Scholarships for Masters programme in Financial Mathematics

    1-year master's programme prepares 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. Sound knowledge and interest in mathematics are advantageous to succeeding in this Master's programme.


    • 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:

    1. Mathematics, including Calculus, Probability, Statistics (at least for the value of 30 ECTS),
    2. Informatics (at least for the value of 9 ECTS);

    The total admission score will be the weighted sum of the score of the motivation letter (weight 30%) and the average grade of the previous level of study (weight 70%). The maximum possible number of points is 100. The application will be considered for the admission ranking if the applicant gains 66 points or more.

    English Language Requirements

    International applicants must provide proof of the English language proficiency (BA, MA programmes; intensive Estonian language course on the basis of English). The following tests with scores outlined below are accepted:

    1. TOEFL (iBT) - minimum required score is 75 from internet based test. The TOEFL result must be sent directly to the University of Tartu by the Educational Testing Service. TOEFL institutional code for the University of Tartu is 0133. If a candidate has ordered his/her TOEFL test result to be sent directly to the University of Tartu, the score can be checked online before the paper reaches UT;

    2. IELTS (academic) - minimum required score is 5.5 (no part can be below 5.5). Copy of the test result is accepted as it will be verified online by UT;

    3. Cambridge English: First (FCE) - minimum required result is grade C (B2 level);

    4. Cambridge English: Advanced (CAE);

    5. Cambridge English: Proficiency (CPE);

    6. Pearson Test of English Academic (PTE Academic) - minimum required score is 59;

    7. Certificate in Teaching English to Speakers of Other Languages (CELTA);

    8. Cambridge ESOL tests: ILEC ja ICFE;

    9. Finnish ylioppilastutkinto In English, long course – graded at least magna cum laude approbatur (M) 5.

    10. English language test taken at the Language Centre of the University of Tartu or Tallinn University. The test has to be taken before applying, testing takes place only in Tartu/Tallinn, Estonia. Minimum B2 level is required;

    11. Estonian state exam in English - minimum required result is B2 level (for exams taken in 1997-2013 66 points or higher).


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    Tuition fee is EUR 3200/year. Altogether 10 students will be admitted to this programme. Based on the admission’s ranking list, 8 best applicants will be given tuition-waiver scholarship.

    Students receiving this scholarship do not have to pay the tuition fee if they complete a full-time study load. Full time study load is completed if no more than 6 credits are missing from the 30 ECTS workload per semester. If students receiving this scholarship fail to complete full-time study load per semester, they have to pay for the credits not earned.

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