Courses and People | Institute of Mathematics and Statistics of University of Tartu
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Contacts of UT units

Faculty of Arts and Humanities
Faculty phone: 
(+372) 737 5341
Faculty address: 
Jakobi 2 - 116-121, 51014, Tartu
  • Dean's Office
    Faculty phone: 
    + 372 737 5341
    Faculty address: 
    Jakobi 2, rooms 116 - 121, 51014, Tartu
  • Institute of History and Archaeology
    Faculty phone: 
    (+372) 737 5651
    Faculty address: 
    Jakobi 2, 51003, Tartu
  • Institute of Estonian and General Linguistics
    Faculty phone: 
    (+372) 737 5221
    Faculty address: 
    Jakobi 2, 51014, Tartu
  • Institute of Philosophy and Semiotics
    Faculty phone: 
    (+372) 737 5314
    Faculty address: 
    Jakobi 2, III, rooms 309-352, 51014, Tartu
  • Institute of Cultural Research
    Faculty phone: 
    (+372) 737 5223
    Faculty address: 
    Ülikooli 16, 51003, Tartu
  • School of Theology and Religious Studies
    Faculty phone: 
    (+372) 737 5301
    Faculty address: 
    Ülikooli 18-310, 50090, Tartu
  • College of Foreign Languages and Cultures
    Faculty address: 
    Lossi 3, 51003, Tartu
  • Viljandi Culture Academy
    Faculty phone: 
    (+372) 435 5232
    Faculty address: 
    Posti 1, 71004, Viljandi
Faculty of Social Sciences
Faculty phone: 
(+372) 737 5957
Faculty address: 
Lossi 36, 51003, Tartu
  • Dean's Office
    Faculty phone: 
    + 372 737 5900
    Faculty address: 
    Lossi 36, 51003, Tartu
  • Institute of Education
    Faculty phone: 
    (+372) 737 6440
    Faculty address: 
    Salme 1a, room 29, 50103, Tartu
  • Johan Skytte Institute of Political Studies
    Faculty phone: 
    (+372) 737 5582
    Faculty address: 
    Lossi 36, roomm 301, 51003, Tartu
  • School of Economics and Business Administration
    Faculty phone: 
    (+372) 737 6310
    Faculty address: 
    J. Liivi 4, 50409, Tartu
  • Institute of Psychology
    Faculty phone: 
    (+372) 737 5902
    Faculty address: 
    Näituse 2, 50409, Tartu
  • School of Law
    Faculty phone: 
    (+372) 737 5390
    Faculty address: 
    Näituse 20, 50409, Tartu
  • Institute of Social Studies
    Faculty phone: 
    (+372) 737 5188
    Faculty address: 
    Lossi 36, 51003, Tartu
  • Narva College
    Faculty phone: 
    (+372) 740 1900
    Faculty address: 
    Raekoja plats 2, 20307, Narva
  • Pärnu College
    Faculty phone: 
    (+372) 445 0520
    Faculty address: 
    Ringi 35, 80012, Pärnu
Faculty of Medicine
Faculty phone: 
(+372) 737 5326
Faculty address: 
Ravila 19, 50411, Tartu
  • Dean's Office
    Faculty phone: 
    (+372) 737 5326
    Faculty address: 
    Ravila 19, 50411, Tartu
  • Institute of Biomedicine and Translational Medicine
    Faculty phone: 
    +(372) 737 4210
    Faculty address: 
    Biomeedikum, Ravila 19, 50411, Tartu
  • Institute of Pharmacy
    Faculty phone: 
    (+372) 737 5286
    Faculty address: 
    Nooruse 1, 50411, Tartu
  • Institute of Dentistry
    Faculty phone: 
    (+372) 731 9856
    Faculty address: 
    Raekoja plats 6, 51003, Tartu
  • Institute of Clinical Medicine
    Faculty phone: 
    (+372) 737 5323
    Faculty address: 
    L. Puusepa 8, 51014, Tartu, Eesti
  • Institute of Family Medicine and Public Health
    Faculty phone: 
    (+372) 737 4190
    Faculty address: 
    Ravila 19, 50411 Tartu
  • Institute of Sport Sciences and Physiotherapy
    Faculty phone: 
    (+372) 737 5360
    Faculty address: 
    Jakobi 5-205, 51014, Tartu
Faculty of Science and Technology
Faculty phone: 
(+372) 737 5820
Faculty address: 
Vanemuise 46-208, 51014, Tartu
  • Dean's Office
    Faculty phone: 
    (+372) 737 5820
    Faculty address: 
    Vanemuise 46 - 208, 51014, Tartu
  • Institute of Computer Science
    Faculty phone: 
    (+372) 737 5445
    Faculty address: 
    J. Liivi 2, 50409, Tartu
  • Estonian Marine Institute
    Faculty phone: 
    (+372) 671 8902
    Faculty address: 
    Mäealuse 14, 12618, Tallinn
  • Institute of Physics
    Faculty address: 
    W. Ostwaldi Str 1, 50411, Tartu
  • Institute of Chemistry
    Faculty phone: 
    (+372) 737 5261
    Faculty address: 
    Ravila 14a, 50411, Tartu
  • Institute of Mathematics and Statistics
    Faculty phone: 
    (+372) 737 5860
    Faculty address: 
    J. Liivi 2, 50409, Tartu
  • Institute of Molecular and Cell Biology
    Faculty phone: 
    (+372) 737 5011
    Faculty address: 
    Riia 23, 23b-134, 51010, Tartu
  • Institute of Technology
    Faculty phone: 
    (+372) 737 4800
    Faculty address: 
    Nooruse 1, 50411, Tartu
  • Institute of Ecology and Earth Sciences
    Faculty phone: 
    (+372) 737 5835
    Faculty address: 
    Vanemuise 46, 51014, Tartu
Institutions
  • Library
    Faculty phone: 
    (+372) 737 5702
    Faculty address: 
    W.Struve 1, 50091, Tartu
  • Youth Academy
    Faculty phone: 
    (+372) 737 5581
    Faculty address: 
    Lossi 38, 51003, Tartu
  • Estonian Genome Center
    Faculty phone: 
    (+372) 737 4000
    Faculty address: 
    Riia 23b, 51010, Tartu
  • Museum
    Faculty phone: 
    (+372) 737 5674
    Faculty address: 
    Lossi 25, 51014, Tartu
  • University of Tartu Natural History Museum and Botanical Garden
    Faculty phone: 
    (+372) 737 6076
    Faculty address: 
    Vanemuise 46, 51014, Tartu
Support Units
  • Administrative Office
    Faculty phone: 
    (+372) 737 5606
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • University Office in Tallinn
    Faculty phone: 
    +372 737 6600
    Faculty address: 
    Teatri väljak 3, 10143 Tallinn
  • Estates Office
    Faculty phone: 
    (+372) 737 5137
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • Finance Office
    Faculty phone: 
    (+372) 737 5125
    Faculty address: 
    Jakobi 4, 51014, Tartu
  • Information Technology Office
    Faculty phone: 
    (+372) 737 6000, arvutiabi: 737 5500
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • Internal Audit Office
    Faculty address: 
    Ülikooli 17-114, 51014, Tartu
  • Marketing and Communication Office
    Faculty phone: 
    (+372) 737 5687
    Faculty address: 
    Ülikooli 18, ruum 210, 50090, Tartu
  • Office of Academic Affairs
    Faculty phone: 
    (+372) 737 6215
    Faculty address: 
    Ülikooli 18, 50090, Tartu
  • Office of Research and Development
    Faculty phone: 
    (+372) 737 6192
    Faculty address: 
    Lossi 3, III korrus, 51003, Tartu
  • Human Resources Office
    Faculty phone: 
    (+372) 737 5145
    Faculty address: 
    Ülikooli 18, rooms 302 and 304, 50090, Tartu
  • Rector's Strategy Office
    Faculty phone: 
    (+372) 737 5600
    Faculty address: 
    Ülikooli 18, 51014, Tartu
  • Student Council
    Faculty phone: 
    (+372) 737 5400
    Faculty address: 
    Ülikooli 18b, 51014, Tartu
Other Units
  • University of Tartu Academic Sports Club
    Faculty phone: 
    +372 737 5371
    Faculty address: 
    Ujula 4, 51008 Tartu
  • Tartu Student Village
    Faculty phone: 
    +372 740 9959
    Faculty address: 
    Narva mnt 25, 51013 Tartu
  • Tartu Students’ Club
    Faculty phone: 
    +372 730 2400
    Faculty address: 
    Kalevi 24, 51010 Tartu
  • University of Tartu Press
    Faculty phone: 
    +372 737 5945
    Faculty address: 
    W. Struve 1, 50091 Tartu
  • Tartu University Hospital
    Faculty address: 
    L. Puusepa 1a, 50406 Tartu
  • University of Tartu Foundation
    Faculty phone: 
    +372 737 5852
    Faculty address: 
    Ülikooli 18, 50090 Tartu
  • View all other units

Contacts of UT units

Faculty of Arts and Humanities
Faculty phone: 
(+372) 737 5341
Faculty address: 
Jakobi 2 - 116-121, 51014, Tartu
  • Dean's Office
    Faculty phone: 
    + 372 737 5341
    Faculty address: 
    Jakobi 2, rooms 116 - 121, 51014, Tartu
  • Institute of History and Archaeology
    Faculty phone: 
    (+372) 737 5651
    Faculty address: 
    Jakobi 2, 51003, Tartu
  • Institute of Estonian and General Linguistics
    Faculty phone: 
    (+372) 737 5221
    Faculty address: 
    Jakobi 2, 51014, Tartu
  • Institute of Philosophy and Semiotics
    Faculty phone: 
    (+372) 737 5314
    Faculty address: 
    Jakobi 2, III, rooms 309-352, 51014, Tartu
  • Institute of Cultural Research
    Faculty phone: 
    (+372) 737 5223
    Faculty address: 
    Ülikooli 16, 51003, Tartu
  • School of Theology and Religious Studies
    Faculty phone: 
    (+372) 737 5301
    Faculty address: 
    Ülikooli 18-310, 50090, Tartu
  • College of Foreign Languages and Cultures
    Faculty address: 
    Lossi 3, 51003, Tartu
  • Viljandi Culture Academy
    Faculty phone: 
    (+372) 435 5232
    Faculty address: 
    Posti 1, 71004, Viljandi
Faculty of Social Sciences
Faculty phone: 
(+372) 737 5957
Faculty address: 
Lossi 36, 51003, Tartu
  • Dean's Office
    Faculty phone: 
    + 372 737 5900
    Faculty address: 
    Lossi 36, 51003, Tartu
  • Institute of Education
    Faculty phone: 
    (+372) 737 6440
    Faculty address: 
    Salme 1a, room 29, 50103, Tartu
  • Johan Skytte Institute of Political Studies
    Faculty phone: 
    (+372) 737 5582
    Faculty address: 
    Lossi 36, roomm 301, 51003, Tartu
  • School of Economics and Business Administration
    Faculty phone: 
    (+372) 737 6310
    Faculty address: 
    J. Liivi 4, 50409, Tartu
  • Institute of Psychology
    Faculty phone: 
    (+372) 737 5902
    Faculty address: 
    Näituse 2, 50409, Tartu
  • School of Law
    Faculty phone: 
    (+372) 737 5390
    Faculty address: 
    Näituse 20, 50409, Tartu
  • Institute of Social Studies
    Faculty phone: 
    (+372) 737 5188
    Faculty address: 
    Lossi 36, 51003, Tartu
  • Narva College
    Faculty phone: 
    (+372) 740 1900
    Faculty address: 
    Raekoja plats 2, 20307, Narva
  • Pärnu College
    Faculty phone: 
    (+372) 445 0520
    Faculty address: 
    Ringi 35, 80012, Pärnu
Faculty of Medicine
Faculty phone: 
(+372) 737 5326
Faculty address: 
Ravila 19, 50411, Tartu
  • Dean's Office
    Faculty phone: 
    (+372) 737 5326
    Faculty address: 
    Ravila 19, 50411, Tartu
  • Institute of Biomedicine and Translational Medicine
    Faculty phone: 
    +(372) 737 4210
    Faculty address: 
    Biomeedikum, Ravila 19, 50411, Tartu
  • Institute of Pharmacy
    Faculty phone: 
    (+372) 737 5286
    Faculty address: 
    Nooruse 1, 50411, Tartu
  • Institute of Dentistry
    Faculty phone: 
    (+372) 731 9856
    Faculty address: 
    Raekoja plats 6, 51003, Tartu
  • Institute of Clinical Medicine
    Faculty phone: 
    (+372) 737 5323
    Faculty address: 
    L. Puusepa 8, 51014, Tartu, Eesti
  • Institute of Family Medicine and Public Health
    Faculty phone: 
    (+372) 737 4190
    Faculty address: 
    Ravila 19, 50411 Tartu
  • Institute of Sport Sciences and Physiotherapy
    Faculty phone: 
    (+372) 737 5360
    Faculty address: 
    Jakobi 5-205, 51014, Tartu
Faculty of Science and Technology
Faculty phone: 
(+372) 737 5820
Faculty address: 
Vanemuise 46-208, 51014, Tartu
  • Dean's Office
    Faculty phone: 
    (+372) 737 5820
    Faculty address: 
    Vanemuise 46 - 208, 51014, Tartu
  • Institute of Computer Science
    Faculty phone: 
    (+372) 737 5445
    Faculty address: 
    J. Liivi 2, 50409, Tartu
  • Estonian Marine Institute
    Faculty phone: 
    (+372) 671 8902
    Faculty address: 
    Mäealuse 14, 12618, Tallinn
  • Institute of Physics
    Faculty address: 
    W. Ostwaldi Str 1, 50411, Tartu
  • Institute of Chemistry
    Faculty phone: 
    (+372) 737 5261
    Faculty address: 
    Ravila 14a, 50411, Tartu
  • Institute of Mathematics and Statistics
    Faculty phone: 
    (+372) 737 5860
    Faculty address: 
    J. Liivi 2, 50409, Tartu
  • Institute of Molecular and Cell Biology
    Faculty phone: 
    (+372) 737 5011
    Faculty address: 
    Riia 23, 23b-134, 51010, Tartu
  • Institute of Technology
    Faculty phone: 
    (+372) 737 4800
    Faculty address: 
    Nooruse 1, 50411, Tartu
  • Institute of Ecology and Earth Sciences
    Faculty phone: 
    (+372) 737 5835
    Faculty address: 
    Vanemuise 46, 51014, Tartu
Institutions
  • Library
    Faculty phone: 
    (+372) 737 5702
    Faculty address: 
    W.Struve 1, 50091, Tartu
  • Youth Academy
    Faculty phone: 
    (+372) 737 5581
    Faculty address: 
    Lossi 38, 51003, Tartu
  • Estonian Genome Center
    Faculty phone: 
    (+372) 737 4000
    Faculty address: 
    Riia 23b, 51010, Tartu
  • Museum
    Faculty phone: 
    (+372) 737 5674
    Faculty address: 
    Lossi 25, 51014, Tartu
  • University of Tartu Natural History Museum and Botanical Garden
    Faculty phone: 
    (+372) 737 6076
    Faculty address: 
    Vanemuise 46, 51014, Tartu
Support Units
  • Administrative Office
    Faculty phone: 
    (+372) 737 5606
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • University Office in Tallinn
    Faculty phone: 
    +372 737 6600
    Faculty address: 
    Teatri väljak 3, 10143 Tallinn
  • Estates Office
    Faculty phone: 
    (+372) 737 5137
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • Finance Office
    Faculty phone: 
    (+372) 737 5125
    Faculty address: 
    Jakobi 4, 51014, Tartu
  • Information Technology Office
    Faculty phone: 
    (+372) 737 6000, arvutiabi: 737 5500
    Faculty address: 
    Ülikooli 18a, 51014, Tartu
  • Internal Audit Office
    Faculty address: 
    Ülikooli 17-114, 51014, Tartu
  • Marketing and Communication Office
    Faculty phone: 
    (+372) 737 5687
    Faculty address: 
    Ülikooli 18, ruum 210, 50090, Tartu
  • Office of Academic Affairs
    Faculty phone: 
    (+372) 737 6215
    Faculty address: 
    Ülikooli 18, 50090, Tartu
  • Office of Research and Development
    Faculty phone: 
    (+372) 737 6192
    Faculty address: 
    Lossi 3, III korrus, 51003, Tartu
  • Human Resources Office
    Faculty phone: 
    (+372) 737 5145
    Faculty address: 
    Ülikooli 18, rooms 302 and 304, 50090, Tartu
  • Rector's Strategy Office
    Faculty phone: 
    (+372) 737 5600
    Faculty address: 
    Ülikooli 18, 51014, Tartu
  • Student Council
    Faculty phone: 
    (+372) 737 5400
    Faculty address: 
    Ülikooli 18b, 51014, Tartu
Other Units
  • University of Tartu Academic Sports Club
    Faculty phone: 
    +372 737 5371
    Faculty address: 
    Ujula 4, 51008 Tartu
  • Tartu Student Village
    Faculty phone: 
    +372 740 9959
    Faculty address: 
    Narva mnt 25, 51013 Tartu
  • Tartu Students’ Club
    Faculty phone: 
    +372 730 2400
    Faculty address: 
    Kalevi 24, 51010 Tartu
  • University of Tartu Press
    Faculty phone: 
    +372 737 5945
    Faculty address: 
    W. Struve 1, 50091 Tartu
  • Tartu University Hospital
    Faculty address: 
    L. Puusepa 1a, 50406 Tartu
  • University of Tartu Foundation
    Faculty phone: 
    +372 737 5852
    Faculty address: 
    Ülikooli 18, 50090 Tartu
  • View all other units

Courses and People

The Actuarial and Financial Engineering programme comprises of the following subjects worth 120 ECTS:

  • Preparatory module (21 ECTS) - fortifies background in probability and statistics
  • Speciality module (33 ECTS) - core subjects
  • Elective module (30 ECTS) – additional and remedial courses, includes practice
  • Optional courses (6 ECTS) – all courses available at the university
  • Master’s thesis (30 ECTS)

Full curriculum, including course descriptions, will be available shortly on the University of Tartu Study Information System.

Courses Credits (ECTS) Lecturers
Preparation module (21 ECTS)    
Mathematical Statistics 6 Liivika Tee
Stochastic Models  3 Kalev Pärna
Generalized Linear Models  6 Meelis Käärik
Time Series Analysis 6 Raul Kangro
Speciality module (33 ECTS)    
Computational Finance 6 Raul Kangro
Life Insurance Mathematics I 3 Annika Krutto
Life Insurance Mathematics II 3 Annika Krutto
Martingales 3 Kalev Pärna
Models of Financial Mathematics 6 Toomas Raus
Non-Life Insurance Mathematics 6 Meelis Käärik
Risk Theory 3 Kalev Pärna
Simulation Methods in Financial Mathematics 3 Raul Kangro
Elective module (30 ECTS)    
Distributions in Financial Mathematics 3 Meelis Käärik
Professional Practice I 3  
Professional Practice II 3  
Survival Models 3 Meelis Käärik
Master Seminar 3 Kalev Pärna
Machine Learning 3 Imbi Traat
Estonian for Beginners I, on the Basis of English, Level 0>A1.1 6  
Courses from the School of Economics and Business Administration (up to 12 ECTS)    
Optional courses (6 ECTS)    
Master's thesis (30 ECTS)    
Master's thesis 30  
TOTAL: 120 ECTS    

Speciality module:

What determines the premiums of a life-insurance contract? Clearly the insurance company has to take into account the age, occupation, sex and even habits of the customer and use a model of lifetime. In that sense each contract should be unique. However cash reserves are also required by certain regulations and thus the insurance company must also view its clients as a whole. The big picture is presented in this course.

In order to use mathematics for making sound financial decisions, one has to be able to select a suitable market model, to calibrate the model and to use it for computing various numerical quantities (prices of options, hedging parameters etc). Since new and better models are introduced very often, it is not enough to learn to use a fixed set of methods for some concrete applications. The goal of this course is to familiarize the students with the process of deriving appropriate equations from various market models and with the basic techniques of deriving numerical methods for those equations together with giving hands-on experience in implementing the methods effectively in a high level language; the questions of model calibration are also addressed.

Modelling financial market requires several assumptions which are discussed in the first part of the course. The second part introduces scenario based models with discrete time, binomial models and Black-Scholes models, all applicable for option pricing.

Most people have bought or will buy at least one non-life insurance policy (home insurance, car insurance, etc) in their life, which means they are involved with the non-life insurance business as customers. This course gives another point of view to insurance business: through the eyes of an insurance company. We will study what is the reason of several rules and regulations, by what principles the insurance premiums and compensations are calculated and many more topics involving the internal life of an insurance company.

Martingales are a fundamental tool in many fields of applied probability. The course covers the fundamentals of martingales with examples arising in the financial context. Starting with discrete time martingales, it also covers some basics of continuous time martingales. Ito calculus as well as applications to option pricing thery are discussed.

Risk is a possibility that an unfavorable event occurs. However, risk is also an opportunity! In order to earn more than by just keeping money on the bank account, one has to take a risk, smaller or larger. Insurance companies take risks by selling insurance policies, which can sometimes lead to huge payouts or even bankruptcy. A classical problem in risk theory what is the ruin probability of an insurance company is the first topic of the course. Risk measures in modern portfolio theory are also covered, including Markowitz model and capital asset pricing model (CAPM). Ubiquitous Value at Risk (VaR) methodology for measuring financial risks, together with the concept of coherent risk measures, are considered.

Very often one is interested in computing values of quantities (like option prices) than can be expressed as expected value of some random variable. A very popular method that can be applied in such cases is the Monte-Carlo method that corresponds to simulating the behavior of the random variable (generating independent samples of the variable) and computing the average of the result. This course discusses the possibilities of using the method for solving problems in mathematical finance and, more importantly, some methods and tricks that can be used to speed up the convergence of the method