Department of Mathematics

Masters programme Mathematical Finance

General information

What is Mathematical Finance?

The finance industry increasingly relies on complex mathematical models and highly sophisticated mathematical tools, e.g. for derivative trading and risk management. Mathematical Finance provides their scientific foundation on a variety of levels and deals with a wide range of theoretical and practical issues. On a general theoretical level, one studies e.g. the probabilistic structure of financial markets or the choice of a consistent way to measure risk. From a more applied point of view, the concrete valuation of a financial product or the quantification of risk via numerical procedures are of interest. Methodologically, the mathematical focus is on probability, statistics, numerics, optimization, and analysis.

Steinitz-Hörsaal Discussion Volatility surface

Lecture hall
 

Discussion
 

Volatility surface
 

Why should I study Mathematical Finance?

Graduates in Mathematical Finance benefit from excellent career prospects involving challenging tasks. These require a high level of mathematical and financial engineering skills which are acquired in this programme. Mathematical Finance is – notably in times of financial crisis – highly relevant for good governance and sharpens the judgement of decision makers.  The finance industry continually employs graduates as e.g. the so-called quants. Their sophisticated skills are in high demand, in particular as regulatory statutes become more and more complex.

Steinitz-Hörsaal, Innenansicht Campus Library

In a lecture hall
 

Campus
 

Library
 

Masters Programme Mathematical Finance

The masters programme in Mathematical Finance leads to an MSc within two years.  Combining mathematics, financial engineering, economics and statistics, it provides all the knowledge for a successful career in finance. The masters programme is aimed particularly at graduates with a BSc in Mathematics. Bachelors in physics, engineering, or economics are welcome as well if they have a solid background in university level mathematics. Knowledge of German is not mandatory in order to successfully complete the programme and obtain the MSc.

Campus Leibnizstraße Guest house of CAU

Campus Sportforum
 

Guest house of CAU
 

Why should I study Mathematical Finance in Kiel?

The masters programme is embedded into a very active research environment in the departments of mathematics and economics. It is distinguished by tailor-made courses with a strong emphasis on the interplay between mathematical and economic methods for financial engineering. Relying on a dedicated teaching staff from the departments of mathematics and economics, students are offered a great variety of courses from the participating disciplines. They also benefit from the links to the more economically oriented MSc programme Quantitative Finance.

 Kiel is located beautifully on the Baltic Sea shore and offers, especially during summer, a wide range of sports and beach activities. The world’s largest sailing event, the Kiel Regatta Week, attracts millions of visitors each year. Having been founded by Duke Christian Albrecht in 1665, the university has a long history. As a university town of tradition, Kiel offers an attractive student and cultural life close to the campus.

The costs of living and housing are moderate in Kiel. On top of that, there are no tuition fees at Kiel University, which also offers free language courses.  Of course, we require your strong dedication and enthusiasm for the field.

Sailing Kieler Woche Rowing

Sailing in Kiel
 

Kiel, Regatta Week
 

Rowing club
 

Flyer

Flyer 

Prerequisites

Main requirements:

  • Bachelor (180 ETCS credit points) in Mathematics with grade 3.0 or better (provided that contents, extent, scientific level comparable to BSc. in Mathematics from CAU) or
  • Bachelor (180 ETCS credit points) in another subject with grade 2.5 or better if at least 30 credit points in analysis, linear algebra, probability theory & statistics, again with grade 2.5 or better (If necessary, admission can be granted conditionally on taking additional bachelor courses in the first two semesters.)
  • In any case, be aware that the mathematical level in the masters programme Mathematical Finance is very high. In particular, proficiency in measure-theoretic probability theory as e.g. in Chapters 1-21 in J. Jacod and P. Protter, Probability Essentials, Springer-Verlag, Berlin, is assumed when entering the programme.
  • For an alternative master programme with a stronger focus on economics rather than mathematics, cf. Quantitative Finance
  • Precise prerequisites can be found in §16 of the Fachprüfungsordnung (presently only in German)

 

Language requirements:

Due to the fact that the programme is taught primarily in English, the following requirements concerning the level of language command have to be met:

  • Good reading skills (C1 in CEF) in English, evidenced by the school certificate (minimum of 4 years of English at least with grade „satisfactory“ (07)) or
  •  TOEFL-Test 550 (Paper-based Testing) or equivalent test result or
  • Bachelor's degree with English as language of instruction.
     

How to apply and enrol

  • For graduates from German universities, cf.  here (Deadline: August 1)
  • For international students: application through uni-assist (Deadline: July 15). Please turn to the international center for assistance.
  • Contact:
    Ms. Angelika Koslowski
    Phone: +49 431 880-5330
    E-Mail: akoslowski@uv.uni-kiel.de
  • Beginning of studies: winter term, starting in October

 

Curriculum

Programme Schedule MF

Detailed Curriculum

Handbook

Handbook 

Module manuals

Module manual Mathematical Finance (containing only selected elective courses in Mathematics)

Module manual Mathematics (in German, does not contain modules in Economics and Econometrics)

Contact

Prof. Dr Jan Kallsen
Email: kallsen@math.uni-kiel.de
Phone: +49 431 880-2783

Support and assistance for international students: International Center  
Angelika Koslowski 
E-Mail: akoslowski@uv.uni-kiel.de
Phone: +49 431 880-5330
 

Further information in German (to be translated)

Fachprüfungsordnung 

(= degree specific examination regulation)

Prüfungsverfahrensordnung 

(= examination procedure regulation)

Studieninformationsblatt 

(= general information)

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