Unrivalled expertise in a perfect environment: Studying quantitative economics at the University of Tartu

It was while completing his bachelor’s degree in Warsaw that the University of Tartu first came to Michał Novak’s attention.

He had just been accepted to the International Master’s in Economy, State and Security (IMESS) programme – a two-year double degree in area studies at University College London (UCL) – and needed to choose a partner institution in Central or Eastern Europe where he could spend his year abroad.

“I didn't know much about Estonia at that time,” Michał admits. “I thought of it as more of a northern country than an eastern one. I knew it was small – and that was about it.”

But the more he learned about the University of Tartu, the more it made sense.

“I wanted to combine the social studies and economic focus from UCL with the quantitative approach that was offered in Tartu,” Michał explains. The newly opened Delta Centre, where his classes in quantitative economics would be held, was another major attraction.

“When I was moving to London, I already knew I’d be going to Estonia the following year,” he says, “and I was really excited about the programme.”

Learning from experts

When Michał arrived in Tartu, it wasn’t just the facilities that impressed him – it was the freedom to shape his own learning.

Majoring in quantitative economics, his main focus was on modelling, statistics and computational analysis. However, the flexible programme enabled him to complement that with a wide range of additional subjects from economic policy to game theory.

That openness “unlocked a lot of different paths,” Michał says, introducing him to unexpected ideas and perspectives from entirely different fields.

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One course in particular left a lasting impression.

Taught by a senior practitioner from the Bank of Estonia, it gave Michał a rare glimpse into how decisions about national monetary policy are actually made.

“You had this academic approach, which was fascinating, but also the practical side,” Michał says, highlighting the opportunity to learn from people directly responsible for making those very decisions.

“Estonia is so small that many of the people you meet at the university really are leaders in their fields,” Michał points out – and that’s not something you find easily elsewhere.

A perfect environment

It’s been a few years since Michał graduated from the IMESS programme, but he still has vivid memories of those early days in Tartu.

“Tartu was so much calmer than London,” he recalls. “And really well organised. I felt like I fit in much better.” At a time when he “really needed to focus on work,” it was exactly what he was looking for.

Living near the Botanical Garden and walking to the university every day created, he says, “the perfect environment to study in.”

But student life in Tartu wasn’t just about work.

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Michał played volleyball at a local sports hall and travelled to other parts of Estonia, like Tallinn and the summer capital Pärnu. He also hosted regular cooking evenings with friends from all over the world, where they tried out each other’s “local fusions.”

“I even invited everyone to make pierogis in my little apartment,” he recalls with a smile.

Creating opportunities

After graduating, Michał returned to Poland, where he now works in data analysis and contract negotiation at the Polish National Development Bank.

He recently earned a promotion and sees a clear connection between what he learned in Tartu and his current role.

“My studies in Tartu very much relate to what I’m doing today,” Michał explains. “I’m dealing with development finance and development economics. Most of the financial instruments I work on are connected to countries like Ukraine, Moldova and South Africa.”

He also leads a data analysis team, where he applies, “all the quantitative economics I learned in Tartu.”

“I'm pretty confident that both my education in Estonia and at UCL contributed towards this opportunity,” he says. “And I'm very happy with my job right now.”

Academic vibe

Looking back, Michał admits he did initially have doubts about swapping London for Tartu.

“I was afraid I wouldn't like living in a small town,” he says, adding that he made the mistake of comparing Tartu to Polish cities of a similar size.

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“But then I realised Tartu isn’t really a small town. It’s the second biggest city in Estonia. It has a very modern university and such a strong academic vibe,” he says. From the historic city centre to new cinemas and the Emajõgi River, in Tartu, Michał found everything he needed.

And there’s one memory in particular that has stayed with him.

“I was sitting on the wooden stairs by the Delta Centre, next to the river,” he recalls. “It was March, the temperature was around ten degrees, and I had a lot of work to do on my thesis.”

“But the sun had finally come out after winter,” Michał says. “And I remember feeling that I was so happy to be here. I felt I was in a really good place.”