About the programme


Mode of study and length of the programme in years: Full-time, 4 years

Length of the degree programme in ECTS credits: 240 credit

Language(s) of instruction: Lithuanian/ English

Degree and/or Qualification awarded: Bachelor of Mathematical Sciences


Financial and Actuarial Mathematics is a field of Applied Mathematics, which focuses on probabilistic real-world modeling. This education is necessary to work as actuaries in insurance companies or risk assessment specialists in various financial institutions. The program combines various disciplines of mathematics, informatics, finance and insurance, thus preparing highly demanded specialists both in Lithuania and abroad.

It's worth studying because:

  • the content of the program is largely aligned with the qualification requirements of the Lithuanian Actuarial Society and the International Actuary Association - 75-80% of the necessary competencies are developed;
  • the program provides the knowledge and competencies of mathematics, its applications (in the fields of finance, insurance and risk management) and informatics;
  • lectures are held by the best insurance mathematicians in Lithuania;
  • the program teaches not only to evaluate and analyze, but also to create new insurance products;
  • the students are introduced to the basics of research, the most talented are given the opportunity to contribute to the research of the program teachers, to actively participate in the seminars, to prepare joint scientific articles, etc.

Career opportunities:

Programme graduates are expected to be successfully employed as actuaries, financial analysts, consultants in the financial/insurance sector and in public administration, namely, in the insurance companies, pension/investment funds, health care and social security organizations, general financial and risk management institutions, etc.

International studies and internship opportunities:

Vilnius University encourages the use of various opportunities for studying at foreign universities, allowing students to gain intercultural experience, develop and evaluate their competences, establish contacts abroad, and open wider career opportunities.

Study plan

 

Study plan

Course title

Credits

Course title

Credits

1 SEMESTER

30.0

Investment Theory

5.0

Compulsary Modules

 

Basics of Investment

5.0

Mathematical Analysis I

10.0

6 SEMESTER

30.0

Algebra and Geometrics

5.0

Compulsary Modules

 

Discrete Mathematics

5.0

Random Processes

5.0

Introduction to Financial and Actuarial Mathematics

5.0

Non-Life Insurance Models

5.0

 

 

Financial Risk Management

5.0

Informatics I

5.0

Actuarial Mathematics

5.0

2 SEMESTER

30.0

GUS*

5.0

Compulsary Modules

 

Optional Modules

5.0

Mathematical Analysis II

10.0

Database Management Systems

5.0

Algebra

5.0

Modern Economic Thought

5.0

Financial Mathematics

5.0

Statistical Modelling

5.0

Informatics II

5.0

Statistical Data Theory

5.0

Foreign Language I

5.0

Financial Analysis

5.0

3 SEMESTER

30.0

Game Theory

5.0

Compulsary Modules

 

Visual Programming

5.0

Mathematical Analysis III

5.0

Scientific Seminar I

5.0

Mikroeconomics

5.0

Physics

5.0

Practical Informatics I

5.0

7 SEMESTER

30.0

Probability Theory and Mathematical Statistics

10.0

Compulsary Modules

 

Foreign Language II

5.0

Time Series

5.0

4 SEMESTRAS

30.0

Discrete-time Financial Models

5.0

Compulsary Modules

 

Health and Similar Insurances

5.0

Statistics

5.0

Foundations of Scientific Research

5.0

Makroeconomics

5.0

GUS*

5.0

Practical Informatics II

5.0

Optional Modules

 

Differential and Integral Equations

5.0

Queuing Theory

5.0

GUS*

5.0

Scientific Seminar II

5.0

Optional Modules

 

Censored Sampling Analysis

5.0

Database Management Systems

5.0

Functional Data Analysis

5.0

Modern Economic Thought

5.0

Public Finance

5.0

Statistical Modelling

5.0

JAVA Technologies

5.0

Statistical Data Theory

5.0

Data Tidying and Transformation with R

 

Financial Analysis

5.0

Numerical Methods

 

Game Theory

5.0

Categorical Data Analysis

 

Visual Programming

5.0

Dynamic Systems          

 

Scientific Seminar I

5.0

8 SEMESTER

30.0

Physics

5.0

Compulsary modules

 

5 SEMESTER

30.0

Professional Internship

15.0

Compulsary modules

 

Bachelor’s Thesis

15.0

Finite Population Statistics

5.0

 

 

Survival Demographic Models

5.0

 

 

Functional Analysis

5.0

 

 

Regression Models

5.0

 

 

Theory of Investments

5.0

 

 

Practical Investment Foundations

5.0

 

 

 

GUS* -  General University Studies. Developed competences depend on the subject chosen by a student.

Expected Learning Outcomes:

Graduates of Financial and Actuarial Mathematics study programme are able to:

  • effectively present information, ideas, problems and solutions to peers, managers and clients; 2. work in an interdisciplinary environment;
  • demonstrate abstract and logical thinking in various environments;
  • critically evaluate obtained results and their implications;
  • organize individual learning and work, manage time and resources – select appropriate objectives, methods and tools;
  • demonstrate skills in problem solving, logical argument, deductive reasoning and analysis, abstraction and generalisation;
  • locate, retrieve, synthesise, and use information from a variety of different sources; to present results of research to the audience of peers;
  • demonstrate understanding of the main mathematical fields (Mathematical Analysis, Linear Algebra, Geometry, etc.) and to apply this knowledge when solving problems;
  • use specialized software (e.g., R, Matlab, Latex, etc.) in practice and write simple codes in a programming language (e.g., C, VB.NET, SQL, etc.)
  • demonstrate understanding of the core principles of financial and insurance business, including (but not limited to) main laws of micro/macroeconomics; socio-economic and demographic environment, etc.;
  • practically explain relationships between different socio-economic/demographic variables and their importance;
  • demonstrate broad understanding of fundamental financial/actuarial principles, models, methods and to choose appropriate software when solving basic unknown problems;
  • recognize financial risks, critically evaluate associated losses and apply basic risk management methods.

Contacts

Do you have any questions? Contact:

  • Email:
  • Phone: +370 5 219 3055
  • Address: Naugarduko str. 24, room 106, Vilnius, Lithuania