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Mestrado emMathematical Finance

Mathematics is the language of modern business. This is a master’s degree that provides a solid mathematical background and presents cutting-edge quantitative methodologies and computational techniques that are essential in the financial industry.

We encourage internationalization and student’s exchange. It is possible to obtain a Double Degree with twin master programmes, currently, at the University of Lorraine, Nancy (France) and at Uniwersytet Ekonomiczny w Poznaniu (Poland).

Ranked no. 27 in the World Top 155 Best Masters Global Ranking in Financial Markets
ARPM – Advanced Risk and Portfolio Management
Double Degree
Université de Lorraine, Uniwersytet Ekonomiczny W Poznaniu
4 semesters
Taught in
Numerus Clausus
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Top 7 reasons to do the Master’s in Mathematical Finance


Students receive in-depth training in modern mathematical and computational finance, becoming familiar with the most important theoretical, applied and technical topics in these areas.


Students have often been recruited by prominent companies whilst still developing their master’s Final Work.


Our students have also been recruited by International Institutions like the European Central Bank, the European Investment Bank or Google.


High quality of the academic staff of this Masters, all of whom hold PhDs from prestigious universities.


Double Degree: students can obtain a double degree using international agreements, currently with the University of Lorraine, Nancy (France) and with Uniwersytet Ekonomiczny w Poznaniu (Poland).


This Masters also prepares students for further doctoral studies and for carrying out innovation and scientific research in universities or companies.


A partnership of the Master’s in Mathematical Finance and the Advanced Risk and Portfolio Management Bootcamp – ARPM, at the University of New York, allows students who participate in the boot camp to obtain not only an ARPM certificate but also a mention in the supplement to their Master’s Diploma.

The perfect fit for

Business Visionaries

10 things you’ll gain by joining ISEG

An outstanding faculty and benchmark research centres are responsible for placing ISEG at the forefront of Economics, Management and Finance.
Top 10 Reasons

The Next Step in Your Career

Your partner in achieving your career goals. Our consultants guarantee you all the necessary support, helping you prepare for your job search or find an internship.
Career Office

Broaden your horizons.

Our mobility programs allow students to explore any part of the world while studying abroad for a semester.
International Mobility Office

Programme Details


Year 1 – Semester 1Credits
Financial Markets and Investments6
Mathematical Methods in Finance6
Programming Techniques6
Probability Theory and Stochastic Processes6
Elective I6
Year 1 – Semester 2Credits
Stochastic Calculus6
Financial Econometrics6
Optimisation and Control Theory in Finance6
Numerical Methods in Finance6
Elective II6
Year 2 – Semester 1Credits
Interest Rate and Credit Risk Models6
Lévy Processes and Applications in Finance6
Stochastic Finance in Continuous Time6
MSc Final Work 1 (Thesis/Internship/Project) 12
Year 2 – Semester 2Credits
Master’s Final Work 2
— Thesis
— Project
— Internship

See the description of each Curricular Units here.

4 semesters
Taught in
Numerus Clausus
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Admissions & Fees

Applications for all masters at ISEG are online.

Admissions Requirements

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).

Application Documents

  • Certificate of the undergraduate degree
  • Academic Transcript
  • Curriculum Vitae
  • Motivation Letter
  • English Diploma (optional)
  • Reference Letter (optional)

All candidates should have an excellent command of the English language, written and spoken.

Tuition Fee

These are provisional tuition fees for 2024/25, subject to confirmation by the Universidade de Lisboa statutory bodies.

Students fromFirst YearSecond YearTotal
Within the European Union€ 3,750€ 2,000   € 5,750
Outside the European Union    € 4,250€ 2,500 € 6,750

Financial restrictions should never come in the way of your access to higher education, and that is why we believe in providing equal opportunities for everyone.

A specific tuition fee payment schedule may be agreed upon request by the student.

Student Visa

If you are not an EU, EEA, or Swiss citizen, you need a Student VISA.
Once you have decided to join the master’s programme and paid the 1st tuition fee to secure your place, you can issue the acceptance letter on the FENIX Portal. This document will be needed later to apply for a Student Visa. The student visa must be requested at the nearest Portuguese Embassy or Consular Office in the country of origin.

4 semesters
Taught in
Numerus Clausus
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Accreditation & Partnerships