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Master's programme

Mathematical Finance and Actuarial Science Technical University of Munich

Duration
4 semesters
Language of instruction
English
Tuition fees
Tuition varies
Next application deadline
30 November 2026 (summer semester)
Language level required
English: C1
German: None

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Programme overview

Quick facts

Degree
MSc
Duration
4 semesters
Full-time / part-time
Full-time
Intake
Winter and summer semester
Joint degree / double degree programme
No
A Diploma supplement will be issued
Yes
Combined Master's degree / PhD programme
No

Language of instruction

English

Participants can choose to write their Master's theses in either English or German.

Programme description

Graduates of the Master's programme in Mathematical Finance and Actuarial Science acquire fundamental theoretical, methodological and practical knowledge in financial and actuarial mathematics, risk management, probability theory, statistics, optimisation, numerics and economics, as well as social competencies (e.g. teamwork), and extra-disciplinary qualifications (e.g. foreign language skills). They are able to transfer and apply mathematical concepts to tasks in a business context. Graduates of the programme are qualified to pursue doctoral studies in a variety of mathematical disciplines or to begin their careers in a broad spectrum of business fields.

Programme structure

Lectures and seminars in the first three semesters, Master's thesis in the fourth semester

On-the-job training is also accomplished through obligatory internships (e.g. in banks, insurance companies or in cooperation with businesses). These cooperation programmes may also provide support for students writing their Master's theses.

Mode of study

  • Fully on-site

International elements in the curriculum

The curriculum of this study programme includes international elements that support global perspectives and cross-cultural learning:

  • International guest lecturers
  • Integrated/optional study abroad unit(s)

    Optional study abroad experience for one semester

Integrated internships

An internship of four weeks is to be completed, usually during the summer break between the second and third semesters. Programme advisers will assist students in finding an appropriate internship.

Application and admission

Application period(s)

Summer semester

Applicants from Applications begin Application deadline
All countries
1 October 2026
30 November 2026

Winter semester

Applicants from Applications begin Application deadline
All countries
1 February 2027
31 May 2027

Academic admissions requirements

Applicants must hold a Bachelor's degree in mathematics or an equivalent qualification in a similar field of study.
Applicants are qualified if they can show proof of academic achievements that are equivalent to the qualification obtained in the Bachelor's degree programme in mathematics offered by TUM and that meet the requirements of the respective Master's degree programme.

Language requirements

Please check all requirements directly with the respective higher education institution. Exceptions may apply. See our website for further details.

German language requirements

German: None

English language requirements

English: C1

Accepted certificates include
Certificates Minimum result
PTE Academic
Total: 65 / 90
Cambridge English Qualifications
Total: C1 Advanced
IELTS Academic
Total: 6.5 / 9
TOEFL iBT Home Edition (before 2026)
Total: 88 / 120
TOEFL iBT (before 2026)
Total: 88 / 120

How to apply?

Website

Please check this website.

Click here

Costs and funding

Tuition fees per semester

Applicants from Tuition fee
Non-EU countries
6,000 EUR

Semester contribution

Please refer to this page for more details: https://www.tum.de/en/studies/fees.

Cost of living

In order to cover personal expenses while studying in Munich, we recommend a budget of at least 1,000 EUR per month.

Please refer to the following page for more information: https://www.studierendenwerk-muenchen-oberbayern.de/en/international/international-students-in-munich/in-preparation/cost-of-living/.

Part-time employment

There are various job opportunities as teaching assistants and research assistants at the university.
Munich is also a very good place to find internships, e.g. with banks, insurance, software or consulting companies as well as in the research and development departments of large corporations.

Please refer to the following page for more details: https://www.tum.de/en/studies/during-your-studies/living-and-working/jobs-and-internships.

Scholarships and financing information

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

Living & services

Support for international students

  • Welcome event
  • Buddy programme
  • Tutors
  • Specialist counselling
  • Cultural and linguistic preparation
  • Support with registration procedures

https://www.studierendenwerk-muenchen-oberbayern.de/en/

https://www.sprachenzentrum.tum.de/en/sz/homepage/

https://www.prolehre.tum.de/en/prolehre/studyskills/

Career advisory services

Accommodation

It’s not easy to find a place to live in Munich – but it’s not impossible either! The Technical University of Munich (TUM) supports students and staff in their search for accommodation by providing personal advice, in-house listings and useful information to ensure that you can quickly find a place to call your own.

For more information, see: https://www.tum.de/en/studies/during-your-studies/living-and-working/accommodations.

Contact

Main contact

Department of Mathematics

Name
Prof Dr Aleksey Min
Address
Parkring 11, 85748 Garching b. München
Email
E-mail

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Always know what comes next

Study Guide gives you a personal to-do list tailored to your background, qualifications and interests, so you always know what to do next.