Master in Financial and Insurance Mathematics

About this study program

The Department of Mathematics of the University of Munich offers a highly interdisciplinary master degree program in Financial and Insurance Mathematics. Research-oriented teaching provides advanced competencies in applied and computational mathematics with particular focus on Financial and Insurance Mathematics. At the same time, the study program is highly modular and offers an interdisciplinary selection of topics for specialization and curriculum development in statistics, business administration, economics, and informatics. Students are then able to acquire a wide spectrum of indispensable competences to build a professional profile in the fintech, insurance, banking, consulting, and IT sectors at highest quality standards. In addition to theoretical and applied qualifications, this study program conveys scientifically critical thinking to enable careers in both academic and industry research. Furthermore, this study program offers many courses approved by the German Actuarial Association (DAV) which allow successful candidates to qualify as DAV approved actuaries.

Students can also take advantage of many attractive possibilities to study abroad, including the opportunity to take part in two double-degree exchange programs, which have been exclusively created for this Master program:

Program structure

The Master Program in Financial and Insurance Mathematics comprises a volume of 120 ECTS which are distributed over four semesters. It contains a mandatory first semester basic orientation exam, a few mandatory modules, a large selection of elective modules, and a mandatory internship. The last semester is reserved for thesis-writing. The program concludes with the academic degree of a Master of Sciences. The following figure gives an overview over the main blocks of mandatory modules and elective modules:

Admission requirements

In order to be accepted to the Master in Financial and Insurance Mathematics Program, prospective candidates must either:

  • have successfully completed a bachelor degree in Mathematics or Business Mathematics at a volume of 180 ECTS at a German university,
  • or alternatively, hold a bachelor study program in another field or international university that features an integrated mathematics education at a profound mathematical level comparable to our:
  • No formal language proficiency tests are required. All compulsory and almost all elective courses are held in English. Therefore, a good command of the English language is strongly advised.

Application & enrollment

The Master in Financial and Insurance Mathematics Program begins exclusively in the winter semester. Two processes are required for successful admission and enrollment. Both should be started well ahead of the respective deadlines and in parallel:

Admission process at the department

Prospective candidates may apply for this program through the contact desk of the examination office Prüfungsamts Naturwissenschaft Innenstadt (PANI). Please find all information regarding:

  • form of the application
  • required documents
  • application deadline

on their page Applications for Master in Financial and Insurance Mathematics. The applications will undergo an evaluation. Admission letters about acceptance or rejection are issued typically two weeks after the stated deadline.

If you have further questions regarding the admission process that cannot be answered after a thorough study of the corresponding web pages, please contact the PANI.

Enrollment process at the LMU

In addition to this admission process for the study program, prospective students need also to enroll at the LMU Munich. The enrollment process at the LMU Munich should be started in parallel to the admission process. Plan sufficient time for potential clarification issues, e.g., regarding recognition of your documents and certificates. In the positive case, this process will result in a confirmation of the enrollment on condition that admission letter from PANI is provided upon registration. For further information regarding the enrollment process, please refer to the following webpages of our student services for:

If you have further questions regarding the enrollment procedure and formal requirements that cannot be answered after a thorough study of the corresponding web pages, please contact the Study Information Service (SIS).

First semester orientation

Typically, in the last week before the winter semester, the student union and the Department of Mathematics organize an orientation phase which offers orientation meetings for the first semester students of all our study programs that will get you started with basic information beyond what is provided on the various websites. All information regarding the orientation phase can be found here:O-phase.

Examination and study regulations, module handbooks, and example curricula

The examination and study regulations – “Prüfungs- und Studienordnung” (PStO):

regulate the study program. Students enrolled after the year 2021 study according to the PStO 2021.

In brief, according to the examination and study regulations, the study program consists of

  • a basic orientation exam – “Grundlagen- und Orientierungsprüfung” (GOP)
  • mandatory modules – “Pflichtmodul” (P)
  • mandatory internship – “Praktikum”
  • elective modules – “Wahlpflichtmodul” (WP)

The program consists of mandatory modules and a mandatory volume of elective modules. For each module, there is at least one course that is offered within the standard period of study that can be credited. Note however, that not every course will be offered every semester. Some courses are only available every other semester or every other year. Planning the curriculum is the responsibility of the students. In order to complete the degree in due time, we therefore encourage you to plan your curriculum well ahead of time.The module handbooks provide a more detailed overview of all modules in this study program:

Under the following links you can find sample curricula compatible with the respective examination regulations:

Please note that these are only recommendations. Except for the GOP and the master thesis, students are free to choose both the timely order and the selection of courses.

Basic orientation exam (GOP)

The first semester comprises a mandatory basic orientation exam, the so-called “Grundlagen- und Orientierungsprüfung” (GOP). It consists of the module examination of the module “P1 Stochastic Calculus and Arbitrage Theory in Continuous Time”.

The GOP must be passed by the end of the first semester. If the GOP has not been passed, it can be repeated once in the next possible regular term. This means that the GOP is considered to be a non-pass for the first time if it has not been passed at the end of the first semester (= March 31 of the respective year) and there is no valid reason, such as illness, that would allow for a formal extension. Valid reasons are those which lie beyond the student’s responsibilities and are defined in the PStO. The GOP is finally a non-pass if it has not been passed at the end of the third semester (= March 31 of the following year) and there is no valid reason that would allow a formal extension. Students in the second semester who have not yet passed the GOP may take the make-up examination, however, this does not count as the separate repeat attempt. If this make-up exam is passed, the GOP is passed. Students who have not yet passed the GOP may only take the make-up exam in the fourth semester if they were unable to take at least one of the previous three GOP exams due to a valid reason and have submitted an application including supporting documents for an extension of the deadline.


Students of the Master Program in Financial and Insurance Mathematics must complete a company internship – module P6 of PStOs 2021 and 2019 or module P1 of PStO 2011. This company internship must have a duration of at least four weeks. It should enable the intern to apply qualifications acquired during the study program and collect industry experience. Natural choices are internships in banks, insurance companies, investment and financial consulting companies, financial authorities, etc. (see also here). In order to receive credit for an internship, please submit a formal application for recognition (“Antrag auf Anerkennung von Prüfungs- und Studienleistungen”) at PANI. The respective form can be found on their website.

It must be supplied with the following documents:

  • A confirmation of the company about the internship activity and duration of the internship.

  • An internship report, which is a written summary and reflection of the internship and has a minimum length of 6,000 to a maximum length of 12,000 characters.

Master thesis

The last semester is recommended to be reserved for thesis-writing. We encourage you to get in contact with possible supervisors, discuss possible thesis topics, and plan your thesis-writing period well ahead of time. The main supervisor must be a faculty member of the Faculty of Mathematics, Informatics, and Statistics. In case of informatics and statistics, the thesis topic must be approved by the examination committee. In this case, please send an inquiry with abstract and the contact details of the supervisor to the student advisory. However, it is also possible to write a thesis under the co-supervision of a member of another faculty, but another main supervisor from the Faculty of Mathematics, Informatics, and Statistics is still needed.

Formal processes, student advisory, and further information

Before all inquires, please check the website, and in particular, the Q&As, thoroughly. Common topics are typically described in great detail.

If you have further questions regarding the formal processes of the study program (pre-registration, account statements, recognition of examination results, confirmation letters, etc.), please contact the contact desk of the examination office.

If you have further questions regarding the content of the study program (recognition advice, planning a study abroad program, etc.), consult the student advisory section and, if your question is not answered there, contact the student advisory.

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