Quant Guide 2020: Technical University of Munich

Munich, Germany

Photo: Mattes

The Mathematical Finance and Actuarial Science master’s programme at the Technical University of Munich is hosted at TUM’s campus in the Bavarian city of Garching, near Munich. Taught in English, German or a mixture of both languages, the programme is led by co-directors Nina Gantert, chair of probability theory, and Rudi Zagst, chair of mathematical finance. The latest programme had a high acceptance rate: out of 53 applicants with offers, 40 accepted.

Stochastic analysis is described as a ‘core subject’ in the programme, and students take classes in this area regardless of their chosen topic of specialisation. Modules in the stochastics set include probability theory topics like random walks, probability models and Markov processes, as well as statistics topics like data analysis and machine learning. Professor of financial mathematics Aleksey Min – the main student adviser for the programme – says the faculty has added one new member in the last year: professor of mathematical statistics Mathias Drton, formerly of the University of Washington. There are 18 teaching staff in total.

As part of their degree, students are required to take a minor in management with the university’s economics department. Candidates also write a thesis and complete a four-week professional internship, and have the option of studying abroad at one of TUM’s partner universities for one or two semesters.

The programme is also one of the least expensive in this year’s quant guide, especially relative to institutions in the US. TUM students pay a basic student and union ‘semester ticket’ fee, which amounts to €130 (£140) per semester. The course is usually be completed over four six-month semesters, making the total cost of the master’s €520. The programme is taught full-time only.

View this institution’s entry in the 2017 guide

View other universities and a guide to the metrics tables

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