call download fax letter pdf search x chevron
"jcr:420546ca-0b82-44e4-b547-854bb13fd200" (String)
MoF student portrait MoF student portrait
Degree
Master of Science (MSc)

120 ECTS

Language
EN

Tuition Fee
EUR 39,000

Application Deadline
30 June

Programme Start
21 August

Duration
4 Semesters | Full-Time

The Master of Finance is a programme for recent graduates or young professionals aspiring to be finance experts. To ensure that the program meets the needs of all our students, two first semester tracks have been created: "Finance Immersion" and "Business" tracks.

The Business Track is designed to allow students with academic backgrounds in Finance, to enter a first semester that allows for the combination of diverse topic coverage while ensuring a solid foundation of core competencies required throughout the programme.

The Finance Immersion Track follows the traditional Master of Finance curriculum. This track will allow students from non-finance, but quantitative academic backgrounds, to develop essential finance and business competencies through the combination of academic lectures and practical tutorial sessions.

In the second semester, both tracks will come together before starting one of the five concentrations.

Programme Highlights
  • Member of CFA University Affiliation Program
  • Academic partner with CAIA
  • Flexible programme structure allowing part-time employment with our 3-day Model
  • Join our Entrepreneurship Accelerator or Incubator for personalised mentoring
  • MBA-style learning environment
  • International class with students from 37 nationalities
  • Access to high-profile practitioners from the corporate world
  • An extensive network of cooperating companies, universities and alumni worldwide
  • Study, network and experience Life in Frankfurt
  • Scholarships available

Requirements
  • First academic degree (Bachelor or Diploma) of at least 180 ECTS credits, irrelevant of discipline
  • Excellent written and spoken English (TOEFL - 90 iBT, IELTS 7.0 or equivalent)
  • Valid GMAT/GRE score or Frankfurt School Admission Test (BT Methods)
  • 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 November 2022
Early Bird
(2,000 Euro discount)**
31 March 2023
Final Application and Scholarship Deadline 30 June 2023

*In order to secure the Early bird 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 of Finance Learning Goals

LG1: Expert Knowledge and Understanding in Finance

Graduates will draw upon expert knowledge and broad, detailed and critical understanding of specifics, limitations and doctrines in different areas of finance to shape responses and independent ideas to business and research opportunities and challenges. They will be able to analyse, structure and evaluate complex financial problems.

LG2: Financial Product Development

Graduates will generate insights by applying scientific methods. Our graduates will be able to conceptualise and develop financial products, solutions and models.

LG3: Effective Communication and Cooperation

Graduates will be effective communicators in interdisciplinary fields of research and practical business contexts. They will be responsible team members and reach common goals by effective cooperation within a team. They will recognise potential conflicts in cooperation with others and reflect on them in the context of situation-overlapping conditions.

LG4: Professional and Responsible Behaviour

Graduates will have developed a professional identity within the financial sector. They will recognise and respect the personal and cultural differences in an international business environment. They will understand and reflect on the ethical and societal implications of their recommendations and business decisions.

Rankings, Accreditations & 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.

Rankings & Accreditations
FT_RANKINGS_2022

  • Ranked #27 worldwide
  • Ranked #20 worldwide for Salary
  • Ranked Top 20 worldwide for Career Services

Frankfurt School is one of the best European Business Schools. Accredited by AACSB, EQUIS and AMBA, the three leading international associations of business schools, Frankfurt School is one of the few institutions worldwide, which has been awarded the so-called "Triple Crown".

WiWo 2020

european-business-schools_2020

CHE 2021

Partnerships

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 5 February 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

CFA logo

The University Affiliation Program is a registered trademark owned by CFA Institute

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.

firm logo

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.

In 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 and 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.

Master of Finance: Business Track Curriculum
Semester 1

Statistics & Econometrics

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

Prof. Dr. Emanuel Mönch 

International Finance

International Finance

Monetary Economics & Digital Currency

Monetary Economics & Digital Currency

M&A Accounting

M&A Accounting

Financial Products and Modelling

Financial Products and Modelling

With this model students will have the proven ability to apply learned methods to the financial products and modelling framework. After successful completion of this model students will be familiar with analyzing financial markets and evaluating financial instruments of
different levels of complexity. They will be able to develop an appropriate solution for a given financial risk situation and know how to implement the solution using various financial instruments as well as students will learn to evaluate financial instruments with required standard and nonstandard
features.

Prof. Dr. Grigory Vilkov

Semester 2

Data Analytics & Machine Learning in Finance

Data Analytics & 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.

Lecturer

Prof. Dr. Gregory Wheeler

Risk Management

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

Prof. Dr. Francesco Sannino

Corporate Finance & Valuation

Corporate Finance & Valuation

This module focuses on corporate governance, corporate investment decisions, corporate financing and payout policy. You will take the position of a corporate decision maker 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.

Lecturer

Prof. Dr. Zacharias Sautner

Choose one concentration

Choose one concentration

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.

Sustainable Finance

Corporate Finance

Financial Advisory

Capital Markets

Risk Management 

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Derivatives Analysis

Portfolio Management

Students will focus on understanding the use of derivative products, gaining a theoretical understanding of forwards and options, learn to analyse and calculate hedges and how to implement these with Excel.

Prof. Dr. Thomas Heidorn

Derivatives Analysis

Derivatives Analysis

Students will focus on understanding the use of derivative products, gaining a theoretical understanding of forwards and options, learn to analyse and calculate hedges and how to implement these with Excel.

Prof. Dr. Thomas Heidorn

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Market Risk Modelling

Market Risk Modelling

This module covers state-of-the-art techniques of risk modelling. You will look at general risk measures (coherent, convex) and associated techniques of capital allocation. Models such as GARCH are taught, together with advanced dependence modelling techniques (copulas).

Prof. Dr. Sebastian Irle

Risk Governance and Organisation

Risk Governance and Organisation

The module covers the fundamentals of risk processes and governance, the concept of capital coverage, integrated performance as well as the risk categories.

We will discuss organisational and process requirements for each risk category using case studies on risk governance and risk management failures. Focus is also put on the supervisory process of the ECB.

Prof. Dr. Pascal Stock

Summer

Internship or Skills Development Courses

Internship or Skills Development Courses

During summer Frankfurt School students can do internships not only to gain practical experience but also to apply and use some of the new analytical tools and knowledge gained through the core and concentration modules. The internship can be evaluated to waive 6 ECTS if relevant to the field of study or concentration the student is specializing and the objective is achieved. Instead of an internships students can also take skills development courses or attend summer schools preapproved by the Programme Management.

Semester 3

Sustainable Finance

Sustainable Finance

In this interdisciplinary module, students get an overview of theoretical and practical concepts in the field of sustainable finance including economics of sustainability, the regulatory framework, ethics, and implementation of sustainable finance in financial institutions. Students will understand how sustainability influences financial performance of corporates as well as financial intermediaries and which methods and tool help improve decision-making in the sustainability transformation of the financial system.

Debt Finance

Debt Finance

You will be introduced to the economic function of the Debt Capital Markets, which have seen substantial changes since the last financial crisis in 2007/08.

Emphasis is placed on the development of problem-solving skills, based on a good understanding of the business environment. The course also incorporates guest lectures from renowned practitioners from the industry.

Lecturer

Prof. Dr. Sascha Steffen

Financial information and Decision-making

Financial information and Decision-making

The module is divided into three parts, starting with the discussion of financial reporting quality followed by the decision-making uses of financial information and at the end students will take part in a workshop where they will write algorithms in STATA. Overall you are able to use tools which measure financial reporting quality and evaluate how it affects decision-making on e.g. equity and debt markets, as well as in compensation contracts.

Lecturer

Prof. Dr. Laurence Lent

Portfolio Management

Portfolio Management

This module discusses in detail the theoretical and computational tools used in the portfolio analysis and in risk management. Theoretical lectures are supported by group home assignments in which you will apply the theory to a number of real portfolio analysis problems. For the second half of the course, deeper emphasis is put on risk management issues.

Prof. Dr. Paula Cocomo

Portfolio Management

Portfolio Management

This module discusses in detail the theoretical and computational tools used in the portfolio analysis and in risk management. Theoretical lectures are supported by group home assignments in which you will apply the theory to a number of real portfolio analysis problems. For the second half of the course, deeper emphasis is put on risk management issues.

Prof. Dr. Paula Cocomo

ESG Investing

ESG Investing

Knowledge and skills necessary to integrate environmental, social, and governance (ESG) factors into investment decision-making.

Coverage currently includes:

  • Three motives for ESG investing: people, power, and profit
  • Stakeholder analysis for investors
  • Understanding transmission mechanisms from values to value
  • The central role of reputation and company culture in linking values to value
  • The ‘E’ and the ‘S’: seeing a business through the lenses of human rights, justice and sustainability.
  • The ‘G’: corporate governance paradigms, risks and opportunities
  • ESG data challenges, and reporting standards related to ESG analysis
  • Active ownership strategies: engagement, coalition-building, voting, resolutions, and exit

Equity Finance

Equity Finance

The course introduces you to the characteristics of various equity securities and discusses the risks and rewards associated with them. Topics covered include optimal portfolio selection and asset allocation, the theory of asset pricing models, market efficiency, behavioral finance, as well as techniques for evaluating investment management performance.

Lecturer

Marc Umber

Financial information and Decision-making

Financial information and Decision-making

The module is divided into three parts, starting with the discussion of financial reporting quality followed by the decision-making uses of financial information and at the end students will take part in a workshop where they will write algorithms in STATA. Overall you are able to use tools which measure financial reporting quality and evaluate how it affects decision-making on e.g. equity and debt markets, as well as in compensation contracts.

Lecturer

Prof. Dr. Laurence Lent

Financial Engineering

Financial Engineering

In this course you look at the significance of different types of M&A transactions for companies, discuss the validity of different strategies and their consequences for the firm’s value. The module explains the process involved in acquiring subsidiaries into parent companies, applies the accounting concept of goodwill and its treatment in subsequent reporting periods, and covers the financial reporting effects of investments in joint ventures.

Lecturer

Prof. Dr. Thomas Heidorn

Credit Risk

Credit Risk

In this module you gain a thorough understanding of interest rate products and interest rate models.  You are able to apply advanced knowledge for assessing interest rate risk, i.e. you can quantify yield curve risk, apply interest rate derivatives and structured products to manage risks, analyze complex structured products and assess their modeling requirements.

Prof. Dr. Sebastian Irle

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation

Dedicated Elective

Dedicated Elective Offering

Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation

Company Project - Experiential Learning

Experiential Learning

Quantitative Trading and Analysis with Python

The course dives into the world of applied Python programming with an emphasis on quantitative trading, portfolio management, financial analysis, and risk monitoring. It is a course about “smart” asset management that uses a number of statistical and economic principles and Python as the implementation language.  The course covers quant trading principles and tools used for building quantitative trading frameworks. Statistical techniques,  portfolio optimization, and (potentially) some machine learning tools are actively applied in the course. Individual homework assignments are designed to deliver partial inputs into the final group project, and by the end of the course each group will program a real quantitative strategy that makes investment decisions on a regular basis, analyze/ backtest its performance and produce an extensive investment report. 

Semester 4

2 Electives or Entrepreneurship or Study Abroad

2 Electives or Entrepreneurship Accelerator or Semester Abroad

Full elective list

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.

Students have the opportunity to replace their two elective modules with either a semester abroad at one of our international partner universities or take part in our Entrepreneurship module.

Thesis

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.

Core Modules
Electives
Sustainable Finance
Corporate Finance
Financial Management
Capital Markets
Risk Management
Study abroad option: You have the option to use the credits from your electives in semester 4 to study abroad.
Curriculum may be subject to change.

Concentrations

Our Master of Finance concentrations are designed to provide specialised knowledge and skills focused on specific areas of capital markets, corporate finance, risk management, financial advisory and sustainable Finance. In addition, through these concentrations and company projects you have an opportunity to visit established corporations and start-ups.

Sustainable Finance new for 2022, more information to follow regarding this concentration!

Master of Finance: Immersion Track Curriculum
Semester 1

Statistics & Econometrics

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

Prof. Dr. Emanuel Mönch 

Foundations of Finance

Foundations of Finance

Macro- & Monetary Economics

Macro- & Monetary Economics

Financial Statement Analysis

Financial Statement Analysis

Financial Products and Modelling

Financial Products and Modelling

With this model students will have the proven ability to apply learned methods to the financial products and modelling framework. After successful completion of this model students will be familiar with analyzing financial markets and evaluating financial instruments of
different levels of complexity. They will be able to develop an appropriate solution for a given financial risk situation and know how to implement the solution using various financial instruments as well as students will learn to evaluate financial instruments with required standard and nonstandard
features.

Prof. Dr. Grigory Vilkov

Semester 2

Data Analytics & Machine Learning in Finance

Data Analytics & 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.

Lecturer

Prof. Dr. Gregory Wheeler

Risk Management

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

Prof. Dr. Francesco Sannino

Corporate Finance & Valuation

Corporate Finance & Valuation

This module focuses on corporate governance, corporate investment decisions, corporate financing and payout policy. You will take the position of a corporate decision maker 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.

Lecturer

Prof. Dr. Zacharias Sautner

Choose one concentration

Choose one concentration

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.

Sustainable Finance

Corporate Finance

Financial Advisory

Capital Markets

Risk Management 

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Advanced Corporate Valuation

Advanced Corporate Valuation

This course focuses on the valuation of equity securities. The techniques consist of preparing pro-forma financial statements, forecasting of free cash flows, application of valuation models, and understanding market-multiple valuation approaches. It emphasizes the role of financial statement data in equity valuation, using advanced cases from and around actual financial statements.

Prof. Dr. Frank Ecker

Derivatives Analysis

Portfolio Management

Students will focus on understanding the use of derivative products, gaining a theoretical understanding of forwards and options, learn to analyse and calculate hedges and how to implement these with Excel.

Prof. Dr. Thomas Heidorn

Derivatives Analysis

Derivatives Analysis

Students will focus on understanding the use of derivative products, gaining a theoretical understanding of forwards and options, learn to analyse and calculate hedges and how to implement these with Excel.

Prof. Dr. Thomas Heidorn

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Financial Markets & Institutions

Financial Markets & Institutions

This course addresses the economic role of different financial institutions including traditional banks. Specifically frictions in financial markets that allow banks to add value as an intermediary and how banks add value in mitigating these market frictions. Based on these insights, the course assesses why banks are fragile and affected by financial contagion. In this regard, the role of the government is discussed, in alleviating the consequences of financial crises. For instance, how the central bank can act as a lender of last resort to prevent liquidity crises. It also covers European banking union’s influence on the Euro area’s financial system. Other topics included in the course are: financial intermediaries, shadow banking sector, in contrast to traditional banks, channels funds from savers to borrowers, different entities of the shadow banking sector and 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.

Prof. Dr. Falko Fecht

Market Risk Modelling

Market Risk Modelling

This module covers state-of-the-art techniques of risk modelling. You will look at general risk measures (coherent, convex) and associated techniques of capital allocation. Models such as GARCH are taught, together with advanced dependence modelling techniques (copulas).

Prof. Dr. Sebastian Irle

Risk Governance and Organisation

Risk Governance and Organisation

The module covers the fundamentals of risk processes and governance, the concept of capital coverage, integrated performance as well as the risk categories.

We will discuss organisational and process requirements for each risk category using case studies on risk governance and risk management failures. Focus is also put on the supervisory process of the ECB.

Prof. Dr. Pascal Stock

Summer

Internship or Skills Development Courses

Internship or Skills Development Courses

During summer Frankfurt School students can do internships not only to gain practical experience but also to apply and use some of the new analytical tools and knowledge gained through the core and concentration modules. The internship can be evaluated to waive 6 ECTS if relevant to the field of study or concentration the student is specializing and the objective is achieved. Instead of an internships students can also take skills development courses or attend summer schools preapproved by the Programme Management.

Semester 3

Sustainable Finance

Sustainable Finance

In this interdisciplinary module, students get an overview of theoretical and practical concepts in the field of sustainable finance including economics of sustainability, the regulatory framework, ethics, and implementation of sustainable finance in financial institutions. Students will understand how sustainability influences financial performance of corporates as well as financial intermediaries and which methods and tool help improve decision-making in the sustainability transformation of the financial system.

Debt Finance

Debt Finance

You will be introduced to the economic function of the Debt Capital Markets, which have seen substantial changes since the last financial crisis in 2007/08.

Emphasis is placed on the development of problem-solving skills, based on a good understanding of the business environment. The course also incorporates guest lectures from renowned practitioners from the industry.

Lecturer

Prof. Dr. Sascha Steffen

Financial information and Decision-making

Financial information and Decision-making

The module is divided into three parts, starting with the discussion of financial reporting quality followed by the decision-making uses of financial information and at the end students will take part in a workshop where they will write algorithms in STATA. Overall you are able to use tools which measure financial reporting quality and evaluate how it affects decision-making on e.g. equity and debt markets, as well as in compensation contracts.

Lecturer

Prof. Dr. Laurence Lent

Portfolio Management

Portfolio Management

This module discusses in detail the theoretical and computational tools used in the portfolio analysis and in risk management. Theoretical lectures are supported by group home assignments in which you will apply the theory to a number of real portfolio analysis problems. For the second half of the course, deeper emphasis is put on risk management issues.

Prof. Dr. Paula Cocomo

Portfolio Management

Portfolio Management

This module discusses in detail the theoretical and computational tools used in the portfolio analysis and in risk management. Theoretical lectures are supported by group home assignments in which you will apply the theory to a number of real portfolio analysis problems. For the second half of the course, deeper emphasis is put on risk management issues.

Prof. Dr. Paula Cocomo

ESG Investing

ESG Investing

Knowledge and skills necessary to integrate environmental, social, and governance (ESG) factors into investment decision-making.

Coverage currently includes:

  • Three motives for ESG investing: people, power, and profit
  • Stakeholder analysis for investors
  • Understanding transmission mechanisms from values to value
  • The central role of reputation and company culture in linking values to value
  • The ‘E’ and the ‘S’: seeing a business through the lenses of human rights, justice and sustainability.
  • The ‘G’: corporate governance paradigms, risks and opportunities
  • ESG data challenges, and reporting standards related to ESG analysis
  • Active ownership strategies: engagement, coalition-building, voting, resolutions, and exit

Equity Finance

Equity Finance

The course introduces you to the characteristics of various equity securities and discusses the risks and rewards associated with them. Topics covered include optimal portfolio selection and asset allocation, the theory of asset pricing models, market efficiency, behavioral finance, as well as techniques for evaluating investment management performance.

Lecturer

Marc Umber

Financial information and Decision-making

Financial information and Decision-making

The module is divided into three parts, starting with the discussion of financial reporting quality followed by the decision-making uses of financial information and at the end students will take part in a workshop where they will write algorithms in STATA. Overall you are able to use tools which measure financial reporting quality and evaluate how it affects decision-making on e.g. equity and debt markets, as well as in compensation contracts.

Lecturer

Prof. Dr. Laurence Lent

Financial Engineering

Financial Engineering

In this course you look at the significance of different types of M&A transactions for companies, discuss the validity of different strategies and their consequences for the firm’s value. The module explains the process involved in acquiring subsidiaries into parent companies, applies the accounting concept of goodwill and its treatment in subsequent reporting periods, and covers the financial reporting effects of investments in joint ventures.

Lecturer

Prof. Dr. Thomas Heidorn

Credit Risk

Credit Risk

In this module you gain a thorough understanding of interest rate products and interest rate models.  You are able to apply advanced knowledge for assessing interest rate risk, i.e. you can quantify yield curve risk, apply interest rate derivatives and structured products to manage risks, analyze complex structured products and assess their modeling requirements.

Prof. Dr. Sebastian Irle

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Renewable Energy Finance or TBD or  Case Studies in Investment Banking

Dedicated Elective

Dedicated Elective Offering

Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation

Dedicated Elective

Dedicated Elective Offering

Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation

Company Project - Experiential Learning

Experiential Learning

Quantitative Trading and Analysis with Python

The course dives into the world of applied Python programming with an emphasis on quantitative trading, portfolio management, financial analysis, and risk monitoring. It is a course about “smart” asset management that uses a number of statistical and economic principles and Python as the implementation language.  The course covers quant trading principles and tools used for building quantitative trading frameworks. Statistical techniques,  portfolio optimization, and (potentially) some machine learning tools are actively applied in the course. Individual homework assignments are designed to deliver partial inputs into the final group project, and by the end of the course each group will program a real quantitative strategy that makes investment decisions on a regular basis, analyze/ backtest its performance and produce an extensive investment report. 

Semester 4

2 Electives or Entrepreneurship or Study Abroad

2 Electives or Entrepreneurship Accelerator or Semester Abroad

Full elective list

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.

Students have the opportunity to replace their two elective modules with either a semester abroad at one of our international partner universities or take part in our Entrepreneurship module.

Thesis

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.

Core Modules
Electives
Sustainable Finance
Corporate Finance
Financial Management
Capital Markets
Risk Management
Study abroad option: You have the option to use the credits from your electives in semester 4 to study abroad.
Curriculum may be subject to change.

Personalise your studies

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.

Entrepreneurship Centre

The mission of the Entrepreneurship Centre is to inspire, connect and provide training to Frankfurt School students as well as to external stakeholders such as investors, alumni, founders and partners. You can choose to take part in our Incubator for year-round guidance or boost your project by taking part in the Accelerator. You can also choose the Entrepreneurship module in semester 4 and make this specialisation part of your degree!

Electives

Students can choose in semester 4 to complete two electives, giving them the opportunity to expand the depth of their Master programme and gain insights in addition to the primary topics in other areas of interest depending on their professional goals.

Study Abroad

Frankfurt School partners with 90+ universities worldwide that are primarily focused on business and management, giving our students the opportunity to gain comparative viewpoints, diverse cultural and study environments and to widen their international network. This gives you the chance to immerse yourself in a new environment that prepares you for a global career.

Francesco

Careers Services & Your FS Network

Our exclusive corporate connections and strong Alumni network allow you to build a professional network crucial for developing your international career. Our Careers Services team will support you with individual consultations on career development that are based on your interest and career goals. 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.  

Student Career Paths

The combination of practical learning methods and the ability to work part-time ensures our Master of Finance students are able to secure jobs in a variety of companies and industries by the time they graduate. Below are examples of where our students worked during and following their studies. Take a look at some more here.

Career path_Anna C. Ebsen

El Otmani

Employment statistics - Class of 2021

Starting Salary after Graduation*

Average Salary (Including Bonus) 76,000 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

Accuracy
Adidas AG
Alvarez & Marsal
Amazon 
Aon
Aquila Capital Management GmbH
Ardian
Banco Santander
Bank Julius Baer &Co. Ltd.
Bank of America
Bankhaus Metzler
Barclays
Berenberg
BlackRock Inc.
BMW Group Financial Services
bullfinch
CGI
Citigroup
Clearwater International
Commerzbank AG
CORESTATE Capital Group
Crescent Capital LP
D.V.I.
Danske Bank
DC Advisory
Deloitte
Deutsche Bank AG
Deutsche Börse Group
Dieter von Holtzbrinck Ventures
DIZZBO
DWS
DZ BANK
ECM Equity Capital Management
Edelweiss Corporate Finance GmbH
Eight Advisory
EMKA Beschlagteile GmbH &Co. KG
EY
Evercore
FactSet
FINVIA Family Office
Frankfurt School of Finance and Management
Goldman Sachs
Harris Williams
HSBC Germany
ING
Jefferies GmbH
Kepler Cheuvreux
KfW Ipex
KMPG
Moelis & Company
Morgan Stanley
Nestlé
noventive
peculiar Investment Advisory GmbH
PMG MittelstandsGruppe
Porsche Consulting
proresult Unternehmensberatung
PWC
RBC Capital markets
ROBECO
Roland Berger
ROLAND Rechtsschutz
Rothschild &Co
Royal Bank of Canada Capital Markets
RWE
Sinclair Energy Partners
Societe Generale
Sonar Real Estate
Stern Stewart &Co.
Telekom
Tiger Fintech
Tikehau Capital
UBS
Union Investment
valantic GmbH
XTP AG
zeb

Employment by Industry

Banking 35%
Financial services 28%
Consulting 23%
Energy 3%
Consumer goods 2%
Real estate 2%
Technology 2%
Law 2%
Automotive 1%
E-commerce 1%
Education 1%
Logistics & Transportation 1%

Employment by Function

Investment Banking 13%
M&A and transaction services 11%
Asset management 9%
Financial services 9%
Sales & Trading 9%
Consulting 8%
Corporate banking (ECM, DCM) 8%
Finance & Controlling 7%
Risk management 7%
Audit 3%
Private equity 3%
Real estate finance 3%
Corporate strategy 2%
Equity research 2%
General management 2%
Market analytics 2%
Venture capital 2%
Others 3%

Time until Employment

Signed a contract during the program 51%
Remained with current employer 13%
0 - 3 months 14%
4 - 6 months 5%
Further studies 2%
Self-employed 1%
Internship 7%
Other: time-off, searching 7%

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.

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.

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.

Guest Lectures, Talks & 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 organised by FS Publishing House, e.g. M&A and Private Equity, Renewable Energy Finance, etc.

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. 

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.

Connect with International Universities

The Master of Finance students have the opportunity to visit other European universities and connect with the local students.

This year our students visited Nova School of Business and Economics in Portugal to deepen their knowledge in Sustainable Finance. The sessions tackled crucial topics such as Sustainable Development Goals (SDGs), Green and Climate Finance, the Relationship between Investment in Human Capital and Sustainable Finance, and the Role of Corporate Governance in Sustainable Finance. 

IE Business School

Group picture of IE exchange

For one week the students travel to Madrid and attend lectures at IE Business School on Blockchain, Big Data and how these technologies are influencing companies. All courses will be taught by faculty from IE, which gives the students the opportunity to broaden their academic network.

Have a look at Santiago's blogpost on his experience at last year's IE exchange.

Bocconi

We also offer the opportunity to spend a week in Milan by attending one of the electives in the fourth semester at Bocconi University. The elective not only includes courses at the university but students also visit renowned companies in the area.

students_talking_in_auditorium

Student Experiences

Conner Tensey (Master of Finance Class of 2021):

"If I had to use one word to describe the trip, it would be amazing. After being apart from the world for so long, it almost becomes second nature to be alone and it becomes so easy to forget what it was like to be around so many people. Truly seeing the entire class again - people I hadn't seen in a year or more - was something almost indescribable. To then go off with all of these amazing people to such a beautiful country and attend so many well-crafted events, was without a doubt one of the best experiences of my life. Not only was it so nice to see all of the classmates I missed, but it was also incredible to meet all these new people from the other intakes and programs. This experience was one of the most powerful I've had, and I am positive these memories will stick with me until they cannot anymore."

Joy He (Master in Management Class of 2022):

"It was refreshing to see how people from both Frankfurt School and Nova SBE were so motivated to connect with each other. As an international student who came to Germany for the masters during pandemic, this trip represented what I was pursuing: to build meaningful relationship with people from different cultural and educational backgrounds. Such meaningful relationship also resonates with my key takeaway from the sustainable finance course that changes and actions start from personal connections and caring for each other. I am grateful of all the efforts Frankfurt School and Nova SBE put into organizing this trip during the current situation, and I am deeply grateful for this opportunity to finally connect with our own schoolmates from both Master in Management and Master of Finance."

Class Profile

Overview

Nationalities

36

Average age

24

Gender

Female 28%
Male 72%

Origin of Students

Germany 47%
Asia 31%
Europe excl. Germany 14%
Americas 4%
Africa & Middle East 4%

Educational Background

Business Administration & Management 28%
Economics 24%
Banking & Finance 20%
Science & Engineering 15%
Others 4%

Data Analytics & Machine Learning in Finance

Python

Nowdays Python is widely used in finance. It is a solution to process and analyse large database and big financial data. Frankfurt School offers its students courses to understand programming and data analysis with Python. In the 4th semester our students have an opportunity to attend related electives (Blockchain, Artificial Intelligence etc.).

Student Insights: When Machines Talk / Approaching Digital Strategy

Data Camp

Several of 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 visualisation or machine learning. This enables them to learn faster through immediate and personalised feedback on every exercise.

Professor Insights: Handling Big Data

Python programming logo

DataCamp

Anaconda

Student Life in Frankfurt

Frankfurt is the commercial hub of Europe where major global corporations, consultancy firms, high-tech industries and startups are located alongside the European Central Bank. Frankfurt School plays a key role in supporting these strategic partner industries through its cutting edge research and innovative solutions focused on consultancy, tech, banking and finance.

Many of our aspiring and inspiring individuals lead important initiatives such as fundraising for environmental causes or for tech and innovation start-ups as well as engaging in consultancy competitions, sports and wellbeing activities.

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, 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 EUR 4000 EUR 2000 respectively. Applicants interested in a scholarship must complete the relevant section within their online application.

Early Bird
(EUR 4,000 discount)*
30 November 2022
Early Bird
(EUR 2,000 discount)*
31 March 2023
Final Application and Scholarship Deadline 30 June 2023
Start of programme 21 Aug 2023

*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. 

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.

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 21 August 2023. 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

FS Bachelor students are offered a 3-semester track of the programme. You will start the programme with the regular 4-semester track and finish one semester early. For more information please contact us.

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.

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*: EUR 100
Semester fee: EUR 9,750
Total price: EUR 39,000

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.

Contact

Gizem Sökeli
Recruitment Officer

Get more information

Where can you meet us?

Learn more about our master programmes at one of our Master Info Evenings and find out which programme could help you excel in your career. 

You may also come and explore our campus and speak to representatives from our master programmes face-to-face, at one of our Open Campus Nights.

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!

The Master of Finance is accredited by