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  • Master-Arbeitsgruppe
Institute of Mathematics

Financial Mathematics (Master)

Master Programme in Financial Mathematics

Degree: Master of Science
Target duration: 4 Semester
Academic : summer and winter semester
Admission: Aptitude 
Credits: 120 ECTS Points
Target group: successful graduates of a Bachelor's degree program with a focus on financial mathematics or mathematics

The bachelor's degree program in financial mathematics is offered by the university of Würzburg as an applied degree program of the faculty of mathematics and computer science as well as of the faculty of economics. The aim of the training is to provide knowledge and skills to the new generation of economists, addressing the most important areas of mathematics, computer science and economics. We thus provide

  • characteristic methods of mathematical reasoning and working
  • a depth knowledge of specific methods of applied mathematics and stochastics, that are of particular interest in economics.
  • an overview of the main economical issues related to several enterprise policies
  • a basic knowledge of computer science

The chances in the labor market for Financial Mathematicians are generally rated as good. According to the Federal Employment Agency, the professional situation has significantly improved in recent years. Financial Mathematics has been applied in almost all economic sectors.

Financial mathematicians can be found in industrial departments, in insurance and banking agencies, in technology developers or directly in universities, research institutes, and ministries. The main tasks of financial mathematicians are

  • in insurance and credit,
  • in the operational IT organization,
  • in research and development,
  • in education and training,
  • in finance and accounting
  • with DV manufacturers,
  • at software companies,
  • at management consultancies and market research institutes,
  • at banks, building societies or professional care institutions.

In the self-employment, they also work as a management consultant or appraiser.


Financial mathematicians are often employed in interdisciplinary teams. More precisely, they are usually professional employees within a group that mainly consists of non-mathematicians. Their main duty is therefore to transfer a given task from the terminology of the applied field into the language of mathematics. This transfer provides mathematical solutions that can be translated back into the technical language of the corresponding applied field.

Typical tasks are

  • analysis of scientific, economic or organizational problems,
  • profitability calculations and optimization of operational processes,
  • formulation of suitable mathematical models,
  • development of new methods as well as adaptation and application of known mathematical techniques,
  • use of computers to solve specific problems,
  • analysis of financial market instruments,
  • management consultancy,
  • analysis of markets (e.g., labor market, goods markets).

For those interested and students who started in summer 2016

The following content-related requirements are set for the master's degree in financial mathematics at the University of Würzburg:

  1. degree in a bachelor's program (with 180 ECTS credits) in financial mathematics, mathematics with an applied subject in economics, or a comparable study program,
  2. competences amounting to at least 50 ECTS credits in the following areas of mathematics: calculus (differential and integral calculus in one and more variables), ordinary differential equations, partial differential equations, vector analysis, function theory, linear algebra, algebra, number theory, geometry, discrete mathematics, Functional Analysis, Numerical Mathematics, Stochastics, Financial Mathematics, Operations Research, Optimization, Modeling, Scientific Computing,
  3. Competences amounting to at least 20 ECTS points from other modules in any subfield of mathematics, computer science and economics,
  4. a thesis with a minimum of 10 ECTS credits covering a subject of mathematics, economics or computer science. Otherwise, in the case of an interdisciplinary dissertation, the thesis should have covered a subject in which explicit methods of mathematics or economics are considered.

In order to insure an uninterrupted transition from the Bachelor's to the Master's degree program, a "conditional" admission can be applied for, provided that one of the degrees mentioned in 1. includes 150 ECTS credits, while a written thesis is planned for the conclusion of the degree program. The requirements mentioned in 2. and 3. must be met in any case. For the final admission to the Master's degree program in Financial Mathematics, the requirements listed in 1 and 4 must be submitted by the end of the registration deadline of the third semester.

There are two deadlines to consider:

  • Bis Until 15.07. (if applying for the winter semester) or until 15.01. (if applying for the summer semester), an online application must be submitted to the JMU Master's portal.
  • Until 15.09. (if applying for the winter semester) or until 15.03. (if applying for the summer semester), proof of first degree or proof of performance can be submitted later.

Attention: the deadline of 15.07. or 15.01. is an exclusion period, i.e. an application for the respective semester after the deadline is no longer possible. On the other hand, documents can be submitted by the second specified deadline.

After receiving your online application on the Master-Portal, we will contact you by e-mail and let you know the status of your application.


Studienverlaufsplan (graphisch)

  • The final selection of economics priorities will take place at the end of the third semester.
  • The fourth semester should be mainly left for the Master thesis.


If you have earned 120 ECTS credits under the Examination Regulations, you will receive the academic degree of Master of Science.

Study and Examination Regulations

The examination board is responsible

  • recognition questions at the beginning of studies, questions regarding the achievements in previous study programs or at another study location,
  • recognition questions in the current study
  • gender equality

to the current cast

Course contents: overview of the modules

The elective area of mathematics is divided into three subsections:

  • Stochastic und Statistics (10 bis 30 ECTS)
    • Industrial Statistics 1+2 (je 10 ECTS)
    • Statistical Analysis (10 ECTS)
    • Stochastic processes (10 ECTS)
    • Time Series Analysis 1+2 (je 10 ECTS)
  • Financial and actuarial mathematics (10 bis 30 ECTS)
    • Selected topics of financial mathematics (10 ECTS)
    • Stochastic models of risk management (10 ECTS)
    • actuarial 1+2 (je 10 ECTS)
  • Applied Mathematics (0 bis 20 ECTS, Modulliste)

A total of 40 ECTS must be achieved, of which at least 10 from each of the first two areas. The third area is optional.

The financial section is divided into two so-called focal points, each worth 20 ECTS. You can choose the two focal points according to your preference from a list of currently 18 options. You need then to inform the examination office of this decision before the end of the third semester.

Each focus contains both compulsory and elective modules. Conversely, individual modules are often included in different focus. The details can be found in the module handbook or in the course advisory service.

The Master's Thesis (MAT, 30 ECTS) takes up a significantly larger part of your studies. The processing time of your thesis should be of at least six months, that is a whole semester.

The Topic search process is similar to the one of the Bachelor program. More precisely, on the one hand you can find advertised topic suggestions on the other you can directly contact a lecturer. Often the topics for a master's thesis are selected after a seminar or a working group. For economics there is again a central allocation with application deadlines.

If you have found a supervisor and a topic for your MAT, print out this form, fill it out together with your supervisor and give it to Ms Schmid (Mathematik Ost, Zi. 00.016). This will make the topic of your MAT and the date of submission (date of issue of the subject + 6 months) official and binding.

Only in well justified cases (incapacity for examination, with attest!) The processing time can be extended upon application to the examination board and in consultation with the supervisor.

The MAT should be printed three times as well as it should be saved on a electronic storage medium "in a common format and in readable form" (quote ASPO, pdf file on a data CD is a viable option). The Thesis should be handed in time to the examination office, specifically to Mrs. Feineis. There, the adherence to the processing time is documented and your work is passed on to the designated referee.

For students who started their studies in winter 2015/2016 or earlier