Master in Finance: Curriculum –
Flexibility and diversity.
The program has two available tracks: 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 are able to choose the 90 credit track. This track lasts 17 months and includes a one-week international module, the capstone module. For admission to an MSc program with 90 cr (MiF, MiE), proof of study or work experience outside Germany of at least 12 weeks is additionally required. If students have acquired less than 300 ECTS-cr in total after completing the Master's degree examination, they will be informed of this in writing.
120 credit track: Students who have completed a 180 ECTS credit Bachelor’s degree will join the 120 credit track lasting 21 months. In this track, you will spend your third semester in either the Master or MBA program at one of our 200 partner universities.
The following elements are included in the program:
The core modules provide you with the fundamental quantitative skills and essential knowledge of financial markets.
- Financial Econometrics
This course provides a basic treatment of econometric methods, discussing theoretical concepts as well as applying them to real-world data sets taken from finance, accounting and/or economics. Building on a sound understanding of the regression model and least-squares estimation, the emphasis lies on the OLS model, as well as estimation and inferences in multiple regression analysis. We will also cover linear probability models, and do a brief introduction in time series and panel data analysis. The course takes the form of interactive lectures with exercises: on the one hand, basic theoretical material is presented and illustrated by means of exercises and the use of the Stata software package; on the other hand, participants are given a bigger course project to practice the use of the software themselves. An additional course feature is the discussion of academic research articles. We will talk about potential research questions and how others have answered these questions by means of econometric techniques. By the end of the course, participants will have knowledge of how to analyze simple econometric models as presently used in finance, accounting and economics. They will be able to follow the state-of-the-art literature on these topics and engage in empirical econometric analyses of their own, using the popular Stata software package.
- 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. The course lays the foundations of WHU's Master in Finance and entails comparatively advanced quantitative methods. Students attending the course should be interested in continuous time finance, stochastic calculus, and mathematical proofs. Each of the steps will be carefully developed and illustrated by applications. Moreover, talks by selected practitioners will shift the rigorous development of financial models into relevant practical applications. The basic textbook for the course will be Cochrane (2005), which requires a considerable amount of quantitative ability and interest on the student's side. All models, including contingent claims models and also inter-temporal models, can be derived out of the Euler equation by the SDF approach.
- International Financial Reporting
This course is designed to familiarize you with today’s world of accounting under International Financial Reporting Standards (IFRS). IFRS are global accounting standards independent from individual national jurisdictions. They are developed by the International Accounting Standards Board (IASB) in London, and they
are required or allowed as the basis for the financial reporting of companies in more than 100 countries around the globe. In the European Union, all exchange-listed companies are required to prepare their consolidated financial statements in accordance with IFRS.
A thoroughly composed set of finance electives will allow you to customize your studies to your interests and to gain a deeper understanding of theories and concepts of modern finance.
- International Tax Strategy
- Industrial Organization
- Exchange Rates and International Finance
- Monetary Economics and Central Banking
- Advanced Corporate Finance
- Game Theory
- International Strategy
- The Analytics' Edge
- Venture Capital Finance
- Corporate Governance
- Valuation and M&A
- Advanced Organizational Behavior
- Advanced Management Accounting and Control
- Contract Theory
- Modern Tools and Applications of Data Science
- Decision Support Systems (Data Science)
- Financial Reporting and Capital Markets: Current Challenges
- Accounting for M&A Transactions
- Economics of Financial Markets
- Health Economics, Policy and Management
- Financial Technologies
- Behavioral and Cultural Finance
- Psychology and Economics
- Seminar Empirical Finance
- International Strategy
- Blockchain Programming
- Financial Statement Analysis and Valuation
- Current Topics in Accounting
- Building and Scaling Successful Companies
- Financial Risk Management
- Asset Management
- Investment Banking
- Financial Derivatives
- Household Finance
- Web Mining
The MiF Program also includes an international component - the study abroad semester (120 credit track) or the capstone module (90 credit track).
Having completed your first two semesters at WHU, you will gain valuable work experience 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.
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.
For more detailed information on the electives and international module please see the Online Course Guide.
In addition to participating in a rigorous academic curriculum, you will also have the opportunity to take part in various events organized by our students and the Career Center such as IdeaLab!, Founders Career Day, SensAbility, Euromasters, and many more.
The annual WHU Master Graduation Day takes place in the fall. Our Master in Finance graduates have cause to celebrate thanks to their consistently high final grades. Take a look!