Master of Science (MSc)

Quantitative
Finance
“WU’s Master in Quantitative Finance offers an optimal
program design that combines well-founded academic
qualifications in computing, statistics, and mathematics
with a specialization related to the challenges faced by the
modern financial industry. By learning how to develop
and apply quantitative methods and models and gaining
knowledge in the fields of credit and market risk
management, graduates become well-equipped for
future challenges in financial markets.”
HANNES MÖSENBACHER, CRO,
R AIFFEISEN BANK INTERNATIONAL AG
 3

Welcome to WU
DEAR PROSPECTIVE STUDENTS,
The Master in Quantitative Finance (QFin) is designed to prepare students for a broad range of
careers in the financial industry and academia. The curriculum builds strong quantitative skills
coupled with a solid base of financial theory. Students acquire the necessary knowledge and
skills to use mathematical models and apply statistical tools in the context of financial econom-
ics. A lot of focus in the program is on computing and data analysis and several professors are
strongly involved in the international development community of R.

By joining the QFin program, students benefit from our strong academic and industry networks.
The Vienna Graduate School of Finance (VGSF) is involved as a cooperation partner – guarantee-
ing an exposure to the international academic world. In collaboration with committed students
from the QFin Club, we additionally organize Company Talks, inviting practitioners and gradu-
ates working in top institutions to talk about their current challenges and how to place yourself
in the industry.

The structure is designed to guarantee a high degree of flexibility in the curriculum. In the sec-
ond year, students choose between Industry Track and Science Track, and select among several
electives. This system allows students to diversify their curriculum and to focus on a career either
in academia or industry.

The QFin program aims to prepare students to face challenges – careers requiring to deal with
complex financial problems and to innovate facing market challenges. We are looking forward
to welcoming you here at WU Vienna.

Kurt Hornik (left side) and Stefan Pichler (right side)

Program Directors
MSc Quantitative Finance

AT A GLANCE

Duration 4 semesters, full-time degree program

Credits 120 ECTS credits

(incl. 20 ECTS credits for the master thesis)

Language of instruction English

Degree awarded to graduates Master of Science (WU)

Start Every winter semester

Capacity Up to 60 students per academic year

Application Rolling admissions start in September

(more information on page 10)

Contact qfin@wu.ac.at
 5

Contents and Structure

The WU Master in Quantitative Finance is an intensive program designed to prepare stu-
dents for a wide range of careers in the highly competitive financial service sector – careers
requiring analytical skills and ability to develop new concepts. The two tracks structure
covers a broad range of topics guaranteeing a comprehensive and flexible curriculum.

FIRST YEAR SCIENCE TR ACK

In the first year QFin students investigate core analytical This specialization focuses on preparing students for an
subjects and deal with demanding quantitative methods, academic career. Besides advanced courses in all major
providing the tools to solve complex finance matters. fields of finance and numerous electives, special empha-
sis is placed on academic literature research and scien-
Students learn about finance and microeconomics. The tific writing. To experience academic research, students
curriculum also covers mathematics, probability, statis- attend the weekly research seminars – providing access
tics, optimization and computing - preparing students for to state-of-the-art international research.
subsequent courses on stochastic calculus and financial
econometrics. Additionally, students receive an extensive INDUSTRY TR ACK
training in “R”, by one of its main developers. To complete The other specialization targets on students seeking a
this first year, students learn to think outside the model career as quants in the finance industry. Besides courses
with classes on optimization and game theory. in the major fields, the track concentrates on combining
financial models with computational skills. In the Industry
SECOND YEAR Lab, students have the opportunity to apply their skills
In the second year students choose between a Science and knowledge in a real-world environment, making use
Track and an Industry Track. of WU’s numerous corporate partnerships.

“The imagination in a mathematician who

creates makes no less difference than in
a poet who invents”
Jean Le Rond D’Alembert
PROGR AM STRUCTURE SCIENCE TR ACK

1st semester

Mathematics 1 Financial Markets Computing Probability Principles of Statistics 1

and Instruments Finance
5 ECTS 4 ECTS 5 ECTS 5 ECTS 4 ECTS 5 ECTS

2nd semester

Mathematics 2 Optimization Statistics 2 Continuous Microeconomics Econometrics

Time Finance 1
5 ECTS 4 ECTS 5 ECTS 5 ECTS 4 ECTS 5 ECTS

3rd and 4th semester

Core courses Mandatory courses Electives Master Thesis

›› Asset Pricing ›› Paper Reading At least seven electives are offered each year,
›› Corporate Finance and Writing students select a total of three.
›› Financial Econometrics ›› Research Seminar The number and the contents of the electives
›› Game Theory 1&2 vary regularly depending on current
developments in theory and practice.
›› Master Thesis Seminar The actual electives available are announced on
wu.at/qfin

Total 20 ECTS Total 12 ECTS Total 12 ECTS (4 ECTS each) 20 ECTS

 7

PROGR AM STRUCTURE INDUSTRY TR ACK

1st semester

Mathematics 1 Financial Markets Computing Probability Principles of Statistics 1

and Instruments Finance
5 ECTS 4 ECTS 5 ECTS 5 ECTS 4 ECTS 5 ECTS

2nd semester

Mathematics 2 Optimization Statistics 2 Continuous Microeconomics Econometrics

Time Finance 1
5 ECTS 4 ECTS 5 ECTS 5 ECTS 4 ECTS 5 ECTS

3rd and 4th semester

Core courses Mandatory courses Electives Master Thesis

›› Asset Pricing ›› Industy Lab At least seven electives are offered each year,
›› Corporate Finance students select a total of four.
›› Financial Econometrics The number and the contents of the electives
›› Game Theory vary regularly depending on current
developments in theory and practice.
›› Master Thesis Seminar The actual electives available are announced on
wu.at/qfin

Total 20 ECTS Total 8 ECTS Total 16 ECTS (4 ECTS each) 20 ECTS

Our Team
An interdisciplinary faculty of internationally renowned researchers from the fields of
statistics, mathematics, finance, and economics ensures that the curriculum is both
comprehensive and well-balanced.

FACULT Y

Stefan Bogner, Corporate Finance

Hannelore De Silva, Game Theory
Alexander Eisl, Industry Labs
Zehra Eksi-Altay, Term-structure Models, Industry Labs
Rüdiger Frey, Mathematics 1, Continuous Time Finance 1 & 2, Dynamic Credit Risk Modeling
Alois Geyer, Econometrics
Michael Hauser, Financial Econometrics
Ronald Hochreiter, Industry Labs
Kurt Hornik, Program Director; Computing, Statistics 1 & 2, Adv. Topics in Computing, Industry Labs,
Research Seminar, Master Thesis Seminar
Rainer Jankowitsch, Program Director; Financial Markets and Instruments, Research Seminar,
Master Thesis Seminar, Paper Reading and Writing
Gregor Kastner, Advanced Topics in Financial Econometrics
Alexander Mürmann, Microeconomics
Christian Ochs, Industry Labs
Stefan Pichler, Industry Labs, Master Thesis Seminar
Klaus Pötzelberger, Probability, Mathematics 2
Michael Raab, Bridging Course
Otto Randl, Portfolio Management – Applications
Birgit Rudloff, Optimization, Quantitative Risk Management, Paper Reading and Writing
Leopold Sögner, Asset Pricing
Michaela Szölgyenyi, Financial Engineering
Laura Vana, Industry Labs
Andrea Wagner, Bridging Course
Josef Zechner, Portfolio Management – Foundations

PROGR AM MANAGEMENT
Georg Mikula, Program Coordinator
Adrian Baron, Program Coordinator
 9
Qualification Profile
and Career Prospects
Our program is designed to qualify highly skilled students with the necessary theoreti-
cal and empirical training to make a real difference in the business and academic world.

By the time they graduate, QFin students are sophisti- Our graduates have the experience and competence to
cated finance professionals who understand the principles work in industry or pursuing an academic career. Our
of finance and have the expertise to meet market chal- graduates work in:
lenges. Our students are equipped with the technical ›› asset management
and financial tools needed in today’s financial industry. ›› credit and market risk management
›› treasury and trading
After completing the program, graduates will be able to ›› financial engineering
›› understand and analyze complex financial problems ›› research and technical analysis
using mathematical and statistical models; ›› corporate finance
›› apply mathematical and statistical methods and com-
putational procedures for financial decision-making; Graduates are also qualified to further deepen their spe-
›› handle financial market data and information systems cialized knowledge in a relevant PhD program.
in theory and practice
›› work in teams and participate successfully in problem-
solving processes
›› write and present academic papers (Science Track)
›› develop and apply computational processes for
solving finance-related problems (Industry Track)

“I have been part of the first cohort of students

of the Master in Quantitative Finance. The
program equipped me with a great deal of
quantitative skills and spurred my interest
in conducting research. I greatly benefitted
from the involvement of faculty members and
from their advices. Today, when I look back,
I am deeply thankful for the opportunities
this program gave me in initiating an aca-
demic career.”
Florian Nagler, Assistant Professor (Bocconi University)
Program Application Criteria

ONLINE APPLICATION Applicants with a strong academic background in finance

The admission process starts with an online applica- are expected to prove sufficient skills in statistics and
tion. Applicants’ aptitude for the Master in Quantitative mathematics. Applicants with a (bachelor) degree in engi-
Finance is judged based on the following criteria: neering or quantitative studies, should prove their interest
›› A bachelor degree or equivalent first degree in a and adequate knowledge in finance.
subject relevant to the program. (The program must
be worth at least 180 ECTS credits). Examinations must
have been completed successfully in one of the following For further and more detailed information
subjects: on the application requirements and
›› Business administration, and/or economics, and/or admission process, please visit
finance, worth a minimum of 60 ECTS credits wu.at/qfin
›› Mathematics, and/or statistics, and/or computing
worth a minimum of 45 ECTS credits
“What I valued most in this program was
Furthermore, applicants have to indicate the following the unique combination of an outstanding
competences:
education in both mathematics and finance,
›› Skills and knowledge in business administration/eco-
led by an excellent faculty of experts in each
nomics/finance
›› Skills and knowledge in mathematics/statistics
topic. The program not only taught me the
›› Achievement potential skills I needed, but it also brought me into
›› The GMAT or GRE are highly recommended close contact with the financial industry and
›› Applications can be supported by academic letters of potential employers, which helped me to find
reference my dream job.”
›› Adding a letter of motivation to your application is Christian Sagmeister, alumnus of the program,
highly recommended as well Operational Risk Modeller
11
Application and
Admission to WU
Selection procedures apply for all English-taught MSc programs. WU employs a rolling
admissions policy with three priority deadlines.

APPLICATION PROFICIENCY IN ENGLISH

To keep quality standards high, all of WU’s English-taught Applicants must provide proof that they have a sufficient
MSc programs have a limited number of places available command of the English language, e.g. TOEFL 100, IELTS
and a comprehensive selection process is in place. The 7.0, CAE Certificate in Advanced English, English as a first
first step is an online application. WU’s rolling admissions language, or a full English-taught bachelor’s program (at
policy allows students to apply from the beginning of Sep- least 3 years) or master’s program (at least 2 years).
tember until spring and gives students the opportunity
to apply early and secure a place in the WU program of ADMISSIONS
their choice. The three priority deadlines are October 8th, Successful applicants who have received an admission
January 8th, and March 8th (March is not applicable for offer must enroll in person at WU’s Admissions Office.
International Management/CEMS). The specific selection
process varies by program.
Detailed information on the admission requirements
and the application procedures for the English-
taught master’s programs is available online:
wu.at/application-guide
 13

ACADEMIC CALENDAR ORGANIZING YOUR STUDIES AT WU

At WU, the academic year is divided into two semes- ›› Getting started
ters. The winter semester starts in October and ends in WU offers comprehensive information for international
February. It is followed by the summer semester, which students on its website.
runs until the end of June. Summer break is in July, August, ›› Housing
and September. All English-taught master’s programs International students coming to Vienna can choose
start in the winter semester. from various housing options.
›› Online services
Detailed infor­mation on enrollment deadlines and A wide selection of online services is available to stu-
WU’s academic calendar can be found on the WU dents on WU’s website wu.ac.at and WU’s learning
website at and information portal LEARN.
wu.at/academic-calendar ›› The Austrian Students’ Union at WU
The Austrian Students’ Union (ÖH) represents the inter-
ests of all WU students and offers them a wide spec-
TUITION FEES trum of services.
No tuition fees apply for EU, EEA, and Swiss citizens dur- ›› Student jobs at WU
ing the standard duration of their program (plus two extra WU students have many opportunities to actively
semesters). All those exceeding the standard duration, participate in student and campus life. They may,
however, are required to pay a tuition fee of approxi- for instance, choose to become course tutors, join
mately €360 per semester. Non-EU students are required one of our academic units as student staff members,
to pay €727. Under certain circumstances, the same regu- or get involved with the Students’ Union.
lations that apply to EU, EEA, and Swiss citizens may apply ›› Centrally located
to other students as well. WU is easily accessible by public transportation, and only
a few minutes away from the city center.
To find out more, please see
wu.at/fees

SCHOLARSHIPS
WU offers two financial aid programs that provide need-
based and merit-based scholarship grants.

For further information, please contact WU’s Study

Regulations Office:
wu.at/study-service

For other scholarship options, visit the Austrian

Database for Scholarships and Research Grants
(OeAD) at:
grants.at/en
WU Key Data

2018/19

Students

Total students (2018/19 winter semester) 22,016 (48% women)

International students (2018/19 winter semester) 6,023 (49% women)
Incoming exchange students ~1,000 per year
Outgoing exchange students ~1,000 per year

Faculty and Staff1

Total faculty2 497 (50% women)

Administrative staff 513 (85% women)
Total 1,147 (64% women)

Campus Resources

Premises Campus WU 100,000 m²

Premises Library
Total floor space 7,200 m²
Volumes ~658,400

International

Partner universities ~240

Courses in English ~450/Semester

Graduate-Programs

German-taught master’s programs English-taught master’s programs

› Business Education › Economics
› Business Law (LL.M.) › Information Systems
› Export and Internationalization Management › International Management/CEMS
› Finance and Accounting › Marketing
› Management › Quantitative Finance
› Socioeconomics › Socio-Ecological Economics and Policy
› Taxation and Accounting › Strategy, Innovation, and Management Control
› Supply Chain Management
German-taught doctoral/PhD programs
› Doctoral Program in Business Law (Dr. iur.) English-taught doctoral/PhD programs
› Doctoral Program in Social and Economic Sciences3 › PhD in International Business Taxation
› PhD in Economic and Social Sciences3 › PhD in Finance
1)
full-time equivalents in 2018
2)
not including personnel funded by third parties
3)
English track available
 15
English-Taught
Master’s Programs
Duration: 4 semesters; full-time programs;
120 ECTS credits; degree awarded: MSc (WU)

PROGR AM DETAILS Quantitative Finance

Economics ›› Focus on building strong quantitative skills coupled
›› Focus on analyzing economic policy and business with a solid knowledge base of the underlying
problems with state-of-the-art theories and methods theory of finance
›› Applied Track and Science Track ›› Students can choose between an Industry Track
›› 11 areas of specialization, many attractive or a Science Track
international partner programs. ›› Strong networks and links to the finance industry

Information Systems Socio-Ecological Economics and Policy

›› Focus on IT-related knowledge with a particular ›› Focus on socioeconomic analysis of sustainability
emphasis on management and research topics issues
›› Students acquire skills ranging from system ›› Students choose two of four concentration areas in
analysis to system implementation the fields of Environment, Population, Multi-Level
›› Based on state-of-the-art research Policy, and Social Policy

International Management/CEMS Strategy, Innovation, and Management Control

›› Joint program: MSc (WU) and CEMS MIM degrees ›› Optional double degree in cooperation with selected
›› Focus on international strategy and cross-cultural partner schools
management ›› Focus on all major aspects of organizational
›› Internship abroad, business project, and exchange leadership, as well as corporate development
semester and strategic management
›› Case studies, business projects, and exchange
Marketing semester
›› Focus on customer-oriented management concepts,
marketing research, and decision tools Supply Chain Management
›› Qualifications for marketing specialist/executive ›› Focus on design and analysis of supply chains for
positions, academic careers & advanced focal companies
management consulting with a wide choice ›› Management and coordination of global supply chains
of marketing electives ›› Learn to measure, evaluate, and control the quality
›› Double degree with University Bocconi (5 slots) of supply chain processes
›› Discussions of recent issues in SCM with industry
experts

For further details see:

wu.at/master-en
WU International
WU is a truly international university. It has recognized the necessity of thinking beyond
Austria’s borders early on. The international outlook of WU’s teaching and research
activities is a number one priority.

CONFIRMED QUALIT Y STUDY AROUND THE GLOBE

Becoming one of the world’s top business and economics WU has successfully integrated many international aspects
universities has always been a high priority at WU. With its in its research and teaching over the past few years. WU
prestigious international accreditations, WU has achieved maintains a strong international network with around
this goal. Fewer than 1% of universities worldwide can 240 partner universities all over the world, 130 of them
claim triple accreditation by EQUIS, A ACSB, and AMBA, offering exchange places for master students. Today WU
the three most well-respected accreditation agencies. is involved in numerous externally funded international
WU is one of only six universities in the German-speaking research projects and has increased the number of its
world to belong to this exclusive group of schools. faculty members with international backgrounds, espe-
cially over the last few years.
WU is also a member of respected associations like CEMS
(Global Alliance in Management Education), an alliance of INTERNATIONAL STUDENTS
32 top business schools and more than 70 of the world’s As a result of these efforts, WU has a high percentage
leading multinational companies (cems.org), and PIM of international students: Today, more than one out of
(Partnership in International Management), a network every four WU students comes from outside of Austria
of 65 highly renowned business schools and universities (not including exchange students). More than 110 nations
around the globe (pimnetwork.org). are represented in WU’s student population, with the
majority of international students coming from coun-
R ANKINGS tries in Europe. Together with around 1,000 exchange
International ratings like the Financial Times Rank- students, they contribute to the international and diverse
ing have repeatedly positioned WU and its programs atmosphere at WU.
among the top universities in its field, and document WU’s
continuous progress each year (rankings.ft.com).
 17

Living in Vienna
Vienna is consistently ranked the city with the world’s highest quality of living according
to Mercer’s Quality of Living Ranking.

HOUSING
LIVING COSTS
WU has no on-campus dormitories or housing services. Still, Life in Vienna is quite affordable, especially for a capital city
international students can choose from various housing
options: Housing
approx. €400– 600 per month
›› Student dormitories:
WU cooperates with the OeAD Housing Office to guar- Health insurance
antee a limited number of places in student dormitories approx. € 60 per month
(housing.oead.at/en). Other providers include: stuwo.at, Essentials (food, personal expenses)
wihast.at, akademikerhilfe.at, milestone.net, approx. € 300 per month
linked-living.com
Public transportation
›› Private accommodation:
approx. €150 per semester
WU recommends housinganywhere.com, a peer-to-
peer platform for finding private student apartments. Books
approx. € 75–150 per semester
WORKING IN VIENNA Communications
WU’s ZBP Career Center is the first place to go for any approx. €15–30 per month
questions regarding working in Austria (zbp.at).
Entertainment
›› Job openings for students, graduates and young approx. € 50–150 per month
professionals
›› Approx. 3,000 job vacancies per year
›› Approx. 1,800 CV checks, coachings and career advice

Please note that good German language skills are often

required for jobs or internship positions in Vienna, both
at local and international companies.
University of the Future
Internationalism, innovation, diversity – Campus WU is the concrete realization of WU’s
vision for a modern university. The fundamental principles of the architecture reflect
the values and ideas we cherish at WU.

In October 2013, WU relocated to an impressive new cam- the master’s degree programs are taught primarily in the
pus in Vienna’s 2nd district. As a public institution, WU is individual department buildings. The Executive Academy
aware of its responsibility, and built its campus in an eco- building is the home of continuing education and life-
nomical, ecological, and socially sustainable manner. We long learning programs. In this way, the various buildings
have not only constructed new buildings, but in the process and their functions reflect the three tiers of teaching and
we have also given concrete realization to our ideas of what learning represented by the Bologna Process.
the university of the future should look like. The campus is
more than just a place for academic research and teaching WU’s department-based organizational structure was also
and learning practical skills; it is also designed to create a a contributing factor. In its former location, various aca-
new space for social, cultural, and political life. demic units were scattered across the district. Now they
have been brought together in five department buildings,
The imposing Library & Learning Center (LC), designed making life much easier for both students and faculty.
by the Iraqi-British architect Zaha Hadid, is a testament
to the central importance of research and teaching at The campus infrastructure features auditoriums with
WU. The Library & Learning Center is surrounded by six state-of-the-art teaching equipment, including digital
building complexes, including the Teaching Center, which whiteboards. There are 3,000 student workplaces, located
houses most of WU’s auditoriums. The Teaching Center not only in areas intended for individual study, but also in
is intended mainly for bachelor’s degree students, while project rooms that can be booked by teaching staff and
 19

students alike. They cater to different needs by providing The campus is not only architecturally outstanding, the
quiet spots for focused academic work as well as oppor- entire complex was also designed in accordance with
tunities for work on group projects in communication- “green building” principles. Much of the required energy
friendly study areas. is obtained using geothermal energy from groundwa-
ter, and “green IT” systems capture the heat from server
The campus provides an environment for WU students facilities and recycle it back into the buildings’ energy
and staff that encourages productive work and com- supply.
munication. Not only the buildings themselves, but also
the surrounding grounds offer plenty of opportunities Another key feature of Campus WU is barrier-free acces-
for communication and meeting people. 55,000 m² of sibility. All auditoriums are specially equipped for people
Campus WU’s total surface area of 90,000 m² is open, with disabilities, all areas are designed to be wheelchair
publicly accessible space. Fences or barriers would accessible, and the campus also features a tactile guid-
contradict our vision of an open campus. ance system for the visually impaired.

Visitors and area residents are more than welcome We have not only made sure to comply with all relevant
on Campus WU. The campus offers not only food for legal guidelines, but we have also drawn on experience
thought, but also restaurants, cafés, and shops, all in gained from best practice examples. WU aims to play a
a stimulating architectural environment. pioneering role – in all respects.
Information and contact

To find out more about the Master’s Program in

Quantitative Finance, please visit:
wu.at/qfin

For further questions please contact:

Georg Mikula, Program Manager
qfin@wu.ac.at

Academic Directors of the Master’s Program in

Quantitative Finance:
Kurt Hornik and Stefan Pichler

WU (Vienna University of Economics and Business) Arriving by public transport:

2019/07

Welthandelsplatz 1, 1020 Vienna, Austria Subway: U2 stations “Messe-Prater” or “Krieau”

wu.ac.at Bus: 82A, “Südportalstraße” stop