Masters in Financial Management

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Financial Management Master's Degree (M.A.) in Germany

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English-taught master of finance

Finance is the backbone of the economy of every country and every company. This is where you see your future. You have discovered your talent for finance and are now ready for the next step: a four-semester master’s degree programme in financial management at CBS International Business School qualifies you for higher management tasks in international corporations. Here you acquire the skills that employers are looking for: along with outstanding expertise, this especially means being highly motivated, multilingual, and capable of leadership, integration, and teamwork.

Specialize in Finance in your Master’s Degree

In addition to special finance seminars and courses, this includes everything from a modern Master’s in Business Administration – from business economics to corporate governance to value-based management and sustainable supply chain management. Elective subjects offer you the possibility to set your own priorities.

What are the contents of the master of finance? Ready for mergers & acquisitions

Mergers & acquisitions are an essential means for growing or opening up new markets, especially in an international business environment. Here, your analytical skills are needed when going through the books of an interesting candidate for takeover. In the first semester, you will deepen your knowledge about empirical methods, the second semester will be about empirical finance and in the third semester, you will get to the bottom of the success factors underpinning mergers, acquisitions and restructuring.

Masters in Financial Management at a Glance

ECTS 120
Semester 4
Language English
Type of Study Full-time
Degree Master of Arts
Campus Cologne | Mainz | Berlin/Potsdam
Internship Integrated**
Semester Abroad Integrated**

Start of Studies Summer Cologne
Start of Studies Winter Cologne | Mainz | Berlin/Potsdam
Study Fee* 5.490€

*The displayed prices are semester fees. For non-EU students' fees please check the tuition fees information page. Status: March 2021.

**While writing your Masters thesis in the fourth semester, you can choose whether to do an internship or a semester abroad at one of our partner universities.

Study Course Plan

Some information about the study plan for the study programme Masters in Financial Management:

General business teaching units

Business Economics3 ECTS

Demand analysis & estimating demand
Supply and market equilibrium
Production economics
Cost analysis
Estimating cost functions and production functions
Economies of scale
Prices, output and strategy in different markets
Game theory models of oligopoly
Pricing techniques and analysis
Government regulation

Empirical Research Methods3 ECTS

Quantitative and qualitative methods
Development of a research question
Steps of research process
Methods of data collection
Sampling
Data analysis using statistical software programs (SPSS or R)
Writing a research report

Strategic Analysis & Management3 ECTS

Strategy making process and strategic reasoning
Cultural and institutional context of strategic management
Network-level strategies
Corporate development and configuration
Strategic change and corporate restructuring
Strategy evaluation and strategic controls

Innovation Management & Digital Transformation3 ECTS

Dynamics of innovation & their implications for change management
Individual creativity and invention
Corporate creativity & intrapreneuring
Technology management
Innovation and technology strategies
Managing innovations
Diffusion of innovations
Cultural differences in innovation capability
Contemporary trends in innovation management

Programme specific teaching units

Corporate Finance3 ECTS

Overview of corporate finance(ing) and company structures
Present values
Future values
Introduction to valuing stocks
NPV and other investment criteria
Decision making with NPV and other criterial
Working capital management
Efficient Markets and Behavioural Finance

Multinational Finance3 ECTS

Introduction to Multinational Finance
Foreign Exchange and Eurocurrency Markets
Rationale for hedging currency risk
Managing operating exposure to currency risk
Foreign market entry and country risk management
Multinational capital structure and cost of capital
Real options and cross-border investment strategy
International capital markets

International Financial Accounting3 ECTS

Fundamentals of accounting
Fundamentals of financial accounting
Property, plant and equipment
Intangible assets
Financial instruments
Inventories and Receivables
Provision, Current and non-current liabilities
Revenue recognition
Superordinate standards

Management Accounting3 ECTS

Managerial accounting and global business environment
Cost term, terms and classifications
Systems design: Job-order costing
Systems design: Process costing
Cost-volume-profit relationships
Sustainability and ethics in accounting decision making

Interdisciplinary competencies

International Project Management2 ECTS

Social competence: Communication, motivation, groups and team structures, leadership, conflict management
Methodological competence: Structural aspects, time management, cost management, human resource management, creativity and problem solving
Organisational competence: Quality management, documentation, risk management, project start and closure

Language & Communication Skills2 ECTS

The “Scholarly Writing and Analysis” course is offered for German native speakers. German as a foreign language is offered as an obligatory course for Non-native German speakers.

General business teaching units

Corporate Social Responsibility3 ECTS

Cornerstones of sustainable management
CSR as management approach
Practical approaches of organizational effectiveness
Tools for CSR implementation
CSR and financial performance
Life cycle assessment

Corporate Governance3 ECTS

Historical developments around the world
Directors and board structures in different parts of the world
Family business governance
Role of institutional investors
Corporate governance in mergers and acquisitions
Socially responsible investments
Corporate governance in different regions

Value Based Management3 ECTS

Financial measurement of corporate strategies: the principles
Traditional value-based systems and their link with financial models
Cash flow return on investments (CFROI)
Customer life-time value
Corporate financial & compensation design

Sustainable Supply Chain Management3 ECTS

Defining a sustainable supply chain
Discussion of various theoretical concepts and their implications for sustainable supply chain management
Green marketing
Green logistics

Programme specific teaching units

Applied M&A & Restructuring3 ECTS

Corporate strategy evaluation and development of strategic options
Emergent and prescriptive approaches
Gap closing strategies
Buy strategies: Mergers and Acquisitions
Build strategies: Strategic renewal, organic corporate development strategies
Ally strategies

Business Simulation Game (finance-specific)3 ECTS

Market analysis
Developing a business plan
Capital procurement (loans, venture capital)
Human resource planning and capacity utilisation
Business valuation
Fundamentals of investment appraisal
Fundamentals of internal and external accounting

Business Project6 ECTS

The overall objective of this course is to provide students with possibility of applying their business knowledge on concrete business situation, related to the field of their specialization.

By the end of the module students should be able to:

Define project goals for the “client”.
Work under the set timeframe and agreed project scope.
Cooperate in the international project teams.
Evaluate markets/ industries/ competitive landscapes.
Develop possible strategic directions for the “client” business.
Formulate recommendations.

Elective area

Business Elective3 ECTS

By choosing Business Electives in the second and third semester you can personalize your degree course and extend your management knowledge. The following are examples of the types of courses on offer. Typically you have the choice between two or three different electives:

Corporate Strategy and Renewal
Digital Network Economy
Digital Leadership
Portfolio Theory
Power Pricing
Finance & Growth
Advanced Portfolio Management
Branding
International HRM
Start-up Management & Business Modeling
Trader in Capital Markets

Interdisciplinary Elective3 ECTS

By choosing Interdisciplinary Electives in the second and third semester you can personalize your degree course and extend your management knowledge. The Interdisciplinary Electives usually include subjects like. Typically you have the choice between two or three different electives:

Chat Bot Design
International Competitiveness
Omni-Channel Commerce
International Trade and Emerging Markets
Bitcoin and the Market of Cryptocurrencies
Business Process Modeling
Design Thinking & Adobe Creative Cloud
SAP S/4 Hana in Controlling and Finance
App Development in JavaScript
East Asian Culture and Business
Cultures of Consumption
SPSS

*Instead of the interdisciplinary elective, German as a foreign language is offered as an obligatory course for Non-native German speakers.

Interdisciplinary competencies

Financial Fraud and Ethics2 ECTS

Financial fraud and its manifestations
Ethics in finance
Alternative Banking Models like those of Triodos and GLS Banks
Alternative business models like those of KIVA and BOVESPA
Alternatives to growth models
Alternative investment products like Social Impact Bonds
Impact Finance and Micro Finance
Understanding the alternative Indices and their shortcomings
Rating Agencies and soft factor scores.

Programme specific teaching units

Empirical Analytics for Finance3 ECTS

Brief review of Probability theory and Statistics
Linear regression with one regressor
Linear regression with single regressor – hypothesis tests and confidence intervals
Multiple regression
Non-linear regression functions
Regression with Panel Data
Regression with Binary independent variable
Time series regression and forecasting

Risk Management in Capital Markets3 ECTS

Explain risk concepts and be able to apply risk definitions to different entities.
Explain risk taxonomy and its application to different frameworks.
Identify and analyze risks faced by an entity, including but not limited to (global) market risk, currency risk, credit risk, spread risk, liquidity risk, interest rate risk, equity risk, hazard/insurance risk, inflationary risk, environmental risk, pricing risk, product risk, operational risk, project risk and strategic risk.
Demonstrate an understanding of the theories of corporate risk management and the relationship between risk management and firm value.
Describe the use of financial hedging instruments: futures, forwards, options and swaps, all used also in global context.
Apply valuation techniques with Put-Call-Parity, binomial option pricing model and the Black and Scholes model.
Demonstrate increased sophistication related to the derivatives market, analyzing delta, gamma, lambda theta, and rho of an option.
Apply the mathematics of derivatives to complex hedging, speculation, and arbitrage strategies.

Advanced Corporate Finance and Valuation3 ECTS

Portfolio/Asset Management3 ECTS

Return measurement: Geometric and Arithmetic
Systematic vs. Unsystematic Risk: DiversificationRisk: Standard Deviation; Semi-variance; Correlation; VaR
Balancing risk and reward
Market prices of risk: CAPM, market beta, and factor models
Risk adjusted returns: e.g. Sharpe, Treynor, Jensen’s Alpha, Sortino, Calmar, Information Ratio
Risk models: liquidity risk, credit risk, factor models
Performance measurement and attribution
Asset Management industry and fund types: pension funds, mutual funds, hedge funds, ETFs, closed-end funds, venture capital and private equity

Venture Lab4 ECTS

Discovering and evaluating entrepreneurial opportunities
Developing business ideas from opportunities (e.g. based on using Design Thinking, Personas and User Stories).
Feasibility analysis of business ideas
Transferring the idea into a Business Model
Business Model and its building blocks (value proposition, customers segments, channels, customer relationships, revenue model, key partners, key activities, key resources, cost structure)
Business Plan: Introduction, Sample Case and General Outline
Developing the details of the business plan
Finding sources of financing: Business angels; Private equity; Start up financing; Venture capital investors
Preparing a pitch deck for successfully presenting the new venture business plan

Integrative Case Studies3 ECTS

Focused review of the curriculum content
Pre-assessment quiz/ content area assessment as benchmark for students’ status quo
Guide and Strategic Plan to Case Study Analysis
Writing a proper Case Study Analysis report
Developing proper answers to Case questions, applying the relevant theoretical knowledge and frameworks
In-depth Case Study Analysis with focus all subject areas of the curriculum
In-depth Case Study Analysis with special focus on Strategic Management

Business Simulation Game3 ECTS

In a business simulation game participants have to manage their own virtual company which operates in the same market as other participant-operated competitors. This involves making typical management decisions in realistic environments. Beside the deepening and active examination of subject-specific knowledge the simulation games also include the team environment, where interaction, communication and prioritization are of paramount importance. Participants learn how to manage risk and uncertainty while time is limited and information constrained. Group-reflections help to take over different perspectives and to discuss pros and cons of content- as well as behavior-related actions.

Master Thesis Tutorial2 ECTS

During the Master Thesis Tutorial you will learn the fundamentals for your Master thesis: Defining the topic as well as structuring the thesis and you will learn the theoretical knowledge for scientific working.

Elective area

Business Elective3 ECTS

Corporate Strategy and Renewal
Digital Network Economy
Digital Leadership
Portfolio Theory
Power Pricing
Finance & Growth
Advanced Portfolio Management
Branding
International HRM
Start-up Management & Business Modeling
Trader in Capital Markets

Interdisciplinary Elective3 ECTS

Chat Bot Design
International Competitiveness
Omni-Channel Commerce
International Trade and Emerging Markets
Bitcoin and the Market of Cryptocurrencies
Business Process Modeling
Design Thinking & Adobe Creative Cloud
SAP S/4 Hana in Controlling and Finance
App Development in JavaScript
East Asian Culture and Business
Cultures of Consumption
SPSS

*Instead of the interdisciplinary elective, German as a foreign language is offered as an obligatory course for Non-native German speakers.

Interdisciplinary competencies

Programming & Modelling 2 ECTS

Introduction to Python (modulisation)
Coding in Python (data assignment/updates, data types, )
Solving iterative problems (understanding and creating loops)
Making decisions (understanding and creating selection statements)
Working with structured data (strings, lists)
Documenting
Testing
Debugging

Programme specific teaching units

Master Thesis18 ECTS

During your 4th semester you are working on your Master thesis. You have 19 weeks to complete your thesis and the subject is freely selectable. A supervisor from CBS will support you and you can write the thesis in collaboration with a company as well. Or you can write your thesis in connection with a stay abroad.

Internship or Study Abroad10 ECTS

You can choose between an internship (lasting at least eight weeks) or a semester abroad at one of our partner universities.

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Finance expertise on an international level

Weigh up opportunities and risks by utilizing analyses and financial design models to find potential for optimization – your future knowledge shall determine the success of your company. In the first semester, you will begin with the subjects Global Finance and International Investment. In the second semester, you will be dealing with risk management and the many influencing factors in transnational business, taking into account the challenges of the international financial markets such as exchange rates, parities and trade restrictions.

Experience practically the real thing

In order to be able to best apply your knowledge after graduation, the practical reference during your studies at CBS provides a unique advantage and not only thanks to the subjects of instruction and lecturers from the private enterprise sector. A business project, a business simulation game and an internship at a company in Germany or abroad prepare you for a career in the real world.

You will learn how to convince investors, partners and managing directors in the Innovation Lab - Business Plan Writing and Pitching and advance skills in the Capstone Simulation Game. In this digital business game, you take business decisions with your team and put your business know-how into practice.

Your excellent English skills will be of great importance for your future career, which you will improve thanks to English being the study language – reinforced by additional language courses. For many of our students, the practical relevance is also of interest when composing their Master’s thesis. This is because the work you write in the fourth semester is often written within the framework of an internship. Alternatively, you have the opportunity to write your thesis as part of a semester abroad.

What are the requirements for a master's degree in finance?

You must have successfully completed a first degree in Business Administration (e.g. a Bachelor’s degree in International Business at CBS) and be completely fluent in English. We also recommend sound basic knowledge in the subjects finance and accounting.

Master of Finance - What are the job opportunities?

Your Master’s degree in Finance from one of Germany’s most prestigious business schools offers you the opportunity to take up professional and managerial positions at home or abroad, in small and medium-sized organisations or with multinational corporations, investment banks, insurance companies or financial advisory firms. The Master’s degree also allows you to continue your academic career, including a doctorate.

Build up your expertise with a graduate degree

This is What Our Students Say

Philip Kollmann

Project Manager
Wayne´s Coffee

"Especially the soft skill courses have been of great help for my performance in job interviews. Through my work in the Finance and Business Club I have built up a broad network and acquired project management skills that have enabled me to score points with companies."

Katrin Rieger

Bereichsdirektorin Reisevertrieb Deutschland / Vice President Sales
HanseMerkur Krankenversicherung

"The practical learning in small groups prepared me optimally for today's project and team work. The CBS provided me with the decisive soft skills and current knowledge from the world of business."

Christopher Rosenbaum

Manager
Ernst & Young GmbH
Wirschaftsprüfungsgesellschaft

"The Management Studies programme prepares you thoroughly for the tasks of a consultant. In particular, the development of presentation techniques as well as analytical thinking is of enormous importance in the everyday life of a consultant."

Brita Jansen

HR Business Partner
HRS Group

"The CBS is an internationally oriented and very practically orientated university which prepared me very well for the professional world through the compulsory internship, the courses offered and the required project/group work."

Oliver Kiderle

EMEA Regional Product Expert
Google Inc.

"The focus on internationality and practical skills have had a very positive influence on my development at Google. Especially the structured and very versatile project work, which is often found at a private school, was extremely helpful."

Kalle Kenkel

Commercial Excellence Manager
GE Healthcare

"My studies at CBS prepared me for a career in today's dynamic, global work environment. As one's origin and physical location become less and less decisive, it has become increasingly important to have a multinational network and adapt quickly to various cultures and environments."

Neil Jordaan

Global Digital Content Manager
Elanco

"Many professors shared their professional business experience with us in class and were able to illustrate dry theory with practical examples. I also enjoyed the international atmosphere on campus."

Patrick Stein

Head of Human Resources
Boston Consulting Group

"The strongly practice-oriented studies and the international orientation of the CBS, as well as the lectures held in English, were an absolutely necessary basis for starting a career with a renowned, international company."

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