International Finance and Economics (MIFE) is a high-level international master’s programme aimed at above-average graduates worldwide.

The English-only successive degree programme builds on the foundations of a first degree in business with a focus on finance/economics. In three semesters, students receive a sound education in the areas of corporate finance, financial institutions & capital markets, and international economics.


Individual specializations are possible through the choice of appropriate compulsory modules. By the end of the programme, our students have a deep understanding of subject-specific theory, empirical analysis, and the realization of practical projects. With international experience on top of this and lectures with a high degree of practical relevance, our graduates are well prepared for a career in the global finance industry, for example.

Degree
Master of Science
Program duration
3 Semester
Admission restrictions

Language of instruction
English
Students can take some required electives in German.
Special features

MIFE offers a comprehensive, interdisciplinary curriculum in the fields of international finance and economics.

The programme is taught entirely in English. However, we recommend that international students take advantage of the opportunity to improve their German language skills.

Our focus on application, working on case studies in small groups, and our participatory lecture style with many group discussions are clear competitive advantages for our students. The lecturers have broad practical experience and excellent relationships with leading companies.

MIFE offers a professional and internationally oriented educational experience that prepares our graduates for an ever-changing global work environment.

The programme emphasizes its international orientation by supporting students in completing a semester abroad at one of our partner universities or an internship abroad.

Interesting numbers and statistics

Only about 40 new students per year

Lectures in small groups of about 20 to 30 students

Approx. 80% of the students do not come from Germany but from around 30 different countries worldwide. For many, the multicultural studying atmosphere is a real highlight of the programme.

The vast majority of our graduates would recommend the master’s programme to others (alumni surveys in recent years: 100%)

Admission semester
Winter semester or Summer semester
Application period
For the winter semester: 02.05.2022 to 15.06.2022
For the summer semester: 15.11.2021 to 15.12.2021
Faculty
Business administration
Accreditation

A specialization in one of both fields - finance or economics - is possible by selecting respective elective modules.

A student can for instance choose from 6 to a maximum of 24 ECTS in finance electives in addition to the compulsory ones. The same is possible for a specialization in economics.Students also have the chance to spend one semester abroad.

For detailed course descriptions, please see our Module Catalogue.

Modules

International Financial Accounting

Learning Outcomes

The module provides advanced knowledge and analytical capabilities in International Accounting for consolidated entities based on International Financial Reporting Standards (IFRS). One of the main learning outcomes of the course is to enable students to understand and to apply IFRS in group accounting. On the other hand this understanding should help them to interpret financial numbers in consolidated financial statements of international corporations. 

For these purposes, students learn about the initial and subsequent consolidation process and alternative approaches to goodwill accounting. They learn how to look at and analyze a company from a group perspective, getting to know the fundamentals of debt and earnings consolidation.

Accounting for joint ventures and associated companies helps them to understand the alternatives to full consolidation in order to make economically advantageous decisions in later professional life.

Understanding the principles of segment reporting in a group prepares the students for in-depth analysis of both the entire company and its individual operating segments.

Course participants are able to analyze consolidated financial statements and can draw practice oriented conclusions from their analysis. They can present and evaluate relevant information in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships.

Module Content

The course covers the amongst other the following topics:

  • Essentials of Accounting & Summary of IFRS Basics
  • IFRS Financial Statements (IAS 1/IAS 7)
  • Consolidated Financial Statements (IFRS 10)
  • Joint Arrangement (IFRS 11)
  • Investments in Associates (IAS 28)
  • Operating Segements (IFRS 8)
  • Income taxes (IAS 12)
  • The effects of changes in foreign exchange rates (IAS 21)

 

Intermediate Microeconomics

Learning Outcomes

This module enables students to apply the economic tool kit of (rational) decisions making in order to describe and evaluate decisions under 1) certainty, 2) uncertainty and/or 3) asymmetric information. Students will be capable of: 

  • analyzing the risk-return trade-off,
  • analyzing the functioning of competitive insurance markets,
  • assessing market failure arising from asymmetric information 
  • solving basic problems of incentive compatibility.

In addition to the classical rational choice theory this module will enable students to understand and assess basic features of prospect theory (reference points, endowment effect and loss aversion) the most important concept in the field of behavioral economics.

Module Content

The course covers the following topics:

  • Review: Decisions under Certainty
  • The Risk-Return Trade-off
  • Loss aversion and the Endowment effect
  • Decisions under Risk
  • Adverse Selection
  • Moral Hazard

Learning Outcomes

Students can describe the theoretical and practical fundamental components of valuation and value based management. They understand and are able to explain the complexity of valuation and the specific related problems. Course participants are able to analyse companies and their value in order to draw practice oriented conclusions from their analysis. They can evaluate qualitatively and quantitatively and present the relevant information. They are able to answer questions on this matter comprehensively and can explain relevant relationship and claims between the different views on value of companies.

Module Content

The course covers the following topics:

  • Analysis and evaluation of shareholder and stakeholder approaches
  • Description and differentiation of corporate valuation and value based management
  • Foundation of the theoretical background of valuation
  • Foundation of the theoretical background of financial planning for valuation and its practical application
  • Theoretical and practical determination of cost of capital incl. risk and taxes
  • Comparison of the different valuation approaches and their obstacles in applying on different kind of companies
  • Application of value based management on practical examples and their limits
  • Application of corporate valuation on practical examples
  • Cases

Learning Outcomes

Students will be familiar with the most important institutions and participants on the international capital market. Moreover, they understand and are able apply the most broadly used capital market models. They have a deep understanding of the way capital market participants analyze different economic settings and they will be familiar with basic statistical analysis of capital market data.

Module Content

The course covers the following topics:

  • Capital market institutions and participants
  • Portfoliomanagement
  • The CAPM and the tax CAPM
  • Applying the CAPM
  • Risk neutral valuation
  • Information efficiency and capital markets
  • Behavioural finance and capital market bubbles

Learning Outcomes

Seminar participants will be familiar with the most important types and business models of global financial institutions such as banks, insurance companies and asset managers. They understand the institutional setup, purposes and challenges of these global financial institutions. Students are able to critically discuss benefits, constraints and problems regarding each single business model. In particular, students will gain an in-depth understanding of the areas of investment banking and capital markets activities of banks. Furthermore, seminar participants will have a broad understanding of different capital concepts for financial institutions and the respective impacts on their business decisions. In particular, students will gain a profound knowledge of regulatory requirements for banks under Basel III and get an overview of new capital requirements for insurance companies under Solvency II.

Module Content

The course covers the following topics:

  • Banking business: retail banking, commercial banking and investment banking
  • Insurance business: life insurance and non-life insurance
  • Asset management business
  • Capital concepts: IFRS capital, regulatory capital and economic capital
  • Bank capital requirements under Basel III and capital requirements for insurance companies
  • Equity & Debt Capital Markets
  • Financial Advisory: M&A and Corporate Restructuring
  • Sales & Trading and Research

Learning Outcomes

This course will provide an introduction to quantitative methods in use in modern finance and economics. Emphasis will be placed on the practical use of empirical tools. This applied focus will be complemented by the investigation of assumptions and proofs that contribute to the understanding of empirical results. Students will examine design issues in research, conduct hands on data analysis and apply descriptive and inferential procedures to test hypotheses. After completion of the course students are able to perform statistical and econometric research by using the software STATA.

Module Content

The course covers the following topics:

  • Review in basic statistics
  • Introduction to Stata
  • The classical regression model
  • Hypothesis testing
  • Multiple regression
  • Time series econometrics
  • Limited dependent variables

Learning Outcomes

This module provides of advanced knowledge and analytical capabilities in international economics, with a particular focus on international finance. Students will assess the institutional framework of international financial markets. They will be able to compare and contrast different exchange rate regimes and methods for exchange rate determination. Students will also evaluate country and political risk of international investments and identify opportunities and risks of investment strategies. Finally, students will learn to analyze financial instruments from the perspective of hedging, arbitrage and speculation.

Module Content

The course covers the following topics:

  • The international financial environment
  • Exchange rate behavior
  • Interest rate parity
  • Relationship among inflation, interest rates and exchange rates
  • Forecasting exchange rates
  • Foreign direct investment
  • Country risk analysis
  • Financing international trade
  • Short-term financing

Learning Outcomes

The key objective is provision of applied research capabilities in international finance and economics.

Develop skills on how to search for, evaluate and analyse pri-mary and secondary information, with the aim of arriving at meaningful, objective results for a realistic project, with a focus on finance and economics. Students work in small teams, with an emphasis on understanding how to structure and carry out the project within the team, including managing their own deadlines.

Students apply their academic theoretical knowledge to practi-cal applications via real case-based research projects with companies (including the diverse functions in business operations) and/or academic-based research projects. 

During the course students carry out desktop research and/or interviews and/or process analyses in the companies or the academic environment of the applied research topics.

In this respect, they create added value for the applied research projects with the companies or the research in theory.

Module Content

Students carry out independent and applied research on a spe-cific topic in the area of international finance and economics. The exact contents depend on the specific research stream selected but will include a critical review of the state of art information/literature sources on the chosen topic. Guidance is given in terms of academic writing, presentation and data visualisation, as well as coaching during the project.

Finance (at least 6 ECTS)
  • M&A and Bank Management
  • Finance, Capital Markets and Private Equity
  • Equity and Bond Investments
  • Case Studies in Finance and Capital Markets
  • Credit Risk Management
  • Derivatives
  • Portfolio Management and Risk
Economics (at least 6 ECTS)
  • Economics of Emerging Markets and Development
  • Environmental Economics: Theory and Policy
  • Public Sector Economics
  • Behavioral Economics
General Management (max. 6 ECTS) 
  • Strategic Management in a Global Context
  • Controlling I
  • Controlling II

Sample study plan (flexible scheduling possible)

Master's Thesis

Learning Objectives and Skills

Students are able to perform academic work and research related to a specific and complex academic or practical problem related to international finance or economics. They apply appropriate research methods and draw their own conclusions within a limited time period. Students relate and apply their acquired academic understanding to a practical and/or academic issue.

After successfully completing the thesis, students gain the following competences:

  • Plan, organize and structure a scientific research project related to a complex topic.
  • Acquire specialized knowledge in the student´s chosen focus area.
  • Independently conduct high-quality scientific research.
  • Employ appropriate research methods and analytics.
  • Apply academic writing skills.
  • Finalize a scientific document including correct citations, adherence to formal requirements and fulfilling high standards of academic writing.
Module Content

In-depth analysis of a specific research topic to be assigned to the student by the thesis supervisor. The topic must be related to the area of international finance or economics. The thesis can also be prepared in co-operation with a company

Fields of work, Job profiles

The mandatory and elective modules of the Finance and Economics Master program allow students to focus on segments in Finance and Economics which interest them most .Our alumni are employed at finance departments of companies, financial institutions (banks, insurance companies, asset management) as well as public entities (i.e. organizations for economic development). They work in various areas like corporate finance, trading, risk management, advisory, M&A or similar at companies such as Bosch, Siemens, Eurex, BNP Paribas, Unicredit, KfW or in organisations specialized in financial and economic policy.

Academic options after you've earned your master’s degree

Although not being the main focus of the MIFE program, in general the M.Sc. enables students to continue their studies in a Ph.D. program of German universities. A few of our alumni continue their studies in qualified Ph.D. programs.

Information on admission

As demand for the MIFE programme exceeds supply, applicants go through an admission procedure where candidates are selected on the basis of their academic profile, achievements, and aptitude. 

The main requirements are your bachelor’s degree and English language skills.

To apply, you need a bachelor’s degree in business with 210 ECTS and a specialization in finance/economics. An application with 180 ECTS (3 years of study) is also possible.

A detailed description of the admission procedure including all criteria and required application documents can be found on our English-language degree programme page.

Please also refer to our FAQs!

Do you have any questions regarding your application, admission, or the degree programme? Do not hesitate to contact us!

We can advise you on the recognition of (foreign) degrees, your application, the admission procedure, and the content of the degree programme.

International Business Office:

Telephone: +49 911/5880-2721
Email: IB-master-ifeatth-nuernbergPunktde
www.th-nuernberg.de/ib

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Faculty advisor

Would you like more detailed information about the content of individual subjects within the International Finance and Economics master’s degree programme? Then the Faculty Advisor is your next port of call.