Universities / Technical University of Munich
MSc Mathematical Finance and Actuarial Science (TUM MFAS)
A maths-heavy master built on stochastic analysis, where students specialise in either mathematical finance or actuarial science while learning the basics of the other. Includes econometrics, a management minor, a four-week internship and a six-month thesis.
What you’ll study
Core
- Mathematics modules and specialisation area (mathematical finance, actuarial science, stochastics, mathematics)
- Econometrics lectures
- Advanced seminar
- Internship and internship seminar
- Master's thesis
Electives
- Management minor (from TUMonline minor catalogue)
- Soft-skill and language courses
Source: cit.tum.de ↗
Before you apply
- Background
- Bachelor's in mathematics or comparable mathematics-based degree (business administration does not count); transcript with at least 140 credits
- Maths
- Probability theory at the level of Durrett's Probability: Theory and Examples; Competencies checklist; small gaps penalised
- English
- Adequate English; certificate needed unless exempt
- Other
- Aptitude interview
Source: cit.tum.de ↗
After graduation
- Typical first roles
- risk management, portfolio theory, actuarial mathematics, auditing / tax consulting
Source: cit.tum.de ↗
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Covers two of six core subjects for DAV actuarial training. Individual module names are in TUMonline, not on the web page.
Checked 6 November 2026 against the sources linked on this page. Fees, units and requirements change each year, so confirm them on the programme’s website before applying.