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International Programmes 2023/2024

PhD Programme with Tracks in Accounting, Economics, Finance, and Marketing PhD Programme in Accounting, Economics, Finance, or Marketing

Goethe university frankfurt • frankfurt am main.

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The Graduate School of Economics, Finance, and Management (GSEFM) constitutes an alliance involving Goethe University Frankfurt, Johannes Gutenberg University Mainz, and Technische Universität Darmstadt.

Courses are held exclusively in English.

Pre-semester courses start around mid-September.

Applications will be reviewed in three stages with the following deadlines:

31 January 31 March 31 May

Particularly strong candidates from the first two stages will receive a positive admissions decision within approximately six weeks of the deadline for the respective stage. Other applicants from these two stages will receive the admissions decision together with the applicants from stage three.

Applicants from the third stage will learn about a positive admissions decision by the middle of July. All applicants who could not be admitted will be duly informed once the admissions process has been completed.

GSEFM strongly encourages candidates to apply in stage one or stage two to have sufficient time for visa applications and other arrangements. Additionally, all financial aid for PhD programme students may be awarded during the first or second stage of the admissions process.

Compelling for its coverage of both theory and empirical analysis, the PhD programme at GSEFM offers a two-year cycle of doctoral-level courses developed specifically to transmit a rigorous methodological framework in the core areas of each track of the programme (economics, finance, marketing and accounting), followed by courses designed to expose students to the research frontier in a variety of fields of specialisation (accounting, development and international economics, econometrics, finance, macroeconomics, marketing, and microeconomics). The curriculum of the programme pays special attention to helping students with a smooth transition from the course phase to the dissertation writing phase. It thus contains various structural elements in the dissertation writing phase (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way. The overarching objective of the GSEFM PhD programme is to thoroughly prepare graduates for taking on leading positions in academia or serving as experts in international institutions, government, and the private sector, in all cases bringing to bear insights based on independent and novel research.

Placements of GSEFM PhD graduates include Cambridge University, Columbia University, INSEAD, New York University, Oxford University, University of Amsterdam, Xiamen University, International Monetary Fund, World Bank, European Central Bank, Deutsche Bundesbank, Federal Reserve System, Bank of Korea, Hong Kong Monetary Authority, ministries, and a variety of private financial sector institutions and economic consultancies.

In the first year of the programme, students have the choice between the following four tracks:

• Economics: In this track, students in the first year of studies attend core courses in macroeconomics, microeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in microeconomics, macroeconomics, and econometrics.
• Finance: In this track, students in the first year of studies attend core courses in finance, micro- or macroeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in finance, micro- or macroeconomics, and econometrics.
• Marketing: In this track, students in the first year of studies attend core courses in marketing, microeconomics, econometrics, mathematical methods and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in marketing, microeconomics and econometrics.
• Accounting: In this track, students in the first year of studies attend core courses in accounting, econometrics, microeconomics, mathematical methods, and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in accounting, econometrics, and microeconomics.

Second-year courses discuss how to carry out frontier research. They are offered in a wide range of fields. The fields offered are accounting, microeconomics and management, macroeconomics, econometrics, finance, marketing as well as development and international economics. The choice of field courses is free across the four tracks, except that students must pick at least one field course that originates within their PhD programme track. Another part of the second year of studies is a research seminar that also helps with deepening skills in writing and presenting papers.

The dissertation writing phase contains various structural elements (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way.

• International comparisons and thematic reference to the international context

Internships are not compulsory, but they are possible on a voluntary basis.

PhD students are eligible for assistantship positions. Some faculty members consider first-year students for these positions, which may require the ability to teach in German. To date, almost all students who excel during their first year have been able to secure a position as a student, teaching and research assistant by the middle of the second year. Hiring for these positions occurs on a decentralised basis through the individual faculty members.

• Other (e.g. state level)

Goethe University charges an administrative fee of about 377 EUR per semester (about 754 EUR per year). This includes free entrance to museums in Frankfurt as well as the "student ticket" that entitles you to unlimited use of all buses, trams, the subway, and regional trains in the Frankfurt, Darmstadt and Mainz ("Rhine-Main") region.

The cost of living in Frankfurt depends on personal requirements and lifestyle. However, students should expect minimum expenses of approx. 1,000 EUR per month. This calculation is based on the following items: 860 EUR for rent, food, clothing, and study materials, around 81 EUR for compulsory health insurance that is almost comprehensive, and approx. 60 EUR for the semester contribution (including free public transport).

PhD programme students may receive financial aid in the form of a stipend for the first year of studies. For further information, click here . Since all financial aid may be awarded during the first or second round of admissions, it is strongly recommended to submit applications by 31 January or latest 31 March of the calendar year for which admission is being sought.

PhD programme students are eligible to apply for student assistant positions at the GSEFM faculties. Some faculty members consider first-year students for teaching/research assistant positions that may require the ability to teach in German. Most of the financial support for second- and higher-year PhD students comes in the form of student-assistant positions as well as teaching and research assistantships.

A Bachelor's or Master's degree is required. Click here for detailed information about the requirements.

The exclusive language of all GSEFM degree programmes is English. Sufficiently strong English language skills may be documented in one of the following forms:

(i) A diploma/degree certificate from a secondary school with English as the official language of instruction (The secondary school must have been attended for at least two years.) (ii) At least one year of successfully completed university-level studies in a degree programme being exclusively taught in the English language (iii) Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS) scores; The minimum scores are as follows: TOEFL/iBT: 93; TOEFL/PBT: 580; IELTS: 7.0.

Test scores that are older than four years at the time of the deadline for the stage in which the complete application is submitted cannot be accepted.

The TOEFL-designated institution code for GSEFM is "7276".

Please click here for information about how to apply, and click here for detailed information about application requirements and deadlines.

Job opportunities extend beyond the university: 44,000 companies and organisations based in Frankfurt have approximately 450,000 employees on their payrolls. Furthermore, 350 banks, including the European Central Bank, 150 foreign banks, and the fourth-largest stock exchange in the world are based in the city. Well known as one of the most important financial centres in Europe, Frankfurt is also home to various cultural and research institutions. All these entities are key players in a flourishing environment that offers students and graduates interesting jobs and internships. The GSEFM Student Services Office, the "Studierendenwerk", and the Career Services at Goethe University provide information and support to graduate students who want to combine their studies with part-time jobs. However, it should also be noted that chances of successfully completing studies on time decline significantly when spending more than one day per week on non-study related work.

Frankfurt am Main offers a wide variety of accommodations from university dorms to privately rented apartments. The biggest providers of dorms are the Studierendenwerk (student services) and churches. The more than 30 dormitories offer about 3,800 accommodation units, starting from about 200 EUR per month for a single room to up to approx. 590 EUR per month for a family apartment of about 45 m². For further information, click here . As these rooms are in high demand, we strongly recommend that students contact the institutions in question as soon as they receive their letters of admission to the programme.

Fourth-year PhD programme students participate in a job market course. This course helps to understand the hiring practice of academic employers, and prepares for the application process for PhD graduates at all types of employers, inter alia through practising interviewing and presentation skills.

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• Ph.D. & Promotion
• Ph.D.-Programme

Ph.D.-Programme / Graduiertenkollegs

Die Teilnahme an einem strukturierten Ph.D.-Programm bzw. einem Graduiertenkolleg ersetzt heute mehr und mehr das traditionelle Promotionsverfahren. Um die Grundlagen für eine erfolgreiche Dissertationsarbeit zu schaffen, sehen die Programme speziell konzipierte Lehrveranstaltungen und Seminare vor, fördern die inter- und transdisziplinäre Zusammenarbeit und den Dialog zwischen erfahrenen Wissenschaftlern und Doktoranden, und vermitteln Auslands- und Job Market-Kontakte.

In Kooperation mit der Johannes Gutenberg Universität Mainz und der Technischen Universität Darmstadt hat der Fachbereich 2008 die "Graduate School of Economics, Finance, and Management ( GSEFM )" gegründet.

Unter dem Dach der GSEFM werden folgende Graduierten- bzw. Ph.D.-Programme angeboten:

• Ph.D. Program in Accounting
• Ph.D. Program in Economics
• Ph.D. Program in Finance
• Ph.D. Program in Marketing

Neben dem Studium und dem Abschluss eines unserer Ph.D.-Programme besteht am Fachbereich selbstverständlich weiterhin die Möglichkeit, eine Promotion auf traditionellem Weg zu absolvieren. Das Promotionsbüro hilft Ihnen bei allen administrativen und verwaltungstechnischen Fragen weiter, die bei der Durchführung von Promotionen und Habilitationen auftreten können.

Kontakt Promotionsbüro: Leitung: Frau Jutta Jedzig Tel.: +49 (0)69 798-34657 E-Mail: jedzig[at]wiwi.uni-frankfurt[dot]de Campus Westend, RuW-Gebäude, Raum 2.243

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This program page was last updated on 20 December 2022. Some details may have changed since then. Please check the Leibniz Institute for Financial Research SAFE website or the Leibniz Institute for Financial Research SAFE page for current opportunities.

Ph.D. in Finance, fully funded

20 december 2022, phd programs, christian schlag.

Graduate School of Economics, Finance, and Management (GSEFM) at Goethe University Frankfurt in cooperation with the Leibniz Institute for Financial Research SAFE

The GSEFM graduate program offers a quantitative and research-oriented education featuring the structure of premier anglo-saxon graduate programs. Together with the Leibniz Institute for Financial Research SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics, such as banking regulation, systemic risk, asset pricing, corporate, household, behavioral, and macro finance, data science, and financial law. Students and faculty benefit from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute SAFE - Sustainable Architecture for Finance in Europe ­offers funding each year for the entire program to three excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue Finance as one field in their studies. The funding includes a grant of monthly €1,200 in the first year and ensuing work contracts as research assistants, conditional on passing the preliminary exams.

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Learn more about a Ph.D. in Finance at GSEFM in Frankfurt combined with funding from SAFE at:   https://safe-frankfurt.de/about-safe/career/phd-in-finance.html

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You want to do your PhD at Goethe University? We will support you!

Congratulations, you are looking forward to doing your PhD at Goethe University Frankfurt!

To ease your start with all the formalities and to answer your questions, we would like to explain to you in 3 easy steps how to proceed from here on.

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Doctorate at Goethe University

You have decided to do your PhD at Goethy Universiy Frankfurt. Which formal requirements do you have to fulfill and what are the regulations to get admitted as a doctoral candidate?

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Once you have decided to complete a doctorate at Goethe University and have gained insight into the subject area as well as your own research interests in that field, the most crucial step to take is finding a supervisor who is willing to guide and supervise you in your doctoral work.

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Congratulations! You have completed the first steps to ensure that the start into your doctorate will be smooth. Now you can begin to work on your doctoral project.

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How to Apply

GSEFM does not charge application fees. If an applicant would like to apply for multiple GSEFM degree programs, it is, however, necessary to submit separate applications and letters of evaluation for each of these applications. It is important to go carefully through the instructions regarding the application materials that need to be submitted (either by the applicant or by the external evaluators).

1. Application Package

In 2023, all applications must be submitted using the online portal of Goethe University Frankfurt for the GSEFM degree programs described in detail below. Applications submitted in any other format unfortunately cannot be accepted.

The following document provides step-by-step guidelines for the online application portal:

Guide Online Application Portal

1a.  Only if on the application portal interest in a stipend from the  Chair for Macroeconomics and Development, the Institute for Monetary and Financial Stability , the Leibniz Institute for Financial Research SAFE or the rsearch group on Interdisciplinary Public Policy is specified : a  cover letter  on funding needs to be uploaded on the online application portal that for each of the institutions selected explains (within at most five sentences for each institution) the interest in being funded by that institution (please keep in mind that financial aid from GSEFM can only be sought for applications involving the Ph.D. programs also; see also the separate section on financial aid: in addition to stipends funded by GSEFM's institutional partners (Chair for Macroeconomics and Development, the Institute for Monetary and Financial Stability, the Leibniz Institute for Financial Research SAFE and the research group on Interdisciplinary Public Policy) further first-year stipends are also offered by the individual GSEFM Ph.D. programs) .

2. Essay questions:

In the online application portal, answers to the following two essay questions must be uploaded:

Question #1 (limit your response to 2,000 words): Describe how in your academic work to date you have demonstrated expertise in making use of mathematical/statistical methods and/or other areas of logical reasoning. Make sure to include a short description of the methods you have used, and briefly explain why you chose to use those methods rather than alternative methods.

Question #2 (limit your response to 2,000 words): Choosing an area of research within the Ph.D. program [MSQ: within the track of the MSQ program] at GSEFM that you are applying for, outline the contents of a term paper that is supposed to (i) address a question that - within this area of research - is topical, (ii) review what conclusions can be reached on the basis of the current state of the literature, and (iii) make proposals how the literature may need to be extended so as to reach a sound conclusion.

3. Scans of all degree certificates and final transcripts from universities and certificate of university entrance qualification:

If a degree certificate is not yet available, please upload instead:

a. The most recent transcript listing all courses and b. A confirmation from the university's office of academic records including: - the full name of the degree program - a statement as to whether the degree program is conducted on a full-time or part-time basis, and is offered on campus or remotely - the regular time required to graduate from the degree program - a confirmation that the degree program is or will be completed prior to October 1 of the year for which admission to GSEFM is being sought - current grade point average.

c.  APS certificate  (only if applicable).

All documents must be in English language (except for the documents under 3., which may also be in German language). Certificates issued in languages other than English or German must be accompanied by English language translations issued by the degree-granting institution or a certified translator.

2. Documents to be Submitted by Third Parties

The following documents should (also) be submitted directly by the third parties involved:

Please keep in mind that only applicants to the programs/program tracks in Accounting, Finance or Marketing may submit the Quantitative Score of the GMAT/GMAT Focus in lieu of the Quantitative Reasoning Score of the GRE General Test. It is highly recommended that scores are transferred to GSEFM directly by the institution administering the test. GSEFM's institution code for GRE is "7276". A department code is not needed. GSEFM's institution codes for GMAT are "7HK-9Q-90", "7HK-9Q-96", "7HK-9Q-92", "7HK-9Q-26", 7HK-9Q-23", "7HK-9Q-97", depending on the program. If the relevant test scores are not available at the time of the application, a statement as to when the tests will be taken is highly recommended. Test scores cannot be accepted after May 31 under any circumstances.

Scores should be transferred directly to GSEFM by the institution administering the examination. GSEFM's institution code for TOEFL is "7276". A department code is not needed. If the relevant test scores are not available at the time of the application, a statement as to when the tests will be taken must be provided. Test scores cannot be accepted after May 31 under any circumstances.

The following documents must be submitted directly by the third parties involved:

The letters of evaluation consist of a n evaluation form and a written statement. 

The letters shall be submitted either by e-mail directly by the evaluators using their own institutional email accounts to gsefm.applications[at]its.uni-frankfurt[dot]de , or alternatively can also be sent by postal mail (but then need to be in a sealed envelope) by the evaluators or the applicant.

3. Things to Note

I. GSEFM faculty members and/or staff are not in a position to provide preliminary assessments of potential applicants and their applications. Please refrain from making such requests, and submit your application directly as indicated above.

II. Due to the large number of applications, GSEFM unfortunately is not in a position to confirm completeness of applications.

III. All candidates will be duly informed about the admissions decision. Applicants who do not receive an offer in the first or second stage will be re-considered in the third stage. If facing an acceptance deadline from another university, please get in touch with GSEFM as quickly as possible. Otherwise please do not send inquiries about the status of your application.

IV. GSEFM faculty members and/or staff cannot offer feedback on the application of those applicants who could not be admitted.

V. Re-applications from candidates who had applied in a prior academic year are allowed. These must occur in the form of complete sets of applications and must not refer to any of the application documents submitted in a prior academic year.

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Publications

Collateral pledgeability and asset manager portfolio choices during redemption waves, eltif 2.0 – der große wurf für den fondsstandort europa, restitutionsansprüche aus fremdwährungskrediten bei agb-nichtigkeit, central bank-driven mispricing, overly reliant on central bank funding consequences of exiting tltro, beyond connectivity: stock market participation in a network, vehicle identifiers: the key to jump-starting the european green auto abs market, unpacking the esg ratings: does one size fit all, misperceived social norms and willingness to act against climate change, the next goal: euro area banking integration, united in diversity the relationship between monetary policy and banking supervision in the banking union, understanding the shift from micro to macro-prudential thinking: a discursive network analysis.

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How households respond to the wealth effects of inflation

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Hesse needs a financial education strategy

The safe regulatory radar in november.

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- Questions about the application process: Master-Zulassung & International Admissions [email protected]

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Doctoral Studies Affairs

Phd studies at frankfurt university of applied sciences.

Until recently, Hessian universities of applied sciences (Hochschulen für Angewandte Wissenschaften / “Fachhochschulen”) were generally not allowed to award doctorates themselves; the law required a cooperation with a traditional university. Consequently, Frankfurt UAS PhD students were (and in many cases still are) subject to the partner university’s rules and regulations when undertaking their doctoral studies. However, after the Hessian Higher Education Act was revised several years ago, certain research-focused disciplines at universities of applied sciences can now apply for the permission to establish a PhD center with the right to award doctorates in the federal state of Hesse. The first such centers have been approved and established in the meantime. Frankfurt UAS currently participates in PhD centers covering the following subjects: Social Work , Applied Computer Science , and Mobility and Logistics .

Initiating PhD Studies at Frankfurt UAS

Researchers interested in pursuing a doctoral degree at or in collaboration with Frankfurt UAS and under the supervision of Frankfurt UAS professors, respectively, are required to contact potential supervisors directly, i.e., they have to identify professors whose research matches their interests (e.g., by checking our websites) and then ask them to collaborate on a doctoral project. In some cases, it may alternatively be possible to find a PhD project by searching our website for job ads regarding qualification positions.

Please note: It is not possible to enroll centrally in a PhD program at Frankfurt UAS, and one cannot start a PhD at one of our PhD centers or in cooperation with a partner university without securing a supervision agreement with one of our professors first. Please check whether the research topic you are interested in is actually represented at our university before asking Frankfurt UAS professors for support.

Financing a PhD

Many of Frankfurt UAS' PhD students finance their project by working as a research fellow/assistant, some also by applying for a PhD scholarship. Frankfurt UAS itself does not currently offer long-term scholarships for PhD students, but there are of course many other programs one can apply to elsewhere. Vacant research assistant positions can often be found on our website (see above). In general, it is advisable to discuss funding options with a (potential) supervisor early on.

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Apply now and start your Master's this summer!

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Choose your language, master of finance.

*excl. 250 EUR enrolment fee

The Master of Finance is a programme for recent graduates or young professionals aspiring to be finance experts. Embarking on a transformative academic journey with their program, students benefit from its proud affiliation with the CFA University Affiliation Program and partnership with CAIA, ensuring top-notch education in finance.

The program's flexible structure allows for part-time employment through its innovative 3-day model , while students immerse themselves in an MBA-style learning environment. Engaging in a dynamic international community representing 25 nationalities fosters rich cultural exchange and global perspectives. They benefit from unparalleled opportunities with access to esteemed practitioners from the corporate realm and a vast network of collaborating companies, universities, and alumni spanning the globe.

Students can delve into the Entrepreneurship Accelerator or Incubator for personalized mentoring, and experiencing life in the vibrant city of Frankfurt adds a unique dimension to their journey.

Scholarship options are available to support their academic endeavors as they embark on a path of academic excellence, professional growth, and global connections.

Master of Finance Learning Goals

LG1: Expert Knowledge and Understanding in Finance

Graduates will draw upon expert knowledge and broad, detailed and critical understanding of specifics, limitations and doctrines in different areas of finance to shape responses and independent ideas to business and research opportunities and challenges. They will be able to analyse, structure and evaluate complex financial problems.

LG2: Financial Product Development

Graduates will generate insights by applying scientific methods. Our graduates will be able to conceptualise and develop financial products, solutions and models.

LG3: Effective Communication and Cooperation

Graduates will be effective communicators in interdisciplinary fields of research and practical business contexts. They will be responsible team members and reach common goals by effective cooperation within a team. They will recognise potential conflicts in cooperation with others and reflect on them in the context of situation-overlapping conditions.

LG4: Professional and Responsible Behaviour

Graduates will have developed a professional identity within the financial sector. They will recognise and respect the personal and cultural differences in an international business environment. They will understand and reflect on the ethical and societal implications of their recommendations and business decisions.

Rankings, Accreditations & Partnerships

The Master of Finance was the first Master's degree offered by Frankfurt School and to this day, it remains the largest of our postgraduate programmes. The programme is featured in the world´s top-ranking for business schools: Financial Times pre-experience Masters in Finance ranking.

Rankings & Accreditations

• Ranked #33 worldwide
• Ranked Top 3 in Germany
• Ranked #15 in Salary worldwide
• Ranked Top 30 worldwide for Career Services

Frankfurt School is one of the best European Business Schools. Accredited by AACSB, EQUIS and AMBA, the three leading international associations of business schools, Frankfurt School is one of the few institutions worldwide, which has been awarded the so-called  "Triple Crown" .

Partnerships

GARP and the Financial Risk Manager (FRM®) Exam

The Master of Finance, with the Risk Management concentration and the Master in Risk Management & Regulation are the first programmes in Germany to be accredited by GARP as covering at least 70% of the body of knowledge of the Financial Risk Manager (FRM®) Part I examination. 

They further cover a large part of the FRM® Part II examination. This demonstrates that our students acquire the skills and techniques required by the global risk management profession. One elective module may be waived for Master of Finance students who have passed the FRM Part I exam. Students should submit their application for waiver to programme management by deadlines provided during the course of studies.

CFA University Affiliation Programme

Frankfurt School´s Master of Finance is a member of the CFA Institute University Affiliation Programme. This status is granted to institutions whose degree programme(s) incorporate at least 70% of the CFA Programme Candidate Body of Knowledge (CBOK), thus providing students with a solid grounding in the CBOK and thoroughly preparing them for the CFA exams.

Recognition of CFA achievements

Up to two elective modules may be waived for Master of Finance students who have passed the CFA Level I exam and/or are selected to participate in the CFA Research Challenge. Students will need to submit their waiver application to programme management by the deadlines provided during the course of studies.  More information on the CFA Institute University Affiliation Program

CFA Institute Research Challenge

Frankfurt School is proud to have participated in the  CFA Institute Research Challenge  for six years running. The annual global competition provides university students with hands-on mentoring and intensive training in financial analysis, testing analytics, valuation, report writing and presentation skills.

On 5 February 2019, five Master of Finance students particpated in the national finals of the CFA Institute Research Challenge. Only three of twelve German universities had qualified for the German finals. The students conducted an extensive company analysis of Fresenius Medical Care AG & Co.KGaA. They submitted a written report with a sell, buy or hold recommendation for the company’s stock. In the final, they had the chance to present their research results to a jury of four esteemed CFA charter holders.

CFA Society Germany

The University Affiliation Program is a registered trademark owned by CFA Institute

Frankfurt Institute for Risk Management and Regulation (FIRM)

FIRM is supporting our Master of Finance students with a number of generous scholarships. Candidates applying for this specialisation may be awarded a scholarship covering up to two semester fees. In addition to that members of this concentration will have the opportunity to win the monetary Risk Management award, which will be presented during the graduation ceremony.

CAIA Association

Students have access to the  Chartered Alternative Investment Analyst Association® 's curriculum in order to successfully become a Chartered Alternative Investment Analyst (CAIA). This includes scholarships for the CAIA exam – Level I and Level II, access to the Center for International Securities and Derivatives Markets (CISDM) Hedge Fund Database as well as to publications of the CAIA Association.

In Germany, Frankfurt School is the first business school that partners with the CAIA Association. Upon signing, FS became the 16th partner university from the EMEA Region, joining many other internationally top-ranked institutions such as the University of St. Gallen and the IE Business School.  Read more.

CHOM CAPITAL Sustainable Impact Diversity Scholarship

CHOM CAPITAL GmbH supports Master of Finance students who have a proven interest in sustainability issues and who want to concentrate on the Sustainable Finance concentration during their studies.

Bloomberg Experiential Learning Partner

Within the Financial Products & Modelling module students are expected to utilise the resources in our Finance Lab and to complete the Bloomberg Markets Concepts (BMC) tutorial, which is a 10-hour, self-paced e-learning course that provides an interactive introduction to the financial markets. BMC consists of 5 modules - Economic Indicators, Currencies, Fixed Income, Equities and Getting Started on the Terminal - woven together from Bloomberg data, news, analytics and television.

Master of Finance Curriculum

The Business Track is designed to allow students with academic backgrounds in Finance, to enter a first semester that allows for the combination of diverse topic coverage while ensuring a solid foundation of core competencies required throughout the programme.

The Finance Immersion Track follows the traditional Master of Finance curriculum. This track will allow students from non-finance, but quantitative academic backgrounds, to develop essential finance and business competencies through the combination of academic lectures and practical tutorial sessions.

The Finance Immersion Track is the primary study path for students of the Master of Finance. Our new Business Track is launched for students who have high academic proficiency in finance. 

In the second semester, both tracks will come together before starting one of the five concentrations.

Concentrations

Our Master of Finance concentrations are designed to provide specialised knowledge and skills focused on specific areas of capital markets, corporate finance, risk management, financial advisory and sustainable finance. In addition, through these concentrations and company projects you have an opportunity to visit established corporations and start-ups.

Meet us Online and On-Campus 

Find out more about our Master programmes by attending one of our Master Information Evenings. Find the program that fits your career goals best.

You can also experience our campus in person and engage directly with representatives from our master's programs during our Open Campus Nights.

Personalise your studies

3 day model.

The Master of Finance program offers a distinctive "3-day Model" that allows you to work part-time while completing your full-time Master's degree. Classes are typically held three days a week—either Monday, Tuesday, and Saturday or Thursday, Friday, and Saturday. This schedule provides you with three weekdays for self-study, language classes, or part-time work. Additionally, certain lectures, exams, or excursions are scheduled as full-week events.

Entrepreneurship Centre

The Entrepreneurship Centre is dedicated to motivating, networking, and offering educational opportunities to both Frankfurt School students and external stakeholders, including investors, alumni, founders, and partners. Engage with us through our year-round Incubator for ongoing support or accelerate your project by participating in the Accelerator program. Additionally, seize the chance to enroll in the Entrepreneurship elective in collaboration with TechQuartier during semester 4 to pursue a double specialization alongside your concentration!

In semester 4, students have the option to choose two electives, enabling them to enrich their Master's program by delving deeper into specific subjects and exploring additional areas of interest aligned with their professional aspirations, thereby broadening their insights beyond the core curriculum.

Study Abroad

The Frankfurt School has established partnerships with over 90 universities around the world, specializing in business and management. This network offers our students the chance to broaden their perspectives, experience different cultural and academic settings, and expand their international connections. It’s an opportunity for you to dive into a new setting that equips you for a global career.

Student Life

Frankfurt stands as Europe’s business epicenter, it is hosting an array of global companies, consultancy giants, high-tech innovators, and fresh startups, with the European Central Bank as its neighbor. The FS is instrumental in propelling these sectors forward with state-of-the-art research and innovations in consultancy, technology, banking, and finance.

Careers Services & Your FS Network

Our Career Services team offers comprehensive support to enhance your international career prospects. We provide job placement assistance, help in resume writing, and personalized career consultations tailored to your goals. With our strong corporate connections and alumni network, you'll have access to numerous job opportunities. Guest lectures and company visits togehther with the opportunity to work part-time also provide crucial insights into industry trends and practices, helping you navigate the job market successfully. 

Check out where our Master alumni are working!

Employment statistics - class of 2022, salary after graduation.

92 %  of our Master of Finance students find a full-time position within 3 months of graduation.

Starting Salary (including bonus) is  79,600 Euro  excluding trainees and interns

Where do our graduates work?

Our Master of Finance alumni have secured jobs in a variety of companies and industries since graduating.  Take a look at some of their career paths.

List of employers

Employment by Industry

Employment by Function

Learning Experience

Frankfurt School strongly believes in a well-rounded education, and the Master of Finance is no exception. Innovative in-class teaching methodologies are supplemented by various workshops and activities to enhance the overall learning experience.

Finance Lab

Access to Bloomberg and Factset terminals provides you with the tools to gain essential trading and research skills for your finance career. Classes, including Financial Products & Modelling, will take place in the Finance Lab during your 1st semester and will be accessible throughout your time on campus.

Competition & Awards

The Frankfurt School actively fosters student participation in diverse challenges and competitions, including the CFA Research Challenge. This initiative not only offers selected students a platform to showcase their abilities but also enables them to compete against leading universities from around the world, amplifying their academic and professional growth opportunities.

Guest Lectures, Talks & Finance Conferences

Our Master of Finance programme is based on a mixture of theoretical learning, supported by and reinforced with case studies and group work, following the Harvard model of teaching. Our students have access to finance conferences organised by FS Publishing House, e.g. M&A and Private Equity, Renewable Energy Finance, etc.

Frankfurt School’s close ties to the finance industry are evident in the guest lecture opportunities. Students can network with innovators and industry veterans regularly from their own university. 

German Classes

The Master of Finance program is conducted exclusively in English. However, German language classes are offered to support non-German speaking students throughout their enrollment. We highly recommend that students learn German prior to arriving in Frankfurt to enhance their employment prospects.

Class Profile

Origin of students.

Educational Background

Data Analytics & Machine Learning in Finance

Nowadays Python is widely used in finance. It is a solution to process and analyse large database and big financial data. Frankfurt School offers its students courses to understand programming and data analysis with Python. In the 4th semester our students have an opportunity to attend related electives (Blockchain, Artificial Intelligence etc.).

Several of our classes are supported by  DataCamp , an intuitive learning platform for data science. It helps our students to learn R, Python and SQL through a combination of short expert videos and hands-on-the-keyboard exercises. In addition to mandatory assignments students can take over 100+ courses by expert instructors on topics such as importing data, data visualisation or machine learning. This enables them to learn faster through immediate and personalised feedback on every exercise.

by Luc Fleischmann

My journey in capital markets, risk auditing and class leadership.

by Marco Schreyer

Auditing with intelligent co-pilots: generative artificial intelligence in audit.

by Dongya An

Master of finance or cfa – why not both.

by Hayk Darbinyan

Moving from a small country to the financial centre of europe for my master’s.

by Marius Heinrich

My first impressions of frankfurt school.

by Bronwyn Hoskins-Davies

Master’s study trip to portgual – sustainability, sand and sangria.

by Yulia Botsman

Why you should treat your admissions interview as a mock job interview.

by Tobias Biesenbach

A great combination of theory & practical experience – make use of it.

by Aika Bolat

Master of finance students win prestigious research fellowship.

by Maximilian Arzt-Jones

Working and studying as a brit in germany, financing & scholarships.

Your degree is a stepping stone to future successful professional careers. Being a Business School of global repute, we provide the perfect setting for you to acquire a degree and ensure promising pathways for your professional growth.

We, therefore, are calling highly enthusiastic and motivated students to be a part of our team with assured high levels of our academic and research services.

Application Process

Requirements

• First academic degree (Bachelor or Diploma) of at least 180 ECTS (preferably in finance, economics, or a related quantitative discipline)
• Excellent written and spoken English (TOEFL - 90 iBT, IELTS 7.0 or equivalent)
• Valid GMAT/GRE score* or  BT Methods **
• Successful admissions interview

*We accept valid class or Focus edition GMAT scores. Find more information  here .

**Please note: The BT Methods can be taken once.

Deadlines & Discounts

We encourage you to complete your application as soon as possible as there are financial advantages for candidates who submit a complete application early.

*In order to secure the Early bird discount you must have received an admission letter by 31 March

**In order to secure the discount you must have received an admission letter by 30 June

Gizem Sökeli Recruitment Officer

Lianna Mirzoyan Recruitment Officer

Get more information

The master of finance is accredited by.