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Degree
Master of Science (MSc)

Language
EN

Tuition Fee
36,500 Euro

Deadline for early-bird discount: 31 March

Application Deadline
30 June

Programme Start
28 August

Duration
4 Semesters | Full-Time

The Master of Finance programme

An internationally recognised master programme that brings together finance experts and a highly motivated student body to create an unparalleled learning environment.

Situated in continental Europe’s leading financial hub and with access to Germany’s largest finance faculty, the programme sets the foundation for a successful career in finance.

Highlights
  • Member of CFA University Recognition Programme
  • Flexible programme structure
  • MBA-style learning environment
  • International class with students from 27 nationalities
  • Access to high-profile practitioners from the corporate world

Master Evening

Learn more about our Master programmes at one of our Master Evenings! Benefit from personal conversations with our professors and programme directors and find out which programme could help you excel in your career. 

Requirements

  • First university degree (Bachelor or Diploma) or at least 180 ECTS credits, irrelevant of discipline
  • Experience with quantitative analysis at university level
  • Excellent written and spoken English* (TOEFL - 90 iBT / IELTS 6.5 or equivalent)
  • GMAT, GRE or FS AT
  • Successful admissions interview

*The Master of Finance is taught entirely in English. However, all non-German speaking students are required to take German classes. We strongly encourage our students to learn German before they arrive and offer German classes upon arrival in order to improve their employment opportunities.

Curriculum

Our Master of Finance programme combines both a structured approach and gives our students the flexibility to set their own focus by specialising in one of four concentrations.

Semester 1

Statistics & Econometrics

This module lays the foundations of general statistical principles with an underlying focus on economic and financial applications. Concepts studied include probability, probability distributions, confidence intervals and regression analysis. The module aims for you to understand the difference between randomness and systematic skill, especially in the context of financial and economic management. 

Lecturer

Macro- & Monetary Economics

This course aims to familiarise you with key concepts of macro- and monetary economics. More specifically, it introduces you to the concepts of Neo-Classical and Keynesian macroeconomic models by covering the labour, goods, capital and money markets, in addition to their respective implications in the application of monetary and fiscal policy as tools for stabilising the price level, as well as generating output and creating employment. In the monetary economics section the course focuses on the functions of money, the money supply and monetary policy transmission process, targets, rules and strategies as well as monetary policies in small open economies.

Lecturer

Financial Statement Analysis

This module focuses on external financial reporting, including principles of financial statement preparation, their interpretation and evaluation.  The first classes lay foundational knowledge about standard-setting principles and how they translate into actual financial reports.  Students further gain an understanding on managerial incentives in external reporting and in the resulting need to critically evaluate such reports from an outsider perspective, including empirical assessments of accounting quality and approaches for detecting earnings management. We will discuss how to make inferences about strategic and operating business decisions using ratio analyses, highlighting how managerial decisions have direct consequences in financial reports.  The course concludes with a discussion of credit analysis, i.e., the evaluation of a firm’s creditworthiness based on their financial reports, and some insights into forecasting (pro-forma) financial statement for equity analysis, business development, consulting, etc.

Lecturers

Foundations of Finance

This module introduces you to the fundamental tools of modern corporate finance and asset valuation.
You will learn how to apply the present value rule and no-arbitrage arguments to value stocks, bonds and plain-vanilla derivatives. Mean-variance portfolio choice is also introduced and includes an in-depth look into the Capital Asset Pricing Model (CAPM) and the efficient market hypothesis.
You will also cover the analysis of financial decision making within a firm. This includes choosing projects that firms should invest in (capital budgeting) and choosing specific financing for these projects (Financial Structure Decisions), where the Modigliani and Miller (1958) theories are used as a key starting point. 

Lecturer

Prof. Francesco Sangiorgi

Financial Products & Modelling

This module gives you the ability to value and apply the most important financial instruments in different contexts. These include stocks, bonds and derivatives including swaps, FRAs, futures, options and credit derivatives. The module also gives an introduction to financial modelling using Excel and VBA. You are expected to utilise the resources in our Finance Lab and to complete the Bloomberg Markets Concepts tutorial. 

Lecturer

Semester 2

Luxembourg Offsite

The Luxembourg Offsite is a three day trip integrated into the compulsory “Responsible Management in Finance” module.

You will be given an introduction to Luxembourg as a European Financial Centre and the career opportunities that it offers. This is done through networking activities with our Luxembourg based FS Alumni and Corporate Contacts, and also allows for teambuilding amongst students.

You will learn about sustainability in finance through working on case studies and attending an exclusive lecture by Prof. Dr. Hakan Lucius, Head of Corporate Responsibility and Civil Society at the European Investment Bank. The lecture explores investing in a sustainable matter, how to integrate sustainability into finance, and the implications of environmental sustainability on finance.
 

Corporate Finance

This module focuses on corporate governance, corporate investment decisions, corporate financing, and payout policy. You will take the position of a corporate decision makers that applies analytical methods in real-life case studies. The course will enable you to design corporate governance structures, make educated investment and financial decisions, and evaluate corporate financial decisions.

Lecturers

Risk Management

In-depth exposure to market and credit risk allows you to grasp the theories and significance of risk management in financial institutions. On completion, you will be able to apply risk measurement and management to banking scenarios.

Lecturer

Financial Markets & Institutions

This module takes an in-depth look at principal agent problems of a financing process and its implications, both in the corporate finance framework and in banking. Beginning with an overview on the role of banks and other financial intermediaries, you will delve into the structure of the banking industry and the implications of this on the performance and stability of the industry. The course also considers the economic principles and financial regulations surrounding the banking industry.

Lecturer

Core Concentration Modules

Each student will choose one of four concentrations (see below) to focus on during their studies. Each concentration has a set curriculum of core modules to be completed.

Semester 3

Responsible Management in Finance

Management in finance, although extremely rewarding, leaves you with challenges concerning personal values, conflict, power management and influencing.

The Responsible Management in Finance course addresses these challenges by viewing the finance professional as a steward of the global economy.

You will learn to apply your fully-formed and creditable values to the workplace. We cover key insights of behavioral ethics and work in groups to distinguish what helps and hinders ethical expression. Physically practicing methods of ethical expression that are demonstrated in the Giving Voice to Values and Values Education curriculums, prepares you for the real working world.

You will also explore economic stewardship, defining corporate power, the means of earning it and the necessity of legitimacy. We use stakeholder analysis, including the stakeholder ‘hats’ or capacities, to investigate the social and environmental impacts of business, whilst simultaneously learning about the evolving expectations of business and considering human rights.

Finally, you will learn about the important role that corporate governance structures and processes (and the growing willingness of shareholders to use them) have assumed in aligning corporate behavior with the expectations of shareholders and other stakeholders.

Lecturer

Andrew Newton

Core Concentration Modules

Each student will choose one of four concentrations (see below) to focus on during their studies. Each concentration has a set curriculum of core modules to be completed.

Elective 1

A range of electives including Renewable Energy Finance, Causes & Contagion of Financial Crises and Digital Marketing and Diversity Management allow you to tailor your Master of Finance through a diverse and distinctive structure of time formats and block weeks. Electives are taught not only by in-house faculty, but also by leading international practitioners, providing you with the tools to meet your personal aspirations. Elective options are published at the end of the second semester and students must choose one elective module during the third semester.

Semester 4

Electives 2 & 3

A range of electives including Renewable Energy Finance, Causes & Contagion of Financial Crises and Digital Marketing and Diversity Management allow you to tailor your Master of Finance through a diverse and distinctive structure of time formats and block weeks. Electives are taught not only by in-house faculty, but also by leading international practitioners, providing you with the tools to meet your personal aspirations. Elective options are published at the end of the second semester and students must choose one elective module during the third semester.

Master´s Thesis

Each student is required to conduct independent research in order to complete their Master’s thesis. The thesis period usually lasts three months and normally takes place at the end of the 4th semester. In preparation for their Master’s thesis, students participate in a Research Methods workshop, introducing them to both qualitative and quantitative research methods. Two supervisors advise students in designing and implementing their research and also asses their thesis once completed.

Study Abroad Option

Students have the option to study at one of our international partner universities and use the credits gained during the semester abroad to replace the electives in semester 4.

Concentrations

Capital Markets

This concentration was introduced in response to the high impact of the economic commotion in the modern investment banking sector. Students are challenged with advanced quantitative products and complex portfolio management exercises further developing their ability to assess and predict market patterns and trends. Students are able to understand and develop complex financial solutions and to perform in the high-speed capital markets environment.  

Career Paths
  • Trading
  • Risk Management
  • Asset management
  • Structured Products and Product Solutions
Core modules

Related elective modules
  • Arbitrage Theory
  • Bank Controlling
  • Algo Trading and Financial Analysis with Python 

Risk Management

Expert leadership is crucial throughout the persistent global financial crisis to manage the wide range of financial risks. In-depth exposure to the different risk types and complex risk management processes prepares students for a career in any risk-related area including strategy and national/ international regulators, such as the European Central Bank. The concentration is supported by the Frankfurt Institute for Risk Management and Regulation (FIRM).

The Frankfurt Institute for Risk Management and Regulation (FIRM)

FIRM will provide some scholarship funding and invites students to executive talks with leading representatives in Risk Management and to participate in the FIRM alumni initiative.

Career Paths
  • All areas of financial risk management
  • Financial Regulators & International Institutions (i.e. ECB)
  • Portfolio Management
  • Governance & Compliance 
Core modules
  • Advanced Risk Management: Prof. Dr. Stephan Hartenstein
  • Structured Products & Interest Rate Models : Prof. Dr. Wolfgang Schmidt
  • Credit Risk, Default Models & Credit Derivatives: Prof. Dr. Wolfgang Schmidt
  • Risk Modelling: Prof. Dr. Natalie Packham
  • Portfolio Risk Management: Prof. Dr. Grigory Vilkov
Related elective modules
  • Financial Instruments Accounting
  • Mergers & Acquisitions 

Corporate Finance

With a focus on valuation methods, M&A, investment banking and financial intermediation, this concentration prepares students for handling the interaction between financial markets and corporates. Financial decision making has an ever-increasing impact in the corporate world and thus this concentration prepares students for these challenges e.g when working in both reputable banks and small investment boutiques or corporates.

Career Paths
  • Investment Banking
  • Strategy Consulting
  • Mergers & Acquisitions
  • Private Equity
  • Corporate Treasury Functions
Core modules
  • Equity Finance: Prof. Dr. Günter Strobl
  • ​Debt Finance: Dr. Achim Posthaus
  • Derivatives for Corporate Finance Prof. Dr. Thomas Heidorn
  • Corporate Valuation: Prof. Dr. Frank Ecker
  • Case Studies in Investment Banking: Prof. Dr. Simon Hirst
Related elective modules
  • Alternative Investments & Private Equity
  • Mergers & Acquisitions
  • Advanced Mergers & Acquisitions 

Financial Accounting & Advisory

This concentration provides students with the necessary skills to pursue a career in the finance function of large corporations, consulting/ in-house consulting as well as M&A advisory. Students are not only exposed to the accounting behind financial transactions in M&A, but are challenged to go a step further and use this knowledge in decision making and financial advisory. This is done through solving restructuring issues in managerial accounting as well as working on case studies and projects which typically include guest speakers from external firms.  Students will acquire sound theoretical knowledge on accounting information is used in decision-making and will gain hands-on experience through an applied advisory project.

Career Paths

This concentration will prepare students for a career in consulting, whether in a consulting firm, the consulting arm of an audit firm or an in-house consulting department.

Core modules
  • M&A Accounting: Prof. Dr. Edgar Löw
  • Restructuring & Strategic Management Control: Prof. Dr. Matthias Mahlendorf
  • Financial Information & Decision-Making: Prof. Dr. Jörg R Werner
  • Corporate Valuation: Prof. Dr. Frank Ecker
  • Advisory Project: Prof. Dr. Jörg R Werner
Related elective modules
  • Accounting for Financial Instruments
  • International Financial Management

Time Models

Regular Track (3-day Model)

3-day Model Overview: Monday vs Thursday Group

3-day Model Overview: Monday vs Thursday Group

The Master of Finance follows a unique time model that permits you to work part-time whilst pursuing your full-time Master’s degree. We call this the “3-day model”.

Our students typically attend classes three days a week, namely either “Monday, Tuesday and Saturday” or “Thursday, Friday and Saturday”. This leaves you with three working days during the week for self-study, language courses or part-time employment. Some lectures or excursions are organised as blocked week events.

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*Pre-semester modules may be waived based on prior academic study and subject to approval by the progamme director.

*Pre-semester modules may be waived based on prior academic study and subject to approval by the progamme director.

Fast Track (5-day Model)
5-day Model Overview

5-day Model Overview

A fast-track option is available if you want to reduce your required stay in Frankfurt to 16 months plus the thesis. This enables you to take the semester 4 elective modules in earlier semesters and thus requires you to study 5 days during the work week. Depending on your prior qualification some or all of the modules from the first may be waived, reducing the length of your programme to 10 months + thesis. All fast-track options must be approved on an individual basis by the programme director.

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*Pre-semester modules may be waived based on prior academic study and subject to approval by the progamme director.

*Pre-semester modules may be waived based on prior academic study and subject to approval by the progamme director.

Ranking and Accreditation

The Master of Finance was the first Master's degree offered by Frankfurt School and to this day it remains the largest of our postgraduate programmes. The programme is featured in the world´s top ranking for business schools: Financial Times pre-experience Masters in Finance ranking.

FT Ranking 2016

  • Ranked no.1 in Germany
  • Ranked no. 3 for career progression
  • Ranked in top 10 in Europe for salary

FIBAA Premium Seal

Since 2001, the programme has been accredited and re-accredited by the Foundation for International Business Administration Accreditation (FIBAA)

Our Master of Finance was awarded FIBAA's prestigious "Premium Seal", a distinction for degree programmes which have proven excellent quality in studies and teaching.

CFA University Recognition Programme

Frankfurt School´s Master of Finance is a member of the CFA Institute University Recognition Programme. This status is granted to institutions whose degree programme(s) incorporate at least 70% of the CFA Program Candidate Body of Knowledge (CBOK) which provides students with a solid grounding in the CBOK and thoroughly prepares them for the CFA exams.

Participation in this program means that Frankfurt School is eligible to receive a limited number of student scholarships for the CFA Programme each year.

Recognition of CFA achievements

Up to two elective modules may be waived for Master of Finance students who have passed the CFA Level I exam and/or are selected to participate in the CFA Research Challenge. Students will need to submit their waiver application to programme management by the deadlines provided during the course of studies.

More information on the CFA Institute University Recognition Program

CFA Institute Research Challenge

Frankfurt School is proud to have participated in the CFA Institute Research Challenge for four years running. The annual global competition provides university students with hands-on mentoring and intensive training in financial analysis, testing analytics, valuation, report writing and presentation skills. 

This year our students were up against 8 other German universities conducting a financial analysis of Carl Zeiss Meditec AG. Their constant perseverance and determination paid off as our team of 5 students were the 2016 winners of the German final and flew to Chicago for the European and global finals! 

We hope that the incoming team will follow in their footsteps as they value Pro-Sieben Sat1, a German mass media company, whose business model spans beyond conventional broadcasting into content production and e-commerce.

CFA Society Germany

GARP and the Financial Risk Manager (FRM®) Exam

The Master of Finance, specialisation Risk Management and the Master in Risk Management & Regulation are the first programmes in Germany to be accredited by GARP to cover at least 70% of the body of knowledge of the Financial Risk Manager (FRM®) Part I examination. 

They further cover a large part of the FRM® Part II examination as well. 

This demonstrates that our students acquire the appropriate skills and techniques required by the global risk management profession.

One elective module may be waived for Master of Finance students who have passed the FRM Part I exam. Students will need submit their application for waiver to programme management by deadlines provided during the course of studies.

Learning Experience

Frankfurt School strongly believes in a well-rounded education, and the Master of Finance is no different. Innovative in-class teaching methodologies are supplemented by various workshops and activities to enhance the overall learning experience.

Practical Learning

Our Master of Finance programme is based on a mixture of theoretical learning, supported by and reinforced with case studies and group work, following the Harvard model of teaching.

Guest Lectures and Talks

Frankfurt School’s close ties to the finance industry are evident in the guest lecture opportunities. Students can network with innovators and industry veterans regularly from their own university. 

Frankfurt School Financial Lab

The Frankfurt School Financial Lab hosts workshops on Bloomberg, an important tool in the finance industry. Trainings on Visual Basics for Excel have also taken place in the past.

Cooperation with the Bombay Stock Exchange Institute

In cooperation with the Bombay Stock Exchange Institute Ltd. in Mumbai (BSE), Indian students in the Master of Science in Finance have the option to take the first of four semesters at the BSE Institute campus in Mumbai, whereby the last three semesters take place at the Frankfurt School campus in Germany.

Competition & Success

Frankfurt School encourages students to participate in various challenges and competitions throughout the year, giving selected students the opportunity to prove themselves and compete against others from top universities worldwide.

CFA Institute Research Challenge

A team of 5 MoF-students won the German final of the 2016 CFA Institute Research Challenge, a global competition that aims to provide intensive training and mentoring on financial analysis among university students.

The team conducted a valuation analysis on Carl Zeiss Meditec AG, and delivered the best report among nine other German Universities. The team; with Marijana Lasic, Patrick Altenried, Julian Debus, Nicolay Schmitt and Dominik Sperzel then headed to Chicago to represent Frankfurt School in the regional and global finals! Link to full new article here.

Global Investment Banking Valuation Olympiad

A team of four Master of Finance students won the 4th annual Global Investment Banking Valuation Olympiad in 2015! Edging out one hundred teams in a three stage competition, they went on to win the London final, which was organised by Greensea Capital LLP, an M&A Advisory firm.

The team comprised Marijana Lasic, Marinko Tutic, Christoph Drayß, Sudhir Kumar Raj Ethiraj, all from the class of 2016. Past winners include Cambridge (2012), INSEAD (2013) and the Polytechnic University of Milan (2014). Link to full article here.

PRMIA Risk Management Challenge

Yizhi, Tianxiao and Yihan, a team of three MoF students, edged out 443 competitors from 45 schools to emerge winners of the 2016 Regional PRMIA Risk Management Challenge, a case study competition that provides students with the opportunity to solve real world problems with a risk management focus.

Our students travelled to London to take part in the Regional Final which entailed developing an FX risk mitigation framework for the European Aeronautic Defence and Space Company (EADS). We headed to Chicago for the finals where we competed globally following our success in London. 

Business Game St. Gallen

Frankfurt School will once again sponsor three teams for the annual Business Game St. Gallen, taking place in April. The two-and-a-half-day case study competition, hosted by St. Gallen Business School in Switzerland, attracts participants from universities across Europe. Students will tackle corporate strategy, marketing and CSR case studies and will then present to a jury of leading Swiss and international company representatives and academics. Last year’s team were extremely successful and this year’s team hopes to follow in their footsteps.  

HEC Paris Business Game

This year, we are sponsoring seven Master students to participate in the HEC Business Game. Students will take part in various strategy challenges and present their solutions to the respective companies. Last year’s competition involved 154 students from 46 different universities. Frankfurt School won two challenges and several team members earnt summer internships at the respective companies. 

Employment Statistics

Salary after Graduation*

Average Salary 54.007 Euro 
Average Reported Bonus 14.362 Euro

* excluding trainees and interns

Where do our graduates work?

List of employers

4C Group HSBC
Agricultural Bank of China Invesco Asset Management
Allianz Investor Partners
Amundi Jefferies
at visory JP Morgan
Aviva Investors KfW
Bank of China KfW, IPEX
Bankhaus Metzler Kondor Invest
Berenberg KPMG
Bethmann Bank Lakestar
Blue Colibri Lucht Probst Associates
BMW Main First Bank
BNP Paribas Morgan Stanley
Capco Movinga
Cepres NIBC
Commerzbank Norma Group
Consileon Porsche Consulting
Credit Suisse proresult Unternehmensberatung
Daimler PwC
Deka Bank Royal Bank of Canada
Deutsche Bank SCDM
Deutsche Börse Scope Ratings
DZ Bank SEB
European Central Bank Source for Alpha
Evaluserve State Oil Company Azerbaijan
EY State Street
Fidelity Worldwide Investment Swipestox
Finance in Motion Systerra Computer
Frankfurt School (UNEP) UBS
Fresenius Union Investment
Generali Volkswagen
Helaba - Landesbank Hessen-Thüringen William Blair
Houlihan Lokey

Employment by Industry

Banking 43%
Consultancy 21%
Financial Services 22%
Automotive 3%
Private Equity 2%
Other 9%

Employment by Function

Finance / Accounting 70%
Consulting 20%
Sales / Marketing 6%
Others 4%

Time until Employment

Internship 8%
Remained with current employer 23%
Before graduation 33%
0 - 3 months 30%
After 3 months 6%

Career Services

Right from the start of your studies our Career Services team is part of your Frankfurt School experience. Our experts offer individual advice and professional answers to all your questions about jobs and careers in the finance industry.

Career Services for our Master of Finance students

Frankfurt School graduates are known for their first class-analytical skills and practical knowledge. To prepare Master of Finance students for successful future careers, we provide the following services:

  • Individual career planning and placement support
  • CV checking
  • Job market preparation
  • Professional skills workshops and application trainings
  • Job board
  • Career fairs
  • Corporate presentations and workshops
  • Career Services newsletter
  • Access to Frankfurt School’s career network with corporate partners and alumni

The aim of our professional services is simple: to enhance the professional development of our students and to assist in preparing them as thoroughly as possible for a successful career. Whether supporting you in finding a part-time job alongside your studies, an internship during the breaks or a full-time job after graduating, our Career Services team is here to help you make the most of your next career step.

Class Profile

Class of 2017

Number of students 147
Nationalities 27
Average age 24

Gender

Female 26%
Male 74%

Origin of Students

Germany 52%
Asia 25%
Europe excl. Germany 12%
Americas 9%
Africa & Middle East 2%

Educational Background

Business Administration & Management 38%
Banking & Finance 25%
Economics 21%
Science & Engineering 12%
Others 4%

Application Process

1. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following supporting documents: 

Required Documents

Certified copy of your undergraduate transcript of records and degree award certificate

Certified copy of your TOEFL / IELTS results or equivalent (TOEFL IBT minimum score of 90 / IELTS minimum score of 6,5)

Official GMAT score report (preferred), GRE score report or FS Admissions Test (no possibility of waiver)

CV or resume (must be in English)

Other documentation supporting professional experience or other extracurricular activities, if applicable

Each of the documents listed above are required for completing your application. However, you do not need to upload them all at once.

Deadlines for starting in winter semester

The final deadline for applications is June 30th.

Applications are considered on a rolling basis, therefore we encourage you to apply as early as possible. Applications received before the end of March will benefit from our early bird discount of 3000 EUR. Applicants interested in a scholarship must complete the relevant section in our online application and submit it by the end of June.

31st March Deadline for early-bird discount.
30th June Final deadline for all applications. 
30th June Final deadline to be considered for FS Scholarships.
28th August Start of programme

2. Assessment Center and/or Interview

Successful applicants will be invited to the assesment centre and Frankfurt School Admission Test, if applicable. 

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After reviewing your application documents, we will invite qualified candidates to participate in a personal interview with a faculty member of Frankfurt School of Finance and Management. The interview will be held either at Frankfurt School, or over the phone for students that are not able to make an in-person interview. The purpose of the interview is to gain a better understanding of your character, personality, expectations, motivations and goals.

3. Results

The final decision regarding admission to our Master’s programme will be based on a combination of the candidate’s undergraduate grades, English language abilities, admission test, and the interview performance.

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We also take into account other significant experiences, commitments or awards such as internships, international experiences and volunteer projects.

4. Programme Start

The Master of Finance programme begins on 28th August. All students are expected to be at Frankfurt School on this day. For non-EU applicants who require a visa to enter Germany, please bear in mind that it can take up to two or three months to obtain the necessary visa.

Information Events

Would you like to get first-hand experience of what the Master of Finance is really like? Meet the Programme Director, talk with current students, take part in a classroom lecture, or tour our campus. It's all possible through individually scheduled sample lectures and our regular Master Evenings.

Sample Lectures

Visit a class this semester to discuss a case study with academic staff and current Master students. This is your chance to experience typical classroom subjects, teaching techniques, and learning methods.

Feel free to contact our team to arrange a campus visit, including a guided tour of the campus.

Master Evenings

Learn more about our Master programmes at one of our Master Evenings! Benefit from personal conversations with our professors and programme directors and find out which programme could help you excel in your career. 

Financing & Scholarships

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.

Study Fee

Registration fee: 100 Euro
Semester fee: 9,100 Euro
Total price: 36,500 Euro