Deadlines & Discounts
We encourage you to complete your application as soon as possible as there are financial advantages for candidates who submit a complete application early.
| Early Bird (4,000 Euro discount)* |
30 Nov 2020 |
| Early Bird (2,000 Euro discount)** |
31 Mar 2021 |
| Final Application and Scholarship Deadline | 30 Jun 2021 |
*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
Learning Goals
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.
Graduates will generate insights by applying scientific methods. Our graduates will be able to conceptualise and develop financial products, solutions and models.
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 recognize potential conflicts in cooperation with others and reflect on them in the context of situation-overlapping conditions.
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.
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.
We also offer several other ways to get in touch with us such as class visits, fairs outside of Frankfurt and personal consultations. Please visit our page to find out more!
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".
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.
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
Frankfurt School is proud to have participated in the CFA Institute Research Challenge for six years running. The annual global competition provides university students with hands-on mentoring and intensive training in financial analysis, testing analytics, valuation, report writing and presentation skills.
On February 5, 2019, five Master of Finance students particpated in the national finals of the CFA Institute Research Challenge. Only three of twelve German universities had qualified for the German finals. The students conducted an extensive company analysis of Fresenius Medical Care AG & Co.KGaA. They submitted a written report with a sell, buy or hold recommendation for the company’s stock. In the final, they had the chance to present their research results to a jury of four esteemed CFA charter holders.
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.
CAIA Association
Students have access to the Chartered Alternative Investment Analyst Association®'s curriculum in order to successfully become a Chartered Alternative Investment Analyst (CAIA). This includes scholarships for the CAIA exam – Level I and Level II, access to the Center for International Securities and Derivatives Markets (CISDM) Hedge Fund Database as well as to publications of the CAIA Association.
n Germany, Frankfurt School is the first business school that partners with the CAIA Association. Upon signing, FS became the 16th partner university from the EMEA Region, joining many other internationally top-ranked institutions such as the University of St. Gallen or the IE Business School. Read more.
Cooperation with IE
IE Business School and Frankfurt School have signed a strategic agreement to launch joint finance education initiatives. The agreement will enable students of both institutions to take part in semester exchange programmes and shorter study trips to the Schools` Madrid and Frankfurt campuses including career and networking events as well as company visits in both locations. Read the full story.
Bloomberg Experiential Learning Partner
Within the Financial Products & Modelling module students are expected to utilise the resources in our Finance Lab and to complete the Bloomberg Markets Concepts (BMC) tutorial, which is a 10-hour, self-paced e-learning course that provides an interactive introduction to the financial markets. BMC consists of 5 modules - Economic Indicators, Currencies, Fixed Income, Equities, and Getting Started on the Terminal - woven together from Bloomberg data, news, analytics and television.
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.
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
Financial Statement Analysis
This module focuses on external financial reporting, including principles of financial statement preparation, their interpretation and evaluation. The first classes lay foundational knowledge about standard-setting principles and how they translate into actual financial reports. Students further gain an understanding on managerial incentives in external reporting and in the resulting need to critically evaluate such reports from an outsider perspective, including empirical assessments of accounting quality and approaches for detecting earnings management. We will discuss how to make inferences about strategic and operating business decisions using ratio analyses, highlighting how managerial decisions have direct consequences in financial reports. The course concludes with a discussion of credit analysis, i.e., the evaluation of a firm’s creditworthiness based on their financial reports, and some insights into forecasting (pro-forma) financial statement for equity analysis, business development, consulting, etc.
Lecturers
Foundations of Finance
This module introduces you to the fundamental tools of modern corporate finance and asset valuation. You will learn how to apply the present value rule and no-arbitrage arguments to value stocks, bonds and plain-vanilla derivatives. Mean-variance portfolio choice is also introduced and includes an in-depth look into the Capital Asset Pricing Model (CAPM) and the efficient market hypothesis. You will also cover the analysis of financial decision making within a firm. This includes choosing projects that firms should invest in (capital budgeting) and choosing specific financing for these projects (Financial Structure Decisions), where the Modigliani and Miller (1958) theories are used as a key starting point.
Lecturer
Macro- & Monetary Economics
This course aims to familiarise you with key concepts of macro- and monetary economics. More specifically, it introduces you to the concepts of Neo-Classical and Keynesian macroeconomic models by covering the labour, goods, capital and money markets, in addition to their respective implications in the application of monetary and fiscal policy as tools for stabilising the price level, as well as generating output and creating employment. In the monetary economics section the course focuses on the functions of money, the money supply and monetary policy transmission process, targets, rules and strategies as well as monetary policies in small open economies.
Lecturer
Financial 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.
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
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
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 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.
Lecturer
New for 2021, more information to follow.
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.
Corporate Finance
Financial Management
Capital Markets
Risk Management
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.
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.
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.
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.
Internship or Skills Development Courses
During summer FS 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.
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
Restructuring and Financial Management Control
New for 2021, more information to follow.
Structured Products
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.
Lecturer
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).
Lecturer
Sebastian Irle
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
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
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
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.
Lecturer
Stephan Hartenstein
Dedicated Elective
Dedicated Elective
Dedicated Elective
Dedicated Elective
2 Electives or Study Abroad
A range of electives including Renewable Energy Finance, Digital Marketing and Diversity Management allow you to tailor your Master of Finance through a diverse and distinctive structure of time formats and block weeks. Electives are taught not only by in-house faculty, but also by leading international practitioners, providing you with the tools to meet your personal aspirations. Elective options are published at the end of third semester and students must choose 2 elective modules to start in their last semester.
You can find the entire list of electives that we offer for 2020 here.
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.
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.
Thesis Preparation Module
This course focuses on the design and implementation of high-quality empirical studies in the areas of finance. It will serve as a methodological tool kit for Master’s thesis and increase students scientific decision-making in finance and consulting practices.
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.
Our Master of Finance concentrations are designed to provide specialised knowledge and skills focused on specific areas of capital markets, corporate finance, risk management and financial advisory. In addition, through these concentrations and company projects you have an opportunity to visit established corporations and start-ups.
Frankfurt School partners with 80+ universities worldwide that are primarily focused on business and management and giving our students the opportunity to gain comparative view points, 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.
Student Insights: When Machines Talk / Approaching Digital Strategy
Several our classes are supported by DataCamp, an intuitive learning platform for data science. It helps our students to learn R, Python and SQL through a combination of short expert videos and hands-on-the-keyboard exercises. In addition to mandatory assignments students can take over 100+ courses by expert instructors on topics such as importing data, data visualization or machine learning and learn faster through immediate and personalised feedback on every exercise.
Professor Insights: Handling Big Data
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.
More Less
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.
Frankfurt School strongly believes in a well-rounded education, and the Master of Finance is no exception. Innovative in-class teaching methodologies are supplemented by various workshops and activities to enhance the overall learning experience.
Practical Learning & Finance Conferences
Our Master of Finance programme is based on a mixture of theoretical learning, supported by and reinforced with case studies and group work, following the Harvard model of teaching. Our students have access to finance conferences organized by FS Publishing House, e.g. M&A and Private Equity, Renewable Energy Finance, etc.
Guest Lectures & Talks
Frankfurt School’s close ties to the finance industry are evident in the guest lecture opportunities. Students can network with innovators and industry veterans regularly from their own university.
e.g. this year's guest lecturers in the International Portfolio Management course include Dr. Yuliya Plyakha (Consultant @MSCI Barra), Brian Tomlinson (Director Portfolio Management @Allianz Global Investors), Dr. Stefan Junglen (Head of Fiduciary Risk @Deutsche Asset Management
S.A.), Dr. Adrian Zymolka (CEO @Axioma)
Competition & Awards
Frankfurt School encourages students to participate in various challenges and competitions, e.g. CFA Research Challenge, throughout the year, giving selected students the opportunity to prove themselves and compete against other top universities worldwide.
Frankfurt School Finance Lab
Access to Bloomberg and Reuter terminals provides you with the tools to gain essential trading and research skills for your finance career. Classes, including Financial Products & Modelling, will take place in the Finance Lab during your 1st semester and will be accessible throughout your time on campus.
German Classes
The Master of Finance is taught entirely in English. However, German classes are provided for all non-German speaking students throughout the duration of the programme. We strongly encourage our students to learn German before they arrive in Frankfurt in order to improve their employment opportunities.
The combination of practical learning methods and 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.
| Average Salary (Total) | 62,262 Euro |
| Average Reported Bonus (Total) | 12,600 Euro |
*excluding trainees and interns
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
| ABN AMRO |
| Acxit Capital Partners |
| Advantest Europe GmbH |
| Allianz Investment Management |
| Alvarez & Marsal |
| Arthur D. Little |
| B. Metzler seel. Sohn & Co. Holding AG |
| Baird |
| Bank of America |
| Bank of China |
| Barclays |
| BCG |
| Bloomberg |
| Bank of America Merrill Lynch |
| Bureau van Dijk Electronic Publishing GmbH |
| Carlsquare |
| China Securities |
| Citi |
| Commerzbank |
| Credit Suisse |
| Deloitte |
| Deutsche Bank |
| Deutsche Börse |
| Duff & Phelps |
| DZ Bank AG |
| Ebner Stolz Management Consultants |
| European Central Bank |
| Exaloan |
| EY |
| FAS AG |
| FIS Global |
| Halder |
| Helaba Invest |
| Horváth & Partners |
| Houlihan Lokey |
| HSBC |
| International and Commercial Bank of China |
| IKB Deutsche Industriebank |
| ING |
| JP Morgan |
| KfW Bankengruppe |
| KPMG |
| Lucht Probst Associates |
| M.M. Warburg |
| MainFirst Affiliated Fund Managers |
| McKinsey |
| Monument Advisory |
| msgGillardon |
| Nestlé |
| Network Corporate Finance |
| R+V Versicherung |
| RBC Capital Markets |
| Resonanz Capital |
| Robert Bosch GmbH |
| RWE Supply & Trading |
| S&P Global Ratings |
| SEB |
| Siemens Healthineers |
| Sustainalytics |
| Swiss Life |
| thyssenkrupp Management Consulting |
| Traxpay |
| UBS |
| UniCredit |
| Union Investment |
| Universal Investment |
| Warth & Klein Grant Thornton |
| zeb rolfes schierenbeck |
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.
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.
Invest in your international career development by leveraging on the opportunities and business networks offered by the city of Frankfurt.
Frankfurt School takes pride in its international student community. 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.
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
Each of the documents listed above are required for completing your application. However, you do not need to upload them all at once.
Deadlines & Discounts
Applications are considered on a rolling basis, therefore we encourage you to apply as early as possible. Applications received before the end of November and March will benefit from our early bird discounts of 4000 EUR and 2000 EUR respectively. Applicants interested in a scholarship must complete the relevant section within their online application.
| Early Bird (4,000 Euro discount)* |
30 Nov 2020 |
| Early Bird (2,000 Euro discount)* |
31 Mar 2021 |
| Final Application and Scholarship Deadline | 30 Jun 2021 |
| Start of programme | 23 Aug 2021 |
*You must have recieved an admission letter by 31 March and 30 June respectively
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.
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.
The Master of Finance programme begins on 23rd August, 2021. 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
The application portal will open on 11 May 2020. The links will be provided via e-mail. Please contact us for more information and if you have any questions about the process.
Your degree is an investment in your professional future. As a business school of international standing, we not only offer you ideal conditions for gaining / obtaining a degree – we also offer you excellent career prospects.
And since we can guarantee the quality of our teaching and research, we also expect the highest levels of commitment and motivation from our students.
Study Fee
| Registration fee*: | 100 Euro |
| Semester fee: | 9,100 Euro |
| Total price: | 36,500 Euro |
Deposit: To reserve your place in the programme, you will need to submit a deposit payment of EUR 3,000. This will be subtracted from the total tuition fee. You will receive instructions for submitting your deposit payment after you have sent us your signed contract of study.
* The registration fee is due after you have signed your study contract. It is not an application fee.
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!