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Financial Engineering

Qualification

Advanced knowledge of the fundamental theory, continuous-time financial mathematics skills and the ability to put that expertise into practice, coupled with an understanding of key concepts in actuarial and financial mathematics is more important than ever to an understanding of the increasingly complex financial market. Competition for the best jobs in the finance and insurance sector is also set to intensify, and acquiring that expertise significantly improves your chances of moving into this field or furthering your career in finance or insurance. You can develop the skills you need on the Financial Engineering distance-learning programme at TU Kaiserslautern.


Target group

The programme is aimed at graduates of mathematics programmes who are already working, are seeking a career in applied financial mathematics or research, and whose first degree did not provide sufficient expertise in this area. The programme is also and in particular aimed at graduates of other Master‘s programmes whose Master‘s or initial Bachelor‘s degree had a significant mathematics component, who are already working in a relevant industry and who want a more in-depth understanding of financial mathematics and to learn about the background, concepts and methods.


Objective

In-depth knowledge of methodology, modern financial mathematics and actuarial theory and their
statistical and numerical use in practice are increasingly important in the finance and insurance industry. Regulators now also set strict risk assessment requirements for business portfolios, and these require an understanding of the latest statistical methods and actuarial models. A combination of methods is key in practice, but this demands comprehensive mathematics qualifications in all areas. The programme is tailored to the demands of everyday working practice: interdisciplinary, and designed to teach the advanced financial mathematics and financial economics theory and skills required for an in-depth understanding of the increasingly complex financial market. It also explores links to actuarial science and teaches relevant statistical and numerical methods.


Schedule and organization

The standard length of the Financial Engineering distance-learning programme, including assessment periods, is six semesters. The programme is worth 90 credit points and begins in October each year.

Admission Requirements

1. ADMISSION WITH A UNIVERSITY DEGREE

Applicants must demonstrate that they have completed a higher education degree lasting at least six semesters at a German or foreign state or staterecognised higher education institution, at least one year‘s relevant work experience in the finance and insurance sector or in a mathematics-related profession following their degree, and that they have the necessary prior knowledge from their previous degree. Prior knowledge from applicants‘ previous degrees is demonstrated using a scoring system and by the successful completion of module assessments in analysis and stochastics. Students may be able to catch up with some aspects required during the first year of the programme (conditions of admission).

2. ADMISSION WITH A PROFESSIONAL QUALIFICATION

Prospective students without an undergraduate degree but with at least four years‘ relevant professional experience in finance and insurance can take an aptitude test for admission to the programme. They may have to complete credits in analysis and stochastics in the first year of the programme (conditions of admission)

Application & Enrollment

A period of several weeks, generally from mid-May to mid-July, is set for applications. New intake is in the winter semester only. Please contact the DISC or the Student Affairs Office at the Technische Universität Kaiserslautern for details of the current admission dates and application deadlines. They will also provide the necessary forms and documents for applications. Successful applicants will be sent detailed information on registration. Separate conditions apply for candidates with professional experience but no university degree.

Study Interruptions

You can discontinue or interrupt your distance learning programme at the end of each semester. The associated certificates of de-registration or leave of absence will also be issued at the end of the semester. The registration fee and the tuition fee cannot be reimbursed in the case of withdrawal after successful admission to the programme. Many students experience periods in which they need to focus more strongly on their careers or families while enrolled in an academic programme. Experience has shown that it is nonetheless possible to successfully graduate from the programme despite other commitments. Contact the programme officers in time so that they can potentially help you to find an individual solution in order to avoid interrupting or even discontinuing your academic programme.


Program content

Students take various classes towards two modules in each of the first five semesters. Students work through one to two sets of learning material for each module. The sixth semester is for the Master‘s thesis. Around 16-18 hours per week will be required for working through the learning material and completing the corresponding exercises. Students should schedule this time especially in the first semester, as it generally takes a while for them to establish their own individual working and studying style and to get used to the written course material. Realistically, the initial workload is likely to be higher, not least for those from non-mathematical disciplines: they will need to familiarise themselves with a new and perhaps strange terminology and style, and new types of question. Your actual workload will depend on a range of very different factors such as prior knowledge, your individual studying habits and your professional and personal situation. One weekend (Friday to Sunday) per semester is required on top of the specified workload for attendance at the on-campus phase. Whatever your actual workload, you will find that you will not be able to pursue all your previous activities and hobbies as usual. We therefore recommend realistically considering your capacity, your interests and the time available to you to avoid unnecessary frustration.


Authors & modules

Module

Title

Work Load

Authors

M01

Introduction to Financial Mathematics

Prof. Dr. Martin Bracke
Dr. Sascha Desmettre
Prof. Dr. Jörn Sass
Dr. Stefanie Schwaar

M02

Insurance Mathematics

Prof. Dr. Ralf Korn
Prof. Dr. Jörn Sass

M03

Financial Mathematics

Prof. Dr. Ralf Korn
Prof. Dr. Jörn Sass

M04

Economics of Banking

Prof. Dr. Jan Wenzelburger

M05

Financial Decision Making

Prof. Dr. Jörn Sass
Prof. Dr. Jan Wenzelburger

M06

Interest Rate Models

Prof. Dr. Jörn Sass
Prof. Dr. Frank Seifried

M07

Risk and Statistical Modeling

Prof. Dr. Jörn Sass
Dr. Jean-Pierre Stockis

M08

Computational Methods in Finance

Prof. Dr. Ralf Korn

M09

Advanced Financial Engineering

M10

Master Thesis


On-Campus-Phases

A on-campus phase is held for all students on the distance-learning programme towards the end of each of the first four semesters. Attendance at these on-campus phases is mandatory. The on-campus phase run from Friday lunchtime to Sunday afternoon. On-campus phases in the winter semester are generally held in February/March and on-campus phases for the summer semester in August/ September.
On-campus phases are the chance to explore course content in more depth, to ask any questions about the content of the learning material, and to discuss the implementation and practical application of the methods about which you have learned. Written examinations and oral examinations (presentations) are also held during the period of the on-campus phases. On-campus phases require students‘ active participation.
Students are responsible for their accommodation and catering arrangements for the on-campus phases; however, we will be happy to help with your accommodation search.


Costs

The current tuition fee for the advanced distance learning Master‘s programme „Financial Engineering“ is € 1,990,- per semester (plus the registration fee of currently € 101,- per semester) as well as a one-time Master‘s examination fee of currently € 500,- for the standard period of study. In accordance with the applicable DISC fee structure, tuition fees are reduced to 30 percent as of the third semester exceeding the standard period of study. This does not apply to the fee for the Master‘s thesis. This covers, among other things, the costs for online learning materials, on-campus phases and administrative fees. Furthermore, you can also use our online learning environment to commission one of our printing service providers. For a surcharge, they will print, bind and send you the available learning materials (print on- demand). Additional costs that are not included in the tuition fee may be incurred due to the on-campus phases (bed, board, transport, etc.). Tuition fees are charged every semester, depending on your enrolment or re-registration status. If you are enrolling for the first time, it is very important that you do not transfer the tuition fee until you have received your letter of admission. We try to ensure that our study guide is always up-todate. Despite regular revisions, information on costs and programme content may deviate due to shortterm amendments. We therefore kindly ask that you visit our website for information on the current programme conditions prior to submitting your application. Alternatively, you can order our enrolment brochure, which we will send you before the start of the application period (free of charge within the EU). Please note that all binding information on learning materials, costs and conditions of the distance learning programme will be made available online on 02 May of each year (prior to the start of the application period) in the enrolment brochure.


Financial Aid

The state offers individual tax incentives in Germany for advanced training measures. Depending on your personal income and job situation, you may be able to offset the costs of your distance learning programme as advertising expenses or special expenses and receive a partial or full refund. For more information, please contact an independent expert or your local tax authority. Unfortunately, financial support cannot be granted in accordance with the Sozialgesetzbuch – Drittes Buch (SGB III) (Social Security Code – Book Three) or the Bundesausbildungsförderungsgesetz (BaföG) (Federal Training Assistance Act). Further information on support measures can be accessed at www.zfuw.de/sponsorship as well as in the DGWF brochure „Fördermöglichkeiten in der Weiterbildung“ (Support measures for advanced training), which is available in the download area (in German only). Please also consult with relevant authorities in your home country or international organisation for information on additional support measures.


Accreditation

The distance learning program "Financial Engineering" was accredited by the quality management system of several universities in Rhineland-Palatinate.