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During the 4th semester, Master of Finance, Master in Management and Master in Applied Data Science students complete two electives, giving them the opportunity to expand the depth of their Master programme and gain insights in addition to the primary topics.   

AI & New Frontier

The course is about advanced current topics that are at the frontier of AI research and industrial application. Examples from past courses are Graph Neural Networks, Generative Learning: GANs and Diffusions Models and Deep Reinforcement Learning.

Prof. Dr. Florian Ellsäßer ; Szabados Levente

Advanced Mergers & Acquisitions

The course will cover the explanation of “Three Dimensional Analysis” and the creation of fully dynamic iterative and circular financial models in Excel, up to the advanced level used in the leading investment banks and private equity firms. Students will create a fully-fledged M&A model in Excel, using real companies as the bidder and target.

External Lecturer

Simon Hirst

Alternative Investments

This module provides a concise overview of the most significant types of private equity and alternative investments, and how they affect different portfolio parameters. The course covers the differentiation between ‘classic’ investments vs. ‘alternative’ investments and an introduction to portfolio concepts in general, and their application in modern portfolio management.

External Lecturers

Thomas Maier

Bank Controlling & Treasury

The module focuses on case studies and Excel exercises to understand the value management of a bank. The special highlight throughout the course will be guest speakers such as bank specialists on the topics.


This course is for students wishing to explore blockchain technology’s
potential use - by entrepreneurs & incumbents - to change the world of
money, finance and beyond. Kicking off with a review of the technology’s
initial application, the cryptocurrency Bitcoin, students will gain an
understanding of the commercial, technical and public policy
fundamentals of blockchain technology, distributed ledgers and smart
contracts in both an open sourced and a private context.

Christoph Kreiterling

Design and Management of Hierarchies

The module Design and Management of Hierarchies introduces key principles and methods used for designing effective organisations. It focuses in tradeoffs associated with the design and adaptation of cooperation and coordination in teams, departments, business units, and large corporations. The module builds on economic and behavioural
perspectives and introduces classic as well as contemporary approaches
to organisation design. The module combines case analyses, conceptual
and problem-driven discussions, as well as teaching simulations, in order
to offer a compelling introduction to managerial challenges in
organisational design.

External Lecturer

Stephan Billinger

Ethics in Finance and Corporate Social Responsibility

This course focuses on Ethics in Finance and the relation with Corporate Social Responsibility. The course takes place within one week and broadly consists of two parts; a qualitative theoretical part, and a quantitative empirical part. During the first few sessions, the main ethical theories will be introduced and discussed (e.g. consequentialism, deontology, etc.) and how this can be applied to come to theoretical constructs of corporate social responsibility. Next, it is argued whether ethics matter in finance, and why, and how social responsibilities interact with financial risk and return. In the second part, the course investigates empirically how social responsibility and ethical conduct impact financial decisions; e.g.: How does moral hazard of bank bailouts impact excessive risk taking of banks? How do ethical environmental standards impact foreign direct investments? How does socially responsible investing impact the risk-return trade-off on stock market returns?

External Lecturer

Lammertjan Dam

Insights into Manufacturing Industry

This module covers industries like Automotive Industry, Steel Industry, Machinery Industry, Electronics Industry, Pharmaceutical Industry, Chemical Industry, Aviation Industry, Food Industry, Apparel Industry, Defense Industry, Oil Industry & Energy Sector, Beverage Industry, Agricultural Industry, Furniture Industry, Tobacco Industry, Cosmetics Industry (subject to change). Hence, profound knowledge about the particularities of the respective industry is important for managers of all disciplines, not only for those with a specialization in manufacturing. However, this course is particularly interesting for students who are interested in the manufacturing industry, want to learn about important business developments, or want to get a deeper understanding of several industries.

Intercultural Management

This module covers definition of culture and communication (cultural diversity), regulators of human life (religion, nation, class, gender, race,
civilization), cultural dimensions (models of Hofstede, Trompenaars and Hampton-Turner, Hall), barriers to Intercultural Communication (anxiety, assuming similarity, instead of difference, ethnocentrism, stereotypes and prejudice, nonverbal misinterpretations and language), comparative Cultural Patterns (USA, China, Middle East, Russia, etc.) Future challenges, immigration and Acculturation (Europe), cultures Within Cultures: Identity and Subgroups, contact Between Cultures Business Oriented.

External Lecturer

Manouchehr Khorasani

FX Options & Structured Products

Students will learn how to structure hedging solutions for corporate treasury, judge pricing and hedging strategies and implement these in practical situations using spreadsheets/VBA, matlab, or similar.


Uwe Wystup


Students will analyse M&A transactions in detail and all its aspects, with different structures and deal parameters. They will formulate an approach which is entirely consistent with strategic and financial priorities.

External Lecturer

Simon Hirst

Political Leadership in Business and Finance: Philosophy & Practice

This is a course about power: its sources, how it is sustained and lost, and the responsibilities to which it gives rise. The aim of this course is to equip future business and finance leaders with a framework for understanding, engaging with, and leading in the context of, the increasing demands being made for political leadership from leaders of major enterprises.

External Lecturer

Andrew Newton

Quantitative Trading and Analysis with Python

The course is built as an experiential learning module and focuses on the completion of a course project. Two homework assignments are designed to deliver necessary data and skills for the course project, and the lectures are designed to provide students with the necessary knowledge and skills, including tools for data preparation and analysis, for the completion of the final tasks. The lecture hours are split between lecturing and programming together or under the supervision of an instructor.


Aleksandr Alekseev; Grigory Vilkov

Mergers & Acquisitions Strategy

The module covers the entire M&A journey from a corporate perspective and it is structured in four phases taught by E&Y expert practitioners and partners. The module is designed for students not necessarily specialising in finance field but for those intending to work in consultancy and strategy to gain a thorough understanding about Mergers and Acquisitions processes starting from its strategy setting, sales and separation, purchase and integration processes, and value creation and synergies in M&A. The module does not require prior knowledge in M&A, it is designed to be delivered in qualitative manner.

External Lecturer

Markus Greif-Bacigalupo

Practical Data Science and Artificial Intelligence in Python

In this course, students will apply the theoretical knowledge of Data Science and Artificial Intelligence acquired in other courses in practice by implementing programs in the computer language Python. In coding sessions with state-of-the-art tools, the most important topics in Data Science and Artificial Intelligence are covered. These include data sources, data import, data wrangling, data analysis, visualization, statistical modelling
and model deployment. The course covers also topics like Cloud Computing, Mobile Computing, Edge-Computing and IoT in relation to Data Science and Artificial Intelligence.

External Lecturer
Moritz Strube

Resource Allocation Strategy

The course begins by acknowledging the limits to human (& AI) foresight. We then spend most of our time on thinking about processes for managing irreducible uncertainity. We examine performance expectations for strategic decisions under uncertainity. We discuss heuristics for avoiding strategic mistakes and improving the low odds of success. An emphasis is on finding configurations of strategy that permit equifinal success in competitive markets. Such configurations address trade-offs made by early and late movers, specialists and generalists, and pure players and integrators make, for example. Through interactive games and in-class exercises, the course also lets us experience fundamental laws of probability and behaviour that underpin resource-allocation strategy.


Prof. Dr. Ronald Klingebiel 

Understanding Management Challenges

This module is an action-learning module. Under the guidance of the instructor(s), students perform in-depth case research about concrete real-world management challenges. Based on this research, they develop so-called “teaching cases” and “teaching notes” that capture these challenges and their possible solution(s) for classroom use in degree programs in management


Markus Mädler ; Solouki Ayeh

* Subject to change
** Electives may not be available for all Master's degree programmes.