Brochure Master of Finance
Content
Master of Finance (M.Sc.)
EDUCATION MADE IN GERMANY
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Welcome to Frankfurt.
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Contents
5 6 7 8 10 12 14 16 Master the challenge of finance Key facts of the programme Interview with the Academic Director Programme structure Concentration in Capital Markets Concentration in Corporate Finance Concentration in Risk Management – NEW Concentration in Development Finance 18 20 21 22 23 24 26 27 Your faculty Your international network Partner universities Our services Outdoor Campus Living in Frankfurt Application Your contacts
Master the challenge of finance
Welcome to the Master of Finance programme of Frankfurt School of Finance & Management. The Master of Finance programme is an internationally recognised study programme that paves the way for a future career in any part of the financial industry. It is a full-time programme that allows students to maintain part-time employment for three work days during the week. Financial institutions of all types – banks, insurers, private equity firms, hedge funds, microfinance, development banks, etc. – will only achieve sustained success if their employees are capable of embracing the complex inter dependencies of the modern world in a responsible and proactive way. This is what our students learn while they are here. Over decades, Frankfurt School has built up an excellent network of finance practitioners and institutions. Our institution was set up in the 1950’s by leading banks and has always been closely connected to the finance sector. This close connection makes an essential contribution to the delivery of an academically rigorous and practically relevant programme for our students. The programme’s faculty are pro minent experts who base their teaching on a blend of theory and practical elements. During your studies you will benefit from innovative teaching concepts, and by working in study groups you will discover what managerial responsibilities in everyday work are all about. It is our graduates who build our success story, and our alumni keep us posted about their progress in life and the opportunities they have had for growth. Our students benefit from all the advantages of a top business school. They study
Prof. Dr. Udo Steffens President Frankfurt School Finance & Management
in small and international groups and receive continuous support from our Career Services to plan their future career. Our Master of Finance was the only programme from a German institution to appear in the 2012 international Financial Times ranking. Learn more about a programme that will give you a deeper insight into finance. Get to know our students and alumni and let them share their enthusiasm with you for their fields of activity.
Master the challenge of Finance
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Key facts of the programme
Target group
The programme is right for you if you wish to build a career in finance and if you have the desire and the commitment to immerse yourself in the challenging world of modern financial analysis and practice. There are no specific requirements as to the subject of your first degree, though we do expect some exposure to quantitative analysis at university level.
Concentrations
The programme enables you to pursue in-depth studies in one of the following four concentrations, based on a common foundation of shared core modules. Capital Markets Corporate Finance Risk Management NEW
Development Finance
The 3-day model (21 months plus thesis)
The Master of Finance follows a unique time model that permits you to work part-time whilst pursuing your full-time Master’s degree. We call this the “3-day model”. Our students typically attend classes three days each week, namely either “Monday, Tuesday and Saturday” or “Thursday, Friday and Saturday”. This leaves you with three free work days during the week for self-study or part-time employment.
Fast-track options (10 or 16 months plus thesis)
Different fast-track study options are available if you want to reduce your required stay in Frankfurt. Depending on your prior qualification some or all of the modules of the first semester may be waived. Also, you may choose our “full-week option”. This enables you to take the two elective modules from the fourth semester in previous semesters. All fast-track options have to be approved on an individual basis.
Financial Times Ranking 2012
For the first time, our Master of Finance programme is featured in the world’s top ranking for business schools, at number 32. Frankfurt School is the only German institution of higher education to appear in the ranking “Masters in Finance Pre-Experience 2012”. Our position in the ranking clearly indicates where we stand in relation to our international competitors and provides a real incentive to improve our quality still further.
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Key facts of the programme
The challenge of turbulent markets
Interview with Prof. Dr. Michael H. Grote
We are facing turbulent times in the financial sector. How does Frankfurt School prepare future financial managers for this challenge?
The content of the Master of Finance modules is being continuously adapted. With the largest Finance Department in Germany and a highlydeveloped corporate network, Frankfurt School comprehensively addresses both theory and practice. Feedback from both worlds is constantly integrated in the programme to prepare students for the globally changing environment. We are introducing a Risk Management concentration in 2013, reflecting the finance industry’s demand for specialists in this area. You’ll find high-profile practitioners and experienced specialists in many classes in the Master of Finance programme who are using actual case studies based on their experience. That said, we believe that a sound analytical basis is a major ingredient of our students’ readiness for future challenges.
Michael H. Grote
programme are also sought after in many other industries – firms need to finance themselves, and regulators and government agencies also need a clear-cut understanding of financial markets.
What qualifications are important for Frankfurt School students and future careers in the finance sector?
Our students are highly motivated to analyse complex problem settings and eager to develop their own solutions to these. The Master of Finance fits those with a business administration or economics background as well as students that have a more technical first degree, such as in mathematics, sciences or engineering. A clear focus and sharp analytical skills are essential in order to pursue a successful career in today’s turbulent world. During the programme students specialise according to their personal goals and interests. Graduates of the Master of Finance
What makes Frankfurt School’s Master of Finance graduates special?
Our graduates hold an internationally recognised degree from the leading German finance school – Frankfurt School of Finance & Management. They are highly respected in Europe and beyond because they act responsibly and because of their first-class analytical skills and cutting-edge practical and conceptual knowledge. They have proven that they can manage a world-class demanding programme. We are proud of them!
Michael H. Grote is Professor of Corporate Finance at Frankfurt School, Vice President Academic Affairs and Academic Director for the Master of Finance.
Interview with the academic Director
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Programme structure
Semester 1
Outdoor Campus Principles of Accounting Principles of Statistics Principles of Finance Principles of Economics Principles of Management
Semester 2
Leadership & Intercultural Management
Concentrations (choose one):
Capital Markets Derivative Analysis Structured Products & Interest Rate Models Corporate Finance Derivative Analysis Financial Markets & Institutions Risk Management Risk Management Organisation & Processes Financial Supervision & Banking Regulation Development Finance Finance & Growth
Risk Management
Corporate Finance
Financial Development
Semester 3
Capital Markets Credit Risk, Default Models & Credit Derivatives Financial Engineering Corporate Finance Debt Capital Markets Risk Management Credit Risk, Default Models & Credit Derivatives Risk Modelling Operational Risk, Liquidity Risk & Other Risks Development Finance Microfinance
Equity Capital Markets International Financial Management
Project Management
Asset Management
Internship
Practical Ethics in Finance Elective 1
Semester 4
Elective 2 Master’s Thesis Elective 3
Study abroad option: You have the option to study at one of our international partner universities and use the credits from your study abroad to replace the elective modules in Semester 4.
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PROGRAMME STRUCTURE
Electives
Our Master of Finance programme includes a wide range of elective modules. Though most of them are related to finance and the four concentrations, we also offer elective modules with a broader business and management focus. Our students choose three electives, one in Semester 3 and two in Semester 4.
Sample of Electives in Semester 3
Arbitrage Theory Management of Innovation Private Wealth Management Mergers & Acquisitions Enterprise, Development & Regulation Consulting Field Study Financial Statement Analysis & Security Valuation Advanced Risk Modelling
Sample of Electives in Semester 4
Market Estimation & Forecasting Renewable Energy Finance Supervisory Risk Assessment Private Equity Financial Stability Bank Controlling FX Options & Structured Products Chinese International Entrepreneurship
Subject to change
PROGRAMME STRUCTURE
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Concentration in Capital Markets
The concentration in Capital Markets was spe cifically formulated in response to the demands of today’s investment banking sector. You are given a thorough base in mathematical methods and tools that are essential for a successful investment banking career. This programme is ideal for all those who wish to work for investment banks and other financial institutions. It is also aimed at students who wish to pursue a PhD upon completion of the Master‘s programme. It pre pares you for a career path in an investment banking environment such as trading, risk management, asset management, or derivatives.
Specialisation modules
Derivative Analysis
You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyse and calculate hedges and how to implement these with Excel.
Asset Management
The module introduces the practice of portfolio management. Asset allocation, portfolio insurance, shortfall risk and performance measurement and attribution form the essentials of this module, with a strong emphasis on practical application.
Credit Risk, Default Models & Credit Derivatives
The management of credit risk is an essential part of this module. Becoming familiar with the credit value at risk and the industry models, like Credit Risk+, are only some of the important learning results. You will be able to apply credit derivatives, and discuss mark-to-market CDS pricing and the CDS curve.
Financial Engineering
Financial engineering takes you one step further. Under tight time constraints, students use their knowledge from previous modules to prepare and present case studies. Working in an international project group you gain hands-on experience in pricing, analysing and selling financial products to clients.
Structured Products & Interest Rate Models
You learn about the motivation of structured interest rate products and the role of swaps in the world of interest rate derivatives. Understanding and analysing interest rate swaps, the swap curve and its history are crucial for using and evaluating complex interest products.
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CAPITAL MARKETS
“We are proud to introduce our students to financial research in a professional environment. Bloomberg and Reuters provide our students with real-time data from all major markets. This is a unique chance for students to prepare themselves to work in financial institutions.”
Thomas Heidorn Professor of Bank Management Head of Centre for Practical Quantitative Finance Frankfurt School of Finance & Management
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Concentration in Corporate Finance
Financial decisions inside corporations are be coming more complex and have an everincreasing impact on the financial sector. Our faculty, visiting professors and industry experts bring a broad background of academic experti se and hands-on experience to the classroom. The Corporate Finance concentration focuses on valuation techniques, financing, product design, hedging methods and financial intermediation. The concentration is designed to endow our students with a deep understanding of financial decisionmaking, corporates’ interactions with financial markets and the regulatory environment. Our graduates will be highly qualified for leadership positions in corporations, in advisory or in bank ing. Specific career paths include international corporations, the advisory industry, commercial or investment banking and various national or international government institutions specialising in the area of finance.
Specialisation modules
Derivative Analysis
You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyse and calculate hedges and how to implement these with Excel.
Debt Capital Markets & Equity Capital Markets
These two modules provide students with an in-depth understanding of the way in which corporations can finance their activities through the issuing of debt and equity. The modules look at the whole spectrum of instruments that are available, embedding practical insights into institutional and regulatory aspects within a broader analytical framework. Teaching in these modules makes extensive use of case studies.
Financial Markets & Institutions
This module prepares students to handle the ongoing volatility in the financial world and its regulatory framework. Students will gain knowledge of the sources of risk and return in domestic and foreign financial markets and institutions. The key focus of the module is to show why informational asymmetries between market participants make financial intermediaries necessary.
International Financial Management
This module equips students with the tools necessary to manage corporations in a global business environment. Topics include exchange-rate fluctuations – its sources, its implications, the risks to the enterprise; the global cost of capital and global capital budgeting; the international tax environment and transfer pricing.
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CORPORATE FINANCE
“As I did the work-study programme in combination with a part-time employment, I appreciated the opportunity to combine my studies with continued practical experience. In addition, small groups and international orientation of the study programme are very compelling. Citi is a great place to work in an international environment with teams around the globe and very dedicated colleagues. As each project is not alike, you are constantly facing new challenges, which creates a very dynamic work and learning environment.”
Jens Bender Vice President Investment Banking Citigroup Global Markets Deutschland AG Master of Finance, Class of 2005
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Concentration in Risk Management
The persistent crisis of the global financial system results in an increased need for experts and leaders to manage financial and non-financial risks in both a professional and sustainable way. In the Risk Management concentration students receive comprehensive insight into the structure, methods and applications of modern risk management. Combining theoretical models with casestudies and research prepares students to take on the challenges of today’s risk management and regulation business. The concentration is supported by FIRM, the Frankfurt Institute for Risk Management and Regulation. FIRM will provide some scholarship funding as well as arrange internships. Students will also be invited to executive talks with leading representatives in Risk Management and to participate in the FIRM alumni initiative.
Specialisation modules
Risk Management Organisation & Processes
You will understand the risk management process in general and the credit process (decision, monitoring, workout) in particular. Specific processes, such as retail, commercial and real estate are discussed. Also, you will learn about process optimisation and outsourcing.
Financial Supervision & Banking Regulation
This module treats the objectives, such as proper incentive schemes, of financial supervision and banking regulation. German banking regulation rules (MaRisk, KWG, Solva, LiqV) are covered and compared with international banking regulations (Basel II, II.2, III). Non-bank financial regulation, such as regulation of insurance companies (Solvency II), is also part of this module.
Credit Risk, Default Models & Credit Derivatives
The management of credit risk is an essential part of this module. Becoming familiar with the credit value at risk and the industry models, like Credit Risk+, are only some of the important learning results. You will be able to apply credit derivatives, and discuss mark-to-market CDS pricing and the CDS curve.
Operational Risk, Liquidity Risk & Other Risks
Risk types beyond market and credit risk are covered in this module. You will learn about operational risk modelling and regulation of operational risk. Liquidity risk, which played a fundamental role in the subprime crisis, will be covered both from a modelling and a supervisory standpoint. Other risks, such as legal and reputational risk, are also treated in this module.
Risk Modelling
This module extends your knowledge of market risk by covering state-of-the-art techniques of risk modelling. You learn about statistical and econometric foundations of time series and related modelling approaches such as GARCH models, techniques targeted at modelling extreme losses and sophisticated modelling of dependencies (copulas). Particular emphasis is put on practical application of these concepts.
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Risk Management
“The combination of detailed know-how in topics like risk management, regulation, accounting plus strong skills in quantitative methods will be a highly sought-after key profile in the financial industry in the long run.”
Martin Hellmich Professor of Financial Risk Management Frankfurt School of Finance & Management
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Concentration in Development Finance
By choosing the Master of Finance with con centration in Development Finance, you lay the foundation for a successful career in inter national development work. Development organisations need people who combine a firm theoretical grounding in finance, economics and development with a practical command of applied techniques and with hands-on personal experience in international development projects. The Development Finance concentration is designed to let you acquire this unique mix of skills and competences. A special feature of this concentration is the mandatory internship in a development project. Due to the close links between Frankfurt School and various development organisations, our students are given access to much sought-after internship positions in banks, NGOs, advisory firms and intergovernmental organisations. This programme is ideal for all those who wish to work for an international organisation (e.g. World Bank), an international development organisation (e.g. GIZ), international development projects, commercial banks and financial institutions with an interest in sustainable finance, or various government specialist positions in economics, finance and technical cooperation.
Specialisation modules
Finance & Growth
This module lays the foundation for an understanding of economic and financial development. Topics include: portfolios of the poor, functions of money and finance, moral hazard and adverse selection, financial market infrastructure, models of growth, stylised facts of financial development, special applications e.g. finance for small and medium enterprises, financial crises.
Financial Development
In this module students are confronted with the key factors driving (and hindering) financial development. To this end, students are introduced to the history of financial development in mature economies, the main theories of financial intermediation and the challenges of financial development in emerging markets and developing economies today.
Microfinance
This module explores the theory and practice of microfinance. Various credit technologies that reduce information costs, such as group, relationship, individual and transactional lending, are investigated in detail. Governance and sustainability as well as funding and the role of donors will be analysed.
Project Management
Students are introduced to the fundamentals of project management and are given hands-on experience and coaching in the actual implementation of a project. Advanced topics include strategic market research in a project-management context.
Internship
All Development Finance students undergo an international 6-week project internship. Projects are with NGOs, governments and intergovernmental organisations, advisory firms and banks.
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Development Finance
“The Master’s Programme at Frankfurt School exposed me to diverse people and environments. I was able to build networks and expand my knowledge of financial sector development in Africa – a perfect preparation for the GIZ project in Ghana. Here I am working together with the public and private sector for sustainable economic development promoting responsible financial behaviour.”
Daniela Richter International Junior Long-term Expert GOPA Worldwide Consultants, Ghana Master of Finance, Class of 2010
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Your faculty
Frankfurt School is a leading teaching and research institution with ca. 50 professors, complemented by visiting professors and lecturers from all over the world. Finance is Frankfurt School´s largest department – and also the largest one in Germany – with almost 20 professors. Both first-class professors from academia as well as key practitioners from the corporate world make this programme a unique experience for our Master of Finance students.
Erich Barthel Professor of Corporate Culture & Human Resource Management. Prof. Barthel is Head of the Management Department. Before joining Frankfurt School, he served as Head of the personnel department at a large German bank and as member of the board of an international consulting firm.
Module: Leadership & Intercultural Management
Falko Fecht DZ Bank Professor of Financial Economics. Prof. Fecht is also Research Professor at Deutsche Bundesbank. Before joining Frankfurt School, he worked with the Federal Reserve Bank of New York, the European Central Bank and several other central banks.
Module: Financial Markets & Institutions
Rita Biswas Associate Professor in International Finance at University of Albany, New York and Adjunct Professor at Frankfurt School.
Module: International Financial Management
Eberhard Feess Professor of Managerial Economics. Prof. Feess is one of the most published German professors and frequently consults with government agencies, firms and governments on regulatory topics. He is Adjunct Research Professor at Massey University, Auckland, New Zealand.
Module: Principles of Economics
Yuping Jia Assistant Professor of Accounting. She has been at Mannheim University as an Assistant Professor after finishing her PhD in Tilburg, NL. At Frankfurt School since 2011, Prof. Jia’s research focuses on financial reporting quality and corporate governance.
Modules: Principles of Accounting, Financial Statement Analysis
Michael H. Grote Professor of Corporate Finance and Vice President Academic Affairs. Prof. Grote is also Co-head of the Frankfurt Institute for Private Equity and M&A. Before joining Frankfurt School, he was Assistant Professor at Goethe University and Metzler Visiting Professor of International Finance at Wharton School.
Module: Mergers & Acquisitions
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Thomas Heidorn Professor of Bank Management and Head of Centre for Practical Quantitative Finance at Frankfurt School. He is the Head of the expert group on rating methods for structured products at the DVFA (German Association of Financial Analysis and Asset Management) advising corporates and public-sector institutions on the management of derivatives.
Modules: Derivative Analysis, Financial Engineering
Jia Yuping
Hartmut Kliemt Professor of Philosophy & Economics and Vice President Research. A philosopher and economist, he has been working with, among others, James Buchanan and Reinhard Selten, two Nobel laureates. Prof. Kliemt is Co-head of a large German science foundation research group looking into priority setting in medicine.
Module: Practical Ethics in Finance
Natalie Packham Assistant Professor of Quantitative Finance. Prof. Packham´s research focuses on quantitative risk management. She has several years of industry experience as an investment banking software engineer at Dresdner Kleinwort.
Modules: Risk Management, Risk Modelling
Michael Koetter Professor of Banking and Finance. Before joining Frankfurt School, he was Professor of International Financial and Monetary Economics at the University of Groningen. Prof. Koetter also worked as a consultant at Boston Consulting Group and as a researcher at Deutsche Bundesbank.
Module: Banking
Günter Strobl Professor of Finance. His research focuses on corporate finance, market microstructure and asset pricing, and has been published in leading journals. Before joining Frankfurt School, Prof. Strobl was Assistant Professor of Finance at Kenan Flagler Business School of the University of North Carolina. He holds a PhD from Wharton School.
Module: Equity Capital Markets
Jürgen Moormann Professor of Banking and Head of Frankfurt School’s Process Lab. He is a member of the editorial board of the journal “BIT. Banking and Information Technology” and was, among others, Visiting Professor at Queensland University of Technology and University of Hong Kong.
Module: Operational Risk
Jörg R. Werner Professor of Accounting and Head of Accounting Department. His research focuses on international comparison of accounting standards. Prof. Werner published a textbook on the introduction of IFRS.
Module: Financial Accounting
Andreas Nick Professor of Management Practice for Corporate Finance. Before joining Frankfurt School, he was Managing Director and Head of M&A for Sal. Oppenheim.
Modules: Private Equity, Mergers and Acquisitions
Adalbert Winkler Professor of International and Development Finance. Before joining Frankfurt School, he was Deputy Head of the EU Neighbouring Regions Division/DG International at the European Central Bank and chief economist of a consulting company engaged in development finance.
Modules: Financial Development, Microfinance
Your faculty
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Your international network
Alumni network
Our graduates form an important network, acting as a link between Frankfurt School and business as well as between theory and practice. Most importantly, the more than 2,500 members of our Alumni Society stay in touch with each other long after their studies and across national borders. Our alumni come from all over the world. They meet regularly at lectures, discussions, informal gatherings and online – in our Friends Portal which is for members only. Exclusive alumni events take place in Frankfurt, Hamburg and Munich.
Alumni-active: get involved!
As a graduate of Frankfurt School there are various ways to become actively involved in university life. You can be a mentor for students or a lecturer in our study programmes, you can commission studies, provide the impetus for final theses in Bachelor or Master programmes, take part in or be a speaker at events and you can even be an employer of graduates, future students and interns.
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Your international Network
Partner universities
Great Britain Loughborough University University of Wales, Bangor University of Abertay, Dundee Edinburgh Napier University Nottingham Business School, Trent University In Semester 4, students have the University of Bath option to study at one of our many Iceland Bifröst University, Borgames international partner universities. India Indian Institute of Management, Indore Management Development Institute, Gurgaon Indian Institute of Management, Ahmedabad Argentina Birla Institute of Management Technology Universidad Católica, Buenos Aires Ireland Universidad Torcuato di Tella, Buenos Aires Dublin Business School Universidad de San Andrés, Buenos Aires Italy Australia Università Cattolica del Sacro Cuore, Milano Griffith University, Brisbane Japan University of New South Wales, Sydney Chuo University, Tokyo Bond University, Gold Coast Lithuania University of Melbourne International Business School at Vilnius University La Trobe University, Melbourne Mexico University of Technology, Sydney University of Monterrey, San Pedro Garza Oueensland University of Technology, Brisbane Instituto Technológico Autónomo de Mexico Austria (ITAM), Mexico City MCI Management Center, Innsbruck Instituto Technológico y des Estudios Superiores University of Applied Sciences BFI, Vienna de Monterrey Belgium Morocco HEC Management School in University of Liège ESCA School of Business, Casablanca Brazil Netherlands Fundação Universidade regional de Blumenau – FURB Amsterdam Business School Canada New Zealand Université du Québec à Montréal Massey University, Palmerston Vancouver Island University University of Auckland HEC Montréal Russia Chile Finance Academy, Moscow Universidad Mayor, Santiago de Chile Higher School of Economics, Moscow Universidad Diego Portales, Santiago de Chile South Korea Universidad Santiago de Chile, Santiago de Chile Ajou University, Suwon China Hanyang University, Seoul China Foreign Affairs University, Beijing Spain Zhejiang University, Hangzhou Universidad Autónoma, Madrid National Chengchi University, Taipei Universidad San Pablo CEU, Madrid Nanjing University Universidad de Sevilla (Hispalensis) China Europe International Business School CEIBS Sweden Sun Yat-Sen University – Lingnan College, Guangzhou Linköping University Sun Yat-Sen University – School of Business, Guangzhou Southwestern University of Finance and Economics, Chengdu USA Boston University Metropolitan College International Beijing Normal University Emory University, Atlanta Jiangxi University of Finance and Economics University of Colorado, Colorado Springs Shanghai University of Finance & Economics University of Iowa France San Diego State University IUP Caen, Caen University of California, Riverside IUP Nancy 2, Nancy Hawaii Pacific University, Honolulu Université de Strasbourg American University, Washington, DC ESG – École Supérieure de Gestion, Paris INSEEC, Paris Subject to change Euromed Management, Marseille
Partner Universities
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Our services
Career Services
Our Career Services provides Frankfurt School students with a wide range of support to help with planning their future career: application check, advice on working-student opportunities, internships, corporate training programmes, and personal consultation. Excursions, events and presentations organised by our Career Services initiate the direct contact between students and recruiters on campus.
Student residences
We have four student residences primarily for international students. All student residences are located right in the city centre of Offenbach just a few kilometres to the east of Frankfurt. Enjoy the international atmosphere at our student residences and live with people from all over the world!
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Our Services
Outdoor Campus
The first days of classes at Frankfurt School look a bit different – especially to foreign students finding themselves awaking to the beautiful German countryside. In addition to our orientation week on campus, new students complete two days of exciting group challenges and team-building exercises at Frankfurt School’s Outdoor Campus. This is a great opportunity to get to know your fellow students in a fun environment outside of the classroom, and to also learn what it means to cooperate and work as part of a team. Due to the international backgrounds of our students, two days of hands-on lessons about teamwork and communication are the perfect start for your studies at Frankfurt School. Instructed by teambuilding professionals, group leaders coach students on a variety of adventures that are designed to enhance everyone’s ability and willingness to work together and accomplish the team’s greater goals – just like in the real world. From scaling castle walls, to blindfolded orienteering and group stage performances, there are adventures suited to everyone’s taste.
Outdoor campus
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Living in Frankfurt
Frankfurt is located in the centre of Germany and has one of the largest airports in continental Europe. Frankfurt is a modern and cosmopolitan city but there are also ancient and beautiful buildings. By train, you can reach Paris in 3 hours 40 minutes, Berlin in about 4 hours and the Alps in around 5 hours. The city of Frankfurt itself is an important commerce hub of Europe and the businesses and people from all over the world reflect this well. Frankfurt is also rich in culture which you will be able to experience in its restaurants, shops, museums and festivals. The city is a wonderful mix of old and new. You can see the skyscraper-filled skyline that gives the city its nickname “Mainhattan” while enjoying a traditional “Apfelwein” among medieval buildings. This dynamic place truly has a lot to offer, and a great deal for you to experience.
Museum für Moderne Kunst The Museum für Moderne Kunst hosts rotating exhibitions of photographs and much more. It also offers wonderful sunset soirées, with dinner, a DJ and guided visits to current shows. mmk-frankfurt.de
Cafés
Karin This breakfast place is much beloved by the locals; it is located directly opposite Goethe’s birthplace. cafekarin.de Margarete This is a new café, very nicely set in the “Haus des Buches” and under the same roof as the exchange society of the German book trade and the Frankfurt book fair. margarete-restaurant.de Wacker One of the most traditional coffee houses in Frankfurt with a long history. The coffee is said to be the best in town. wackers-kaffee.de
Museums
Städel One of the most important German museums. Its collection spans seven centuries, starting in the 14th century all the way up to contemporary art. The permanent exhibition contains some of the most famous Old Masters’ paintings, drawings and sculptures. staedelmuseum.de Schirn Kunsthalle World-famous art gallery with an exciting programme of rotating exhibitions, focused mainly on modern and contemporary art. schirn.de Liebighaus A museum devoted to sculpture – from antiquity to contemporary works – hosted in one of the loveliest villas of Frankfurt, a wonderful turn-ofthe-century mock castle right by the river Main. liebighaus.de
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LIVING IN FRANKFURT
Markets
Weekly Market, Friedberger Platz 10 a.m. to 8 p.m., Fridays Even though it looks like a farmers’ market where you can find all sorts of fresh food, this place is a lot more: a meeting spot, a place where you can enjoy a glass of wine with new friends, see and be seen, plan for a beautiful weekend and enjoy the lifestyle of an up-and-coming neighbourhood. friedbergerplatz.de Museumsufer Flea Market 9 a.m. to 2 p.m., every second Saturday Art, kitsch, trash and great finds – this flea market offers all this and more to the discerning eye. And it’s the perfect place to buy a nice second-hand bike at unbeatable prices. frankfurt.de Kleinmarkthalle Mon-Fri 8 a.m. to 6 p.m., Sat 8 a.m. to 4 p.m. Popular indoor market with a very big variety of international and local food products. kleinmarkthalle.com
Parks
Grüneburgpark Great park in the Westend neighbourhood, with a view of the skyline. Perfect meeting place for sun worshippers, joggers and families. frankfurt.de Palmengarten Beautiful botanical garden, with large green houses that host all sorts of exotic plants. And you shouldn’t miss the Viennese-style coffee shop! palmengarten-frankfurt.de Banks of the River Main Nice lawns along the river with a great view of the skyline. Perfect for jogging, cycling, a romantic picnic or a barbecue with friends. frankfurt.de
LIVING IN FRANKFURT
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Application
Factsheet
The deadline for applications is 31st May. Applications are assessed in order of submission; we therefore advise you to apply as early as possible. Capital Markets, Corporate Finance, Risk Management, Development Finance Master of Science 4 semesters (21 months, plus thesis). Depending on prior qualification, the required stay in Frankfurt may be reduced to 10 or 16 months, plus thesis. Frankfurt am Main Yes, your full-time study may be combined with part-time work 120 1) English In addition to your completed application form, you will also need to provide us with: certified copies of university degree certificates evidence of your English language skills (min. 90 points TOEFL (IBT) or IELTS 6.5, or equivalent) official GMAT score report (Programme Code –FCB-RP-85) CV and proof of professional qualifications a recent colour photo Once your application has been assessed, we will invite you to a personal interview with a faculty member in Frankfurt or via telephone. During the interview, which lasts approximately one hour, we explore your professional and academic experience and your future goals. We will inform you about the acceptance of your application shortly after the interview.
Concentrations: Degree: Duration: Location: Part-time work option: ECTS points: Language:
Start of programme: September Application deadline: 31st May Admissions: First university degree, strong English language skills, valid GMAT score, successful participation in our admissions interview Tuition fees: Enrolment fee: EUR 33,400 EUR 100
1) Bachelor graduates of Frankfurt School or Bachelor graduates with 210 ECTS may have part of their learning achievements acknowledged.
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Application
Your contacts
Student Services Office:
Sarah Jurczyk Tel. +49 69 154008-251 Fax +49 69 154008-4251 [email protected]
Programme Director
Dr. Julia Knobbe Tel. +49 69 154008-254 Fax +49 69 154008-4254 [email protected]
Disclaimer: The contents of this brochure are current at the time of going to press. All information published in this brochure is intended merely to provide a general overview of the study programme: Frankfurt School of Finance & Management reserves the right to modify the curriculum, the schedule or any parts thereof. The same applies to tuition fees and internal and external examination fees. For the latest updates, please contact our Student Services Office.
www.frankfurt-school.de
Sonnemannstrasse 9–11 60314 Frankfurt am Main Germany Tel. +49 69 154008-0 Fax +49 69 154008-650 [email protected]
India Office Sumit Rai C 403 Gera Emerald City (North) Near Eon IT Park, Kharadi, 411014 Pune India Tel.: +91 020 2704 -1002 [email protected] Kenya Office Willemien Libois Mandera Road, Kileleshwa, Nairobi Kenya Tel.: +254 (0)712 293855 [email protected] China Office Yumin Yan Room 1911, Guohong B No. 11A Muxidi Beili, Xicheng District Beijing 100038 China Tel.: +86 10 63908990 Fax: +86 10 63908991 [email protected]
FS-2025E 02/13 2.000 (20)
EDUCATION MADE IN GERMANY
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Welcome to Frankfurt.
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Contents
5 6 7 8 10 12 14 16 Master the challenge of finance Key facts of the programme Interview with the Academic Director Programme structure Concentration in Capital Markets Concentration in Corporate Finance Concentration in Risk Management – NEW Concentration in Development Finance 18 20 21 22 23 24 26 27 Your faculty Your international network Partner universities Our services Outdoor Campus Living in Frankfurt Application Your contacts
Master the challenge of finance
Welcome to the Master of Finance programme of Frankfurt School of Finance & Management. The Master of Finance programme is an internationally recognised study programme that paves the way for a future career in any part of the financial industry. It is a full-time programme that allows students to maintain part-time employment for three work days during the week. Financial institutions of all types – banks, insurers, private equity firms, hedge funds, microfinance, development banks, etc. – will only achieve sustained success if their employees are capable of embracing the complex inter dependencies of the modern world in a responsible and proactive way. This is what our students learn while they are here. Over decades, Frankfurt School has built up an excellent network of finance practitioners and institutions. Our institution was set up in the 1950’s by leading banks and has always been closely connected to the finance sector. This close connection makes an essential contribution to the delivery of an academically rigorous and practically relevant programme for our students. The programme’s faculty are pro minent experts who base their teaching on a blend of theory and practical elements. During your studies you will benefit from innovative teaching concepts, and by working in study groups you will discover what managerial responsibilities in everyday work are all about. It is our graduates who build our success story, and our alumni keep us posted about their progress in life and the opportunities they have had for growth. Our students benefit from all the advantages of a top business school. They study
Prof. Dr. Udo Steffens President Frankfurt School Finance & Management
in small and international groups and receive continuous support from our Career Services to plan their future career. Our Master of Finance was the only programme from a German institution to appear in the 2012 international Financial Times ranking. Learn more about a programme that will give you a deeper insight into finance. Get to know our students and alumni and let them share their enthusiasm with you for their fields of activity.
Master the challenge of Finance
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Key facts of the programme
Target group
The programme is right for you if you wish to build a career in finance and if you have the desire and the commitment to immerse yourself in the challenging world of modern financial analysis and practice. There are no specific requirements as to the subject of your first degree, though we do expect some exposure to quantitative analysis at university level.
Concentrations
The programme enables you to pursue in-depth studies in one of the following four concentrations, based on a common foundation of shared core modules. Capital Markets Corporate Finance Risk Management NEW
Development Finance
The 3-day model (21 months plus thesis)
The Master of Finance follows a unique time model that permits you to work part-time whilst pursuing your full-time Master’s degree. We call this the “3-day model”. Our students typically attend classes three days each week, namely either “Monday, Tuesday and Saturday” or “Thursday, Friday and Saturday”. This leaves you with three free work days during the week for self-study or part-time employment.
Fast-track options (10 or 16 months plus thesis)
Different fast-track study options are available if you want to reduce your required stay in Frankfurt. Depending on your prior qualification some or all of the modules of the first semester may be waived. Also, you may choose our “full-week option”. This enables you to take the two elective modules from the fourth semester in previous semesters. All fast-track options have to be approved on an individual basis.
Financial Times Ranking 2012
For the first time, our Master of Finance programme is featured in the world’s top ranking for business schools, at number 32. Frankfurt School is the only German institution of higher education to appear in the ranking “Masters in Finance Pre-Experience 2012”. Our position in the ranking clearly indicates where we stand in relation to our international competitors and provides a real incentive to improve our quality still further.
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Key facts of the programme
The challenge of turbulent markets
Interview with Prof. Dr. Michael H. Grote
We are facing turbulent times in the financial sector. How does Frankfurt School prepare future financial managers for this challenge?
The content of the Master of Finance modules is being continuously adapted. With the largest Finance Department in Germany and a highlydeveloped corporate network, Frankfurt School comprehensively addresses both theory and practice. Feedback from both worlds is constantly integrated in the programme to prepare students for the globally changing environment. We are introducing a Risk Management concentration in 2013, reflecting the finance industry’s demand for specialists in this area. You’ll find high-profile practitioners and experienced specialists in many classes in the Master of Finance programme who are using actual case studies based on their experience. That said, we believe that a sound analytical basis is a major ingredient of our students’ readiness for future challenges.
Michael H. Grote
programme are also sought after in many other industries – firms need to finance themselves, and regulators and government agencies also need a clear-cut understanding of financial markets.
What qualifications are important for Frankfurt School students and future careers in the finance sector?
Our students are highly motivated to analyse complex problem settings and eager to develop their own solutions to these. The Master of Finance fits those with a business administration or economics background as well as students that have a more technical first degree, such as in mathematics, sciences or engineering. A clear focus and sharp analytical skills are essential in order to pursue a successful career in today’s turbulent world. During the programme students specialise according to their personal goals and interests. Graduates of the Master of Finance
What makes Frankfurt School’s Master of Finance graduates special?
Our graduates hold an internationally recognised degree from the leading German finance school – Frankfurt School of Finance & Management. They are highly respected in Europe and beyond because they act responsibly and because of their first-class analytical skills and cutting-edge practical and conceptual knowledge. They have proven that they can manage a world-class demanding programme. We are proud of them!
Michael H. Grote is Professor of Corporate Finance at Frankfurt School, Vice President Academic Affairs and Academic Director for the Master of Finance.
Interview with the academic Director
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Programme structure
Semester 1
Outdoor Campus Principles of Accounting Principles of Statistics Principles of Finance Principles of Economics Principles of Management
Semester 2
Leadership & Intercultural Management
Concentrations (choose one):
Capital Markets Derivative Analysis Structured Products & Interest Rate Models Corporate Finance Derivative Analysis Financial Markets & Institutions Risk Management Risk Management Organisation & Processes Financial Supervision & Banking Regulation Development Finance Finance & Growth
Risk Management
Corporate Finance
Financial Development
Semester 3
Capital Markets Credit Risk, Default Models & Credit Derivatives Financial Engineering Corporate Finance Debt Capital Markets Risk Management Credit Risk, Default Models & Credit Derivatives Risk Modelling Operational Risk, Liquidity Risk & Other Risks Development Finance Microfinance
Equity Capital Markets International Financial Management
Project Management
Asset Management
Internship
Practical Ethics in Finance Elective 1
Semester 4
Elective 2 Master’s Thesis Elective 3
Study abroad option: You have the option to study at one of our international partner universities and use the credits from your study abroad to replace the elective modules in Semester 4.
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PROGRAMME STRUCTURE
Electives
Our Master of Finance programme includes a wide range of elective modules. Though most of them are related to finance and the four concentrations, we also offer elective modules with a broader business and management focus. Our students choose three electives, one in Semester 3 and two in Semester 4.
Sample of Electives in Semester 3
Arbitrage Theory Management of Innovation Private Wealth Management Mergers & Acquisitions Enterprise, Development & Regulation Consulting Field Study Financial Statement Analysis & Security Valuation Advanced Risk Modelling
Sample of Electives in Semester 4
Market Estimation & Forecasting Renewable Energy Finance Supervisory Risk Assessment Private Equity Financial Stability Bank Controlling FX Options & Structured Products Chinese International Entrepreneurship
Subject to change
PROGRAMME STRUCTURE
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Concentration in Capital Markets
The concentration in Capital Markets was spe cifically formulated in response to the demands of today’s investment banking sector. You are given a thorough base in mathematical methods and tools that are essential for a successful investment banking career. This programme is ideal for all those who wish to work for investment banks and other financial institutions. It is also aimed at students who wish to pursue a PhD upon completion of the Master‘s programme. It pre pares you for a career path in an investment banking environment such as trading, risk management, asset management, or derivatives.
Specialisation modules
Derivative Analysis
You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyse and calculate hedges and how to implement these with Excel.
Asset Management
The module introduces the practice of portfolio management. Asset allocation, portfolio insurance, shortfall risk and performance measurement and attribution form the essentials of this module, with a strong emphasis on practical application.
Credit Risk, Default Models & Credit Derivatives
The management of credit risk is an essential part of this module. Becoming familiar with the credit value at risk and the industry models, like Credit Risk+, are only some of the important learning results. You will be able to apply credit derivatives, and discuss mark-to-market CDS pricing and the CDS curve.
Financial Engineering
Financial engineering takes you one step further. Under tight time constraints, students use their knowledge from previous modules to prepare and present case studies. Working in an international project group you gain hands-on experience in pricing, analysing and selling financial products to clients.
Structured Products & Interest Rate Models
You learn about the motivation of structured interest rate products and the role of swaps in the world of interest rate derivatives. Understanding and analysing interest rate swaps, the swap curve and its history are crucial for using and evaluating complex interest products.
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CAPITAL MARKETS
“We are proud to introduce our students to financial research in a professional environment. Bloomberg and Reuters provide our students with real-time data from all major markets. This is a unique chance for students to prepare themselves to work in financial institutions.”
Thomas Heidorn Professor of Bank Management Head of Centre for Practical Quantitative Finance Frankfurt School of Finance & Management
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Concentration in Corporate Finance
Financial decisions inside corporations are be coming more complex and have an everincreasing impact on the financial sector. Our faculty, visiting professors and industry experts bring a broad background of academic experti se and hands-on experience to the classroom. The Corporate Finance concentration focuses on valuation techniques, financing, product design, hedging methods and financial intermediation. The concentration is designed to endow our students with a deep understanding of financial decisionmaking, corporates’ interactions with financial markets and the regulatory environment. Our graduates will be highly qualified for leadership positions in corporations, in advisory or in bank ing. Specific career paths include international corporations, the advisory industry, commercial or investment banking and various national or international government institutions specialising in the area of finance.
Specialisation modules
Derivative Analysis
You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyse and calculate hedges and how to implement these with Excel.
Debt Capital Markets & Equity Capital Markets
These two modules provide students with an in-depth understanding of the way in which corporations can finance their activities through the issuing of debt and equity. The modules look at the whole spectrum of instruments that are available, embedding practical insights into institutional and regulatory aspects within a broader analytical framework. Teaching in these modules makes extensive use of case studies.
Financial Markets & Institutions
This module prepares students to handle the ongoing volatility in the financial world and its regulatory framework. Students will gain knowledge of the sources of risk and return in domestic and foreign financial markets and institutions. The key focus of the module is to show why informational asymmetries between market participants make financial intermediaries necessary.
International Financial Management
This module equips students with the tools necessary to manage corporations in a global business environment. Topics include exchange-rate fluctuations – its sources, its implications, the risks to the enterprise; the global cost of capital and global capital budgeting; the international tax environment and transfer pricing.
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CORPORATE FINANCE
“As I did the work-study programme in combination with a part-time employment, I appreciated the opportunity to combine my studies with continued practical experience. In addition, small groups and international orientation of the study programme are very compelling. Citi is a great place to work in an international environment with teams around the globe and very dedicated colleagues. As each project is not alike, you are constantly facing new challenges, which creates a very dynamic work and learning environment.”
Jens Bender Vice President Investment Banking Citigroup Global Markets Deutschland AG Master of Finance, Class of 2005
NEW
Concentration in Risk Management
The persistent crisis of the global financial system results in an increased need for experts and leaders to manage financial and non-financial risks in both a professional and sustainable way. In the Risk Management concentration students receive comprehensive insight into the structure, methods and applications of modern risk management. Combining theoretical models with casestudies and research prepares students to take on the challenges of today’s risk management and regulation business. The concentration is supported by FIRM, the Frankfurt Institute for Risk Management and Regulation. FIRM will provide some scholarship funding as well as arrange internships. Students will also be invited to executive talks with leading representatives in Risk Management and to participate in the FIRM alumni initiative.
Specialisation modules
Risk Management Organisation & Processes
You will understand the risk management process in general and the credit process (decision, monitoring, workout) in particular. Specific processes, such as retail, commercial and real estate are discussed. Also, you will learn about process optimisation and outsourcing.
Financial Supervision & Banking Regulation
This module treats the objectives, such as proper incentive schemes, of financial supervision and banking regulation. German banking regulation rules (MaRisk, KWG, Solva, LiqV) are covered and compared with international banking regulations (Basel II, II.2, III). Non-bank financial regulation, such as regulation of insurance companies (Solvency II), is also part of this module.
Credit Risk, Default Models & Credit Derivatives
The management of credit risk is an essential part of this module. Becoming familiar with the credit value at risk and the industry models, like Credit Risk+, are only some of the important learning results. You will be able to apply credit derivatives, and discuss mark-to-market CDS pricing and the CDS curve.
Operational Risk, Liquidity Risk & Other Risks
Risk types beyond market and credit risk are covered in this module. You will learn about operational risk modelling and regulation of operational risk. Liquidity risk, which played a fundamental role in the subprime crisis, will be covered both from a modelling and a supervisory standpoint. Other risks, such as legal and reputational risk, are also treated in this module.
Risk Modelling
This module extends your knowledge of market risk by covering state-of-the-art techniques of risk modelling. You learn about statistical and econometric foundations of time series and related modelling approaches such as GARCH models, techniques targeted at modelling extreme losses and sophisticated modelling of dependencies (copulas). Particular emphasis is put on practical application of these concepts.
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Risk Management
“The combination of detailed know-how in topics like risk management, regulation, accounting plus strong skills in quantitative methods will be a highly sought-after key profile in the financial industry in the long run.”
Martin Hellmich Professor of Financial Risk Management Frankfurt School of Finance & Management
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Concentration in Development Finance
By choosing the Master of Finance with con centration in Development Finance, you lay the foundation for a successful career in inter national development work. Development organisations need people who combine a firm theoretical grounding in finance, economics and development with a practical command of applied techniques and with hands-on personal experience in international development projects. The Development Finance concentration is designed to let you acquire this unique mix of skills and competences. A special feature of this concentration is the mandatory internship in a development project. Due to the close links between Frankfurt School and various development organisations, our students are given access to much sought-after internship positions in banks, NGOs, advisory firms and intergovernmental organisations. This programme is ideal for all those who wish to work for an international organisation (e.g. World Bank), an international development organisation (e.g. GIZ), international development projects, commercial banks and financial institutions with an interest in sustainable finance, or various government specialist positions in economics, finance and technical cooperation.
Specialisation modules
Finance & Growth
This module lays the foundation for an understanding of economic and financial development. Topics include: portfolios of the poor, functions of money and finance, moral hazard and adverse selection, financial market infrastructure, models of growth, stylised facts of financial development, special applications e.g. finance for small and medium enterprises, financial crises.
Financial Development
In this module students are confronted with the key factors driving (and hindering) financial development. To this end, students are introduced to the history of financial development in mature economies, the main theories of financial intermediation and the challenges of financial development in emerging markets and developing economies today.
Microfinance
This module explores the theory and practice of microfinance. Various credit technologies that reduce information costs, such as group, relationship, individual and transactional lending, are investigated in detail. Governance and sustainability as well as funding and the role of donors will be analysed.
Project Management
Students are introduced to the fundamentals of project management and are given hands-on experience and coaching in the actual implementation of a project. Advanced topics include strategic market research in a project-management context.
Internship
All Development Finance students undergo an international 6-week project internship. Projects are with NGOs, governments and intergovernmental organisations, advisory firms and banks.
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Development Finance
“The Master’s Programme at Frankfurt School exposed me to diverse people and environments. I was able to build networks and expand my knowledge of financial sector development in Africa – a perfect preparation for the GIZ project in Ghana. Here I am working together with the public and private sector for sustainable economic development promoting responsible financial behaviour.”
Daniela Richter International Junior Long-term Expert GOPA Worldwide Consultants, Ghana Master of Finance, Class of 2010
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Your faculty
Frankfurt School is a leading teaching and research institution with ca. 50 professors, complemented by visiting professors and lecturers from all over the world. Finance is Frankfurt School´s largest department – and also the largest one in Germany – with almost 20 professors. Both first-class professors from academia as well as key practitioners from the corporate world make this programme a unique experience for our Master of Finance students.
Erich Barthel Professor of Corporate Culture & Human Resource Management. Prof. Barthel is Head of the Management Department. Before joining Frankfurt School, he served as Head of the personnel department at a large German bank and as member of the board of an international consulting firm.
Module: Leadership & Intercultural Management
Falko Fecht DZ Bank Professor of Financial Economics. Prof. Fecht is also Research Professor at Deutsche Bundesbank. Before joining Frankfurt School, he worked with the Federal Reserve Bank of New York, the European Central Bank and several other central banks.
Module: Financial Markets & Institutions
Rita Biswas Associate Professor in International Finance at University of Albany, New York and Adjunct Professor at Frankfurt School.
Module: International Financial Management
Eberhard Feess Professor of Managerial Economics. Prof. Feess is one of the most published German professors and frequently consults with government agencies, firms and governments on regulatory topics. He is Adjunct Research Professor at Massey University, Auckland, New Zealand.
Module: Principles of Economics
Yuping Jia Assistant Professor of Accounting. She has been at Mannheim University as an Assistant Professor after finishing her PhD in Tilburg, NL. At Frankfurt School since 2011, Prof. Jia’s research focuses on financial reporting quality and corporate governance.
Modules: Principles of Accounting, Financial Statement Analysis
Michael H. Grote Professor of Corporate Finance and Vice President Academic Affairs. Prof. Grote is also Co-head of the Frankfurt Institute for Private Equity and M&A. Before joining Frankfurt School, he was Assistant Professor at Goethe University and Metzler Visiting Professor of International Finance at Wharton School.
Module: Mergers & Acquisitions
18Michael H. Grote
Thomas Heidorn Professor of Bank Management and Head of Centre for Practical Quantitative Finance at Frankfurt School. He is the Head of the expert group on rating methods for structured products at the DVFA (German Association of Financial Analysis and Asset Management) advising corporates and public-sector institutions on the management of derivatives.
Modules: Derivative Analysis, Financial Engineering
Jia Yuping
Hartmut Kliemt Professor of Philosophy & Economics and Vice President Research. A philosopher and economist, he has been working with, among others, James Buchanan and Reinhard Selten, two Nobel laureates. Prof. Kliemt is Co-head of a large German science foundation research group looking into priority setting in medicine.
Module: Practical Ethics in Finance
Natalie Packham Assistant Professor of Quantitative Finance. Prof. Packham´s research focuses on quantitative risk management. She has several years of industry experience as an investment banking software engineer at Dresdner Kleinwort.
Modules: Risk Management, Risk Modelling
Michael Koetter Professor of Banking and Finance. Before joining Frankfurt School, he was Professor of International Financial and Monetary Economics at the University of Groningen. Prof. Koetter also worked as a consultant at Boston Consulting Group and as a researcher at Deutsche Bundesbank.
Module: Banking
Günter Strobl Professor of Finance. His research focuses on corporate finance, market microstructure and asset pricing, and has been published in leading journals. Before joining Frankfurt School, Prof. Strobl was Assistant Professor of Finance at Kenan Flagler Business School of the University of North Carolina. He holds a PhD from Wharton School.
Module: Equity Capital Markets
Jürgen Moormann Professor of Banking and Head of Frankfurt School’s Process Lab. He is a member of the editorial board of the journal “BIT. Banking and Information Technology” and was, among others, Visiting Professor at Queensland University of Technology and University of Hong Kong.
Module: Operational Risk
Jörg R. Werner Professor of Accounting and Head of Accounting Department. His research focuses on international comparison of accounting standards. Prof. Werner published a textbook on the introduction of IFRS.
Module: Financial Accounting
Andreas Nick Professor of Management Practice for Corporate Finance. Before joining Frankfurt School, he was Managing Director and Head of M&A for Sal. Oppenheim.
Modules: Private Equity, Mergers and Acquisitions
Adalbert Winkler Professor of International and Development Finance. Before joining Frankfurt School, he was Deputy Head of the EU Neighbouring Regions Division/DG International at the European Central Bank and chief economist of a consulting company engaged in development finance.
Modules: Financial Development, Microfinance
Your faculty
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Your international network
Alumni network
Our graduates form an important network, acting as a link between Frankfurt School and business as well as between theory and practice. Most importantly, the more than 2,500 members of our Alumni Society stay in touch with each other long after their studies and across national borders. Our alumni come from all over the world. They meet regularly at lectures, discussions, informal gatherings and online – in our Friends Portal which is for members only. Exclusive alumni events take place in Frankfurt, Hamburg and Munich.
Alumni-active: get involved!
As a graduate of Frankfurt School there are various ways to become actively involved in university life. You can be a mentor for students or a lecturer in our study programmes, you can commission studies, provide the impetus for final theses in Bachelor or Master programmes, take part in or be a speaker at events and you can even be an employer of graduates, future students and interns.
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Your international Network
Partner universities
Great Britain Loughborough University University of Wales, Bangor University of Abertay, Dundee Edinburgh Napier University Nottingham Business School, Trent University In Semester 4, students have the University of Bath option to study at one of our many Iceland Bifröst University, Borgames international partner universities. India Indian Institute of Management, Indore Management Development Institute, Gurgaon Indian Institute of Management, Ahmedabad Argentina Birla Institute of Management Technology Universidad Católica, Buenos Aires Ireland Universidad Torcuato di Tella, Buenos Aires Dublin Business School Universidad de San Andrés, Buenos Aires Italy Australia Università Cattolica del Sacro Cuore, Milano Griffith University, Brisbane Japan University of New South Wales, Sydney Chuo University, Tokyo Bond University, Gold Coast Lithuania University of Melbourne International Business School at Vilnius University La Trobe University, Melbourne Mexico University of Technology, Sydney University of Monterrey, San Pedro Garza Oueensland University of Technology, Brisbane Instituto Technológico Autónomo de Mexico Austria (ITAM), Mexico City MCI Management Center, Innsbruck Instituto Technológico y des Estudios Superiores University of Applied Sciences BFI, Vienna de Monterrey Belgium Morocco HEC Management School in University of Liège ESCA School of Business, Casablanca Brazil Netherlands Fundação Universidade regional de Blumenau – FURB Amsterdam Business School Canada New Zealand Université du Québec à Montréal Massey University, Palmerston Vancouver Island University University of Auckland HEC Montréal Russia Chile Finance Academy, Moscow Universidad Mayor, Santiago de Chile Higher School of Economics, Moscow Universidad Diego Portales, Santiago de Chile South Korea Universidad Santiago de Chile, Santiago de Chile Ajou University, Suwon China Hanyang University, Seoul China Foreign Affairs University, Beijing Spain Zhejiang University, Hangzhou Universidad Autónoma, Madrid National Chengchi University, Taipei Universidad San Pablo CEU, Madrid Nanjing University Universidad de Sevilla (Hispalensis) China Europe International Business School CEIBS Sweden Sun Yat-Sen University – Lingnan College, Guangzhou Linköping University Sun Yat-Sen University – School of Business, Guangzhou Southwestern University of Finance and Economics, Chengdu USA Boston University Metropolitan College International Beijing Normal University Emory University, Atlanta Jiangxi University of Finance and Economics University of Colorado, Colorado Springs Shanghai University of Finance & Economics University of Iowa France San Diego State University IUP Caen, Caen University of California, Riverside IUP Nancy 2, Nancy Hawaii Pacific University, Honolulu Université de Strasbourg American University, Washington, DC ESG – École Supérieure de Gestion, Paris INSEEC, Paris Subject to change Euromed Management, Marseille
Partner Universities
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Our services
Career Services
Our Career Services provides Frankfurt School students with a wide range of support to help with planning their future career: application check, advice on working-student opportunities, internships, corporate training programmes, and personal consultation. Excursions, events and presentations organised by our Career Services initiate the direct contact between students and recruiters on campus.
Student residences
We have four student residences primarily for international students. All student residences are located right in the city centre of Offenbach just a few kilometres to the east of Frankfurt. Enjoy the international atmosphere at our student residences and live with people from all over the world!
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Our Services
Outdoor Campus
The first days of classes at Frankfurt School look a bit different – especially to foreign students finding themselves awaking to the beautiful German countryside. In addition to our orientation week on campus, new students complete two days of exciting group challenges and team-building exercises at Frankfurt School’s Outdoor Campus. This is a great opportunity to get to know your fellow students in a fun environment outside of the classroom, and to also learn what it means to cooperate and work as part of a team. Due to the international backgrounds of our students, two days of hands-on lessons about teamwork and communication are the perfect start for your studies at Frankfurt School. Instructed by teambuilding professionals, group leaders coach students on a variety of adventures that are designed to enhance everyone’s ability and willingness to work together and accomplish the team’s greater goals – just like in the real world. From scaling castle walls, to blindfolded orienteering and group stage performances, there are adventures suited to everyone’s taste.
Outdoor campus
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Living in Frankfurt
Frankfurt is located in the centre of Germany and has one of the largest airports in continental Europe. Frankfurt is a modern and cosmopolitan city but there are also ancient and beautiful buildings. By train, you can reach Paris in 3 hours 40 minutes, Berlin in about 4 hours and the Alps in around 5 hours. The city of Frankfurt itself is an important commerce hub of Europe and the businesses and people from all over the world reflect this well. Frankfurt is also rich in culture which you will be able to experience in its restaurants, shops, museums and festivals. The city is a wonderful mix of old and new. You can see the skyscraper-filled skyline that gives the city its nickname “Mainhattan” while enjoying a traditional “Apfelwein” among medieval buildings. This dynamic place truly has a lot to offer, and a great deal for you to experience.
Museum für Moderne Kunst The Museum für Moderne Kunst hosts rotating exhibitions of photographs and much more. It also offers wonderful sunset soirées, with dinner, a DJ and guided visits to current shows. mmk-frankfurt.de
Cafés
Karin This breakfast place is much beloved by the locals; it is located directly opposite Goethe’s birthplace. cafekarin.de Margarete This is a new café, very nicely set in the “Haus des Buches” and under the same roof as the exchange society of the German book trade and the Frankfurt book fair. margarete-restaurant.de Wacker One of the most traditional coffee houses in Frankfurt with a long history. The coffee is said to be the best in town. wackers-kaffee.de
Museums
Städel One of the most important German museums. Its collection spans seven centuries, starting in the 14th century all the way up to contemporary art. The permanent exhibition contains some of the most famous Old Masters’ paintings, drawings and sculptures. staedelmuseum.de Schirn Kunsthalle World-famous art gallery with an exciting programme of rotating exhibitions, focused mainly on modern and contemporary art. schirn.de Liebighaus A museum devoted to sculpture – from antiquity to contemporary works – hosted in one of the loveliest villas of Frankfurt, a wonderful turn-ofthe-century mock castle right by the river Main. liebighaus.de
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LIVING IN FRANKFURT
Markets
Weekly Market, Friedberger Platz 10 a.m. to 8 p.m., Fridays Even though it looks like a farmers’ market where you can find all sorts of fresh food, this place is a lot more: a meeting spot, a place where you can enjoy a glass of wine with new friends, see and be seen, plan for a beautiful weekend and enjoy the lifestyle of an up-and-coming neighbourhood. friedbergerplatz.de Museumsufer Flea Market 9 a.m. to 2 p.m., every second Saturday Art, kitsch, trash and great finds – this flea market offers all this and more to the discerning eye. And it’s the perfect place to buy a nice second-hand bike at unbeatable prices. frankfurt.de Kleinmarkthalle Mon-Fri 8 a.m. to 6 p.m., Sat 8 a.m. to 4 p.m. Popular indoor market with a very big variety of international and local food products. kleinmarkthalle.com
Parks
Grüneburgpark Great park in the Westend neighbourhood, with a view of the skyline. Perfect meeting place for sun worshippers, joggers and families. frankfurt.de Palmengarten Beautiful botanical garden, with large green houses that host all sorts of exotic plants. And you shouldn’t miss the Viennese-style coffee shop! palmengarten-frankfurt.de Banks of the River Main Nice lawns along the river with a great view of the skyline. Perfect for jogging, cycling, a romantic picnic or a barbecue with friends. frankfurt.de
LIVING IN FRANKFURT
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Application
Factsheet
The deadline for applications is 31st May. Applications are assessed in order of submission; we therefore advise you to apply as early as possible. Capital Markets, Corporate Finance, Risk Management, Development Finance Master of Science 4 semesters (21 months, plus thesis). Depending on prior qualification, the required stay in Frankfurt may be reduced to 10 or 16 months, plus thesis. Frankfurt am Main Yes, your full-time study may be combined with part-time work 120 1) English In addition to your completed application form, you will also need to provide us with: certified copies of university degree certificates evidence of your English language skills (min. 90 points TOEFL (IBT) or IELTS 6.5, or equivalent) official GMAT score report (Programme Code –FCB-RP-85) CV and proof of professional qualifications a recent colour photo Once your application has been assessed, we will invite you to a personal interview with a faculty member in Frankfurt or via telephone. During the interview, which lasts approximately one hour, we explore your professional and academic experience and your future goals. We will inform you about the acceptance of your application shortly after the interview.
Concentrations: Degree: Duration: Location: Part-time work option: ECTS points: Language:
Start of programme: September Application deadline: 31st May Admissions: First university degree, strong English language skills, valid GMAT score, successful participation in our admissions interview Tuition fees: Enrolment fee: EUR 33,400 EUR 100
1) Bachelor graduates of Frankfurt School or Bachelor graduates with 210 ECTS may have part of their learning achievements acknowledged.
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Application
Your contacts
Student Services Office:
Sarah Jurczyk Tel. +49 69 154008-251 Fax +49 69 154008-4251 [email protected]
Programme Director
Dr. Julia Knobbe Tel. +49 69 154008-254 Fax +49 69 154008-4254 [email protected]
Disclaimer: The contents of this brochure are current at the time of going to press. All information published in this brochure is intended merely to provide a general overview of the study programme: Frankfurt School of Finance & Management reserves the right to modify the curriculum, the schedule or any parts thereof. The same applies to tuition fees and internal and external examination fees. For the latest updates, please contact our Student Services Office.
www.frankfurt-school.de
Sonnemannstrasse 9–11 60314 Frankfurt am Main Germany Tel. +49 69 154008-0 Fax +49 69 154008-650 [email protected]
India Office Sumit Rai C 403 Gera Emerald City (North) Near Eon IT Park, Kharadi, 411014 Pune India Tel.: +91 020 2704 -1002 [email protected] Kenya Office Willemien Libois Mandera Road, Kileleshwa, Nairobi Kenya Tel.: +254 (0)712 293855 [email protected] China Office Yumin Yan Room 1911, Guohong B No. 11A Muxidi Beili, Xicheng District Beijing 100038 China Tel.: +86 10 63908990 Fax: +86 10 63908991 [email protected]
FS-2025E 02/13 2.000 (20)
