Master of Stochastic Modelling, Statistics & Risk Analysis in Finance, Insurance & Risk

University of Oslo
Stochastic Modelling, Statistics & Risk Analysis in Finance, Insurance & Risk
Masters
Physical Science & Math
Public University
Norway

A 2-year (120 ECTS) full-time master’s degree program taught in English at Campus Blindern. Hosted by the Department of Mathematics under the Faculty of Mathematics and Natural Sciences, the program focuses on mathematical and statistical tools used to quantify uncertainty, model random phenomena, and analyze risk. Students investigate how to price financial options, evaluate investment strategies, determine insurance pricing, assess medical treatment efficiencies, and identify genetic risk markers for diseases. The curriculum offers two primary programme options: Finance, Insurance and Risk Analysis and Statistics.

Course Details

Category	Details
Time	Full Time
Campus	Oslo
Duration	2
Deadline-Date	1-December,
Fee Per Year	295000
Application Fee
Currency	nok
Intake Link	https://www.uio.no/english/studies/admission/master/
Deadline Link	https://www.uio.no/english/studies/admission/master/
Intakes	August
Program language requirement	English language proficiency must be documented with a valid TOEFL ibt, IELTS Academic or PTE Academic test score if you are not covered by one of the exemptions. Test results must be valid (not older than two years) on the date of the application deadline. Minimum scores; TOEFL - Test of English as a Foreign Language:TOEFL iBT or TOEFL iBT Home Edition, Minimum total score of 90 with at least 19 in reading, 20 in listening, 20 in speaking and 24 in writing. Or Minimum total score of 4.5 with at least 4 in reading, 4.5 in listening, 5 in writing and 4 in speaking (from 21 January 2026). We do not accept TOEFL MyBest Score to meet our English language requirements. IELTS Academic - International English Language Testing System or IELTS Online,Minimum overall band score of 6.5 with at least 6.5 in each component (listening, reading, speaking and writing). Please note that we do not accept IELTS One Skill Retake scores to meet our English language requirements. PTE Academic or PTE Academic Online: Pearson Test of English Academic, Minimum overall score of 62 with at least 58 in each component (listening, reading, speaking and writing).

Who can Choose this program?

Bachelor’s degree in a relevant field, specifically: Mathematics (with strong statistics/probability focus) Statistics Actuarial Science Mathematical Economics (with sufficient mathematics credits) Quantitative Finance Engineering Mathematics / Computational Science

Additional Information

Category	Details
Scope of the program	Prepares graduates for specialized analytical, technical, and research careers—such as quantitative analyst, risk manager, actuary, statistical data scientist, biometrician, and financial engineer—across banking, insurance companies, financial institutions, pharmaceutical firms, government agencies, consulting enterprises, and academic research institutions, as well as eligibility to pursue doctoral (PhD) studies.
Program entry requirement	Bachelor's degree You must have a bachelor’s degree comparable to a Norwegian bachelor’s degree. Degree requirement for Pakistan 4-year bachelor's degree or 2-year bachelor's degree and 2-year master's degree. Required specialisation and minimum grade requirement You must have a specialisation of at least 80 ECTS credits required by the programme and a minimum grade average comparable to a Norwegian C. A Norwegian C is described as a good grade, generally comparable to an American B and a Second Class Upper in the British system. We do not use conversion tables for foreign grades. All foreign education is individually evaluated during the admission process. Please note that eligible applicants who fulfill the minimum grade requirement will compete for a study place. Please see the section on ranking below for more information on which subjects are calculated to determine the minimum grade average. The required specialisation consists of 90 ECTS credits where the following, or equivalent, courses are included: MAT1100 – Calculus MAT1110 – Calculus and Linear Algebra MAT1125 – Advanced linear algebra /MAT1120 – Linear Algebra STK1100 – Probability and Statistical Modelling STK1110 – Statistical Methods and Data Analysis STK2130 – Modelling by Stochastic Processes one of the following combinations: MAT1105 – Linear algebra and numerical methods / MAT-INF1100 – Modelling and Computations (discontinued) and another course with course code MAT-, MAT-IN-, or INF-MAT-, on 2000-level or higher ECON1210 – Mikroøkonomi 1/ECON3220 – Microeconomics 3 / ECON3200 – Microeconomics and Game Theory (discontinued) and another course with course code MAT-, or ECON-code on 2000- or 3000- level / MAT-IN1105 – Programming, Modelling and Computations (discontinued) one of the following courses STK-MAT3700 – Introduction to Mathematical Finance and Investment Theory STK-MAT3710 – Probability Theory STK3505 – Introduction to Insurance Mathematics STK3405 – Introduction to Risk and Reliability Analysis We recommend STK-MAT3700 – Introduction to Mathematical Finance and Investment Theory for specialisation in finance, STK3505 – Introduction to Insurance Mathematics for specialisation in insurance and STK3405 – Introduction to Risk and Reliability Analysis for specialisation in risk. If you have completed studies/courses outside the University of Oslo, you must upload course descriptions. The course names and codes on the course descriptions must match the transcript of records.
Required GPA	A recognized 4-year Bachelor's degree in a relevant discipline with a minimum CGPA of 2.7–3.0/4.0 or equivalent. Competitive universities generally prefer 3.0/4.0 or higher.
GRE Required	No – GRE is not required for this program.
GMAT Required	No – GMAT is not required for this program.
Application Process	1. Apply to an accredited Norwegian higher education institution and secure full-time admission. 2. Receive your official unconditional admission letter confirming your study program. 3. Transfer required living expenses and tuition fees to the university's deposit account or an approved Norwegian bank account. 4. Create an account on the UDI Application Portal Norway and complete the online study permit application. 5. Pay the required UDI residence permit application fee online and download your cover letter. 6. Prepare supporting documents: passport, admission letter, deposit receipt, housing documentation, and insurance. 7. Book a submission appointment at the nearest Norwegian Embassy, Consulate, or VFS Global Centre. 8. Attend your appointment to submit your document checklist, give biometric data, and submit your passport. 9. Track your application status on the UDI portal and await the official decision. 10. Travel to Norway after permit approval and register with the local police station to obtain your Residence Card.
Available Scholarships	https://studyabroadupdates.com/scholarships/
Program accreditation	Accredited by NOKUT (Norwegian Agency for Quality Assurance in Education) under the Norwegian university system.
Living expenses	Living Expenses: Average living costs range from NOK 12,000–16,000 per month, covering accommodation, food, transportation, study materials, and personal expenses. Students should budget around NOK 150,000–170,000 per year.
Visa Process Details	1. Passport: Valid passport with required validity and blank pages (Mandatory). 2. CNIC / B-Form / FRC: Applicant ID and family relationship documents (Mandatory). 3. Photographs: Recent biometric passport-sized photos (Mandatory). 4. Offer letter: Official unconditional admission letter (Mandatory). 5. Tuition fee receipt: Deposit, tuition payment, or scholarship proof (Mandatory/Conditional). 6. Academic documents: Transcripts, degrees, and required attestations (Mandatory). 7. Language certificate: IELTS, TOEFL, or language test proof (Conditional). 8. CV / resume: Updated resume with education and gap details (Mandatory/Conditional). 9. SOP / motivation letter: Study plan and home ties explanation (Mandatory/Conditional). 10. Financial documents: Bank statements, income proof, and source of funds (Mandatory). 11. Sponsor documents: Sponsor ID, affidavit, and income proof (Conditional). 12. Accommodation proof: Housing booking, contract, or university letter (Mandatory/Conditional). 13. Insurance: Travel and health insurance coverage (Mandatory/Conditional). 14. Police certificate: Character clearance certificate if required (Conditional). 15. Medical certificate: Medical clearance certificate if required (Conditional). 16. Translations / legalization: Certified translations or legalization if required (Conditional). 17. Previous refusals: Visa refusal letters and explanation if applicable (Mandatory if applicable). 18. Travel history: Copies of previous visas and travel stamps (Conditional). 19. Family / home ties: Return proof such as FRC, property, or job ties (Recommended). 20. Country-specific: UDI application portal cover letter (Country-specific). 21. Country-specific: Funds deposit in a Norwegian or student bank account (Country-specific). 22. Country-specific: Housing documentation if required (Country-specific).
Part timework	Part-time Work: International students can work up to 20 hours per week during the academic semester and full-time during official holidays. Many students find part-time jobs in retail, hospitality, customer service, and campus roles.
Post-study work opportunity	Post-Study Work Opportunity: After graduation, eligible students can apply for a 12-month Job Seeker Residence Permit to stay in Norway and search for employment. Once they secure a qualifying job, they can apply for a Skilled Worker Residence Permit, which can lead to long-term residence if eligibility requirements are met.

What are the admission requirements for the Master's program in Stochastic Modelling at the University of Oslo?

Applicants must have a bachelor's degree comparable to a Norwegian bachelor's degree with at least 80 ECTS credits in relevant disciplines such as Mathematics or Statistics. A minimum grade average comparable to a Norwegian C is also required. Courses in mathematics and statistics are necessary for eligibility.

What is the tuition fee for the Master's program at the University of Oslo?

The tuition fee for the Master's program in Stochastic Modelling is NOK 295,000 per year. There is no application fee required.

How long is the Master's program in Stochastic Modelling at the University of Oslo?

The Master's program has a duration of 2 years, consisting of 120 ECTS credits across 4 semesters.

Can international students work while studying in Norway?

Yes, international students can work up to 20 hours per week during the academic semester and full-time during official holidays. Part-time job opportunities are available in retail, hospitality, customer service, and on-campus roles.

What language proficiency tests are accepted for admission to the program?

The program accepts TOEFL iBT, IELTS Academic, and PTE Academic test scores. Minimum scores are required; for instance, a minimum total score of 90 on the TOEFL test, a band score of 6.5 on the IELTS, or a score of 62 on the PTE is needed.