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Master of Finance
120 ECTS
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
Rankings & Accreditations
- 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".
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.
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.
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.
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
International Finance
Monetary Economics & Digital Currency
M&A Accounting
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 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
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
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.
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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
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
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
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.
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.
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
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
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
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation
Dedicated Elective
Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation
Company Project - 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.
2 Electives or Entrepreneurship 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.
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
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.
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!
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
Foundations of Finance
Macro- & Monetary Economics
Financial Statement Analysis
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 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
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
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.
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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
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
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
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.
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.
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
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
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
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Renewable Energy Finance or TBD or Case Studies in Investment Banking
Dedicated Elective
Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation
Dedicated Elective
Portfolio Optimization in Continuous Time or FinTech - Disruptive Innovation
Company Project - 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.
2 Electives or Entrepreneurship 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.
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
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.
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.
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.
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 |
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
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.
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."
"I chose Frankfurt School because it is Germany’s top business school but it turned out to be much more than I expected! The non-trivial engagement of professors puts young FS on the same level as top traditional universities in the world."
“Since I had been working full-time for a year, I was looking for a program that would let me combine a part-time position and in-person lectures. Frankfurt School and its 3-day model offered me exactly that. Additionally, the highly engaged professors, the relevant and up-to-date content, and the new campus in Nordend don’t fail to impress.”
"The modules provide in depth content delivered by excellent professors with academic and practical experience. Guest speaker lectures give the chance to get first-hand advice from working professionals and studying in one of the world's major financial hubs brings enormous networking possibilities."
"Studying the Master of Finance at Frankfurt School offers an amazing chance to take root in the financial service sector as it connects you with many like-minded people from the industry. On top of that, a huge variety of networking activities, paired with an experienced career services team, can boost your career."
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
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!
