ISM University of Management and Economics

Financial Economics, Master

  • Application Deadline
  • 24 months
  • Tuition
    Tuition (Semester)
    Tuition (Semester)
  • English


The Financial Economics programme at the ISM University of Management and Economics aims to broaden students’ understanding of scientific contributions in the field of financial economics, strengthen their analytic and critical thinking skills, and equip them with quantitative finance techniques and complex financial decision-making tools in a rapidly changing macroeconomic environment. Our graduates have solid training in modern financial and economic theory with an ability to apply theoretical concepts and models in practical situations.

Master’s programme in Financial Economics aims to educate socially responsible and highly qualified specialists in the field of financial economics, equipped with general, functional and transferable competences, specialized knowledge and strong analytical skills that would enable them to analyze, critically assess and develop contemporary theory and practice of finance and economics as well as apply methods of mathematical statistics and econometric models to the analysis of corporate finance, portfolio management, financial markets and institutions, financial engineering across local and international public and private institutions.

Double Degree

The double degree is exclusively awarded to students who spend one year of their two-year programme at the double degree partner university:

  • BI Norwegian Business School

Exchange Programmes

Master’s students can spend an exchange semester in one of 14 partner universities in 11 countries across Europe and Asia.

Key Learning Outcomes

Through the Master of Financial Economis programme students will be able to:

  • Analyse and assess both the micro- and macroeconomic environment of international corporations, financial institutions and capital markets.
  • Understand and apply quantitative finance techniques and advanced financial decision-making tools in portfolio management, risk management and capital budgeting.
  • Analyse and critically evaluate the role and functioning of international financial markets and institutions and be familiar with the universe of financial instruments.
  • Evaluate, choose, and systemically apply advanced mathematical statistics methods and advanced econometric models and techniques in solving complex problems of corporate finance.

Programme Structure

Courses Included

Year 1
  • Asset Pricing
  • Advanced Corporate Finance
  • Alternative Investment and
  • Risk Management
  • Microeconomic Analysis
  • Advanced Macroeconomics
  • Research Methodology
  • Applied Business Ethics
  • Mathematical Finance
  • Financial Econometrics
  • Applied Valuation
Year 2
  • Behavioural Finance
  • International Finance
  • Financial Intermediation
  • Monetary Policy
  • Time Series Analysis
  • Master’s Thesis

Detailed Programme Facts

English Language Requirements

You only need to take one of these language tests:

  • Minimum required score: 6

    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Take IELTS test
  • Minimum required score: 65

    The TOEFL – or Test Of English as a Foreign Language – offers an internet-based test (iBT). The final, overall iBT score ranges between 0 and 120, and includes a scaled average from the four components (reading, listening, speaking, and writing). Read more about TOEFL (iBT).

Academic Requirements


  • Applying for Financial Economics programme all candidates must hold a Bachelor's(or equivalent) degree in Finance or Economics fields or any other field and collected at least 18 ECTS credits in the field of economics/ finance or mathematics.

Documents for Application

  • Online application on website
  • Undergraduate degree diploma and diploma supplement
  • Applicants who have earned their degree abroad must submit a confirmation by the Lithuanian Centre for Quality Assessment in Higher Education (SKVC)
  • Proved English language skills, (Upper Intermediate level of higher)
  • CV and an essay (in English)
  • A copy of passport pages containing photo and information about identity
  • Documents confirming academic activities (if applicable)
  • Application fee
  • Motivation interview on Skype

Tuition Fee Per Semester

  • EUR 2475 International
  • EUR 2475 EU/EEA


State scholarships for International students:

A monthly scholarship and benefit to cover the study price is offered for the nationals of Belarus Republic, Republic of Georgia, Republic of Moldova, Republic of Ukraine,Republic of Armenia, Republic of Azerbaijan, Republic of Kazakhstan, Republic of Uzbekistan and People's Republic of China and foreign citizens of Lithuanian origin to study in Lithuanian higher education institutions.

Scholarships to Graduates from ISM’s Bachelor Studies

Graduates from ISM’s Bachelor studies, according to ISM’s loyalty programme, are awarded study fee discount of 30% to continue their studies at ISM’s Graduate School. The scholarship is extended automatically every semester if the student has passed all the courses and has not been subject to any of the penalties, as defined in Regulations of Graduate Studies

StudyPortals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

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