Financial and Actuarial Mathematics

 Name of programme                            FINANCIAL AND ACTUARIAL MATHEMATICS            

Qualification awarded                           Master in Mathematical Sciences

Field of study                                        Mathematics

Study area                                            Mathematical Sciences 

Length of the programme                    1.5 years (3 semesters) 

Scope of programme (ECTS)              90 ECTS 

Language of instruction                       English

Location                                               Vilnius, Lithuania 

Starting date                                        1st of September 

Tuition fee for Non-EU students          TBC

 Why Financial and Actuarial Mathematics study programme?

The focus of the study programme is on theoretical results, including current research, which allow understanding processes observed in practice. Students are taught to explain the possibilities and restrictions of applying theoretical models in practice.
In addition, the competencies in Financial and Actuarial Mathematics Master program match the requirements of international labor market and the best students are encouraged to publish their works in national and international journals.

 Prof. dr. Vigirdas Mackevičius, Director of the programme: 
The master programme in Financial and Actuarial Mathematics is a natural continuation of our bachelor programme under the same title. However, students of general mathematics, finance and insurance, etc., with strong motivation and mathematical background are welcome to join our programme.

Prof. dr. Jonas Šiaulys, Head of the Department of Mathematical Analysis: 
Teachers of the programme are well-known specialists in their fields, but the lectures take place in a friendly environment. Each student may "twitch professor’s sleeve". In such a situation, it is not difficult to prepare the first serious research work, and not only the first. We look forward to active and inquisitive students to join our team.


·        Bachelor degree in financial and actuarial mathematics;

·        Bachelor degree in mathematics, statistics, economics, or physics with additional prerequisites: Microeconomics and macroeconomics (minimum 4 credits); Probability theory (including theory of stochastic processes) and mathematical statistics (8 credits); Other disciplines of mathematics (20 credits); Basics of financial and actuarial mathematics (10 credits).

·        English language proficiency - the level not lower than B2 (following the Common Framework of Reference for Language approved by the Council of Europe).


Students can participate in ERASMUS+ mobility programme which gives an opportunity to study at Partner University for 1 or 2 semesters or do internship abroad.


The programme graduates can work in insurance companies, banks, pension and investment funds, consulting firms, government agencies, etc. (e.g., as actuaries, financial analysts, risk assessors, consultants both for Lithuanian and foreign institutions supervising financial and insurance markets).
The graduates can also pursue further studies at the doctoral level in mathematics and/or statistics.

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