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Master in Finance: Our Curriculum

From the practical skills necessary to negotiate financial markets, to the theories surrounding modern finance. In small classes with big ideas. Guided by expert faculty.

Welcome to a program designed for a successful career in finance. Wherever you choose to make it.
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There are two available tracks for the Master in Finance Program: 90 credits or 120 credits, lasting 17 or 21 months respectively.  

90 credit track: Students who have completed a Bachelor’s degree with at least 210 ECTS credits can choose the 90 credit track. This track lasts 17 months and includes a one-week international capstone module. For admission to the 90 credit track (MiF, MiE), proof of study or work experience outside of Germany for at least 12 weeks is required.

120 credit track: Students who have completed a 180 ECTS credit Bachelor’s degree will join the 120 credit track lasting 21 months. This track includes a mandatory semester abroad at one of our partner universities around the world.


Year 1
September - October

Core Modules

  • Capital Market Theory
    This course is based on the Stochastic Discount Factor (SDF) approach, from which different one period and continuous time capital market models will be derived. Students attending the course should be interested in continuous time finance, stochastic calculus, and mathematical proofs as talks by selected practitioners will shift the rigorous development of financial models into relevant practical applications.
  • International Financial Reporting
    This course is designed to familiarize you with today’s world of accounting under International Financial Reporting Standards (IFRS)- global accounting standards developed by the International Accounting Standards Board (IASB). It is very practical in its nature as in the European Union, all exchange-listed companies are required to prepare their consolidated financial statements in accordance with IFRS.

Electives (pick one)

  • Advanced Corporate Finance
  • Exchange Rates and International Finance
  • Game Theory
  • Industrial Organization
  • International Strategy
  • International Tax Strategy
  • Monetary Economics and Central Banking
  • The Analytics’ Edge
November - December

Core Modules

  • Financial Econometrics
    This course provides a basic treatment of econometric methods, building on a sound understanding of the regression model and least-squares estimation, the OLS model, as well as estimation and inferences in multiple regression analysis. State-of the-art literature will be discussed and theoretical concepts will be applied to real-world data sets taken from finance, accounting and/or economics using the popular Stata software package.

Electives (pick two)

  • Advanced Management Accounting and Control
  • Advanced Organizational Behavior
  • Corporate Governance
  • Decision Support Systems
  • International Strategy
  • Modern Tools and Applications of Data Science
  • Valuation and M&A
  • Venture Capital Finance
January - February

Electives (pick three)

  • Accounting for M&A Transactions
  • Behavioral and Cultural Finance
  • Economics of Financial Markets
  • Financial Reporting and Capital Markets: Current Challenges
  • Financial Technologies
  • Psychology and Economics
  • Seminar Empirical Finance
March - April

Capstone Module Abroad (for 90-Credit Track)

Students in the 90-credit track are required to complete a one-week capstone module.

The capstone is a one-week module abroad where students attend tailor-made lectures and visit local companies to experience international business ecosystems.

Electives (pick three)

  • Asset Management
  • Building and Scaling Successful Companies
  • Current Topics in Accounting
  • Financial Derivatives
  • Financial Risk Management
  • Financial Statement Analysis and Valuation
  • Health Economics, Policy and Management
  • Household Finance
  • Investment Banking
Year 2

May - July

You will gain valuable work experience and the opportunity to apply theory learned in class through an internship in Germany or abroad. The Career Center supports you in finding an internship position via a broad range of activities such as individual career counseling, workshops, and company presentations.

September - December

The Master in Finance Program also includes a semester abroad at one of WHU's 200 partner universities worldwide. During the semester abroad, you will gain a global perspective and immerse yourself in another culture.

January - May

The Master thesis concludes your studies, providing you the opportunity to apply the skills and knowledge you have gained throughout the course of the Master Program. While writing your thesis, you will be supervised by a WHU faculty member. You may also write your thesis in collaboration with a company.

A helpful guide to our courses

For more information about all of the courses included in our Master in Finance, please click below.

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Go further: Double Degree

After two semesters at WHU, students have the opportunity to earn a second degree by completing two more semesters at one of our Double Degree partner universities. In addition to a Master of Science degree from WHU, the second degree will either be a Master of Science or an MBA.

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