Quantitative Economics

Is an internship mandatory? What kind of internships is it possible to get?

The internship is an integral part of the MA Quantitative Economics programme studies. An internship course of 3 ECTS is part of the elective modules. During the practical training, the student is expected to gain economic research experience by applying the theoretical knowledge obtained during the coursework to the empirical or theoretical study of a specific economic problem. The internship may comprise very different kinds of activities: economic analysis in the central bank research department, work in a data analytics company, work in a ministry or other public sector organisation, and helping to establish a start-up company. In the practical training, some linkage with quantitative analysis and/or economics is expected, i.e. we do not expect academic economic research in a narrow sense, but internship may include, e.g. 1) writing applied reports; 2) collecting information; 3) making data accessible for research and analysis; 4) statistical data analysis; 5) collecting literature and writing literature reviews.

When do students generally do their internship?

Most master's students have an internship in the summer months after the first year of their studies. It is logical to apply for an internship after the basic skills in economic theory and econometric analysis have been acquired in the first year of the master's studies. Yet, we encourage the students to take internships outside of the summer months, e.g. in the autumn or winter of the second year of the master's studies. Some students have been offered a permanent position at the end of the internship.

How do students find internships? Does the university help with that?

The University of Tartu helps the students to find an internship. In particular, we have provided the students with a list of possible places (companies and other organisations) for practical training in Estonia and the other Baltic States. The internship mediation page FUTULAB has also been created. However, students have to apply for the internship themselves. The internship can be completed in any country, provided it aligns with the study curriculum's profile. One can apply for funding from the Erasmus+ programme when taking an internship abroad. The University of Tartu has also offered some internship opportunities, either as part of the work for some research projects of the School of Economics and Business Administration or at the University of Tartu Centre for Applied Social Sciences.

Examples of companies where students have done their internships during the last few years:

• Central banks: Eesti Pank (Central Bank of Estonia), Centre for Excellence in Finance and Economic Research (CEFER), established by the Bank of Lithuania and Vilnius University
• Think tanks: CENTAR (Estonia), PRAXIS (Estonia), BICEPS (Latvia), PMCG (Georgia), CASS (Estonia)
• Financial institutions: both commercial banks and Fintech companies, for example, Swedbank (Estonia), Bigbank (Estonia), Redgate Capital (Estonia), Friendly Finance Group (Estonia), Scorewise (Estonia), Dataminer (Estonia), LHV Bank (Estonia), WISE (Estonia)
• Manufacturing companies: Ericsson Eesti AS, Stora Enso Eesti AS
• Public sector institutions: Estonian Unemployment Insurance Foundation, Ministry of Economic Affairs and Communications, Foresight Centre of the Riigikogu (Parliament of Estonia), Estonian Development Fund, Enterprise Estonia (Estonia)
• Universities: University of Tartu (Estonia), CERGE-EI (Czech Republic)

Internship insights

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I took on a three-month internship role at the Center for Excellence in Finance and Economic Research (CEFER), Bank of Lithuania. Besides providing an opportunity to hone my data analysis and research skills under the supervision of Swapnil Singh, a principal Economist at the prestigious bank, it also created a platform through which I integrated myself with people from diverse cultures. At the end of the internship, my ability to independently take on projects and deliver desired results was greatly enhanced, equipping me for future work in my field of study.

Pearl Etie, an internship at the Bank of Lithuania in 2020

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Being a student of the Quantitative Economics programme provided many internship opportunities. I chose the internship I wanted to explore my career path, which helped me gain crucial work experience. Also, the internship enabled me to apply what I learned from classes.

Berk Erkan, an internship at Creditstar in 2020

There are numerous exchange opportunities to study abroad for a semester or a full year using the Erasmus+ programme. To enable the studies abroad to contribute to the fulfilment of the curriculum, one of the three elective modules in the curriculum is the Mobility Module. Students must complete at least 15 ECTS credits of master-level economics courses during the semester abroad, as previously agreed upon with the programme manager. Below are listed a few excellent institutions where our students have previously studied.

Ghent University (Belgium) is one of the major universities in Belgium and belongs to the top 100 in the world university rankings. Ghent University partners with the University of Tartu within the ENLIGHT network. In economics studies, both Ghent University and the University of Tartu participate in the Erasmus Mundus Joint Master in Economics of Globalization and European Integration (EGEI).

Kiel University (CAU, Germany) was founded in 1665 and is the oldest, largest and best-known university in the German state of Schleswig-Holstein. Kiel Institute for the World Economy hosts the Kiel Advanced Studies programme(ASP), where many alumni and instructors of the MA Quantitative Economics programme have studied. ASP was a 1-year programme taught by world-renowned professors from leading universities from across the globe who go to Kiel to teach their areas of expertise in intensive one or two-week courses. Recently, it has been reorganised as Europe’s newest doctoral programme in International Economics.

University of Konstanz (Germany) has, since its foundation in 1966, distinguished itself through its top-level research, excellence in teaching and studies, internationality and interdisciplinary collaboration. This vision is reflected in the university campus's architecture, where the short distances and interconnected buildings create an environment that facilitates communication, bridges scientific disciplines, and fosters a culture of creative collaboration. The university is situated in the southernmost part of Germany, adjacent to the borders with Austria and Switzerland, in a picturesque landscape.

The University of Bologna (Italy), one of the oldest universities in Europe, traces its history back to 1088. In addition to its history, the University of Bologna ranks in the top 15 of the first 200 universities worldwide.

Prior learning and work experience will be evaluated based on the CV. The CV must be in Europass format and added to the online application by the application deadline.

The evaluation criteria for prior learning and work experience:

• comprehensive description of the capabilities enabling the study of Quantitative Economics, especially the skills in mathematics, statistics, econometrics, and quantitative analysis skills, digital skills, obtained through regular studies, possible exchange studies and/or online courses (max 50 points);
• previous experiences in the field, like practical work experience, voluntary work, internships undertaken or any other experience with economic research or quantitative analysis, e.g., in terms of the bachelor's thesis, possible publications, conference presentations, etc. (max 25 points);
• overall organisation, completeness and clarity of the CV (max 25 points).

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

Applicants who received a positive score (at least 51 points) for the average grade of previous studies and prior learning and work experience will be invited to take part in admission interview. Admission interviews take place between 13-17 April 2026. The interviews will be scheduled in cooperation with qualifying candidates.

The interviews are conducted online (via Zoom) in English. The interview will last about 20 minutes. The interview is based on the candidate’s CV and aims to determine the candidate’s:

• previous achievements and professional interests;
• motivation to study in a new academic and cultural environment;
• understanding of the chosen field and what working in that field entails.
  

The evaluation criteria for the interview:

• the applicant's knowledge and interest in economics: which areas of economics and which economic issues the applicant is interested in, discussion on how to solve and explore these issues, possible ideas for the master’s thesis (max 30 points);
• clearly defined motivation and capability to study in the Quantitative Economics programme, given one's past studies, general background and skills (max 40 points);
• clearly defined career goals and aspirations, and how the Quantitative Economics programme is expected to contribute to achieving these (max 30 points).

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

General information regarding the online entrance interview

The applicant needs the following for the online interview:

• a computer or smart device. The computer or smart device must have a web camera, earphones and a microphone (built-in or separate). As the applicant must be visually identified at the interview, the use of the web camera is mandatory, not recommended;
• internet connection with a speed of at least 1 Mb/s (upload/download) is recommended for the video call.

At the online interview, the applicant:

• must have an identity document;
• has to ensure that the room where they stay is free from other persons or background noise;
• must take into account that they are not allowed to record the interview.

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. official certified copy of the bachelor's diploma or its equivalent and Diploma Supplement (transcript) in the original language (must include a 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 (including also the grades/results for the last autumn semester) 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).
3. official certified translation of the bachelor’s diploma and Diploma Supplement (transcript) into English. As certified translations we consider 1) official translations made by the issuing institution (university) bearing their original signature, stamp etc, or 2) translations certified by a sworn translator or notary.
4. proof of English language proficiency
5. copy of the passport page stating the applicant’s personal particulars
6. curriculum vitae in Europass format
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 [email protected].

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 August 31, 2026, 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.