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


2-year Actuarial and Financial Engineering programme at University of Tartu 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.

Visit the official programme website for more information


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.

Career opportunities

The Actuarial and Financial Engineering programme at University of Tartu   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



Programme Structure

Courses included

  • Mathematical Statistics
  • Stochastic Models
  • Generalized Linear Models 
  • Time Series Analysis
  • Computational Finance
  • Life Insurance Mathematics
  • Martingales


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 – acceptable tests and exempt categories are specified

Applications are evaluated based on

  • average grade of the previous study level (yields 50% of the final score)
  • the score of the motivation letter (yields 50% of the final score)

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.


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.

Fresh content

Updated in the last 6 months

Check the official programme website for potential updates.

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Actuarial and Financial Engineering
University of Tartu


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