Master's Mathematical Finance and Actuarial Science


Program type:
Full-time Master's program

Winter and summer term (winter term recommended)

Standard duration of study:
4 semesters, full-time

Language of instruction:
The study program can be completed in English.

Master of Science (M.Sc.)

Mathematical Finance
Actuarial Science

Minor subject

Extracurricular components:
Study abroad (opt.)

PreDoc Program in Mathematics:
Preparation for a future doctorate during the Master's program
Scholarships available for international students
Website PreDoc

The Master's in "Mathematical Finance and Actuarial Science" is a full-time degree program that usually takes two years to complete. Applicants must have a bachelor’s degree in Mathematics, Operations Research, or an equivalent qualification in a similar field of study.

Aim of the program:
The master's program "Mathematical Finance and Actuarial Science" is oriented towards students who want to receive a high-profile education in mathematical finance and actuarial science. Graduates of this program are qualified to assess and solve problems in the financial and actuarial industry, to analyze and develop sophisticated mathematical models as well as to implement them in practice.

In this master's program, students specialize in either “Mathematical Finance” or “Actuarial Science”. While acquiring advanced knowledge in their chosen field of specialization, the study program provides them also with the basic knowledge in the other field. Furthermore, their academic profile in mathematical finance and actuarial science will be enriched with lectures in econometrics. Many of the available lectures are accredited by the German Actuarial Society (Deutsche Aktuarsvereinigung) and approved for an in-service training as an actuary.

Study program:
Independent of their specialization, all students must pass the compulsory course “Stochastic Analysis”. In addition, elective courses from the module catalogs of Mathematical Finance, Actuarial Science, Stochastics, Mathematics, and Management are an essential component of this program. Students also attend extracurricular seminars to acquire and enhance soft skills, such as speaking and presentation techniques.

Master's seminar:
Master's seminars deal with topical questions and challenges in the field, giving students the opportunity to delve deeper into the subject. Attending and passing at least one master's seminar is mandatory for graduation. When deciding on the topic of a master’s thesis, please note that some chairs require the students to have passed one of their master’s seminars in the respective field of expertise. Further information can be found on the website of the respective chair.

Master's thesis:
Students may suggest own topics provided that they pertain to the field of “Mathematical Finance and Actuarial Science”. It is recommended and common practice to base the topic of a master’s thesis on the knowledge and experience gained in the courses that have been undertaken so far. In addition to courses in financial mathematics and actuarial science, this may also include the subjects numerical analysis, mathematical optimization, stochastics, probability theory, as well as management. Detailed information is available on the website of the respective chair.

In preparation for working life, students of the master’s program “Mathematical Finance and Actuarial Science” have to undertake a four weeks internship either in industry or at a research facility.

Study abroad:
Students enrolled in this master’s program are given the opportunity to study abroad for one or two semesters at one of the many partner institutions located in the U.S., Canada, Australia, Asia, and Europe. Students interested in going abroad receive individual counseling and support from experienced departmental coordinators. The recognition of modules completed during a study abroad is subject to special regulations as part of the general examination regulations.

The master’s program “Mathematical Finance and Actuarial Science” prepares students for a career in the financial and actuary industry. Jobs are typically related to financial mathematics (e.g. risk management, portfolio theory) and actuarial science (life and non-life insurance). Graduates may also work in financial audit, tax consultancy, and controlling.

Examination regulations / Module catalog
Subject academic regulations
Module catalog



Application period:
For winter term:
April 1 - May 31
For summer term:
October 1 - November 30

Admission / Application procedure:
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Aptitude test

tip FAQs Application procedure

tip For applicants:
If you have any additional questions, please feel free to contact our staff below.

Inquiries about the application procedure:

Dr. Michael Kaplan

Inquiries about academic matters:

Subject academic regulations: Dr. Michael Ritter
Academic counseling: PD Dr. Aleksey Min

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