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Masters in Financial Management


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

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.

Start of Studies
Study Fee*
5.730 €
All facts in detail + -
  • Language English
  • Type of Study Full-time
  • Degree Master of Arts
  • Internship Integrated**
  • Semester Abroad Integrated**
  • Start of Studies Summer Cologne
  • Start of Studies Winter Cologne

Study Course Plan

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

General business teaching units

Business Economics3 ECTS ? !
  • Analysis of demand, supply, and market equilibrium

  • Theory of consumer choice

  • Theory of the firm, production and cost analysis

  • Market structures: perfect competition, monopoly, monopolistic competition, oligopoly, contestable markets

  • Game theory

  • Pricing strategies

  • Factor markets, labor economics

  • Economics of information

  • Industrial organization

  • Limitations of markets and interventions by the government

  • Econometric techniques related to these topics

Empirical Research Methods3 ECTS ? !
  • Development of a research question

  • Primary vs. secondary data

  • Steps of research process

  • Research designs

  • Quantitative and qualitative data

  • Structured methods of data collection: questionnaire and structured interview

  • Un- and semi-structured methods: qualitative interview and focus group

  • Quantitative and qualitative content analysis

  • Ethical considerations of data collection

  • Sampling

  • Data analysis using statistical software programs (SPSS)

  • Univariate analysis, bivariate analysis (crosstab and correlation), multiple linear regression

  • Writing a research report – structural and other formal requirements

Strategic Analysis & Management3 ECTS ? !
  •  Strategy making process and strategic reasoning: cognitive process of strategy 
    creation through the prism of logic and intuition

  • Setting strategic purpose in the context of responsible stakeholder management

  • Advanced external environment analysis: markets, industries and competitive 
    landscapes in static and dynamic perspective in the domestic and international 

  • Diagnosing and managing strategic capability through national borders over time

  • Cultural and institutional context of strategic management: concepts, frameworks 
    and analytical tools

  • Generic and interactive business strategies, inside-out and outside-in perspective on 
    achieving and sustaining competitive advantage internationally

  • Network-level strategies

  • Corporate development and configuration: strategic options and portfolio matrices

  • Strategy formation

  • Strategic change and corporate restructuring

  • Strategic renewal

  • Strategy evaluation and strategic controls: tools and methods

  • Organizing for success

Innovation Management & Digital Transformation3 ECTS ? !
  • Diagnosing the change context: diffusion and dynamics of innovation 

  • Sources & types of innovation

  • Product/service, process & business model innovation

  • Individual and corporate creativity

  • Strategic innovation management & the innovation process incl. New Product Development (NPD)

  • Introduction to digitalization, digital age & digital divide

  • Digital drivers & disruptive forces

  • Technological drivers of digital transformation

  • Socio-technological change associated with the adoption of the mentioned drivers

  • Introduction to the digital organization & digital business models

  • Impact of digitalization on the value chain (Industry 4.0)

  • Digitalization-related innovation theories & technology management

  • Digitalization leadership & organisational transformation concepts

  • Change management & transformational leadership

  • Agility and VUCA world

  • SCRUM and Design Thinking

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 ? !
  • Value maximization and corporate objectives, shareholder value and stakeholder value approach

  • Financial measurement of corporate strategies and competitive advantage: the principles

  • Shortcomings of traditional profitability ratios for a value-based management

  • Economic Value Added, Cash Value Added

  • Identifying the drivers of value creation and investment decision-making

  • Management compensation and incentives for value creation

Sustainable Supply Chain Management3 ECTS ? !
  • Defining the state of a sustainable supply chain based on actual trends

  • Discussion of various theoretical concepts (e.g. Stakeholder Theory, Slack Resource Theory) and their implications for sustainable supply chain management

  • Defining a “New Normal” of how to do business (e.g. circular economy, regenerative business models, carbon literacy training)

  • Sustainable Marketing (definition, Green Marketing Strategy Mix, Green Washing and Sustainable Consumer Buying Behaviour)

  • Sustainable Procurement (definition, Sustainable Procurement Process Model with a focus on sustainable supplier relationship management; new trends like circular procurement)

  • Sustainable Logistics

  • Sustainable Design

  • Carbon Emission / Human Rights in global supply chains

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 ? !

A business elective is a business or management-related elective course.By choosing Business Electives in the second and third semester you can personalize your degree course and extend your management knowledge.

Interdisciplinary Elective3 ECTS ? !

By choosing Interdisciplinary Electives in the second and third semester you can personalize your degree course and extend your management knowledge. An interdisciplinary elective is an elective from another discipline than your own specialization.

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 ? !

A business elective is a business or management-related elective course.By choosing Business Electives in the second and third semester you can personalize your degree course and extend your management knowledge.

Interdisciplinary Elective3 ECTS ? !

By choosing Interdisciplinary Electives in the second and third semester you can personalize your degree course and extend your management knowledge. An interdisciplinary elective is an elective from another discipline than your own specialization.

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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Build up your expertise with a graduate degree


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.


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
Ernst & Young GmbH

"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."

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

"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."

Learn more about us and our graduate programmes

You would like to inform yourself about our Bachelor and Master programs at home in peace? Request your information material now without obligation and free of charge, and we will be happy to send you our study information material by e-mail.

Follow us on Instagram & Facebook, get to know us at one of our Information Events, or Contact our student advisors to learn more about us.

Mirjam Zimmermann

Mirjam Zimmermann

Study advisory: Campus Mainz
Got any questions? We are happy to help!

Phone: +49 (0) 6131 88055 31
WhatsApp: Reach us on WhatsApp
Giulia Balzan

Giulia Balzan

Study advisory 
Got any questions? We are happy to help!

Phone: +49 (0) 221 931809 31
WhatsApp: Reach us on WhatsApp
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