Essential Study Program Details
Compulsory modules (45 ECTS)
like: Stochastics, Econometrics, Microeconomic Analysis, Macroeconomics Analysis, Foundations for Finance, Company Valuation, Behavioral Finance, Financerial Engineering, Financial Institutuions, and compulsory elective Academic Methods (skills), as well
Compulsory elective modules (specialization) with 40 ECTS, including a seminar (10 ECTS) and a scientific project (15 ECTS), and
the module written master thesis paper and master thesis seminar (30 ECTS).
The last (4th) semester is reserved for the module master thesis paper and master thesis seminar (30 ECTS). Here candidates must demonstrate their ability to work independently on a selected topic using scientific methods in order to be successfully.
* 1 ECTS stand for a work load of 30h (5 ECTS = 150h per module, goal 30 ECTS per semester)
This study program takes a strong quantitative approach.
Hence, strong knowledge in mathematics, statistics and economics (macro and micro at an minimum intermediate level) is a strict requirement for this master's and our school is not offering any preperatory courses in these important subjects.
Applicants must show proof an undergraduate degree obtained in a relevant field (economics, finance) from a university regognized in Germany and with a GPA (German grading scale system) from 1,0 - 2,9.
Furthermore, the provided undergraduate degree is considered relevant with:
60 ECTS (EU degrees) or 12 modules ( Non EU) in: economics, business administration courses plus
18 ECTS (EU degrees) or 4 courses (Non EU) in quantitative methods modules.*
* Quantitative methods modules are:
mathematics and statistics for managers, economicst, econometrics, operations research, quantitative methods, stochastics, probility, etc.
Recognition will be made by the application board exclusivly and according to the In-house bachelor's program structure.
Students must demonstrate excellent written and spoken English on an English level C1, such as the knowledge and skills necessary to complete academic papers to be able to follow the lectures and take part succesfully in the time limited written and oral examinations. Examination retakes are limited by strict rule.
You can see all valid options to prove your English skills here.
TOEFL, IELTS, GRE, GMAT
Letter of Motivation:
A letter of motivation with a maximum of 450 words is a mandatory for application submission. The letter has to include the following aspects:
- Personal skills and capabilities helpful for the requested graduate study
- Expectations regarding study program content, methods, and the process
- Importance of the study program for the future professional or academic career
- English instructions and examinations exclusivly,
- Class with ca. 60 students from approx. 30 countries wordlwide,
- International topics and guest lecturers, from Brazil, Ukraine, Nederlands, Finland, China, ....,
- Support by the university`s International Office,
- Several study abroad options for 3rd semester students,
- Nice community of German and international students supported by international student organisations.
The university has a variety of offices to support students during their studies, including workshops and personal counseling. Specifically, this program gives its students the opportunity to visit the International Study Program office to receive personal counseling regarding study organization and advice. At the beginning of the winter semester an academic orientation seminar is offered. Additionally, multiple presentations are held for students by students SIMPSON, about university life and integration into German society.
The FINEC program and the skills which it provides have proved attractive to employers in a wide variety of industries. Most of our graduates work as business, market, or political economists in foreign and multi-national companies, consultancy firms, financial institutions, or international organizations. If you would like more information about career services, internships, job search counseling, job interviews, etc., please check out the Career Service Center which is an institution of the Otto-von-Guericke University Magdeburg.
Our faculty fosters well-established relationships with reputed universities in many countries. If a graduate student wishes to study abroad for one semester (the third semester is suggested), we will be happy to advise him/her and provide credit transfer counseling. Travel grants may be available on an individual basis and must be applied for. For detailed information and counseling, please visit the homepage of the International Office and the faculty's international exchange portal OVGU - FEM's International Cooperation.
There are no compulsory internship requirements; however, graduate students are encouraged to complete at least one internship over the course of their studies. This helps students gain experience within a German or international workplace environment. Internships must be self-organized. AIESEC, IAESTE, and Leonardo (ERASMUS) provide opportunities and assistance to both German and international students.
A brief introduction to the educational system in Germany for internationals:
The university system in Germany is based on a strong self-organizing structure, which includes familiarizing yourself with the study handbook and regulations. Students should be very responsible, organized, and flexible to ensure that they can finish the program successfully. A typical study week involves approximately seven lectures of 90 minutes each, plus two or three tutorials. Prior to and after attending lectures, students are required (approx. 3 hrs/wk per class) to independently study in order to expand and reinforce their understanding of the material introduced in class.
Students must expect a weekly workload of 22 to 26 hours of classroom studies, including lectures to learn new concepts and methods, tutorials to discuss concepts and practice methods, and seminars to apply the knowledge on concepts and methods by writing an academic paper and giving a presentation in a teamwork project.