Master’s Mathematical Finance and Actuarial Science
You are interested in risk management and portfolio theory? You find life insurance mathematics exciting? Whether you see your future at one of the world's major financial centers such as London or Frankfurt, as part of an internationally operating insurance company, in an auditing company, in tax consultancy or in controlling: the Master's program Mathematical Finance and Actuarial Science prepares you well. In four semesters you will learn everything you need to know as a financial mathematician and actuary.
Major fields of study
The Master's program has two major fields of study: Mathematical Finance and Actuarial Science. At the beginning students choose a priority subject which they want to deal with in greater depth. The curriculum is designed in such a way that they can also acquire basic knowledge in a second subject. The financial and actuarial profile of the Master graduates is completed by various econometrics lectures. Those who aim at completing a professional actuarial training after finishing the degree can already visit lectures during the Master's program, that are later recognized by the German Association of Actuaries.
Here you will find important dates, deadlines and other relevant information.
If you want to start your Master's program, you should apply as early as possible. All documents necessary for admission must be uploaded via the TUM Online-System by the deadlines.
Application deadline for the winter semester: January 1 to May 31.
Application deadline for the summer semester: September 1 to November 30.
Measures due to the corona pandemic
We have created a department corona page on moodle for students of mathematics with information about the effects and limitations of the corona pandemic on various study-related matters. Please register for that course yourself. We have also added notes on current practice at our department. This page is going to be updated regularly.
Further information can also be found on the TUM page on Corona. Please check your TUM email and the web pages regularly.
Profile: The essentials for the Master's program
The Mathematical Finance and Actuarial Science Master’s program is full time. The standard duration of study is four semesters.
Commencing the degree program
Ideally, students commence the Master’s program in the winter semester. It is also possible to commence in the summer semester.
Language of instruction
You can pursue the entire Mathematical Finance and Actuarial Science Master's program in English. Certain teaching sessions take place in German.
Stochastic Analysis is the core subject of Mathematical Finance and Actuarial Science, independently of students’ chosen specialization.
In the Mathematical Finance and Actuarial Science Master’s program, students complete their minor in Management (Economics).
Be sure to take into consideration that the assignment of the final thesis is conditional in some departments upon successful completion of the Advanced Seminar.
Courses in the areas of Mathematical Finance, Actuarial Stochastics and Mathematics constitute an important component of the degree program.
Details of all modules that are relevant to the degree program, along with associated times and locations, are available in the department’s curriculum at TUMonline. Here you can create your own timetable and save it digitally.
Whether you write on mathematical finance or actuarial mathematics, numerical analysis, mathematical optimization, statistics, probability theory or economics depends on the area in which you have acquired advanced knowledge. Read everything you need to know about the Master’s thesis here.
A four-week professional internship is integrated into the program. The accompanying Internship Seminar offers you the opportunity to inform yourself about suitable occupations and to discuss the experience you acquired during the internship.
You can round up your individual personal competence profile through modules out of the field of extradisciplinary competencies. Lead by your own interests you can choose out of a large offer of soft skilsl or language courses.
Academic and examination regulations
All students must note the general information concerning examinations as well as the current program-specific Academic and Examination Regulations (FPSO). Information on the degree program's concept can be found in the degree program documentation.
(Please notice that applications for the summer semester 2022, due to the amendmend of academic regulations, will presumably be subject to a modified list of modules for the "Basics of the Bachelor's degree course in Mathematics at the TUM". Further Information will be available here by the end of July 2021.)
The prerequisite for the TUM-Master´s program "Mathematical Finance and Actuarial Science" is an accredited university degree in Mathematics or a mathematically comparable course of study (i.e. not economics or business administration!). If you are interested in the Master´s program you should refer to the "Basics of the Bachelor´s degree course in Mathematics at the TU Munich" (see check list) to verify the required competencies in detail. You need to have acquired at least 18 ECTS credits from among the lectures listed in Table A3.1. Those in Table A3.2 are both mandatory. If these conditions have been missed by only a narrow margin, you'll have points deducted during the application process and maybe you'll be obliged to complete some of these modules during your first year of the Master´s program. If the commission thinks that there is too much missing content, your application will be rejected.
If you would like to assess the mathematical level of our courses, please visit the homepage of Prof. Durrett and have a look at his book “Probability: Theory and Examples (4th edition, Cambridge U. Press, 2010)”. This book is one of the main references of our course Probability Theory. The fundamentals and in-depth knowledge of statistics and probability theory are tested in the interview for the Master´s program in Finance and Actuarial Science. These are based on Hans-Otto Georgii: "Stochastics: Introduction to Probability and Statistics (De Gruyter)", Chapters 1-5 and 7-12.
Your language of instruction
In case the language of instruction during your undergraduate study was neither German nor English, you will need a language certificate (see Check List) in one of these languages before the end of the application period.
Additional German language knowledge
Students who provide an English language certificate with their application are admitted on the condition that they complete one module providing integrative knowledge of the German language within the first two semesters of their studies. TUM offers free courses for that purpose (see Check List). If you already have a German language certificate to at least the A1 level, please submit that with your application.
Application: How to get a place
Language tests are only offered on the appointed days and their evaluation requires some time. In any case the certificate has to be uploaded before the application deadline. Schedule enough time for that!
Preliminary Documentation (VPD)
You can apply for the preliminary documentation from uni-assist throughout the year but you have to apply before the end of TUM application period. If you have applied for a VPD but it is not yet available, you can confirm the timely completion of the application for the VPD by submitting our form instead. As soon as you receive the final VPD upload that instead to your TUMonline account.
for the winter semester: January 1 - May 31
for the summer semester: October 1 - November 30
All necessary documents must be uploaded by the end of the application deadline!
You don't need to have your Bachelor's degree at the moment of your application: some documents, such as your Bachelor's certificate, can be sent up to the so called enrollment deadline. This deadline is normally about 5 weeks after the start of the corresponding semester.
Compile the necessary documents for your application as early as possible. All documents necessary for admission in a Master´s program at the Technical University of Munich must be uploaded on the platform TUMonline. A candidate account is required for this purpose. You can find detailled information on this website.
|Documents, that have to be uploaded before the application deadline||External applicants||TUM Bachelors|
|Application form (printed from TUMonline)||✓||✓|
|Transcript of Records with courses equivalent to a minimum of 140 ECTS||✓|
just upload an unauthenticated transcript from TUMonline
|Form with grade calculation (curricular analysis) from the best 140 ECTS||✓||✓|
|Curriculum of the underlying university degree||✓||✓|
Please upload that
|Actual Curriculum Vitae (CV)||✓||✓|
|Letter of Motivation||✓||✓|
|Proof of language skills (German or English)||✓||✓*|
|uni-assist VPD certificate||✓|
Only applicants outside of the EU/EEA
* For Science amd Engineering English is needed!
|Documents, that have to be uploaded or sent in after admission but within the enrollment deadline||External applicants||TUM Mathematics Bachelors|
|Signed printout of the application for enrollment (from TUMonline)||✓||✓|
|Bachelor’s Degree or comparable qualification for admission||✓||If you proceed directly after your TUM Bachelor to the TUM Master your diploma will be forwarded to the Student Registration Office automatically.|
|Proof of sufficient health insurance||✓|
The electronic applicant wizard guides you through the application step by step. All required documents for admission must be uploaded.
The application for admission will be generated as a PDF document in your applicant account once the online application has been submitted electronically. Download that file, sign it and upload it back again to your TUMonline applicant account. Only then will your application be complete.
Important: choose "consecutive Master degree" as the form of study below the point "study programme selection".
Check your candidate account on TUMonline on a regular basis. You will be notified there about missing documents and receive an offer or refusal of a study place. If you do not receive an offer, you can register one more time for the selection procedure. You will also receive important individual information at the e-mail address provided in your applicant account.
In order to obtain a place in the Master´s program, you must follow the procedure for verification of eligibility. This takes place once every six months and is carried out by the Faculty of Mathematics. After reviewing your application documents, the board of examiners decides whether you will receive an acceptance, a rejection, or an invitation to an aptitude assessment interview.
The aptitude assessment interview, which has to be completed by only a few candidates, takes place personally in Garching or as a webconference in German or English and lasts 20 to 30 minutes. The interview focuses on the candidates' motivation and ability to apply structured working methods. The expertise acquired from undergraduate courses is also assessed.
After you have been admitted for the master's program and after you have accepted the place of study in your TUMonline account, you still have to pay the administrative fees and submit the necessary documents for enrollment. This includes amongst others the signed application for enrollment on paper as well as the certified diploma. The list of required documents can be found in your TUMonline account. Only then you'll be enrolled.
Recognition of examination and study achievements
Please find out for which modules from your Bachelor´s degree you may be able to receive credits from your Bachelor´s degree and where you have to submit the application request for their recognition.
Master’s thesis: From planning to submission
In order to successfully complete a Master’s program at the TUM Department of Mathematics, students must write a scientific thesis: the Master’s thesis. Everything you need to know about the Master’s thesis, from planning to submission, can be found here in overview.
For questions relating to the content of your Master’s thesis, please contact your thesis supervisor as defined in the General Academic and Examination Regulations (APSO) or the Student Advisory Office responsible.
You have six months to complete your Master’s thesis. This period begins on the date of registration. You normally complete the Master’s thesis in the fourth semester of your Master’s program, after you have fulfilled all other academic and exam requirements.
Examiners and assessment
The Master’s thesis must be approved and evaluated by someone who is authorized to do so (thesis supervisor as defined in the APSO) at the TUM Department of Mathematics. (Exception: For the master's program "Mathematics in Data Science" all persons authorized as examiners in the TUM Department of Informatics can also act as a thesis supervisors.) You will find an overview of all such persons in the following list:
Registration: When and where?
It is possible to register your Master’s thesis on the 1st and 15th of each month (though not retrospectively). The completed form must be submitted in due time as a pdf or photo/scan (readable) to master (at) ma.tum.de, either by the student (examiner in CC) or by the examiner (student in CC). The signature of the examiner can be provided digitally on the document, or the consent of the examiner is made clear in the attached e-mail correspondence. It is currently not necessary to send the original forms by post. Please do not forget to provide a German and an English title for your thesis – both will appear on your transcript of records.
Registration: Which documents?
In addition to the Registration Form, you must also sign and submit the Route Card for the Diploma Supplement of the TUM Department of Mathematics. Please send the completed form as a pdf or photo/scan (readable) to firstname.lastname@example.org. Please also submit the route card even if no activities are supposed to be incorporated.
Note: The Diploma Supplement is an English-language supplement to the university diploma and describes the qualifications linked to the study program. Under the heading “Additional Information” in this document, you can request the incorporation of specific details of extracurricular activities completed within the framework of your degree course.
The thesis can be written in the German or English language.
Cover page and page 1
Here you indicate the topic of the work as well as your name and that of the supervisor. In addition, you indicate the date of submission.
Here you make the following declaration:
“I hereby declare that this thesis is my own work and that no other sources have been used except those clearly indicated and referenced.” (Place, date, signature)
Change of title
Please write an e-mail containing the new thesis title to master(at)ma.tum.de and copy in your co-supervisor and your supervisor.
The Master’s thesis is to be submitted in bound form (adhesive binding). On the spine of your Master’s thesis, please indicate your first name and surname and the short title of the thesis.
Number of copies
Please submit the Thesis as a pdf file to master (at) ma.tum.de within the deadline. In addition, you have to send two identical, signed printed copies of your Master’s thesis (including all data files that are relevant for the grading of your thesis on 2 USB's or CDs) by post to the Infopoint Mathematics afterwards. We will forward one copy to the thesis supervisor (for grading) and the second copy stays at Ms. Hoffmann's office (to be archived). You do not receive confirmation of submission.
Should the submission date fall on a weekend or a public holiday, submission on the subsequent workday is also possible. Theses can of course also be submitted prior to the planned submission date.
In the event that you need more time to work on your thesis, you must submit an application to email@example.com for an extension, at least seven days prior to the planned submission date. This application must have been signed by your thesis supervisor (or you have to send the consent of the supervisor in electronic form). In the event of a second extension, the Chair of the Examination Board must sign the application as well as the thesis supervisor.
The typesetting system LaTeX is the standard program worldwide for the compilation of theses that contain mathematical formulas. It is recommended that you familiarize yourself with LaTeX as early as possible during the course of your studies. It is a good exercise to prepare sheets for seminar presentations using LaTeX.
You can find further information, templates and helpful advice on our LaTeX info page.
LaTeX-Vorlagen für die Abschlussarbeit
The TUM Library does not only offer outstanding access to all manner of books, newspapers, and electronic media, it also offers courses on, by way of example, bibliographical research and how to correctly cite works.
Please also note subject-specific practices when citing works.
Further seminar papers and tools specific to mathematics
For licensing and contractual reasons, some of these databases are only accessible via domains belonging to the TUM Departments of Mathematics and/or Informatics. Please address queries where applicable to your supervisor or the TUM Library:
MathSciNet – Mathematical reviews on the web
The English Writing Center offers all TUM members free one-to-one advice on writing English texts and helps you to enhance your writing skills.
You can print your thesis at the computer room. Contact your supervisor to receive a sufficient print quota.