Master Programme Actuarial and Financial Mathematics
At a Glance
|Degree:||Master of Science (M.Sc.)|
|Duration:||4 semesters (standard study period)|
|Admission Semester:||summer and winter semester|
|Bachelor's degree in Business Mathematics or in Mathematics with Economics as minor subject or a comparable university degree, good command of English (see further information for details).|
|Language of instruction:|
|mainly English (some of the elective courses might be in German).|
|Major field of study:|
|Financial mathematics, Actuarial mathematics|
|at the Graduate School of the department (see further information)|
The two-year Master's programme in Actuarial and Financial Mathematics is a scientific-research-oriented programme that provides the theoretical foundations and skills necessary for a comprehensive understanding of large areas of the increasingly complex financial and actuarial markets. It also provides a link between mathematics and financial economics.
In terms of content, the programme builds on the knowledge acquired in the Bachelor's degree programme in Business Mathematics (or the Bachelor's degree programme in Mathematics with Economics as minor subject) at TU Kaiserslautern. In addition to a well-founded basic mathematical education, the student is expected to have already acquired basic knowledge in theoretical and practical aspects of stochastics as well as an in-depth knowledge in probability theory.
On the one hand, the programme enables students to assess the possibilities (but also limitations) of mathematical modelling for problems in the financial industry and/or actuarial industry, to develop powerful mathematical models and to put them into practice. On the other hand, students will be introduced to current application-oriented mathematical research in their major field of study. After completing their studies, graduates will be qualified to undertake scientific work and will be able to creatively adapt to new conditions in professional life and demonstrate skills such as classifying scientific findings and being able to apply them in a focused manner.
In the first three semesters of study, the curriculum includes the provision of well-founded knowledge in the areas of “Actuarial and Financial Mathematics”, “Statistics and Computational Methods” and “Financial Economics”. The second and third semesters of study also allow the students to delve into the subject matter and prepare them for their master’s thesis. In addition to the lectures (or lectures with exercises), the curriculum provides a coordinated sequence of seminars, reading courses and project seminars, which help deepen the knowledge in financial and actuarial mathematics. Instead of the project seminar, a relevant internship can also be done. The fourth semester is reserved for the working on the master’s thesis (6 months).
All mathematics courses are held in English. Semesters abroad are organized by the Graduate School "Mathematics as a Key Technology".
Graduates will typically find employment in banks, insurance companies or management consultancies. Other attractive fields of employment include research and teaching in applied mathematics or economics.
At TU Kaiserslautern, the various Master’s degree programmes in mathematics are part of a consecutive study programme consisting of Bachelor’s and Master’s degree courses. Only the best students holding a Bachelor’s degree qualify for admission into the Master’s programme. External candidates seeking admission must prove that they have an equivalent qualification when compared to the local programme. Applicants must have obtained the necessary subject knowledge during their Bachelor’s, so that they can cope up with the Master’s lectures at TU Kaiserslautern. Their Machelor's degree must be of a sufficient academic quality.
A specific admission requirement is that the applicant must have successfully passed examinations for the modules "Stochastic Methods” and “Probability Theory” or in equivalent modules from the area of stochastics amounting to at least 18 Credit Points (CP) as well as economics modules from the Bachelor's programme Business Mathematics (or equivalent modules) amounting to at least 16 CP.
- Academic requirements: Applicants must have obtained a degree equivalent to the Bachelor of Science in Business Mathematics at TU Kaiserslautern before enrolling as a student here.
Language requirements: Applicants must demonstrate a good level of competence in the English language (e.g. TOEFL of 550/213/80 points). Prior knowledge in German is not necessarily required, but international students have to pass a German language test within their first academic year. German language courses are offered, starting in August and March. Students who cannot attend these courses must take part in German language courses in their home country.
In order to enable students from other Bachelor's or Diploma degree programmes (in particular students with foreign degrees) to be academically at par with the Bachelor’s students from TU Kaiserslautern, candidates might be provided with a conditional admission. This means that the candidates might have to attend additional courses (alongside their usual Master's lectures) and pass the corresponding examinations with a sufficient grade within the first academic year. Only those students who have fulfilled these requirements will be allowed to continue with their Master’s degree. These additional courses are generally pre-requisites for most of the Master’s lectures in the chosen specialization, and must not exceed 60 CP.
All applicants are required to submit a filled in application form (check under Documents/Links).
Along with the completed application form, the following documents must be attached:
- Curriculum vitae (description of the educational and perhaps professional history),
- Evidence of sufficient knowledge of the English language: TOEFL of 550/213/80 points or IELTS (band 6), German high school diploma or proof that the courses and lectures at the former university were taught in English,
- Certified copies of final certificates in German or English (university entrance certificate, Bachelor's degree or an equivalent degree certificate)*,
- Academic transcript (list of all previous courses attended with exam results),
- Brief description of the contents of all mathematical lectures attended at university,
- at least two letters of recommendation,
- Letter of motivation,
- Chinese (except for Hong Kong), Vietnamese and Mongolian students must submit the APS certificate.
* If you do not receive your certification before the deadline, please contact us.
Taking into consideration the visa formalities for international applicants, the application deadline at TU Kaiserslautern is April 30 (early bird: November 15) for the winter semester and October 31 for the summer semester.
International students should bear in mind that the application deadlines for scholarships are often earlier.
A non-refundable application fee of 50 € must be paid beforehand. After submitting your application, you will be given a registration number and bank details. Your application can only be processed after the fee has been transferred to our account. It is recommended to submit the application early enough as payments take up to one month. Exchange students from partner universities (e.g. ERASMUS students) and students with a degree in mathematics from a German university are exempted from this procedure. The application fee paid by students who are DAAD scholarship recipients will be refunded.