Master Financial and Actuarial Mathematics
The FAM master features a solid mathematical education combined with finance, insurance, economics and law. We boast a close collaboration with industry, involving many external lecturers, and offer an excellent student-to-teacher ratio.
The program is free for EU nationals, and very affordable for non-EU nationals.
TU Wien is the only university in Austria to offer the complete theoretical part of actuarial training.
A bachelor's degree in mathematics or a closely related area is required.
Application periods ("When shall I submit my documents?"), for EU/EEA citizens and third-country nationals
Note that the research group FAM does not pre-assess applications. The admission procedure is handled by the admissions office of TU Wien and the dean of academic affairs.
The curriculum in TISS, opens an external URL in a new window (TU Wien's online information system, including detailed course descriptions, lecturers, dates and lecture halls).
Currently, the official language of the Master is German, with many courses being taught in English due to a considerable number of Erasmus students. In June 2025 we expect an official approval of the English Master, which will start in winter term 2025/2026.
Module Stochastic Analysis (7.0 ECTS)
- Stochastic Analysis in Financial and Actuarial Mathematics 1
Module Analysis and Applied Methods (8.5–16.0 ECTS)
- Choice of subjects such as: Topics in Analysis, Advanced Probability, Game Theory, Functional Analysis, PDEs
Module Advanced Financial Mathematics (17.5 ECTS)
- Mathematical Finance 2: Continuous-Time Models
- Risk Management in Finance and Insurance
- Stochastic Control Theory
Module Risk and Ruin Theory (7.5 ECTS)
- Risk and Ruin Theory
Module Financial Mathematics Stream (14.0 ECTS)
- Stochastic Analysis in Financial and Actuarial Mathematics 2
- Interest Rate Models and Derivatives
- Credit Risk Models and Derivatives
Module Actuarial Mathematics Stream (15.0 ECTS)
- Advanced Life Insurance Mathematics
- Statistical Methods in Insurance
- Advanced Methods for Regression and Classification
- Actuarial Modeling
Elective Modules (27.0 – 35.5 ECTS)
- Your choice from a large range of lectures offered by TU Wien: advanced courses in financial and actuarial mathematics, machine learning, data science, probability, statistics, economics, econometrics, transferable skills, and much more
Thesis (30.0 ECTS)
- We regularly conduct thesis projects with industry partners, but also offer more theoretical topics.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. By choosing the actuarial stream of the program, students fulfill a large part of the academic requirements to become a certified actuary of the Austrian Actuarial Society (AVÖ). TU Wien offers all courses required by AVÖ, but note that some of them are part of our bachelor program and are in German.
Austrian Actuarial Society, opens an external URL in a new window (AVÖ)
Actuarial Association of Europe, opens an external URL in a new window
International Actuarial Association, opens an external URL in a new window
The expertise of actuaries and financial mathematicians is of great importance to our society.
Possible tasks:
- Option pricing, asset/liability management, portfolio management
- Credit risk, interest rate modeling
- Pensions and life insurance
- Extreme value theory: natural disasters
- Financial audit
- Consulting
Excellent career prospects through FAM's extensive collaboration with banks and insurance companies
Salary: Actuarial/financial mathematician is one of the best-paying jobs in Austria.
For job offers in the insurance and finance sectors, see FAM-jobs: fam.tuwien.ac.at/jobs/.
Johanna Suppan, Master Student FAM
The financial and actuarial mathematics study programs blend advanced mathematics with practical training. FAM has a FAMily-like atmosphere, where direct interaction with professors is a central aspect. And should problems arise, there is always someone ready to listen and offer support.
Philip Plank, UNIQA
The variety of application areas in the field of financial and actuarial mathematics is simply amazing. We, financial and actuarial mathematicians, can work as actuarial experts, data scientists, programmers, project managers and much more. We work on individual projects or in large teams. We are mathematical experts trained at communicating to non-experts. Actuaries are in high demand and often make it to the executive board.
Sabrina Kuhrn, UniCredit Bank Austria
The Master in Financial & Actuarial Mathematics didn’t just provide me with a solid theoretical knowledge - it also trained me to think critically and approach problems from multiple angles. Whether it's modeling risk or making data-driven decisions, the skills I gained are directly applicable in my work in the banking sector. Looking back, I see how well the program prepared me for the real-world challenges of the finance industry.
Christina Ziehaus, Generali
The mathematics program at TU Wien combines a solid foundation in mathematical theory with practical, real-world applications. I found studying math both enjoyable and rewarding, even when it was challenging. Looking back, I can confidently say that the program equips you with the best possible skills needed for success in today's job market, whether you choose a career in finance or another industry.