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Master of Science in Financial Mathematics

Delivered by Faculty of Mathematics and Computer Sciences

1-year Master's programme preparing specialists for financial sector, banking and insurance industries in quantitative methods of risk assessment and hedging, providing knowledge and skills in two major areas - financial engineering and insurance mathematics.

"The Institute of Mathematical Statistics at the University of Tartu has considerable international experience in both training and research, currently being a partner of an EU Erasmus Mundus mobility and exchange project "IDEAS - Innovation and Design for Euro-Asian Scholars."

Kalev Pärna, PhD
Programme Manager

What you can expect from this programme
Why choose the University of Tartu for your Master's
General admission requirements
Application process, documents, deadline
Documents to be submitted
Important information for non-EU applicants
Announcement of admissions results
Curriculum structure
Courses
Language and duration
Tuition fees
Teaching staff

What you can expect from this programme

  • Special emphasis on applied mathematical models and quantitative methods.
  • Only programme of this kind in the region, meeting EU educational standards in actuarial mathematics.
  • Graduates very competitive on national and international job market as analysts, actuaries and risk engineers.
  • Knowledge, practical skills and competence needed to succeed in careers at banks, insurance companies, consulting, financial utilities and financial supervisory authorities

Why choose the University of Tartu for your Master's

  • The University of Tartu, founded in 1632, is one of the oldest universities in Northern Europe, offering a true academic environment and modern facilities for studies.
  • Tartu is a unique university town with an intellectual atmosphere, rich history and student traditions. It is a great place to study and live.
  • All graduates of Financial Mathematics can find jobs easily in Estonia and around the world

PhD opportunities:
This Master's programme prepares students for professional opportunities or further PhD studies in Mathematical Statistics at the University of Tartu or elsewhere. The University of Tartu offers doctoral programmes in Mathematics, Economics or Mathematical Statistics with specialization in Financial Mathematics.

General admission requirements:

  • Four-year Bachelor’s degree or equivalent qualification (240 ECTS) or Master’s degree or equivalent qualification in the areas of Natural and Exact Sciences, or Economics.
  • Prior learning prerequisites: eligible applicants must have completed the following in their prior learning period:
    a) Mathematics, including Calculus, Measure-Theoretic Probability, Statistics (at least 30 ECTS),
    b) Economics, including Corporate Finance, Investments and Derivatives, Microeconomics (at least 15 ECTS),
    c) Computer Science (at least 9 ECTS).
  • English language requirements

Application process for international candidates

  1. Submit the online application form. You will receive an applicant code, which gives access to your account to track your application status. We ask you to upload the electronic copies of all the required documents to your application. This makes the pre-processing of your application quicker and is especially important for candidates applying to more than one programme.
  2. Mail the printed and signed application (do not send any documents by e-mail) with all the required documents by the indicated deadline to: International Student Service, University of Tartu, Ülikooli 18, Tartu 50090, ESTONIA.

Application process for Estonian candidates
See the Estonian-Language page of Financial Mathematics

Documents to be submitted

  1. online application
  2. completed and signed application form for recognition of prior learning
  3. official copy of the Bachelor's diploma or its equivalent and Diploma Supplement (transcript/mark sheet) in the original language*
  4. official translation of the Bachelor’s diploma and Diploma Supplement(transcript/mark sheet) into English, translation certified
  5. proof on the English language proficiency.
  6. copy of the passport page stating the applicant’s personal particulars

*Please note that in order to be considered official, all academic transcripts must bear a seal, and a signature of an authorized official. Official documents must be provided from the institution awarding the degree. Documents sent with an Apostille are official. Some country-specific requirements also specify the way documents must be certifed

NB! Applicants graduating in 2013 and having their diplomas issued later than application deadlines (in July, for example), please send an application form and the most recent official Transcript of Records by the required deadline. Inform the International Student Service when the final diploma will be issued. For detailed information contact the Service.
Only complete applications will be considered by the Admission Commission!

Application deadline: April 16

Important information for non-EU applicants

Announcement of admissions results

The university`s Admissions Commission will announce final admissions results, including info on tuition waiver scholarships i.e. state funded study places, by June 3rd. Admission notifications are sent by an e-mail. All admitted students must inform the university of their decision to accept or cancel admission offer by June 10th.
Please note that the decision regarding admission can only be taken if all required documents have been sent to the university!

Curriculum structure:

1) Speciality module (33 ECTS) - compulsory core courses of the curriculum
2) Electives module (6 ECTS)
3) Optional courses (6 ECTS)
4) Master's thesis (15 ECTS)

Courses:
Autumn semester 18 ECTS
Non-Life Insurance Mathematics
Life Insurance Mathematics
Risk Theory
Computational Finance

Spring semester 12 ECTS
Models of Financial Mathematics
Simulation Methods in Financial Mathematics
Martingales

Language of instruction: English

Programme duration: 1 year, with prior learning prerequisites of 240 ECTS.

Tuition fee:
Programme fee is EUR 3200 and covers tuition, teaching materials, supervision and advising of thesis preparation. Housing, food, insurance and other living expenses are extra (about EUR 250/month).

There is also a possibility to be granted a monthly stipend of the programme "DoRa 9".

Teaching staff:

The teaching staff consists of professors highly qualified in the field of Financial Mathematics, who have also done extensive research and have international experience. Some of the lectures in the programme will be delivered by visiting international staff.