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Financial and Actuarial Mathematics
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Financial and Actuarial Mathematics

The Financial and Actuarial Mathematics Master’s programme provides high-level education, combining a strong foundation in probability theory, stochastic analysis, and risk theory with practical problem-solving skills. Graduates can analyse and implement solutions to complex finance and insurance models. The programme develops competencies for the international labour market, familiarising students with the possibilities and limits of financial and actuarial models and encouraging top students to pursue academic careers.

  • Strong theoretical and practical foundation
  • Internationally relevant competencies
  • Career and academic opportunities

Financial and Actuarial Mathematics

The Financial and Actuarial Mathematics Master’s programme provides high-level education, combining a strong foundation in probability theory, stochastic analysis, and risk theory with practical problem-solving skills. Graduates can analyse and implement solutions to complex finance and insurance models. The programme develops competencies for the international labour market, familiarising students with the possibilities and limits of financial and actuarial models and encouraging top students to pursue academic careers.

  • Strong theoretical and practical foundation
  • Internationally relevant competencies
  • Career and academic opportunities
_M MIF_FDM_III.jpg
VU MIF_Naugarduko pastatas_I.jpg
Apply now

  • degree of Master of Mathematical Sciences
  • Faculty of Mathematics and Informatics
  • 1.5
  • Mathematical Sciences
  • Applied Mathematics
  • 90.0
  • Full-time

  • degree of Master of Mathematical Sciences
  • Faculty of Mathematics and Informatics
  • 1.5
  • Mathematical Sciences
  • Applied Mathematics
  • 90.0
  • Full-time

Get acquainted with the detailed study plan.

Peržiūrėti programos planą
  • Graduates of the Financial and Insurance Mathematics program possess strong logical thinking, a creative approach to their professional activities, and the ability to critically assess situations. They are able to practically apply the theoretical knowledge acquired during their studies, make well-founded decisions, solve complex problems effectively, and adapt to a constantly changing professional environment. In addition, graduates can work both independently and as part of a team, continuously learn, and strive to develop further in their field.
Entry qualification

Undergraduate diploma (or higher)

N.B. for non-EU/EFTA applicants: the gap since your completed Bachelor degree should not exceed five years.

Applicants may be invited to a remote motivational interview, during which their basic knowledge of Mathematical Analysis, Linear Algebra, Probability Theory, and Mathematical Statistics may be assessed.

Important: additional country-specific requirements are set only for the following countries which you can find HERE (STEP 2).

The entry qualification documents are accepted in the following languages: English / Lithuanian.

Often you can get a suitable transcript from your school. If this is not the case, you will need official translations along with verified copies of the original.

Translation is considered to be official when it is bound together with the certified true copy of the original document and is confirmed by the translator’s signature. Documents issued in English, Lithuanian must be certified true copies and do not require translation.
 

Check additional country-specific requirements
Language requirements

English

The following language certificates are accepted for study programmes taught in English: IELTS Academic 6.5+, TOEFL iBT 81+, Cambridge English Exam 176+, Pearson PTE Academic 59+, LanguageCert IESOL B2, Duolingo English Test 120+, Password Skills Plus 6.5+ or another language proficiency certificate equivalent to B2 CEFR (Common European Framework of Reference for Languages).

If your first language is English and/or if you have a university degree in English, you will be exempt from providing an English language test score.

Proving your language skills
Other requirements

At least 2 reference(s) should be provided.

A motivation letter must be added to your application.

Territory requirements

Applications are NOT accepted from the following territories (based on citizenship): Belarus, Russia.

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3

4

5

6

Find your programme

When choosing a study programme, consider whether the subjects match your interests and strengths, as this will keep you motivated. You should also think about career opportunities, costs, and whether the programme fits your long-term goals.

Keep in mind that each applicant can choose up to three study programmes in one application, but you can only get admitted to one programme.

Check the application dates

For international applicants: 
1 May | for applicants from non-EU/EFTA countries 
1 July | for applicants who are citizens of EU/EFTA countries and for non-EU/EFTA applicants with a 90-day visa-free period that has not yet been exceeded.
The academic year always begins on 1 September.

Our International admissions have one intake per academic year. You can only submit your application during the application period.  

The application dates may differ if you are applying for a programme taught in Lithuanian or if you are eligible to apply for state-funded places.

Check your eligibility and prepare the necessary documents

In order to apply to Vilnius University, you must meet the general and programme-specific admission requirements, as well as the language proficiency requirements. In certain cases, specific territorial requirements may also apply. You can find all the specific requirements for this programme in the 'Admissions requirements' section.

For applicants from non-EU and non-EFTA countries, the period between obtaining your most recent secondary or higher education qualification and submitting your application may not exceed 5 years.

Pay the application fee and submit your application

The application to the international bachelor's or integrated studies degree programmes must be submitted on apply.vu.lt

The application fee is 100 EUR per application. The invoice is paid after adding the programmes to the application. Application fee payments are accepted only through the Flywire payment platform.

An online application will be processed only after the application fee is collected and the application is submitted with all the required documents. All documents must be submitted before the application submission deadline; otherwise, the application is terminated.

Please note: The application fee is non-refundable. Be sure to read the admission requirements and deadlines carefully before applying, as fees cannot be refunded if you are found ineligible or miss a deadline.

Creat the application accountPrepare the required documents

Take the interview

Candidates will be invited to attend a remote motivational interview if the Informatics Programme Admission Committee has any inquiries following the evaluation of their application

Confirm the acceptance and pay the tuition fee

Your application will be assessed within 30 calendar days from the date all required documents are submitted (this period may be extended in specific cases).

Acceptance letters or rejection notifications will be sent via the online application system https://apply.vu.lt.

Students are obliged to confirm if they accept the study offer within 7 working days.

Students who are citizens of the European Union, the European Economic Area countries and of other foreign countries, admitted to non-state-funded places in the first year of first-cycle and second-cycle studies through the University’s foreign student application system, must pay the annual tuition fee within 15 calendar days from the date of the offer to study.

Description of the Procedure of Payment, Reimbursement, and Recovery of Tuition Fees at Vilnius University 

The information about the tuition fee refund policy  

After the student pays the tuition fee, he receives the final acceptance letter. Then our International Relations Office provides the necessary information related to obtaining a temporary residence permit in Lithuania and sends a mediation letter to the student by e-mail (for non-EU citizens).

  • 6000 EUR
Application fee

The application fee is €100 per application. Each applicant can choose up to three programmes within one application. 
Online applications will only be processed once the application fee has been paid. 

Please note that the application fee is non-refundable. Make sure you read the admission requirements and deadlines carefully before submitting your application, as the fee cannot be refunded if you are found to be ineligible or miss a deadline. 

Scholarships for Master's
Tuition fee

Students who are citizens of the European Union, the European Economic Area countries and of other foreign countries, admitted to non-state-funded places in the first year of first-cycle and second-cycle studies through the University’s foreign student application system, must pay the annual tuition fee within 15 calendar days from the date of the offer to study.

After the student pays the tuition fee, he receives the final acceptance letter. Then our International Relations Office provides the necessary information related to obtaining a temporary residence permit in Lithuania and sends a mediation letter to the student by e-mail (for non-EU citizens).

Learn more

  • degree of Master of Mathematical Sciences
  • Faculty of Mathematics and Informatics
  • 1.5
  • Mathematical Sciences
  • Applied Mathematics
  • 90.0
  • Full-time

  • degree of Master of Mathematical Sciences
  • Faculty of Mathematics and Informatics
  • 1.5
  • Mathematical Sciences
  • Applied Mathematics
  • 90.0
  • Full-time

Get acquainted with the detailed study plan.

Peržiūrėti programos planą
  • Graduates of the Financial and Insurance Mathematics program possess strong logical thinking, a creative approach to their professional activities, and the ability to critically assess situations. They are able to practically apply the theoretical knowledge acquired during their studies, make well-founded decisions, solve complex problems effectively, and adapt to a constantly changing professional environment. In addition, graduates can work both independently and as part of a team, continuously learn, and strive to develop further in their field.
Entry qualification

Undergraduate diploma (or higher)

N.B. for non-EU/EFTA applicants: the gap since your completed Bachelor degree should not exceed five years.

Applicants may be invited to a remote motivational interview, during which their basic knowledge of Mathematical Analysis, Linear Algebra, Probability Theory, and Mathematical Statistics may be assessed.

Important: additional country-specific requirements are set only for the following countries which you can find HERE (STEP 2).

The entry qualification documents are accepted in the following languages: English / Lithuanian.

Often you can get a suitable transcript from your school. If this is not the case, you will need official translations along with verified copies of the original.

Translation is considered to be official when it is bound together with the certified true copy of the original document and is confirmed by the translator’s signature. Documents issued in English, Lithuanian must be certified true copies and do not require translation.
 

Check additional country-specific requirements
Language requirements

English

The following language certificates are accepted for study programmes taught in English: IELTS Academic 6.5+, TOEFL iBT 81+, Cambridge English Exam 176+, Pearson PTE Academic 59+, LanguageCert IESOL B2, Duolingo English Test 120+, Password Skills Plus 6.5+ or another language proficiency certificate equivalent to B2 CEFR (Common European Framework of Reference for Languages).

If your first language is English and/or if you have a university degree in English, you will be exempt from providing an English language test score.

Proving your language skills
Other requirements

At least 2 reference(s) should be provided.

A motivation letter must be added to your application.

Territory requirements

Applications are NOT accepted from the following territories (based on citizenship): Belarus, Russia.

1

2

3

4

5

6

Find your programme

When choosing a study programme, consider whether the subjects match your interests and strengths, as this will keep you motivated. You should also think about career opportunities, costs, and whether the programme fits your long-term goals.

Keep in mind that each applicant can choose up to three study programmes in one application, but you can only get admitted to one programme.

Check the application dates

For international applicants: 
1 May | for applicants from non-EU/EFTA countries 
1 July | for applicants who are citizens of EU/EFTA countries and for non-EU/EFTA applicants with a 90-day visa-free period that has not yet been exceeded.
The academic year always begins on 1 September.

Our International admissions have one intake per academic year. You can only submit your application during the application period.  

The application dates may differ if you are applying for a programme taught in Lithuanian or if you are eligible to apply for state-funded places.

Check your eligibility and prepare the necessary documents

In order to apply to Vilnius University, you must meet the general and programme-specific admission requirements, as well as the language proficiency requirements. In certain cases, specific territorial requirements may also apply. You can find all the specific requirements for this programme in the 'Admissions requirements' section.

For applicants from non-EU and non-EFTA countries, the period between obtaining your most recent secondary or higher education qualification and submitting your application may not exceed 5 years.

Pay the application fee and submit your application

The application to the international bachelor's or integrated studies degree programmes must be submitted on apply.vu.lt

The application fee is 100 EUR per application. The invoice is paid after adding the programmes to the application. Application fee payments are accepted only through the Flywire payment platform.

An online application will be processed only after the application fee is collected and the application is submitted with all the required documents. All documents must be submitted before the application submission deadline; otherwise, the application is terminated.

Please note: The application fee is non-refundable. Be sure to read the admission requirements and deadlines carefully before applying, as fees cannot be refunded if you are found ineligible or miss a deadline.

Creat the application accountPrepare the required documents

Take the interview

Candidates will be invited to attend a remote motivational interview if the Informatics Programme Admission Committee has any inquiries following the evaluation of their application

Confirm the acceptance and pay the tuition fee

Your application will be assessed within 30 calendar days from the date all required documents are submitted (this period may be extended in specific cases).

Acceptance letters or rejection notifications will be sent via the online application system https://apply.vu.lt.

Students are obliged to confirm if they accept the study offer within 7 working days.

Students who are citizens of the European Union, the European Economic Area countries and of other foreign countries, admitted to non-state-funded places in the first year of first-cycle and second-cycle studies through the University’s foreign student application system, must pay the annual tuition fee within 15 calendar days from the date of the offer to study.

Description of the Procedure of Payment, Reimbursement, and Recovery of Tuition Fees at Vilnius University 

The information about the tuition fee refund policy  

After the student pays the tuition fee, he receives the final acceptance letter. Then our International Relations Office provides the necessary information related to obtaining a temporary residence permit in Lithuania and sends a mediation letter to the student by e-mail (for non-EU citizens).

  • 6000 EUR
Application fee

The application fee is €100 per application. Each applicant can choose up to three programmes within one application. 
Online applications will only be processed once the application fee has been paid. 

Please note that the application fee is non-refundable. Make sure you read the admission requirements and deadlines carefully before submitting your application, as the fee cannot be refunded if you are found to be ineligible or miss a deadline. 

Scholarships for Master's
Tuition fee

Students who are citizens of the European Union, the European Economic Area countries and of other foreign countries, admitted to non-state-funded places in the first year of first-cycle and second-cycle studies through the University’s foreign student application system, must pay the annual tuition fee within 15 calendar days from the date of the offer to study.

After the student pays the tuition fee, he receives the final acceptance letter. Then our International Relations Office provides the necessary information related to obtaining a temporary residence permit in Lithuania and sends a mediation letter to the student by e-mail (for non-EU citizens).

Learn more
_M MIF_FDM_II.jpg

Career Opportunities: Decisions Based on Numbers and Analysis

Graduates of the Master’s program in Financial and Insurance Mathematics gain in-depth knowledge of mathematics, statistics, and finance, as well as the ability to develop and apply financial and insurance mathematical models, analyze risks, and evaluate various financial products. They can work as actuaries, financial specialists, consultants, or risk assessors in banks, insurance companies, pension and investment funds, consulting firms, or public institutions. Additionally, graduates have the opportunity to pursue doctoral studies in Financial and Insurance Mathematics at Vilnius University or other universities worldwide.

 

Risk assessors / actuarial calculation specialists / investment analysis and portfolio management specialists / financial risk and fund management specialists / fintech developers / data analysis specialists / market analysts / financial product developers

Why choose this programme?

Darius Grinvaldas

Head of Risk Management Department in Lithuania, Danske Bank A/S, Lithuania

Studying was not easy, but I believe that it was while studying at VU MIF that I learned how to learn. To learn interesting and complex things independently. This mindset is a very strong foundation for analytical work in the rapidly changing world of finance. Of course, it is also very important to highlight the fundamental knowledge of mathematics and probability theory that was imparted, which became the basis for my further professional career in business.

Darius Grinvaldas
Accommodation
Financial Support
Exchange opportunities

Chat with VU students

If you need more information or personalised advice, choose a VU Ambassador from your home country or the desired study programme and submit your question using the form below. You can expect to hear back from us within 2–3 working days.

Contact our Ambassadors
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