Applied Mathematics - Insurance and Financial Mathematics

Directors of the specialization: Jaakko Lehtomaa and Dario Gasbarra


Complete degree structure

Studies Service page Degree Structure

Specialization-specific structure

Studies Service page advanced studies module - Insurance and Financial Mathematics


Schedule, model study plan and instructions

Dir­ect­ors of the spe­cial­iz­a­tion

Jaakko Lehtomaa and Dario Gasbarra

Per­sons re­spons­ible for academic mentoring and guiding study plans

Jaakko Lehtomaa and Dario Gasbarra

Over­view of the stud­ies

At the beginning of your studies, you will create a personal study plan with the help of an academic mentor and model study plans found below.

Apart from the required core and specialization courses, the student can choose any advanced courses from all other specializations in mathematics and statistics. It is possible to include courses from different master’s programs such as economics or computer science if they have sufficient mathematical content.

Some of the courses in insurance mathematics are required for the Finnish actuarial qualification degree. Students who aim for this additional degree after the master’s studies may need to fulfil additional requirements. Requirements for the actuarial qualification degree can be found (in Finnish) from the webpage of The Actuarial Association of Finland.

Re­com­men­ded or suit­able courses

It is recommended to include courses MAT22001 Todennäköisyyslaskenta IIa and MAT22002 Todennäköisyyslaskenta IIb, MAT22013 Tilastollinen päättely IIa, MAT22014 Tilastollinen päättely IIb  and MAT22004 Lineaariset mallit I to bachelor’s studies. These courses are also suitable as optional studies in the master’s degree. In addition, it is recommended to take a course on stochastic processes such as Stochastic methods I (the first 5 cr part of the course) or MAT22015 Stokastiset prosessit during the last year of bachelor’s studies or at the beginning of master’s studies.

Statistics courses support the learning of financial and insurance mathematics. In particular, courses on generalized linear models, time series analysis, econometrics and computational statistics are suitable for a mathematician working in the field of insurance and finance.

Practical courses 

Theoretical studies can be complemented by more practical studies. Case studies in insurance mathematics MAST30155 introduces basic concepts of an insurance company by examples. Excel is used to solve problems. Career seminar in insurance mathematics MAST30154 is even closer to insurance business. For example, the students can hear career paths of insurance mathematicians, visit insurance companies and meet interesting persons around the industry. These practical courses are arranged once a year by professor of practice Mikko Kuusela during 2022-2024.

Mailing list

There is a mailing list for students who wish to receive news concerning courses of insurance and financial mathematics. The list also has occasional job announcements. The name of the list is:


You can find the instructions on subscribing and unsubscribing a mailing list from Helpdesk.

Model study plan

General guidance instructions and study plans

Most of the courses in insurance and financial mathematics make extensive use of probability theory. This is why the courses on probability theory should be at the beginning of the studies. The mandatory core courses in probability theory are available during the fall semester every year. Students, who begin their master’s studies at a time when probability theory is not available, can start their studies, for example, by completing courses in the other studies module.

The courses in insurance mathematics follow approximately a two-year cycle. All courses are not lectured every year. The courses can be completed in any order after, or at the same time with, probability theory. Courses on mathematical finance and stochastic analysis are lectured every year.

The following schedules give two possible examples for timing the core and specialization courses. The remaining courses needed to fulfil the degree requirements are specified in the personal study plan.

Ex­ample 1 (em­phasis on in­sur­ance mathematics)

Year 1, Fall semester
  Probability Theory I + II                             5+5 cr
  Risk Theory                                                 10 cr
  Stochastic methods I                                 5 cr
Year 1, Spring semester
  Advanced Risk Theory                               5 cr
  Tariff theory                                                5 cr
Year 2, Fall semester
  Master’s thesis seminar begins
  Financial Economics                                  10 cr
Year 2, Spring semester
  Master’s thesis seminar is completed    5 cr
  Life insurance mathematics I + II            5+5 cr
  Thesis completed                                      30 cr

Ex­ample 2 (em­phasis on fin­an­cial mathematics)

Year 1, Fall semester
  Probability Theory I + II                             5+5 cr
  Stochastic analysis I + II                           5+5 cr
Year 1, Spring semester
  Mathematical Finance  I + II                      5+5 cr
Year 2, Fall semester
  Master’s thesis seminar begins
  Malliavin calculus                                      10 cr            
Year 2, Spring semester
  Master’s thesis seminar is completed       5 cr
  Thesis completed                                      30 cr

List of in­sur­ance and fin­an­cial mathematics courses

(courses in alphabetical order)

MAST31913 Advanced life insurance mathematics (5 cr)
MAST31806 Advanced risk theory (5 cr)
MAST31910 Financial economics (10 cr)
MAST31911 Life insurance mathematics I (5 cr)
MAST31912 Life insurance mathematics II (5 cr)
MAST31707 Malliavin calculus (10 cr)
MAST31801 Mathematical finance I (5 cr)
MAST31805 Mathematical finance II (5 cr)
MAST31802 Risk theory (10 cr)
MAST31706 Stochastic analysis I (5 cr)
MAST31710 Stochastic analysis II (5 cr)
MAST31804 Tariff theory (5 cr)