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EDUCATION MADE IN GERMANY
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
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.
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
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 todays turbulent world. During the programme students specialise according to their personal goals and interests. Graduates of the Master of Finance
Michael H. Grote is Professor of Corporate Finance at Frankfurt School, Vice President Academic Affairs and Academic Director for the Master of Finance.
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
Project Management
Asset Management
Internship
Semester 4
Elective 2 Masters 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.
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.
PROGRAMME STRUCTURE
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.
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.
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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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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.
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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
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.
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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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 Masters 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 Schools 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. Jias 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. Packhams 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
Gnter 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
Jrgen Moormann Professor of Banking and Head of Frankfurt Schools 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
Jrg 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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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.
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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 Bifrst 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 Catlica, Buenos Aires Ireland Universidad Torcuato di Tella, Buenos Aires Dublin Business School Universidad de San Andrs, Buenos Aires Italy Australia Universit 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 Technolgico Autnomo de Mexico Austria (ITAM), Mexico City MCI Management Center, Innsbruck Instituto Technolgico y des Estudios Superiores University of Applied Sciences BFI, Vienna de Monterrey Belgium Morocco HEC Management School in University of Lige ESCA School of Business, Casablanca Brazil Netherlands Fundao Universidade regional de Blumenau FURB Amsterdam Business School Canada New Zealand Universit du Qubec Montral Massey University, Palmerston Vancouver Island University University of Auckland HEC Montral 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 Autnoma, 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 Linkping 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 Universit de Strasbourg American University, Washington, DC ESG cole Suprieure 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 Schools 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 everyones ability and willingness to work together and accomplish the teams greater goals just like in the real world. From scaling castle walls, to blindfolded orienteering and group stage performances, there are adventures suited to everyones 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 fr Moderne Kunst The Museum fr Moderne Kunst hosts rotating exhibitions of photographs and much more. It also offers wonderful sunset soires, with dinner, a DJ and guided visits to current shows. mmk-frankfurt.de
Cafs
Karin This breakfast place is much beloved by the locals; it is located directly opposite Goethes birthplace. cafekarin.de Margarete This is a new caf, 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
Stdel 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 its 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
Grneburgpark 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 shouldnt 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:
Programme Director
Dr. Julia Knobbe Tel. +49 69 154008-254 Fax +49 69 154008-4254 j.knobbe@fs.de
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 911 60314 Frankfurt am Main Germany Tel. +49 69 154008-0 Fax +49 69 154008-650 info@frankfurt-school.de
India Office Sumit Rai C 403 Gera Emerald City (North) Near Eon IT Park, Kharadi, 411014 Pune India Tel.: +91 020 2704 -1002 s.rai@int.frankfurt-school.de Kenya Office Willemien Libois Mandera Road, Kileleshwa, Nairobi Kenya Tel.: +254 (0)712 293855 w.libois@frankfurt-school.de 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 y.yan@int.frankfurt-school.de