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Financial and Actuarial Mathematics (Master)
Graduates of the master program Financial and Actuarial Mathematics possess a strong foundation in mathematics and are trained to analyse, model, and assess risks. The flexible structure of the master's programme in Finance and Actuarial Science consists of a small, theory-based compulsory catalog and a wide range of specialisation options with many application-oriented contents in financial mathematics and actuarial mathematics. Owing to a good teacher-student ratio, you can develop your full potential and also collaborate on current research topics. One particularly exciting career path is becoming an actuary - essentially a mathematician specializing in risk analysis. Actuaries are among the top experts in the financial and insurance sectors: they are highly sought after by insurance companies, pension funds, consulting firms, and financial service providers, and are accordingly well paid. TU Wien is the only university in Austria that provides complete theoretical actuarial education.
| Degree programme code | UE 066 405 - Master's Programme Financial and Actuarial Mathematics |
|---|---|
| Related master's programmes | Master's Programmes in Mathematics and Geoinformation |
| Duration | 4 semesters |
| Credits | 120 ECTS |
| Language of instruction | English |
| Degree | Dipl.-Ing. (internationally comparable with "Master of Science") |
| Module structure | Financial and Actuarial Mathematics, opens an external URL in a new window |
Programme Structure
All detailed information on the structure and content of the programme can be found in the curriculum, opens in new window (PDF in German) or in the list of courses in TISS, opens an external URL in a new window.
Due to the high freedom in choosing courses, there are no semester recommendations. In the first three semesters students usually have to do
- Compulsory courses worth 54.5-63 ECTS
- Fundamentals (min. 17 ECTS)
- at least one of the two specializations:
- Financial Mathematics: Interest Rate Structure Models and Derivatives, Credit Risk Models and Derivatives, Stochastic Analysis; or
- Actuarial Mathematics: Advanced Life Insurance Mathematics, Statistical Methods in Insurance, Advanced Methods for Regression and Classification, Actuarial Modeling
- Courses from both Financial and Actuarial Mathematics (25 ECTS): Mathematical Finance 2, Risk Management in Finance and Insurance, Stochastic Control Theory, Risk and Ruin Theory
- Subject specific elective courses totalling 27-35.5 ECTS
- Free Elective Courses and Transferable Skills worth 9 ECTS
In the fourth semester, the focus is entirely on writing your master's thesis.
Further Information
Admission to the Master’s programme in ‘Financial and Actuarial Mathematics’ is possible after completing an eligible Bachelor’s degree at an accredited national or international post-secondary educational institution. To compensate for fundamental subject-specific differences between your previous education and the level of qualifications expected at TU Wien, supplementary examinations totalling a maximum of 30 ECTS credits may be required.
For example, the following Bachelor's programmes at TU Wien are considered eligible for a consecutive admission without supplementary examinations:
- Technical Mathematics
- Statistics and Mathematics in Economy
- Finance and Actuarial Mathematics
- Technical Physics
Please note that the admission review may take some time. Moreover, consider the general admission deadlines:
- Winter semester: July 7 - October 31
- Summer semester: January 7 - March 31
You can find the general admission requirements on the page Admission to Master’s Programmes.
Graduates of the master programme Financial and Actuarial Mathematics combine sound theoretical knowledge with a repertoire of application-oriented techniques, enabling them to efficiently solve complex problems in the finance and insurance industry. As a result, they are among the most sought-after young professionals and usually have good prospects for well-paid jobs with opportunities for advancement.
Actuaries are among the world's top finance and insurance experts. They are in high demand — and are correspondingly well paid — by insurance companies, pension funds, consultancies and financial service providers. However, many graduates also embark on successful careers in financial mathematics, working in areas such as risk management, banking, investment firms, hedge funds and management consulting. These roles offer exciting challenges such as valuing innovative financial products, analysing derivatives, optimising portfolios and developing new models to better understand and manage market risks.
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Christina Ziehaus, Generali, Deputy Appointed Actuary (Life Insurance)
The FAM program at TU Wien gives you a strong grounding in theory while also showing you how to use it in real life. Looking back, I can say the program sets you up with great skills for today’s job market, whether you go into finance, insurance or any other field.
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Cetin Gülüm, BAWAG, Senior Quantitative Analyst:
In my Master in Financial and Actuarial Mathematics, through rigorous exposure to probability theory and stochastic analysis, I developed the ability to convert real-world chaos into neatly parameterized models. Subsequent fieldwork in “risk modeling” confirmed that uncertainty never takes a day off. Today, I apply these findings on the daily basis.
An der TU Wien können Sie nach Ihrem Masterabschluss eines der folgenden Doktoratsstudien absolvieren:
- 796 700 - Doktoratsstudium der Technischen Wissenschaften
- 796 600 - Doktoratsstudium der Naturwissenschaften
- 796 300 - Doktoratsstudium der Sozial- und Wirtschaftswissenschaften