ISEG - Lisbon School of Economics and Management, Universidade de Lisboa Master in Mathematical Finance

The Master's Programme aims to develop students' mathematical and computational skills, combined with financial modelling. In studying for our Masters, students are confronted with the most important technical and quantitative topics of finance, both theoretical and applied, ranging from the mathematical background to the latest trends in the financial sector.

Curriculum (courses, subject modules)

Year 1 – 1st Semester

• Financial Markets and Investments
• Mathematical Methods in Finance
• Programming Techniques
• Probability Theory and Stochastic Processes
• Elective I

Year 1 – 2nd Semester

• Stochastic Calculus
• Financial Econometrics
• Optimisation and Control Theory in Finance
• Numerical Methods in Finance
• Elective II

Year 2 – 1st Semester

• Interest Rate and Credit Risk Models
• Lévy Processes and Applications in Finance
• Stochastic Finance in Continuous Time
• MSc Final Work 1 (Thesis/Internship/Project)

Year 2 – 2nd Semester

Master’s Final Work 2

• Thesis
• Project
• Internship

Admission conditions

Required diploma(s) :

• Bachelor

Tuition & Fees

Between 5750 and 8750 €

Employment opportunities & career impact

Employment opportunities :

There is a steady demand for financial mathematicians all over the world. The holder of the MMF degree is prepared for the challenge of the pressing needs of the financial sector, both at the national and international level.

The main employers of our Master' students are:

• Banks
• Investment companies
• Consultancy companies
• Universities

Employability is a key distinctive factor of the ISEG MMF, with 100% of graduates being placed soon after obtaining their degree, some of them even during their Masters Final Work. Employment includes working for the major financial centres of the world, such as  London, Bristol, Madrid, Frankfurt and  Luxembourg. 

A PhD is also an option for further education.

Application Deadlines

Applications for Master's degrees are made exclusively online through the ISEG website, from December 2024 to May 2025.

Candidates for the Master in Mathematical Finance are:

• Undergraduates in national or foreign institutions in Mathematics Applied to Economics and Management, Mathematics, Statistics, Physics, Engineering, Economics, Finance, Management, Accounting, or other relevant subject to this Master. Applications from candidates with different degrees will be assessed on a case-by-case basis.

• In accordance with Article 17 d) of Decree-Law No. 74/2006 of the 24th of March, altered and republished as Decree-Law No. 65/2018 of the 16th August, other applications considered to be appropriate by the selection panel will be evaluated on the basis of a curricular analysis.

• Those students who have not yet completed the 1st Study Cycle (Bachelors) are eligible to apply conditionally, provided that they satisfy the conditions for obtaining the degree by the end of September (of the same academic year as their application).