Actuarial and Financial Engineering

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 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:

1. Banks and other financial institutions
2. Insurance companies
3. Financial and analytical departments of various companies
4. Academic career and doctoral studies

Examples of positions our graduates are/have been holding:

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

Alumni insights

Joseph Haske, an alumnus from the USA, graduated from the master's programme in Actuarial and Financial Engineering in 2021.

Why did you choose to study in Estonia?

After graduating with a bachelor’s degree, I wished that I had studied abroad. As a result, I decided to do my entire master’s degree abroad; when I searched for top universities with degrees taught in English, the University of Tartu was highly ranked and recommended. After many weeks of research, I decided that Estonia was the best place to continue my education.

What's your favourite thing about the University of Tartu?

The flexibility with being able to take electives as long as you can keep up with your core coursework. At the end of the two years, I ended up with 150 credits, which was effectively a free semester’s worth of classes. With the extra credits, I tried 3 languages, took 2 art classes, and explored a couple of other subjects.

Did you conduct an internship during your studies? 

Yes, I completed an internship as an analyst at Resta OÜ.

What was your social life like during your studies? What's the best tip for balancing social life and school?

It was pretty much what you’d expect from student life. I think the best tip I can offer is to prioritise what’s important to you and understand that it’s a continuum. You have to find the right balance between what you’re getting versus what you’re giving up based on your priorities.