General questions about the MIFE program

Do you charge study fees? 

Since the beginning of 2013, there are no tuition fees for any degree program at our university - including the MIFE program - neither for German nor for international students. Only an administration fee of € 67 per semester  - which includes the base rate for using the public transportation system of Nuremberg -  is required.

When does the new academic year start? 

The winter semester starts on October 1st; the summer semester starts on March 15th.


Course Catalogue (courses offered in the current semester, including timetable)

Module handbook (overview of course contents, literature lists)

Studien- und Prüfungsordnung (SPO) (the "legal framework" for the program)

How long will it take to finish the MIFE degree program? What is the maximum study length? 

The MIFE program normally takes three semesters full-time to complete. The maximum duration is five semesters.   

Is the MIFE program a full-time program? 


Can I study part-time? 


How many classes does a student take each semester? 

Usually, full-time students take courses worth 30 ECTS per semester which equals five courses with 6 ECTS each.

Which courses do I have to take? 

Students are required to take 90 ECTS in total.  42 ECTS are mandatory modules, 30 ECTS are electives (of which at least 6 ECTS have to be in economics and 6 ECTS in finance and not more than 6 ECTS in general management) and 18 ECTS derive from the master’s thesis.  

Please refer to the Course Catalogue and the Module Handbook for further information.

Can I transfer graduate classes taken elsewhere (i.e., at another university) that are similar to the courses in the MIFE program? 

In case of admission to the program, you can apply for recognition of prior courses by handing in a request to the examination board within four weeks after enrolment. The examination board will then decide based on course contents etc. 

Please note that courses which were taken during the Bachelor program that was the basis for admission to the MIFE program cannot be recognized and credited.

Admission Criteria and Procedure - General Questions Concerning Application

When and where can I apply? 

The application period for the upcoming winter semester (semester start: 1 October):
2 May till 15 June.  

The application period for the upcoming summer semester (semester start: 15 March): 
15 November till 15 December.  

The online application form (data sheet) is only available during these periods!

Is it beneficial to apply early? 

Yes, as there will be more time to submit documents that might be missing. Please make sure that all documents are uploaded within the given timelines.

How can I apply? 

Please find detailed information on our website: Admission Process

Is there an application fee? 


Where do I get more information? 

Your first point of reference should be our MIFE website.  In case, you have questions that could not be answered after studying our website, please send an email to the program manager of the MIFE program (details to be found under "Contact").

Can the procedure for admission to Nuremberg Institute of Technology be completed through UniAssist? 

No, your application must be submitted directly to Nuremberg Institute of Technology.

What are the prerequisites of the program? 

The admission requirements are specified on our MIFE website.

Which of the admission criteria are most important? 

The admission committee will evaluate and select the applications according to the following criteria:     

  • the applicant's academic qualifications    
  • the applicant's practical business experience    
  • the applicant's knowledge of English and German 

When and by whom are admission decisions made? 

The admission committee consists of several professors. They consider all parts of your application, including your CV, motivation letter, letters of recommendation, Bachelor’s average grade and test scores. The final decision is made latest eight weeks after the application deadline.

Can I find out by telephone whether I have been accepted or denied admission to the program? 

No! Please be patient. We will inform all students via email. Make sure to check your email account as well as the spam folders regularly during the admission process.

If I am admitted this semester, may I defer my enrolment until next semester? 

No.  Please apply again for the semester in which you want to start via the online portal and send us the online application form including your application documents plus a copy of your “old” letter of acceptance.

Can I apply for a higher semester? 

No. Applications are only possible for an entry into the first semester.

However, in case you have already studied in another Master's program, succesfully completed courses/credits might be transferred after a successful request to the examination board. Please send the request at the beginning of your MIFE studies to the examination board.

Which documents do I have to submit? 

You can find a listing of the documents to be uploaded on the Admission Process page of the MIFE website.  You will need to complete the online application and upload the required documents.

Does my application need to be complete to apply? 

Yes, applications are not considered complete until all documents were received. Only then will they be taken into account. In case, recommendations and official transcripts will be sent after the submission deadline, include a note indicating the name of the school/source of reference letter and that these have been requested to be sent directly to our office.

I would like to apply for more than one program. Is that possible? 

Yes, you can apply for several programs through the online portal. Make sure to follow the requirements of each program as they might differ.

Which documents have to be submitted as certified copies in addition to the upload? 

The application is online only. In case of an admission, certain documents have to be submitted as certified copies in order to enrol as a student.

Do I need to send original documents? 

We would not recommend to send original certificates (except for the APS certificate). Instead send officially certified copies. The Nuremberg Institute of Technology does not assume any liability for unsolicited original certificates.

What is a certified copy? 

Collective certification:  If a copy consists of several individual pages, it must be verified that each page derives from the same original. Multi-sheet authentication of several pages of a document is permissible if the pages are bound with string or seals. Multi-sheet authentication is also recognized when the pages are folded in at the top and bound with a stapling eye and so stamped that each page has an imprint from the pressure of the seal.  

Each page can also be notarized separately

The notarized copy must contain a statement of notarization indicating that the copy corresponds to the original. The notarization can only be accepted when this statement contains the signature of the notary and the official stamp, which usually includes an emblem. Please ensure that the document is not only notarized with merely a rubber stamp. A simple ink stamp is insufficient!  

A copy of an officially certified copy is not considered to be authenticated and must be officially re-authenticated.

If the authentication does not meet the requirements (e.g. due to the opening of the multi-sheet authentication, subsequent handwritten entries and the like), the authenticated certificate will not be recognized. Incomplete authentication is also not permissible even if it was undertaken by an authorized body.

Who can certify copies? 

Official certifications outside of Germany may be performed by:     

  • German embassy and consulate    
  • The school or university that issued the document. Certifications have to be made by the school principal or the dean of the university with his/ her official seal. Certification by a secretariat is insufficient.     
  • A notary public who affixes a copy with his seal of apostille (notaries authorized to provide official notarization in the respective country). 

Official certifications in Germany may be performed by:     

  • An official German body authorized to administer seals: Municipal administrations, county administrations and lower administration authorities, e.g. local mayors and officials, city administrations (city hall), district authorities; additionally, also courts and notaries.    
  • A notary public    
  • A translator officially sworn in Germany for the specific language    
  • A consulate or embassy of the home country in Germany  

We will not accept notarizations from private individuals, solicitors, accountants, health insurance funds, a priest's office etc.

Schools or universities may only authenticate certificates issued by them. 

The wording of certification by administrative bodies in Germany is generally the following: "Die Übereinstimmung der vorstehenden/umstehenden Kopie mit dem Original des (Name des Zeugnisses) wird hiermit amtlich beglaubigt." ("The above/following is hereby certified to be a true copy of the original of [name of record].”).

What is a certified translation? 

Documents not issued in German or in German/ English language must be translated by a sworn translator (registered at court) into German or English.  

Translations of records cannot be made from copies. They must be translated directly from the originals. The translator must indicate this in his certification. In addition, he must state the language from which the translation was made. Additionally we need a notarized copy of the original (foreign language) document. Certificates in English do not have to be translated. 

Records which have been translated in a country outside Germany can be     

  • given a notarization/legalization notice at an embassy or consulate of Germany stating “Viewed in the embassy (consulate) of the Federal Republic of Germany for Legalization...” or     
  • be legalized in that country with an apostille stamp by a notary public or     
  • be legalized by the consulate of that country in Germany.      

An officially sworn translator in Germany is also permitted to examine the translation made abroad and legalize it post factum with his seal.  

Translations made in Germany must be certified by a court-sworn translator for that specific language. The translator’s seal must contain the inscription “Öffentlich bestellter und vereidigter Übersetzer” (“Publicly appointed and sworn translator”). The seal must also indicate the language for which the translator is officially sworn. In addition, the translation must bear the address of the translator.

Is an APS certificate required? (Applicants from India, China and Vietnam)

Chinese, Vietnamese and Indian applicants who want to study at a German university are required to have their university diplomas evaluated by the "Akademische Prüfstelle" (APS) which exist at the German embassy in Beijing, Hanoi and New Delhi.

Please note: An APS application is not equivalent to an APS certificate and is therefore not sufficient. 

Please double-check if any documents are missing, as you will NOT be notified by the university. Missing documents can only be uploaded during the application period. 

Incomplete applications will be "provisionally excluded" (vorläufig ausgeschlossen) from the admission process.

Once all documents are complete and correctly submitted, the university will change the status of the application to "valid" (gültig). Your application will then be considered in the admission process.

If your application has the status "received" (eingegangen), or "being processed" (in Bearbeitung), or "provisionally excluded"(vorläufig ausgeschlossen), you may not upload any additional documents. In that case, if you need to modify your application or upload additional documents: withdraw your application, upload any missing documents, and then re-submit the application.

Please note that your application must be submitted (or re-submitted) within the application period.

It is not possible to submit an application after the application deadline.

Admission Criteria and Procedure - Bachelor/Undergraduate Diploma

If my transcript does not contain a grade point average how can I calculate my GPA? 

In many countries official academic transcripts contain a GPA – one calculated per semester, and one calculated over the entire degree program. In some cases, a GPA will only be calculated once the program has been completed. If your transcript does not contain a GPA, the admissions office will calculate one for you. 

How can I convert my foreign grade into the German grading system? 

German universities use a 1 to 5 scale, ranging from 1 (very good) to 5 (not sufficient) with 4 being the lowest passing score (sufficient). 

We are using the modified Bavarian Formula to convert your foreign GPA into the German grading system. Please make sure that your achieved grade (GPA), the highest possible grade and the lowest possible passing grade can be refered to in your documents.

Take the best possible score in your grading system (e.g. 4.0 for Americans) and subtract your obtained score from it. Divide this number by the difference of the best possible score and the lowest passing score (e.g. 2.0 for Americans). Multiply this quantity by 3 and then add 1. This will yield the German grade. 

Example calculation with a maximum GPA of 4, an obtained GPA of 3.5 and an minimum passing GPA of 2

= [(4-3.5) / (4-2)] x 3 + 1 = German grade 1.75

Can I apply if I have not finished my Bachelor yet? 

You can apply for admission before you finished your bachelor program if at least 85% have been completed. When applying, please submit the most recent transcript of records (certified copy).  

Students who meet the selection criteria for the MIFE program will be given a conditional offer of admission, i.e. you must hand in your bachelor diploma until a specified date otherwise your enrolment will be rendered void from the very beginning. (In this case, study and exam results would not be recognized and not be attested to).

I will not obtain my bachelor’s degree before the application deadline. How do I calculate my grade point average (GPA)? 

You may apply if you have completed at least 85% of your degree program.  If you have not received your degree certificate before the application deadline because you will graduate later in the year, your GPA will be calculated based on the results included on your most current transcript at the time of application. Please submit the transcript of records as certified copy.

We require a first Diploma/Bachelor degree from a full business or economics program with a focus on finance/economics.

Can I apply with less than 210 ECTS obtained in the Bachelor? 

Yes! In case your Bachelor degree earned you just 180 ECTS (3 years of study), you may have to take additional courses (pre-master bridging courses) at our university to bring your ECTS points up to 210.


Will you consider my Master’s degree? 

In general, the basis for evaluation will be your Bachelor’s degree only.

Admission Criteria and Procedure - Master Admission Test and GMAT

When will the Master Admission Test take place? 

The Master Admission Test usually takes place approx. 3-5 weeks after the application deadline. You will be notified via email about the exact date.

What are the contents of the Master Admission Test? 

The Master Admission Test (90 min, in English) consists of multiple choice and open questions in the fields of economics as well as of finance. Together with the invitation, you will receive a reading list in order to prepare for the test. The test is a vital part of the application process for applicants who would otherwise need to provide a GMAT due to the (expected) final average grade of the Bachelor’s degree. The test takes place in Nürnberg. You will have to pass both parts (economics and finance) in order to pass the whole test. 

The Master Admission Test (IB-MAT) serves as proof of standard knowledge acquired in a Bachelor's program in the fields of finance and applied economics which is required to succesfully complete the MIFE program. 


Knowledge and skills in the area of ​​finance.

The exam topics are based on modules such as "Finance, Investment and Capital Budgeting", "Corporate Finance "and" Case Studies in International Finance " (see module handbook of Bachelor's program "International Business"). 

Recommended literature:

  • Brealey/Myers/Allen (2011): Corporate Finance (Global Edition) 

Applied Economics: 

Knowledge and skills in the area of applied economics.

The exam topics are based on modules such as "Economics I" and "Economics II" (see module handbook of Bachelor's program "International Business"). 

Recommended literature:

  • Mankiw, Gregory: Principles of Economics; any edition
  • Miles, David and Andrew Scott (2005): Macroeconomics. Understanding the wealth of nations, 2nd Edition, Chichester 

Each part has a total of 40 points; the complete test has a total of 80 points. The overall result of the IB-MAT is either "passed" or "not passed". Successful test-takers must achieve a total score of at least 20 points (50%) in EACH of the two parts.

Who can participate in the Master Admission Test? 

You will receive an invitation to the Master Admission Test in case you:     

  • Live in Germany AND     
  • your (expected) final average grade of the Bachelor's degree is    
    • between 2.1 and 2.5 (in the German grading system) in case of a completed Bachelor's degree
    • between 1.8 and 2.5 (in the German grading system) in case your  Bachelor's degree is not completed yet (at the most 15% of credit points still outstanding)
    • you have not provided a sufficient GMAT/GRE score 

What can I do if I cannot take part in the Master Admission Test? 

In case there are valid reasons beyond your control (and substantiated by written proof to the admission's committee), you may take part in it at an alternative test date.  As our internal Master Admission Test is just an alternative for those without GMAT/GRE, there will be only one test date plus one alternative date. If you cannot participate, please submit a GMAT/ GRE result during the application period.

Do I need a GMAT? 

Whether a GMAT (minimum score 600) is required or not depends on your Bachelor grade: 

Bachelor's degree completed:

Final average grade (in the German grading system) of the Bachelor's degree is     

  • 1.0 - 2.0: no GMAT required    
  • 2.1 - 2.5: GMAT required    
  • 2.6 onwards: no admission possible    

Bachelor's degree not completed (max. 15% of credit points outstanding):
Current average grade (in the German grading system) as per transcript of records is     

  • 1.0 - 1.7: no GMAT required    
  • 1.8 - 2.5: GMAT required    
  • 2.6 onwards: no admission possible 

Alternatively, applicants may also hand in a corresponding GRE test result.

What is your institutional code for the GMAT? 

Please select "Technische Hochschule Nürnberg (Nuremberg) - Faculty of Business Administration - Master in International Finance and Economics” as destination. 

How must GMAT scores be submitted? 

Please submit an "Official Score Report/ School Copy“ (hard-copy), a certified copy of it or make sure that our university can verify your score online.

What if my official GMAT scores arrive after the deadline? 

Academic institutions generally receive GMAT scores within 20 days after the test is taken. We recommend that you plan to take the GMAT exam at least one month prior to the application deadline to ensure that your exam results are available to the admissions committee on time.   When submitting your application please include your (un)official GMAT score report as it can be used in the initial evaluation of your application (in case your official score report arrives late). You will get your unofficial GMAT score right after you have taken the exam. Please submit the official score as soon as you receive it.

Admission Criteria and Procedure - Language requirements

Do I need to take a German exam even if the program is in English? 

Yes. The MIFE program can be fully studied in English. However, we also ask for a basic knowledge of German, equivalent to the level A1 of the Goethe-Institute (approximately 120 hours attended).       

Can I submit the German certificate after the application deadline?

As a general rule, all required documents are due during the application period. Incomplete applications are not considered.
However, in case all other requirements are fully met, the admission committee might accept the German certificate later. Please submit proof that you are currently attending a German course.

Why do I need to take an English exam? 

The MIFE program is taught entirely in English (a few German courses are offered, too), and it is important that you can read, write, speak and understand English fluently. 

Each student requires (no matter what educational background) to submit a test result of their English proficiency by obtaining a language certificate mentioned on our website.

What standardized English exams do you accept and how old can my score be? 

Please find a list of the tests we accept on our MIFE website ("Language Requirements"). No other English language exam results will be accepted. The exam results may not be older than two years. 

What is the institution code for the TOEFL test score report?

The TOEFL institutions code is "4210 TECHNISCHE HOCHSCHULE NURNBERG".

Admission Criteria and Procedure - Work experience and reference letters

Is work experience required? 

We require proof of at least 6 months of relevant practical experience or a relevant internship that was part of your studies (min. 20 weeks) . In case the applicant has not yet worked in Economics/ Finance, enrolment may be granted under the condition that within the first semester you have to complete an internship of 20 weeks.

Who should write my letters of recommendation? 

Your letters of recommendation can be written by a person at the university or in business (e.g. a professor in a relevant course or a former employer).      

What are the guidelines for recommendation letters?  

Recommendation letters should come from persons who know you for a longer period of time and can comment on your academic, professional and/ or personal qualifications. Recommenders should be chosen from people most familiar with your studies or work. If you have been out of university for some time, a letter from an employer may be provided. Please make sure that the recommendation letter does not exceed one DIN A 4 page.       

May I submit more than two letters of recommendation?  

No. It is not recommended to submit more than two letters of reference.

Information for new students

Where is the faculty located? 

Our faculty is located close to the city center and easily accessible by public transportation at Bahnhofstrasse 87 in Nürnberg.

When does the introduction session for the MIFE program take place? 

We usually hold an introduction session on the first day of the new semester (i.e. 1 October or 15 March).

You will receive a lot of useful information and of course meet your new fellow students as well as Prof. Weese, head of the MIFE program. We will take some pictures and current MIFE students will show you around the building and its facilities.