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Degree Structure

Program is designed to be completed in two years. The schedule will be adjusted to fit students working full-time: The program will be taught in the evenings and occasionally also over the weekends.

Students have to spend one semester of their studies abroad. The standard semester for the abroad stay is the 3rd semester. To facilitate the exchange, the third semester is designed in an intensive format: two three-week blocks.

Fourth semester is devoted mainly to supervised work on the master thesis and preparation for the state exams.

To successfully complete the program, students have to earn 60 credits/120ECTS in the following structure:

 

Code Course Credit Exam Prereq. Year/ Semester

Module 1: Fundamentals in Quantitative Methods and Finance
ARM511 Fundamentals of Mathematics and Statistics 2.0 Letter grade None 1/1
ARM512 Fundamentals of Finance 2.5 Letter grade None 1/1
ARM513 Fundamentals of Economics 1.5 Letter grade None 1/1
ARM514 Programming and Databases 2 Letter grade None 1/1

Module 2: Financial Econometrics
ARM521 Multivariate Methods 2.5 Letter grade M1 1/1
ARM522 Time Series Analysis 1.5 Letter grade M1 1/1

Module 3: Derivative Pricing		  
ARM531 Equity and Foreign Exchange Derivatives 1 Letter grade M1 1/1
ARM532 Fixed Income and Credit Derivatives 2 Letter grade M1 1/1

Module 4: Risk Measurement		  
ARM541 Measurement of Market Risk 2 Letter grade M2, M3 1/2
ARM542 Measurement of Credit Risk 2 Letter grade M2, M3 1/2
ARM543 Measurement of Non-life Risk 1 Letter grade M2, M3 1/2
ARM544 Measurement of Life Risk 1.5 Letter grade M2, M3 1/2

Module 5: Asset Management		  
ARM551 Introduction to Asset Management 1.5 Letter grade M2, M3 1/2
ARM552 Asset classes: Interest Rate Products, Equity, Foreign Exchange, Credit Products 3 Letter grade M2, M3 1/2
ARM553 Alternative Investments & Structured Products 2 Letter grade M2, M3 1/2

Module 6: Research Methods		  
ARM561 Research Methods 0.5 Pass/Fail None 1/2
ARM562 Research Seminar 1.5 Pass/Fail None 1/2

Module 7: ALM and RM for Banks		  
ARM671 Bank Management 2.5 Letter grade M4, M5 2/1
ARM672 Risk Controlling and Organisation Market Risk 1 Letter grade M4, M5 2/1
ARM673 Risk Controlling and Organisation Credit Risk 1.5 Letter grade M4, M5 2/1
ARM674 Operational Risk for Banks 1 Letter grade M4, M5 2/1

Module 8: ALM and RM for Insurance/Pension Funds		  
ARM681 ALM and Insurance Management 1.5 Letter grade M4, M5 2/1
ARM682 Management Life Risk 1.5 Letter grade M4, M5 2/1
ARM683 Management Non-Life Risk 1.5 Letter grade M4, M5 2/1

Module 9: Applied Asset Management		  
ARM691 Integrating Aspects of Asset Management 3 Letter grade M4, M5 2/1
ARM692 Legal Framework and Ethics 1.5 Letter grade M4, M5 2/1

Module 10: Applied Research in Asset and Risk Management		  
ARM701 Advanced Topics 1.5 Pass/Fail M1-M9 2/2
ARM702 Project Seminar / Internship 2 Pass/Fail M1-M9 2/2

Other requirements		  
ARM710 Master Thesis 7.5   M1-M10 2/2
ARM720 State Exams 4   M1-M10 2/2

State Exam - ARIMA

In order to graduate, students have to write a Master Thesis and pass the State Exams.

State Exams consist of Defense of the Master’s Thesis and four oral exams based on:

  • Modules 1 and 2
  • Module 4
  • Module 5
  • Module 6 or Module 7 (according to student’s choice).