Master in Computational Finance – Master studies

The purpose of the academic master program Master in Computational Finance (MCF) is to educate students for different types of jobs which, at their core, have work with structured and unstructured financial data and extraction of useful knowledge from financial and other relevant sources of information while developing their intuition about the functioning of financial markets and financial institutions. The study program is dealing with computational and algorithmic aspects of the problem as they apply to realistic business settings. Students are preparing for jobs in Serbia and on the international job market primarily in the area of digital economics and finance as well in financial technology firms. As English is de facto the language of finance and digital business, this study program is conducted in English.

Master in Computational Finance

  • Name of the study program:
    Master academic studies – Master in Computational Finance (MCF)
  • Duration: 1 year (60 ECTS)
  • Title of the diploma:
    Master in Computer Science – Computational Finance
  • Planned number of students to be enrolled in the program: Maximum 15
  • Language of Instruction: English
  • Enrollment conditions: Completed university-level academic studies for the minimal duration of 4 years (240 ECTS), working knowledge in English at the level of B2.

We are looking for highly motived quantitative apt applicants from different majors with a primary focus on computer science, economic sciences, engineering and natural sciences and mathematics. A candidate’s place on the ranking list is determined based on the prior academic achievements and an in-depth interview conducted in English with each individual candidate.


Enrollment in the Master Study program

Master study program Master in Computational Finance (MCF) lasts for one year. Upon completion one receives 60 ECTS. The enrollment deadline is November 1st. Prior to the commencement of the program we organize Bootcamp in Programming, Math and Probability.

If you are interested in studying at the MCF program, it is important first to decide whether you want to apply to the Short-cycle program (see or the master degree program MCF. The coursework is identical and they cost the same. On the other hand, the entrance into the master degree program is subject to more stringent formal requirements. Another key difference is that in order to receive the master degree you need to, apart from completing the coursework, also write and defend a master thesis (in English). Last but not least, currently there are several stipends for the short-cycle MCF programs and none yet for the master degree program. The stipends cover in full tuition and fees for participating in the program. If you are unsure how to proceed and what could be your optimal strategy given your goals and circumstances please contact us at mcf[@]

Enrollment conditions into the master degree program Master in Computational Finance

In order to enroll to the master degree program Master in Computational Finance, a candidate has to have a completed university-level academic studies for the minimal duration of 4 years (240 ECTS) and a working knowledge of English at the level of B2. We are looking for highly motived quantitative apt applicants from different majors with a primary focus on applicants from the fields of computer science, economic sciences, engineering, natural sciences and mathematics. A candidate that has completed university education outside of Serbia needs provide a document certifying the equivalence of her degre to a degree in Serbia (this is called convalidation or nostrification) before one can apply to the master degree program. This is done at an accredited university in Serbia (in our case, at Union Unversity).

The process of selection of candidates

A candidate’s place on the ranking list is determined based on the prior academic achivements (the maximum number of points is 40 for this category) and an in-depth interview conducted in English with each individual candidate. During the interview, the Entrance Committee tests the knowledge of the candidate in the areas of differential calculus, integral calculus, ordinary differential equations, linear algebra, probability as well as basic algorithms and data structures, with implementation in a programming language of choice. The candidate is asked questions related to understanding of basic concepts and ideas. In this way, candidates are simultaneously tested in their abililty to communicate in English as well as their appropriate domain knowledge. The maximum number of points one can obtain on an interview is 60 (i.e. up to 10 points for each of the stated 6 areas of knowledge). The total number of points is, therefore 100.

The candidates are ranked based on the total number of points. The first 15 candidates are offered admissions. A candidate that has refused the admision is substituted with the next candidate on the list and so on, until the list is exausted. Candidates need to enroll in accordance to the enrollment schedule. If one does not enroll in time, the Faculty will immediately after the deadline expires update the final ranking list and enroll students that were originally “below the line” until all available slots are filled, or the the entire list of qualified candidates is exaused.

All of the above conditions and procedures apply equally to domestic and foreign students.

Candidates that have the right to enroll into a second level study program submit the following documents:

1) birth certificate,
2) certified photocopy of the Diploma or the Certificate of Completion of previous studies,
3) certified photocopy of the Diploma Supplement or the Certificate of the Exams Passed in
previous studies,
4) printed out national ID (in case of Serbian citizens)
5) proof of payment of tuition
6) foreign applicants submit a copy of their passport instead of (1) and (4).

In addition, if a candidate has a university degree obtained from a foreign institution of higher education, in order to enroll he/she has to obtain the convalidation (equivalence) of the degree in the Republic of Serbia.

If you have any questions please do not hesitate to contact us at mcf[@]

Knowledge and skills

  • Ability to combine finance, programming and statistical/machine learning skills to solve problems that frequently occur in business practices.
  • Possession of advanced knowledge related to theories and principles of financial models, algorithms used for extraction of useful information from data presented in digital format, including critical understanding, evaluation and application of mathematical models and computer algorithms and different approaches to simulations and forecasting in finance and economics.
  • Understanding of how financial markets, institutions and corporations operate.
  • Possession of professional knowledge of contemporary software platforms and mechanisms for their use in finance and economics.
  • The skill to solve complex problems in the area of computational finance and to adequately react in unpredictable situations simulating real business environment.
  • The skill of working in groups and of complex communication in English when interacting and cooperating with people from different educational and social backgrounds.
  • The skill to recognize and apply the appropriate mathematical models, technologies and software platforms in order to solve a concrete problem in different areas of computational finance.

Tution and fees

We have created a world-class master degree program, first of its kind in Serbia and the region. Our teachers have an outstanding academic and professional credentials and connections with the leading firms and academic institutions in the region, Europe and the US. Another important feature of the program is its Advisory Board. Its goal is to help bridge the gap between South Eastern Europe and the leading financial centers and to ensure that our graduates receive skills and knowledge that is in high demand in the global financial marketplace as well as professional connections with the leading companies. In addition, we plan to  organize seminars with experts from around the globe that will cover what are currently the leading trends in the field.    Full tuition and fees for the master degree MCF program are 6.000 euros. The payment is made in RSD (Serbian currency), based on the official average exchange rate published by the National Bank of Serbia on the day of payment.

Tuition and fees include:

  • Classes,
  • Individual tutoring sessions,
  • Examination fees,
  • Complete literature needed for the program (in printed or electronic form),
  • Software licences,
  • Unlimited access to the internet,
  • All of the necessary letters of confirmation, certifications, forms, diplomas, etc.

Investing your time and money to acquire this unique combination of skills is sure to pay off handsomely. People that combine strong finance, programming and quantitative skills with the keen understanding of how financial markets and institutions work are in high demand and in short supply. Financial technology firms, banks, Big Four and other leading consultancies, investment and other companies and institutions, both regionally and globally, actively search for such talent. Those who complete the MCF program, therefore, have excellent placement opportunities. In addition, some of you may want to create their own startups. For those of you interested in pursuing a PhD at a top international school we can help you both with personal contacts and advise (our aggregate network of academic contacts is extensive).   In addition, we do our best to help talented people with limited financial means to complete the master degree program MCF. In particular, unemployed students have reduction tuition and fees of 50 percent, i.e. they pay 3000 euros. Furthermore,  for students that have previously completed the Short-Cycle program Master in Computational Finance (MCF) tuition paid for the Short-Cycle program is recognized in full towards paying the tuition for the master degree program.    If you are interested in the Master in Computational Finance (MCF) program and wandering whether you can afford it do contact us at mcf[@] and we shall schedule a discussion.