M.Sc. in Actuarial and Financial Engineering
Tartu, Estonia
Master degree
DURATION
4 semesters
LANGUAGES
English
PACE
Full time
APPLICATION DEADLINE
EARLIEST START DATE
TUITION FEES
EUR 7,200 / per year *
STUDY FORMAT
On-Campus
* for non-EU: 7200 EUR per year | for EU residents: free tuition
Key Summary
2-year master's programme prepares specialists for the 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 numerical procedures for computing various financial quantities is crucial for success in quantitative finance. It also helps make better choices when buying an insurance policy or stock options.
The teaching staff consists of professors highly qualified in financial mathematics who have also done extensive research and have international experience. Visiting international lecturers will deliver some of the courses of the programme.
The 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)
Upon completing the programme, students will receive a Master of Science (Actuarial and Financial Engineering) (MSc) degree.
The following structure of the programme applies to the current academic year. To view the most updated version, please visit the University of Tartu Study Information System and choose the next academic year (if available).
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An Actuarial and Financial Engineering programme graduate:
- has acquired knowledge of basic models and methods of financial and insurance mathematics, and applies them for solving practical problems;
- can create probabilistic and statistical models for quantitative analysis of random phenomena in the financial industry;
- has a firm knowledge of principles and methods of life and non-life insurance, including reinsurance, and can perform basic calculations related to premiums and reserves;
- knows main principles of pricing and hedging of options, can calculate prices of standard options under basic market models;
- if desired, gets international experience via semester or traineeship abroad;
- has obtained skills for conducting research and practical work on the speciality, links theory and practice and has improved their communication skills.
Learning outcomes
Enrolling in the Actuarial and Financial Engineering master's programme, you'll acquire deep financial and insurance mathematics knowledge, applying it to practical problems. You'll learn to create probabilistic and statistical models for the financial industry, understand life and non-life insurance principles, including reinsurance, and delve into options pricing and hedging.
The programme also offers opportunities for international experiences, such as a semester or traineeship abroad. You'll enhance your research skills, effectively linking theory with practice, and improve your communication skills.
There are 8 tuition waivers for citizens of EU/EEA/Switzerland.
Students interested in working in financial sector, banking and insurance industries or continuing their studies on PhD level. Sound knowledge and interest in mathematics are advantageous to succeding in this master's programme.
After graduation
The Actuarial and Financial Engineering master's programme prepares students for professional opportunities or further doctoral studies. The programme provides knowledge, practical skills and competence needed to succeed in careers at banks, insurance companies, consulting, financial utilities and financial supervisory authorities.
Our graduates are welcome at:
- Banks and other financial institutions
- Insurance companies
- Financial departments of various companies
- Analytics departments of various companies
- Academic career and PhD studies
Examples of positions our graduates are/have been holding:
- Actuary at ERGO Insurance SE
- Data Analyst at the Energy Sales Department in Eesti Energia
- Senior Business Intelligence Analyst at BigBank AS
- Statistical Programmer at StatFinn Oy
- Statistical Data Analyst at STACC
- Senior Scoring Risk Analyst at 4finance AS (Latvia)
- Software Engineer at Facebook
- Pricing Actuary at Swedbank P&C Insurance AS
- Specialist at Agricultural Registers and Information Board
- Financial Director at E.Gulbja Laboratorija (Latvia)
- Doctoral students at different universities