Study mode:On campus Study type:Full-time Languages: English
Deadline: Apr 30, 2024
StudyQA ranking:4380 Duration:2 years
The Master in Finance programme provides a unique interdisciplinary education in mathematical finance to students from around the world. The programme, which is taught in English, includes courses from financial mathematics, applied mathematics, finance and insurance. These areas are central to research and teaching of our faculty. Ulm is an excellent place for studying finance: in a research ranking published in the German Economic Review Ulm's finance group came out second among all universities in Germany, Austria and Switzerland.
Through the programme, students will gain a sound understanding of cutting-edge techniques used by financial institutions, consultants, regulators and many other economic institutions. Topics of the programme include valuation and hedging of derivatives, portfolio and risk management, regulatory aspects, and insurance. Graduates with a sound training in these areas are sought after on the job market.
Special attention will be given to foundations from various branches of applied mathematics (stochastics, statistics, applied and numerical analysis), which are necessary for modelling complex financial processes and products. With the help of such knowledge, students will be able to use advanced mathematical methods in order to solve practical problems. Example applications are portfolio optimisation, the pricing and risk analysis of credit derivatives, asset-backed securities and insurance products, or bankruptcy prediction. Many of the offered courses focus on such applications. Students will also gain familiarity with the information system Bloomberg, which is available in the faculty's trading room.

Educational organisation

The programme should be completed in two years, i.e., four semesters. Winter semesters last from October to February; summer semesters from April to July. The programme starts with compulsory courses in Financial Mathematics and Asset Pricing. Other compulsory courses include Practical Financial Engineering, which is designed to practice the implementation of modern financial techniques, and seminars, in which you will write and present papers and thereby prepare for the Master's thesis.
After the first semester, students can decide whether to major in financial mathematics, financial economics or actuarial science. Depending on the chosen major, the focus of the optional courses to be taken in the second and third semester will be on courses from the chosen area of specialisation.

Study abroad unit(s)

Through various exchange programmes, students can spend one semester at a university outside Germany.


No internships are required. However, students can do internships during the semester breaks.

Forms of assessment

Each lecture course concludes with a written exam. Oral exams are possible, if the examiner so chooses. In seminars and practical financial engineering courses, the students are required to give an oral presentation and provide a hand-out. The Master's thesis is judged based on performance during the research period and the written thesis. Altogether, the programme consists of 120 credit points (according to ECTS): 90 credits for the coursework and 30 for the Master's thesis.

Course objectives

  • Ability to solve practical problems in financial institutions with the help of modern techniques and theories from financial mathematics and financial economics
  • Ability to conduct research on a high level

Language requirements

A good knowledge of the English language is required. It can be documented through a TOEFL score of at least 570 for the paper-based test, 230 for the computer-based test, or 88 for the Internet-based test; instead of the TOEFL, you can also present an IELTS with a score of 6.5 or better. No test certificate is required from applicants who have completed a Bachelor's degree programme taught in English or whose mother tongue is English.

Academic requirements

Applicants for this programme must have completed a Bachelor's degree (or an equivalent thereof) in mathematics or in another quantitative and mathematically oriented discipline from a recognised university. A degree in economics or management, for example, can be sufficient provided that you have successfully taken a significant number of courses in mathematics and statistics. The courses in financial mathematics and mathematics are on the level of mathematics programmes. Applicants should thus have a genuine interest in mathematics. If you are in doubt as to whether you meet the requirements, you can send us an e-mail with your transcript of records for a preliminary check.

Enrolment fees

158.50 EUR

Costs of living

Approx. 700 EUR including accommodation, local transport, health insurance and food

Job opportunities

Students may work as student assistants (exercise and exam marking, tutorials, research assistance), depending on personal qualifications.

Funding opportunities within the university

Excellent students can apply for a scholarship in the last semester while working on their Master's theses.

Arrival support

Pick-up at the railway station is provided by student assistants.

Services and support for international students

Assistance is provided during the visa application phase and in accommodation arrangements, in addition to guidance in all administrative matters (bank account, enrolment, health insurance, registration, and residence permit). Furthermore, joint social events are offered by the International Office as well as by the institute (excursions, sport events, etc.).


Most international students stay in the university's student halls of residence, which have single rooms, shared kitchen, bathroom, WC and modern facilities. Rental rates vary between 175-250 EUR per month. If desired, student accommodation in halls of residence can be arranged by the Institute of Finance. Private accommodation must be arranged by the students themselves.
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Study mode:On campus Languages: English
Local:$ 16 k / Year(s) Foreign:$ 16 k / Year(s)
StudyQA ranking: 9852