Master's in Finance (MSc) Ulm University

The language of instruction is English. Students can take German language courses if they wish.

The Master's in Finance programme at Ulm University is both quantitative and practical. It offers students the choice between three specialisations: Actuarial Science, Financial Economics and Financial Mathematics.

The specialisation in Actuarial Science is the right choice for you if you are interested in studies with a focus on actuarial science and methods applied in the insurance industry. Ulm University is one of the world’s leading institutions in this field. You can also take the entrance examinations of the German Association of Actuaries (DAV) during your studies at Ulm University.

The specialisation in Financial Economics focuses on understanding and predicting stock returns, on measuring credit and market risk, and it makes you familiar with financial institutions and markets. The specialisation provides a lot of flexibility. Instead of taking high-level mathematics courses, you can take econometrics or machine learning courses. You can also take courses in actuarial science.

The specialisation in Financial Mathematics is the right choice for students who have a strong interest in mathematics and want to become experts in the mathematical and stochastic concepts widely used in the financial industry. You will learn to model financial processes and to use your knowledge for evaluating complex financial products.

Applications are possible from 1 February to 15 March for the following winter semester.

Generally, the following people are not liable to pay tuition fees:

• German citizens, citizens of EU or EEA countries
• Most refugees
• Students who obtained their higher entrance qualification (normally the "Abitur") in Germany or a similar qualification from a German school in another country
• PhD/doctoral students

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The programme is spread over four semester (two years), with three semesters of course work and one semester to write the Master‘s thesis. After the first semester, students can decide whether to specialise in Actuarial Science, Financial Economics or Financial Mathematics. Broadly, there are four types of courses:

Core courses: A small number of core courses will introduce you to the most important concepts. Whether they are compulsory or not depends on the chosen specialisation. These courses also help students without any finance background to get started.

Practical courses and seminars: In practical courses, you will gain experience in implementing modern financial techniques. In seminars, you will write and present papers and thereby prepare for the Master’s thesis.

Optional modules (electives): The curriculum offers a large number of courses from which you can choose from. They range from courses that deepen your knowledge of concepts and methods to courses that focus on specific topics in a field. The majority of the electives will be in your chosen area of specialisation.

Language or soft skill courses: Most students who come from abroad choose to take German language courses. German courses are offered for all language levels, starting from absolute beginners.

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Students have the possibility to study one or two semesters abroad.

No internships are required. However, students can do internships during the semester breaks, and they also can take academic leave to do three-to-six-month internships.

1,500 EUR

Generally, the following people are not liable to pay tuition fees:

• German citizens, citizens of EU or EEA countries
• Most refugees
• Students who obtained their higher entrance qualification (normally the "Abitur") in Germany or a similar qualification from a German school in another country
• PhD/doctoral students

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The semester contribution is 182 EUR per semester. For further details, visit the Office of the Registrar website: https://www.uni-ulm.de/en/study/organisation/tuition-fees/.

The cost of living in Ulm is estimated to be around 945 EUR to 1,000 EUR per month. For more information on the costs students in Ulm can expect, see the following website: https://www.uni-ulm.de/en/io/degree-phd/welcome/finances/living-expenses/.

Applicants for this programme must have completed a Bachelor's degree (or an equivalent thereof) in mathematics or in another quantitative and mathematically-oriented discipline from a recognised university. Applicants with a degree in physics, engineering or computer science are usually eligible. A degree in economics can be sufficient, provided that you have successfully taken a significant number of courses in mathematics and statistics. A degree in business, commerce or accounting is usually not sufficient for admission because typical programmes in these fields do not contain the amount of training in mathematics and statistics that is required for the MSc Finance.

The courses in financial mathematics and mathematics are on the level of mathematics programmes. Applicants should thus have a genuine interest in mathematics. If you are in doubt as to whether you meet the requirements, you can send us an e-mail with your transcript of records for a preliminary check.

A good knowledge of the English language is required. This can be documented through a TOEFL score of at least 72 for the Internet-based test; instead of the TOEFL, you can also present an IELTS with a score of 5.5 or better. No test certificate is required from applicants who have completed a Bachelor's degree programme taught in English or who are native speakers.

Applications are possible from 1 February to 15 March for the following winter semester.

Students who perform well academically and/or participate in community service are eligible to apply for scholarships such as the "Deutschlandstipendium".

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Student assistant jobs are regularly offered by institutes in all faculties as well as in the central administration. Student assistants help with the preparation and execution of tutorials, work on research projects, or help with administrative jobs. Furthermore, several companies with strong ties to the university are located on campus (e.g. Mercedes-Benz Group AG, Continental, BMW Car IT, Sartorius, and more) and offer the possibility of student jobs.

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Most international students stay in the university's student halls of residence, which have single rooms, a shared kitchen, a bathroom and modern facilities. Rental rates vary between 285 EUR and 477 EUR per month. If desired, student accommodation in halls of residence can be arranged by the Institute of Finance. Private accommodation must be arranged by the students themselves.

The Career Service at Ulm University serves as a valuable resource for students, offering assistance in career exploration, skill development, and successful transition from academia to the professional world.

The Graduate & Professional Training Center Ulm ("ProTrainU") focuses on supporting doctoral students and other young researchers in their careers and professional development.

The Entrepreneurs Campus at Ulm University offers opportunities for creative academics who want to develop their ideas into products or business models.

Assistance is provided to help students with the visa application process and in making arrangements for accommodations. Additionally, guidance is offered in all administrative matters (bank account, enrolment, health insurance, registration and residence permit). Furthermore, joint social events are offered by the International Office as well as by the institute (excursions, sport events, etc.).

Founded in 1967, Ulm University is dedicated to world-class teaching and research in medicine and STEM. Its 10,000 students are distributed among the faculties of medicine, engineering, computer science and psychology, mathematics and economics as well as natural sciences.

According to a Times Higher Education ranking based on research and teaching excellence, Ulm University is ranked 14th worldwide among all universities founded in the "Golden Age of Higher Education", an era between 1945 and 1967 that is characterised by rapid university expansion. In a broader perspective, Ulm University is ranked 199th worldwide among all universities regardless of their age and thus belongs to the 20 best universities in Germany, according to another recent analysis by Times Higher Education.

Ulm University's subject range concentrates on the STEM fields (natural sciences, technology, engineering, and mathematics). The latest research findings are swiftly incorporated into the curriculum, ensuring cutting-edge subjects and content. Ulm University attaches great importance to the ongoing refinement of its high standards in teaching, which are defined and anchored in its teaching mission statement.

As a young research university, Ulm University is oriented towards the global challenges of the future. Strategic and interdisciplinary research themes are contributing to improvements in the areas of green energy, quantum technologies, data science as well as human health and well-being. Great success in the acquisition of third-party funding and numerous larger collaborative projects, such as collaborative research centres and a Cluster of Excellence, are all testimonies to the university's research strength.

Ulm University is the centre of and driving force behind the "Science City Ulm", an innovative teaching, research and science hub. There are numerous start-ups, development centres of renowned companies such as Siemens, Nokia, Mercedes-Benz Group AG, BMW and Continental, as well as clinics and non-university research institutions that are well-connected with the university. As a result of close collaborations with these partners, students benefit from access to contract lecturers from the industry as well as invaluable opportunities for research projects, internships and final theses.

Ulm University is a founding member of YERUN, a network of highly ranked young European research universities, and it hosts the German headquarters of Germany’s largest transnational education project, the German University in Cairo.

For more information on Ulm University, see https://www.uni-ulm.de/en/.

Ulm is one of the most innovative, dynamic, fast-growing and liveable cities in Germany. It is located in the heart of southern Germany near Stuttgart, Munich, the Alps and Switzerland.

With a population of more than 120,000 people, Ulm has an ideal size for living, studying and working. The city offers a mix of medieval and modern architecture and a great variety of cultural, sports and leisure activities.

A healthy mix of medium-sized businesses and global players, high-tech and trade, and innovation and tradition makes Ulm and the greater Ulm area one of Germany's economically most dynamic regions.

A literally outstanding landmark is the "Muenster", Ulm's cathedral. The Muenster has the world's highest steeple, which measures 161.5 metres (530 ft).

Ulm is also the birthplace of Albert Einstein (1879 to 1955), the world's most famous scientist. 

Are you interested in learning more? Check out this video featuring the highlights of Ulm.