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M.Sc. Mathematical Finance and Actuarial Science

Technical University of Munich (TU Munich - TUM) Munich

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  • Over 1,500 EUR/sem
    Tuition
  • Winter and summer
    Intake
  • English
    Language
  • 4 semesters
    Duration
  • 30 Nov
    Next deadline

Applications close on 30 Nov.

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About the programme

Mathematical Finance and Actuarial Science at TUM is a full-time, four-semester Master of Science with 120 ECTS, taught in English in Garching, with a start in the summer or the winter semester. It prepares you to work as a financial and actuarial mathematician, whether in a finance capital such as London or Frankfurt or in auditing, tax consultancy or management accounting at an international insurance group. You specialise in either mathematical finance or actuarial science, take modules from the other area, and add courses in economics and related fields of mathematics such as statistics, probability theory, numerics and optimisation. If you want to train as an actuary with the German Association of Actuaries, you can cover two of the six required core subjects within the programme. You can spend one or two semesters at a TUM partner university abroad, and the Master's thesis in the fourth semester completes the degree.

Fields of study

Mathematics(Mathematics & Statistics)
Finance & Banking(Business & Economics)

How to apply

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Requirements

What you need to apply for Mathematical Finance and Actuarial Science at Technical University of Munich (TU Munich - TUM)

English language

IELTS Overall
6.5/ 9.0
View English requirements details

6.5

If you wish to submit a confirmation of your language of instruction as proof of your english language proficiency, the confirmation has to be issued by an administrative unit of the university (e.g. Examination Office, Registrars Office, Deans Office) on official university paper and has to bear a seal and an original signature.

German language

View German requirements details

As you are studying in Germany, you need to acquire at least a basic level (A1) of German language knowledge. Students who do not provide proof of proficiency in German can be admitted on the condition that they complete one module providing integrative knowledge of the German language within the first two semesters of their studies. TU München offers free courses for this purpose.

Academic requirements

Completed Bachelor's degree
Required
View academic requirements details

1. 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.

As per Unievrsity Mail:

Our Master´s program is mainly a study of Mathematics and requires prerequisites from a Bachelor in Mathematics. For an application you need an accredited university degree in Mathematics or in a comparable study program (typically a 3-years bachelor's degree - applicants from some countries need a 4-years bachelor or an additional year in a master's study after the 3-years bachelor). Applicants are qualified if they can show proof of academic achievements that are equivalent to the qualification obtained in the Bachelor´s program in Mathematics offered by Technische Universität München. These academic achievements must meet the requirements of the respective Master´s program.

120 ECTS

Tests and documents

Statement of Purpose (SOP)
Required
Curriculum Vitae (CV)
Required
Letters of Recommendation
Required
GRE
Required
GMAT
Not required
View document requirements details

Yes

Yes

yes

Required

APS verification

APS certificate
Required for Application

APS checks your degree papers. You need it if your degree is from India, China or Vietnam.

Prerequisites

The prerequisite for the TUM-Master´s program "Mathematical Finance and Actuarial Science" is an accredited university degree in Mathematics or a mathematically comparable degree program and the proof of appropriate competencies, as specified in the check list to the right. If you fail to meet these conditions only by a narrow margin, points will be deducted during the application process and you possibly will be required to complete missing modules during your first year of the Master´s program. If the commission thinks that there is too much content missing, your application will be rejected.

To be accepted to the TUM Master’s Program "Mathematical Finance and Actuarial Science", applicants must have a qualified university degree in

  • mathematics or
  • a comparable mathematics-based degree program (this does not include business administration!) that does not differ significantly in terms of the competencies acquired in the aforementioned bachelor's degree programs at TUM.

The equivalency and comparability of programs that are not listed will only be decided during the application process. Unfortunately, it is not possible to make any statements on this in advance.

Additionally, proof of suitable competencies is required, as listed on the checklist (opens in a new tab) to the extent indicated. If applicants fail to meet these requirements by only a narrow margin, they will receive a point deduction in the application procedure and may be required to take the module they are missing during the first year of their master’s degree. If too much is missing, this will lead to the application being rejected.

If you would like to get a feel for the level of difficulty of our mathematics courses, you can visit the website of Prof. Durrett (opens in a new tab) and see his book “Probability: Theory and Examples (4th edition, Cambridge U. Press, 2010)” there. This book is a basis for our bachelor’s course Probability Theory.

Additionally, proof of suitable competencies is required, as listed on the checklist (opens in a new tab)

Checkliste_FAS.pdf (opens in a new tab)

For your application, you must upload the following documents to TUMonline:

For more information on all required documents, see the Document Glossary of the Technical University of Munich (opens in a new tab). Depending on your previous education and origin (opens in a new tab), we may need additional application documents. You can find out which documents are relevant when applying online via TUMonline.

International Applicants - TUM (opens in a new tab)

Documents checklist

What to prepare for your application to Mathematical Finance and Actuarial Science

Programme-specific documents

1.Online Application Print-out (signed)

2. Degree Certificate and Diploma or Subject and Grade Transcript of Studies to Date (certified copy)

3. Transcript of Records (certified copy)

4. Curriculum (e.g. module description)

5. German or English Language Skills (certified copy)

6. Form for the grade calculation

7. Letter of Motivation

8. Complete and Current Résumé (CV)

9. Passport (copy)

10. Most Current Photo (as for ID)

11. Student Health Insurance Certificate

12. Preliminary evaluation by uni-assist for graduate certificates (i.e. a bachelor's degree) obtained in a country outside of the EU/EEA

If you have previously written your graded thesis in English or can prove that you have completed at least 10 credits in English-language examination modules, you are considered to have demonstrated adequate proficiency in English.

We may require additional documents depending on the type of secondary school diploma you earned and your country of origin (e.g. GRE, GATE, APS). After completing the online application process, you will receive a list of documents you must submit to TUM in hard copy by the application deadline.

This programme applies directly or via uni-assist. Submit your documents through the correct channel before the deadline.

Open application portal (opens in a new tab)

Apostille and notarization

Requirements vary by nationality and issuing country. Many German universities require certified translations and, in some cases, document apostilles. Verify current requirements directly with the admissions office, or use our document services for guided preparation.

Need help preparing your documents?

Our document preparation bundle covers SOP, CV, LOR, and translation coordination, reviewed by our team.

View document bundle

How to apply

Step-by-step guide to applying for Mathematical Finance and Actuarial Science at Technical University of Munich (TU Munich - TUM)

Application procedure

Uni-Assit VPD + Direct Application

Selection process

No Information Found

Application quick facts

APS

Required for Application

APS checks your degree papers. You need it if your degree is from India, China or Vietnam.

Application fee

75 EUR

Complexity

Medium

Address

Technical University of Munich

Arcisstraße 21

80333 München

Open application portal (opens in a new tab)

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Costs

Tuition

Over 1,500 EUR

per semester

Semester contribution

85 EUR

per semester

Application fee

75 EUR

per application

Estimated year-1 total cost

15,074 – 24,074 EUR

Includes tuition, semester contribution, and estimated living costs. Range accounts for lifestyle differences.

Additional fee information

The tuition fees for international students from third countries for this degree program are 6,000 euros per semester.

Plan your total budget for Germany

Use the MS in Germany cost calculator to estimate living expenses, insurance, and your full year-one spend.

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Admission outcomes

Community-reported data from MS in Germany students (2018-2025)

Acceptance rate

33%

1 accepted out of 3 total applications

Grade distributionGerman scale (1.0 = best, 4.0 = passing)

AdmittedRejected
1.02.03.04.0

Based on 3 applications from MS in Germany students 2018-2025.

Based on 3 applications from MS in Germany students 2018-2025.

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