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Master in Mathematical Finance


Coordinators 2021/2022











Why choose ISEG?

ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, is at the forefront of Portuguese universities in the fields of Economics, Management and Finance, and is the oldest school in these scientific areas. Furthermore, the study of Mathematics has been of utmost importance in the support of teaching and research activities. 

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 Masters 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 Masters 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 Masters 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


The increasing "high-tech" character of modern business has increased the need for advanced methods, which rely, to a large extent, on mathematical techniques which seemingly are indispensable for competitiveness in industry.  

Launched in 2007/08 under the Bologna process, the Masters in Mathematical Finance has been offered every year ever since then. It was created as a developing and innovative project in Portugal, which followed the standards of European universities

A3ES accreditation in 2013 certifies the quality of the MMF's programme, which combines theoretical rigor with sectorial skills,  balancing cutting-edge knowledge and research with contact with financial sector practices.

The programme aims to develop students' mathematical and computational skills, combined with financial modelling, and provides a thorough education in modern mathematical finance. During the fourth semester, students can opt for an internship in a financial company, or can choose to write a thesis or a project.

As a result, our Masters students are readily employed by prestigious financial companies (banks, consultancy, insurance and investment companies).   "Several of our MMF alumni are currently studying for a PhD, either in Portugal, or abroad, and some have already completed their PhD."



Internationalisation is also a part of the MMF's history and aims.

In 2014/15, MMF began to be lectured in English, which means that it can now be offered to a large international target audience.  International exchange through the ERASMUS programme or other international agreements is also an option. 

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. 


The Masters 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. 

The Masters in Mathematical Finance aims to: 

  • Form quantitative analysts with a strong knowledge of analytical, statistical, and computational tools, which can be applied to financial modeling; 
  • Contribute to the education of top level practitioners with leadership ability, who are capable of promoting innovation; 
  • Promote innovation and scientific research in Applied Mathematics and support the education of university teachers whose activity of research in the areas of Financial Mathematics are relevant for the University, in collaboration with the business world. 

Designed For

The Masters in Mathematical Finance is designed to further the education in quantitative finance of students who already have a Bachelors degree in Mathematics, Statistics, Physics, Economics, Finance or Management. Strong analytical skills are recommended in order to keep up with the challenging workload. 

Throughout the programme, students benefit from  contact with financial institutions, by means of seminars by top level practitioners and through  Internships, which usually result in offers of employment. 

Students who wish to pursue Third Cycle studies in this area will be greatly encouraged by the syllabus of our Masters.


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 Masters 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.   

We look forward to welcoming you to ISEG - ULisboa!


Active Life Insertion Survey - Masters in MF




Tuition Fees


st year - €3750 
nd year - €2000 

Total -   €5750



st year - €4250 
nd year - €2500 

Total -   €6750


Provisional fees for 2021/22, subject to confirmation by Univerisity of Lisbon statutory bodies. 

Numerus Clausus

  • Total: 25