Master, Master of Engineering (M.Eng.)
Business and Economics
Financial Management, Mathematik, Ökonomie
Ludmilla Gutmacher M.Sc.
Students take various classes towards two modules in each of the first five semesters. Students work through one to two sets of learning material for each module. The sixth semester is for the Master‘s thesis. Around 16-18 hours per week will be required for working through the learning material and completing the corresponding exercises. Students should schedule this time especially in the first semester, as it generally takes a while for them to establish their own individual working and studying style and to get used to the written course material. Realistically, the initial workload is likely to be higher, not least for those from non-mathematical disciplines: they will need to familiarise themselves with a new and perhaps strange terminology and style, and new types of question. Your actual workload will depend on a range of very different factors such as prior knowledge, your individual studying habits and your professional and personal situation. One weekend (Friday to Sunday) per semester is required on top of the specified workload for attendance at the on-campus phase. Whatever your actual workload, you will find that you will not be able to pursue all your previous activities and hobbies as usual. We therefore recommend realistically considering your capacity, your interests and the time available to you to avoid unnecessary frustration.
The course includes the following modules:
Introduction to Financial Mathematics
Economics of Banking
Financial Decision Making
Interest Rate Models
Risk and Statistical Modeling
Computational Methods in Finance
Advanced Financial Engineering
The distance learning programme Financial Engineering is accredited to award the academic degree Master of Science (M.Sc.). The programme received system accreditation in an internal process from the accreditation
council of the cross-university quality management centre.
Requirements / ApplicationAccess with a first degree
The application is open to people with a first degree of at least six semesters in a mathematics related discipline. In addition, evidence of a relevant professional experience of at least one year after the first degree must be provided. Further information can be found here
Access without a first degree
Interested persons without a first degree have the opportunity to qualify for the programme by taking an aptitude test
if they have sufficient relevant professional experience.
Evidence of knowledge
Since the programme is taught in English, sufficient evidence of English language skills must be provided. In addition, evidence of sufficient knowledge from previous studies must be provided by means of an evaluation point system and successfully passed examinations for modules in the fields of analysis and stochastics. It is possible to provide evidence of this knowledge under certain conditions during the first year of study. More information can be found in the examination regulations
The distance learning programme starts in the winter semester (October) of every year. Information on the application procedure and deadlines can be accessed here
The legal and organisational framework of Financial Engineering is defined in the examination regulation
Tuition / Fees
At the moment, the tuition fees are EUR 1,990 per semester as well as the social contribution of currently EUR 102 per semester. The one-time fee for the Master's thesis is EUR 500. The tuition fees do not include travel and accommodation expenses or meal allowances during the on-campus phases. Only the social contribution is charged in the first and second semester after the end of the standard period of study. Tuition fees are reduced to 30 percent of the original fee as of the third semester exceeding the standard period of study; this does not apply to the Master's thesis fee. The tuition fees are exempted from German VAT and may be tax-deductible if the legal requirements are fulfilled. An installment payment request is possible, further information can be found here
The state offers individual tax incentives in Germany for advanced training measures. Depending on your personal income and job situation, you may be able to offset the costs of your distance learning programme as advertising expenses or special expenses and receive a partial or full refund. For more information, please contact an independent expert or your local tax authority. Unfortunately, financial support cannot be granted in accordance with the Sozialgesetzbuch – Drittes Buch (SGB III) (Social Security Code – Book Three) or the Bundesausbildungsförderungsgesetz (BaföG) (Federal Training Assistance Act). Further information on support measures can be accessed at www.zfuw.de/sponsorship as well as in the DGWF brochure „Fördermöglichkeiten in der Weiterbildung“ (Support measures for advanced training), which is available in the download area (in German only). Please also consult with relevant authorities in your home country or international organisation for information on additional support measures.
Duration of study
In-depth knowledge of methodology, modern financial mathematics and actuarial theory and their
statistical and numerical use in practice are increasingly important in the finance and insurance industry. Regulators now also set strict risk assessment requirements for business portfolios, and these require an understanding of the latest statistical methods and actuarial models. A combination of methods is key in practice, but this demands comprehensive mathematics qualifications in all areas. The programme is tailored to the demands of everyday working practice: interdisciplinary, and designed to teach the advanced financial mathematics and financial economics theory and skills required for an in-depth understanding of the increasingly complex financial market. It also explores links to actuarial science and teaches relevant statistical and numerical methods.
The programme is aimed at graduates of mathematics programmes who are already working, are seeking a career in applied financial mathematics or research, and whose first degree did not provide sufficient expertise in this area. The programme is also and in particular aimed at graduates of other Master‘s programmes whose Master‘s or initial Bachelor‘s degree had a significant mathematics component, who are already working in a relevant industry and who want a more in-depth understanding of financial mathematics and to learn about the background, concepts and methods.