Master Year 2 Statistics, Finance and Actuarial Science
| Year | Master Year 2 |
| Program | Statistics, Finance and Actuarial Science |
| ECTS Credits | 60 |
| Language | English and French |
| Orientation | Industry and Research |
| Location | Palaiseau Campus |
| Course duration | 12 months, full time |
| Course start | September |
| Degree awarded | Master’s degree |
WHY ENROLL IN THIS PROGRAM?
Asset n° 1
Master cutting-edge techniques, theories and practical tools relating to applications in finance and insurance or a research career in academia or industry
Asset n°2
Qualify for a PhD through PhD track in Mathematics for Finance and expand your horizons by combining courses from the M2 Probability and Finance with M2 Data Sciences for Artificial Intelligence
Asset n°3
On completing a subset of specialized courses, obtain an accreditation as an actuary from the French Institute of Actuaries
Stochastic models are intensively used in financial institutions and insurance companies. In addition to model specifications, accurate statistical methods are crucial for estimation, calibration and forecasting. This trend has recently been accentuated by the rise of data science and machine learning.
The Statistics, Finance and Actuarial Science Master’s program aims to train high-level specialists in the fields of random modelling and risk management to meet the needs of all types of financial institutions including banks, insurance companies, asset managers and hedge funds. To achieve this ambitious goal, a strong level in probability and statistics is required. The curriculum is organized around core courses in time series, machine learning, risk management, actuarial science and mathematical finance.
Find more information on the program website
Objectives
This program allows students to:
- Acquire all the necessary mathematical and cultural tools to meet the evolving needs of financial markets
- Grasp the complexity of the mathematical tools (probabilistic, statistical or numerical) used
- Deepen their knowledge of technical fields up to the frontier of research
On graduating, students will be equipped to pursue a career requiring:
- Random modelling and risk management for all types of financial institutions including banks, insurance companies, asset managers and hedge funds
Core courses
All core courses will be taught in English.
The students have to validate at least five courses in this group.
|
Financial time series |
5 ECTS English
|
|
Financial Econometrics |
4 ECTS English |
|
Pricing and hedging of financial derivatives |
4 ECTS English |
|
Introduction to Risk Management |
3 ECTS English |
|
Advanced Machine Learning |
4 ECTS English |
Elective courses
The students are advised to validate at least one course in each of the following groups of courses : "Financial Time Series", "Mathematical Finance", "Risks in Finance and Insurance" and "Statistics and Machine Learning". Therefore, they will be able to delve deeper into a wide range of topics. All elective courses will be taught in English, with some exceptions in the group "Actuarial Science" below.
|
Actuarial study of non-life insurance |
4 ECTS English |
|
Actuarial study of life insurance |
4 ECTS English |
|
Microeconomic theory of insurance |
3 ECTS English |
|
Physics of financial markets |
3 ECTS English |
|
Algorithmic trading |
3 ECTS English |
|
Financial markets: an introduction to Econophysics |
3 ECTS English |
|
Dynamic Statistical models with hidden variables |
3 ECTS English |
|
Dynamic optimization and reinforcement learning |
3 ECTS English |
|
Stochastic calculus |
5 ECTS English |
|
Modeling and managing energy risks |
2 ECTS English |
|
Risk measures |
2 ECTS English |
|
Duration models |
3 ECTS English |
|
Copulas and financial applications |
3 ECTS English |
|
Risk theory |
2 ECTS English |
|
Hidden Markov models and Sequential Monte-Carlo methods |
3 ECTS English |
|
High-dimension statistics |
4 ECTS English |
Core courses
|
GARCH and stochastic volatility models |
3 ECTS English |
|
Statistics of diffusion processes |
5 ECTS English |
|
Extreme-value theory |
3 ECTS English |
Elective courses
|
Actuarial study of pensions |
2 ECTS français |
|
Regulation and insurance |
2 ECTS français |
|
Risk management and reinsurance |
3 ECTS English |
|
High frequency data and order books |
3 ECTS English |
|
Forecast Evaluation and Model Selection |
3 ECTS English |
|
Numerical methods in financial engineering |
3 ECTS English |
|
Econometrics of Commodity and Asset Pricing |
3 ECTS English |
|
Levy processes and financial applications |
3 ECTS English |
|
Interest rate curve models |
4 ECTS English |
|
Portfolio Management |
3 ECTS English |
|
Credit risk |
3 ECTS English |
|
Extreme-value theory |
3 ECTS English |
|
Green Finance |
3 ECTS English |
|
Risk management and reinsurance |
3 ECTS English |
|
Artificial intelligence for actuarial studies |
3 ECTS English |
|
Online learning and aggregation |
3 ECTS English |
|
Machine learning for finance |
4 ECTS English |
|
Data challenges in actuarial science and regulation |
2 ECTS English |
Internship
At the end and as a complement to their theoretical studies, the students will validate an internship in a company or a research center. They will work on a quantitative topic during three to six months. Even if a lot of offers are proposed by financial institutions (banks, insurance companies, asset managers, etc), others are coming from industrial sectors, consulting firms, software editors, etc.
The students who are motivated by academic research and who would like to start a PhD will be able to validate an innovative research work as their internship. Most of the time, such a work will represent the starting point of their thesis.
Internships occur from early May until end October.
Any student will work under the supervision of a professional, and will stay in relation with a member of the master staff. At the end of their internship period, the student will make a defense in front of a jury, where professionals and academics will be present. The result of such a defense will determine largely the completion of the degree.
The internship counts for 14 ECTS.
Admission requirements
Academic prerequisites
Completion of the first year of a Master in mathematics at Institut Polytechnique de Paris or equivalent in France or abroad.
Language prerequisites
- English
- French
How to apply
Applications can be submitted exclusively online. You will need to provide the following documents:
- Transcript
- Two academic references (added online directly by your referees)
- CV/resume
- Statement of purpose
You will receive an answer in your candidate space within 2 months of the closing date for the application session.
Fees and scholarships
Fees for 2023-2024 are :
- EU/EEA/Switzerland students: 4648€
- Non-EU/EEA/Switzerland students: 6839€
- Engineer students enrolled in one of the five member schools of Institut Polytechnique de Paris (Ecole polytechnique, ENSTA Paris, ENSAE Paris, Télécom Paris and Télécom SudParis): 159€
- Special cases: please refer to the "Cost of studies" of the FAQs
Find out more about scholarships
Please note that fees and scholarships may change for the following year.
Applications and admission dates
Coordinators
Program office
General enquiries
Stochastic models are intensively used in financial institutions and insurance companies. In addition to model specifications, accurate statistical methods are crucial for estimation, calibration and forecasting. This trend has recently been accentuated by the rise of data science and machine learning.
The Statistics, Finance and Actuarial Science Master’s program aims to train high-level specialists in the fields of random modelling and risk management to meet the needs of all types of financial institutions including banks, insurance companies, asset managers and hedge funds. To achieve this ambitious goal, a strong level in probability and statistics is required. The curriculum is organized around core courses in time series, machine learning, risk management, actuarial science and mathematical finance.
Find more information on the program website
Objectives
This program allows students to:
- Acquire all the necessary mathematical and cultural tools to meet the evolving needs of financial markets
- Grasp the complexity of the mathematical tools (probabilistic, statistical or numerical) used
- Deepen their knowledge of technical fields up to the frontier of research
On graduating, students will be equipped to pursue a career requiring:
- Random modelling and risk management for all types of financial institutions including banks, insurance companies, asset managers and hedge funds
Core courses
All core courses will be taught in English.
The students have to validate at least five courses in this group.
|
Financial time series |
5 ECTS English
|
|
Financial Econometrics |
4 ECTS English |
|
Pricing and hedging of financial derivatives |
4 ECTS English |
|
Introduction to Risk Management |
3 ECTS English |
|
Advanced Machine Learning |
4 ECTS English |
Elective courses
The students are advised to validate at least one course in each of the following groups of courses : "Financial Time Series", "Mathematical Finance", "Risks in Finance and Insurance" and "Statistics and Machine Learning". Therefore, they will be able to delve deeper into a wide range of topics. All elective courses will be taught in English, with some exceptions in the group "Actuarial Science" below.
|
Actuarial study of non-life insurance |
4 ECTS English |
|
Actuarial study of life insurance |
4 ECTS English |
|
Microeconomic theory of insurance |
3 ECTS English |
|
Physics of financial markets |
3 ECTS English |
|
Algorithmic trading |
3 ECTS English |
|
Financial markets: an introduction to Econophysics |
3 ECTS English |
|
Dynamic Statistical models with hidden variables |
3 ECTS English |
|
Dynamic optimization and reinforcement learning |
3 ECTS English |
|
Stochastic calculus |
5 ECTS English |
|
Modeling and managing energy risks |
2 ECTS English |
|
Risk measures |
2 ECTS English |
|
Duration models |
3 ECTS English |
|
Copulas and financial applications |
3 ECTS English |
|
Risk theory |
2 ECTS English |
|
Hidden Markov models and Sequential Monte-Carlo methods |
3 ECTS English |
|
High-dimension statistics |
4 ECTS English |
Core courses
|
GARCH and stochastic volatility models |
3 ECTS English |
|
Statistics of diffusion processes |
5 ECTS English |
|
Extreme-value theory |
3 ECTS English |
Elective courses
|
Actuarial study of pensions |
2 ECTS français |
|
Regulation and insurance |
2 ECTS français |
|
Risk management and reinsurance |
3 ECTS English |
|
High frequency data and order books |
3 ECTS English |
|
Forecast Evaluation and Model Selection |
3 ECTS English |
|
Numerical methods in financial engineering |
3 ECTS English |
|
Econometrics of Commodity and Asset Pricing |
3 ECTS English |
|
Levy processes and financial applications |
3 ECTS English |
|
Interest rate curve models |
4 ECTS English |
|
Portfolio Management |
3 ECTS English |
|
Credit risk |
3 ECTS English |
|
Extreme-value theory |
3 ECTS English |
|
Green Finance |
3 ECTS English |
|
Risk management and reinsurance |
3 ECTS English |
|
Artificial intelligence for actuarial studies |
3 ECTS English |
|
Online learning and aggregation |
3 ECTS English |
|
Machine learning for finance |
4 ECTS English |
|
Data challenges in actuarial science and regulation |
2 ECTS English |
Internship
At the end and as a complement to their theoretical studies, the students will validate an internship in a company or a research center. They will work on a quantitative topic during three to six months. Even if a lot of offers are proposed by financial institutions (banks, insurance companies, asset managers, etc), others are coming from industrial sectors, consulting firms, software editors, etc.
The students who are motivated by academic research and who would like to start a PhD will be able to validate an innovative research work as their internship. Most of the time, such a work will represent the starting point of their thesis.
Internships occur from early May until end October.
Any student will work under the supervision of a professional, and will stay in relation with a member of the master staff. At the end of their internship period, the student will make a defense in front of a jury, where professionals and academics will be present. The result of such a defense will determine largely the completion of the degree.
The internship counts for 14 ECTS.
Admission requirements
Academic prerequisites
Completion of the first year of a Master in mathematics at Institut Polytechnique de Paris or equivalent in France or abroad.
Language prerequisites
- English
- French
How to apply
Applications can be submitted exclusively online. You will need to provide the following documents:
- Transcript
- Two academic references (added online directly by your referees)
- CV/resume
- Statement of purpose
You will receive an answer in your candidate space within 2 months of the closing date for the application session.
Fees and scholarships
Fees for 2023-2024 are :
- EU/EEA/Switzerland students: 4648€
- Non-EU/EEA/Switzerland students: 6839€
- Engineer students enrolled in one of the five member schools of Institut Polytechnique de Paris (Ecole polytechnique, ENSTA Paris, ENSAE Paris, Télécom Paris and Télécom SudParis): 159€
- Special cases: please refer to the "Cost of studies" of the FAQs
Find out more about scholarships
Please note that fees and scholarships may change for the following year.