Mathematical Finance and Actuarial Science

Master of Science (M.Sc.)

The Mathematical Finance and Actuarial Science master's program provides a demanding vocational education and training in finance and actuarial science.

Department of Mathematics

The application deadline for the summer semester 2021 for this programme is extended once until 18.12.2020.

Key Data

Type of Study
  • Full Time
Required Language Proficiency Languages of Instruction
  • German
  • English
Main Locations
Admission Category Start of Degree Program
  • Possible for both winter and summer semester
Standard Duration of Studies
(Number of Semesters)
  • 4 semesters fulltime
Credits Costs

Information on Degree Program

The Mathematical Finance and Actuarial Science master's program is tailored to students who are interested in a demanding vocational education and training where finance and actuarial science are concerned.

In addition to the foundational subject of stochastic analysis, the specialties of mathematical finance and actuarial science are therefore of central importance. Students select one of the two specialties but always acquire knowledge of the other as well. The content is complemented by courses in economics and cross-disciplinary topics.

For a comprehensive description of the program, please refer to the degree program documentation:

The chosen specialty constitutes the core of the master's program – mathematical finance or actuarial science. This is complemented by courses from the remaining specialty as well as content relating to economics and econometrics. In addition, relevant cross-disciplinary courses serve the purposes of cultivating and acquiring soft skills.

The program's flexible structure makes it easier to study abroad for one or two semesters at a TUM partner university.

The degree concludes with the master’s thesis in the forth semester. 

Required language skills for admission:

You need sufficient German or English language skills if you wish to apply for this program. Evidence of your language proficiency has to be submitted before the end of the application deadline. Learn more about recognized certificates and other ways to prove your language skills.

This evidence of your language proficiency confirms that you comply with the minimum language requirements for admission to the program. Depending on the program and your individual background, it may be necessary for you to keep working on your language skills during your studies. Be sure to take a look at the services of our Language Center.  

Language of instruction:

The language of instruction for this program is German or English. Depending on the focus area you choose, you can study in German, English or both languages. To learn more about the language of instruction for each module, contact the departmental student academic advisor of this program.    

As a graduate you are able to mathematically model scientific questions relating to finance and insurance sectors, to analyze, critique and further develop these questions in an economic context and, ultimately, to apply the results in practice.

Given the various lectures in econometrics on offer, you will have rounded out your finance and actuarial science profile accordingly. You will also have refined your soft skills by attending courses on topics such as rhetoric or presentation techniques. 

As a graduate of the Mathematical Finance and Actuarial Science master's program you are ideally prepared for an occupation in financial markets or insurance. Professional opportunities arise inter alia in areas where mathematical finance expertise is in demand, such as risk management or portfolio theory, as well as in actuarial science. Further options include working as an auditor, tax advisor or financial controller.

Binding Regulations for Progression of Studies, Examinations and Application

Application and Admission

Minimum requirements to apply for a Master's program at TUM are a recognized undergraduate degree (e.g. a bachelor’s) and the successful completion of the aptitude assessment procedure. Aptitude assessment allows the TUM school or department to which you are applying the opportunity to evaluate your individual talents and motivation for study.

During the application period, you must apply through the TUMonline application portal and upload your application documents.

If you receive an offer of admission, you will additionally have to submit individual documents as notarized hardcopies by post to be enrolled.

Generally, applicants with a qualification for postgraduate studies (e.g. a bachelor’s) obtained outside of the EU / EEA must have their documents reviewed in advance through uni-assist.

In detail:

We may require additional documents depending on the type of educational background you earned and your country of origin. After accepting an offer of admission in TUMonline, you will receive a list of documents you must submit to TUM in hardcopy for enrollment.

Application period for the winter semester: 01.01. – 31.05.
Application period for the summer semester: 01.10. – 30.11.

During the application period, you must apply through the TUMonline application portal and upload your application documents. Please be aware that we can only process your application if you upload all required documents within the application period.

We will review your application as soon as it is complete. Please check your TUMonline account regularly, to see if we have any queries to your documents or if you have to amend one or more documents.

After receiving admission, you will see in TUMonline which documents you have to submit for enrollment, and in which form. Please note that you always have to send the signed application for enrollment and all notarized hardcopies by post.

We recommend that you submit the documents for enrollment as soon as possible after receiving admission. If individual documents are not available by then, you can submit them up to 5 weeks after the start of the lecture period. You will, however, only be enrolled once we have received all documents.

You can check the status of your application at any time in your TUMonline account.

Selection takes place through an aptitude assessment procedure. Aptitude assessment is a two-part procedure after the submission of an official application to a program. In this procedure, the TUM school or department determines whether you meet the specific requirements for its master’s degree program.

In the initial stages, the grades you obtained during your bachelor's program, as well as your written documents, will be evaluated using a point system. Depending on the amount of points accumulated, applicants are either immediately admitted, rejected or invited to an admissions interview. 

In detail: 

The online application process takes place through our application portal TUMonline.

This degree program does not encompass a compulsory internship nor is an internship a requirement for admission. However, it is recommendable, as a rule, to gain practical experience as soon as possible.

What are my options after earning this degree?

You have earned your master’s degree and are ready to start your career? TUM Alumni & Career can assist you with questions regarding professional orientation, job search and job application.

If you are interested in continuing your studies, you will find information of doctoral studies at TUM, here.