Curriculum

Structure of the Program

The program is spread over four semesters (two years), with three semesters of course work and one semester to write the master thesis.

After the first term, students can decide whether to specialize in financial mathematics, in financial economics or in actuarial science. Depending on the chosen specialization, the focus of the optional courses to be taken in the second and third term will be on mathematical finance, finance or actuarial science, respectively. 

A list with course descriptions for all available courses can be found here.

Besides the courses from these three areas, students are also requested to attend language or cultural courses.

The study plans (study plans​​​​​​​ for students enrolled before the winter term 2021/22 are available here​​​​​​​) show typical courses of study, seperately for the three possible specializations. Note that the credit points stated per semester are not binding: You do not need to achieve exactly the stated number of points per semester.

Implementation of courses in the summer term 2022


In the coming summer term the university plans to offer most courses back on campus again. Courses that cannot be held entirely on campus, will either be in a Combi, Hybrid or Online format. A description of these categories can be found here. Organization and registration of all courses is done via the central learning platform Moodle. Information on all offered courses and teaching materials will be provided there.

The provided information may be subject to change based on the evolving pandemic situation. All courses are organized in a way, that they can return to online teaching at short notice.

Please visit the following page for most recent updates: https://www.uni-ulm.de/en/university/communications/information-about-the-coronavirus/

Course schedule

Mathematics

Quantitative Methods Financial Economics Actuarial Science Other

Continouos Time Financial Mathematicsa, 4 CP

Risk Theory IIa, 9 CP

Stochastic Analysisa, 4 CP

Mathematics of Games, 9 CP

High Performance Computing 2, 8 CP

Partial Differential Equations, 9 CP

Statistical Learning, 4 CP

Random Fields, 9 CP

Numerical Methods for Data Science, 6 CP

Survival and Event History Analysis, 9 CP

Numerical Methods for Ordinary Differential Equations, 6 CP

Advanced Graph Theory with Applications, 9 CP

Data Mining, 6 CP

Learning Systems I, 6 CP

Mathematics of Games, 9 CP

Advanced Econometrics, 7 CP

Actuarial Data Science, 7 CP

Market Analysis with Econometrics and Machine Learning, 7 CP

Machine Learning and Decision Making, 4 CP

Financial Modeling, 3 CP

Credit Analysis, 7 CP

Asset Liability Management, 10 CP

Insurance Economics, 6 CP

Issues in Emerging Markets Finance, 3 CP

Market Analysis with Econometrics and Machine Learning, 7 CP

Machine Learning and Decision Making, 4 CP

Management of (Re-)Insurance Companies, 4 CP

Actuarial Data Science, 7 CP

Project Class in Asset Managementb, 4 CP

Insurance Economics, 6 CP

Risk Theory II, 9 CP

Asset Liability Management, 10 CP

Management of (Re-)Insurance Companies, 4 CP

Selected Topics in Insurance and Financea, 3 CP

Actuarial Data Science, 7 CP

Seminars

Practical Actuarial Science, 4 CP

Practical Financial Engineering, 4 CP

Project Class in Asset Managementb, 4 CP

Additional Key
Qualificationsc 

If you want to take an exam in a course that is not listed here you must clarify this with Prof. Löffler by the end of April.

A timetable is available here.

a) Students enrolled before the winter term 2021/22 continue to sudy in accordance with the old subject-specific study and examination regulations. Courses acknowledged in the area "Financial Mathematics" are marked with a superscript a. Note that courses that are solely listed in the area "Quantitative Methods" are not eligible for those students.

b) Project Class in Asset Management: 

Students who began their studies in the winter term 2021/22 or later:

  • Specialization Financial Economics: Students are required to take either "Project Class in Asset Management" or "Practical Financial Engineering" 
  • Specialization Financial Mathematics or Actuarial Science: Students can take the course "Project Class in Asset Management" as an elective in Financial Economics.

Students who began their studies before the winter term 2021/22:

        All students can take the course "Project Class in Asset Management" as an elective in Financial Economics.

c) Please note that German language courses other than the ones specifically offered for international MSc students are usually not eligible. Furthermore, English language courses and language courses in your mother tongue are not eligible.

 

Courses that are taught in German that can be taken for Quantitative Methdos include: Big Data Analytics (7 CP)

Courses that are taught in German that can be taken for Financial Economics include: Big Data Analytics (7 CP), Valuation (4 CP), Qualitatives Risikomanagement in der Versicherung (4 CP), Corporate Strategy, 7 CP

Courses that are taught in German that can be taken for Actuarial Science include: Qualitatives Risikomanagement in der Versicherung (4 CP)

 

 Note that there are DAV Supplements which can be obtained in following courses:

  • "Wirtschaftliches und rechtliches Umfeld" in Insurance Economics
  • "Schadenversicherungsmathematik" (one part, other part can be obtained in Life-, Health- and Pension-Mathematics during the winter term) in Risk Theory II
  • "Modellierung und Enterprise Risk Management" in Asset Liability Management

If you need help in your course selection, you can contact Niklas Paluszkiewicz.

Courses to be offered in the next terms

This schedule is preliminary and may be subject to change.

Mathematics
 
Quantitative Methods Financial Economics Actuarial Science Other

Discrete Time Financial Mathematics, 4 CP

An Introduction to measure-theoretic probability, 4 CP

Mathematical Statistics, 9 CP

Advanced Statistics, 4 CP

Optimization/OR 2, 9 CP

Mathematics of Machine Learning, 9 CP

Graph Theory I, 9 CP

High Performance Computing 1, 8 CP

Risk Theory I*, 9 CP

Causal Inference, 4 CP

Numerical Optimization, 6 CP

tba

Data Analysis: Description, Inference and Causality, 7 CP

Pattern Recognition, 6 CP

Learning Systems II, 6 CP

tba

Asset Pricing, 7 CP

Investment and Risk Management, 6 CP

Business Unit Strategy and Corporate Finance, 7 CP

Research in Finance, 4 CP

Life, health and pension mathematics, 9 CP

Financial Statement Analysis, 2 CP

Risk Management in Insurance, 7 CP

Organizational Economics, 7 CP

Derivatives, 7 CP

Data Analysis: Description, Inference and Causality, 7 CP

tba

Life, health and pension mathematics, 9 CP

Risk Theory I, 9 CP

Risk Management in Insurance, 7 CP

Derivatives, 7 CP

tba

Seminars

Risk Management Roundup, 4 CP

Practical Actuarial Science, 4 CP

Additional Key
Qualifications**

tba

*For students enrolled before the winter term 2021/22, these courses are acknowledged in the area Financial Mathematics. 

If you want to take an exam in a course that is not listed here you must clarify this with Prof. Löffler by the end of October.

 

Courses that are taught in German that can be taken for Financial Economics include: Ausgewählte Aspekte der Aktuarwissenschaften (4 CP)

Courses that are taught in German that can be taken for Actuarial Science include: Ausgewählte Aspekte der Aktuarwissenschaften (4 CP)

 

Note that there are DAV Supplements which can be obtained in the following courses:
- "Versicherungsmathematik"  (one part) in Life,- Health and Pension-Mathematics
- "Angewandte Stochastik" in Risk Theory I
- "Finanzmathematik und Risikobewertung" in Discrete Time Financial Mathematics in combination with Topics in Insurance and Finance (summer semester)
- "Unternehmenssteuerung" in Risk Management in Insurance

 

**Please note that German language courses other than the ones specifically offered for international MSc students are usually not eligible. Furthermore, English language courses and language courses in your mother tongue are not eligible.

 

If you need help in your course selection, you can contact Niklas Paluszkiewicz.

 This course schedule is preliminary. There might be changes in the schedule. 

Mathematics

Quantitative Methods Financial Economics Actuarial Science Other

Continouos Time Financial Mathematicsa, 4 CP

Risk Theory IIa, 9 CP

Stochastic Analysisa, 4 CP

Mathematics of Games, 9 CP

High Performance Computing 2, 8 CP

Partial Differential Equations, 9 CP

Statistical Learning, 4 CP

tba

Data Mining, 6 CP

Learning Systems I, 6 CP

Mathematics of Games, 9 CP

Advanced Econometrics, 7 CP

Market Analysis with Econometrics and Machine Learning, 7 CP

tba

Financial Modeling, 3 CP

Credit Analysis, 7 CP

Asset Liability Management, 10 CP

Insurance Economics, 6 CP

Market Analysis with Econometrics and Machine Learning, 7 CP

 

Management of (Re-)Insurance Companies, 4 CP

Project Class in Asset Managementb, 4 CP

tba

Insurance Economics, 6 CP

Risk Theory II, 9 CP

Asset Liability Management, 10 CP

Management of (Re-)Insurance Companies, 4 CP

tba

Seminars

Practical Actuarial Science, 4 CP

Practical Financial Engineering, 4 CP

Project Class in Asset Managementb, 4 CP

Additional Key
Qualificationsc 

If you want to take an exam in a course that is not listed here you must clarify this with Prof. Löffler by the end of April.

 

a) Students enrolled before the winter term 2021/22 continue to sudy in accordance with the old subject-specific study and examination regulations. Courses acknowledged in the area "Financial Mathematics" are marked with a superscript a. Note that courses that are solely listed in the area "Quantitative Methods" are not eligible for those students.

b) Project Class in Asset Management: 

Students who began their studies in the winter term 2021/22 or later:

  • Specialization Financial Economics: Students are required to take either "Project Class in Asset Management" or "Practical Financial Engineering" 
  • Specialization Financial Mathematics or Actuarial Science: Students can take the course "Project Class in Asset Management" as an elective in Financial Economics.

Students who began their studies before the winter term 2021/22:

        All students can take the course "Project Class in Asset Management" as an elective in Financial Economics.

c) Please note that German language courses other than the ones specifically offered for international MSc students are usually not eligible. Furthermore, English language courses and language courses in your mother tongue are not eligible.

 

Courses that are taught in German that can be taken for Quantitative Methdos include: Big Data Analytics (7 CP)

Courses that are taught in German that can be taken for Financial Economics include: Big Data Analytics (7 CP), Valuation (4 CP), Qualitatives Risikomanagement in der Versicherung (4 CP), Corporate Strategy, 7 CP

Courses that are taught in German that can be taken for Actuarial Science include: Qualitatives Risikomanagement in der Versicherung (4 CP)

 

 Note that there are DAV Supplements which can be obtained in following courses:

  • "Wirtschaftliches und rechtliches Umfeld" in Insurance Economics
  • "Schadenversicherungsmathematik" (one part, other part can be obtained in Life-, Health- and Pension-Mathematics during the winter term) in Risk Theory II
  • "Modellierung und Enterprise Risk Management" in Asset Liability Management

If you need help in your course selection, you can contact Niklas Paluszkiewicz.