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Deutsch Who is the Distance Learning Course Financial Engineering (M.Sc.) Suitable For?
The part-time distance learning programme Financial Engineering (Master of Science) at the Rhineland-Palatinate Technical University Kaiserslautern-Landau is aimed at individuals with strong mathematical skills and an interest in quantitative methods in the finance and insurance sectors. The target group primarily includes graduates of mathematical or related university courses as well as professionals working in the finance or mathematically-technical sector who wish to systematically deepen their knowledge in financial mathematics and financial engineering. Both specialists from banks, insurance companies, and consulting, as well as young talents aiming for a career in research or practice-oriented analytics areas of the financial industry, are addressed. Experienced professionals without a first university degree can also apply, provided they have relevant qualifications.
Admission Criteria at a Glance
There are specific entry requirements for admission to the distance learning programme Financial Engineering. There are basically two access routes:
- With a university degree: Persons with a first professional university degree (at least six semesters, e.g. Bachelor or Diploma) in any subject area may apply. Additionally, at least one year of relevant and qualified professional experience in the finance or insurance sector or in a mathematically oriented profession is required.
- Via the aptitude test: Those without a first university degree but with a university entrance qualification (such as general higher education entrance qualification, master craftsman’s certificate) can gain access via an aptitude test. In this case, at least three years of relevant professional experience in the finance or insurance sector and additionally at least one year of qualified professional activity in the relevant field must be demonstrated.
- Mathematical prior knowledge: Solid knowledge in analysis and stochastics is necessary. If these cannot be demonstrated, they can be acquired in in-house courses. In this case, admission is granted with corresponding conditions.
- Admission procedure: The selection of applicants follows a point-based evaluation system that examines and weights all requirements.
The language of instruction is English (examinations and coursework are partly also possible in German).
Required Personal Prerequisites
For success in the distance learning programme Financial Engineering, certain personal qualities and skills are advantageous:
- Very good mathematical understanding and interest in abstract models and analytical thinking.
- Professional experience or intensive practical contact with financial markets, financial products, or actuarial mathematics.
- Initiative, self-organisation, and good time management for a part-time study programme (recommended workload: Ø 14 hours/week).
- Good knowledge of English, as the course is mainly conducted in English.
- Willingness to engage with complex financial mathematical issues and computer simulations.
- Motivation for scientific work and interest in practice-oriented research in the finance or insurance sector.
The master's degree is suitable for those interested in further developing both their analytical and strategic competences for demanding tasks in the financial industry.
What content does the Master's in Financial Engineering cover?
The part-time distance learning programme Financial Engineering at the Rhineland-Palatinate Technical University of Kaiserslautern-Landau imparts comprehensive knowledge in financial mathematics and its practical applications. A special focus is placed on mathematical methods for modelling and valuation of financial markets as well as insurance products. The content is interdisciplinary and links mathematics, economic models, and actuarial approaches.
- Discrete and continuous financial mathematics: modelling financial markets, pricing financial products
- Interest rate models and actuarial fundamentals
- Economics, particularly economics of banking
- Actuarial science and risk assessment
- Financial statistics as well as evaluation and development of rating systems
- Modern computational finance: computer-based methods for price calculation
- Portfolio optimisation from a financial-economic and financial-mathematical perspective
- Practical project for developing own models and preparing the Master's thesis
Throughout the course, all modules prepare students to critically evaluate financial-mathematical methods and independently solve practice-relevant questions. Results of current research and practical applications are an integral part.
How is the distance learning course structured?
The programme is organised as a part-time distance learning course with a standard period of study of six semesters. According to the provider, the average weekly workload is about 14 hours. The teaching materials are designed for self-study, supported by an interactive online campus offering opportunities for exchange between students, lecturers and course management.
- Start of studies: each winter semester (October)
- Study format: distance learning, individual attendance phases
- Language: English (under certain conditions, achievements can also be completed in German)
- Attendance phases: a total of 4 dates, mostly from Friday to Sunday in Kaiserslautern
- Degree: Master of Science (M.Sc.), 90 ECTS
During the programme, the attendance weekends deepen practical and theoretical content, promote networking and exchange, and specifically prepare for the degree and the Master's thesis. The self-study materials and e-learning offer are scientifically grounded and practice-oriented.
What career prospects does the programme offer?
The Master of Science in Financial Engineering qualifies for challenging tasks in the financial sector and insurance industry. Key competences are the practical application and evaluation of financial-mathematical models and methods for the development, optimisation, and valuation of financial and insurance products.
- Specialist and management positions in banks, insurance companies, investment and consulting firms
- Roles in risk and portfolio management
- Expert activities in the development and analysis of new financial products
- Career opportunities for mathematically trained individuals who wish to move into or further qualify within the financial sector
- Career paths into management or research, e.g. with subsequent doctoral studies
According to the academic director Prof. Dr Jörn Saß, the in-depth knowledge in financial mathematics and related fields conveyed in this programme is increasingly crucial to succeed in an increasingly complex financial market environment.
How are the costs for the distance learning course composed?
The total costs for the Financial Engineering distance learning course currently amount to approx. 15,000 euros (as of April 2024). This sum is composed as follows:
- Tuition fee: 2,240 euros per semester
- Social contribution: 140 euros per semester
- Fee for the Master's thesis: 720 euros (one-time)
The tuition fee can also be paid in instalments upon application. If more than six semesters are necessary, fees are waived in the 7th semester and reduced to 30% from the 8th semester onwards. The study materials are included in the costs. Travel and accommodation expenses during attendance phases are not included. Tax deductibility is possible in accordance with statutory regulations.
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