Key Information about the Master in Mathematical Finance in ISEG - Lisbon School of Economics and Management, Universidade de Lisboa
The Master in Mathematical Finance at ISEG - Lisbon School of Economics and Management, Universidade de Lisboa is ranked 29th this year in the Master in master Financial Markets. Programme Director(s): Professor João Janela - Associate Professor.
The program is available in a full-time format
The total length of the program is 4 semestres
All courses are taught in English
Director's message

ISEG, with strong departments of Mathematics, Economics and Management, and with a policy of internationalisation, benefits from the corresponding synergies, and provides excellent conditions for studying the Master's in Mathematical Finance (MMF). This fact, together with the high quality of its teaching staff, all of whom hold PhDs from prestigious universities, makes MMF unique in Portugal.
The strong relationship between ISEG and the financial sector, both at a national and an international level, contributes to the international recognition that the Master's in Mathematical Finance adds value to the competitiveness of the financial sector, and to improving the employability of its graduates.
In accordance with ISEG's mission, the Master's in Mathematical Finance also prepares students for further doctoral studies and for carrying out innovation and scientific research in departments of companies, or at universities or other higher education institutions.
Values such as freedom of intellectual and scientific expression and respect for ethical principles and social responsibility are all key points of ISEG's mission.
Internationalisation is also a part of the MMF's history and aims.The following developments are of importance:
- The establishment of an international agreement involving three Masters in the area of Mathematical Finance - from ISEG; Université de Lorraine, Nancy (France), and Uniwersytet Ekonomiczny w Poznaniu (Poland), which allows students to study for part of their degree at these universities;
- Since 2016, a partnership of the Masters in Mathematical Finance with the Advanced Risk and Portfolio Management Bootcamp - ARPM at the University of New York allows students who participate in the bootcamp obtain not only an ARPM certificate but also additional credits and supplement for their Masters Diploma.
All about this master
Programme Overview
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
Session 1
|
2nd December to 3rd February |
|
Until February 14th |
Session 2
|
4th February to 31st March |
|
Until April11th |
Session 3
|
1st Abril to 15th May |
|
Until May 30th |
Application deadline precision
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).
How to Apply?
Admission process
Application
|
December to May |
|
Application process entirely online |
Application Checklist
Academic documents required
- Undergraduate Diploma copy
- Language diploma
Academic documents other
- Academic Transcript
Administrative document require
- Photocopy of ID Card / Passport
Administrative document other
- Motivation letter required