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Tuition Fee
36,500 Euro

Application Deadline

Programme Start


Learning target

Graduates of the Master of Finance programme

  • have expert knowledge in finance
  • are able to analyse, structure and evaluate complex financial problems
  • are able to conceptualise and develop financial products and solutions
  • are effective and responsible team members and finance professionals and
  • recognise and respect the personal and cultural differences in an international environment


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

Application process

Für diese Programmvariante durchlaufen Sie zwei getrennte Aufnahmeverfahren – eines bei Ihrem zukünftigen Arbeitgeber und eines bei uns. Wir empfehlen Ihnen, sich möglichst frühzeitig bei der Frankfurt School zu bewerben.

Study fee

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


1. Semester

Statistics & Econometrics

This module lays the foundation in general statistical principles with a specific focus on economic and financial applications. Concepts studied include probability, distributions, confidence intervals and regression analysis. The goal is for students to understand the difference between randomness and systematic skill, especially in the context of financial and economic management.

Macro- & Monetary Economics

This course aims at familiarizing students with key concepts of macroeconomics and monetary economics. Most importantly, it introduces students to the neoclassical and Keynesian macro models, covering the labour, goods, capital and money market, and the respective implications for monetary and fiscal policy in stabilizing the price level, output and employment. In the monetary economics section the course focuses on the functions of money, the money supply and monetary transmission process, monetary policy targets, rules and strategies as well as monetary policies in small open economies.


Prof. Adalbert Winkler

Professor of International and Development Finance

Financial Statement Analysis

Foundations of Finance

This module introduces students to the fundamental tools of modern corporate finance and asset valuation. In the first part of the module, students learn how to apply the present value rule and no-arbitrage arguments to value stocks, bonds and plain-vanilla derivatives. This part also introduces mean-variance portfolio choice and the Capital Asset Pricing Model (CAPM), and discusses the efficient market hypothesis. The second part provides students with tools to understand and analyse the main financial decisions of a firm, that is, the choice of projects in which firms should invest (capital budgeting), and the choice of financing for these projects. The Modigliani and Miller (1958)'s propositions are the starting point of the analysis of the choice of financial structure of the firm and are extended to include the effects of taxes, costs of financial distress and agency problems. Finally, implications for firm valuation are reviewed.


Prof. Vincent Fardeau

Assistant Professor in the Department of Finance

Financial Products & Modelling

Students become acquainted with the most important financial instruments – such as stocks, bonds and derivatives like swaps, FRAs, futures, options and credit derivatives – and learn how to value and apply them in different contexts. Furthermore, this module gives an introduction to financial modelling. In our Finance Lab students have the opportunity to get familiar with Bloomberg and its main functions.


Prof. Dr. Grigory Vilkov

2. Semester

Luxembourg Offsite

The Luxembourg Offsite at the beginning of Semester 2 is part of the core module Responsible Management in Finance that takes place in Semester 3. Students will spend 3 days in Luxembourg where they will work in small groups of 10-12 students on case studies and do practical team-building exercises that reflect the following aspects:

  • How to deal with conflicts and tensions in an (international) team / group dynamics?
  • How to be a responsible finance professional in a team, towards clients, and shareholders?
  • How to behave in a team in these conflicts?

The team exercises will be accompanied by external coaches who lead reflections on the group´s behavior with the students and who provide feedback to the groups.


Prof. Dr. Hakan Lucius

Professor of Finance and Management, Head of Corporate Responsibility and Civil Society at the European Investment Bank

Corporate Finance

This module delves into the details of applied capital budgeting, financing and payout policy. Students will learn about various aspects of financial decision making in corporations and its impact on the value of a business. By using real-world case studies, students are put into the perspective of corporate decision makers.


Prof. Zacharias Sautner 

Professor of Finance

Prof. Dr. Jing Zeng

Assistant Professor of Finance

Managerial Accounting

Risk Management takes an in-depth look at the world of market and credit risk. Market risk is treated both from a micro-risk perspective (trading book management, hedging) and from a macro-risk management (bank wide trading book management). Further, risk-oriented bank management and banking regulation are treated.


Prof. Dr. Matthijs Breugem

Assistent Professor of Finance in the Department of Finance

Financial Markets & Institutions

This module takes an in-depth look at principal agent problems in a financing process and its implications, both in the corporate finance framework and in banking. Starting off with an overview on the role of banks and other financial intermediaries, the course delves 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.


Prof. Dr. Falko Fecht

DZ Bank Professor of Financial Economics

Concentrations (choose one)

Concentration in Capital Markets

The concentration in Capital Markets was specifically formulated in response to the demands of today’s investment banking sector.

Concentration Focus

Students in this concentration are given a thorough base in mathematical methods and tools that are essential for a successful investment banking career. Your main tasks as an investment banking specialist will be to assess companies, to evaluate risks and to manage corporate assets. You may also take part in drafting corporate financial strategies. This concentration will allow you to develop the global thinking and sharp analytical skills necessary to tackle these challenging tasks.

Career Paths

This concentration prepares students for a career path in an investment banking environment such as trading, risk management, asset management, or derivatives. It is also aimed at students who wish to pursue a PhD upon completion of the Master‘s programme.

The concentration consists of the following 5 modules:
  • Derivative Analysis
  • Structured Products & Interest Rate Models
  • Credit Risk, Default Models & Credit Derivatives
  • Financial Engineering
  • International Portfolio Management

Related elective modules include:
  • Arbitrage Theory
  • Bank Controlling
  • Market Estimation & Forecasting

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Concentration in Corporate Finance

Financial decisions inside corporations are becoming more complex and have an everincreasing impact on the financial sector.

Concentration Focus

The Corporate Finance concentration focuses on valuation techniques, product design, hedging methods and financial intermediation. The concentration is designed to endow our students with a deep understanding of financial decision making, corporates’ interactions with financial markets and the regulatory environment.

  • explicit focus on finance topics from a corporation’s point of view
  • programme designed by practitioners and academic experts
  • both analytical and case-based teaching
Career Paths

Students who complete this concentration will be highly qualified for leadership positions in corporations, in advisory or in banking.

The Corporate Finance concentration consists of the following 5 modules:
  • Equity Finance
  • Debt Finance
  • Derivatives for Corporate Finance
  • Corporate Valuation
  • Case Studies in Investment Banking
Related elective modules include:
  • Private Equity & Venture Capital
  • Mergers & Acquisitions

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Concentration in Risk Management

The persistent crisis of the global financial system results in an increased need for experts and leaders to manage financial and non-financial risks in both a professional and sustainable way.

Concentration Focus

In the Risk Management concentration students receive comprehensive insight into the structure, methods and applications of modern risk management. Combining theoretical models with casestudies and research prepares students to take on the challenges of today’s risk management and regulation business.

The Frankfurt Institute for Risk Management and Regulation (FIRM)

FIRM will provide some scholarship funding as well as arrange internships.

Students from this concentration will also be invited to executive talks with leading representatives in Risk Management and to participate in the FIRM alumni initiative.

Career Paths

This Risk Management concentration prepares you for a career path in a risk management department of a bank or for other risk-related roles in the financial sector or with financial regulators.

The concentration consists of the following 5 modules
  • Advanced Risk Management
  • Structured Products & Interest Rate Models
  • Credit Risk, Default Models & Credit Derivatives
  • Risk Modelling
  • Portfolio Risk Management
Related elective modules include
  • Bank Controlling
  • Causes & Contagion of Financial Crisis

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FIRM will provide some scholarship funding as well as arrange internships.

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Concentration in Financial Accounting and Advisory

The Financial Accounting and Advisory concentration will prepare graduates to cope with the growing demand for financial advisory services.

Concentration Focus

An important focus of such advisory services is on M&A transactions, which require not only an in-depth understanding of valuation, but also an understanding of the accounting, including Goodwill accounting. For example, students need to know how to present acquired assets in the balance sheet at and after acquisitions.

Another focus in advisory services is on restructuring processes, which involve reconsideration of the business model, management of turnaround activities, an assessment of profitability on the corporate and business unit levels, and choosing performance indicators which support the achievement of short and long-term objectives.

  • Bridging theory and practice
  • Acquiring data-based decision-making skills
  • Exposure to both analytical and case-based teaching

Applied Advisory Project

Students who choose this concentration will acquire sound theoretical knowledge about how 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.

The Financial Accounting and Advisory concentration consists of the following 5 modules:
  • M&A Accounting
  • Restructuring & Strategic Management Control
  • Financial Information & Decision-Making
  • Corporate Valuation
  • Advisory Project
Related elective modules include:
  • Accounting for Financial Instruments
  • International Financial Management

3. Semester

Responsible Management in Finance

What does it mean to be a finance professional in a system that pits value against values? Can you be the same person at work that you have invested decades in becoming to your family and friends, or must you leave your values outside the office door? If you want to retain a coherent sense of what you stand for, how do you manage your interactions with those who could thwart you? The corporations that you will work for may hold the reins of tremendous power. What does it mean to wield that power responsibly? And why and how should you use your power as a financial intermediary to influence other corporations to do the same?

In this course we address these questions by painting a picture of the finance professional as a steward of the global economy.

The approach adopted assumes that students begin this course with fully-formed and creditable value systems, and that what they need is help transitioning those values into the workplace. So we touch only lightly on ethical theory before accessing key insights from behavioural ethics and the collective experience of our group on what helps and hinders ethical expression. Students will develop the habit and skill of ethical expression by rehearsing repeatedly the practical methods proposed in the Giving Voice to Values curriculum.

As we move on to explore economic stewardship, we will consider the meaning of corporate power, the necessity of legitimacy and the means of earning it. We will use stakeholder analysis – including the stakeholder ‘hats’ or capacities -to investigate the social and environmental impacts of business, and we will seek to understand evolving expectations on business through the lenses of human rights and sustainability. Finally, we 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 behaviour with the expectations of shareholders and other stakeholders.

Elective 1

Students must choose one module as an elective module during the third semester. The structure of each module will vary depending upon on which module is chosen by the individual student. A list with available electives will be published by the end of the second semester. The offer includes financial topics (such as Renewable Energy Finance), economic courses (such as Causes & Contagion of Financial Crisis) and general management related subjects (e.g. Digital Marketing and Diversity Management).


Same as 2nd semester

4. Semester

Elective 2

Students must choose two modules as elective modules during the fourth semester. The structure of each module will vary depending on which modules are chosen by the individual student. A list with available electives will be published by the end of the third semester. The offer includes financial topics (such as Renewable Energy Finance), economic courses (such as Causes & Contagion of Financial Crisis) and general management related subjects (e.g. Digital Marketing and Diversity Management).

Elective 3

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

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

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, the Financial Times pre-experience Masters in Finance ranking.

FT Ranking 2016

  • Ranked no.1 in Germany by the Financial Times
  • 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.

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.

Case study learning

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

Frankfurt School Financial Lab

Extracurricular activities are designed to help students augment and tailor their skill-set to best prepare for future employers' needs.

Workshops are an essential component to this and come in various forms. The Frankfurt School Financial Lab hosts workshops in Bloomberg, an important tool in the finance industry. Trainings in Visual Basics for Excel have also been organised in the past.

Guest lectures and talks

Frankfurt School’s close ties to the finance industry are clearly evident in the guest lecture opportunities our students have. Innovators and industry veterans alike regularly come and interact with Frankfurt School students.

Challenges and competitions

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

  • CFA Institute Research Challenge
  • FT Business School Challenge
  • Global Investment Banking Valuation Olympiad

Class Profile

We are very proud to have a diverse class profile and to welcome students from all over the world to our Master of Finance at Frankfurt School.

Number of students 147
Nationalities 27
Number of students 147
Nationalities 27

Origin of students

Educational background

Time models

3-day model
(21 months + thesis)

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 work days during the week for self-study or part-time employment.

Fast-track options
(10 or 16 months plus thesis)

Different fast-track study options are available if you want to reduce your required stay in Frankfurt. Depending on your prior qualification some or all of the modules from the first semester may be waived. Also, you may choose our "full-week option". This enables you to take the two elective modules from the fourth semester in previous semesters. All fast-track options have to be approved on an individual basis.

GARP and the Financial Risk Manager (FRM®) Exam

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.

Recognition of FRM achievements

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.

Mehr Weniger

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.

CFA University Recognition Programme

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

Through participation in this program, 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 application for waiver to programme management by the deadlines provided during the course of studies.

More information on the CFA Institute University Recognition Program

Learn About Financial Aid

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.

Mehr Weniger

This commitment is what really counts – when you make the decision to study at Frankfurt School, your current financial situation shouldn’t be the factor that holds you back. At the same time, it is important to make sensible preparations for funding your studies.

Student finance is a complex issue, and needs careful, long-term planning. So take advantage of our advisory service and start your preparations by asking us for a personal consultation.

Application process

1. Online application

The first step in applying for our programme is the completion of our online application, which includes uploading the following required documentation in support of your application:

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.
5th September Start of programme

2. Assessment Center and/or Interview

We require the successful participation in an admission test. We prefer, if you take the Frankfurt School Admission Test, which is held on campus in Frankfurt regularly. We also accept GMAT or GRE.

Mehr Weniger

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 admissions into our Master’s programme will be based on a combination of the candidate’s undergraduate grades, English language abilities, admission test, and the interview results.

Mehr Weniger

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

4. Start of the programme

The Master of Finance programme begins on September 5th. All students are expected to be at Frankfurt School on this day. For non-EU applicants who require a visa to enter Germany, please keep in mind that it can take up to two or three months to obtain the necessary visa.

Our study advisor is available should you have any questions or concerns regarding your application.

Employment Statistics

Salary after graduation (excl. Trainees and Interns)

Average Salary 54.007 Euro 
Average Reported Bonus 14.362 Euro

Where do our graduates work?

List of employers

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

Employment by Industry

Employment by Function

Time of Employment

Information events

Our Services for your Career

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 International Business students

Frankfurt School graduates are known for their first class-analytical skills and practical knowledge. To prepare Master of International Business 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.

Where our graduates work

The different concentrations and elective modules that encompass the Master of International Business allow students to target segments that most interest them. Graduates go on to work in fields like automotive, advisory, FMCG, banking, manufacturing or international organisations.