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Master of Science (M.Sc.)


Tuition Fee
32,500 Euro

Application deadline
30 June

Programme Start
5 September

4 Semester | full-time

The Programme

Frankfurt School’s programme Master of Business Research & Analytics (MSc) offers candidates an internationally recognised academic education intended to pave the way for a career in international academia or other research-oriented positions. This two year, English language programme explores and applies research methods used in the specialist fields of finance, management and accounting.

  • Courses are taught by Frankfurt School faculty that have one of the strongest research records of any business studies faculty in Germany
  • Rigorous training in research methods and skills
  • Vital and international research community
  • Excellent research and study facilities
  • Excellent contacts to academic community and research-oriented institutions

Learning target

During the course programme students are able to explore these research areas, before writing their own first academic paper (master thesis) according to international standards. The key objective of the programme is to enable students to conduct independent research relevant to academia, business and politics. It is possible to switch to the doctoral programme following the course phase.


  • Curriculum vitae
  • Transcripts and certificates from school and university education
  • Proof of English language proficiency (IELTS 7 / TOEFL 100)
  • Two letters of recommendation
  • Statement of purpose and research interest
  • GRE or GMAT test results

Candidates do not necessarily need previous academic qualifications in Business Studies or Economics, therefore graduates in other disciplines are also invited to apply. To successfully qualify, however, such candidates must be ready to acquire a sound understanding of business issues and should already possess an excellent grasp of advanced quantitative methodologies when applying. Candidates in the final year of a Master’s or Bachelor’s programme are also welcome to apply. Due to difficulties comparing international qualifications, minimum grades are not specified, however, successful candidates will have achieved excellent grades in their undergraduate degree courses.

Study fee

Registration fee: 100 Euro
Semester fee: 8,100 Euro
Total price: 32,500 Euro

Students have the opportunity to learn from and work with professors from one of Germany’s largest business administration faculties that achieve top positions in various rankings. Additionally, scholars from a global network of partner institutions regularly present their findings in research seminars.

The Master of Business Research & Analytics prepares students for Frankfurt School’s doctoral programme. Graduates are furthermore well-equipped to work in research-oriented positions at banks and consultancies that belong to Frankfurt School’s excellent network


Frankfurt School’s Master of Business Research & Analytics takes a carefully structured approach to introduce young scholars to finance, management and accounting research. This curriculum provides students with the skills necessary to understand and critically evaluate articles in leading finance, management, business and economics journals. Furthermore it prepares them to conduct highly qualified research that contributes to the international academic community.

All courses are taught in English and require one or multiple forms of testing study progress, such as written and oral exams, term papers, assignments, and others.

Semester 1-3

Core Modules

  • Mathematics and Statistics
  • Theories of the Firm
  • Econometrics I
  • Econometrics II
  • Microeconomics
  • Research Methods in the Social Sciences

Independent Study Course

  • Brown Bag Seminar
  • Finance Winter School
  • Research Seminar
  • Management Summer School

Accounting Concentration

The accounting concentration encourages students to get involved in research projects early on. The prerequisite for successful project work, however, is a rigorous training in theory and empirical methods. Besides mastering core courses and "independant study courses", the track thus requires attending six additional electives, which will allow for a specialisation either in the area of Financial Accounting & Auditing or Managerial Accounting. Two of these additional electives are offered at Frankfurt School; the remaining four allow for individual specialisation and may also be chosen from eligible courses at other institutions.

  • Accounting Information and Capital Markets
  • Performance Measurement and Incentives
  • Electives

Finance Concentration

The finance concentration of the Master of Business Research and Analytics provides students with the knowledge to be involved in research projects.

The prerequisite for successful participation in research projects is a rigorous training in theoretical and empirical topics in asset pricing, corporate finance and financial intermediation. Currently, the doctoral finance concentration consists of six coure courses and six electives taught by resident staff. Internationally renowned guest professors in their respective fields of expertise complement the curriculum.

  • Asset Pricing
  • Corporate Finance
  • Financial Institutions
  • Empirical Methods in Finance
  • Advanced Topics in Financial Economics
  • Financial Economics under Asymmetric Information

Management Concentration

The prerequisite for successful participation in research projects is a rigorous training in theoretical and empirical topics in management. Students who pursue a Master of Business Research and Analytics in the Management concentration at Frankfurt School have to follow additional courses in addition to the compulsory courses of the core curriculum. Three of these additional electives are offered at Frankfurt School; the remaining three allow for individual specialisation and may also be chosen from eligible courses at other institutions.

  • Judgment and Decision Making
  • Markets and Strategy
  • Technology and Operations Management
  • Electives

Semester 4

Master Thesis

The master’s thesis is an independent research activity. As preparation for the master’s thesis students will participate in a research methods workshop which will introduce students to both qualitative and quantitative methods of research.


The programme explores and applies research methods used by students and researchers in the specialist fields of finance, management and accounting. The programme is embedded and actively participates in an international research community. Respected scholars from other universities regularly present their research findings in research seminars held at Frankfurt School.

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While the primary intention of the programme is to prepare students for academic careers, the issues they are researching are also directly relevant to business and politics. Students are trained to develop solutions to complex problems and are provided with the social and conceptual skills they need to advise others. Therefore excellent graduates are well-prepared to further their academic career within Frankfurt School’s doctoral programme but also for research-oriented positions, e.g. at the ECB, Deutsch Bundesbank or many others.

Accounting Concentration

Accounting research can be described as the application of economic (or other) theories to “accounting phenomena”.

Accounting phenomena are manifold, including the observable economic consequences of disclosures, the pervasive use of accounting figures in contracting, the quality and pricing of mandatory and voluntary audits of financial information, but also the design and consequences of given performance measurement systems or the use of targets and budgets in organizations.

In many cases, accounting researchers draw on methods which have been developed in economics, finance and other disciplines, but they have also developed own proxies and metrics, including approaches allowing for the measurement and comparison of the “qualities” of financial statements or annual audits.

Find a stimulating, cooperative, and challenging research environment.

Frankfurt School’s accounting researchers are committed to undertaking research of the highest quality, to publish their findings in top academic journals and to bring important insights for practitioners.

Finance Concentration

We conduct scientific research projects aiming at top journals in academia in the fields of asset pricing, corporate finance, and financial intermediation. Frequently, these are pursued jointly with representatives of our stakeholders from the industry, the public, and governments and actively involve doctoral students.

Management Concentration

We conduct scientific research projects aimed at top academic journals in the functional fields of management, marketing, operations and information systems. For the Management concentration, we especially seek students interested in the two complementary research areas of Judgement & Decision-Making and Markets, Organisations & Strategy.


The research area in Decision-Making studies the cognitive and behavioural processes shaping the decisions of managers, entrepreneurs, employees and customers.

Research Projects

Examples of ongoing and potential Research Projects

Accounting Concentration

Measuring and Improving Performance

In collaboration with a large employer, Matthias Mahlendorf investigates how benchmarking, target setting and performance measurement affect future performance. He analyses whether tying current targets to past performance adversely incentivises agents to reduce their effort, because outstanding performance would be penalised by more challenging targets for the subsequent years.

Individual Traits and Corporate Decision-making

Yuping Jia contributes to the interdisciplinary literature at the intersection of social sciences and biology. She asks how top executive’s individual traits impact corporate decision-making and inquires whether variation in reporting quality and in the design of control systems is explained by biomarkers of executives such as facial structure or testosterone level.

Intra-year Revisions of Sales Manager Targets

After an unexpected demand shock, it might happen that annual sales targets in a firm become either unreasonably difficult or easy to achieve. Martin Artz analyzes the economic and behavioral determinants of potential intra-year target adjustments used to recalibrate incentives in such cases and asks how they affect sales managers’ behavior, and their resulting sales performance.

The Shredding and Reload of Auditor Reputation

The detection of fraud may significantly impair the reputation of the auditor who reviewed the respective financial statements. Elisabeth Kläs inquires into the effects that publications of error statements under the European enforcement regime have on auditor reputation and uses this setting to also shed light on the factors leading to significant impairments but also the restoring of auditor reputation.

Finance Concentration

Unorthodox Monetary Policy and SME Lending

Together with a major European universal bank, doctoral candidate Lisa Cycon investigates empirically the effect of the Security Markets Program on both loan price setting as well as investment behaviour of credit-constrained small and medium sized enterprises.

Collateral Pledging Behaviour in Stressful Times

In collaboration with both the European Central Bank and Deutsche Bundesbank, Michael Koetter examines how liquidity support schemes of the ECB affect the collateral pledging behavior of banks and how such differences might have affected lending behavior.

M&A Contracts and Lawyer Expertise

In collaboration with a leading European law firm, Zacharias Sautner empirically investigates whether and how lawyers with more expertise draft M&A contracts that are beneficial to their own clients at the expense of the counterparty.

Blockholder Trading, Market Efficiency, and Investment

In a model with privately informed agents, Florian Kerzenmacher and Günter Strobl show that block holdings can act as a commitment device to collect information that is used by managers to improve their investment decisions.

Management Concentration

Consumer Information Processing (Marketing)

Selin Atalay studies consumer information processing using eye tracking methodology to trace consumer decision making processes in retail environments. Understanding the decision making process contributes to designing better retail environments. Furthermore, understanding how consumers focus their attention as they visually search for information also has implications for packaging.

Delegation of Authority and the Efficiency of Decision Making (Management)

Delegating decisions to employees is beneficial to utilise their knowledge, but they might pursue their own agenda. Psychology suggests that managers may keep control to often as they have a lure for authority. Eberhard Fees analyses the conditions which influence the frequency and efficiency of delegation both with economic theory and in the laboratory. (taught by Eberhard Feess)

IQ gets you hired but EQ gets you promoted (Management)

Emotional intelligence (EI) is a controversial construct. This project analyses to what extent EI predicts job-related outcome variables such as customer satisfaction, performance, and stress. (taught by Myriam Bechtholdt)

The Role of the Employee in Information Security (Information Systems)

Many organisations are aware that their employees are the weakest link in information security. This research project by Peter Rossbach identifies the factors influencing the employee’s compliance with the information security policy (ISP) of an organisation and their relevance. The factors are derived from literature research and verified by quantitative methods based on a survey. (taught by Peter Rossbach)

Hierarchical Judgemental Forecasting (Operations)

Mirko Kremer investigates empirically the relative performance of bottom-up versus top-down forecasting processes popular in Sales & Operations Planning practice.

Meta-heuristics for Solving Highly Complex Business Problems (Operations)

Many business problems are characterised by a high degree of complexity (np-hard problems). One example is the so-called car sequencing problem where automotive manufacturers have to schedule the sequence of cars on their assembly line. Meta-heuristics such as Ant Colony Optimisation where the search behaviour of ants is incorporated into the heuristic or Genetic Algorithms where the logic of human genes is used have the potential to identify optimal solutions and are most effective for solving complex problems not only in the automotive sector. (taught by Jörn-Henrik Thun)

Markets, Organisations, & Strategy

The research area in Markets, Organisations & Strategy explores the external and internal drivers of organisational design, strategy and performance in fast-changing, globalised markets.

Myopic Marketing Management – Whom to Blame? (Marketing)

We examine short-term oriented management with regard to cuts in marketing expenses. We find top marketing managers’ compensation incentives (but not those of the CEO) to be responsible. This result contradicts suggestions in the marketing literature that the presence of a chief marketing officer can help maintain a long-term orientation with regard to marketing spending. (taught by Martin Artz)

The Impact of Financial Incentives on Customer Value (Marketing)

Firms often use financial incentives (promotions, referral rewards, loyalty programmes, etc.) to attract new or re-activate existing customers. The impact of such incentives on customer value is important, yet poorly understood. We investigate how their effect depends on incentive type, customer type, or the competitive environment to help firms spend their marketing budgets more effectively. (taught by Christian Schulze)

Strategic Decision-Making (Management)

Professor Ronald Klingebiel examines why and how firms with different decision-making patterns achieve different levels of success. He explores, for example, the conditions under which firms that keep their options open achieve higher performance than peers that might commit fully to uncertain innovation projects. His research often involves data from technology-intensive industries, particularly all things telecom.

Does Accreditation Count? (Management)

Accreditation is a typical external approach for patient safety and quality management in hospitals worldwide. But the evidence of the benefits of these systems is still lacking. The main objective of the research project is to discuss the potential advantages and disadvantages of accreditation and to analyse the relationship between accreditation and hospital quality. (taught by Rainer Sibbel)

Effective Outsourcing Strategies and Management (Information Systems)

We analyse organisational, social, and technical determinants that contribute to the effective governance of IT outsourcing relationships, e.g., by ensuring that service providers sufficiently invest in innovation and knowledge exchange or by supporting decisions about and management of relationships with multiple vendors. Research approaches include qualitative and quantitative field research, social network analyses, and the development of software artefacts. (taught by Daniel Beimborn)

Weight Jacket or Life Vest? Inventories in the Presence of Major Production Disruptions (Operations)

Severe production disruptions due to quality breakdowns have the potential to ruin performance over the complete life cycle of a highly profitable product. The project uses system dynamics modelling to investigate the interplay between different forms of customer adaptation to varying service levels, the availability of a substitute product, and the economic characteristics of the product. (taught by Jürgen Strohhecker.

Student Life

Join our community of aspiring and inspiring individuals and get involved at FS by joining a student initiative, participating in a sport or business competition, by serving on our Student Council, or by creating your own event or initiative.

Application Process

1. Target Group and Admission Requirements

Talented, self-motivated individuals with an outstanding undergraduate degree seeking careers in academia or research-orientated positons. The Master of Business Research & Analytics qualifies our graduates to conduct high quality research and prepares them for research-oriented careers.

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Candidates in the final year of a Bachelor’s programme are also welcome to apply with their last academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme. Foreign degrees will be checked regarding their equivalence.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents, which cannot be waived. Please note that you need a certified English or German translation for all documents, which are not originally in German or English. The application platform will be open between September 15 and June 30.

Required Documents

  • Curriculum Vitae and list of publications if existing

  • Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)

  • Certified copy of your University Degree Certificate or equivalent and academic transcript of records, min. 180 ECTS (Candidates who have not yet completed their degrees should submit their last academic transcript instead)

  • Official GMAT or GRE results (no minimum score is specified and cannot be waived)

    GMAT institution code: FCB; Programme code: FCB-RP-82

    GRE institution code: 7573

  • Proof of English Language Proficiency (TOEFL IBT min. score of 100/IELTS min. score of 7.0) TOEFL institution Code: 0239

    Candidates with degrees from English-speaking institutions or study programmes conducted entirely in English do not need to provide English test results. They should upload a certificate by their university confirming that the entire programme was taught in English.

  • Two letters of recommendation from a former academic tutor or from an academic environment.

  • Statement of purpose and research interest(description of a possible research project, 2-5 pages, demonstrating how the candidate plans to apply his/her particular interests, skills and expertise to the pursuit of his/her academic objectives)

3. Interview

After the deadline, we will create a shortlist based on the submitted documents by the candidates. Selected candidates will be contacted and interviewed before a final decision will be made. The purpose of the interview is to gain a better understanding of our mutual expectations, motivations, goals and research interests.

4. Results

The results will be communicated after the final decision.

Financing and Scholarships

Investing in your future

Your degree is an investment in your professional future. As a business school of international standing, not only do we offer you ideal conditions for earning a degree – we also offer you excellent career prospects.

And since we can guarantee the quality of our teaching and research, we also expect the highest levels of commitment and motivation from our students.