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The Czech Society of Actuaries as a member of the Actuarial Association of Europe gives its members the opportunity to obtain an internationally recognized actuarial certificate, for which the standard of education specified by the document Core Syllabus for Actuarial Training in Europe is binding.

In accordance with the valid wording of this syllabus, a university degree in the areas below is required from a candidate for a certificate.

Courses taught at the Faculty of Mathematics and Physics at the Charles University (hereinafter as MFF UK) listed in the individual syllabus areas (in italics), can be replaced by another course comparable in content, extent of coverage of the required topics and mathematical depth of interpretation. In case of coverage of some areas by studying outside MFF UK, it is necessary to submit a detailed syllabus and list of literature for the subjects to the committee for consideration.

I. Mathematics

1) Mathematical analysis, Linear algebra, Numerical analysis
In the minimum extent of the bachelor’s degree in Financial Mathematics at MFF UK or equivalent studies.

2) Theory of Probability
Probability, random events, random variables, random vectors, independence, conditional distributions, transformations of random variables and vectors, convergence of random variables, laws of large numbers, central limit theorem.

NMFM202 Probability for Financial Mathematics (or comparable).

3) Mathematical Statistics
Principles of estimation theory, principles of hypothesis testing, confidence interval, moment estimates, maximum likelihood estimates and their characteristics, single-selection, pair and two-choice tests, variance analysis, good match tests, independence testing in contingency testing.
NMFM301 Statistics for Financial Mathematics (or comparable).

4) Stochastic Calculus and Stochastic Processes
Martingales, Wiener process, stochastic integral, stochastic differential equations, Markov processes, discrete and continuous time Markov chains, stationary processes, time series analysis.
NMFM408 Probability for Finance and Insurance, NMSA334 Random Processes 1, NMSA409 Random Processes 2, NMST537 Time Series (or comparable).

5) Stochastic Modelling
Linear regression model, financial and insurance modelling, model testing, parameter estimation, model prediction and diagnostics, simulation methods.
NMSA407 Linear Regression, NMFM404 Selected Finance and Insurance Software (or comparable).

II. Economics, Accounting and Legislation

1) Economics
Basics of microeconomics and macroeconomics.
NMFM260 Economics (or comparable).

2) Insurance Legislation
Basic legal terms, legal regulation of insurance.
NMFM305 Insurance Law (or comparable).

3) Accounting
Double-entry accounting principles, financial statements and their interpretation, valuation of assets and liabilities, technical provisions, international accounting standards.
NMFM410 Accounting for Insurance Companies (or comparable).

III. Financial and Actuarial Mathematics

1) Financial Mathematics
Financial instruments, deterministic interest, time structure of interest rates, stochastic interest rate theory, stock market models, valuation of financial assets, portfolio theory, and asset and liability management.
NMFM331 Mathematics in Finance, NMFM507 Advanced Topics in Financial Management, NMFM505 Stochastic Models for Finance and Insurance (or Comparable).

2) Life and Non-life Mathematics
The distribution of numbers and amounts of claims, the distribution of total claims, the demographic model in life insurance, numerical bases, pricing in life and non-life insurance, technical provisions for life and non-life insurance, reinsurance.
NMFM401 Non-life Insurance Mathematics 1, NMFM402 Non-life Insurance Mathematics 2, NMFM405 Life Insurance 1, NMFM406 Life Insurance 2, NMFM416 Life Insurance 2, exercise (or comparable).

3) Risk Theory
Collective risk model, ruin theory, dependency modelling, and models of credibility theory.
NMFM503 Risk Theory (or comparable).

IV. Quantitative Risk Management
Risk classification, risk levels, diversification, internal models, capital requirements.

V. Actuarial practice in the area of modelling and risk management
Practical aspects of the following areas: risk measurement and modeling, product design and valuation, choice of assumptions and scenarios, valuation of liabilities, risk transfer, asset and liability management, solvency and profitability, advanced data analysis methods.

VI. Professionalism

Teaching of blocks IV, V, and VI is provided in cooperation with MFF UK and the Czech Society of Actuaries through blocks within the subjects NMFM501 Actuarial Seminar 1 a NMFM502 Actuarial Seminar 2. Four semesters are required to cover the required topics.

Full text Core syllabus for Actuarial Training in Europe.


1. Computing
To provide a grounding in modern computing methods necessary for the work of an Actuary.

2. Regulation and Legislation and Taxation
To give students an appreciation of the structures and legislative instruments of the EU. This part is recommended as part of a European qualification.

3. Communication Skills
To develop the ability to present actuarial ideas and arguments both on paper and orally in a manner which will enable them to be understood by non-actuaries.

4. Language Skills
To enable students to communicate in business discussions and to read actuarial literature in at least two of the languages of the countries within the EU. This part would not be compulsory but is recommended as part of a European qualification.


1. Mathematics
To provide a grounding in relevant mathematics: Mathematical analysis, Linear algebra, Numerical analysis, Stochastic calculus

2. Probability and Mathematical Statistics
To provide a grounding in relevant probability and mathematical statistics: Theory of probability and mathematical statistics, Decision theory, Data analysis, Regression analysis

3. Stochastic Processes and Modelling
To provide a grounding in stochastic processes and modelling methodology: Principles and methods of modelling, Stochastic processes for insurance and finance, Time series modelling, Simulation methods

4. Economics
To provide a grounding in the fundamental concepts of economics as they affect the operation of insurance and other financial systems: Macroeconomics, Microeconomics

5. Accounting and Financial Reports
To provide a grounding in understanding and interpreting the accounts and financial statements of companies and financial institutions: Accounting principles, Financial structures of business entities, Basic structure of company accounts, Interpretation of business accounts

6. Legislation
To provide a grounding, understanding and application of the legislation that applies to financial institutions: Supervisory legislation, Financial services laws


7. Financial Mathematics
To provide a grounding in financial mathematics and their applications to actuarial science: Theory of deterministic interest, Introduction to contingent claims analysis, Stochastic calculus for finance, Theory of stochastic interest, Asset management

8. Multiple State Modelling
To provide a grounding in multiple state modelling: Survival models and parameter estimation, Multiple state models and parameter estimation, Construction of a decrement table, Population characteristics and risk classification

9. Contingencies
To provide a grounding in the mathematical techniques, including stochastic techniques, which are of relevance to actuarial work: Reserving methodology, Pricing of long term and short term insurance products, Valuation techniques, Analysis of changes in technical results

10. Risk Mathematics
To provide a grounding in risk mathematics and its use in actuarial work: Distribution of frequency and severity of claims, Risk theory, Credibility theory, Dependencies, Generalised linear models

11. Finance and financial markets
To provide a grounding in finance, investment and portfolio theory: Financial markets, Pricing and valuation of financial products, Corporate finance, Portfolio theory, Economic value and measurement

12. Quantitative Risk Management and Solvency
To provide a grounding in the quantitative aspects of risk management: Risk classification, Measuring risk, Diversification, Dynamic financial analysis and internal models, Capital requirements


13. Actuarial Enterprise Risk Management
To provide the technical skills to apply the principles and methodologies studied under actuarial technical subjects for the identification, quantification and management of risks.

Topics: The general operating environment of the enterprise, Assessment of risks: risk types and risk measures, Design and pricing of products and/or services, Determination of assumptions and scenario setting, Reserving and valuation of liabilities, Risk mitigation, Asset Liability Management, Monitoring the experience and exposure to risk, Solvency and profitability of the enterprise and the management of capital

14. Professionalism
To develop an awareness of the meaning of professionalism, the importance of professionalism in the work of an actuary and some of the professionalism issues which may arise in the course of that work.

Topics: Conduct standards and discipline, Professional Standards, Professionalism and business ethics