24 months
5000 EUR/year
5000 EUR/year
Tuition fee
Apply date
Start date


The Actuarial and Financial Engineering master's programme at the University of Tartu aims to provide students with skills and knowledge of quantitative risk assessment and management methods at financial institutions: banks, insurance companies, investment funds, pension funds, financial supervision authorities, securities firms, credit companies, etc., in Europe and worldwide.

Visit the official programme website for more information


*This programme profile is financed by Dora Plus Action 4: Marketing of study and employment opportunities in Estonia (European Regional Development Fund).

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.

Why study Actuarial and Financial Engineering at the University of Tartu ?

  • The University of Tartu belongs to the top 1.2% of the world's universities (300th position in the QS World University Rankings 2022).
  • The only programme of this kind in the Nordic region, meeting EU educational standards in actuarial mathematics.
  • Special emphasis is 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.

Career opportunities

Our graduates are welcome at:

  • Banks and other financial institutions
  • Insurance companies
  • Financial and analytical departments of various companies
  • Academic career and PhD studies


University of Tartu Institutional Accreditation 2015-2022: The Quality Assessment Council for Higher Education of the Estonian Quality Agency for Higher and Vocational Education decided to accredit the University of Tartu for seven years.

The next accreditation will be conducted in 2022.

Programme Structure

The programme comprises 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)

Examples of courses:

  • Mathematical Statistics
  • Computational Finance
  • Life Insurance Mathematics
  • Risk Theory
  • Martingales
  • Non-life Insurance Mathematics
  • Simulation Methods in Financial Mathematics


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.


The programme manager is Meelis Käärik, Associate Professor in Probability Theory at the University of Tartu.

Key information


  • Full-time
    • 24 months

Start dates & application deadlines


120 ECTS


On Campus

Academic requirements

GPA admission requirements GPA
2.7 (recommended)

Other requirements

General requirements

  • Bachelor’s degree or equivalent qualification (must be obtained by the end of July)
  • Prerequisite courses: at least 24 ECTS completed in the previous level of studies in mathematics, incl. calculus, probability, statistics and 6 ECTS completed in computer science
  • English language proficiency

Tuition Fee

To alway see correct tuition fees
  • International

    5000 EUR/year
    Tuition Fee
    Based on the tuition of 5000 EUR per year during 24 months.
  • EU/EEA

    5000 EUR/year
    Tuition Fee
    Based on the tuition of 5000 EUR per year during 24 months.

Living costs for Tartu

300 - 600 EUR /month
Living costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


There are tuition waivers available for EU/EEA/Switzerland citizens.

Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

Our partners

Actuarial and Financial Engineering
University of Tartu


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