Highlights
Tuition fee
2036000 ISK / year
934000 ISK / year
Unknown
Tuition fee
2036000 ISK / year
934000 ISK / year
Unknown
Duration
24 months
Duration
24 months
Apply date
Unknown
Apply date
Unknown
Start date
Unknown
Start date
Unknown
Campus location
Reykjavik, Iceland
Campus location
Reykjavik, Iceland
Taught in
English
Taught in
English

About

A multidisciplinary programme that applies engineering problem-solving tools and skill sets to the field of finance. Our graduate programme in Financial Engineering at Reykjavík University prepares students for the ever increasingly complex financial markets and products of the modern world.

Overview

The Department of Engineering's Financial Engineering programme at Reykjavík University was designed in close collaboration with the Sloan School of Management and the Operations Research Centre at MIT.

Quick Facts:

  • The field of financial engineering is young, and is growing by leaps and bounds each year. This graduate programme is designed for leading employees of both financial institutions and corporations where a deep understanding of financial markets is critical. 
  • Students will be placed in an intensive and interdisciplinary environment where the financial knowledge, engineering methods, mathematical and statistical tools, communication skills, and programming are brought together and put to use.
  • Our programme aims to produce high-calibre practitioners and researchers who will be able to apply quantitative methods with informed heuristics to develop new and profitable financial solutions that will impact the way consumers and corporations manage financial market risks. As a part of the programme the students have the option to and are encouraged to acquire hands-on experience, working on practical problems in finance as part of the curriculum.

Programme Structure

Courses include:

  • Data Mining and Machine Learning
  • Applied Probability
  • Financial Engineering in the Firm
  • Derivatives and Risk Management
  • Fixed Income and Interest Rate Modelling

Key information

Duration

  • Full-time
    • 24 months

Start dates & application deadlines

Language

English
TOEFL® IBT
91
IELTS
6.5

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  • 98 accuracy using real exam data
  • 4.9/5 student rating

Credits

120 ECTS

Delivered

On Campus

Campus Location

  • Reykjavik, Iceland

What students do after studying

Join for free or log in to access our complete career info list.

Academic requirements

We are not aware of any specific GRE, GMAT or GPA grading score requirements for this programme.

English requirements

TOEFL® IBT
91
IELTS
6.5

Prepare for Your English Test

Cathoven AI IELTS Preparation
Learn your IELTS Score

AI-powered IELTS feedback. Clear, actionable, and tailored to boost your writing & speaking score. No credit card or upfront payment required.

  • Trusted by 300k learners
  • 98 accuracy using real exam data
  • 4.9/5 student rating

Other requirements

General requirements

  • An undergraduate degree in engineering, mathematics or physics is required.
  • The respective undergraduate degree must include courses on calculus, linear algebra, probability, statistics, and programming.
  • Applicants must possess a basic knowledge of stocks, fixed income instruments, and derivatives.
  • Applicants must have experience programming in MATLAB, C++ and/or programming languages.

Student Insurance via Studyportals Partner

Make sure to cover your health, travel, and stay while studying abroad. Even global coverages can miss important items like Additional medical costs, Repatriation, Liability etc. Make sure your student insurance covers your needs.

Studyportals partnered with Aon to provide you with the best affordable student insurance, for a carefree experience away from home.

Get your student insurance now

Starting from €0.53/day, free cancellation any time.

Remember, countries and universities may have specific insurance requirements. To learn more about how student insurance work at Reykjavík University and/or in Iceland, please visit Student Insurance Portal.

Tuition Fees

Tuition fees are shown in and the most likely applicable fee is shown based on your nationality.
  • International

    Non-residents
    2036000 ISK / year
    2036000 ISK / year
  • EU/EEA

    EU/EEA Nationals
    934000 ISK / year
    934000 ISK / year

Living costs

Reykjavík

Iceland
178929 - 290400 ISK / month

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

Funding

In order for us to give you accurate scholarship information, we ask that you please confirm a few details and create an account with us.

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Scholarships Information

Below you will find Master's scholarship opportunities for Financial Engineering.

Available Scholarships

You are eligible to apply for these scholarships but a selection process will still be applied by the provider.

Independent provider
Grant
Various benefits
Deadline
07 Oct 2026
Fulbright U.S. Student Program

Read more about eligibility

U.S. government
Location not available
Independent provider
Grant
33600 EUR
Deadline
01 Jul 2026
Mundus MAPP EMJM Scholarship
Merit-based

Read more about eligibility

Mundus MAPP
Location not available
Independent provider
Grant
1000 USD
Deadline
30 Nov 2026
ServiceScape Scholarship

Read more about eligibility

ServiceScape
Location not available
Independent provider
Grant
3500 USD
Deadline
15 Nov 2026
ACES Scholarships

Read more about eligibility

ACES Education Fund
Location not available
Independent provider
Grant
2000 USD
Deadline
01 Sep 2026
The Rick Blight Leadership in Action Scholarship for Athletes
Merit-based

Read more about eligibility

Canadian Men’s Health Foundation
Location not available
Independent provider
Grant
Various benefits
Deadline
Not specified
Erasmus+ - Grants for study mobility
Merit-based

Read more about eligibility

OeAD, Austria's Agency for Education and Internationalisation
Location not available
Independent provider
Grant
1500 USD
Deadline
15 Sep 2026
Headway’s Book Lovers Scholarship
Merit-based

Read more about eligibility

Headway
Location not available
Independent provider
Grant
3000 USD
Deadline
30 Jun 2026
Moving Mates Scholarship
Need-based

Read more about eligibility

Moving Mates
Location not available
Independent provider
Grant
Various benefits
Deadline
Not specified
Queen Elizabeth Commonwealth Scholarships

Read more about eligibility

ACU (The Association of Commonweath Universities)
Location not available
Independent provider
Grant
5000 EUR
Deadline
15 May 2026
Study a Master's in Europe Scholarship
Merit-based

Read more about eligibility

educations.com
Location not available
Independent provider
Grant
1000 USD
Deadline
06 Jul 2026
Jewish Heritage Scholarship
Merit-based

Read more about eligibility

Diamant Gerstein
Location not available
Independent provider
Grant
5000 USD
Deadline
28 Aug 2026
Women Scholarship for International Students
Merit-based

Read more about eligibility

educations.com
Location not available
Independent provider
Grant
5000 SEK
Deadline
30 Apr 2026
Kreditkortlistan Financial Scholarship
Merit-based

Read more about eligibility

Enkla Media - Kreditkortlistan
Location not available
Independent provider
Grant
1000 USD
Deadline
31 Oct 2026
$1,500 Annual Video Contest Scholarship
Merit-based

Read more about eligibility

IvyPanda
Location not available
Independent provider
Grant
500 USD
Deadline
31 Oct 2026
CryptoRunner Scholarship

Read more about eligibility

CryptoRunner
Location not available
Independent provider
Grant
3500 USD
Deadline
15 Nov 2026
The Bill Walsh Scholarship
Merit-based

Read more about eligibility

ACES: The Society for Editing
Location not available
Independent provider
Grant
25000 USD
Deadline
30 Apr 2026
Atlas Shrugged Essay Contest

Read more about eligibility

Ayn Rand Institute
Location not available
Independent provider
Grant
1000 USD
Deadline
13 Jul 2026
Dream Chaser Scholarship
Merit-based

Read more about eligibility

Salvado Law
Location not available
Independent provider
Grant
5000 CAD
Deadline
31 Dec 2026
Pinsky Law New Venture Development Scholarship
Merit-based

Read more about eligibility

Pinsky Law
Location not available
Independent provider
Grant
7000 USD
Deadline
24 Apr 2026
Go Global MBA Scholarship
Merit-based

Read more about eligibility

educations.com
Location not available
Independent provider
Grant
10000 USD
Deadline
02 Feb 2027
Ritchie-Jennings Memorial Scholarship Program

Read more about eligibility

Association of Certified Fraud Examiners (ACFE)
Location not available
Independent provider
Grant
3000 USD
Deadline
31 Dec 2026
Scholarship for students with disabilities
Need-based

Read more about eligibility

Anonymous Hope Fund
Location not available
Independent provider
Grant
Various benefits
Deadline
31 Dec 2026
Grants of the Leopold Figl Foundation for students with residence in Lower Austria
Need-based

Read more about eligibility

Leopold Figl Foundation
Location not available
Independent provider
Grant
Various benefits
Deadline
31 Oct 2026
Kreditkortsval's Scholarship Program for Economics Students

Read more about eligibility

Kreditkortsval
Location not available
Independent provider
Grant
1000 USD
Deadline
31 Aug 2026
Florida Rentals Annual Dream Vacation Scholarship

Read more about eligibility

Florida Rentals
Location not available
Independent provider
Grant
1000 USD
Deadline
30 Jun 2026
$1,500 Annual Students’ Presentation Crafting Scholarship

Read more about eligibility

IvyPanda
Location not available
Independent provider
Grant
55 GBP
Deadline
18 Jun 2026
IELTS Morgan Terry Memorial IATEFL Scholarship
Merit-based

Read more about eligibility

IELTS from 6 to 9
Location not available
Independent provider
Grant
1500 USD
Deadline
Not specified
The Annual IELTS from 6 to 9 Scholarship

Read more about eligibility

IELTS from 6 to 9
Location not available
Independent provider
Grant
12000 USD
Deadline
11 Jan 2027
Tobacco Harm Reduction Scholarship Programme

Read more about eligibility

The Tobacco Harm Reduction Scholarship Programme
Location not available
Independent provider
Grant
1000 USD
Deadline
20 May 2026
PlagiarismSearch Essay Contest
Merit-based

Read more about eligibility

PlagiarismSearch
Location not available
Independent provider
Grant
Various benefits
Deadline
Not specified
Erasmus Mundus Joint Masters scholarships

Read more about eligibility

European Commission
Location not available
Independent provider
Grant
965 USD
Deadline
Anytime
Dr. Martin Blank – SYB Scholarship
Merit-based

Read more about eligibility

Shield Your Body
Location not available
Independent provider
Grant
2000 USD
Deadline
31 Jul 2026
The MyUS Community Scholarship

Read more about eligibility

MyUS
Location not available
Independent provider
Grant
3000 USD
Deadline
Not specified
AAPG Foundation Grants-in-Aid

Read more about eligibility

American Association of Petroleum Geologists Foundation
Location not available

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