Actuarial and Financial Engineering

I am currently an analyst and Business Intelligence consultant in ScandicFusion, helping (mostly insurers) to structurise data and build a data structure for business analysis. Before starting my studies in Actuarial and Financial Engineering, I worked as an analyst and risk underwriter in an insurance company. My interest in insurance was one of the primary motivators to look for additional education possibilities in a related field.

Studies in Actuarial and Financial Engineering cover many areas, helping to grasp main concepts in mandatory courses and allowing you to follow the path that seems interesting for each student - insurance, finance, algorithms, economics, mathematics, or others. Academical knowledge gained during studies is supplemented with a general mindset and expertise to succeed in any position that requires analytical, logical, detail-oriented, and technical skills. The teaching and technical staff are professional and helpful, always providing sufficient information about the course, study process, and everyday life in Tartu (especially at the beginning of studies, to get settled in).

The most valuable is broad experience gained during my studies because studies only give you some basic tools and skills to start your journey. Still, the challenges and experience are what makes you a professional. I highly appreciate the opportunity to be part of the University of Tartu family, and Tartu itself is a charming city, close to my heart, and I miss it.

As for me, the main benefit of the programme of Actuarial and Financial Engineering at the University of Tartu is a perfect balance between theoretical knowledge and practical skills. I obtained a strong background in mathematics, statistics, and the basics of economics. Also, we had a lot of computer labs, which allowed the students to understand how to implement these bits of knowledge to solve problems from real life. Thereby I improved my skills in R, Python, and Excel.

The sphere of data analysis is rapidly developing right now, and specialists with the appropriate skills are in great demand in the labour market. Therefore, students of this program have a lot of opportunities for a successful career. In conclusion, I would say that the Actuarial and Financial Engineering programme is a great start for students who want to develop in the sphere of finances, data science, or statistics and reach high professional results in named fields.

The motivation letter is a part of the online application form. 

Please write a brief motivation letter (in English, maximum of 6000 characters with spaces) focusing on the following points:

• Explain your motivation for applying to the programme. (Why are you interested in actuarial and financial engineering? What are your plans for the future and how would this study programme help you achieve your goals? Is this programme your first choice? If not, what is your main interest?);
• Explain how your educational and professional background relates to the programme you are applying to. (What makes you a good candidate for this programme? What have you accomplished in the past? What knowledge, skills, and experiences do you have that are relevant to this programme? Do you have a prior work experience on the related field?);
• Please tell us about your specific research interests within the field of actuarial and financial engineering. Are you more interested in financial or actuarial side? Have you considered what could be the field/topic of your Master's thesis?

Evaluation criteria:

• fit between the student's background and the programme (50%);
• fit between the student's goals and the programme (25%);
• clarity, argumentation skills and fluency of written English (25%).

The maximum score for motivation letter is 100 points and the result is positive only if the applicant gains 51 points or more.

The interview will be conducted in English and will last approximately 20‐30 minutes. It can be conducted either online or in person, depending on the candidate's location.

Admission interviews take place between 7-17 April 2025. The interviews will be scheduled in cooperation with qualifying candidates when the motivation letters are evaluated. 

Candidates should be prepared to:

• Explain how their past education and work experiences have prepared them for this programme, highlighting relevant skills, projects, or experiences.
• Describe their motivation for applying, how the programme aligns with their career goals, and how it connects to their future plans. 
• Discuss their specific interests within actuarial and financial engineering, including potential topics or fields for their Master's thesis.
• Respond to a scenario or case study to demonstrate critical thinking, analytical skills, and problem‐solving abilities.

Engage in professional dialogue to showcase fluency, clarity, and coherence in spoken English.

Evaluation criteria

• knowledge of the field (40%);
• motivation and career fit (30%); 
• problem‐solving and critical thinking (20%);
• communication skills (10%).

The application system opens on 2 January and closes on 15 March. The following documents must be submitted electronically via DreamApply by 15 March:

1. online application
2. motivation letter
3. official certified copy of the bachelor's diploma or its equivalent and Diploma Supplement (transcript) in the original language (must include description of the grading scale).
   NB! Applicants graduating in the upcoming spring/summer and having their diploma and final transcript issued later than the application deadline should electronically submit their most recent official transcript by the application deadline. The transcript should be supplemented by an official statement from the issuing institution indicating current enrollment and expected graduation date. Admitted candidates are required to post certified copies of their graduation documents as soon as these have been issued (must reach us no later than by the end of July).
4. official translation of the bachelor’s diploma and Diploma Supplement (transcript) into English, translation certified
5. proof of English language proficiency
6. copy of the passport page stating the applicant’s personal particulars
7. confirmation/receipt of application fee payment (if applicable). All international applicants are required to pay the application fee EUR 100, unless they have completed the previous study level in Estonia. An application will only be processed after the fee has been received by the UT.

Submitted applications can not be edited. It is only possible to upload new documents (e.g. graduation certificates). Applicants will receive feedback and notifications through the DreamApply system to their e-mail. Incomplete applications or those submitted by e-mail will not be considered for admission.

Guide to submitting an electronic application on DreamApply.

NB: The University of Tartu has no official partnerships with agents or educational representatives. We strongly recommend applying directly to the university without the help of unauthorised third-party entities. Should you use such a service, please ensure that your application's contact information is your personal details (your e-mail, phone number, etc.).

The evaluation of applications will be made based on the electronic copies added to DreamApply. A general ranking list will be formed based on the electronically submitted applications and admission results (including offers) will be announced to all applicants personally via DreamApply by April 30 at the latest. Admitted candidates are expected to accept or decline the offer in DreamApply in 7 days. If the decision is not communicated to UT via DreamApply by the stipulated deadline, UT reserves the right to withdraw the admission offer.

NB! It is not possible to postpone the beginning of studies to the next academic year.

Terms and conditions of the admission offer

Admission offers are conditional. This means that there are conditions in the offer which the applicant needs to fulfil in order to be admitted (e.g. sending application documents by post; obtaining the required level of education). If the conditions are not met, UT has the right to withdraw the offer. Also, UT reserves the right to withdraw or amend any offer or revoke the matriculation of a student, if it becomes evident that the application contains fraudulent information, the qualification does not provide access to the chosen study programme or the student is found to have omitted key information from the application. Should such circumstances occur, UT will not be liable for any material or immaterial loss which the student may suffer as a result.

Once the admission results have been announced, all admitted students are required to send the application documents by post to: Student Admissions, University of Tartu, Ülikooli 18-133, Tartu 50090, ESTONIA.

The documents are expected to be mailed only by those receiving the admission offer (unless instructed otherwise by the admissions staff). The documents must reach the university within 3 weeks from the announcement of the offer. If the application documents do not reach us by the deadline, the university has the right to withdraw the admission offer. Applicants will be informed when their documents have arrived.

Requirements for educational documents

All copies of educational documents (diplomas and Diploma Supplements/transcripts) must be officially certified. By certified we mean that the copies should bear an original signature and seal of the authority certifying that these are true copies of the original document(s). The copies can be certified either 1) by an authorised official of the issuing institution, or 2) by a notary, or 3) with an Apostille attached. NB! Country-specific requirements may also specify the way documents from certain countries must be certified.

Please note that UT does not accept simple copies made on the basis of already certified copies (primary copies are needed).

All admitted students are required to present their original qualification certificates upon arrival (unless these were sent directly from the issuing institution).

Paying the tuition fee (applicable to those receiving a fee-based study place offer)

• EU/EEA/Swiss citizens are required to pay the fee for the first semester once they arrive in Tartu (by 20 September at the latest after signing the fee contract, please read more here).
• Admitted students from other countries are required to pre-pay half of the first semester's tuition fee. The invoice along with the pre-payment deadline and payment details will be sent to applicants via DreamApply after they have accepted the admissions offer and the University has received the hard copies of the application documents. Second part of the fee is due on 20 September. NB! The official admission letter (necessary for visa application) will only be issued once the University of Tartu has received the pre-payment.
• NB! Once you have been offered a fee-based study place, be aware that it will not be changed into a fee waiver study place. By transferring the pre-payment to the university, you confirm that you have informed yourself about the process of the visa and temporary residence permit application and you are able to arrive in Estonia by the start of the academic year. If you have any questions please contact studentvisasupport@ut.ee.

The official admission letter will be sent to admitted students electronically via DreamApply only after the admissions office has received and reviewed hard copies of the application documents, and received the tuition fee pre-payment (if a pre-payment was required, please see step 3 for more details).

NB! The electronic admission letter is also sufficient for non-EU students for applying for visa/residence permit at an Estonian embassy.

Once the admission letter is issued, accepted students may proceed further with arranging their arrival. All non-EU students should first consult information on the process of visa and temporary residence permit application to be sure, as where and when the relevant documents need to be applied. Note that housing at the UT dormitories can be applied during a limited period of time, unless specified otherwise on the website. 

NB! Admitted students who are not citizens of an EU or EEA country or Switzerland need to make sure they obtain the Estonian long-term visa on time in order to be able to participate in the orientation programme for international students held in the last week of August. They are also required to visit the Admissions Office in person to complete their arrival registration by September 1, 2025, at the latest. Failure to do so will result in the revocation of their admission decision and visa.

For housing alternatives please find further information on Tartu Welcome Centre website. Travel information can be found here. Based upon common queries, the most important information has been summarised into a pre-arrival information website UT Getting Started.