Program Overview

Master in Financial and Insurance Mathematics

The Department of Mathematics of the University of Munich offers a highly interdisciplinary master degree program in Financial and Insurance Mathematics. Research-oriented teaching provides advanced competencies in applied and computational mathematics with particular focus on Financial and Insurance Mathematics.

About this Study Program

The study program is highly modular and offers an interdisciplinary selection of topics for specialization and curriculum development in statistics, business administration, economics, and informatics. Students are able to acquire a wide spectrum of indispensable competencies to build a professional profile in the fintech, insurance, banking, consulting, and IT sectors at highest quality standards. In addition to theoretical and applied qualifications, this study program conveys scientifically critical thinking to enable careers in both academic and industry research.

Program Structure

The Master Program in Financial and Insurance Mathematics comprises a volume of 120 ECTS which are distributed over four semesters. It contains a mandatory first semester basic orientation exam, a few mandatory modules, a large selection of elective modules, and a mandatory internship. The last semester is reserved for thesis-writing. The program concludes with the academic degree of a Master of Science.

Admission Requirements

In order to be accepted to the Master in Financial and Insurance Mathematics Program, prospective candidates must either:

• have successfully completed a bachelor degree in Mathematics or Business Mathematics at a volume of 180 ECTS at a German university,
• or alternatively, hold a bachelor study program in another field or international university that features an integrated mathematics education at a profound mathematical level comparable to our:
  • BSc Business Mathematics study program
  • BSc Mathematics study program These requirements are generally fulfilled only by BSc programs in Mathematics at major universities, certain BSc programs in Business Mathematics, and a limited number of BSc programs in Statistics or Physics, such as those offered at LMU Munich.

Application and Enrollment

The Master in Financial and Insurance Mathematics Program begins exclusively in the winter semester. Two processes are required for successful admission and enrollment:

• Admission process at the department
• Enrollment process at the LMU Both should be started well ahead of the respective deadlines and in parallel.

First Semester Orientation

Typically, in the last week before the winter semester, the student union and the Department of Mathematics organize an orientation phase which offers orientation meetings for the first semester students of all our study programs.

Example Curricula, Module Handbooks, and Examination and Study Regulations

The structure of the study program, including its organization, examinations, and deadlines, is governed by the Examination and Study Regulations (PStO).

• Sample curricula are available for different examination regulations.
• The module handbook provides a detailed overview of all modules in this study program.
• The examination and study regulations regulate the study program and are available for different years.

Basic Orientation Exam (GOP)

The first semester comprises a mandatory basic orientation exam, the so-called "Grundlagen- und Orientierungsprüfung" (GOP). It consists of the module examination of the module "P1 Stochastic Calculus and Arbitrage Theory in Continuous Time". The GOP must be passed by the end of the first semester.

Internship

Students of the Master Program in Financial and Insurance Mathematics must complete a company internship. This company internship must have a duration of at least four weeks and should enable the intern to apply qualifications acquired during the study program and collect industry experience.

Master's Thesis

The last semester is recommended to be reserved for thesis-writing. Students are encouraged to contact potential supervisors at an early stage, discuss possible thesis topics, and plan the preparation period in a timely manner. The thesis must be finally and duly registered using the designated form at the Contact Desk of the Examination Office.

Double-Degree Exchange Programs

Students can also take advantage of many attractive possibilities to study abroad, including the opportunity to take part in two double-degree exchange programs:

• The International Master in Business Mathematics with the University of Bologna in Italy and Paris Saclay in France
• The International Master in Financial and Insurance Mathematics and Green Finance with the University of Bologna in Italy and Paris Dauphine in France
• The GrEnFIn EMJM-Greening Energy Market and Finance, Erasmus Mundus Joint Master with the University of Bologna in Italy and Paris Dauphine in France