Masters in Global Finance

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Master of Science in Global Finance (M.Sc.) in Germany

Why study finance? Higher education as Finance Leader

Finance is one of the most attractive employer markets for business economists. The prerequisite for your career in the capital market, however, is a deep understanding of its interrelationships, processes, and actors. By studying Global Finance (Master of Science), you lay the foundation for your career in international companies and groups. As a manager in senior management, you will acquire in-depth specialist knowledge of finance over four semesters, language skills in English as the language of instruction and another language, as well as competence in team leadership.

Economy meets capital

In the master’s programme “Global Finance” you will acquire in-depth knowledge in business administration and finance. Your university education will focus on seminars on “Business Economics”, “International Investment” and “Values Based Management”.

Master of Science in Global Finance (M.Sc.) at a glance

Campus

Cologne

Start of Studies

Winter & Summer

Semester

ECTS

120

Study Fee*

5.730 €

All facts in detail

Language English
Type of Study Full-time
Degree Master of Science
Internship Integrated
Semester Abroad Optional

Start of Studies Winter Cologne

*The displayed prices are semester fees. For non-EU students' fees please check the tuition fees information page. Status: January 2024.

Study Course Plan

Some information about the study plan for the study programme Masters in Global Finance:

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

Data Science3 ECTS

Machine learning, AI and neural networks
Information visualization
Big Data and statistical methods for big data analysis
Data mining
Database systems (e.g Hadoop, Kubernetes)

Business Intelligence3 ECTS

Introduction in Business Intelligence
KPIs and Dashboards
Report definitions
Multidimensional Modeling
OLAP
Data warehouses within a company infrastructure
Interfaces and ETL
BI Software Products

Programme specific teaching units

Global Finance3 ECTS

Foreign exchange and eurocurrency markets
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 Investments3 ECTS

World trade and international monetary system
Treasury management of international transactions
Cross border capital budgeting
Corporate governance and international market for corporate control

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

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

Sustainability & Biodiversity in Finance3 ECTS

Ethics in Finance
Impact Investing
Biodiversity Finance
Socially Responsible Investments (SRI)
Sustainable Investments
Developments/Innovations in Sustainable Finance

Behavioural Finance3 ECTS

Traditional versus Behavioural Finance
Revisiting EMH
Anomalies in the market
Prospect and other theories in Finance
Biases including herding, aversion, perception, amongst others.
Reflective Reasoning and the illusion of control
Theories and tools to alleviate behavioural issues in financial decision making

Fixed Income Securities3 ECTS

Fixed income instruments
Term structures of rates and yields
How are bonds traded?
Fixed-income risk: Duration and Convexity
Corporate bonds: Credit risk
Fixed income indexes
Yield curve strategies
Interest rate scenario analysis
Credit strategies

FINTECHs & Digital Finance3 ECTS

Evolution of the current Fintech landscape, impacts on the financial services industry
Different Fintech business models
Enablers of Fintech innovations (5G networks, cloud computing, Big Data and analytics, artificial intelligence, Blockchain and cryptocurrencies)
Fintech innovations and disruptions in different areas of the financial services industry
Robo-Advisory and its applications
Success factors and recent failures of Fintechs
Future development and challenges of Fintechs

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.

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.

General business teaching units

International Economics3 ECTS

The global economy
Globalization and income
Globalization and international trade
Trade and comparative advantage
David Ricardo’s theory of comparative advantage
Modern trade theory: Heckscher-Ohlin and imperfect competition models
Trade barriers and trade policy
Firm location, distance and transport costs
Firm location, distance and transport costs (multinationals)
Exchange rates
Currency crises and exchange rate policy
Gains from capital market integration
Financial crises, firms and the open economy

Advanced Financial Analysis3 ECTS

Cash flows in the context of established valuation models (e.g., dividend discount model, DCF model and other present value-based valuation concepts)
Fundamentals and differences between accrual accounting and cash accounting
In-depth understanding of accrual accounting: cash inflows and cash outflows versus assets, liabilities, revenues and expenses; revenue and expense recognition principles; year-end adjustments
Historical cost concept versus fair value concept
Cash effects of specific assets and liabilities (CAPEX, working capital, deferred taxes, pension liabilities)
Bridging the gap between accrual and cash accounting: statement of cash flows (information value; distinguishing between operating cash flows, cash flows from investing activities and cash flows from financing activities; indirect and direct methods of calculating cash flows
Preparing forecast financial statements (including a forecast statement of cash flows
Predicting cash flows from the business as a whole: Flow to Equity and Free Cash Flow
Determine cash flows from future investments/assets (growth)
Relevance of cash flow prognosis in insolvency proceedings.

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

Performance Criteria for Risk Management
Process and Framework for Managing Risk
No-arbitrage concept in international financial markets
Nature of Derivatives (Forwards, Futures, Options, Swaps)
Valuation and use of forwards
Marking-to-Market mechanism with futures
Valuation of options: Put-Call-Parity, Binomial-Model, Black-Scholes-Model
Hedging currency exchange risk using derivatives

Business Valuation3 ECTS

Basics on business valuation
Valuators and analysts, professional valuation companies
Functions and purposes of business valuation
Process of business valuation, business valuation standards
Valuation methods
Earnings-based valuation methods
Cash-Flow-based valuation methods (flow to equity, free cash flow, total cash flow and adjusted present value)
Market-based valuation methods (multiples)
Business valuation and taxes
Preparing the valuation report

Portfolio/Asset Management3 ECTS

Return measurement: Geometric and Arithmetic
Systematic vs. Unsystematic Risk: Diversification Risk: 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; Startup 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 a 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 on all subject areas of the curriculum
In-depth Case Study Analysis with a special focus on Strategic Management

Business Simulation Game3 ECTS

Students will be placed in management teams
Each management team will run their own company
Various companies will compete in an industry
Each company's management will be responsible for all the decisions made, or not made, which will impact the company's performance
Various rounds of decision-making
Presentation, assignments and reports of the group

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.

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

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.

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.

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What can you do with a degree in Finance? Career start made easy

After graduating, you will have many opportunities in the world of finance – from a management position in medium-sized organisations, to investment banks, to multinational corporations. With your master’s degree, you also have the admission requirement for a doctorate.

Practical knowledge as an advantage

Do you wish to make business contacts during your studies? At CBS International Business School, this is possible through practice-oriented teaching content such as Business Projects and an eight-week internship at home or abroad. In addition, your lecturers from the private sector will prepare you for the demands of everyday working life. You will deepen your business English skills in foreign language training and apply them during the English lectures. You can write your master’s thesis in the fourth semester as part of a project with a practical partner or at one of over 120 partner universities.

Build up your expertise with a graduate degree

Take your next step

Why CBS?

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Corporate
Partners

160+

Partner
Universities

3000

Students

Locations

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Internationally oriented studies

What analyses are required to assess risks? How can optimization potentials be determined in financial processes? These and other questions are dealt with in the seminars “Global Finance” and “International Investment” during your first semester. Starting in the second semester, the focus will be on topics such as Advanced Financial Accounting and Empirical Analytics for Finance.

Core competencies in “Mergers & Acquisitions”

The merger of two companies and the acquisition of business units are typical transactions in the international business environment. The entry into new sales markets and company growth often occurs through such M&A activities. Before this happens, however, it is necessary to evaluate the takeover candidate. During the first three semesters of the master’s programme “Global Finance” you will learn the tools for due diligence in the seminars “Empirical Research Methods” and “Applied M&A and Restructuring”.

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

Graduates with the first degree in business administration can qualify for the master’s programme if they have advanced knowledge of English. Basic knowledge of finance is an advantage.

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."

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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