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Financial Mathematics, M.Sc.

  • Application Deadline
  • 24 months
University rank #398 (BCR) Ankara, Turkey
The Master of Science in Financial Mathematics at METU Middle East Technical University at IAM combines the strengths of the Departments of Mathematics, Business Administration, Economics, Statistics, Physics and Industrial Engineering of Middle East Technical University, and it closely collaborates with Centers of Excellence worldwide.
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One of the fields connected to the Master of Science in Financial Mathematics at METU Middle East Technical University is Actuarial Sciences and its academic program at IAM. By analyzing uncertainty of real-life events, actuaries create and apply mathematical tools which aim at detecting, modeling and overcoming of risks.

The objectives of the Financial Mathematics program at IAM are:

  • To provide students with the knowledge and skills which are necessary for comprehending and applying established and emerging techniques of Financial Mathematics and related fields in modern markets
  • To cultivate the students’ ability in creating new, innovative techniques
  • To analyze, advise and manage financial markets in Turkey and in the world
  • To conduct research on risk modeling and management, modelling of stochastic processes, pricing and hedging, portfolio optimization and stochastic control, and on the development of new financial decision-making tools
  • To present and discuss new scientific results and methods at international conferences, in premium journals and books, to initiate future research cooperation, and to contribute to a solution of urgent financial challenges.

Programme Structure

Courses include:

  • Probability Theory
  • Financial Derivatives 
  • Stochastic Calculus for Finance 
  • Financial Economics 
  • Research Methods and Ethics 

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 24 months
  • Credits
    120 ECTS
  • Languages
    • English
  • Delivery mode
    On Campus

English Language Requirements

  • Minimum required score:


    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

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  • Minimum required score:


    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

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General Requirements

  • METU-EPE≥64.5 or TOEFL≥79 (see Equivalence Table for Recognised Exams)
  • ALES-quant.≥70
  • or GRE-quant.≥155 (GRE-quant.≥696)
  • At least two (2) reference letters
  • Letter of intention (included in the online form)

Tuition Fee

  • International

    268 USD/year
    Tuition Fee
    Based on the original amount of 134 USD per semester and a duration of 24 months.
  • National

    46 USD/year
    Tuition Fee
    Based on the original amount of 23 USD per semester and a duration of 24 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.
  • Resident: 129 TL/semester
  • Non-Resident: 768 TL/Semester

Living costs for Ankara

  • 1600 - 2350 TRY/month
    Living Costs

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


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