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 winter term 2021/22


In the coming winter term a lot of courses will - to a varying extent - take place On-Site. The university has established four teaching categories (On-Site, Combi, Hybrid, Online) to enable different teaching formats depending on the respective course requirements. A description of these categories can be found here.  If certain parts of a course take place at the university, these contents should be recorded and made available to the students (cannot be guaranteed). 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

Course schedule in the winter term 2021/22.

Mathematics
 
Quantitative Methods Financial Economics Actuarial Science Other

Discrete Time Financial Mathematics, 4 CP (OS)

An Introduction to measure-theoretic probability, 4 CP (C)

Mathematical Statistics, 9 CP (C)

Advanced Statistics, 4 CP (OS)

Optimization/OR 2, 9 CP (C)

Mathematics of Machine Learning, 9 CP (OS)

Graph Theory I, 9 CP (C)

Interest Rate Models*, 6 CP (OS)

Nonlinear Time Series Analysis*, 4 CP (OS)

High Performance Computing 1, 8 CP (OS)

Risk Theory I*, 9 CP (C)

Causal Inference, 4 CP (OS)

Advanced stochastic processes, 4 CP (OS)

Numerical Optimization, 6 CP (OS)

Data Analysis: Description, Inference and Causality, 7 CP (C)

Pattern Recognition, 6 CP (O)

Learning Systems II, 6 CP (H)

Asset Pricing, 7 CP (C)

Investment and Risk Management, 6 CP (C)

Business Unit Strategy and Corporate Finance, 7 CP (C)

Research in Finance, 4 CP (OS)

Life, health and pension mathematics, 9 CP (C)

Financial Statement Analysis, 2 CP (O)

Risk Management in Insurance, 7 CP (C)

Organizational Economics, 7 CP (C)

Derivatives, 7 CP (C)

Data Analysis: Description, Inference and Causality, 7 CP (C)

Life, health and pension mathematics, 9 CP (C)

Risk Theory I, 9 CP (C)

Risk Management in Insurance, 7 CP (C)

Derivatives, 7 CP (C)

Seminars

Risk Management Roundup, 4 CP (OS)

Practical Actuarial Science, 4 CP (C)

Additional Key
Qualifications**

Timetables (which do not necessarily contain all offered courses) for the first and third semester.

Mode of teaching: On-Site (OS), Combi (C), Hybrid (H), Online (O)

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 star-shaped symbol. Note that courses that are solely listed in the area "Quantitative Methods" are not eligible for those students.

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.

Courses to be offered in the next terms

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

Mathematics

Quantitative Methods Financial Economics Actuarial Science Other

Continouos Time Financial Mathematics, 4 CP

Risk Theory II, 9 CP

Mathematics of Games, 9 CP

High Performance Computing 2, 8 CP

Graph Theory II, 9 CP

Partial Differential Equations, 9 CP

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Data Mining, 6 CP

Learnin Systems I, 6 CP

Mathematics of Games, 9 CP

Supervised Learning with Linear Models, 7 CP

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Financial Modeling, 3 CP

Credit Analysis, 7 CP

Asset Liability Management, 10 CP

Insurance Economics, 6 CP

Issues in Emerging Markets Finance, 3 CP

Advanced Financial Intermediation, 7 CP

Market Analysis with Econometrics and Machine Learning, 7 CP

Machine Learning and Decision Making, 4 CP

Management of (Re-)Insurance Companies, 4 CP

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Insurance Economics, 6 CP

Risk Theory II, 9 CP

Asset Liability Management, 10 CP

Management of (Re-)Insurance Companies, 4 CP

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Seminars

Practical Actuarial Science, 4 CP

Practical Financial Engineering, 4 CP

Additional Key
Qualifications **

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.

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

* For MSc Finance students, the module "Financial Mathematics II" is made up of two lecture courses: Stochastic Analysis (first half of the semester) and Financial Mathematics II (second half of the semester). MSc Finance students will only be offered one final exam covering both courses that will count as "Financial Mathematics II" and will be worth 9 CP.

** 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 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

Advanced stochastic processes, 4 CP

Numerical Optimization, 6 CP

tba

Machine Learning and Decision Making, 4 CP

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**

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*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.