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The Bachelor's program combines a solid foundation in mathematics with core knowledge of economics and law. It is designed to be both flexible and practice-oriented. A key component of the program is the Bachelor's thesis, which is written in collaboration with a company in the finance or insurance sector. Flexibility is ensured through the program’s structure: after six semesters, students can earn an initial academic degree qualifying them for a profession - a Bachelor's degree, and, after four additional semesters in the Master's program, a further academic degree - Master of Science. With the appropriate selection of courses and three years of professional experience, these two degrees fulfill all requirements for admission to the association of actuaries of the Austrian Actuarial Society (AVÖ). During the first year of study, students can easily switch between the three different mathematics Bachelor’s programs at TU Wien, as they share compulsory subjects. Any Bachelor's degree in mathematics from TU Wien grants eligibility for admission to all mathematical Master's programs at the university and facilitates transfer to other national or international universities. For particularly eligible graduates, a PhD is an option after the Master’s program, often supported financially through participation in a research project. Jobs profile and career prospectsThe occupation of financial and actuarial mathematicians has been practiced for a long time. In addition to the classical domain of life insurance, new areas of responsibility have emerged: calculation for pension funds, consulting, pricing in non-life insurance and reassurance, option pricing, asset and liability management, portfolio management, and risk management (market-, credit- and operational risk). The latter tasks are particularly important for banks and financial regulator. As the demand for finance specialists continues to grow, graduates can look forward to promising career opportunities. Gaining practical experience through collaboration with banks or insurance companies during your studies can open doors to entry-level roles. Students may also have the opportunity to write their thesis in collaboration with an industry partner, which in some cases is financially supported by the partner. Through previous project partners and graduates, FAM @ TU Wien has established a wide range of contacts with banks, insurance companies, consulting firms, the Financial Market Authority (FMA) and the Austrian Actuarial Society(AVÖ). For job offers in the insurance and finance sector, see also FAM-jobs: https://fam.tuwien.ac.at/jobs/. Some CoursesMathematical finance: Stochastic processes and time series analysis; Mathematical finance 1: Discrete-time models; Financial markets, financial intermediation and capital investment; Risk management in finance and insurance; Stochastic analysis; Mathematical finance 2: Continuous-time models; Stochastic control theory; Interest rate models and derivatives; Credit risk models and derivatives. Actuarial Mathematics: Life insurance mathematics; Risk and ruin theory; Life and health insurance mathematics; Insurance business management; Non-life insurance mathematics; Reinsurance; Statistical methods in insurance; Actuarial modeling. Economic and Legal Fundamentals: Social security law; Insurance supervision law; Insurance contract law; Accounting for banking and insurance; International financial reporting. Additionally, students are exposed to the latest research developments through specialized lectures and seminars. Detailed Curricula
Financial and Actuarial Mathematics in PracticeWhat is Financial and Actuarial Mathematics about? Below, we offer an illustration of the key concepts - both their economic relevance and their mathematical modeling. See the example: “Hedging & Insurance” Further Links:
FAQ – Frequently asked questions
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