MScActuarial and Financial Engineering
| Study location | Estonia, Tartu |
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| Type | Postgraduate, full-time |
| Nominal duration | 2 years (120 ECTS) |
| Study language | English |
| Awards | MSc (Master of Science) |
| Tuition fee | €6,000 per year There are 8 tuition waivers available for top ranked applicants with EU/EEA/Swiss citizenship in 2025. More information on tuition fees is available at www.ut.ee/tuition. NB! Applicants who are not citizens of EU/EEA/Switzerland must pre-pay half of the first semester’s tuition-fee after receiving an admission offer. |
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| Application fee | €100 one-time Application fee is non-refundable. |
| Entry qualification | Undergraduate diploma (or higher) Bachelor’s degree or equivalent (must be obtained by the end of July) – for country-specific document requirements please see www.ut.ee/country-specific. Eligible applicants must have completed the following in their prior learning period: mathematics, incl. calculus, probability, statistics (24 ECTS) and computer science (6 ECTS). Please be sure to check further information and our step-by-step application guide at www.ut.ee/fineng. The entry qualification documents are accepted in the following languages: English / Estonian. |
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| Language requirements | English All applicants must comply with our English language requirements. The only acceptable English tests and exempt categories are specified at www.ut.ee/requirements |
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| Other requirements | A motivation letter must be added to your application. Please upload the final version of the motivation letter before submitting the application. It can not be edited after the application is submitted. Please write a brief motivation letter (in English, maximum of 6000 characters with spaces) focusing on the following points:
Evaluation criteria:
Interview The interview will be conducted in English and will last approximately 20‐30 minutes. It can be conducted either online or in person, depending on the candidate’s location. Candidates should be prepared to: Explain how their past education and work experiences have prepared them for this programme, highlighting relevant skills, projects, or experiences. Evaluation criteria knowledge of the field (40%); |
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| More information |
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Overview
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.
Why study Actuarial and Financial Engineering?
• The only programme of this kind in the Nordic region, meeting EU educational standards in actuarial mathematics.
• Special emphasis on applied mathematical models and quantitative methods.
• After graduation, you can pursue your career at banks, insurance companies and financial authorities as an analyst, actuary or risk engineer.
• Study in the University of Tartu Delta Centre which brings together a vibrant community of students, researchers and innovators in the fields of computer science, business and economics, mathematics and statistics.
Programme structure
Please see the programme structure in our Study Information System
Career opportunities
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
Eastern European Time
Eastern European Time