The highly international Master in International Finance and Economics (MIFE) is tailored towards above average graduates from all over the world with a first academic degree in business and previous work experience in either Finance or Economics.

The 3-semesters, full-time English-language program provides you with an in-depth understanding of the principles and practices of international Finance and Economics. The  program allows for specialization by choosing special electives in Finance and Economics. 

Furthermore, the program  offers both practical and international experience and prepares students for a wide range of career opportunities, e.g. in the global financial industry.

Abschluss
Master of Science
Regelstudienzeit
3 Semester
Zulassungsbeschränkung
studiengangsspezifisch
Unterrichtssprache
Englisch
Students can choose some electives in German.
Besonderheiten

MIFE offers a comprehensive, integrated curriculum in Finance and Economics based on core modules and electives to choose from. The program is entirely taught in English.

Lectures tend to be in a participative lecture-style with a strong involvement of students. Classes frequently incorporate case analyses and group discussions. There will also be joint work sessions and opportunities for supervised project work, field investigations and company visits, as well as individual research. Small classes allow for close personal contacts.

We are committed to an academic, yet practice-oriented approach. Our experienced professors have an extensive academic as well as strong practical background in Finance/Economics. We are all working together to deliver a professional and internationally-oriented education which enables students to cope with a vast, continuously changing global environment.

Furthermore, students may broaden their horizon by spending a semester at one of our 80+ partner universities or by doing an internship abroad.

Interessante Zahlen und Daten

Only around 40 new students per year

Small classes of around 20–30 students

approx. 80 % of students are non-Germans from around 30 different countries worldwide. The multi-cultural study environment is a true highlight of the program for many

the vast majority would recommend the study program (recent years' Alumni surveys: 100 %)

Studienbeginn
Wintersemester oder Sommersemester
Bewerbungszeitraum
Für das Wintersemester: 02.05.2017 bis 15.06.2017
Für das Sommersemester: 15.11.2017 bis 15.12.2017
Zuständige Fakultät
Betriebswirtschaft
Akkreditiert

A specialization in one of both fields 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

Students can describe the fundamental principles, assumptions and constraints of the accounting of combined entities. They understand and are able to explain the annual report of an international combined entity (global player). 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)

Business Ethics

Learning Outcomes

Students will be able to recognize and (re-)evaluate the ethical dimensions of business decisions in our competitive global business world. By applying various ethical theories and processes of decision making, students are able to understand, structure and to evaluate the complexity of typical ethical dilemmas in business decisions of our global and multicultural business world. Students are trained to present and evaluate complex topics and sophisticated theories in oral presentation and in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships.

Module Content

The course covers the following topics:

Definition of “good” as a basis concept of all moral discussions (as discussed by Plato, Aristotle, Kant, Descartes, Moore)

Ethics in Business:

  • Globalization and the role of Business Ethics
  • Corporate social responsibility, Corporate Accountability and Corporate Citizenship
  • Ethical theories: Teleological, Deontological, Meta, Descriptive, Normative and other ethical theories; alternative perspectives and pragmatic use of ethical theory
  • Ethical decision making – example model
  • Ethical Model of discursive and communicative ethics
  • Managing Business ethics – codes of ethics, social accounting, organizing for ethics, codes of conduct
  • Managing stakeholder relations
  • Corruption and bribery

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

Students can describe the fundamental components of the economic globalization process. They understand and are able to explain the constitutional complexity of the world economy. Course participants are able to analyze international economic developments 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 following topics:

  • Globalization in historical context
  • Foreign exchange markets and exchange rate concepts
  • Balance of Payments Mechanics
  • Exchange Rate Dynamics
  • Exchange Rate Arrangements
  • Currency Crises
  • Financial Market Globalization and Economic Growth
  • Current Issues in International Economics

Learning Outcomes

Develop skills on how to search for, evaluate and analyse primary 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.

Module Content

Students carry out independent and applied research on a specific 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.

 

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 European Integration
  • Development Economics and Policy
  • Public Sector Economics
  • Behavioral Economics
General Management (max. 6 ECTS) 
  • Strategic Management in a Global Context
  • Controlling I
  • Controlling II

Structure

Master’s Thesis

MIFE students complete their studies with the Master’s Thesis which is usually submitted in the 3rd/final semester. The topic of the Master’s Thesis can either be a theoretic/research project at our university or it can be written in cooperation with a company. Students have 5 months to complete their thesis.

By conducting an independent research in Finance/Economic students do not only apply and deepen their acquired knowledge, but learn how to structure and carry out scientific work.

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.

Informationen zur Zulassung

As demand for the MIFE program exceeds supply, applicants first have to pass through a rather competitive admission process which selects candidates based on their academic profile, achievements and suitability.

The most important prerequisites are your Bachelor's degree and English language skills.

In fact, no matter which nationality you hold, in order to apply you need a business/economics Bachelor of 210 ECTS with a focus on finance/economics. In case, your Bachelor degree earned you just 180 ECTS (3 years of study) you may have to take additional courses at our university to bring your ECTS points up to 210.

1a) Bachelor's degree completed

A first Diploma/Bachelor degree from a full business or economics program (focus on Finance/ Economics) with an average of 2.0 or better (according to the German grading system; we are using the Bavarian formula to convert your grade.)

If your average is between 2.1 and 2.5 in the German grading system you have to participate and pass the General Management Admission Test (min. GMAT score 600), equivalent GRE or our own Master Admission Test.

You are only allowed to take our Master Admission Test if you are residing in Germany. This test usually takes place two weeks after the application deadline. Information on the test can be obtained upon request or found in the FAQ section.

1b) Bachelor's degree not yet completed (min. 85% must be completed)

A first Diploma/Bachelor degree from a full business or economics program (focus on Finance/ Economics) with an average of 1.7 or better (according to the German grading system; we are using the Bavarian formula to convert your grade.)

 If your average is between 1.8 and 2.5 in the German grading system you have to participate and pass the General Management Admission Test (min. GMAT score 600), equivalent GRE or our own Master Admission Test.

You are only allowed to take our Master Admission Test if you are residing in Germany. This test usually takes place two weeks after the application deadline. Information on the test can be obtained upon request or found in the FAQ section.

2) Proficiency in English:

Each student has to submit (independent of the educational background) a sufficient test result obtained in one of the internationally accepted English language tests mentioned below.

Exceptions: 
  1. Native speakers from the USA, UK, Ireland, New Zealand, Australia or Canada. Please submit appropriate proof.
  2. If you received your complete higher education (at least 3 years) in an English taught program in the USA, UK, Ireland, New Zealand, Australia or Canada, the Admission Committee might accept your application without submitting an English test result .
Please submit appropriate proof:
  • TOEFL (paper-based test): score 600
  • TOEFL (computer test): score 250
  • TOEFL (internet-based test): score 100
  • TOEIC (Our in-house TOEIC test takes place in February, June, September and December of each year): score 820
  • IELTS 7.0 (min. 6.0 in each test component)
  • Cambridge Certificate in Advanced English Cambridge CAE Grade C or min. Cambridge English Scale score 180 / CEFR Level C1 or Cambridge Certificate of Proficiency in English (CPE) 

A GMAT test does not waive the requirement for an English certificate!

3) Basic knowledge of German

equivalent to the level A1 of the Goethe-Institute (at least 120 hours of lessons attended).

4) Practical Experience

An internship in finance/economics of at least 20 weeks or practical work experience in finance/economics of at least 6 months needs to be proven.

5) In addition, you may submit:

  • Two personal references providing information about your academic qualifications and personal suitability (e.g. job references, recommendation letters)
  • Motivation letter
  • Copies (e.g. confirmation letters, if available) of professional or academic training/experience abroad

All documents have to be submitted together with a completed and signed online application form via postal mail (NO email!). Please make sure to submit officially certified copies, e.g. legalized by the German embassy/ public notary.  You can only apply within the application periods as this is the only time when our online system will be “active” (you need an online application form).  The application period is from 02 May till 15 June (winter semester) and 15 Nov till 15 Dec (summer semester).      

Please also pay attention to our FAQs (LINK) which might answer additional questions!   

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Studienberatung

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Student Counseling Service

Studienfachberatung

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