Financial Economics, MSS

  • Application Deadline
  • 24 months
  • English (book IELTS)
The Master in Financial Economics programme offered by the ISM University of Management and Economics. Its distinctive feature lies in the holistic approach, which incorporates subjects on investment management, corporate finance, economics and advanced quantitative research methods.


The Financial Economics programme offerred by 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 Include:

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

  • More details:
    • Main admission: March 1-July 11. 
    • Additional admission: July 19-31.
  • Programme intensity Full-time
    • Full-time duration 24 months
  • Credits
    120 ECTS
  • Languages
    • English
  • Delivery mode
    On Campus

English Language Requirements

You only need to take one of these language tests:

  • Minimum required score:


    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.

    Book IELTS
  • Minimum required score:


    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

  • Applicants must submit an online application 
  • 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) confirming that their undergraduate degree is comparable to an approved Lithuanian undergraduate degree.
  • Valid results of TOEFL, IELTS tests. 
  • Motivation letter and CV. Motivation letter guidelines you can find HERE.
  • A copy of passport pages containing photo and information about identity.
  • Documents confirming academic activities (if applicable).
  • Application fee is €80. Until 1st of May an application fee is not applied.

Tuition Fee

  • International Applies to you

    4950 EUR/year
    Tuition Fee
    Based on the original amount of 2475 EUR per semester and a duration of 24 months.
  • EU/EEA Applies to you

    4950 EUR/year
    Tuition Fee
    Based on the original amount of 2475 EUR per semester and a duration of 24 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Vilnius

  • 500 - 850 EUR/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


ISM Scholarships for International Applicants:
  • Best international applicants can get 30-50% discounts* on the tuition fee. Once granted, the discount will continue to apply in the next semester provided that the student’s average mark is at least 8 out of 10 and the student has no failures or penalties.
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, and People's Republic of China and foreign citizens of Lithuanian origin to study in Lithuanian higher education institutions. 

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.

The Global Study Awards: get funded with up to £10,000 to study abroad

Together with the ISIC Association and British Council IELTS, StudyPortals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.