Sustainable Finance & Investments

Sustainable EN

ABOUT THIS STUDY PROGRAM

The Sustainable Finance & Investment Master’s study program enables students to evaluate long-term value through both financial and non-financial metrics by developing advanced competencies in financial innovation, sustainable investment, and financial risk management.

Powered by Nasdaq, this study program is co-developed with industry experts and grounded in real capital markets practice, combining data-driven investment thinking with global sustainability standards.

Internationally Accredited Study Quality. We are among the TOP 2% of business schools worldwide. The quality of studies at the Vilnius University Business School is recognized by prestigious international accreditations: ACBSP (USA).

Theory + Practice. The theoretical knowledge acquired during the studies is immediately applied in practice.

International Community. The Business School is one of the most global faculties at Vilnius University. More than 30% of our students are international, and our global partner network spans the world.

What makes Sustainable Finance & Investments study program unique?

International Students		Lithuanian Students

About studies

Why should you choose business studies?

Isskirtines galimybes EN

Students will acquire the following competencies:

Blockchain, FinTech & Financial Innovation:

Understanding FinTech, digital transformation, and emerging financial technologies (e.g., Blockchain)
Application of technology-driven solutions to improve financial strategy and control
Digital transformation and technology-driven innovation in finance

Strategic Financial & Capital Decision-Making:

Investment analysis and capital allocation for long-term value creation
Assessment and management of transition risks in sustainable finance
Data-driven financial decision-making to support strategic planning

Sustainable Investment & ESG Integration:

Integration of ESG factors into investment and finance decisions
Sustainable investment strategies and long-term value creation
Understanding sustainability frameworks and responsible investment principles

Study program

timetable

Lectures are organized in a full-time study mode. Classes are delivered in intensive modules, usually 2–3 work days per week (Thursday, Friday, Saturday). Visiting Professors’ lectures are held on Fridays from 9:00 am to 4:00 pm or from 3:00 pm to 8:00 pm.

I Semester

I SEMESTER
Compulsory Courses
Managerial descisions (5 ECTS) This course provides the knowledge and skills necessary for analysing and evaluating organisational strategies in complex business environments. Students will be able to make informed managerial decisions and formulate effective business and development strategies by applying principles of general management, economics, and data-driven analysis. The course also develops leadership competences and emphasises responsible decision-making, sustainability, and organisational value creation.

Economic Policies for Sustainable Development (5 ECTS) This course will provide the necessary knowledge for the analysis and evaluation of economic politics processes. Therefore, you will be able to make reasonable financial and business management decisions and formulate corporate finance and business development strategies taking into account the country's economic policy.
	Dr. Marijus Bernatavičius
Sustainable Financial Markets (5 ECTS) After completing this subject you will gain knowledge about financial markets and their features as well as the process and objectives of investment management. You will learn about the latest financial technologies (FinTech) and their application in everyday business activities. You will be able to assess the causes of financial crises and formulate both personal and business investment management strategies.
	Prof. Dr. Deimantė Vasiliauskaitė
Enterprise Performance Analysis (5 ECTS) This study subject provides the knowledge and understanding of the company's financial statements and performance. As you study this course, you will learn about the benefits and "myths" of initial coin offering (ICO), how to analyze the data in the reports and to evaluate the company's performance, while analyzing cases based on the activities of real companies and sectors.
	Doc. Dr. Ieva Bužienė
Sustainable Investment Management and Impact Investing (5 ECTS) This module reflects competences focused on decision-making and risk management. The course will focus on the micro and macro levels of finance and impact investing, which is particularly relevant today.
	Professor PhD. Vasyl Namoniuk


Elective Courses
Sustainable Business Development and Growth (5 ECTS) This subject will develop the ability to understand the limits of the legality of the pursuit and implementation of economic activities, which would allow making informed decisions in business, taking into account the requirements of the law. You will learn how to assess the legal requirements, the applicable forms of liability and the behavior in relation to the potential liability of an economic operator.
	Associate Professor Dr. Juliana Smirnova
Family Business Strategy and Sustainable Development (5 ECTS) This subject will give knowledge to students seeking to increase the sustainability of family business decision-making. Students will learn about family business management, inheritance planning, asset management risks and investments, and will be able to find and apply new solutions to existing family business problems.
	Lect. Ignas Ačinas
Innovation and Change Management (5 ECTS) Students will gain knowledge, apprehension and be able to explain the various factors of innovation management and their interrelationship. As well they will gain knowledge on lateral thinking (compared to a patterned way of thinking), be able to draw on and explain best practice in Innovation Management from European and local scenes and will gain practical skills in identifying opportunities to maximize growth and profitability, developing an innovation management plan and implementing all parts of an innovation management plan.
	Associate Professor PhD. Eglė Radvilė

II Semester

II SEMESTER
Compulsory Courses
Strategic Finance Management (5 ECTS) After completing this course, you will be able to take an innovative look at financial management optimization, delving into modern optimization techniques, modern financial risk assessment of a company and best financial management practices. You will be able to design the company's financial situation in the face of uncertainty. You will know how to apply Big Data analysis to optimize your financial performance.
	Associate Professor PhD. Ash Anirban
Financial Risk Management for ESG (5 ECTS) This course will provide practical skills in identifying the effects of exchange rate fluctuations in international business and in using financial instruments in foreign exchange markets to protect against exchange rate fluctuations. You will know about the modern financial risk assessment principles and management methods and will develop the ability to identify financial risk and how to apply risk mitigation and elimination technologies.
	Professor PhD. Deimantė Vasiliauskaitė
Quantitative Research Methods (5 ECTS) You will learn about the possibilities of applying blockchain technology in a real business environment. After completing this subject, you will be able to assess the impact of economic conditions on business and make quantitative financial and business development forecasts as well as to assess the reliability of these forecasts and make decisions in business.
	Associate Professor of Partnerships Petras Dubinskas
Corporate Governance (5 ECTS) You will learn to identify the characteristics of corporate governance according to the type of company and to apply good corporate governance practices. You will understand the principles of formation and effective operation of the board as the main corporate governance body and will be able to participate in the governance of international business enterprises and institutions.
	Associate Professor of Partnerships Robertas Degesys
Corporate Mergers and Acquisitions (5 ECTS) You will be acquainted with the principles and practice of business development finance strategy formation and be able to create business development scenarios by selecting their financing methods. You will have the ability to search for and find alternatives to financing the transaction, the methods and sequence of actions in the acquisition and merger process.
	Associate Professor of Partnerships Robertas Vyšniauskas
Elective Courses
Sales Psychology of Financial Services (5 ECTS) By studying this subject, you will learn about the patterns and ways of behavior of financial product market participants. Also, you will gain knowledge how to get the desired result faster and more efficiently and how to implement a financial product faster or more expensive while being in the role of the buyer or seller of a product.
	Professor PhD. Jekaterina Kartašova
Advanced Creative Thinking & Communication (5 ECTS) The Advanced Creative Thinking & Communication course is offered in collaboration between Vilnius University Business School and Kaospilot. It is designed to help individuals who are ready to transform how they approach problems. This program will help you unlock your creative potential, equipping you with fresh perspectives and the ability to challenge conventional thinking. It offers a playful yet structured approach to nurturing creativity, allowing you to push your organisation or personal endeavours to new heights. Powered by
	Professor PhD. Christian Byrge	Lect. Dennis Dybdal

III Semester

*Lecturers and courses can be subject to change.

Admission

General admission requirements and selection criteria

● Bachelor`s degree (university diploma) in Business and Management or in Management and Business Administration or Economics.

● Bachelor`s degree (university diploma) or equivalent, and have at least 20 credits in business and / or economics.

● Bachelor's degree or an equivalent university diploma in another field and have at least one years work experience related to the desired/intended study program.*

● Bachelor`s degree (colege diploma) in Business and Management or in Management and Business Administration or Economics with not less than 8 weighted average and have at least one years work experience related to the desired/intended study program.*

* For Lithuanian applicants only

For all Lithuanian and EU applicants

0.5 × VS + 0.5 × D + P

Where:

VS – the weighted average of grades listed in the diploma supplement (appendix), excluding the final thesis and/or final exam grade(s);
D – the grade of the final thesis and/or final exam (or the average of these grades), or the average of final exam grades;
P – additional points.

Additional points may be awarded when applying to state-funded or non-funded places:

0.2 points for presentations delivered at a student scientific conference;
0.3 points for presentations at a national conference;
0.5 points for presentations at an international conference;
1 point for scientific publications in peer-reviewed academic journals in the study field (business, management, marketing, finance).
The topic of the presentation or article must correspond to the nature of the intended study programme;
1 point if the applicant is the founder or co-founder of a startup, and the startup has been registered and operating for at least 6 months before the date of the application.

For International applicants

● English language proficiency:

- the level not lower than B2 (following the Common European Framework of Reference for Languages (CEFR).

- If your first language is English and/or if you have a university degree in English, you will be exempt from providing an English language test score.

● Applicants with an overall grade average of at least 70% are eligible for admission.

● For non-EU/EFTA applicants: the gap since you completed Bachelor degree should not exceed five years.

● If qualifications match the program, the applicant will receive an invitation to pre-record a video interview. More details will be provided during the application.*

● Applicants from Bangladesh, Nepal and Pakistan must submit OMPT-A (Online Mathematics Placement Test) Certificate (minimum passing grade – 55%). More information can be found HERE.

^{* The Vilnius University Business School Admission Committee might invite their candidate for a face-to-face interview.}

Admisisniandiwandiawnd

Academic counceling

At VU Business School we pay a lot of attention to students' academic counseling. If you have any questions during your studies, you can contact your study coordinator to solve any problem or just to talk.

During the studies, all relevant information will be delivered by the study coordinator.

Please meet the study coordinator for this study program:

Modesta Nedzinskaitė-Monkevičė

Study coordinator

tel. +370 690 76280

Financing

TYPE OF STUDY FINANCING FORM	TUITION FEE/SEMESTER
Own-funded study place for non-EU/EFTA countries*	3275 Eur
Own-funded study place for EU/EFTA, Ukraine, and for graduates of other Lithuanian universities*	2725 Eur
Own-funded study place for VU/VUIBS alumni/VU Exchange students	2345 Eur

* The standard tuition fee (2345 Eur) applies to students admitted in the 2025/2026 academic year who complete their first autumn semester with a GPA of at least 95%. Academic performance is reviewed individually each semester.

During their studies, students may apply for VU Business School scholarships, social, incentive scholarships, and others. The information is announced every year through Business School communication channels.

SCOLARSHIP EN

Students who finish a semester at VU BS with a perfect GPA (10.0) are granted up to 1000 EUR excellence scholarship. This scholarship can be earned every semester – excellence is rewarded continuously.

Be among the TOP 5 STUDENTS in your program (based on admission score or GPA for international students) and study for the regular tuition fee. Both Lithuanian and international applicants compete in the same ranking.

Scholarships for Lithuanian students

Scholarships for International Master students

Diploma

University studies shall be completed when all requirements of the chosen full-time study programme are fulfilled. Graduates of University study shall receive a diploma certifying hereof.

If students fulfill the first and second cycle full-time study programmes with especially high results, they are issued a special CUM LAUDE diploma. If students fulfill the second cycle full-time study programme or the integrated study programme with especially high results and have distinct scientific competence, they are issued a special MAGNA CUM LAUDE diploma.

Diploma Supplement which identifies study subjects, their content, and results, is issued together with diploma. Diploma Supplement is a document that complies with the model agreed by the European Commission, the Council of Europe and UNESCO/CEPES; it supplements a higher education, Master or Bachelor diploma with the data required for international academic and professional recognition, provides a description of the nature and contents of the studies completed by its holder and gives details on the national higher education system.

Diploma Supplement is produced in Lithuanian and English and is issued to all graduates since 2006 automatically and free of charge as an integral part of the diploma.

diplomo pvz ma

Committee

The Study Program Committee is a collegiate governing body responsible for ensuring and continuously improving the quality of the study program.

The Committee monitors the relevance and currency of the program's content, analyses academic outcomes and student achievements, and initiates program updates in response to labour market developments and feedback from academic staff, students, and social partners.

The Committee includes student representatives and external partners from the business and public sectors, ensuring a broader perspective on program quality:

Vysniauskas

Prof. Dr. Deimantė Vasiliauskaitė

Chairperson

Assoc. Prof. of Partnership Robertas Vyšniauskas

Prof. Dr. Jekaterina Kartašova

Simonas Rasimavičius

Representative of social partners

NASDAQ
Director - Systems Operations

Technical Operations EU

1 student representative

Nasdaq

This Master’s study program is co-designed with Nasdaq experts, ensuring that students gain insights grounded in real-world financial markets, data-driven decision-making, and industry best practices.

This close collaboration bridges academic learning with the practical demands of global capital markets.

Gediminas Varnas – President / Chairman of the Management Board at Nasdaq Vilnius & VU BS Assoc. Prof. in Partn.

The sector of finance needs leaders who are able to think and act in a strategic and innovative way while applying insights and ideas for sustainable business development. This program is for those who follow global financial markets and investment management news and trends, and grounded on that, want to know how to manage the finances and investments of a sustainable business that they are in.