Mathematical Finance and Actuarial Science

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:

• Degree program documentation for the Master’s program in Mathematical Finance and Actuarial Finance (PDF, German)

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.

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 usually English. This means that most of the modules are offered in English. Some courses may, however, be taught in German.To learn more about the language of instruction for each module, contact the departmental student academic advisor of this program.

• Information on exams
• Information on studying abroad
• Information on internships

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

Many international students can have their fees waived or receive scholarships to finance them. You can find all information on waivers and scholarships here.

Please note: The semester fee as a contribution to the student union must be paid additionally. It varies depending on where you are studying. You can find all information on the semester fee here.

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. The aptitude assessment allows the TUM schoolto which you are applying 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:

• Applying for a Master’s program: Application, admission requirements and more 
• Important information about your application from the TUM school

• Degree Certificate and Diploma or Subject and Grade Transcript of Studies to Date
• Transcript of Records
• Curriculum (e.g. module description)
• Proof of English Language Proficiency
• Form for Grade Calculation
• Letter of Motivation (in English)
• Complete and Current Résumé
• Passport
• Preliminary Documentation (VPD) if the qualification for graduate studies (e.g. a bachelor’s) was obtained outside the EU/EEA (from winter semester 2025/26: outside Germany)

We may require additional documents depending on your educational background and your country of origin. Complete the online application to receive a comprehensive list of the required documents. 

• Application for Enrollment (signed)
• Degree Certificate and Diploma (certified copy)
• Transcript of Records (certified copy)
• Most Current Photo (as for ID)
• Digital notification of your health insurance status from a German public health insurance provider (requested by applicant)

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: 15.02. – 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. The aptitude assessment is a two-part procedure after the submission of an official application to a program. In this procedure, the TUM school 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: 

• Aptitude Assessment for Master
• Information on the Aptitude Assessment (German) (PDF 2 MB)