M.Sc. in Actuarial and Financial Engineering

The programme comprises of 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)

Upon completing the programme, students will receive a Master of Science (Actuarial and Financial Engineering) (MSc) degree.

The following structure of the programme applies to the current academic year. To view the most updated version, please visit the University of Tartu Study Information System and choose the next academic year (if available).

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An Actuarial and Financial Engineering programme graduate:

• has acquired knowledge of basic models and methods of financial and insurance mathematics, and applies them for solving practical problems;
• can create probabilistic and statistical models for quantitative analysis of random phenomena in the financial industry;
• has a firm knowledge of principles and methods of life and non-life insurance, including reinsurance, and can perform basic calculations related to premiums and reserves;
• knows main principles of pricing and hedging of options, can calculate prices of standard options under basic market models;
• if desired, gets international experience via semester or traineeship abroad;
• has obtained skills for conducting research and practical work on the speciality, links theory and practice and has improved their communication skills.

Learning outcomes

Enrolling in the Actuarial and Financial Engineering master's programme, you'll acquire deep financial and insurance mathematics knowledge, applying it to practical problems. You'll learn to create probabilistic and statistical models for the financial industry, understand life and non-life insurance principles, including reinsurance, and delve into options pricing and hedging.

The programme also offers opportunities for international experiences, such as a semester or traineeship abroad. You'll enhance your research skills, effectively linking theory with practice, and improve your communication skills.

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.

After graduation
The Actuarial and Financial Engineering master's programme prepares students for professional opportunities or further doctoral studies. The programme provides knowledge, practical skills and competence needed to succeed in careers at banks, insurance companies, consulting, financial utilities and financial supervisory authorities.

Our graduates are welcome at:

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

Examples of positions our graduates are/have been holding:

• Actuary at ERGO Insurance SE
• Data Analyst at the Energy Sales Department in Eesti Energia
• Senior Business Intelligence Analyst at BigBank AS
• Statistical Programmer at StatFinn Oy
• Statistical Data Analyst at STACC
• Senior Scoring Risk Analyst at 4finance AS (Latvia)
• Software Engineer at Facebook
• Pricing Actuary at Swedbank P&C Insurance AS
• Specialist at Agricultural Registers and Information Board
• Financial Director at E.Gulbja Laboratorija (Latvia)
• Doctoral students at different universities

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

• The University of Tartu belongs to the top 350 universities in the world.
• The only programme of this kind in the Nordic region, meeting EU educational standards in actuarial mathematics.
• Particular 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 at 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.