Mathematical Finance

What is Mathematical Finance?
The finance industry increasingly relies on complex mathematical models and highly sophisticated mathematical tools, e.g., for derivatives trading and risk management. Mathematical Finance provides their scientific foundation on a variety of levels and deals with a wide range of theoretical and practical issues. On a general theoretical level, one studies e.g., the probabilistic structure of financial markets or the choice of a consistent way to measure risk. From a more application-oriented point of view, the concrete valuation of a financial product or the quantification of risk via numerical procedures are of interest. Methodologically, the mathematical focus is on probability, statistics, numerics, optimisation, and analysis.

Master's programme Mathematical Finance
The Master's programme in Mathematical Finance leads to an MSc within two years. Combining mathematics, financial engineering, economics, and statistics, it provides all the knowledge for a successful career in finance. The Master's programme is particularly aimed at graduates with a BSc in Mathematics. Bachelors in physics, engineering, or economics are welcome as well if they have a solid background in university level mathematics. Knowledge of German is not mandatory in order to successfully complete the programme and obtain the MSc.

Why should I study Mathematical Finance in Kiel?
The Master's programme is embedded into a very active research environment in the departments of mathematics and economics. It is distinguished by tailor-made courses with a strong emphasis on the interplay between mathematical and economic methods for financial engineering. Relying on a dedicated teaching staff from the departments of mathematics and economics, students are offered a great variety of courses from the participating disciplines. They also benefit from the links to the more economics-oriented MSc programme Quantitative Finance.

Educational organisation

Please see: http://www.math.uni-kiel.de/mathfinance

Course objectives

Why should I study Mathematical Finance?
Graduates in Mathematical Finance benefit from excellent career prospects involving challenging tasks. These require a high level of mathematical and financial engineering skills, which are acquired in this programme. Mathematical Finance is - notably in times of financial crisis - highly relevant for good governance and sharpens the judgement of decision-makers. The finance industry continually employs graduates, e.g., as so-called quants. Their sophisticated skills are in high demand, in particular as regulatory statutes become more and more complex.

Language requirements

Due to the fact that the programme is taught primarily in English, the following requirements concerning the level of language command have to be met:

• good reading skills (C1 CEFR) in English, evidenced by the school certificate (minimum of four years of English, at least with grade "satisfactory") or
• TOEFL Test (550 paper-based, or equivalent test result) or
• Bachelor's degree with English as language of instruction

Academic requirements

• Bachelor's degree (180 ETCS credit points) in mathematics with grade 3.0 or better, provided that contents, extent, and scientific level are comparable to BSc in mathematics from Kiel University, or
• Bachelor's degree (180 ETCS credit points) in another subject with grade 2.5 or better, if at least 30 credit points in analysis, linear algebra, probability theory, and statistics, again with grade 2.5 or better (If necessary, admission can be granted conditionally on taking additional Bachelor's courses in the first two semesters.)
• In any case, be aware that the mathematical level in the Master's programme Mathematical Finance is very high. For an alternative Master's programme with a stronger focus on economics rather than mathematics, cf. Quantitative Finance: https://www.wiso.uni-kiel.de/en/studying/master/quantitative-finance
• Precise prerequisites can be found in §16 of the Fachprüfungsordnung (presently only in German: http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-mathematik-und-finanzmathematik-bachelor-master-1-fach.pdf)

Enrolment fees

An enrolment fee ("Einschreibegebühr") currently amounting to 55 EUR is charged for the first enrolment at Kiel University.
A semester contribution ("Semesterbeitrag") currently amounting to approx. 120 EUR must be paid each semester. This covers free public transport ("Semesterticket"), reduced lunch prices, and other financial benefits for students.
For the latest information, see: www.studium.uni-kiel.de/de/studium-organisieren/studienangelegenheiten/rueckmeldung

Costs of living

Monthly expenses in Kiel (e.g., for housing, food) range between 700-800 EUR, depending on individual needs.

Arrival support

The International Center at Kiel University offers a wide range of services and will support international students with any questions related to a successful arrival in Kiel.
See: http://www.international.uni-kiel.de/en

Services and support for international students

The International Center at Kiel University offers a wide range of services.
See: http://www.international.uni-kiel.de/en

Accommodation

Accommodation in Kiel is available through the office for student affairs ("Studentenwerk Schleswig-Holstein") or on the private market. Looking for a place to stay in a foreign country is not always easy. The office for student affairs supports students seeking accommodation at reasonable prices and is continually improving the quality and standard of the residence halls.
In general, the chances of obtaining a room in a residence hall can be improved by submitting an application form before 15 June. The rent depends on the location and standard of the particular residence.
Please note that due to high demands for accommodation in Kiel, the office for student affairs can currently only assign rooms in residence halls to first-semester students (Bachelor's/Master's students). PhD students cannot be assigned rooms.

For information and to contact us, see: http://www.studentenwerk.sh