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Master of Science (MSc)


Tuition Fee
36,500 Euro

Application Deadline
30 June

Programme Start
26 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 25 nationalities
  • Access to high-profile practitioners from the corporate world
  • Study, network and experience Life in Frankfurt

  • First university degree (Bachelor or Diploma) or at least 180 ECTS credits, irrelevant of discipline
  • Excellent written and spoken English (TOEFL - 90 iBT / IELTS 7.0 or equivalent) or TOEFL ITP (minimum score of 577)
  • 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:

30 November  4,000 Euro early-bird tuition discount
31 March 2,000 Euro early-bird tuition discount
30 June Final Application and Scholarship deadline

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. 

Ivy League to Frankfurt School

Our incoming student Kristin graduated with a Bachelor's degree from Princeton University. She shares why she is making her way to Frankfurt for our Master of Finance. Read her story here!

GMAT Preparation Course

The GMAT is a challenging exam requiring substantial preparation for optimal performance. This one and a half day course provides students with all the essential tips and necessary preparation for high performance and excellent exam results. 


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. 


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. 


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.

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.


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

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.

Here you can find the entire list of electives that we offer for the upcoming 2019 summer 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.


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 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.

Every spring we offer our students and alumni the opportunity to participate in CFA preparation courses. Together with Top Finance and Kaplan Schweser, we give interested students and alumni the opportunity to join an intensive five-day review week from level I to level III.

All current FS students and those already admitted will receive a 20% discount.

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 Wednesday, February 21, 2018, five students of Frankfurt School of Finance & Management won the German final of the CFA Institute Research Challenge. With their financial analysis and business valuation of the biotech company BRAIN AG, the students convinced the four-member expert jury at the Germany headquarters of Bloomberg L.P. in Frankfurt am Main. In the finals Frankfurt School beat RWTH Aachen and Technische Hochschule Nürnberg.

The team will represent FS in the European final in Dublin on April 4, 2018.

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.


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.


Since May 2018 our Master of Finance is official partner of the Chartered Alternative Investment Analyst Association®. From now on students as well as faculty have access to the CAIA Association´s curriculum in order to successfully become a Chartered Alternative Investment Analyst (CAIA). This includes scholarships for the CAIA – 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. 

Through the new partnership Frankfurt School offers four scholarships for students entering the March and September 2019 exam sessions.

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

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.  

Be fully immersed into a new environment & prepare yourself for the globalised business world.

New partnership

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.

Study Models

Regular/4-Semester 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”.

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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*1st semester modules may be waived based on prior academic study and subject to approval by the progamme director.

*1st semester modules may be waived based on prior academic study and subject to approval by the progamme director.

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

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. 

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)

Frankfurt School Finance 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.

Finance Conferences

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

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.

CFA Prep Courses

For the first time, CFA Prep Courses will be hosted at FS (offered by Kaplan Schweser). Date: May 14-18. All FS students and alumni get a 20% discount. 

Competitions & Awards

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 other top universities worldwide.

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 Wednesday, February 21, 2018, five students of Frankfurt School of Finance & Management won the German final of the CFA Institute Research Challenge. With their financial analysis and business valuation of the biotech company BRAIN AG, the students convinced the four-member expert jury at the Germany headquarters of Bloomberg L.P. in Frankfurt am Main. In the finals Frankfurt School beat RWTH Aachen and Technische Hochschule Nürnberg.

The team will represent FS in the European final in Dublin on April 4, 2018.

CFA Society Germany

Global Investment Banking Valuation Olympiad

For the second time a team of four Master of Finance students won the annual Global Investment Banking Valuation Olympiad in 2017! Edging out one hundred teams in a three stage competition, they went on to win the London final, hosted by Greensea Capital LLP, an M&A Advisory firm.

The team comprised by Christopher-Michael Paasch, Felipe Omar Francis Nereira, Thorben Post and Torben Nagel, all from the class of 2018. Past winners include INSEAD (2013), Polytechnic University of Milan (2014), and the University of Stirling (2016). 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 - Class of 2017

Starting Salary after Graduation*

Average Salary (Total) 59,118 Euro
Average Reported Bonus (Total) 12,248 Euro

*excluding trainees and interns

Where do our graduates work?

List of employers

Accenture Strategy
Allen & Overy LLP
Amadeus Capital Partners
Bankhaus Metzler
BNP Paribas
Capgemini Consulting
Cognizant Technology Solutions GmbH
Commerzbank AG
Consileon Business Consultancy GmbH
Crédit Agricole SA
DC Advisory 
Deutsche Asset Management
Deutsche Bank AG
Döhler GmbH
DZ Bank AG
European Central Bank
Fresenius SE
goetzpartners Corporate Finance GmbH
Goldman Sachs
Heidelbergcement AG
Horváth & Partners
JP Morgan
KfW Bankengruppe
Lucht Probst Associates GmbH
Morgan Stanley
Preyer GmbH
proresult Unternehmensberatung AG
Ritzenhöfer & Company
Rocket Internet SE
RWE Supply & Trading GmbH
Schroders plc
Solactive AG
Triton Partners
UBS Europe SE
Union Investment
Warth & Klein Grant Thornton AG

Employment by Industry

Consultancy 22%
Financial Advisory 14%
Investment Banking 13%
Asset Management 12%
Corporates 10%
Financial Services 9%
Corporate/Retail Banking 9%
Professional Services in Banking 7%
Other 4%

Employment by Function

Consulting/Project Management 19%
Corporate Finance (ECM, DCM) 14%
Financial Services 12%
Asset Management 9%
M&A Transaction Services 9%
Finance & Controlling 8%
Risk Management & Compliance 7%
Business Development & Strategy 5%
Corporate Banking 5%
Capital Markets 4%
Treasury 2%
Wealth Management 2%
Other 4%

Time until Employment

Before graduation 42%
0 - 3 months 20%
Remained with current employer 18%
Internship 6%
4 - 6 months 6%
Further Education 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 177
Nationalities 34
Average age 24


Female 22%
Male 78%

Origin of Students

Germany 51%
Asia 25%
Europe excl. Germany 16%
Americas 8%

Educational Background

Business Administration & Management 51%
Banking & Finance 28%
Economics 12%
Science & Engineering 5%
Others 4%

FS Master's 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.

Why did our students choose FS?

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 7,0) or TOEFL ITP (minimum score of 577)

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.

Winter Semester Start

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 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 in our online application and submit it by the end of June.

30th November Deadline for early-bird discount of 4000 EUR
31st March Deadline for early-bird discount of 2000 EUR
30th June Final deadline for all applications. 
30th June Final deadline to be considered for FS Scholarships.
September Start of programme

2. Assessment Centre and/or Interview

Successful applicants will be invited to an Assessment 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.

Assessment Center Dates 2018 in Frankfurt:

  • 19 January
  • 27 February                                 
  • 20 March
  • 17 April
  • 4 May
  • 29 May
  • 18 June
  • 20 July
  • 1 August

3. Results

The final decision regarding your Master in 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 27th August, 2018. 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.

Master Info Evenings

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

Sample Lectures

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, 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


Klaus-Peter Müller Scholarship  

The Klaus-Peter Müller Scholarship is offered to students with an outstanding profile who have performed remarkably during their previous studies, and are now planning to join a Master or MBA full-time programme at Frankfurt School. 

Click here to find out more!

2017 KPM scholarship holders

Ecmel Hamarat

Master of Finance

From: Frankfurt am Main (Hessen)

Bachelor Degree: BSc Economics and Business Administration

Matthias Schmitt

Master in Management

From: Bühl (Baden-Württenberg)

Bachelor Degree: BSc International Finance

Nikolai Schütze

Master of Finance

From: Siegen (North Rhine-Westphalia)

Bachelor Degree: BA Business Administration

Markus Losse

Master of Finance

From: Diez an der Lahn (Rhineland-Palatinate)

Bachelor Degree: BSc Insurance and Finance