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.
"I would love to have some high-energy actuaries, especially. I have great respect for the actuarial profession. Your guys are great at math. Please join Tesla, especially if you want to change things, and you're annoyed by how slow the industry is. Tesla is the place to be. We want revolutionary actuaries."
- Elon Musk
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, 8 best applicants with EU/EEA/Swiss citizenship will be given a tuition waiver. 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.
NB! Applicants who are not citizens of the member states of the EU, EEA or Switzerland and do not hold a long-term residence permit in any of these countries are required to pay half of the semester fee after they have been informed of the admission decision (offer) via DreamApply. The official admission letter (necessary for visa application) will only be issued once the University of Tartu has received this payment. The second half of the semester fee is to be paid after the studies have started, by 20 September.
Information on when a tuition waiver holder starts paying tuition fee and instructions for fee paying students are given here. Information on other scholarships is available here.
"I actually always had a thing for mysterious countries, the ones that are developed but underestimated or undervalued, and I love finding and discovering them while I get to enjoy the benefits for myself. Also while I was looking at programmes in Europe I saw that the University of Tartu had a good programme and I wanted to try how it was to study in Estonia."
Arda, International Student Ambassador from Turkey
Contact International Student Ambassadors to ask about life in Tartu or read their blog.
"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."
Meelis Käärik, Programme Director