Responsible Center: Official Masters School Location: Madrid-Quintana Campus
Modality: Onsite Title code: 6290 Orientation: Pro
Number of ECTS Credits: 120 ECTS Duration of the Master: Two academic years
Public prices: See table
Academic Calendar Opening hours Examinations Teaching Guides Faculty External teaching staff
Director of the Master: Prof. Dr. Ms. Sonia de Paz Cobo. Phone: 91488 8028
E-mail:
University master's information: Phone: 91 665 5060 Inquiries Mailbox
Student attention: Student Help Box Suggestions, complaints and congratulations mailbox
Basic Information
What knowledge will I acquire with this Master?
As regulated in Royal Decree 56/2005, of January 21, the interest of European Postgraduate studies is highlighted as one of the main elements to reinforce the attractiveness of European higher education in the international context, and in the art . 8.3 It is anticipated that their own general guidelines may be established in those cases in which the title enables access to regulated professional activities.
To this end, a design proposal is made for the university teaching of Actuarial and Financial Sciences adapted to the European Higher Education Area (EHEA), which responds to the challenge of responding, from the University, to the educational needs in the environment. globalization of experts in risk and finance and, specifically, of the profession of actuary.
The first reference is found in ancient Rome, where the "Actiarius" represented a kind of notary, but it is from the eighteenth century with the creation of the first insurance companies, where the profession begins to take shape in its current version.
In Spain, actuarial studies began at the beginning of the 16th century, acquiring the degree of official qualification. By Royal Decree of April 1915, 31, the teachings that had been taught in the Schools of Commerce were reorganized, introducing, among other novelties, Actuarial Studies, with the official title of "Commercial Mayor - Actuarial Section", which was located in the School of Madrid called “Central de Altos Estudios Mercantiles” or “Central Superior de Comercio”. After some studies on Economics and Commerce, the only systematized ones that were studied in Spain at that time, the Actuary studies were established in two academic years, which were passed after an entrance exam on Mathematical Analysis, Trigonometry and Analytical Geometry, being integrated , those of the first year, by Infinitesimal Analysis, Analytical Accounting, Company Administration, Economics and Social Legislation and Comparative Insurance Legislation, and those of the second year, by Mathematical Statistics, Mathematical Theory of Insurance, Banking, Stock Exchange and Monetary Systems, Special Insurance Accounting and Insurance Technique. These studies were later reformed by Royal Decree of August 1922, 17. Subsequently, by Law of July 1953, 23, on the coordination of Economic and Commercial Education, a new order was made of them, incorporating them into the new Faculties of Sciences Political, Economic and Commercial studies that until then had been superiors of the Schools of Commerce. Article XNUMX of said law established the basic provisions of the new location of actuarial studies in Spain and their professional range: "The current graduates in Political and Economic Sciences (Economics section), the Mercantile Mayors, the Insurance Actuaries and the graduates in Political, Economic and Commercial Sciences (Economics and Commercial section), keeping the denominations of their respective titles, are equal in all their other rights. The graduates of the Faculty of Political, Economic and Commercial Sciences who study the specialty of insurance, will receive, in addition to the academic title of Graduates, the professional Actuary, the only one that qualifies for the exercise of this profession.” The latter carried out the so-called "Specialty in Actuarial Economics".
Situating ourselves in the current stage, by Royal Decree 1399/1992, of November 20, the official title of Bachelor of Actuarial and Financial Sciences is established as a second cycle teaching "that must provide adequate scientific training, mainly of a financial nature -stochastic, which allows a correct assessment and management of risks by the economic agents that bear them and the institutions to whom they can transfer them”. The relationship between university studies in Actuarial and Financial Sciences with the profession of insurance actuary has been very close, so that having completed these university studies has always been an essential requirement to be able to access the corresponding professional associations and thus be able to exercise said profession. profession.
The closest antecedent of the profession of actuary in Spain can be found in 1908 with the creation of the National Social Security Institute. The official introduction of actuarial education in Spain, whose first graduates were in 1917, marks a new era for the actuarial profession in our country. Thus, Spanish actuaries, who until then did not exist specifically as an organized profession, are gradually displacing foreign actuaries in their technical intervention regarding insurance matters. The circumstance of being, in Spain, related to actuarial studies as a higher degree and specialization of the more general economic-financial training that was being studied at that time, gave rise to its official and corporate organization by Decree of December 15, 1942, when the Institute of Spanish Actuaries (IAE) was created. The latest regulation by Decree 12/1959 of January 8 specifies said organization as "an official corporation of public law of a scientific and professional nature, with full personality and legal capacity to fulfill its purposes, and is subject to the tutelage and surveillance of the Ministry of Finance, through the General Directorate of Banking, Stock Exchange and Investments”, which, in turn, is reproduced in article 1 of the Ministerial Order of Finance communicated on February 25, 1959, in which article 2 it is said that “those who possess the official professional title of Insurance Actuary, issued by the Ministry of National Education, may belong to the Institute”. But it is in articles 5 and 6 of said regulation that the functions of the actuary and the conditions that must be met for the exercise in Spain of the private professional activities of Insurance Actuaries are discussed, and in article 7 it is said that "The certification issued by a full member of the Institute, as a specialized professional, in what constitutes its exclusive function, covers its content with evidence and effectiveness."
In Spain, the professional title of "Insurance Actuary" was, for many years, issued as a higher title by the Ministry of Education and Science, but at present, and since 1996, the professional title of actuary is not an academic title, but it is conferred by the professional association -the Institute of Spanish Actuaries, the Collegi d'Actuaris of Catalonia or the Association of Actuaries of the Basque Country- when applying for membership, meeting the requirement of being in possession of a degree in Actuarial and Financial Sciences ; membership that is mandatory to perform certain professional activities.
In turn, belonging to the professional organization of Spanish actuaries gives entry to supranational associations, such as the European Actuarial Association, which integrates the professional associations and colleges of actuaries of the European Union, and the International Actuarial Association –IAA for its acronym in English-, which integrates associations and professional associations of actuaries from around the world. The role played by these organizations with respect to the actuarial profession is not only the representation and defense of the profession, but it goes further, including the unification of professional criteria, the development of rules of ethical conduct or the issuance of professional and collective opinions. versus project organizations above them. Specifically, the European Actuarial Association plays an important role in this regard before the European Union.
The convenience in creating the Master's Degree in Actuarial and Financial Sciences is supported by the high level of specific knowledge that is required to meet the needs of companies and not only of the sectors involved. Specifically, the areas of activity for which it is specifically trained are the following:
- Analysis and design of all types of financial and investment operations and, especially, its risk treatment.
- Analysis, design and control of forecast systems for certain risks, both in the life insurance sector and in the non-life sector or in social security systems.
These activities can be carried out in different areas:
- In private companies, both in financial companies (insurance entities, pension fund managers, social security mutualities, credit entities, financing entities, ...), and non-financial companies, in financial, risk management or administration departments.
Also as a liberal professional with professional responsibility, as a consultant in the financial area, insurance and social security consultant, in the issuance of expert reports, …
In the Public Administration: Superior Corps of State Finance Inspectors, Bank of Spain, National Securities Market Commission, Superior Corps of Administration Actuaries, Statisticians and Economists.
Is this degree official according to the regulations required by the European Higher Education Area?
Yes (final verification report is attached), starting the first course in the academic year 2018-19.
I The final verification report turned out FAVORABLE
Is it necessary to pass an access test?
If necessary, assessment of the student's curriculum, based on their professional experience, their projection in relation to the objectives of the master's degree, as well as their academic record.
When the number of applications for access to the Master in Actuarial and Financial Sciences exceeds the number of places offered, the Academic Committee
of the Master will apply the following priority criteria:
- Average mark of the academic record: (70%)
- Command of the English language: (20%)
- Professional experience: (10%)
What is the minimum number of credits for which I can enroll?
You can see it in the rules of permanence in this link
Recommended income profile
The requirements for access to the Master's Degree in Actuarial and Financial Sciences, in accordance with the provisions of article 16 of the Royal Decree
1393/2007 and the Academic Norms of Teaching of the Master's Degree of the Rey Juan Carlos University are:
- Be in possession of an official Spanish university degree in the area of Economics or Business Administration or another also in the same area issued by a higher education institution of the European Higher Education Area that empowers in the issuing country of the title
for access to master's degrees.
- Be in possession, without any additional requirement, (in the area of Economics or Business Administration) of an accrediting degree for Graduates
according to the university system prior to that established in RD 1393/2007.
- Exceptionally, be in possession of a degree in the area of Economics or Business Administration in accordance with educational systems outside the European Space for Higher Education that are not approved. In this case, the application for admission must be resolved according to the regulations for this purpose formulated by the Rey Juan Carlos University. Access through this route will not imply, in any case, the homologation of the previous degree or its recognition for other purposes than that of studying the Master's degree.
As prerequisites for access to the Master, the student must accredit knowledge of Financial Mathematics, Accounting and Statistics, business law, as will be collected in the internal regulations of the Master. The evaluation of their suitability will be carried out through the grades in these subjects in the degree from which they come. In case of not having accrediting justification, the university will establish the appropriate system for verifying the level in the aforementioned subjects.
Objectives
The general objective of the master's degree is to provide up-to-date training in risk management, delving into aspects of actuarial mathematics, finance, data science and computer tools, among others, in order to offer in-depth specialization. All these elements are combined with the actuarial perspective, that is, with the purpose of access to the qualification of the actuary profession: the expert professional in risk analysis and valuation, product design, calculation of technical reserves, establishment of financial projections and analysis of social security.
Competences
BASIC SKILLS
- CB6 - Possess and understand knowledge that provides a basis or opportunity to be original in the development and/or application of ideas, often in a research context
- CB7 - That students know how to apply the knowledge acquired and their ability to solve problems in new or little-known environments within broader (or multidisciplinary) contexts related to their area of study
- CB8 - That students are able to integrate knowledge and face the complexity of formulating judgments based on information that, being incomplete or limited, includes reflections on the social and ethical responsibilities linked to the application of their knowledge and judgments
- CB9 - That students know how to communicate their conclusions ¿and the knowledge and ultimate reasons that support them¿ to specialized and non-specialized audiences in a clear and unambiguous way
- CB10 - That students have the learning skills that allow them to continue studying in a way that will be largely self-directed or autonomous.
Admission and enrollment
Admission:
The requirements for access to the proposed title are according to article 18, of Royal Decree 822/2021, of September 28:
- Possession of an official Spanish Graduate or Graduate university degree or equivalent is a condition for accessing a Master's Degree, or, where appropriate, having another University Master's degree, or titles of the same level as the Spanish Bachelor's or Master's degree issued by universities and higher education institutions in an EHEA country that in that country allow access to Master's degrees.
- In the same way, people in possession of titles from educational systems that are not part of the EHEA, which are equivalent to a Bachelor's degree, will be able to access a Master's Degree in the Spanish university system, without the need for homologation of the title, but verification by of the university of the level of training that they imply, as long as in the country where said title was issued it allows access to university postgraduate level studies. In no case will access through this route imply the homologation of the previous degree held by the person concerned or its recognition for other purposes than that of carrying out the Master's degree.
Recommended requirements:
- - Be in possession of an official Spanish university degree in the area of Economics or Business Administration or another also in the same area issued by a higher education institution of the European Higher Education Area that empowers in the issuing country of the degree for access to master's degrees.
- - Be in possession, without any additional requirement, (in the area of Economics or Business Administration) of a degree accrediting Graduates in accordance with the university system prior to that established in RD 1393/2007.
- - Exceptionally, be in possession of a degree in the area of Economics or Business Administration in accordance with educational systems outside the European Space for Higher Education that are not approved. In this case, the application for admission must be resolved according to the regulations for this purpose formulated by the Rey Juan Carlos University. Access through this route will not imply, in any case, the homologation of the previous degree or its recognition for other purposes than that of studying the Master's degree.
As prerequisites for access to the Master, the student must accredit knowledge of Financial Mathematics, Accounting and Statistics, business law, as will be collected in the internal regulations of the Master. The evaluation of their suitability will be carried out through the grades in these subjects in the degree from which they come. In case of not having accrediting justification, the university will establish the appropriate system for verifying the level in the aforementioned subjects.
Selection of applicants:
If necessary, assessment of the student's curriculum, based on their professional experience, their projection in relation to the objectives of the master's degree, as well as their academic record.
To apply for pre-registration in this Master's Degree, it is necessary to attach a motivation letter.
When the number of applications for access to the Master in Actuarial and Financial Sciences exceeds the number of places offered, the Academic Committee
of the Master will apply the following priority criteria:
- Average mark of the academic record: (70%)
- English language proficiency: (20%)
- Professional experience: (10%)
Offer of places: 50 seats. If the minimum number of students envisaged is not reached in a course, the University may choose not to open the teaching group.
Training itinerary
Master's Teaching Guides
ACCESS TO ALL UNIVERSITY TEACHING GUIDES
Training Itinerary
External Internships
The External Practices subject is a curricular subject whose main objective is to promote a comprehensive training of the student through the practical application of the knowledge acquired during the Master's degree, which facilitates direct contact with the professional activity and the opportunity to join the professional world with a minimum of experience. All practices are designed so that the students who participate in them acquire professional experience in real situations and conditions, applying the knowledge, skills and attitudes that are acquired in the training processes throughout the degree. The internships represent a decisive opportunity for the personal development and professional future of the students.
Internships are activities carried out by the student in companies, institutions and organizations; that is, in centers outside the university premises, which aim to enrich and complement their university education, while providing them with a deeper knowledge about the skills they will need in the future.
The External Practices subject will consist of two phases.
First. Completion of the internship period that offers professional experience related to any of the profiles that are expressed in the Verification Report of the degree.
Second. Preparation of memory.
Documentation:
For more information: External Internship Unit
Social Security contributions for interns starting January 1, 2024
Mobility programs
University Master's degrees, due to their duration and characteristics, in general do not specifically contemplate the mobility of their students. However, the Rey Juan Carlos University has different mobility programs for both students and University workers (PDI and PAS) and has procedures for collecting and analyzing information on these mobility programs. The management of all the mobility programs of the University is centralized in the Office of the Vice President for International Relations and any student of the University can participate in them.
Regulation
- Academic Calendar
- Regulations governing the university master's degrees of the Rey Juan Carlos University
- Regulations for enrollment and permanence in university master's degrees at the URJC || Explanatory notes
- Academic exemption (Regulations for the Evaluation of Learning Outcomes - Title IX)
- Public prices for university master's degrees
- Exemption from the prices of official master's and doctoral studies for the sons and daughters under 25 years of age of victims of gender violence
- External Internships
- University Master's Thesis
- Review and claim of the evaluation (Regulations for the Evaluation of Learning Outcomes - Title VII)
- Acknowledgments / Adaptations of university master's degrees
- Simultaneity of URJC university master's degree studies
- Regulations of the School of Official Masters
- Addendum to the protocol for adapting teaching at the School of Official Master's Degrees
- Royal Decree 1125/2003, of September 5, which establishes the European credit system and the qualification system in official university degrees valid throughout the national territory
STUDENTS
TEACHING COORDINATION
COEXISTENCE REGIME
SCHOOL INSURANCE
ASSOCIATIONS
EVALUATION
- Regulation on the Assessment of Learning Outcomes (in force from 1 September 2024)
- Early call (Regulations on the Assessment of Learning Outcomes - Article 19)
- Article 6.1.2. The favorable resolution of the request for total cancellation of registration does not necessarily imply the refund of the amount paid by the student. To do this, the requirements established in the Article 10.3 of the present regulations.
- Article 11.3. The extension of the period of permanence will be requested through the procedure established for this purpose by the Rey Juan Carlos University in the electronic office, within the established period. The Rector may authorize the continuation of studies in those cases in which exceptional causes, duly documented, have affected the academic performance of the students., valid for that academic year (up to a maximum of one year).
- Article 11.4. In accordance with what is established by the Article 4 of these regulations, those students whose request to remain is resolved favorably will have to enroll in all the remaining subjects to complete their studies.
- Article 11.5. For subjects with an indefinite call, once the extension of the permanence period is granted, the fees corresponding to the second and successive registrations will be paid according to the corresponding Public Price Decree as long as they have been previously enrolled in that subject.
- Article 12.4. Once this is granted, the student must enroll in accordance with the provisions of the Article 4 of the present regulations.
- Article 12.5. For subjects with an indefinite call, once continuity in the University Master's studies is granted, the fees corresponding to the second and successive registrations will be paid according to the corresponding Public Price Decree as long as they have been previously enrolled in that subject.
Quality guarantee
External monitoring report
General information collection plan
Within the quality assurance system of the Rey Juan Carlos University, the following surveys are planned:
- Student profile
- Teacher evaluation
- Degree of satisfaction:
- Of the students
- of the graduates
- From the Faculty
- Administration and Services Staff
- Labor insertion
- External internships:
- Satisfaction of interns
- External tutor satisfaction
- Employer satisfaction
Survey results:
Improvement actions
The Quality Assurance System of the Rey Juan Carlos University establishes that the degree's Quality Assurance Commission will annually analyze the information derived from the degree's indicators and prepare a report that will include improvement plans if the results so indicate.
Renewal of accreditation
The renewal of the accreditation represents the culmination of the implementation process of the official Bachelor's and Master's degrees registered in the Register of Universities, Centers and Degrees (RUCT). The renewal of the accreditation of official bachelor's and master's degrees is organized in three phases: self-assessment report, external visit and final assessment.
In the first phase, the university describes and assesses the status of the degree with respect to the established criteria and guidelines. The result is the Self-Assessment Report (IA) that is presented. The second and third phases are carried out by a group of evaluators external to the evaluated title.”