Master's degree in Actuarial and Financial Sciences

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

Favorable report first modification

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.

Internal quality assurance system

Manual of the Internal Quality Assurance System

Composition of the commission

Composition of the Commission

Results report

Once the monitoring of the Master's Degree has been carried out, the most relevant quantitative information on the results obtained in the monitoring of said Degree is displayed, differentiated by academic year.

Report by course:    

• 2022/2023
• 2021/2022
• 2020/2021
• 2019/2020
• 2018/2019

General information collection plan

• Indicators 2018/19
• Indicators 2019/20
• Indicators 2020/21
• Indicators 2021/22
• Indicators 2022/23

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.

• Improvement actions 2021/22
• Improvement actions 2019/20
• Improvement actions 2018/19

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.”

• Final Report Accreditation Renewal 2021
• Improvement plan 2021

Tracking