Finance (LT)

Finance is a programme designed to educate qualified finance professionals who understand traditional and innovative financial theories, models, instruments, and business practices; who can systematically analyse and critically evaluate processes in the financial system and business structures; make complex, value-creation-oriented financial decisions; follow scientific and practical developments in finance and apply them in professional work.

Finance: what does a specialist in this field look like?

Demonstrates advanced knowledge of financial theories, models, and methods, empirical and applied research, and business practices in traditional and innovative finance — and can apply them to analyse processes in companies, financial markets, and institutions, as well as decisions and their consequences in a global, intercultural environment.
Can explain the complexity and interconnectedness of companies, financial markets, and institutions — identifies the processes and factors behind them, understands the macroeconomic environment and its drivers, and the links between finance and sustainable development goals.
Can explain the application specifics and limitations of traditional and modern financial theories, models, and instruments under uncertainty and constant change — analyses complex financial situations and proposes solutions by integrating traditional and innovative financial models.
Thinks critically, systematically, creatively, and strategically — independently makes innovative financial decisions while understanding moral and social responsibility and the ethical implications of decisions. Demonstrates analytical, critical, and systemic thinking.
Develops and proposes evidence-based financial management decisions in the context of value creation and risk management — identifies complex strategic financial management problems and solves them independently and innovatively, critically assessing short- and long-term decision alternatives.
Analyses, systematises, critically evaluates, and interprets information important for changes in the financial system — ensures transparency and information symmetry, and makes decisions in a dynamic, high-uncertainty environment.
Continuously develops professional competencies — engages in innovative activity, responds flexibly to change and contemporary challenges, and demonstrates independent learning and continuous interdisciplinary professional development skills.
Has core values (integrity, responsibility, diligence) and ethical principles, systemic thinking skills, and fundamental and innovative knowledge in finance and other business management areas, as well as in the business environment.

VMU FEM Master’s in Finance: why choose us?

A broad-profile programme — combines traditional and innovative financial theories, models, and practices, with attention to the innovative finance sector (fintech, financial innovations).
International perspective — focuses on challenges of large and international companies, financial institutions, and innovative finance businesses.
Studies at VMU FEM — a business faculty with strong links to the finance sector.
Flexible evening studies — from 17:30, with up to ~30% of learning delivered remotely.
Double degree opportunity with the Louvain School of Management (LSM), UCLouvain (Belgium) (additional selection applies).
State-funded places — partial tuition compensation and GPM tax relief available.
Academics and practitioners — taught by finance sector professionals; problem-based learning grounded in real market challenges.
Studies in central Kaunas.

How do the Master’s studies in Finance work?

The Master’s in Finance is a full-time second-cycle programme lasting 2 years (4 semesters).
Classes take place in the evenings from 17:30, with a schedule adapted for working students.
In the first semesters, students build a strong foundation in finance theory, quantitative methods, econometrics, and research.
Later semesters focus more on corporate finance, investments, financial markets, business valuation, and financial innovations.
Lectures, seminars, practical tasks, and project-based work are combined — with analysis of real cases from companies and financial institutions.
A Master’s thesis is prepared, linked to real challenges in the finance sector or business organizations.
Internships and projects are encouraged in financial institutions, companies, the public sector, and consulting organizations.

Other Master’s programmes:

Marketing and International Commerce (LT/EN);
Advertisement Management (LT);
Corporate Strategic Management (LT);
International Economics (LT);
Marketing and Sales (LT);
Business and Entrepreneurship (LT);
BMI International Executive MBA (EN);
Sports Business Management (EN). Delivered together with “Euroleague Basketball”.

Key programme information

Field of study: Business and Public Administration (second-cycle studies; Master’s in Finance)
Duration: 2 years (4 semesters)
Format: full-time studies (evening schedule)
Schedule: Mon–Fri from 17:30; on-campus classes, with up to ~30% of content possibly delivered remotely
Language: Lithuanian
Programme Director: Prof. Dr. Renata Legenzova
Degree awarded: Master of Business Management
State-funded places: available (determined each year according to admission rules)
Tuition fee: EUR 2,345 per semester (non-state-funded places); partial tuition compensation may apply; GPM tax relief available (possibility to reclaim part of the paid tuition fee)
Double degree option: available (additional selection applies)
Location: VMU Faculty of Economics and Management, K. Donelaičio g. 52, Kaunas
Detailed and updated programme information: here

Double degree opportunity

CMA or FMAA certificate

To broaden knowledge and strengthen qualifications, Master’s students in Finance at VMU FEM can choose to participate in the prestigious CMA (Certified Management Accountant) programme.

The CMA programme is delivered by IMA (Institute of Management Accountants). Each academic year, up to 10 students at VMU FEM may receive a scholarship to participate. With a scholarship, students receive 3 years of CMA membership and the right to take two CMA exams free of charge (once). Students typically start while still studying and complete the programme after obtaining their VMU diploma.

An additional selection is conducted for participation in the CMA programme. Upon completion, a CMA certificate is awarded.

Benefits of the CMA certificate

Knowledge in financial planning and analysis and strategic financial management;
A globally recognised international certificate;
Competitive advantage in the labour market;
Membership in IMA’s global community of 140,000 professionals.

For more information about the CMA certificate, contact the Programme Director: Prof. Dr. R. Legenzova.

Programme content

You can find the programme content here.

The Master’s in Finance curriculum covers advanced modules in finance theory, practice, and research. In the first semesters, the focus is on finance theory, corporate finance, investment fundamentals, financial markets, quantitative methods, and econometrics.

Later semesters expand into advanced investment management, business valuation, financial innovations, financial risk management, behavioural finance topics, international finance, and the functioning of the global financial system. Electives allow students to strengthen specific areas — for example, capital markets analysis, alternative investments, sustainable finance, public finance, or corporate finance topics.

Some assignments use real financial data, financial institution reports, and market indicators. A research paper and the Master’s thesis are prepared, often linked to a specific company, sector, or financial market problem. In this way, Finance studies remain closely connected to practice and current developments.

Where do graduates work?

Where do VMU FEM Finance graduates work?

As financial analysts in banks, credit unions, insurance, leasing, pension fund, and investment management companies.
As finance managers (CFO), heads of finance departments, and finance specialists in business organizations.
As specialists in risk management, compliance, and internal audit units.
As investment, portfolio management, and asset management experts.
As finance consultants and advisors in consulting, audit, and business service firms.
As economists, analysts, and finance policy specialists in the public sector and international institutions.
As junior researchers, PhD candidates, and lecturers in universities and research centres.

The Master’s in Finance opens pathways both to professional careers in finance and business and to further doctoral studies.

Financial support and tax relief

Admission requirements

Admission is open to candidates with diverse educational backgrounds and work experience. You may apply if you are:

Graduates with a Bachelor’s degree in Marketing or a closely related field*

Graduates from other Bachelor’s fields

Graduates of colleges (Professional Bachelor’s)

Requirements

–

You must meet at least one requirement:

– completed relevant minor studies (for VMU graduates);

– completed relevant bridging/additional studies (for VMU, other university, and college graduates);

– at least one year of relevant practical work experience;

– a previously obtained Master’s degree in another field.

Admission score

K = 0.7A + 0.3B

A – weighted average of all course grades in the Bachelor’s diploma supplement;

B – Bachelor’s thesis grade.

K = 0.4A + 0.3B + 0.3C

A – weighted average of all course grades in the Bachelor’s diploma supplement (excluding additional/minor studies grades);

B – Bachelor’s thesis or final exam grade;

C – weighted average of additional/minor studies course grades.

*Closely related fields include Bachelor’s degrees in business, management, economics, finance, accounting, communication, political science, psychology, sociology, anthropology, public administration, journalism, and law.

Your application is reviewed once the document registration fee is paid. The registration fee is EUR 25. Payment details: Recipient: VMU; Payment purpose: “Registration fee for admission to Master’s studies”; IBAN: LT04 7044 0600 0284 8625 (AB SEB bankas); LT89 4010 0425 0278 5505 (Luminor bank AB); LT79 7300 0101 3113 5650 (“Swedbank”, AB).

More about admission conditions, dates, and requirements: here.

Head of the study program: Assoc. prof. Renata Legenzova
Awarded qualification: Master of Business Management
Duration of studies: 2 years
Language: Lithuanian