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Title: Master program Financial and Actuarial Mathematics
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Master program Financial and Actuarial Mathematics

Source: https://www.tuwien.at/en/studies/studies/master-programmes/technical-mathematics/financial-and-actuarial-mathematics Parent: https://www.tuwien.at/en/studies/studies/master-programmes/technical-mathematics

Master program Financial and Actuarial Mathematics

Study number : UE 066 405 - Master program Financial and Actuarial Mathematics

Study duration : 4 semester

Extent : 120 ECTS

Language : English

Degree : Diplom-Ingenieur_in (Dipl.-Ing.)\ International comparable to Master of Science (MSc)

Curriculum : Lectures Financial and Actuarial Mathematics

[Curriculum Financial and Actuarial Mathematics (in German)](https://www.tuwien.at/fileadmin/Assets/dienstleister/studienabteilung/MSc-Studienplaene_2025/Masterstudium_Financial_and_Actuarial_Mathematics_2025.pdf)

Why Financial and Actuarial Mathematics?

Graduates of the master program Financial and Actuarial Mathematics possess a strong foundation in mathematics and are trained to analyse, model, and assess risks.

One particularly exciting career path is becoming an actuary - essentially a mathematician specializing in risk analysis. Actuaries are among the top experts in the financial and insurance sectors: they are highly sought after by insurance companies, pension funds, consulting firms, and financial service providers, and are accordingly well paid. TU Wien is the only university in Austria to provide the full theoretical actuarial education.

Many graduates also launch their careers in financial mathematics - in risk management, at banks, investment firms, hedge funds, or in consulting. There, they work on fascinating topics such as evaluating innovative financial products, analyzing derivatives, optimizing portfolios, and developing new models to better understand and manage market risks.

What can you expect?

The flexible structure of the master program in Finance and Actuarial Science consists of a small, theory-based compulsory catalog and a wide range of specialization options with many application-oriented contents in the two areas of

financial mathematics
actuarial mathematics

Thanks to a good teacher-student ratio, you can develop your full potential and also collaborate on current research topics.

Curriculum

All detailed information on the structure and content of the program can be found in the curriculum (PDF in German) or in the list of courses in TISS.

In the curriculum Financial and Actuarial Mathematics, subjects from both areas

Financial and Actuarial Mathematics: Mathematical Finance 2, Risk Management in Finance and Insurance, Stochastic Control Theory, Risk and Ruin Theory

and at least one of the two specializations

Financial Mathematics: Interest Rate Structure Models and Derivatives, Credit Risk Models and Derivatives, Stochastic Analysis
Actuarial Mathematics: Advanced Life Insurance Mathematics, Statistical Methods in Insurance, Advanced Methods for Regression and Classification, Actuarial Modeling.

Within the specializations, there is flexibility in the individual selection from a large number of subject specific electives.

A schematic representation of the curriculum is as follows.

Due to the high freedom in choosing courses, there are no semester recommendations. In the first three semesters students usually have to do

Compulsory courses worth 54.5-63 ECTS
Subject specific elective courses worth 27-35.5 ECTS
Free elective courses and transferable skills worth 9 ECTS

In the fourth semester, the focus is entirely on writing a thesis.

Further information

Admission and registration

Admission without further requirements to all four master programs is currently possible after completing one of the following bachelor's programs at TU Wien

Technical Mathematics
Statistics and Mathematics in Economy
Finance and Actuarial Mathematics

Admission with other degrees is possible after individual review and, if necessary, additional examinations. Please note that the admission review may take some time. Moreover, consider the general admission deadlines:

Winter semester: July 7 - October 31
Summer semester: January 7 - March 31

More information on admission and registration can be found on the website admission procedure for master studies.

Possible fields of employment

Graduates of the master program Financial and Actuarial Mathematics combine sound theoretical knowledge with a repertoire of application-oriented techniques, enabling them to efficiently solve complex problems in the finance and insurance industry. As a result, they are among the most sought-after young professionals and usually have good prospects for well-paid jobs with opportunities for advancement.

Typical employers are:

Insurance companies
Pension funds
Management consultancies
Banks, risk management
Investment companies
Hedge funds

Lecturers

The courses in the master program Financial and Actuarial Mathematics are primarily taught by lecturers from the research department of

Financial and Actuarial Mathematics.

What our alumni say

Christina Ziehaus, Generali, Deputy Appointed Actuary (Life Insurance)

The FAM program at TU Wien gives you a strong grounding in theory while also showing you how to use it in real life. Looking back, I can say the program sets you up with great skills for today’s job market, whether you go into finance, insurance or any other field.

Cetin Gülüm, BAWAG, Senior Quantitative Analyst:

In my Master in Financial and Actuarial Mathematics, through rigorous exposure to probability theory and stochastic analysis, I developed the ability to convert real-world chaos into neatly parameterized models. Subsequent fieldwork in “risk modeling” confirmed that uncertainty never takes a day off. Today, I apply these findings on the daily basis.

Admission

Information on admission and registration can be found on the website admission procedure for master studies.

Questions regarding studies?

Student council

Fachschaft Technische Mathematik

Wiedner Hauptstraße 8-10\ Room DA01G2, 1st floor\ 1040 Vienna

Phone: +43 1 58801 49544\ E-Mail: strv@fsmat.at \ Website

Study service

Dean's Office of the Faculty of Mathematics and Geoinformation

Wiedner Hauptstraße 8\ 1040 Vienna

Phone: +43 1 58801 10003\ E-Mail: dekmug@mail.tuwien.ac.at\ Website of dean's office

Dean of studies

Gernot Tragler

Ao.Univ.Prof. Dipl.-Ing. Dr.techn.

Vice dean of studies

Hans-Berndt Neuner

Univ.Prof. Dr.-Ing.