Overview
The Master of Science (M.Sc.) degree in Mathematical Finance and Actuarial Science, offered by the Department of Mathematics at the Technical University of Munich, Germany, has a diverse and flexible qualification profile. The program, available in German or English, is structured to be completed over two years at the Master’s level.
The curriculum comprises several individual modules totalling 120 credits, most of which can be freely combined. These include:
- Mathematics modules and a specialization area.
- Modules for a minor in management.
- An advanced seminar.
- An internship accompanied by an internship seminar.
- Support electives.
- A thesis projects.
Course Details
| University | Technical University of Munich |
| Degree | M.Sc. in Mathematical Finance and Actuarial Science |
| Subjects | Mathematics, Business Administration, Statistics, Business Mathematics Accounting & Finance, Actuarial Science |
| Language of Instruction | English only & German language course |
| Application Deadlines | Winter Semester: 31 May; Summer Semester: 30 Nov |
| Duration | 2 Years (Starting: Both Semesters) |
| Tuition Fees | Free |
| Study Mode | On Campus |
| Qualification Requirements | Bachelor’s degree in mathematics or a mathematically comparable course of study |
| Competencies Required | At least 18 ECTS in Mathematics and at least 14 ECTS in Stochastics |
| Language Requirements | Cambridge C1 Advanced/C2 Proficiency, IELTS min 6.5, TOEFL iBT min 88; GMAT score higher than 600 can also be considered |
| Application Procedure | Directly at the University (incl. VPD from uni-assist) |
| Application Fee | The initial application fee is €75, and for every subsequent application, the fee is €30 each. |
Admission Documents
- Application form: This should be printed from TUMonline, the university’s online application system.
- Transcript of records: It should show courses equivalent to a minimum of 140 ECTS (European Credit Transfer and Accumulation System).
- Form for grade calculation (curricular analysis): This should be based on the best 140 ECTS from your transcripts.
- Curriculum of your undergraduate degree: This outlines the course of study you completed.
- Current curriculum vitae (CV): This should detail your educational and professional background.
- Letter of motivation: This should explain your reasons for applying to the program and your career goals.
- Proof of language skills: Depending on the program’s requirements, this could be for either German or English language proficiency.
- Uni-assist VPD certificate: This is a preliminary review documentation certificate from uni-assist, a service that evaluates international school/university certificates for their equivalence to German qualifications.
Career opportunities
- Financial Services and Banking: Roles in investment banks, hedge funds, and financial institutions, focusing on quantitative analysis, risk management, and financial modeling.
- Actuarial Science: Careers as actuaries in insurance companies, pension funds, and consulting firms, applying mathematical and statistical methods to assess and manage risks in insurance and finance.
- Quantitative Analysis and Trading: Opportunities in quantitative trading, developing algorithmic trading strategies, and working in areas like derivatives pricing and portfolio optimization.
- Risk Management and Consulting: Positions in risk management for various organizations, as well as roles in consulting firms providing expertise in financial risk, investment strategies, and financial compliance.
- Research and Academia: Potential for academic research or teaching positions, focusing on advancements in financial mathematics, actuarial science, and related fields, or pursuing doctoral studies.
