Actuarial and Financial Engineering

The Actuarial and Financial Engineering master's program at the University of Tartu aims to provide students with skills and knowledge of quantitative risk assessment and management methods at financial institutions: banks, insurance companies, investment funds, pension funds, financial supervision authorities, securities firms, credit companies, etc., in Europe and worldwide.

2-year master's program prepares specialists for the 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. Sound knowledge and interest in mathematics are advantageous to succeeding in this master's program.

The ability to derive, implement, and use numerical procedures for computing various financial quantities is crucial for success in quantitative finance. It also helps make better choices when buying an insurance policy or stock options.

The teaching staff consists of professors highly qualified in financial mathematics who have also done extensive research and have international experience. Visiting international lecturers will deliver some of the courses of the program.

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

• The University of Tartu belongs to the top 350 of the world's best universities (THE World University Rankings 2025).
• The only program of this kind in the Nordic region, meeting EU educational standards in actuarial mathematics.
• Special 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.

Learning outcomes

Enrolling in the Actuarial and Financial Engineering master's program, 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 program 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.

Career opportunities

Our graduates are welcome at:

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

Every seven years, all Estonian higher education institutions must undergo external evaluation – institutional accreditation. The latest assessment took place in 2022. The assessment council of the Estonian Quality Agency for Education decided to accredit the University of Tartu for the next seven years (2023-2029).

The program comprises 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)

Examples of courses:

• Mathematical Statistics
• Computational Finance
• Life Insurance Mathematics
• Risk Theory
• Martingales
• Non-life Insurance Mathematics
• Simulation Methods in Financial Mathematics

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 program.

The program manager is Meelis Käärik,Associate Professor in Probability Theory at the University of Tartu.