2022-03-16
Bank of Lithuania to encourage the most talented students by establishing scholarships
Students of the Quantitative Economics study programme at Vilnius University will now be able to apply for the Bank of Lithuania scholarship. Three scholarships will be awarded at the beginning of each academic year, one to a student in each year of the Quantitative Economics study programme (enrolled in the first year, and one each to a second-year and third-year student).
The scholarship amounts to five minimum monthly wages (MMW) set by the government (from 2022, 1 MMW equals to €730). This is set out by the Regulations for the Award of the Bank of Lithuania Scholarship (324.4 KB download icon) approved by the Board of the Bank of Lithuania.
“The scholarships will encourage talented and motivated students to pursue academic excellence and become analysts, who, in the future, will influence changes in economics, finance, data analytics and forecasting in Lithuania. At the same time, we aim to raise the awareness of the Quantitative Economics study programme at Vilnius University by encouraging young people looking for top-quality economics programmes to study in Vilnius,” says Marius Jurgilas, Member of the Board of the Bank of Lithuania.
The Quantitative Economics study programme was established by the Bank of Lithuania and Vilnius University in 2018. It is lectured in English and is unique in that it combines finance, economics and data science, using the latest teaching tools. The programme runs for three years. Most of the lecturers are researchers and practitioners from the Bank of Lithuania, who have earned doctoral degrees from the world’s top universities. The first generation of 26 graduates successfully completed the programme in the spring of 2021.
The scholarship is expected to attract students who will become analysts meeting the standards of the best universities and who will contribute to the qualitative change in economics, finance, data analytics and forecasting in our country, as well as become specialists at the Bank of Lithuania.
How will scholarships be awarded?
At the beginning of each academic year, three Bank of Lithuania scholarships will be awarded: one in each year of the Quantitative Economics study programme at Vilnius University (enrolled in the first year, and one each to a second-year and third-year student).
The scholarship is awarded twice a year: the amount equal to 2.5 MMW is granted by 15 October of the current year and the amount making 2.5 MMW – by 15 February of the current year.
The scholarship will be awarded on the basis of high academic achievements (exam grades for students, and entrance score for applicants) and motivation (a motivation letter, a written recommendation from the student’s nominated mentor (which is not required for applicants), and the student’s motivation during the interview).
Students and applicants must apply for a scholarship before the end of the entrance exams each year, but no later than by 15 September (inclusive). The same student will be eligible for the scholarship for several consecutive years. The scholarship will not be awarded to students with academic debts.
The scholarship will be awarded by a commission established by order of the Chairman of the Board of the Bank of Lithuania. The composition and organisation of its work is provided by the Regulations on the Granting of the Scholarship, which are published on the Bank of Lithuania website.