Financial -Engineering MSc
Why Choose This Program?
At Reykjavik University, you’ll learn financial engineering the way it’s practiced: by quantifying uncertainty and making sound decisions. From pricing options with stochastic calculus to building fixed-income and interest-rate models, you’ll develop tools to value instruments, measure risk, and stress-test strategies using real data.
You’ll master the theory and use it in practice. That means building and calibrating models, validating assumptions, managing model risk, implementing code, and communicating results clearly to technical and non-technical audiences.
The program is applied and connected to Icelandic industry, banks, pension funds, asset managers, and fintech. Projects focus on building quantitative models with applications in portfolio management, risk management, asset–liability management, and financing for energy and infrastructure. You’ll graduate ready to turn analysis into decisions in Iceland’s market and beyond.
How You'll Learn
You’ll learn through projects, research, and hands-on experience that connect the classroom to the real world. This is about building both a strong theoretical foundation and the ability to solve problems that matter. Courses combine lectures with group work, labs, and opportunities to collaborate with faculty and industry.
Each MSc in engineering has four core courses that build the skills you need for professional practice. They’re designed by faculty and informed by industry and graduates, keeping your learning connected to real challenges. They cover four key areas:
- Research Methods — You prepare for your thesis by learning how to frame questions, choose appropriate methods, analyze critically, and communicate results with clarity and impact.
- Data Science — You learn to program, manage data, and apply machine learning to uncover patterns and make predictions that guide engineering designs and decisions.
- Innovation & Entrepreneurship — You brainstorm novel ideas, test feasibility, and explore business models to turn technical concepts into solutions people need and value.
- Project Management — You practice planning, coordination, and teamwork while balancing scope, schedule, budget, and risk to deliver successful projects.
More details can be found in the Structure section and the Course Catalogue.
Careers and Outcomes
Graduates of the MSc in Financial Engineering at RU are prepared for advanced roles across a wide range of fields. Career pathways include:
- Quantitative analysis and model development (pricing and risk)
- Fixed-income and interest-rate modeling; derivatives and structured products
- Risk modeling and validation (market, credit, liquidity)
- Financial data science, algorithmic trading, and analytics consulting
- Portfolio analytics, treasury, and asset–liability management (ALM)
- Research roles in industry or academia; pathways to PhD study and fintech entrepreneurship
Structure
The master’s program is a two-year, 120 ECTS degree structured around four semesters of study. Students typically complete 30 ECTS each semester. Courses begin in August, and graduation takes place in June.
With your advisor, you’ll build a study plan that combines:
- Core Courses – required at both the department and program level.
- Specialization Courses – electives within your chosen focus area.
- Recommended Electives – additional courses that broaden your skills and connect your studies to related fields.
In the second year, students continue coursework and complete a master’s thesis. Students complete a one-semester, 30 ECTS thesis, while those with strong research interests may apply for a two-semester, 60 ECTS thesis in place of additional coursework.
Prerequisites for admission are outlined in the Take The Next Step section, and full course descriptions are available in the course catalogue.
Applications
- Non-EU/EEA
- Opens: October 5, 2025
- Deadline: January 31, 2026
- EU/EEA
- Opens: February 5, 2026
- Deadline: April 30, 2026
Language of Study
- English
Any Questions?
Where You’ll Learn
As an engineering student at Reykjavík University, you have access to specialized labs, workshops, and student spaces that support hands-on learning, research, and project development.
Take the Next Step
Applying is straightforward, but we want to make sure you have the right background to succeed. Below you’ll find the key requirements, what documents you’ll need to prepare, and details on prerequisite courses for applicants from other fields.
