Technical University of Munich

Mathematical Finance and Actuarial Science

M.Sc. (Master of Science)
Subjects: Mathematics, Business Administration, Accounting & Finance
English only & German language course
Summer semester:  30 Nov
Winter semester:  31 May
Application Deadlines
2 Years (starting: Both semesters)
Tuition fees (per semester)
Both semesters
directly at University (incl. VPD from uni-assist)
Study mode:
On campus


Qualification Requirements

Previous Degree

Bachelor's degree (or equivalent) in mathematics or a mathematically comparable course of study (i.e. not economics or business administration).

Before applying you should have acquired these competencies:

  1. Structure of mathematics/requirements mathematics (at least 18 ECTS).
  2. Structure of stochastics/requirements stochastics (at least 14 ECTS).

Language Requirements

The following certificates are recognised as proof of your language proficience.

min C1 Advanced (CAE)
Specification: With grades A, B or C.
min 6.5
min 88
min C2 Proficiency (CPE)
Specification: With grades A, B or C.
Does the university recognize "other equivalent language certificates"? no information provided by university

Additional information:
In some cases, an alternative form of proof of language proficiency may be submitted in place of a language certificate, such as a GMAT with a score higher than 600, or via the language of instruction in an academic program (e.g. in a bachelor's) by submitting your transcript of records or your degree certificate as evidence (the language of instruction needs to have been English in more than 50% of the program). Students who provide an English language certificate with their application are admitted on the condition that they complete one module providing integrative knowledge of the German language within the first two semesters of their studies. TUM offers free courses for that purpose (see Check List). If you already have a German language certificate to at least the A1 level, please submit that with your application.

Application & Admission

Application Deadlines

Applications are open from:
Winter semester:January 01 (German)January 01 (EU)January 01 (Non EU)
Summer semester:October 01 (German)October 01 (EU)October 01 (Non EU)

Special Deadline Case:
Winter semester: In 2020 because of COVID-19 (coronavirus SARS-CoV-2) for once the deadline will be extended till June 30th.
Summer semester:
In 44 hours free webinar
How to apply via Uni-assist

Application Procedure & Selection

Admission test/interview:
directly at University (incl. VPD from uni-assist)
Application Fee:
75 € for the first application, 30 € for each additional

Application Documents

  1. Application form (printed from TUMonline).
  2. Transcript of records with courses equivalent to a minimum of 140 ECTS.
  3. Form with grade calculation (curricular analysis) from the best 140 ECTS.
  4. Curriculum of the underlying university degree.
  5. Actual curriculum vitae (CV).
  6. Letter of motivation.
  7. Proof of language skills (German or English).
  8. uni-assist VPD certificate.

Further Information

For more information please check the

Course Website