Mathematics if you apply in time to begin within 3 years of the completion of your Bachelor’s degree.
You meet all academic requirements if you hold one of the degrees listed below. Learn about when and how to apply. Note, however, that you still need to document that you meet the programme's language requirements.
- Actuarial Mathematics (forsikringsmatematik) from University of Copenhagen (note, that if you apply in time to begin within 3 years of the completion of your Bachelor’s degree, you have legal right of admission to the Master's programme)
If you have a Bachelor’s degree other than those listed above, you must submit additional documentation along with your application so we can evaluate whether or not you meet the admission requirements. Learn about when and how to apply.
If you have a Bachelor’s degree, Professional Bachelor's degree or equivalent from Danish or international universities you are qualified for admission if your programme includes the following:
- Subject elements in life insurance mathematics (equivalent in content to the course Grundlæggende livsforsikringsmatematik) at least 7.5 ECTS credits
- Subject elements in non-life insurance mathematics (equivalent in content to the course Basic Non-life Insurance Mathematics) at least 7.5 ECTS credits
- Subject elements in statistics on a measure-theoretical basis (equivalent in content to the course Statistiske metoder, Matematisk statistik (MStat), Regression/Regression for Actuaries) at least 22.5 ECTS credits
- Subject elements in advanced probability (equivalent in content to the course Sandsynlighedsteori 2) at least 7.5 ECTS credits
- Subject elements in accounting and law (equivalent in content to the course Regnskab og jura) at least 7.5 ECTS credits
- Subject elements in mathematical finance (equivalent in content to the course Finansiering 1) at least 7.5 ECTS credits
We may also admit applicants who, after an individual academic assessment, are deemed to possess educational qualifications equivalent to those required above.
Qualifying degree and other courses/projects
When we assess whether you meet the admission requirements for the Master's degree program, Danish legislation only allows us to assess your Bachelor's degree. Consequently, you cannot study supplementary courses between Bachelor's and Master's degree programs in order to meet the admission requirements.
If you have passed courses/projects before you complete the qualifying Bachelor's degree, these can be included in the assessment, even though they are not part of the Bachelor's degree program.
- It applies to courses/projects you have taken as single subjects and courses/projects you have taken as part of another study program.
- A maximum of 30 ECTS credits of these courses/projects may be included.
International Bachelor’s degree
You can only get an answer to whether or not your degree meets the admission requirement by applying for admission to the MSc Programme. Only the admission committee can evaluate whether you are qualified or not and they only do this once they have received your application.
Bachelor’s degree from Denmark
You are entitled to 1 pre-assessment for 1 study programme, where, based on an assessment of the documentation you have submitted, we will inform you whether you meet the admission requirements.
This is a service offered by SCIENCE, but it is not a service you have to make use of in order for you to apply for admission.
The following requirements are valid if you apply for admission to the programme in the next application round starting from 15 November 2025 (Non-EU applicants) or 15 January 2026 (EU-applicants):
Other Danish or International Education
If you have a Bachelor’s degree other than those listed above, you must submit additional documentation along with your application so we can evaluate whether or not you meet the admission requirements. Learn about when and how to apply.
If you have a Bachelor’s degree, Professional Bachelor's degree or equivalent from Danish or international universities you are qualified for admission if your programme includes the following:
- Subject elements in life insurance mathematics (equivalent in content to the course Grundlæggende livsforsikringsmatematik) at least 7.5 ECTS credits
- Subject elements in non-life insurance mathematics (equivalent in content to the course Basic Non-life Insurance Mathematics) at least 7.5 ECTS credits
- Subject elements in statistics on a measure-theoretical basis (equivalent in content to the course Statistiske metoder, Matematisk statistik (MStat), Regression/Regression for Actuaries) at least 22.5 ECTS credits
- Subject elements in advanced probability (equivalent in content to the course Sandsynlighedsteori 2) at least 7.5 ECTS credits
- Subject elements in accounting and law (equivalent in content to the course Regnskab og jura) at least 7.5 ECTS credits
- Subject elements in mathematical finance (equivalent in content to the course Finansiering 1) at least 7.5 ECTS credits
- Subject elements in mathematical analysis at least 22.5 ECTS
- Subject elements in linear algebra at least 7.5 ECTS
We may also admit applicants who, after an individual academic assessment, are deemed to possess educational qualifications equivalent to those required above.
Qualifying degree and other courses/projects
When we assess whether you meet the admission requirements for the Master's degree program, Danish legislation only allows us to assess your Bachelor's degree. Consequently, you cannot study supplementary courses between Bachelor's and Master's degree programs in order to meet the admission requirements.
If you have passed courses/projects before you complete the qualifying Bachelor's degree, these can be included in the assessment, even though they are not part of the Bachelor's degree program.
- It applies to courses/projects you have taken as single subjects and courses/projects you have taken as part of another study program.
- A maximum of 30 ECTS credits of these courses/projects may be included.
Language requirements
Unless you have a legal right of admission to the programme you are applying for, you are required to document proficiency in English.
Application deadlines
Study start in September
1 March at 23:59
Application deadline for Danish applicants and applicants from within the EU, EEA and Switzerland.
Open for applications from 16 January. You will receive a reply by 10 June.
15 January at 23:59
Application deadline for applicants from outside the EU, EEA and Switzerland.
Open for applications from 15 November. You will receive a reply by 1 May.
How to apply
Choose the category below that fits you and read more about how to apply for admission. You will also find information about application deadlines and documentation on the websites.
Citizen in Denmark, EU EEA og Switzerland
Bachelor's degree with legal right of admission
Bachelor’s degree from Denmark
International bachelor’s degree
Citizen in a country outside EU, EEA or Switzerland
Bachelor’s degree from Denmark
International bachelor’s degree
Prioritisation of applicants
If the number of qualified applicants to the programme exceeds the number of places available, applicants will be prioritised according to the following criteria:
- Total number of ECTS credits within actuarial mathematics
Limitation on second degrees
If you have already completed a Master's degree, please check out the rules concerning a second degree.
| Admission statistics Actuarial Mathematics 2023 | |
|---|---|
| Admitted | 49 |
| Admission distribution (legal right/other) | 93% / 7% |
| Applicants | 60 |
| Age average | 23 |
| Legal gender distribution (cpr. - m/f) | 59% / 41% |
| Nationality (dk/international) | 98% / 2% |
| Available spots | No |
Programme structure
If you choose to study actuarial mathematics, you will be engaged in the development and application of mathematical, statistical, and economic tools. These tools can be used to model, measure, and manage insurance risks.
As an actuarial mathematics student, you will be studying two overarching topics intensively:
- Life Insurance Mathematics – Life insurance mathematics deals with insurance in relation to major life events and includes retirement, death, disability, and marriage. This typically incorporates long-term business and significant financial risk.
- Non-Life Insurance Mathematics – Non-life insurance mathematics deals with insurance covering damage or injury to things or persons, typically in relation to fire, natural disasters, theft, and the like. It typically incorporates short-term business with significant catastrophe risk.
The MSc programme includes compulsory coursework in various types of actuarial mathematics and financial theory. There is also a large elective part where you can focus on one of these areas, or perhaps in related mathematical, or statistical problems.
You can focus your mathematical skills even further in the master's thesis where you work at a scientific level with an insurance-related problem. The thesis project will often be based on a practical insurance-related problem. In many cases, the thesis is carried out in cooperation with an insurance company.
Do a Project in Practice or Study Abroad
You can use some of your elective courses to do a Project in Practice in collaboration with a company or an organisation. You can also choose to study abroad as part of your programme. Read more here:
Programme Overview
Compulsory courses: 45 ECTS
Restricted elective courses: 15 ECTS
Elective courses: 30 ECTS
Master's thesis: 30 ECTS
One block each year equals nine weeks of study and 15 ECTS. The table is primarily for guidance and may be subject to revision.
Year 1
| Block 1 | Block 2 | Block 3 | Block 4 |
|---|---|---|---|
| Mathematical Finance | Quantitative Risk Management | Restricted elective course | |
| Statistics in Insurance | Topics in Life Insurance | Restricted elective course | |
Year 2
| Block 1 | Block 2 | Block 3 | Block 4 |
|---|---|---|---|
| Elective course | Elective course | Thesis | |
| Elective course | Elective course | ||
Restricted elective courses
You are obliged to choose at least two restricted elective courses from the list below. Click on each course for a detailed description.
- An Introduction to Large Deviations
- Term Structure Models
- Reserving in Non-Life Insurance
- Consumption-Investment Problems*
- Financial Econometric Time Series Analysis
- Introduction to Extreme Value Theory
- Monte Carlo Methods in Insurance and Finance
- Optimal Stopping With Applications*
- Applied Probability
- Continuous Time Finance 2
- Interpretable Machine Learning
- Projects in the mathematics of life insurance*
- Design and Risk Management in Life Insurance*
* the course is not offered in the academic year 2025/26
Curriculum
Learn more about the programme in the: Curriculum for MSc in Actuarial MathematicsShared section of the curriculum
Please note: The programme curriculum is for the current academic year. A revised curriculum for the coming academic year will follow.
Video: Olivia and Heini talk about the study programme in Actuarial Mathematics.
Career opportunities
You should pursue an MSc in Actuarial Mathematics if you enjoy working with numbers. You will, among other things, be engaged in addressing various types of damage insurance, life insurance, insurance economics, insurance accounting, and insurance law. The degree embodies a combination of numbers, law, and human welfare.
A large majority of people in modern society have a pension or insurance policy that secures their everyday life and welfare into retirement. Actuarial Mathematics is an indispensable field of study with regards to modern society, where a secure future cannot be taken for granted.
Competence Description
A graduate in Actuarial Mathemathics has the competences required to:
- structure an inquiry into open actuarial mathematical issues, regarding both personal and general insurance mathematics.
- further develop and adapt probabilistic and statistical models for real life challenges.
- conduct independent, stringent argumentation.
- independently take responsibility for his or hers own professional development and specialisation.
Employment
As an actuarial mathematician you could be hired to work for:
- insurance companies
- banks
- other types of financial institutions
- consultancy firms.
Your work will be to solve statistical problems and deal with risk theory in relation to various types of insurance. Additionally, you can gain employment in public administration or within higher education.
The field is experiencing robust growth, in part due to the development of a rich theory of mathematical finance. This is also a response to the reorientation that practical insurance is experiencing due to, for instance, the integration of banking, credit, and insurance activities.
Further reorientation of the actuarial profession has developed as a result of changes to the risk landscape in which catastrophe, including climate change, is becoming a more and more prominent concern.
Video: Your Career Opportunities as an Actuary – Marie
Marie is an MSc graduate in Actuarial Mathematics and now work as an actuary at Codan Insurance. Please note: The video is subtitled in English – you can enable captions in the player window.
Video: Your Career Opportunities as an Actuary – Nichlas
Nichlas works as an actuary at Danish pension company Danica Pension. Please note: The video is subtitled in English – you can enable captions in the player window.
Student life
High quality education in English, a flexible study structure, excellent facilities, an international study environment, attractive and green campus areas, and the opportunity to experience life in Copenhagen, the cool capital of Denmark. These are some of the qualities about studying at Faculty of Science (SCIENCE) at University of Copenhagen that you can expect.
Throughout the year, various social activities are arranged for all SCIENCE students and for international students specifically. These activities include:
- Introduction Days for new students
- A welcome programme for international students
- International dinners, courses, and lectures
- Sports activities such as fun runs or bicycle races
- Career workshops
Students live in residence halls outside campus or share a flat in the Copenhagen area. You will find that the relatively small size of Copenhagen makes it easy to get around, even by bike.
Where Will I be Studying?
The Actuarial Mathematics programme is primarily based at North Campus.
The University’s North Campus is centrally located. It is home to scientific, pharmaceutical and health science research, and neighbour to the Copenhagen University Hospital (Rigshospitalet), Metropolitan University College, and Fælledparken.
Many exciting building activities are going on at the campus areas at the moment, including the construction of a new Natural History Museum and the Niels Bohr Building. Furthermore, North Campus is part of a coherent district of science, health and interdisciplinarity – Innovation District Copenhagen – which is being developed these years.
You can read more about campus life at the university here:
Here you will find some useful links and videos about student life and housing in Copenhagen, and the welcome programme for international students at Faculty of Science.
- Information about living in Copenhagen – plus practical information on housing, civil registration number, residence permit and more
- General information on student life and studying at University of Copenhagen
- Housing Foundation Copenhagen is an independent entity which assists international students and researchers at University of Copenhagen in finding accommodation. Visit Housing Foundation Copenhagen here
Video: Study Science at University of Copenhagen
Meet Elizabeth and Alex who study at the University of Copenhagen in Denmark. See what it is like to live and study in Denmark.
Video: SCIENCE Welcome Programme
The SCIENCE Welcome Programme is a great way for international students to be introduced to the Faculty of Science at the University of Copenhagen.
Testimonial
Read an interview with Marianne, MSc student at Actuarial Mathematics.
Why did you choose Actuarial Mathematics?
That’s a good question. You have to have a flair for and an interest in mathematics, which I do.
And someone once told me that doing Actuarial Mathematics was a way to study mathematics without ending up as a mathematics teacher. That got my attention, because I never wanted to teach.
But I had no idea what I was getting into. Before you start, they tell you that the dropout rate is 50%, but you have no idea why it is so difficult, or what an actuary actually does.
What is an actuary?
Well, it took me 2-3 years to work out – partly through my student job. An actuary is someone who works with mathematics, probability calculations and statistics, and who likes to predict and analyse the world (e.g. economic trends) – and assess risks.
Did you have no idea what an actuary was?
No. But I knew I liked to solve mathematical problems. And I liked studying it and was good at it. But mathematics in upper secondary school is something else altogether. Never in my wildest dreams could I have imagined the theoretical level involved in studying actuarial mathematics.
Can you give an example?
In upper secondary school, you might spend a few hours reading a long chapter in a mathematics textbook. But here I found that it was okay to spend four hours reading and understanding just one page! It’s okay to immerse yourself, and for things to take a really long time.
It’s really great that on the master’s programme you are taught things that relate more to the real world and that are more insurance-oriented. The first subject we did on the master’s programme was non-life insurance. We were given a dataset related to maritime claims and had to process this using a computer and try to predict the future claims scenario and fix an insurance premium.
What jobs can you get? What’s your ambition?
I can do a PhD. I’m thinking about doing that. I’m also thinking about going abroad and working with reinsurance. In the field of reinsurance, you work with foreign companies. I’ve also thought about getting a permanent job in an insurance company. There is no unemployment, unless people have chosen to be unemployed.
Have you had a student job?
Yes, I worked for a small non-life insurance company. This really opened my eyes to what an actuary does.
I have also taught as a student instructor for the past three years. This is like investing in your own knowledge, because you have to go over what you learned earlier in your studies in order to help other students understand it. It is actually by teaching that I’ve grown my academic competence the most.
What is the drop-out rate?
Fifty students embark on the bachelor’s programme each year. The drop-out rate is just over 40%, and most of those who finish continue directly on in the master’s programme, where they are joined by a group of international students. So 25-30 people enrol on the master’s programme each year.
Why is the drop-out rate so high?
This is due to the shock of how mathematics-intensive the programme is. Some people switch to the Economics programme, where there is not nearly as much mathematical analysis, and the content is more application-oriented. On the Actuarial Mathematics programme, we spend more time creating the formulas than using them. We are more focused on making the ‘machine’.
What has the social life been like?
The degree programme has taught me what ‘tough love’ is. It has been a tough programme, but I’ve put a lot of time into the social side and participating in academic events. It’s easy to create a social network at the university, because everyone here is very focused on making it work. There are lots of events, fun nights etc.
Are you happy with your choice of study programme?
More than anything else, yes. I never thought I would end up being so happy with my studies and the university. It sounds over the top, but that’s how I feel.
Would you recommend the programme to others?
Yes, I would recommend it to anyone who finds mathematics exciting. You don’t have to be a genius – but you do need to think mathematics is fun. And you have to want to work within the financial sector, deal with money and work with matters that are important to the Danish economy. Actuarial work is constantly evolving in step with society – you need to realise that.
When I started on the programme, I met fellow students who said “Do you realise how much money we can make in the future?" My advice is: Don’t do Actuarial Mathematics for the money! It’s simply too hard if your only motivation is stable and solid finances later in life.
Since this interview, Marianne has graduated and currently works as an actuary at Lægernes Pension & Bank (a pension fund for doctors).
Contact student guidance
Contact SCIENCE Student Service
Do you have questions about the programme structure, study or career opportunities, admission requirements or application procedure, please feel free to contact SCIENCE Student Services.
Contact SCIENCE Student ServicesLocation
- Faculty of Science, North Campus, Universitetsparken 5, DK-2100 København Ø.
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