E M A SEXECUTIVE MASTER OF ACTUARIAL SCIENCE

NEW GENERATION

WHY EMAS?E M A S

Risk is the possibility that an undesirable event will occur

The demand for skilled actuarial professionals is growing. Actuaries are the leading professionals

in finding ways to manage risk, and managing risk requires knowledge of several disciplines.

Understanding how businesses operate, how legislation may have an impact and how financial

economics may affect securities are all vital skills for an actuary. Globalization, the integration of

financial markets, changing IT environments, and market innovation in risk management ensure

that the actuarial field of action is becoming more challenging and complex by the day.

In response to these changes, the Dutch Actuarial Institute (Actuarieel Instituut) and TiasNimbas

Business School (TiasNimbas) have developed the Executive Master of Actuarial Science (EMAS).

A NEW GENERATION OF ACTUARIES

SUMMARY2 Shortest route to becoming actuary AG (AAG) after completing BSc

2 State-of-the-art Master Programme towards full actuarial qualification (actuary AG)

2 Developed in collaboration between the Dutch Actuarial Institute (AI) and TiasNimbas

2 Master degree from TiasNimbas, one of the top 25 business schools in Europe

2 Training location: Utrecht and Tilburg

2 Lectures and tutorials are mixed with case-based learning Prins Clausbrug, Utrecht

Broaden and deepen your actuarial knowledge

Participants are typically (young) professionals who are activein the insurance industry, pensions industry and consultancy.Their academic background is often a Bachelor’s or Master’sdegree in Actuarial Science or in Econometrics or (Applied)Mathematics. Depending on their previous education, theyhave completed one or more modules in the premasterprogramme (Schakelprogramma) offered by AI in order to meetthe entry requirements for the EMAS programme.

PARTICIPANTS

The EMAS programme provides in-depth coverage both of thebody of actuarial knowledge and the required competences. Inparticular, the EMAS programme provides participants with theknowledge and competences associated to the status of a fullyqualified actuary, as described in the Core Syllabus of theGroupe Consultatif Actuariel Européen, the Core Syllabus of theInternational Actuarial Association and the AG document,“Eindtermen Opleiding tot Actuaris AG”, published in June2010.

Participants monitor their progress by the feedback they receivefrom instructors and by regular meetings with a mentor who isassigned to them specifically for the purpose of monitoringpersonal development. In this way it is ensured thatparticipants not only become familiar with state-of-the-artacademic knowledge and insights, but also develop thecompetencies needed to apply these insights in practice.

Link between theory and professional life

AIMS OF THEPROGRAMME

EMAS is aimed at individuals who are already professionallyactive at an academic level and who are looking for ways tobroaden and deepen their knowledge. It is one of the goals ofthe programme to make full use of the opportunities that arisein such a situation. The curriculum mixes concentrated lecturesand tutorials with case-based learning in which students worktogether in small groups and is rounded off by thesis work onan individual basis. The programme is structured in such a waythat it is indeed possible for participants to combine work withstudy and to optimize the cross-fertilization between workingand learning. Experience on the job can be incorporated intocourses and case studies. Insights developed in the educationalprogramme are translated back into practice, giving rise tofurther reflection.

EMAS, actuarial science meets professionDistinguish yourself from other risk professionals An application for accreditation as a MSc programme is pending

2 A fully qualified actuary (actuary AG), international recognition

2 Science meets the profession, state-of-the-art academic knowledge and insights

2 People make the difference; lecturers and instructors are renowned professors/lecturers and practitioners, some are affiliated with Netspar (Pension think-tank)

2 Directly applicable in your working environment

2 4 to 5-semester, part-time programme in English

2 Exchange of experience and ideas amongst fellow students

2 A mentor is assigned for the duration of the programme

2 A major contribution to your network

In summary, the main components of the EMAS programme are

2 6 courses (24 ECTS)

2 8 cases (24 ECTS)

2 Thesis (12 ECTS)

2 Mentor system

In view of the objectives of the EMAS programme and the broad range of aspects to be covered, the curriculum employs severaldifferent methods of tuition

2 Classical lectures and tutorials

2 Advanced quantitative techniques, insights into the psychology and the sociology of risk, and training of competences

2 A series of integrative case studies carried out by groups of 4 to 5 participants

2 The case studies cover different fields of actuarial science; they address technical skills as well as competences in for instance project management and communication

2 In the final phase of the programme, participants write an individual thesis

2 Personal development is monitored by means of a mentor system

PROGRAMME OVERVIEW

Prospective participants who do not meet the EMAS admissionrequirements can make up for deficiencies by followingmodules in the premaster programme offered by AI. Theminimum entrance level for the premaster programme is abachelor’s degree offered by a university of applied sciences(HBO) in a subject that has substantial quantitative content.

In summary

2 6 clusters (15 modules)

– Financial Economics

– Quantitative Methods 1 and 2

– Actuarial basic techniques 1 and 2

– Law

2 The programme requires 2 years’ in part-time study

2 A course load of 15-20 hours a week, including lecturers and tutorials

2 Programme starts in September and January

2 Lectures and tutorials are held in Utrecht on Monday (afternoon/evening) or Friday

2 Exemptions based on previous degree and/or preliminary education (www.ag-ai.nl)

PREMASTER PROGRAMME (max. 60 ECTS, taught in Dutch, offered by AI)

Preliminary training Premaster programme Executive Master Actuarial Science

Professional Education for Actuary

0 – 2 years 2 years B/c year

Actuarial ScienceEconometricsMathematics

ActuarialAnalyst

Individualpreliminary

training

Thesis

Actuary AG

Member Dutch

Actuarial Association

ActuarialModules

Cases-Courses-Mentor

Professional development

A detailed description of the modules of the premaster programme may be obtained from the Institute’s website (www.ag-ai.nl).

SIX COURSES (24 ECTS)

Four courses are strongly quantitative in nature and are taught successively; the two remainingcourses are taught in parallel with these four. Lectures and tutorials for each course are concentratedin four two-day meetings (Friday and Saturday, 7 contact hours each day). All courses carry a studyload of 4 ECTS (1 ECTS corresponds to 28 hours of course attendance and self-study on average). An exemption for certain courses is possible depending on preliminary education.

Depending on the nature of the course, the meetings may combine lectures with computer sessions or with group discussions. Inaddition to attending the course meetings, participants are required to study the course material and to complete homeworkassignments.

The 6 courses are– Statistical Methods– Valuation and Hedging – Life Insurance and Pensions – Risk and Regulation – Risk Perception and Product Development – Process Management and Communication

Each course is concluded with an examination.

2 Participants are able to apply quantitative methods and to address broader issues in financial security systems and financial risk management

2 Cases are organised in teams, which gives participants the opportunity to practice skills in process management

2 Each team working on a case is supervised by instructors both from professional practice and from academia, so as to ensure practical relevance and an appropriate link to the current academic literature

2 Cases are concluded in a presentation meeting

2 Evaluation of each team’s performance takes place by the instructors

2 After the completion of cases, teams have a meeting in which they evaluate the role of each team member in the process leading to the final result

Case titles – Long-term care insurance – Valuation of disability insurance– Overcharging – Traditional vs. market-consistent valuation– Universal life– Life style insurance– Risk management in casualty-liability insurance– Recovery plan

EIGHT CASES (24 ECTS)

EMAS PROGRAMME SIX COURSES | EIGHT CASES | THESIS

2 Knowledge of mathematical analysis, linear algebra, probability theory and statistics

2 Knowledge of financial economics, macroeconomics and microeconomics

2 Knowledge of actuarial science at the level of introductory courses on risk theory, life insurance and asset/liability management

2 Knowledge of the legal and institutional structures that apply to the insurance and pension industries

ADMISSION REQUIREMENTS EMASTHESIS (12 ECTS)

The thesis constitutes proof of the individual qualities of theparticipant and of his of her ability to carry out a penetratinganalysis of a specific topic. To enable participants to obtainsupport from each other, thesis projects are organized ingroups around common risk themes, such as “pensionsreform” or “Solvency II”. Each thesis group consists of four tosix participants together with their supervisor. The groups meetevery three or four weeks. Supervisors are also available forconsultation outside the group meetings, for instance withrespect to specific technical issues that are less suitable forgroup discussion.

To apply for participation in EMAS, you need to complete anApplication Form. Following this, an intake interview will bescheduled with the Academic Director of EMAS. The purpose forthis interview is to verify whether the conditions for yoursuccessful participation in the programme are satisfied. Theseconditions involve your profile, previous study success, workexperience, and arrangements that have been made to allowsufficient time for study. If you are admitted on the basis ofthe intake, you receive the Participation Confirmation Form,which you can use to confirm your participation.

Applicants should be aware that participation in a 60-ECTSprogramme such as EMAS requires a substantial investment oftime. They should count on spending one day per week oncourses and one day on cases during two years, and theyshould reserve time for thesis writing. Proper arrangementsshould be in place as the work/life balance turns into awork/study/life balance. It is recommended that thecomponent “work” takes no more than 32 hours per week.

APPLICATION PROCEDURE

DATES & TUITION FEESSpecific information on programme start dates andtuition fees can be can be obtained from the websites ofthe two partner organisations, the Dutch ActuarialInstitute (www.ag-ai.nl) and TiasNimbas Business School(www.TiasNimbas.edu).

"This brochure has been compiled with the utmost care and, to the best of the authors' knowledge, the information contained therein is true and accurate.

Despite this, AI and TiasNimbas do not guarantee the correctness or comprehensiveness of the information. No rights can be derived from the brochure's contents."

Dutch Actuarial InstituteThe Dutch Actuarial Institute is a provider of actuarial education.The tuition provided by the Institute distinguishes itself by thecombination of working and learning.

The AI provides amongst others the following programmes– Life Insurance Technique (part-time)– Actuarial Calculator (part-time)– Actuarial Analyst (part-time)– EMAS (part-time)– Chartered Enterprise Risk Actuary (CERA, part-time)– In company training– International Actuarial Education– Continuous Professional Development

Dutch Actuarial InstituteGroenewoudsedijk 80P.O. Box 24333500 GK UTRECHTT +31 30 6866150E info@ag-ai.nlW www.ag-ai.nl

TiasNimbasTiasNimbas, the business school of Tilburg University andEindhoven University of Technology, offers a broad and flexibleportfolio of internationally recognised managementprogrammes. The motto of TiasNimbas is ‘Never Stop Asking’,and this is reflected in programmes that are rooted in leadingmanagement research, and designed to address the specificeducational needs of individuals and organisations in theevolving world of business. In the Financial Times ranking ofEuropean Business Schools, TiasNimbas Business School holds aEuropean top 25 position, and a top 3 position in the Benelux.

TiasNimbas Business SchoolCampus TilburgWarandelaan 2P.O. Box 901535000 LE TILBURGT +31 13 4668600E information@tiasnimbas.eduW www.tiasnimbas.edu