Master in Finance: Our Curriculum
Welcome to a program designed for a successful career in finance. Wherever you choose to make it.
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.
You can find an overview of all the competences and learning objectives that you will achieve with a Master's in Finance here: Qualification goals Master in Finance (PDF, 146 KB)
Would you like to know how successful our students have been in completing the Master in Finance program in recent years? You can find an overview here: Distribution of Final Grades MiF 2015-2023 (PDF, 178 KB).
Curriculum
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. - Advanced Corporate Finance
Advanced Corporate Finance integrates principles from accounting, statistics, economics, and various management fields. Throughout the course, you will acquire and learn to apply practical financial tools, grounded by theory, that empower you to make informed decisions, driving your firm's value maximization and ensuring sustained growth. In addition to core financial strategies, this course will delve into areas such as dividends, mergers and acquisitions, executive compensation, and environmental, social, and governance (ESG) factors.
* The exact number and quarter-distribution of modules may be subject to change
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)
- Venture Capital Finance
- Corporate Governance
- Valuation and M&A
- International Tax Strategy (tbc)
- Ethics and Financial (White Collar) Crime
* The exact number and quarter-distribution of modules may be subject to change
January - February
Core Modules
- Economics of Financial Markets and its Institutions
The module deepens students’ understanding of financial markets and their paramount role within the economy. It first reviews the key economic issues of financial markets, in particular its important role for intertemporal allocation of saving and spending. A particular focus is put on the bond markets and commercial banks’ role in financial intermediation Secondly, the module focuses on financial crises; in particular, banking, sovereign debt and currency crises. Further-more, it discus¬ses macroprudential policies which have the aim to safeguard financial stability. The module com¬bines theoretical concepts with empirical content and policy implications.
Electives (pick two)
- Financial Reporting and Capital Markets
- Accounting for M&A Transactions
- Financial Technologies
- Behavioral and Cultural Finance
- Seminar “Empirical Finance”
- Financial Modeling in Excel/VBA
* The exact number and quarter-distribution of modules may be subject to change
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)
- Financial Statement Analysis and Valuation
- Financial Risk Management
- Asset Management
- Investment Banking
- Financial Derivatives
- Sustainable Finance
- Data Analytics
- Additional electives TBC
* The exact number and quarter-distribution of modules may be subject to change
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.
September – January (90 ECTS), January – May (120 ECTS)
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.
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.
Find out more