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Master of Science (MSc)


Tuition Fee
36,500 Euro

Application Deadline
30 June

Programme Start
24 August

4 Semesters | Full-Time

Programme Highlights
  • Member of CFA University Affiliation Program
  • No. 1 Master of Finance in Germany (FT)
  • Flexible programme structure allowing part-time employment with our 3-day Model
  • MBA-style learning environment
  • International class with students from 34 nationalities
  • Access to high-profile practitioners from the corporate world
  • Extensive network of cooperating companies, universities and alumni worldwide
  • Study, network and experience Life in Frankfurt

  • First university degree (Bachelor or Diploma) of at least 180 ECTS credits, irrelevant of discipline
  • Excellent written and spoken English (TOEFL - 90 iBT, 577 ITP / IELTS 7.0 or equivalent)
  • Valid GMAT / GRE score or Frankfurt School Admission Test
  • Successful admissions interview

Deadlines & Discounts

We encourage you to complete your application as soon as possible as there are financial advantages for candidates who submit a complete application early.

Early Bird
(4,000 Euro discount)*
30 Nov 2019
Early Bird
(2,000 Euro discount)**
31 Mar 2020
Final Application and Scholarship Deadline 30 Jun 2020

*In order to secure the discount you must have received an admission letter by 31 March

**In order to secure the discount you must have received an admission letter by 30 June

Master Info Evening

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

Where can you meet us?

We also offer several other ways to get in touch with us such as class visits, fairs outside of Frankfurt and personal consultations. Please visit our page to find out more!

GMAT Preparation Course

The GMAT is a challenging exam requiring substantial preparation for optimal performance. This course provides students with all the essential tips and necessary preparation for high performance and excellent exam results. Find out more!


Our Master of Finance programme combines 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. 


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.


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.



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. 


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.


Semester 2

International Finance 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.

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.


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.


Data Analytics and Machine Learning in Finance

This module allows you to become familiar with the possibilities of computing and analysing in the area of big data. Beginning with grasping a thorough understanding of computers as a tool in the area of big data (i.e. programming), you will learn how to handle data and later develop data analysis and machine learning skills. Frankfurt School will then prepare you for applying these teachnical concepts to financial problems.


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.


Andrew Newton

Financial Markets & Institutions

This course deals with the economic role of different financial institutions and analyses how financial innovations change banks’ business models and how they change the interplay between banks and other financial institutions, in particular shadow banks and FinTechs.

In the first part it focus on traditional banks and discuss frictions in financial markets that allows banks to add value as an intermediary. It also analyses how banks add value in mitigating these market frictions.

The second part is devoted to other financial intermediaries. Here we will first discuss the shadow banking sector in general. We will analyse how the shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers and which financial institutions are involved in this process.

Semester 3

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 4

Electives 1 & 2

A range of electives including Renewable Energy Finance, 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 third semester and students must choose 2 elective modules to start in their last semester.

You can find the entire list of electives that we offer for 2020 here.

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.


Rankings & Partnerships

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 2018

  • Ranked #1 in Germany
  • Ranked #1 worldwide for Risk Management
  • Ranked #18 worldwide for Salary
  • Ranked Top 25 worldwide for Career Services

CFA University Affiliation Programme

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

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 Affiliation Program

CFA Institute Research Challenge

Frankfurt School is proud to have participated in the CFA Institute Research Challenge for six 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. 

On February 5, 2019, five Master of Finance students particpated in the national finals of the CFA Institute Research Challenge. Only three of twelve German universities had qualified for the German finals. The students conducted an extensive company analysis of Fresenius Medical Care AG & Co.KGaA. They submitted a written report with a sell, buy or hold recommendation for the company’s stock. In the final, they had the chance to present their research results to a jury of four esteemed CFA charter holders.

CFA Society Germany

GARP and the Financial Risk Manager (FRM®) Exam

The Master of Finance, with the Risk Management concentration and the Master in Risk Management & Regulation are the first programmes in Germany to be accredited by GARP as covering 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. This demonstrates that our students acquire the 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 should submit their application for waiver to programme management by deadlines provided during the course of studies.

Frankfurt Institute for Risk Management and Regulation (FIRM)

FIRM is supporting our Master of Finance students with a number of generous scholarships. Candidates applying for this specialisation may be awarded a scholarship covering up to two semester fees. In addition to that members of this concentration will have the opportunity to win the monetary Risk Management award, which will be presented during the graduation ceremony.

CAIA Association

Students have access to the Chartered Alternative Investment Analyst Association®'s curriculum in order to successfully become a Chartered Alternative Investment Analyst (CAIA). This includes scholarships for the CAIA exam – Level I and Level II, access to the Center for International Securities and Derivatives Markets (CISDM) Hedge Fund Database as well as to publications of the CAIA Association.

n Germany, Frankfurt School is the first business school that partners with the CAIA Association. Upon signing, FS became the 16th partner university from the EMEA Region, joining many other internationally top-ranked institutions such as the University of St. Gallen or the IE Business School. Read more.

Cooperation with IE

IE Business School and Frankfurt School have signed a strategic agreement to launch joint finance education initiatives. The agreement will enable students of both institutions to take part in semester exchange programmes and shorter study trips to the Schools` Madrid and Frankfurt campuses including career and networking events as well as company visits in both locations. Read the full story.

Bloomberg Experiential Learning Partner

Within the Financial Products & Modelling module students are expected to utilise the resources in our Finance Lab and to complete the Bloomberg Markets Concepts (BMC) tutorial, which is a 10-hour, self-paced e-learning course that provides an interactive introduction to the financial markets. BMC consists of 5 modules - Economic Indicators, Currencies, Fixed Income, Equities, and Getting Started on the Terminal - woven together from Bloomberg data, news, analytics and television.

Study Abroad

Go abroad, meet new people, experience a new culture, and broaden your perspective.

Complete the 4th semester at one of our 80 partner universities worldwide or set up a self-organised semester abroad at a non-partner university.

You have the option to take up to 2 electives abroad and complete your Master's thesis in a location of your choice. 

Data Analytics & Machine Learning in Finance


  • Finance is increasingly data driven
  • Rapid expansion in the velocity, variety and volume of financial data
  • Frankfurt School offers its students the opportunity to develop expertise in data analytics
  • Prerequisites: Basic understanding of programming and data analysis with Python
  • Related electives in Semester 4 (Blockchain, Artificial Intelligence etc.)
  • Student Insights: When Machines Talk 

  • Student Insights: Approaching Digital Strategy

Data Camp

Several our classes are supported by DataCamp, an intuitive learning platform for data science. It helps our students to learn R, Python and SQL through a combination of short expert videos and hands-on-the-keyboard exercises. In addition to mandatory assignments students can take over 100+ courses by expert instructors on topics such as importing data, data visualization or machine learning and learn faster through immediate and personalised feedback on every exercise.

Professor Insights: Handling Big Data

Study Models

Regular: 4-Semester Track (3-day Model)

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”.

Students typically attend classes three days a week, either on Mondays, Tuesdays and Saturdays or on Thursdays, Fridays and Saturdays. This leaves 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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3-Semester Track

Applicants with a finance related degree may be eligible to complete the programme in 3 semesters and start in the summer term. Please contact us for more information.

Learning Experience

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

Practical Learning & Finance Conferences

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. Our students have access to finance conferences organized by FS Publishing House, e.g. M&A and Private Equity, Renewable Energy Finance, etc.

Guest Lectures & 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. 

e.g. this year's guest lecturers in the International Portfolio Management course include Dr. Yuliya Plyakha (Consultant @MSCI Barra), Brian Tomlinson (Director Portfolio Management @Allianz Global Investors), Dr. Stefan Junglen (Head of Fiduciary Risk @Deutsche Asset Management
S.A.), Dr. Adrian Zymolka (CEO @Axioma)

Competition & Awards

Frankfurt School encourages students to participate in various challenges and competitions, e.g. CFA Research Challenge, throughout the year, giving selected students the opportunity to prove themselves and compete against other top universities worldwide.

Frankfurt School Finance Lab

Access to Bloomberg and Reuter terminals provides you with the tools to gain essential trading and research skills for your finance career. Classes, including Financial Products & Modelling, will take place in the Finance Lab during your 1st semester and will be accessible throughout your time on campus.

German Classes

The Master of Finance is taught entirely in English. However, German classes are provided for all non-German speaking students throughout the duration of the programme. We strongly encourage our students to learn German before they arrive in Frankfurt in order to improve their employment opportunities.

Employment statistics - Class of 2018

Starting Salary after Graduation*

Average Salary (Total) 57,132 Euro
Average Reported Bonus (Total) 12,958 Euro

*excluding trainees and interns

Where do our graduates work?

Our Master of Finance alumni have secured jobs in a variety of companies and industries since graduating. Take a look at some of their career paths.

List of employers

Allianz Global Investors
Andersch AG
Avedon Capital Partners
AVS Valuations
BNP Paribas
Carl Finance
Clairfield International
Clearwater International
Clifford Chance
Commerzbank AG
Consus Partner
Corporate Finance International
Deutsche Bank
Duff & Phelps
DVB Bank
DWS Group
DZ Bank AG
European Central Bank
Falkensteg GmbH
Houlihan Lokey
JP Morgan Asset Management
Julius Bär
Lincoln International
Macquarie Capital
Main Incubator GmbH
Mitsubishi UFJ Financial Group, Inc.
Moody's Investor Service
Porsche Consulting
proresult Unternehmensberatung AG
Raymond James
Robert W. Baird
The Linde Group
Tungsten Capital Management GmbH
Union Investments
Verbio Vereinigte Bioenergie

Employment by Industry

Corporate/Retail Banking 25%
Investment Banking 21%
Consultancy 18%
Financial Advisory 12%
Asset Management 7%
Financial Services 6%
Corporates 4%
Banking Regulations 3%
Start Up/Venture Capital/Blockchain 2%
Private Equity 1%
Other 1%

Employment by Function

Corporate Finance (ECM, DCM) 16%
M&A Transaction Services 12%
Risk Management & Compliance 12%
Asset Management 11%
Markets 9%
Financial Services 7%
Consulting/Project Management 7%
Corporate Banking 5%
Finance & Controlling 5%
Business Development & Strategy 3%
Investor Relations 3%
Treasury 3%
Audit 2%
Other 5%

Time until Employment

Before graduation 46%
0 - 3 months 18%
Remained with current employer 16%
4 - 6 months 6%
Internship 5%
Further Education & Self-employed 2%

Careers Services & Your FS Network

Our exclusive corporate connections allow you to build a strong network for your career. Our Careers Services team are always available to provide you with individual consultations on careers in business and management. This, along with our regular guest lectures and company visits, plus the opportunity to work part-time throughout your full-time studies, leaves you in the spotlight for employment after graduation. 

Class Profile


Number of students 168
Nationalities 34
Average age 24


Female 23%
Male 77%

Origin of Students

Germany 47%
Asia 24%
Europe excl. Germany 16%
Americas 6%
Africa & Middle East 7%

Educational Background

Business Administration & Management 47%
Economics 20%
Banking & Finance 18%
Science & Engineering 7%
Others 8%

#FSMaster on Social Media

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. 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 - 90 iBT, 577 ITP / IELTS 7.0 or equivalent)
  • Official GMAT score report, 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 & Discounts

Applications are considered on a rolling basis, therefore we encourage you to apply as early as possible. Applications received before the end of November and March will benefit from our early bird discounts of 4000 EUR and 2000 EUR respectively. Applicants interested in a scholarship must complete the relevant section within their online application.

Early Bird
(4,000 Euro discount)*
30 Nov 2019
Early Bird
(2,000 Euro discount)*
31 Mar 2020
Final Application and Scholarship Deadline 30 Jun 2020
Start of programme 24 Aug 2020

*You must have recieved an admission letter by 31 March and 30 June respectively

2. Assessment Centre and/or Interview

Successful applicants will be invited to an Assessment Centre and Frankfurt School Admission Test, if applicable. The interview will be held either at Frankfurt School, or over the phone/video call 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. 

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Assessment Centre Dates 2019/2020 in Frankfurt:

  • 27 November 2019
  • 25 January 2020 (with Alumni of the Master programmes)
  • 26 February 2020
  • 25 March 2020
  • 22 April 2020
  • 9 May 2020 (with Alumni of the Master programmes)
  • 27 May 2020

More dates to follow

3. Results

The final decision regarding your Master of Finance admission will be based on a combination of undergraduate grades, English language abilities, admission test results, and 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 24th August, 2020. 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 for FS Bachelor Students

Important dates (relevant for FS Bachelor students)
  • Application start date: 11 May 2020
  • Super Early bird deadline (4,000 € discount): 31 May 2020
  • Early bird deadline (2,000 € discount): 30 September 2020
  • Final deadline: 30 November 2020
  • Programme start: 25 January 2021

The application portal will open on 11 May 2020. The links will be provided via e-mail. Please contact us for more information and if you have any questions about the process.

Financing & Scholarships

Your degree is an investment in your professional future. As a business school of international standing, we not only offer you ideal conditions for gaining / obtaining 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

Deposit: To reserve your place in the programme, you will need to submit a deposit payment of EUR 3,000. This will be subtracted from the total tuition fee. You will receive instructions for submitting your deposit payment after you have sent us your signed contract of study. 

* The registration fee is due after you have signed your study contract. It is not an application fee.


Get more information

Where can you meet us?

We offer several ways to get in touch with us such as class visits, fairs outside of Frankfurt and personal consultations. Please visit our page to find out more!