Information about the focus “Actuarial Science” for students in Economics
For students in Economics, actuarial science represents an interesting possibility for course specialization. The broad range of economic elective modules enables a respective specialization:
- in your undergraduate studies: finance and actuarial science
- in your graduate studies: actuarial science (possibly in combination with another focus)
These combination opportunities constitute an enormous advantage due to a systematic preparation for various professions, e.g.:
- Insurance Industry and Technology/Process Management (-> Risk Management)
- Insurance Industry and Financial Reporting/Auditing (-> Controlling/Accounting in insurance companies or Auditing of insurance companies)
- Insurance and Financial Industry (pension plans for banks and investment companies)
- Insurance Industry and Computer Science (development of technical concepts and consulting of insurance companies)
- Insurance and Finance (social or health insurance agencies).
A new and very interesting opportunity results from the combination of the focuses Actuarial Science and Technology and Process Management. Within their graduate studies of Economics, students have the unique opportunity to learn all relevant facets of risk management. These include the identification, management and controlling of strategic and operational risks as well as the derivation of risk strategies for all corporate areas (finance, acquisition, production, sales, planning). During the last years risk management has gained a growing relevance in all economic sectors. Due to the latest financial crisis this trend will even intensify in the coming years – along with a strong demand by all sectors for graduates with according knowledge. Our faculty offers its students a more than interesting study program for acquiring broad knowledge in this field. Therefore, Economics graduate students at the University of Ulm have bright futures ahead as far as careers are concerned.
The graduate study program is not only designed for students who have finished their undergraduate studies at the University of Ulm, but it is also particularly suitable for students who did their bachelor’s degree at another university and want to start focusing wittingly in actuarial science.
You should pay attention to the fact that a membership of the DAV (German association of actuaries) requires an adequate basic education in mathematics and statistics. This is not fulfilled for Economics students – they do have to pass two additional admission tests: one mathematical and one statistical exam. The contents of these examinations can be found in the Prüfungsanforderungen der DAV (Anhang A). Additionally, you need eight years of practical working experience.
Due to the diversity of topics related to actuarial science, we offer master theses in various areas, e.g. mathematical problems, statistical questions, special aspects of optimization and topics focusing on computer science as well as on economic questions. The current topics have their origin in our research interests:
- Application of models from financial mathematics in insurance science
- Valuation of insurance products
- Risk management
- Occupational pension schemes
- Analysis of insurance products and insurance markets
- Data mining
All topics have a high practical relevance and some master theses are carried out in cooperation with companies. Furthermore, we are open to suggestions about the realization of master theses in companies when the topics are suitable. Current topics can be foundhere.