Financial and Actuarial Mathematics

Qualification awarded Master in Mathematical Sciences
Field of study Applied Mathematics
Faculty Faculty of Mathematics and Informatics
Study area Mathematical Sciences 
Length of the programme (years) 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 EU students
for Non-EU students
4250 EUR/year
4500 EUR/year
Click here to apply


Citizens of countries of the European Union (EU) or European Economic Area (EEA), persons (non-EU/EEA) granted a right of permanent residence in the Republic of Lithuania, children, grandchildren and great-grandchildren of the Diaspora and people of Lithuanian origin can apply for the State Funded Place in the programme. For more information please contact Admission Officer by e-mail



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.


  • Bachelor degree in financial and actuarial mathematics; or
  • Bachelor degree in mathematics, statistics, economics, or physics with additional prerequisites: Microeconomics and macroeconomics (minimum 5 credits); Probability theory (including theory of stochastic processes) and mathematical statistics (10 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).
  • Assessment of motivation and entrance examination is held by electronic means remotely.


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


Upon completion of the studies, a student may work in the 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.

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.


MIF arita priedniece LVArita Priedniece, student from Latvia

I have chosen this programme and university because it has old, strong education traditions, and is known widely. Vilnius University is the first in Lithuania according to national ranking. The second thing I would like to mention is that this program perfectly fits my career aims and life goals. Also, I wanted to have my master abroad to gain international experience.
I am really satisfied with my choice and I don’t regret it. My professors are professional in their fields because their teaching and communication style are easy and understandable in each situation. My courses mates are really nice and friendly people. It is not easy to study in MIF, but I can say that it is really challenging and interesting. I think it is worth having this kind of life experience.





Dr. Martynas Manstavičius


Admission Office

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