  We study universal localisations, in the sense of Cohn and Schofield, for
finite dimensional algebras and classify them by certain subcategories of our
initial module category. A complete classification is presented in the
hereditary case as well as for Nakayama algebras and local algebras.
Furthermore, for hereditary algebras, we establish a correspondence between
finite dimensional universal localisations and finitely generated support
tilting modules. In the Nakayama case, we get a similar result using
$\tau$-tilting modules, which were recently introduced by Adachi, Iyama and
Reiten.
