This master's programme builds a rigorous foundation in both financial and actuarial mathematics, combining theory with practical methods. Core subject areas include risk management, probability theory, statistics, optimisation, numerical methods, and economics. Students also develop interpersonal and cross-disciplinary skills—such as teamwork and foreign language competence—that support collaboration and professional communication.
Emphasis is placed on translating mathematical ideas into real-world business solutions: graduates learn to model, analyse and solve problems that arise in finance, insurance and related industries. The curriculum balances abstract mathematical training with tools and techniques that are directly applicable to industry practice and data-driven decision-making.
Graduates are prepared for continued academic study at the doctoral level across various mathematical fields, and they are equally well qualified to start careers in a wide range of commercial sectors where quantitative, analytical and risk-management expertise is needed.
Admission & practical information
This two-year master's programme is organized around intensive taught work in the first three semesters and a research-focused Master's thesis in the fourth semester. During the taught phase students attend lectures and seminars that build advanced mathematical competence and applied problem‑solving abilities relevant to finance and insurance. The final semester is dedicated to completing an independent, supervised thesis that demonstrates mastery of a chosen topic.
A distinctive feature is the built-in practical training: students are required to complete on‑the‑job internships with employers such as banks, insurance companies, or partner businesses. These placements give direct industry experience, help bridge theory and practice, and enhance employability. In many cases the programme’s cooperation partners also offer mentoring or project support for students who choose to base their Master’s thesis on applied work from their internship.
Key learning outcomes from this structure include the ability to apply advanced mathematical methods to real‑world financial and actuarial problems, experience in professional environments within the finance/insurance sector, and the capacity to carry out independent research leading to a substantive Master’s thesis.
Program components and requirements
You must hold a Bachelor's degree in mathematics or an academically equivalent qualification from a closely related field. International applicants with comparable undergraduate degrees are eligible, provided they can demonstrate that their previous studies match the level and content expected for entry into this Master's programme.
Admissions are based on an evaluation of your academic record: you need to supply evidence that your qualifications and coursework are equivalent to the Bachelor's degree in mathematics offered by TUM and that they meet the specific entry requirements of the Master's programme. The university will assess your submitted documents to determine equivalence.
To avoid delays, be prepared to provide detailed documentation (e.g., diploma, transcripts, course descriptions and any additional supporting materials) if requested by the admissions office.
Winter Semester (International)
31 May 2026
Summer Semester (International)
30 November 2026
Winter Semester (EU/EEA)
31 May 2026
Summer Semester (EU/EEA)
30 November 2026
Graduates are prepared for roles in a wide range of business fields including banks, insurance companies, risk management departments, and financial institutions, as well as quantitative analyst, actuary, risk manager and related positions in industry and consulting. The programme’s practical components and mandatory internship facilitate transition into industry roles.
The strong theoretical and methodological foundation also qualifies graduates to pursue doctoral studies in various mathematical disciplines, enabling careers in research and academia in addition to professional practice in finance and actuarial science.