call download fax letter pdf search x chevron
String (#-1800722516)
Master of Arts, MA


Application deadline
31st July

Tuition Fee
EUR 17,500

Programme Start
1 September

Duration Part-time
18-24 Months

The Programme

Boost your career with an international degree in leadership & sustainable finance.

The Master of Leadership in Sustainable Finance online programme is designed for (emerging) leaders who are passionate about finance, and the role finance plays as a catalyst for sustainable economic development and equitable and environmentally conscientious growth in economies worldwide – in other words, how to finance and manage a better future for all.

Additional value-adding on-site modules possible

  • 18-24 months / part-time programme
  • An online programme that gives you an internationally recognised academic degree
  • Build your career in either development finance, sustainable finance or green finance
  • Flexibility to study wherever you are, whenever you want
  • International and diverse class with students from all over the world
  • High practice relevance combined with academic excellence
  • Benefit from a  strong alumni network of more than 8,000 certified experts via forums and other channels

Target Audience

You are the ideal candidate for this master programme if:
  • You are a professional with work experience in the development finance industry or related to developing and emerging countries – or in climate finance, international development cooperation, engineering, green banking and sustainable investment management
  • You are an applicant with a different background, looking to change your career and move into the financial inclusion and/or sustainability field, you are also valuable for the programme and should not be excluded.
  • You want to climb the career ladder in your organisation
  • You wish to follow an excellent, accredited programme alongside a full-time job to develop yourself professionally
  • You are ready to make a real change in the economies of developing countries and/or in the battle against climate change
  • You want to have the advantages of studying at home while enjoying the benefits of an international classroom


  • Undergraduate academic degree (bachelor’s or equivalent) from a recognised university (including diploma and transcript of records)
  • Proficiency in written and spoken English
  • At least two years of post-undergraduate, relevant work experience (proven by a recommendation letter from your former or current employer)
  • Admission Test and Interview

Study Fee

Total tuition fee: EUR 17,500

Apply here.

Combinable Discounts:

  • 10% Alumni Discount
  • Early Bird Discount for complete applications received by:
28 February EUR 2,500
31 March EUR 1,750
31 May EUR 1,000
  • 10% Group Discount (for 2 or more students)

The fee amount paid by already completed FSDF e-Campus courses will be deducted.

Apply here for the programme.

Personalise your curriculum

This fully-fledged master's programme allows you to specialise in one of two important focus areas in sustainable finance. You can build your personalised curriculum to reflect an interest in either: Development Finance or Green Finance.

Personalise your Curriculum

Choose your track

You can choose between the two tracks below to build your master's degree in either Development Finance or Green Finance.

You are not obliged to choose a track, but this would mean that you will not have a focus in one of the aforementioned areas. 

Semester 1
Development Finance Framework
Development Finance Framework
Development Finance Framework

This includes Development Finance & Growth and choosing from one of the following three certified courses

Development Finance & Growth

Development Finance & Growth offers a detailed assessment of the key factors driving (and hindering) financial sector development. Through the lens of different macroeconomic schools of thought, students assess the relevance of (inclusive) financial sector development for economic prosperity and growth.

Certified Expert in Microfinance


Certified Expert in Islamic Microfinance


Certified Expert in Agricultural Finance

Green Finance Framework
Green Finance Framework
Green Finance Framework

This includes the following two courses

Economics of Climate Change

The objective of “Economics of Climate Change” is to assess challenges related to overcoming climate change from an economic perspective. The course takes a broader perspective on the thematic compared to traditional approaches within the context of text-book economics by using the economic concepts in order to shape a perspective towards actual challenges and policies in the field.

Certified Expert in Agricultural Finance

Accounting & Leadership
Accounting & Leadership
Accounting & Leadership

Certified Expert in Financial & Managerial Accounting

Every leader needs to know how to correctly interpret, assess and deduce strategic impulses from financial statements. The module in Accounting & Leadership offers, in summary, the essentials of bookkeeping, budgeting and (bank-) controlling. Students are also introduced to behavioural accounting, a concept that builds heavily on the latest research findings, which is extremely useful for explaining how financial statements are presented and composed both in banks and businesses.

Semester 2

(Digital Finance, SME Finance, Financial Inclusion Policy, Microinsurance)


(Climate & Renewable Energy Finance, Climate Adaptation Finance, Sustainable Finance)

Strategy & Innovation
Strategy & Innovation
Strategy & Innovation

Today’s leaders, especially in emerging markets, are faced with many strategic challenges: high competition, fragmented markets and rapid technological change. This module focuses on strategy formulation, implementation and assessment. It offers a hands.-on guideline to senior executives on how to bring a business forward in a globalised, digital world.

Risk, Corporate Governance & Compliance
Risk, Corporate Governance & Compliance
Risk, Corporate Governance & Compliance

Risk management is about coping with the challenges of growth, complexity and competition in a sustainable manner. This module provides a comprehensive overview about the risks which financial institutions face (including credit, market, liquidity and operational risk) with a special emphasis on the particular requirements of emerging and developing markets. It provides students with tools to measure risks and devise appropriate risk-taking and mitigation strategies that give financial institutions the competitive edge in delivering inclusive financial services in a rapidly evolving environment.

Semester 3

(SME Finance, Microinsurance, Financial Inclusion Policy, Digital Finance, Climate & Renewable Energy Finance*, Climate Adaptation Finance*, Sustainable Finance)

Leadership & Change Management (online or on-campus)
Leadership & Change Management (online or on-campus)
Leadership & Change Management (online or on-campus)

Top-level executives in emerging markets are faced with a very specific set of leadership challenges. Selecting teams in an environment marked by a lack of highly educated, highly motivated (affordable) team members is often difficult. Motivating those talented individuals to work together as a team and to ensure loyalty and retention in a context of fierce competition is often even trickier to manage. This is especially the case when organisations undergo fundamental change, for instance going commercial. This module provides a set of tools on how to tackle those challenges effectively and engagingly.

One can also choose this programme on-campus.

Semester 4

Business Plan or Consultancy Project (Master's Thesis)**

Project Work
Project Work

The aim of the Project Work is to provide you with the opportunity to apply your skills and knowledge gained during the programme. It is the project work that proves that you have mastery in the subject matter. The project work demonstrates that you can perform critical analysis of a given problem and draw conclusions relevant to the firm setting. Further, the project work is proof that you can describe the project related activities and results, in a well-written format.

Development Finance Track
Green Finance Track
Core Modules
Project Work
Electives (Choose one)
* Participants can only select one climate elective within the programme
** To obtain the diploma in the selected track, the Master's thesis will need to be focused on development or green finance
Training Approach

The flexible part-time training concept offers you the opportunity to follow your own schedule and to combine daily work with professional development. The high quality of our training approach will have an immediate impact on your daily job performance.

Our Online Features

  • Mentoring and ongoing support from our experienced trainers and tutors throughout the entire programme
  • Training material based on international best practice with examples from all over the world
  • A hands-on, practical focus with tools and guidance for real-life implementation
  • A discussion forum for sharing experiences between participants and with the online master's team will get you exposed to recent developments in the financial sector.

Training Material

Video Lectures 
  • Video lectures give an introduction to the topics of each unit and a basic understanding of each topic 
  • Web-based lectures complement the scripts and give additional input

Most units include a downloadable PDF script, which serves as the main training material. The scripts provide basic concepts and principles applicable to the subject matter of each unit including important definitions, key messages, exercises and examples.

Online Tests

Each unit ends with an online test comprising of a set of 10 - 15 multiple-choice questions. Only after having successfully completed the test, you will gain access to the next unit.

Case Studies

The key to successful learning is the immediate use of newly acquired knowledge and the transfer of theory into practice. The mandatory Case Studies have to be solved and submitted by a determined deadline.

Further Readings

The e-library contains links to the latest studies and sector reports, recent publications and relevant papers.

Discussion Forum

The forum enables interaction between students and tutors. It facilitates the exchange of experiences and allows students to ask questions or get clarification.

Final Exam

Each course from the Master of Leadership in Sustainable Finance online Programme will end with a final exam.

FAQ on the Final Exam

Does the final exam take place online?

Yes, you can take the final exam from wherever you want online

Do I need to pay for taking the final exam?

The final exam fee is EUR 50 (per each exam). The total amount of final exam fees will be deducted from your final tuition fee.  

What does the final exam look like?

The final exam is digital. The format of the exam depends on the module but it is generally a mixture of multiple-choice questions and case studies. The final exam takes 2 hours.

When do I have to take my exams?

The final exam will take place 2-4 weeks after the end of each course.

Application process

1. Online Application

The first step in applying for our programme is the completion of our online application, which includes uploading the following required documents in support of your application:

Eligibility Requirements

  • Undergraduate academic degree (Bachelor’s or equivalent) from a recognised university (including Diploma and Transcript of Records)
  • Proven Excellent written and spoken English
  • At least two years of post-undergraduate, relevant work experience (proved by a recommendation letter from your former or current employer)
  • Admission Test and Interview

Required Documents

  • CV or resume
  • Transcript of records and diploma from your undergraduate studies
  • Employee Reference Letter


We encourage you to complete your application as early as possible. There are also special financial advantages for candidates who submit a complete application early:

  • 28 February - EUR 2,500 Early Bird Discount
  • 31 March - EUR 1,750 Early Bird Discount
  • 31 May - EUR 1,000 Early Bird Discount
  • 31 July - Application Deadline

2. Admission Test & Interview

The Admission Test consists of several questions designed by Frankfurt School that the candidate will need to answer.

After reviewing your Admission Test, we will invite qualified candidates to participate in an online or telephone interview with a member of Frankfurt School staff. 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 admissions into our Master of Leadership in Sustainable Finance online Programme will be based on a combination of the candidate’s academic qualifications, English language abilities, admissions test score, work experience and interview results.

4. Start of the Programme

This Master's programme starts once a year. The next cohort starts in September 2021.

Apply here for the programme.

FSDF e-Campus Alumni

Recognition of your e-learning courses

If you have already been certified in one of Frankfurt School’s Development Finance e-Campus courses, that course will be recognised in our Master Programme, which means you will not need to repeat it.

Furthermore, the price paid of the course you have already completed will be deducted from your tuition fee. Additionally, you will benefit from a 10% Alumni Discount.

Financing your Studies

Fee and Example

If you have completed the FSDF e-Campus courses in SME Finance and Microfinance and applied on 1 February, your total tuition fee will be:

Total Fee EUR 17,500
- 1st Early Bird Discount - EUR 2,500
-10% Alumni Discount - EUR 1,750
= EUR 13,250
-Tuition fee paid for completed SME Finance course - EUR 1,300
-Tuition fee paid for completed Microfinance course (early bird) - EUR 650
Total Fee (One-Time Payment) EUR 11,300


The total tuition fee will be split equally into eight instalments and issued every three months only for German Residents.

For residents outside Germany, the fees can be split into three instalments or paid in a single payment.

The first instalment will be due before the programme begins.

For more detailed information, write us by email at

FS FX Protect

For those of you applying from outside the EURO zone, we are proud to present our highly innovative currency hedging option – FS FX protect.

Over the coming years, several macroeconomic developments may coincide with your studies, which may increase your financial burden. The European Central Bank (ECB) could raise its key interest rates from the current very low levels – perhaps prompting the EURO to appreciate (become more expensive) against other currencies. Countries whose economies depend on the export of commodities may find that their currencies lose value vis-à-vis the EURO. In short, it could very well be that your study fees (in EURO) become more expensive (in your home currency) than you calculate now.

We want to ensure that you can complete your Master of Leadership in Development Finance without having to worry about your country's future exchange rate. Your instalments will be insured against adverse exchange rate developments by FS FX Protect. It is open for all currencies that can be found on OANDA. FS FX Protect is available for EUR 49 (added to your first instalment). FS FX Protect could save you up to EUR 1,910 in case your currency depreciates dramatically. The hedging option is explained in detail below. If you want to participate, simply tell us during your admission interview.

Frankfurt School protects Master of Leadership in Development Finance students from foreign exchange risks

The Frankfurt School Scholarship Programme

This scholarship programme aims to provide highly talented candidates with an opportunity to study irrespective of their financial circumstances.

Scholarships cover a partial amount of tuition for the Master of Leadership in Sustainable Finance online programme (maximum 30%).

Selection criteria include candidates’ academic achievements (grade of undergraduate degree), performance during the Frankfurt School selection procedure and candidates’ personal achievements (professional and international experience, extracurricular activities, social commitment, and intercultural skills), motivation, and financial needs.

Scholarship Application

To receive a Frankfurt School partial scholarship for the Master of Leadership in Sustainable Finance you need to submit an application. The scholarship application will be completed within the online application and should include the following: 

1. A statement delivered to our scholarship committee clearly showing what makes you an outstanding student and why you are the perfect scholarship candidate.

For this, you have three options:

  • Short video (max 2 minutes) - preferred

  • PowerPoint presentation (max. 5 slides) or

  • An essay (max. 500 words)

2. Explain how you will finance the remaining part of the tuition fee (keep in mind that the partial scholarship might be less than 30%)

Please note that funds for this scholarship are limited.

Completed applications must be submitted by 31 July. Incomplete applications or applications received after this date will not be considered for a scholarship. Frankfurt School awards the master's scholarships continuously throughout the admission process on a “first come first serve” basis. Therefore, we recommend that you apply as soon as possible.

A scholarship committee will review the scholarship candidates only once the application is completed and the applicant is admitted to the master's programme online. The final decision on the scholarship amount lies with the scholarship committee. The scholarship committee’s decision is final and candidates have no legal entitlement to a scholarship.

Class Profile


Female 40%
Male 60%

Origin of Students

Africa & Middle East 45%
Europe 36%
Asia 10%
America 8%
Oceania 1%

Educational Background

Business Adm. & Management 30%
Economics 25%
Banking & Finance 12%
Accounting 7%
Other 26%


Private Sector/ Consulting 26%
MFI 23%
Banks/ Regulator 16%
International Financial Institution 11%
NGO 11%
Public Institution 8%
Education/ Research 4%

Master contributes to UN SDGs

This master's programme will enhance your knowledge in the following SDGs. The SWA offers professional and executive courses dedicated to the advancement of the UN Sustainable Development Goals (SDGs).