Description

1-year Master's program preparing 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.

General admission requirements:
- Applicants must have 240 ECTS earned prior to their application to this program.
- Graduates with Bachelor's degrees in Mathematics, Statistics, Economics or Physics are candidates well-suited for the program.
- Applicants with a 3-year Bachelor's degree (180 ECTS) must complete one more year (60 ECTS) of university studies elsewhere or in Tartu before applying to this Master's program.

Curriculum structure:
- Compulsory module - 30 ECTS
- Master's thesis - 30 ECTS
TOTAL 60 ECTS

Courses:

Autumn semester (18 ECTS)
- Non-Life Insurance Mathematics
- Life Insurance Mathematics
- Risk Theory
- Computational Finance

Spring semester (12 ECTS)
- Models of Financial Mathematics
- Simulation Methods in Financial Mathematics
- Martingales

Language of instruction: English

Prior learning prerequisites: eligible applicants must have completed the following in their prior learning period:
a) Mathematics, including Calculus, Measure-Theoretic Probability, Statistics (at least 30 ECTS),
b) Economics, including Corporate Finance, Investments and Derivatives, Microeconomics (at least 15 ECTS),
c) Computer Science (at least 9 ECTS).

English language requirement: international applicants for whom English is not a native language need to provide proof of English language proficiency. One of the following is accepted: TOEFL 525 or higher (computer based - 196, internet based - 69/70); IELTS 5.5; Cambridge Certificate of Proficiency in English - C; Cambridge Certificate in Advanced English - B.

Highlights

What you can expect from this program?
- Special emphasis on applied mathematical models and quantitative methods.
- Only program of this kind in the region, meeting EU educational standards in actuarial mathematics.
- Graduates very competitive on national and international job market as analysts, actuaries and risk engineers.
- Knowledge, practical skills and competence needed to succeed in careers at banks, insurance companies, consulting, financial utilities and financial supervisory authorities.

Why choose the University of Tartu for your Master's?
- The University of Tartu, founded in 1632, is one of the oldest universities in Northern Europe, offering a true academic environment and modern facilities for studies.
- Tartu is a unique university town with an intellectual atmosphere, rich history and student traditions. It is a great place to study and live.
- All graduates of Financial Mathematics can find jobs easily in Estonia and around the world.
- This Master's program 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 programs in mathematics, Economics or Mathematical Statistics with specialization in Financial Mathematics.

Minimum Education

Bachelors

Subject Areas

• Actuarial Science
• Finance
• Management

Cost in US$:

4,200 (3,200 EUR) year

Program Fees Include:

Program fee covers tuition for 1 year and supervision of thesis preparation. Housing, food, insurance and other living expense are not covered by the program fee.

This Program is open to

American, Asian, Canadian, Australian and European Participants.

Typical Living Arrangements

• Group living
• Independent living
• Other

Participants Travel

Independently

Typically Participants Work

in Groups of 15-25

Application Process Involves

• Transcript
• Written Application

Typically The Application Process Time is

60-90 days

University of Tartu's Mission Statement

The University of Tartu is a national university uniting different branches of science. The mission of the University of Tartu is to act as the guardian and advocate of a highly educated Estonia through internationally acclaimed research and the provision of research based higher education. UT is in world's top 400 universities by THES-QS 2011 World University Rankings.

Year Founded

1632