Master's degree program Mathematics of Economy, Finance and Modeling

Master's degree program Mathematics of Economy, Finance and Modeling (abbr. MEFM) is a comprehensive program for studying mathematics and mathematical methods used in economics and finance, as well as in the natural and technical sciences. A deep understanding of mathematical foundations forms the basis for teaching applied subjects, considerable emphasis is placed on mastering the work with computers and foreign language literature. The program, which in this way combines mathematics, economics and finance, is the first of its kind in Slovakia and the modernity of its concept is exceptional on an international scale. Its creation was consulted with renowned experts in the field of economics and finance from abroad.

By completing compulsory and optional subjects, the graduate will gain a solid foundation of mathematical, statistical and numerical methods, which can be further applied in the fields of economics and finance as well as in applications in the natural and technical sciences. The specifics of the MEFM study program is the possibility to choose one of two blocks of compulsory courses, which are focused on Economic and Financial Modeling and Mathematical Modeling.

By completing the core subjects of the Economic and Financial Modeling block, the student will gain a solid overview of the analytical methods of economic and financial models. The core subjects in this block include: Financial Derivatives, Dynamic Macroeconomics, Quantitative Risk Management Methods, Seminar in Economics, Insurance and Non-Cooperative Game Theory.

By completing the core subjects in the Mathematical Modeling block, the student will gain an overview of methods of mathematical modeling in the natural and technical sciences. The core subjects in this block are Principles of Mathematical Modeling in Science and Engineering, Biomathematical Modeling, Convex Optimization, Inner Point Methods, Multidimensional Statistical Analysis, Stochastic Methods of Operational Analysis and Digital Signal Processing.


Every year, several graduates continue their PhD studies , both at our faculty, but also at CERGE in Prague, at the postgraduate school Institute for Higher Studies in Vienna and at other universities. MEFM graduates achieve exceptional results on entrance tests and are among the top students.

However, most graduates are employed in financial institutions and insurance companies. Regular employers of our graduates include, in particular, Slovenská sporiteľňa, the National Bank of Slovakia, the Ministry of Finance of the Slovak Republic, the Institute for Financial Policy, ING Bank, Slovenský plynárenský priemysel and others.

Information about the program

Program characteristics:

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Recommendation from graduates of MEFM study program

Jana Janková - researcher at the University of Cambridge; graduate of MEF

Jana Janková

”Studying at the FMPI CU is unique in that it builds strong analytical thinking and opens up wide horizons. Thanks to the MEF study program, I gained insight into a wide range of research areas, including finance, optimization, analytical methods and mathematical statistics. Nowadays, in the era of rapid information boom, it is extremely valuable to understand the context in these fields. In addition, the faculty and the MEF study program are one of the best in Slovakia. Their quality undoubtedly reaches the level of internationally recognized study programs and universities. Thanks to this, I got the opportunity to complete my PhD-studies at the Swiss Federal Institute of Technology (ETH) in Zurich. I currently work at the University of Cambridge and do scientific research in the fields of statistics and machine learning. I have the opportunity to meet new challenges that require the development of novel techniques, and thus push the boundaries of our knowledge. I am very-very grateful for the many opportunities that my studies at the FMPI CU have opened up for me. The MEF study program is an excellent choice.”

Jakub Hrbáň - strategy analyst at Slovenské elektrárne (the Slovak electricity company); graduate of MEF and MEFM.

Jakub Hrbáň

”I started my studies on the study program Mathematics of Economy and Finance (MEF) in 2015 with the expectation of a high level of achieved knowledge. After five years at FMPI CU, I can say that on the program MEF I gained excellent theoretical knowledge in the fields of economics, finance, mathematical optimization, data analytics and statistics. In addition, during my studies I also had the opportunity to participate in several competitions, where I could use the acquired knowledge in solving real problems. The first competition was the CFA Research Challenge, which aimed to conduct an in-depth financial analysis of an assigned listed company. At the international round, which took place in Prague, we managed to take the third place. Another of the mentioned competitions, announced by Slovenské elektrárne (the Slovak electricity company), was focused on the prediction of short-term electricity prices and our team took the second place. However, these successes would not have been possible without the quality teaching staff that the Department of Applied Mathematics and Statistics undoubtedly has. The willingness of professors and lecturers to help at any time and the enthusiasm for the researched areas are exactly the things that other faculties in Slovakia can only envy.
Graduates of MEF are in high demand in the labor market, and there is a wide range of areas in which they can find good jobs: from banking and insurance sector, through consulting and IT companies to data analytics in fields such as biomedicine, energy industry, etc. As a student, I had the opportunity to work in the IT company Softec in the position of data analyst. After graduation, I started working in the Slovak electricity company as a strategy analyst, whose primary task is to provide analytical support for the trading department. In both jobs, the knowledge and analytical thinking gained in the MEF study program was very useful to me.
Therefore, if I were to decide again which school and which field of study to choose, my choice would be clear: FMPI CU - MEF.”

Useful links

Selected achievements of students and graduates of MEFM

  • Successes of students of MEFM in the competition of Slovak Society of Actuaries for the Best Actuarial Master's Thesis: Nikoleta Lengyelová (2019, shared 1st place), Ján Murín (2018, 1st place), Tünde Tarcsiová (2017, 1st place), Veronika Starinská (2017, 3rd place).
    Súťaž SSA 2017

  • Award for the best dissertation thesis in the field of operational research, awarded by the Operational Research Society in the United Kingdom: Martin Takáč (pictured, 2014), his name was permanently engraved in George Paterson's shield.

  • Tomáš Kabina: National Bank of Slovakia Governor's Award for Master's Thesis (3rd place, 2014).

  • ORS2014 Martin Takáč as a PhD student at the University of Edinburgh: Best talk prize at the SIAM National Student Chapter Conference 2012, Best Talk Prize at the School of Mathematics PG Colloquium 2012, 2nd place in the INFORMS Computing Society Student Paper Award Competition 2012, IMA Leslie Fox Prize in Numerical Analysis 2013 (2nd place).

  • Winners of the Czech-Slovak round of the Student Scientific Conference: Karol Ďuriš (2015, category Mathematics), Jakub Konečný (joint work with Michal Hagar from the mathematics program, 2013, category Applied Informatics), Jana Janková (2012, category Probability Theory, Mathematical Statistics, Econometrics and Financial Mathematics), Ivan Sutóris (2009, category Econometrics and Financial Mathematics).

  • Vladimír Novák as a MEFM student: accepted contribution to the IEEE International Conference on Computer Communications 2011 in Shanghai, China.

  • Young Economist of the Year Award (awarded by the Czech Economic Society to young Czech economists under 30): Peter Ondko (1st place, 2011).

  • Academician Štefan Schwarz Award (awarded by the Union of Slovak Mathematicians and Physicists to young Slovak mathematicians under 30): Samuel Rosa (2018, 1st place), Katarína Boďová (2011, 2nd place), Beáta Stehlíková (2010, 3rd place).

  • The Karel Engliš Prize (awarded by the Czech Economic Society to young Czech economists under 30 for works dealing with Czech economic policy): Branislav Saxa (2008),

  • Global Management Challenge: MEFM student Matej Tunega was part of a three-member team that won the national finals of the competition and took part in the international competition (2008).

  • Olga Radzyner Award (Prize awarded by the Austrian National Bank to young economists from Central, South-Eastern and Eastern Europe for working with monetary and financial issues): Adriana Lojschová (2003).

  • Adriana Lojschová and Tatiana Tekušová were selected for internship by the European central bank out of 400 candidates.