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/Intake: September /Duration: 18 or 24 months /Language: 100% English

Master in Finance

By choosing our Master in Finance, you’ll be making a sound investment in a promising professional future. It will open up countless career opportunities for you in the financial sector and in management. You could move into corporate consultancy, corporate finance, private equity, investment banking or fintechs, following in the footsteps of MBS alumni who have established themselves at international companies such as BMW, Allianz, EY, Deloitte and Goldman Sachs.

Your Master's in Finance at MBS

This challenging Master’s program brings together the core competencies required in the worlds of business and finance with innovative and disruptive approaches. You will acquire a wide range of skills related to strategy and management along with others focused on the field of finance. You will gain sound, specialist knowledge of corporate finance, risk management and international finance whilst also developing the key skills required to undertake crucial management duties. After completing the Master in Finance, you will be an expert in finance and treasury management, financial statement analysis, financial analysis, company valuation (mergers and acquisitions), risk management, capital markets and more.

Our teaching approach places a strong emphasis on practice-oriented education. During your studies, you will benefit from the wealth of experience shared by our MBS teaching staff, all of whom also remain active in the business world. Thanks to their first-hand business insights, their industry expertise and their overview of current research, they will help you to develop the skills you will need to solve complex business problems and make sound decisions in your career.

The integrated semester abroad, which you will spend at one of over 70 partner universities around the world or, alternatively, the internship, will allow you to further solidify your financial expertise and prepare yourself for specialist and management roles in international business.

What you can expect in the Master in Finance

Concentrations

The concentrations on this program focus is on finance and covers topics such as corporate finance, risk management, investment strategies, international finance, company valuation and mergers and acquisitions. 

Business Project

Together with your classmates, you will complete a finance-related project for a real company, putting the knowledge you acquire in your studies into practice.

Semester abroad

You will spend your third semester studying abroad at one of our many partner universities, familiarizing yourself with another international market from a finance perspective.

International Focus

Each semester, you will choose an international focus and research the various markets, methods and specific economic areas particular to a given region, along with the impact of the region’s development on the global economy.

Key Facts Master In Finance

Programstart September
Language 100% English
Duration (Single Degree) 18 months
Format Full-time
Scholarships Up to € 4,000 funding
Final Degree Master of Arts (M.A.)
Prof. Dr. Johannes Hofinger
“The Master in Finance is the perfect combination of management and finance. Our program focuses on conveying in-depth, specialist knowledge and business practices. With its high practical relevance and international orientation, the Master in Finance is a high-quality postgraduate program.”
Prof. Dr. Johannes Hofinger Academic Director Master in Finance

Concentrations in the master's program

To ensure sufficient practical orientation during your studies, specific courses are offered in addition to general business administration. This allows you to deepen your individual skills and prepare specifically for your professional career.

Corporate Finance
Risk Management
Investment strategies
Mergers and Acquisition
International Finance
Decentralised Finance (DeFi)
Sustainable Finance
Digital Finance
Embedded Finance
Social Finance
AI and Finance
Ethics and Finance

Business Projects

In the Business Project, which lasts two semesters, you work with other students on specific projects on behalf of a company. These live cases are as varied as the companies that provide them: A start-up needs a market entry strategy for a new target country, the hidden champion from the Bavarian region needs ideas for a brand awareness campaign. Within the framework of this project, you will apply and deepen your acquired business knowledge in a small group. All groups receive coaching from an MBS professor throughout the entire project duration. It is not uncommon for business projects to result in concrete and directly on-site, first job opportunities for the respective student groups, because the region around Munich is one of the strongest economic regions in Germany – just one of the many advantages of studying business administration in Munich.

What our students and alumni say about us

Kirti Mudgil
"MBS was like a home away from home for me. It not only provides an open environment where you can learn alongside people from different cultures, but also the start of a great business career. From the Orientation Days to my graduation and beyond, I could always rely on the support of the professors and staff. The many events and career programs were also a highlight of my studies. I am happy and proud to be part of the MBS family."
Ryan Stodden
"The intercultural environment at MBS is truly unique. Not only do you meet students and lecturers from all over the world and have the opportunity to build an international network, you also have the chance to work on projects together and find solutions as a team."
Julia Lemberskiy
"The numerous practical projects, the top lecturers, the knowledge I acquired during my MBS master's degree, and my time at Stanford University helped me advance my entrepreneurial career. After graduating, I launched and scaled new business areas around the world. Today, as the founder and CEO of a successful consulting agency, I support high-growth startups in scaling their business processes and growth channels."

Contents

Program-specific Modules

The program-specific modules on the Master’s in Finance represent the ideal preparation for a career in international business and the world of finance. They are divided into basic and advanced modules, as well as innovative modules. To further strengthen the program’s practical relevance, the Master’s program also includes general courses on leadership and management, as well as specific financial concentrations.

Business Project

An integral part of the Master’s in Finance is the business project. You will work together with your classmates, on behalf of a real-life company, to tackle a specific practical issue. This allows you to apply your newly developed skills in practice and put them to the test. These projects are every bit as varied as the companies that set them.

Overarching modules

The overarching modules convey general business knowledge. In specialist courses, such as International Management, Business Communication, Responsible Leadership and an international concentration of your choice, you will learn how economic correlations work in a globalized world. You will also learn how to consider and interpret social and cultural aspects when making entrepreneurial decisions. In this context, we encourage students to engage critically with different topic areas whilst also teaching practical methods and models.

Electives

By completing electives, your personal choice of courses, you will round out your profile and add further individual highlights. You can choose from a diverse pool of courses, including courses on financial topics such as private equity and venture capital, quantitative business methods in finance with Python, bank management, or other interesting topics such as international business law, communication management, or “Success Factor Happiness.” Alternatively, you can work on an individual research project.

Master Study Program in Numbers

53% International students
60+ International partner universities
100% Munich as a business location
1 Semester abroad
1 Business Projects

Course of study Master In Finance

Semester 1
FINANCE MODULES
6 ECTS Corporate Financial Management and Reporting +

Submodules
 

  • Corporate Finance and Governance
  • Financial Statement Analysis

Module: Corporate Finance and Governance

  • The finance function in a firm and the role of the finance manager
  • The Time Value of Money concept and financial decision making (NPV, IRR, Payback)
  • Corporate Structures and Strategies
  • Corporate Ownership and Governance (Stakeholder Theory, Agency Theory, Shareholder Value Theory)
  • Corporate Financing Decisions
  • Strategic Corporate Finance:  
    • Corporate Actions (dividend policy, stock splits, share buyback, and spin-offs)
    • Combinations (mergers and acquisitions), and
    • Restructuring (divestitures, spin-offs, or debt restructuring, LBOs, LBI, bankruptcy procedures)
  • Market Efficiency and rational investor behaviour (Efficient Market Hypothesis)
  • The Weighted Average Cost of Capital
  • Introduction to behavioural finance
  • Capital flows: raising capital, distributing returns, and collecting fees/carried interest
  • Economic Analysis and Setting Capital Market Expectations
  • Applications of Economic Factors in the Investment Process
  • Transactional Finance: Deal structuring, financing, and negotiation

Module: Financial Statement Analysis

  • Analysis of Financial Statements
  • Financial Reporting Quality
  • Ratio and Financial Analysis
  • Analysis of Off-Balance-Sheet Assets and Liabilities
  • Analysis of Stock Compensation and Other Employee Benefits
  • Analysis of Intercorporate Investments and Business Combinations
  • Analysis of Global Operations
  • Building a Company Financial Model
6 ECTS Valuation and Investment Strategies +

Submodule:

  • Investment and Portfolio Analysis
  • Valuation

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Submodul: Investment and Portfolio Analysis

  • The Investment Policy Statement
  • Modern Portfolio Theory and the Capital Asset Pricing Model
  • Modern Portfolio Management Concepts
  • Asset Allocation
  • Investment Vehicles (including ETFs and Mutual Funds) and Market Indexes
  • Market Efficiency, Active vs. Passive Investing
  • Fixed Income Securities
    • Types of Fixed Income Securities and Markets
    • Fundamental Fixed Income Management
    • The Yield Curve and Yield Spreads
    • Valuation of Individual Fixed Income Securities
  • Types of Alternative Investments (Real Estate, Real Assets (including Infrastructure, Timber and Farmland), Private Capital (including Private Equity, Private Credit and Venture Capital), Hedge Funds, Commodities
  • Portfolio Construction and Revision
  • Liability – Driven Investments (including Asset Liability Management and Goal-Based Investing)
  • Sector Rotation Strategy, economic and Business Cycle
  • Execution of Portfolio Decisions (including Trading and Market Microstructure)
  • Tax Impact of Investment Decisions
  • Performance Attribution and Appraisal

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Submodul: Valuation

  • Analysing the Firm and Industry Organization
  • Types of Equity Securities and Markets
  • Fundamental Equity Analysis
  • Valuation of Individual Equity Securities (asset valuation, DCF, Earnings multiples
  • Equity Market Valuation (EPS, PE)
  • Valuing Bonds with Embedded Options
  • Valuing Structured Products
  • Types of Derivative Instruments and Markets
  • Valuation of Forwards and Futures Contracts
  • Valuation of Option Contracts
  • Valuation of Swap Contracts
3 ECTS Finance Project +
  • Learn how to apply project management tools and methods on a real-life business problem.
  • Plan, organize, conduct and control a project for a business partner and gain insights into the company.
INTERNATIONAL BUSINESS & MANAGEMENT MODULES
6 ECTS International Business and Management +

Sub-Modules:

  • International Strategic Management: Learn about the driving forces behind globalization and the associated strategic models, and find out how you can apply them in business operations.
  • Organizational Behavior: Explore the relationships between individuals, organizations, and society, as well as the reasons behind behaviors in organizations.
  • Conscious Business: Develop an understanding of alternative business practices as opposed to the traditional focus on profit as the core objective of a company, based on the four principles of conscious capitalism and best practices in conscious business.
3 ECTS International Focus +

Choose 1 out of 3

Gain insights into business practices and current business topics in the chosen region based on an understanding of the social background as well as the economic and political system in the respective region.

  • Business in Germany
  • Business in Latin America
  • Business in China
     
3 ECTS Languages (Optional) +

Choose 1 out of 3
Depending on the level, learn the appropriate grammar and vocabulary skills to advance to the next level of language proficiency.

  • Spanish
  • Chinese
  • German
EXECUTIVE SKILLS
6 ECTS Communication in International Business +

Sub-Modules:

  • Business Communication: Recognize and master the challenges of business communication, especially in an international and intercultural context.
  • Business Ethics: Study and discuss current and controversial business ethics issues as well as the philosophical origins of ethics.
  • Negotiation Skills: Learn how to use effective communication skills and master the dynamics of human behavior in the negotiation process.
1 ECTS MBS Engagement +

Feel more connected to the MBS community by actively participating in a variety of extracurricular activities.

Semester 2
FINANCE MODULES
6 ECTS Global Finance and Risk Strategies +

Submodules:

  • Int. Finance and Regulation/ Ethics
  • Risk Management and Derivatives

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Int. Finance and Regulation/ Ethics

  • The International monetary systems and exchange rates
    • Monetary policy & Fiscal Policy
    • International Monetary Systems and exchange rates
  • International Trade and Capital Flows, Balance of Payments, International finance trade and instruments
  • Currency Exchange Rates, the Foreign Exchange Market and Exchange Rate Determination
  • Inflation and Deflation
  • Economic Growth and Development, and effects of Geopolitics on economies and investment markets
  • Regulation in International Finance & Ethics
  • International Financial Market Regulation (Basel III, ICMA)
  • Financial Market Regulation in the EU
  • Effects of Regulations
  • Professional Standards of Practice
  • Ethical Practices
  • Asset Manager Code of Professional Conduct
  • The Principles of Responsible Investments (PRI)

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Risk Management & Derivatives

  • Types of Financial Risks (market, credit, operational, liquidity)
  • Risk Factors (including environmental and social)
  • Financial Risk Management Models (Value-at-Risk, Monte Carlo simulations)
  • Risk Management Approaches (internal and external including Environmental Risk)
  • Comprehensive Risk Analysis
    • Analysis of Interest Rate Risk
    • Analysis of (Equity) Price Risk
    • Analysis of Currency Risk (transaction, translation, and economic)
    • Analysis of Commodity Risk
    • Analysis of Credit Risk
    • Analysis of Country Risk
  • Types of Derivative Instruments and Markets
  • Hedging Techniques Derivatives Investment Strategies
  • Back-testing, Simulation, and Scenario Analysis
6 ECTS Innovative Finance: Sustainability and Technology +

Submodules

  • Sustainable Finance & Impact Investing
  • Decentralized Finance and AI in Finance

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Sustainable Finance & Impact Investing

  • Sustainable Finance and ESG Criteria
  • Sustainable Development Goals (SDGs)/Transition Planning/CO2 Accounting
  • Environmental, Social, and Governance (ESG) Investing
  • ESG Ratings
  • ESG in the EU the EU taxonomy, the Corporate Sustainability Reporting Directive, the Sustainable Finance Disclosure Regulation (SFDR)
  • Green Financial Products (Green Bonds/Loans, ESG-linked Bonds/Loans)
  • Greenwashing
  • ESG considerations in Financial Statement Analysis
  • ESG considerations in:
    • Equity Investments
    • Fixed Income
    • Alternative Investments
  • Impact Investing and Social Finance
  • Impact Investing models (IRIS+)

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Decentralized Finance and AI in Finance

  • DeFi, Digital & Crypto currencies
  • Blockchain Technology in the Financial Industry
  • Tokenisation and securitisation
  • Fin. Apps and smart financial contracts
  • High Frequency Trading and Machine learning
    Artificial Intelligence/Machine Learning and Big Data Analysis and Applications in Finance and Investment
6 ECTS Electives +

Choose 2 out of 5:

  • Bank Management
  • Quantitative Business Methods for Finance
  • Private Equity and Venture Capital
  • Consolidated Financial Statements
  • Independent research project
3 ECTS Finance Project +
  • Learn how to apply project management tools and methods to a real-life business problem.
  • Plan, organize, conduct and control a project for a business partner and gain insights into the company.
INTERNATIONAL BUSINESS & MANAGEMENT MODULES
3 ECTS International Focus +

Choose 1 out of 5:

  • Business in Europe
  • Business in Latin America
  • Business in China
  • Business in USA and Canada
  • Business in Emerging Economies (India, Africa)

Use case studies, business simulations, in-depth reports as well as expert knowledge to understand the complexities of the business environment in the chosen region from a cultural, economic, social, political, and legal perspective.

3 ECTS Languages (Optional) +

Choose 1 out of 3:

  • Spanish
  • Chinese
  • German

Depending on the level, learn the appropriate grammar and vocabulary skills to advance to the next level of language proficiency.

EXECUTIVE SKILLS
5 ECTS Responsible Leadership in a Global Context +

Sub-Modules:

  • Responsible Leadership: Learn how to lead and manage people in your organization responsibly, including how to motivate and support them based on the circumstances, their personalities, and the company culture.
  • Business & Society: Familiarize yourself with the origins and evolution of various cultural beliefs and value systems, and learn how these shape business practices from the perspective of top management.
  • Master Thesis Preparation: Learn how to gather, analyze, evaluate, and present the current state of research on a specific topic.
1 ECTS MBS Engagement +

Feel more connected to the MBS community by actively participating in a variety of extracurricular activities.

Semester 3
15 ECTS Master Thesis +

Last but not least: writing your master's thesis.

Selection (mind. 15 ECTS)
15 ECTS Semester Abroad +

Students of the Master have the opportunity to spend their third semester abroad at one of our numerous international partner universities. During the semester abroad you will gain extensive international experience and develop your intercultural skills. Alternatively, students can spend two semesters at selected universities and complete their studies with a dual degree.

15 ECTS Internship +

Students who have studied at the university level or worked professionally consecutively for at least one year outside the German-speaking region can apply to replace the study abroad period in the third semester with a subject-related internship in the German-speaking region. If this is approved, an 15-week full-time internship for 15 ECTS must be completed during in the third semester.

Semester abroad

A central component of the program is the semester abroad at one of more than 70 partner universities worldwide at Munich Business School – in Europe or on another continent. Whether in France, the United States, China, Australia, or Mexico, the stay abroad is an unforgettable experience for many students, allowing them to gain international experience, form lifelong friendships, and collect valuable academic and personal impressions. The International Center of Munich Business School provides comprehensive guidance and support in choosing the right partner university and with all organizational matters.

Internationality

Studying at Munich Business School is an international experience, because internationality is not only taught but also lived. This is why studying abroad is an integral part of our programs. MBS maintains partnerships with over 70 universities worldwide and is continuously expanding its international network. The cooperations range from classic programs such as ERASMUS+ and exchange programs to over 20 dual-degree agreements with partners in Europe, Asia, Australia, and the USA.

International focus

Although global economic principles can be applied everywhere, international markets are strongly influenced by political, cultural, and historical characteristics. By choosing an international focus each semester, you will devote your master's degree to researching different markets, methods, and specific economic areas whose development influences the global economy. 

International atmosphere

Around half of the students at MBS come from abroad, giving the courses an international flair. Through exchanges with your international fellow students, you will develop a deep understanding of different cultures and learn about culture-specific ways of thinking and working that will enrich your studies. Joint activities outside the lecture hall will also help you expand your international network and make valuable contacts and friends.

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Dual Degree

With the dual degree option, you acquire an additional, specialized Master's degree from one of our partner universities. Munich Business School's cooperation with renowned international universities gives you the opportunity to acquire two different master's degrees within two years. The dual degree is only available in the fall start. For a dual degree, you will normally spend two semesters at MBS and then two semesters at the partner university, followed by the Master's thesis.

Mentoring Program

You have the opportunity to apply for our exclusive mentoring program. Within the framework of this program, a professionally experienced person from the circle of MBS alumni will support you with words and deeds during the hot phase of your studies, help you to achieve your career goals and provide you with valuable contacts through their network. At the beginning of your studies, you will receive more information about our mentoring program and can apply for one of the limited places.

Application

You must meet certain academic, linguistic and, in some cases, professional requirements to be eligible for our Master’s in Finance. You can submit your application documents at any time. However, given the limited number of spaces on our programs, we recommend applying well before your preferred start date.

Tuition Fees

The quality of teaching and the training of sought-after specialists and managers are at the heart of Munich Business School. By studying at MBS, you are making an investment in your future. You can conveniently pay your tuition fees in three semester installments or 18 monthly installments.

Early Bird Special - Deadlines

Spring Intake: 15 October – € 1,000 discount
Fall Intake: 15 February – € 1,000 discount

Discover our scholarships and 100% study financing with Brain Capital. You can find all the information you need under Scholarships and Study Financing.

€ 1,430 per month
€ 8,580 per semester
€ 25,740 for 3 semesters
€ 60 application fee
€ 690 | € 1,490 enrollment fee (EU | Non-EU)
– € 1,000 Early Bird discount

Admission Requirements

Academic Requirements

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English Proficiency

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Application deadlines in detail

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Application Process

Step 1: Written Application

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Step 2: Admission

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Step 3: Study Contract

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Step 4: Student Visa

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Scholarships

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