2-year master's programme prepares 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. Sound knowledge and interest in mathematics are advantageous to succeeding in this master's programme.
The ability to derive, implement and use correctly numerical procedures for computing various financial quantities is crucial for being successful in the field of quantitative finance. It is also helps to make better choices when buying an insurance policy or stock options.
The Actuarial and Financial Engineering 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 specialisation in Financial Mathematics. Read more here.
The tuition fee is 5,000 euros per year and it covers tuition and some study materials. Altogether 15 students will be admitted to this programme. Based on the admission’s ranking list, 9 best applicants will be given a tuition-waiver scholarship. There are 8 tuition-waiver scholarships available for EU candidates and 1 tuition-waiver scholarship available for non-EU candidates. Applicants do not have to apply for the tuition-waiver separately, as they will be considered for the competition automatically.
Students receiving the tuition-waiver do not have to pay the tuition fee if they meet full time enrollment requirements. Full time study load is completed if no more than 6 credits are missing from the 30 ECTS workload per semester. If students receiving the tuition-waiver fail to complete full-time study load per semester, they have to pay for the credits not earned. The price per credit point is 100 euros. Information on when a tuition-waiver scholarship holder starts paying tuition fee and instructions for fee paying students are given here.
Please find information on other scholarships here.
I lived most of my life in United Arab Emirates and wanted to bring new flavor and energy into my student life. Estonia is a perfect injection of thrill compared to where I come from, in addition the university is ranked pretty high on an international level. As a student you get to be part of various events and integrate with other nationalities that come to study in Estonia. It is amazing how diverse is the atmosphere and lifestyle in Estonia.
Misha, International Student Ambassador from Armenia
Contact International Student Ambassadors to enquire about the life in Tartu.
The master's programme provides knowledge of classical and modern methods in financial and insurance mathematics and follows the guidelines specified in the Education Syllabus of the International Actuarial Association.
Graduates of the programme have established themselves as valued specialists in banks and insurance companies overall the world, including the Wall Street.