Financial Mathematics

The Bachelor's degree program in Financial Mathematics at the University of Tartu offers a comprehensive and rigorous education designed to equip students with the essential mathematical, statistical, and financial skills necessary to succeed in the dynamic world of finance and risk management. This program combines advanced mathematical theories with practical financial applications, enabling graduates to analyze, model, and solve complex problems encountered in banking, investment, insurance, and financial consulting industries. Students will study a broad range of subjects, including probability theory, statistical methods, stochastic processes, numerical methods, and quantitative finance, creating a solid foundation for understanding market dynamics and financial instruments. The curriculum emphasizes both theoretical knowledge and practical skills, with opportunities for internships and collaboration with financial institutions, which enhance real-world understanding and career readiness. Students will also develop proficiency in programming languages common in financial analysis, such as Python and R, and utilize various software tools to build financial models and perform data analysis. The program fosters critical thinking, problem-solving abilities, and ethical considerations crucial for a responsible finance professional. Graduates of the Financial Mathematics program are well-prepared for careers in risk analysis, asset management, financial engineering, and regulatory compliance, or to pursue postgraduate studies. The University of Tartu’s active research environment and strong ties with the financial sector provide students with opportunities to engage in innovative projects and stay updated with the latest developments in financial mathematics. The program's interdisciplinary approach and focus on quantitative methods make it an excellent choice for students passionate about mathematics and finance, aspiring to manage financial risks, optimize investment portfolios, or develop new financial products. Overall, the Bachelor’s program in Financial Mathematics at the University of Tartu aims to produce analytical, skilled, and adaptable professionals ready to meet the challenges of contemporary finance and contribute to the development of the financial industry both locally and globally.

Curriculum structure

Speciality module (33 ECTS) – core courses of the curriculum;

Electives module (6 ECTS) - Two courses must to be chosen, and Practice I needs to be one of them. Prior working experience can be considered as professional practice.;

Optional courses (6 ECTS) – all available courses at UT;

Master's thesis (15 ECTS).

Total: 60 ECTS

 General requirements: 

• Four-year Bachelor’s degree or equivalent qualification (240 ECTS) or Master’s degree or equivalent qualification in the areas of Natural and Exact Sciences, or Economics; 
• Prior learning prerequisites: eligible applicants must have completed the following in their prior learning period: 
      o Mathematics, including Calculus, Measure-Theoretic Probability, Statistics (at least 30 ECTS); 
      o Economics, including Corporate Finance, Investments and Derivatives, Microeconomics (at least 15 ECTS); 
      o Computer Science (at least 9 ECTS).

Application process:

1. Fill in the online application form. Remember to print it out at the end and sign it, because you also need to send it to us. You also need to upload copies of your other documents so we can start checking them. When you register to fill in the application form, you will receive an applicant code, which gives you access to your account to track your application status. 
2. Mail the printed and signed application with all the required documents by the deadline (April 16) to: International Student Service, University of Tartu, Ülikooli 18, Tartu 50090, Estonia

Documents: 

• online application; 
• official copy of the Bachelor's diploma or its equivalent and Diploma Supplement (transcript/mark sheet) in the original language*; 
• official translation of the Bachelor’s diploma and Diploma Supplement(transcript/mark sheet) into English, translation certified; 
• proof on the English language proficiency (TOEFL iBT 75, IELTS 5.5, Cambridge English FCE grade B, CAE 45 points, CPE, PTE Academic 59 points, exceptions listed on web); 
• copy of the passport page stating the applicant's personal particulars.

Application deadline: April 16

Official web-page: www.ut.ee/finmath

Tuition fees for the Financial Mathematics program at the University of Tartu vary depending on the student’s nationality and the level of study. For international students, the annual tuition fee typically ranges from approximately 3,000 to 6,000 euros, with specific amounts confirmed each academic year. Estonian residents benefit from significantly lower tuition rates, often substantially subsidized by the Estonian government, sometimes as low as a few hundred euros per year. The program offers various scholarship opportunities aimed at supporting talented students, including government-funded scholarships, university scholarships, and external funding sources. Applicants are encouraged to explore the university's official website for detailed information regarding scholarship eligibility and application procedures.

In addition to tuition fees, students should consider other expenses such as accommodation, living expenses, travel, health insurance, and study materials, which can vary significantly based on personal lifestyle and choices. The University of Tartu provides guidance on cost of living in Tartu, estimating monthly expenses for students to be around 400–600 euros, covering accommodation, food, transportation, and leisure activities.

Payment plans are usually available, allowing students flexibility in settling their tuition fees over the course of the academic year. For international students, the university often requires proof of sufficient funds for the duration of their studies to obtain a student visa. Financial aid options include loans and grants available through various Estonian and European institutions, which students can apply for depending on individual circumstances and eligibility.

The university’s financial support programs aim to reduce financial barriers and promote equal access to education. Students are advised to contact the University's Student Support Office or Financial Aid Office for personalized assistance and detailed information about available financing options. Additionally, some students may find part-time work opportunities in Tartu that can help offset living costs, subject to visa regulations for international students. Overall, financing a degree in Financial Mathematics at the University of Tartu requires planning and research, but the university provides extensive resources to assist prospective and current students in managing their education-related expenses.

Financial Mathematics at the University of Tartu is a comprehensive program designed to equip students with the essential skills and knowledge needed to analyze financial markets and develop mathematical models applicable to finance. The curriculum combines rigorous coursework in mathematics, economics, and finance, ensuring graduates are well-prepared for careers in banking, investment management, risk analysis, and financial consulting. Students will study subjects such as probability theory, statistical methods, stochastic processes, financial derivatives, numerical methods, and econometrics, all tailored to the financial industry’s needs. The program emphasizes practical skills, including data analysis, computational techniques, and the use of specialized software for financial modeling. The university collaborates with local financial institutions and offers opportunities for internships, allowing students to gain real-world experience. Graduates of the Financial Mathematics program are expected to be proficient in quantitative analysis, capable of developing and applying mathematical models to complex financial problems, and possess a strong understanding of the economic principles underpinning financial markets. The program prepares students for postgraduate studies in finance or related fields and aims to foster analytical thinking, problem-solving skills, and adaptability in the dynamic financial environment. The faculty includes experienced researchers and practitioners committed to providing high-quality education and supporting students’ academic and professional growth. Overall, the program's interdisciplinary approach ensures graduates are versatile and capable of contributing to the evolving landscape of financial services.