Master Finance (M.Sc.)

What are the admission requirements?

You hold a first academic egree or (from universities, universities of applied sciences, or equivalent international higher education institutions) in a program with a focus on business and economics. As part of this program, you have earned at least 180 ECTS credits or you can demonstrate an equivalent workload.

The business and economics major in the first degree program must include all core content of an undergraduate business and economics degree program (fundamentals of business administration and economics, business mathematics and statistics, fundamentals of private and commercial law). If these core contents were not included in your first degree program, you can take the corresponding additional modules before starting your studies. We will be happy to check this for you individually.

A further requirement for admission is advanced written and spoken English language skills (comparable to level B2 of the Common European Framework for the German program, and C1 for the English program). The level must be proven by a corresponding certificate (e.g. Cambridge First Certificate in English, Internet-based TOEFL test with at least 72 points respectively 95 points for the English program) or a comparable proof of competence.

Recognition of Prior Learning

If you have already completed comparable coursework in a master’s program or a comparable program at another university, credit may generally be granted. However, each case is reviewed on an individual basis. Please contact our student services and send us your transcript of records and the course catalog.

How is your course structured?

1. Semester: Core Modules

• Methods of scientific work and empirical social research
• Financial Statement Analysis, Business Performance Reports, and Credit Ratings
• Leadership
• Monetary Policy, Interest Rates, and Foreign Exchange Markets
• Corporate Finance

At the beginning of your master’s program, you will focus on the key aspects of academic work and the methods of empirical research that you will apply in your future academic work (e.g., term papers and your master’s thesis).

This is followed by the first core module of your master’s program, “Financial Statement Analysis, Business Reports, and Credit Ratings.” In the “Leadership” module, you will acquire the skills necessary to assume leadership responsibilities. In the “Monetary Policy, Interest Rates, and Foreign Exchange Markets” module, you will focus in particular on money, central banks, and the economy, as well as (international) financial markets, investments, expectations, and exchange rates.

The first semester concludes with the “Corporate Finance” module, which focuses on topics such as financial management, investments, dividend policy, M&A, and behavioral finance.

2. Semester: Core Modules

• Digital Finance und ESG
• Analysis and Management of Financial Risks
• Portfolio management
• Corporate governance and compliance

The second semester begins with the module “Digital Finance and ESG,” in which you will examine the impact of digitalization on the financial sector and, in this context, learn about current challenges, such as dealing with cryptocurrencies or the use of artificial intelligence. This is followed by two additional key modules in your master’s program. First is the application-oriented module “Analysis and Management of Financial Risks,” in which you will explore the various perspectives of risk management. Second is the “Portfolio Management” module, where you’ll gain in-depth knowledge of asset allocation, investment philosophies, and optimization strategies, among other topics. This semester concludes with the “Corporate Governance and Compliance” module. The topic of “compliance” in particular is becoming increasingly important due to growing regulation. Current issues such as the “AI Act” are also addressed here.

3. Semester: Elective Modules

In the third semester, you will complete the three modules in your specialization and acquire expert knowledge. To prepare for your master’s thesis, you will write a seminar paper in most modules, in which you will explore subject-specific topics. Each specialization includes six elective modules, from which you may choose three. It is also possible to mix three elective modules from different specializations; in this case, no specialization will be listed on your transcript. However, this gives you maximum flexibility to tailor your studies to your needs.

4. Semester: Master's Thesis

The central highlight at the end of your distance learning course is the Master's thesis. With this, you prove that you can work independently on a problem from the subject areas of the Master's degree program using scientific methods. Of course, you will be individually supervised by our professors during this phase and may also suggest your own topic. You present your Master's thesis at the end in a colloquium (online).

Choose your modules from one of the following three areas of specialization:

1. Specialization „Wealth Management and Private Banking“

• Performance analysis in practice
• Financial and succession planning
• Private equity and hedge funds
• Business Models and Core Services of Family Office Management
• Legal and Tax Issues in Family Office Management
• Family Governance, Trusted Advisor and Life Consulting at Family Office Management

If you work in investment advice or asset management and look after clients with high demands, the focus is on „Wealth Management und Private Banking“ is particularly suitable for you. The performance analysis of investment products is often a central task, which is why you will gain in-depth knowledge in this area.

The in-depth module "Financial and Succession Planning" will enable you to draw up a financial plan against the background of an investor's objectives and risk suitability and to apply the main features of legal and tax structuring options for asset succession during your lifetime, but also upon death.

In order to be able to provide appropriate support to demanding clients, you will learn how to develop holistic advisory and support concepts and will also be familiar with so-called "alternative investments" such as private equity and hedge funds. A separate module deals with these forms of investment, informs you about the relevant market participants and provides you with knowledge of strategies and instruments for dealing with these forms of investment.

The elective modules in the field of "Family Office Management" will prepare you for a career in single-family or multi-family offices, and in particular for providing comprehensive support to high-net-worth individuals and families. You will begin by gaining an overview of the market and exploring business models, core services, and possible legal structures of family offices.

Asset allocation and controlling within a family office are additional topics covered in this area. The legal and tax structuring of family wealth, as well as estate planning, are among the major challenges in managing large fortunes; therefore, you will also learn about the key tax aspects of inheritance law and corporate law.

From a legal perspective, you will examine in greater detail the professional restrictions and regulations governing a family office, as well as the principles of “asset protection” and “mergers and acquisitions.” The importance of effective family governance in family-owned businesses and advising entrepreneurs on formulating appropriate guiding principles are also covered in the elective modules, alongside “life consulting.”

Video with Prof. Dr. Werkmüller on the topic of family office management on M94/5 from 21.04.2022.

Module responsibility: Prof. Dr. Maximilian Werkmüller

2. Specialization "Banking"

• Marketing and Sales of Banking Products
• Lending Business
• Securities Business
• Pricing of Banking Products
• Integrated Bank Management and Prudential Regulation
• Performance analysis in practice

The specialization in "Banking" is particularly interesting if you are an employee at a bank or savings bank and would like to take on a leadership role in one of the three areas: sales, operations, or management. The “Marketing and Sales of Banking Products” module provides the knowledge necessary to lead sales units (branches, market regions, or, in some cases, executive board divisions at smaller regional banks) and to manage marketing efforts.

In risk-relevant business, the Minimum Requirements for Risk Management (MaRisk) stipulate that credit decisions must always be made based on two equally weighted votes from sales and operations; this is why the “Calculation of Banking Products” module also addresses issues related to the operations pillar. Upon completion of this module, you will be able to, among other things, calculate the costs of banking products and, in conjunction with the third specialization module, “Integrated Bank Management and Prudential Regulation,” evaluate and optimize overall bank management processes, particularly with regard to risk considerations. Knowledge of integrated bank management and regulatory law (e.g., regulatory and statistical reporting) is indispensable for bank executives.

The “Lending Business” module will enable you to conduct credit analyses, evaluate collateral in a legally sound manner, and assess credit risks. Upon completion of the “Securities Business” module, you will be able to apply ESG criteria when selecting securities and analyze individual securities, conduct fundamental and technical analyses for individual securities, and evaluate the specific characteristics and issues related to the taxation of securities. In risk-relevant business, the Minimum Requirements for Risk Management (MaRisk) stipulate that credit decisions must always be made by two equally weighted votes from sales and production. For this reason, the “Pricing of Banking Products” module also addresses issues related to the production pillar. Upon completion of this module, you will be able to, among other things, calculate the costs of banking products and, in conjunction with the third specialization module, “Integrated Bank Management and Prudential Regulation,” evaluate and optimize overall bank management processes, particularly with regard to risk considerations. Knowledge of integrated bank management and regulatory law (e.g., regulatory and statistical reporting) is indispensable for bank executives.

Module responsibility: Prof. Dr. Matthias Jahnke

3. Specialization „Accounting and Taxation“

• Accounting in accordance with the German Commercial Code (HGB)
• Group Accounting in accordance with the German Commercial Code (HGB)
• Accounting in accordance with IFRS
• National corporate taxation
• International corporate taxation

The specialization "Accounting and Taxation" can support your career in accounting and finance departments of large industrial companies or in the tax and audit divisions of major consulting firms. International financial reporting plays a crucial role in this area of specialization. Given the widespread adoption of IFRS and the requirement for publicly traded companies to prepare financial statements in accordance with IFRS, the regulations under IFRS are covered in detail.

However, it is also possible to delve deeper into the accounting requirements under the German Commercial Code (HGB) in individual modules, including consolidated financial reporting. In additional modules, you will learn about the key aspects of national and international corporate taxation and explore topics such as international tax structuring and tax planning, which you can then apply in your professional practice.

Module responsibility: Prof. Dr. Peter Spettenhuber

Please note: You can also take additional elective modules; these will then be certified as a university certificate and calculated separately.

How long will your studies take and what degree will you receive?

The standard period of study is 24 months. This refers to full-time study and can be extended accordingly if you are working at the same time. A free extension of 12 months is included in the tuition fees, so that the course can be completed in up to 36 months, depending on individual scheduling.

Once you have successfully completed all examinations, the university will award you the academic degree of “Master of Science – Finance”, which also qualifies you to pursue a doctoral degree.