Programme Structure

The programme is spread over four terms (two years), with three terms of course work and one term to write the master‘s thesis. After the first term, students can decide whether to specialize in Actuarial Science, Financial Economics or Financial Mathematics.  Broadly, there are four types of courses: 

Introductory courses

A small number of core courses that introduce you to the most important concepts (Asset Pricing, Derivatives, Discrete Time Financial Mathematics). Whether they are compulsory or not depends on the chosen specialization.  These courses also help students without any finance background to get started.

Practical courses and seminars

In practical courses, you will gain experience in implementing modern financial techniques. In seminars, you will write and present papers and thereby prepare for the master’s thesis.

Elective courses

The curriculum offers a large number of elective courses from which you can choose. They range from courses that deepen your knowledge of concepts and methods to courses that focus on specific topics in a field. The majority of the electives will be in your chosen area of specialization.

Language or soft skill courses

Most students who come from abroad choose to take German language courses. German courses are offered for all language levels, starting from absolute beginners.

We regularly update course contents to adapt to changing topics and trends. Whether you want to learn more on cryptocurrencies, climate risk or machine learning - there is the opportunity to do so.

The programme is both quantitative and practical, and partly because of that Ulm University has an excellent reputation for well-trained finance students. Many of our graduates work for global financial players (e.g. Allianz or Bank of America).  The programme is also an excellent preparation for doctoral studies leading to a PhD.
 

Specializations

Choose between Actuarial Science, Financial Economics and Financial Mathematics. Each specialization offers an excellent education for your future career. 

Specializations

If you are interested in studies with a focus on actuarial science and methods applied in the insurance industry,  the specialization Actuarial Science is the right choice for you.  It also provides you with the possibility to take the entrance examinations of the German Association of Actuaries (DAV) during your studies at Ulm University. 

You can find out more information about the Actuarial Program at Ulm University here.

Example courses in the specialization Actuarial Science:

  • Derivatives 
  • Risk Theory I/II
  • Life-, Health- and Pension Mathematics
  • ...

Furthermore, a large list of elective courses from all other areas of the Finance program (mathematics, quantitative methods, financial economics) complement the study program.

The specialization Financial Economics focuses on understanding and predicting stock returns, on measuring credit and market risk, and it makes you familiar with financial institutions, markets and instruments.

The specialization is the most flexible among the three. For example, instead of taking high-level mathematics or statistics courses, you can take econometrics courses or courses from computer science related to machine learning and data science. You can also take courses from actuarial science.

Example courses in the specialization Financial Economics:

  • Asset Pricing
  • Derivatives
  • Financial Modeling
  • Credit Analysis
  • Investment and Risk Management
  • ...

Furthermore, a large list of elective courses from all other areas of the Finance program (mathematics, quantitative methods, actuarial science) complement the study program.

Become an expert in financial mathematics and master the mathematical and stochastic concepts widely used in the financial industry. Learn to model financial processes and use your knowledge to evaluate complex financial products. 

The specialization Financial Mathematics is best suited for students with a strong interest in mathematics. 

Example courses in the specialization Financial Mathematics:

  • Discrete Time Financial Mathematics
  • Continuous Time Financial Mathematics
  • Stochastic Analysis
  • ...

Furthermore, a large list of elective modules from the areas mathematics and financial economics (includes actuarial science) complement the study program.

 

Specialization

Modules

Actuarial Science

Financial Economics

Financial Mathematics

Asset Pricing 7 CP

Optionally

ü

ü

Derivatives 7 CP

ü

ü

Optionally

Discrete Time Financial Mathematics 4 CP

ü

Optionally

ü

Continuous Time Financial Mathematics 4 CP

Optionally

Optionally

ü

Stochastic Analysis 4 CP

Optionally

Optionally

ü

Electives

25 CP in Actuarial Science,

16 CP in Mathematics,

7 CP in Financial Economics

7 CP in any area

32 CP in Financial Economics,

20 CP in Mathematics or in
Quantitative Methods

47 CP in Mathematics and in
Financial Economics

(Minimum of 32 CP in Mathematics and
Minimum of 11 CP in Financial Economics)

Two seminars 8 CP

ü

ü

ü

Practical Actuarial Science 4 CP

ü

-

-

Project Class in Asset Management (PAM) 4 CP

Optionally

ü

(choose between PAM and PFE)

Optionally

Practical Financial Engineering (PFE) 4 CP

ü

(choose between PFE and RMR)

ü

Risk Management Roundup (RMR) 4 CP

ü

ü

Language or soft skill courses ("Additional Key Qualifications") 8 CP

ü

ü

ü

Master‘s Thesis 30 CP

ü

ü

ü

Professional Perspectives

Through the programme, students will gain a sound understanding of cutting-edge techniques used by financial institutions, consultants, regulators as well as fintechs or insurtechs, i.e., companies that offer new products based on modern technology.

Topics of the programme include valuation of derivatives, insurance, portfolio and risk management, and data analytics. Graduates with a sound training in these areas are sought after on the job market. The programme is also an excellent preparation for doctoral studies leading to a PhD.

"Studying at Ulm University has always been one of the best experiences to me. In my view, this is a great place where excellent faculty and brilliant students meet. And I am very thankful that I have been able to build up my knowledge and skills in a practical way via the MSc Finance program. Moreover, it has also been a great pleasure for me to make so many good friends throughout my study here. I miss them so much and I hope one day we could reunite in all parts of the world!"
Sirui, student from China.
(After his graduation in 2019, Sirui started to work on his PhD at Goethe University Frankfurt.)

More Information

Study plans

Study plans show a typical course of study for each specialization.