Master (MSc)


A3ES logo


6 Years
30 Jul 2019
Accreditation DGES
Initial registry R/A-Ef 1072/2011 de 18-03-2011
Update registry R/A-Ef 1072/2011/AL01 de 21-02-2019 | R/A-Ef 1072/2011/AL02 de 22-09-2021

Tuition fee EU nationals (2024/2025)

1.stYear 3900.00 €
2.ndYear 1300.00 €
At this moment, all vacancies for this course are filled
Lectured in Portuguese
Teaching Type In person

Check here the detailed study plan

The curricular part of the Master is divided into four academic quarters, which make up 78 ECTS, that is, it starts in September of the year 2024 and ends only in December of the year 2025. 

The last stage of the Master's degree is dedicated to the completion of the dissertation (42 ECTS), and it is necessary to complete 120 ECTS to obtain the Master's Degree. 

Students' academic path is only differentiated in the 1st quarter according to their area of origin: Mathematics (Path A) versus Economics (Path B). 

There is the possibility of issuing a Diploma of Postgraduate Studies of the 2nd Cycle for the completion with the use of 78 academic credits - curricular part of the master's degree in Financial Mathematics. 

The curricular units will be taught in Portuguese, except for those that include foreign students or teachers, which will be taught in English.

Fridays: 5.30 p.m. to 9.15 p.m. 
Saturdays: 9 a.m. to 12.45 p.m. 

Programme Structure for 2024/2025

1st Year
Financial Investments
6.0 ECTS
Measure Theory
4.0 ECTS
Stochastic Calculus in Finance I
7.0 ECTS
Stochastic Calculus in Finance II
7.0 ECTS
Partial Differential Equations in Finance
7.0 ECTS
Exotic Options
7.0 ECTS
3.0 ECTS
3.0 ECTS
Credit Risk
3.0 ECTS
Market Risk
3.0 ECTS
Risk Theory for Non-Life Insurance
6.0 ECTS
Topics of Real Analysis
4.0 ECTS
Derivatives and Risk Management
6.0 ECTS
Fundamentals of Economics
2.0 ECTS
Financial Markets
2.0 ECTS
2nd Year
Dissertation in Mathematical Finance
42.0 ECTS
Econometrics of Financial Markets
6.0 ECTS
Numerical Methods
6.0 ECTS
Models of the Term Structure of Interest Rates
6.0 ECTS


The MSc in Financial Mathematics aims at the advanced training of staff in the area of ​​stochastic processes applied to Finance and has as its general objectives:

 Develop expertise in the valuation of complex financial instruments such as financial derivatives

 Develop expertise in modeling and quantifying financial risks relevant to the banking and insurance sectors

Provide students with research methodologies, procedures, and techniques that allow them to develop their research projects with a high degree of autonomy

Back to top