Financial and Actuarial Mathematics

About the programmme


Mode of studies and duration: full-time (1.5 years)

Study programme volume: 90 credits

Language(s) of instruction: Lithuanian/ English

Tuition Fees: 2546 EUR/per year

Qualification degree awarded: Master of Mathematical Sciences in Applied Mathematics

Admission requirements: Bachelor's degree or equivalent qualification


The purpose of Financial and Actuarial Mathematics programme is high-profile education in financial and actuarial mathematics with an emphasis on theoretical foundation of various methods and techniques of probability theory, stochastic analysis, risk theory, and related fields. Graduates of the programme are qualified to analyze and solve problems in theoretical models of finance and insurance, with implementation of obtained solutions in practice. 

Why Financial and Actuarial Mathematics?

  • 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.

Career opportunities

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.

International mobility

Students can participate in ERASMUS+ mobility programme which gives an opportunity to study at VU’s Partner University or do internship abroad.

Admission requirements

ADMISSION REQUIREMENTS AND ADMISSION CRITERIA

  • Bachelor degree in financial and actuarial mathematics, 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).
  • Syllabus for the Entrance Exam will be available soon.

Courses

COURSE INFORMATION

 

1st YEAR

60

SEMESTER 1

30

Compulsory course units

30

Selected chapters of analysis

6

Probability theory and mathematical statistics

7

Nonlife insurance

5

Time series analysis

6

Stochastic analysis

6

SEMESTER 2

30

Compulsory course units

20

Life insurance. Health insurance

8

Financial mathematics

6

Risk theory

6

Optional course units

10

Dynamic aspects of survival theory

5

Financial Derivatives

5

Stochastic models of financial mathematics

5

Risk management

5

Pension funds

5

2nd YEAR

30

SEMESTER 3

30

Master thesis

30

 

Study Programme Description: will be available soon.

Key learning outcomes

Students possess logical thinking, creative view toward professional activities, know how to apply theory in practice. Graduates of Financial and Actuarial Mathematics can also pursue an academic career by enrolling into a Ph.D. program either at Vilnius University or abroad.

 

INFO for students

To be uploaded.