With the start of the winter semester 2024, Bachelor students in Mathematics will have the opportunity to start with the master degree in Statistics - Probability - Mathematics in Economics (SPME). In this interview, Alexia Fürnkranz-Prskawetz, Peter Filzmoser and Ulrike Schneider give initial insights into what this master programme is all about and what career prospects students have as a result.
Statistics - Probability - Mathematics in Economics (SPME) is the name of the master programme, quite a long name. What is behind the programme and what is the main focus of the Master's programme?
Alexia Fürnkranz-Prskawetz (FP): At the beginning there was a brainstorming session, we thought about which topics are important in the master programme and therefore absolutely have to be included. This is how the curriculum and the name came about. In the end, we decided on the long name because it allows us to show the range of the studies even with the name. The master programme is not new, but we have updated and expanded the it in Statistics and Business Mathematics. In the SPME programme, students deal with stochastic model development in technical and scientific subjects as well as the new and further development of mathematically based methods and models of statistics, econometrics and economics.
Peter Filzmoser (F): For a better understanding, I may perhaps briefly outline the structure of the master programme. The programme starts with a basic module, the basics for everyone. After that, students have the choice between Statistics and Probability or Mathematics in Economics. In addition to the two tracks, there are other elective modules, where you can choose between topic-specific electives, data science electives and free electives. In the planning, we tried to interlink these elective modules, which means that no matter which track you have chosen, you can choose from all elective modules that are suitable and interesting for you.
Ulrike Schneider (S): The newly designed master programme is an application-oriented programme, we show in which areas the acquired knowledge can actually be applied. We address current developments and problems, such as machine learning or big data, and give students the tools they will need later to be able to react flexibly to current developments.
The master programme was previously offered in German. What were the reasons for offering the programme only in English in the future?
FP: TU Wien is clearly moving with the times here. It is becoming increasingly important to orientate oneself internationally and English-language master programmes help with this. We open our doors to ERASMUS students, for example, but also to students whose German language skills are not yet good enough to be able to follow their studies without any problems.
S: It's not like we're all suddenly only speaking English (laughs). If students ask a question in German, it will of course be answered too and e-mail communication will also take place in German as well as in English. By the way, most of the technical terms are in English, since the master programme is now also in English, this saves the translation or paraphrasing of these terms to German. Literature on this topic is also written almost exclusively in English.
FP: I can also imagine that a discussion on a topic is only held in German, provided that everyone in the course or seminar speaks German.
F: I agree with my colleagues. Through our decision, we are opening up and can attract more students to studying, making studying more accessible. Just for comparison: for English the language level B2 is required, for German it is C1. And we can offer students an international network. Our experience has also shown that students prefer to do their bachelor degree in German, but then prefer to do their master degree in English, which they see as a great advantage.
FP: Our students also have a clear head start on the job market; they can look for jobs internationally after graduation.
Has anything else changed in the programme apart from the language? Will there be a transitional period for students who are already studying for a master’s degree?
F: We have turned the existing master programme into an attractive, modern programme. It is more clearly structured and the subjects are better coordinated. There is a good mix of electives, which gives students even more opportunities to deepen their studies.
S: It was simply important to us to keep up with the times. Research and science are constantly evolving, so programmes must always be adapted accordingly. It is also quite the expectation of the students that we respond to current topics and trends.
FP: We hope that the change will keep the students with us and that we will not lose them to other institutes or even other universities after their bachelor's degree because they can't find the right offer with us. Of course, we also hope to appeal to new students with this programme. And yes, of course there is a transitional period, there is even the possibility for students who are already in the master programme to switch to the new programme.
What career opportunities are open to students after graduation?
FP: As diverse as the programme is, so are the career opportunities. I can think of research institutions such as Wifo, IHS or ÖNB, for example. Our students are in great demand, many can already prove the skills they have learned in summer internships, in this way they also gain a lot of experience, which then helps them at the end of their studies.
S: In addition to the academic career, working in consulting is often an option. Our graduates are also in demand to use their acquired skills in the energy sector for forecasts.
F: Let me put it this way, wherever large amounts of data have to be handled, our graduates can establish themselves, for example at ÖBB or Google. Another career option would be to work in banks and insurance companies. Offices, especially statistical offices, are also a possibility.
FP: Our graduates have definitely learned to apply new methods logically; they can react flexibly and develop new methods for solving problems themselves.
What do you think makes mathematics an exciting field of research?
S: What excites me about mathematics is that I can apply the methods I use to research in a wide variety of areas and apply them to various problems.
F: Mathematics is the basis for many areas of knowledge, and it is therefore one of the most exciting sciences that can be used to explain a wide variety of phenomena.
FP: I can only agree with that, mathematics is a field of science that includes many things, very different problems can be explained and almost always solved with mathematical methods.
SPME in detail
- Degree: Master of Science
- Duration: 4 semesters
- Credits: 120 ECTS
- Language: English (B2 level required)
- Admission: relevant bachelor, no entrance examination or grade-point-average requirements
Fields of research
- Stochastic Modelling
- Economic Theory and Econometrics
- Optimization and Operations Research
- Probability Theory and Risk Analysis
- Statistics and Data Science