Actuarial science - a description:

Actuarial science covers the evaluation and management of financial risks, particularly in the fields of insurance risks and investments. For this, in Germany the occupational profile of an actuary has emerged – a profession with a long tradition in the Anglo-Saxon nations which enjoys a high reputation over there. However, also in Germany actuaries have outstanding career opportunities (short- and long-term): the demand for graduates exceeds supply by far.   

Being an actuary requires an excellent mathematical education, strong knowledge of statistics and data processing, as well as economic understanding. Thus, studying Mathematics or Econo-Mathematics is an ideal basis for becoming an actuary. Also as an Economics student actuarial science represents an interesting opportunity to specialize.
There is a wide range of possible tasks:

• In insurance companies actuaries e.g. develop new insurance products and adequate investment instruments, or work in the fields of marketing research and risk management.
• In banks and investment companies actuaries e.g. evaluate various financial securities and undertake risk analysis.
• In consulting companies actuaries are not only in great demand because of their knowledge in insurance science and mathematical finance, but also because of their pronounced analytical skills.

Actuarial science at the University of ulm

For those students who want to specialize in actuarial science Ulm is the absolutely right place, because its university is one of the internationally leading ones in this field. Actuarial science is one of the core areas in the graduate study program of Econo-Mathematics. Therefore, students who did their Bachelor in a mathematically orientated study program and want to focus on this area now have highly interesting opportunities at the Faculty of Mathematics and Economics at the University of Ulm. The focus “Actuarial Science” benefits from unique advantages at our faculty: The areas of actuarial science and finance are closely interlinked – with respect to mathematical basics as well as economic applications. This is the reason why students can flexibly choose between mathematical and economic specializations. Furthermore, the University of Ulm was the first university worldwide which established an education program for Actuaries of the fourth generation by offering courses about organization and communication in risk management. Before you have the right to bear the title of an actuary (DAV), you have to pass various examinations – usually extra occupational. A decisive advantage for our graduate students specializing in actuarial science is the fact that all basic DAV exams of the German association of actuaries are completely integrated in the regular study program. That this is a major advantage in working life is not only our belief.

For those who did not study Econo-Mathematics at the University of Ulm, we offer the extra-occupational master program “Actuarial Science”. Precondition to register for the program is a first university degree with a scope of 180 ECTS points in a mathematically orientated program as well as a work experience of at least two years. Graduates are awarded the degree of Master of Science. The exams, which have to be passed in order to become a member of the DAV, have to be written separately and directly with the DAV.

Another aspect is the perfect match of research, teaching (studies and continuous professional development) and applications at the University of Ulm. Besides the focus on actuarial science at the University of Ulm, the Institute of Finance and Actuarial Science which is a leading German consulting company in actuarial science, plays a central role. All institutions at our university are closely linked so that students whilst their studies and theses have the opportunity to collaborate in application-oriented projects, to examine the practical suitability of innovative ideas and to analyze complex questions scientifically.

Moreover, the University of Ulm has a close network with leading researchers and universities in the area of actuarial science worldwide and also with all important insurance companies as well as their surroundings (consulting companies, auditors, software companies). This is only possible, because we have maintained close contact to most of our faculty’s graduates for 20 years now, with many of them having made successful careers in the financial service sector.

Actuarial Science in Ulm

 

If you are interested in graduate studies with a focus on actuarial science, insurance industry, or risk management, you will find the exactly right study program at the University of Ulm, namely in the Master in Finance program specializing in actuarial science which starts every winter semester.

To start the Master of Finance program with actuarial science you need to already have a solid education in mathematics.

The specialization in actuarial science is particularly suitable for Finance students, because they can flexibly use the broad range of optional modules in all areas. Furthermore, they have the possibility to take the entrance examinations of the (-German Association of Actuaries) integrated in their study program.

Our academic program offers a wide variety of elective modules in the fields of risk management, insurance, and actuarial science, but also small-group courses on special topics. Besides, there are actuarial seminars every semester and an actuarial “WiMa-Praktikum” (= practical application of actuarial science) every summer term (as you can see from the current courses). Within each lecture, several practitioners give talks on current issues, so that our students are not only taught in theory, but also get to know current challenges in practice. All students specializing in actuarial science are provided fully developed study plans with lectures that are perfectly coordinated.

Moreover, the University of Ulm was the first university worldwide that implemented the concept of the Actuary of the fourth generation who has not only expertise in actuarial and financial mathematical models but also in their embedding in corporate processes. An essential element for this is a solid education in organization and processes in risk management.
A fully developed study concept ensures the frequent offering of all courses so that the exams can be taken without any extension of studies. It is an advantage that the corresponding entrance examinations of the (-German Association of Actuaries)  can be taken whilst studying and not, as usual in parallel to an existing job– a key advantage if you later start your career in Germany!