phd in finance from germany

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Doctoral Program in Finance

You have been seriously and with growing interest studying Finance, Economics and Econometrics, and you are wondering whether you are able to make a genuine academic contribution of your own? You are interested in pursuing a PhD in Finance at a research-oriented university? You would like to become part of a research-active team with an exciting and innovative scientific agenda? Then you should consider joining our Doctoral Program in Finance (DPF). The DPF offers a strictly research-oriented education with a coursework component and a structured supervision process. The coursework component will teach you skills that will enable you to comprehend the most recent research in the areas of your interest. There is a commitment of an interactive and well-developed supervision process, supporting the development of your own research agenda and helping you to become an independent thinker in your field. It is part of our mission to make you visible as an independent researcher at the end of your studies, enabling you to apply successfully for academic positions all over the world. To help you get there, the DPF expects you to present your work once every academic year in a research seminar, and to actively participate in at least one international conference/workshop during your doctoral studies.

Requirements

Interested? Here is what you need: for a start, the DPF relies on a well-defined level of competence in core fields of modern finance, economics, and econometrics as, for example, defined in the core courses of our Msc. Program in Economics and Finance. However, the DPF is also open to applicants with backgrounds in other fields than economics. In this case, you may be asked to take the core courses (or a subset of them) in your first year here, in order to ensure your sound knowledge in those fields.

The coursework component of the DPF requires each student to take field courses worth 27 ECTS. The selection of these courses is part of the supervision agreement, so you are not left alone when you will decide on your course selection. Here are examples of the classes that are/ have been offered:

• Financial Economics
• Continuous Time Finance
• Empirical Asset Pricing
• Numerical Methods in Finance
• Statistics of Financial Markets
• Empirical Banking
• Current Topics in International Business Taxation
•  Financial Market Microstructure

Details and course descriptions can be found in the module handbook (see download section). Please note that this program may change from year to year, also in response to the qualification objectives of our program.

If you have successfully completed a Master program and have taken classes on PhD level during your studies, you may transfer credits to the DPF. However, this transfer is restricted to 18 ECTS.

Application

So, what next? Admission to the DPF is coordinated with the admission process as a doctoral student. Your best strategy is to get in touch with a potential supervisor of your thesis. How can you do this? Just browse our websites and explore our diverse research activities. You find a group of (financial) economists and a group of econometricians. Make an appointment and discuss your options. Then ask your potential supervisor to get the ball rolling: enroll as a doctoral student and apply for admission to the DPF. You may also submit an application without naming a supervisor. In this case the coordinator of the DPF will consider your application and approach potential supervisors for you. However, in order to avoid disapointment, we recommend that you explore our diverse research options first.

If you are enrolled in a Master program at the University of Tübingen, you may want to consider the PhD track. This track also allows you to start the supervision process in the second year of the program. After one year in the program, you may contact a potential supervisor and ask for supervision. This supervision will be based on an arrangement that specifies your (preliminary) research interest and should make acceptance as a doctoral student easier once you have completed your degree (although it does not guarantee that you will be accepted as a doctoral student). The main purpose is to offer academic guidance at an early stage.

Note carefully that the DPF itself does not offer any funding, albeit there are plenty of opportunities to work as research and teaching assistant. Furthermore, we are more than happy to give you advice on funding options. At the same time, the DPF does not charge any tuition fees.

I hope that you will consider joining our program. If you have any questions, please do not hesitate to contact us under joachim.grammig spam prevention @uni-tuebingen.de .

Joachim Grammig Professor of Econometrics and Empirical Economics Coordinator of the DPF

More about our PhD Program and our Research Associates Program

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General information

• PhD Program

The Berlin School of Economics PhD Program provides outstanding doctoral students with a vibrant, intensively networked research community. The program develops the students’ talents in a unique combination of a high-level, academic research environment together with applied, policy-oriented research opportunities. Students receive state-of-the-art coursework training and can select from a wide array of specializations. For each specialization, a professional research environment is provided by Berlin’s universities and economic research institutes.

How to apply

Course catalog

Program structure and curriculum

All PhD tracks offered in the PhD Program share the same structure and general curriculum. The program’s curriculum is divided into a qualification and a dissertation phase:

Qualification Phase

During the qualification phase (about three semesters), students acquire methodological and research-oriented training in mandatory course work in economic theory, applied economics, business studies, econometrics, and economic policy. Students define their research area and find supervisory support from two supervisors. They write research proposals that are discussed with faculty members individually and in seminars in order to provide early feedback on the scientific potential of research ideas. This is a central part of the PhD Program, in which the students have full flexibility in the choice of their research topics and of the supervisors. During this phase, students are funded through stipends that allow for this flexibility. In total, students have to complete a  minimum of 90 ECTS credits  in order to finish the qualification phase of the program.

Dissertation Phase

During the subsequent dissertation phase (about three years), students write a doctoral thesis while having the opportunity to apply their knowledge in the professional research environment that is provided at the Berlin universities and research institutes participating in the Berlin School of Economics. In this phase, students are typically employed at their supervisor’s chair or in research groups at research institutes.

The PhD will be awarded by one of the institutions in the Berlin School of Economics with the right to award doctoral degrees. In most cases, the PhD is awarded by the institution the student’s first supervisor is affiliated with.

The following chart gives an overview of the general structure of the PhD Program:

Researchers Guide

This guide includes academic advices from the researchers of the Berlin School of Economics.

Special thanks to the INSIGHTS Team, researchers of Berlin School of Economics, Agne Kajackaite, Aleks Zaklan, Alexander Kriwoluzky, Ally Xin Lin, Annekatrin Schrenker, C. Katharina Spieß, Christian Basteck, Ciril Bosch-Rosa, Dorothea Kübler, Francis de Véricourt, Georg Weizsäcker, Gyula Seres, Hande Erkut, Hannes Ullrich, Jana Hamdan, Levent Neyse, Lisa Bruttel, Lutz Weinke, Mira Fischer, Müge Süer, Nikolaus Wolf, Peter Haan, Robert Stüber, Sebastian Schweighofer-Kodritsch, Simone Maxand, Vincent Meisner, and Pablo Brañas-Garza.

You can download the web version

or print the printable version

Also note the compiled information on our website about support and resources, for example Mental Health.

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International Programmes 2023/2024

PhD Programme with Tracks in Accounting, Economics, Finance, and Marketing PhD Programme in Accounting, Economics, Finance, or Marketing

Goethe university frankfurt • frankfurt am main.

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The Graduate School of Economics, Finance, and Management (GSEFM) constitutes an alliance involving Goethe University Frankfurt, Johannes Gutenberg University Mainz, and Technische Universität Darmstadt.

Courses are held exclusively in English.

Pre-semester courses start around mid-September.

Applications will be reviewed in three stages with the following deadlines:

31 January 31 March 31 May

Particularly strong candidates from the first two stages will receive a positive admissions decision within approximately six weeks of the deadline for the respective stage. Other applicants from these two stages will receive the admissions decision together with the applicants from stage three.

Applicants from the third stage will learn about a positive admissions decision by the middle of July. All applicants who could not be admitted will be duly informed once the admissions process has been completed.

GSEFM strongly encourages candidates to apply in stage one or stage two to have sufficient time for visa applications and other arrangements. Additionally, all financial aid for PhD programme students may be awarded during the first or second stage of the admissions process.

Compelling for its coverage of both theory and empirical analysis, the PhD programme at GSEFM offers a two-year cycle of doctoral-level courses developed specifically to transmit a rigorous methodological framework in the core areas of each track of the programme (economics, finance, marketing and accounting), followed by courses designed to expose students to the research frontier in a variety of fields of specialisation (accounting, development and international economics, econometrics, finance, macroeconomics, marketing, and microeconomics). The curriculum of the programme pays special attention to helping students with a smooth transition from the course phase to the dissertation writing phase. It thus contains various structural elements in the dissertation writing phase (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way. The overarching objective of the GSEFM PhD programme is to thoroughly prepare graduates for taking on leading positions in academia or serving as experts in international institutions, government, and the private sector, in all cases bringing to bear insights based on independent and novel research.

Placements of GSEFM PhD graduates include Cambridge University, Columbia University, INSEAD, New York University, Oxford University, University of Amsterdam, Xiamen University, International Monetary Fund, World Bank, European Central Bank, Deutsche Bundesbank, Federal Reserve System, Bank of Korea, Hong Kong Monetary Authority, ministries, and a variety of private financial sector institutions and economic consultancies.

In the first year of the programme, students have the choice between the following four tracks:

• Economics: In this track, students in the first year of studies attend core courses in macroeconomics, microeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in microeconomics, macroeconomics, and econometrics.
• Finance: In this track, students in the first year of studies attend core courses in finance, micro- or macroeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in finance, micro- or macroeconomics, and econometrics.
• Marketing: In this track, students in the first year of studies attend core courses in marketing, microeconomics, econometrics, mathematical methods and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in marketing, microeconomics and econometrics.
• Accounting: In this track, students in the first year of studies attend core courses in accounting, econometrics, microeconomics, mathematical methods, and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in accounting, econometrics, and microeconomics.

Second-year courses discuss how to carry out frontier research. They are offered in a wide range of fields. The fields offered are accounting, microeconomics and management, macroeconomics, econometrics, finance, marketing as well as development and international economics. The choice of field courses is free across the four tracks, except that students must pick at least one field course that originates within their PhD programme track. Another part of the second year of studies is a research seminar that also helps with deepening skills in writing and presenting papers.

The dissertation writing phase contains various structural elements (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way.

• International comparisons and thematic reference to the international context

Internships are not compulsory, but they are possible on a voluntary basis.

PhD students are eligible for assistantship positions. Some faculty members consider first-year students for these positions, which may require the ability to teach in German. To date, almost all students who excel during their first year have been able to secure a position as a student, teaching and research assistant by the middle of the second year. Hiring for these positions occurs on a decentralised basis through the individual faculty members.

• Other (e.g. state level)

Goethe University charges an administrative fee of about 377 EUR per semester (about 754 EUR per year). This includes free entrance to museums in Frankfurt as well as the "student ticket" that entitles you to unlimited use of all buses, trams, the subway, and regional trains in the Frankfurt, Darmstadt and Mainz ("Rhine-Main") region.

The cost of living in Frankfurt depends on personal requirements and lifestyle. However, students should expect minimum expenses of approx. 1,000 EUR per month. This calculation is based on the following items: 860 EUR for rent, food, clothing, and study materials, around 81 EUR for compulsory health insurance that is almost comprehensive, and approx. 60 EUR for the semester contribution (including free public transport).

PhD programme students may receive financial aid in the form of a stipend for the first year of studies. For further information, click here . Since all financial aid may be awarded during the first or second round of admissions, it is strongly recommended to submit applications by 31 January or latest 31 March of the calendar year for which admission is being sought.

PhD programme students are eligible to apply for student assistant positions at the GSEFM faculties. Some faculty members consider first-year students for teaching/research assistant positions that may require the ability to teach in German. Most of the financial support for second- and higher-year PhD students comes in the form of student-assistant positions as well as teaching and research assistantships.

A Bachelor's or Master's degree is required. Click here for detailed information about the requirements.

The exclusive language of all GSEFM degree programmes is English. Sufficiently strong English language skills may be documented in one of the following forms:

(i) A diploma/degree certificate from a secondary school with English as the official language of instruction (The secondary school must have been attended for at least two years.) (ii) At least one year of successfully completed university-level studies in a degree programme being exclusively taught in the English language (iii) Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS) scores; The minimum scores are as follows: TOEFL/iBT: 93; TOEFL/PBT: 580; IELTS: 7.0.

Test scores that are older than four years at the time of the deadline for the stage in which the complete application is submitted cannot be accepted.

The TOEFL-designated institution code for GSEFM is "7276".

Please click here for information about how to apply, and click here for detailed information about application requirements and deadlines.

Job opportunities extend beyond the university: 44,000 companies and organisations based in Frankfurt have approximately 450,000 employees on their payrolls. Furthermore, 350 banks, including the European Central Bank, 150 foreign banks, and the fourth-largest stock exchange in the world are based in the city. Well known as one of the most important financial centres in Europe, Frankfurt is also home to various cultural and research institutions. All these entities are key players in a flourishing environment that offers students and graduates interesting jobs and internships. The GSEFM Student Services Office, the "Studierendenwerk", and the Career Services at Goethe University provide information and support to graduate students who want to combine their studies with part-time jobs. However, it should also be noted that chances of successfully completing studies on time decline significantly when spending more than one day per week on non-study related work.

Frankfurt am Main offers a wide variety of accommodations from university dorms to privately rented apartments. The biggest providers of dorms are the Studierendenwerk (student services) and churches. The more than 30 dormitories offer about 3,800 accommodation units, starting from about 200 EUR per month for a single room to up to approx. 590 EUR per month for a family apartment of about 45 m². For further information, click here . As these rooms are in high demand, we strongly recommend that students contact the institutions in question as soon as they receive their letters of admission to the programme.

Fourth-year PhD programme students participate in a job market course. This course helps to understand the hiring practice of academic employers, and prepares for the application process for PhD graduates at all types of employers, inter alia through practising interviewing and presentation skills.

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Humboldt-Universität zu Berlin - Finance Group

Writing a doctoral dissertation in finance.

Students interested in the practical relevance of academic research in finance and who have a strong academic track record should consider writing a doctoral dissertation. The finance track of the Berlin School of Economics PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/ ) introduces students to research questions and methodologies that shape current research in financial economics, and prepares graduates for research careers in universities, central banks, and other research-oriented institutions.

Our PhD program consists of intensive course work in microeconomics, econometrics, and financial economics during the first year, and advanced specialization courses in finance in the second year. The core course in finance covers the main fields of financial economics, i.e., corporate finance, financial intermediation, and asset pricing. Elective courses from other fields in economics can also be chosen. Students must complete a minimum of 90 ECTS in order to finish the program. The typical study sequence in finance is as follows.

The finance faculty currently include Tim Adam, Max Bruche, Beatriz Mariano, Lukas Menkhoff, and Alex Stomper. We nurture a stimulating environment for research in finance. Our core strengths lie in the areas of corporate finance and financial intermediation, but we are also interested in research at the intersection of finance with other fields in economics (e.g. labor economics, international economics, or development) as well as outside economics (e.g. history, climate change.

We are conducting both empirical and theoretical research, and have access to many of the major databases in finance, such as EIKON, Compustat, Capital IQ, Bloomberg, and Morningstar. In addition, Prof. emeritus Richard Stehle has calculated the Fama-French factors for Germany since 1958. This data is available here . Funding for other financial data is available upon request.

Application  

If you would like to write a doctoral dissertation in finance you must first apply to the Berlin School of Economics (BSE) PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/content/application ). The application deadline is each year in February.

We do not supervise external dissertation projects. Every student wishing to write a dissertation in finance must first enroll and complete the BSE PhD Program.

Frequently Asked Questions concerning studies at the PhD level: https://www.wiwi.hu-berlin.de/de/professuren/vwl/wipo/faq_master_phd

2-year scholarships (€ 1.200/month) are available for applicants with outstanding academic credentials. Upon successful completion of the first- and second-year courses, students are eligible to apply for a research assistant (Wissenschaftlicher Mitarbeiter) position in the Finance Group. This position provides funding for another three years of doctoral study. In addition, there are external funding opportunities, such as the Kauffmann Dissertation Fellowship Program etc. Information on further funding opportunities are available from the Scholarship Portal .  

Starting April 1st 2013, the Humboldt-University will offer "Humboldt Research Track" scholarships at € 800 for the first time, in order to pave the way to a doctoral degree for exceptional Master students. The scholarship supports students during the transition phase between the completion of the master degree and the begin of doctoral studies. Additional information is available at: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship  

Scholarships for post-doctoral studies are available from the DAAD: https://www.daad.de/ausland/studieren/stipendium/de/22346-postdoctoral-researchers-international-mobility-experience/  

For more information on scholarships, please visit the website of the Humboldt-Graduate School: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship

Placement Students mentored by members of the finance faculty have been placed in universities such as Cass Business School, Copenhagen Business School, Ghent Univ., and Univ. of Georgia, in central banks and public sector institutions such as BaFin, Bundesbank, ECB, KfW, and OECD, as well as in the private sector, e.g. Deutsche Asset Management, HSBC Trinkaus & Burkhardt, or Munich Re.

Ph.D. Finance Curriculum

Advanced Financial Economics (4 SWS, 9 ECTS, SS)

This course covers the main areas in finance: corporate finance, financial intermediation, asset pricing, and investments.

Research Topics in Finance I (2 SWS, 6 ECTS, WS)

This course explores classic and current academic research on Financial Intermediation. It targets PhD and Master students who are currently looking for a topic for their own thesis. The course starts with a lecture-style presentation of the overarching research themes in the literature. Seminar participants will then present and discuss classic papers, as well as current unpublished papers that are still being presented at conferences.

Research Topics in Finance II (2 SWS, 6 ECTS, SS)

Discussion of current research topics in financial economics.

Finance Research Seminar (2 SWS)

This seminar is a series of research seminars given by external guests in the areas of finance and accounting. For the current seminar schedule click here .

Finance Reading Group (2 SWS)

Discussion of the research presented in the Finance-Accounting Research Seminar and other current events.

Finance Brown Bag Seminar (2 SWS)

In this seminar PhD students present their own work in an informal athmosphere.

Other recommended Elective Courses

· Microeconometric Evaluation Methods (Caliendo (Uni Potsdam), 6 ECTS)

· Applied Econometrics (Gassen/Wagner (ESMT), 9 ECTS)

· Time Series Analysis (Droge, 9 ECTS)

· Analysis of Panel Data (Droge, 9 ECTS)

· Applied Microeconomics (Steiner, 6 ECTS)

· Structural Econometrics: Discrete Choice Methods with Simulation (DIW, 6 ECTS)

· Structural Econometrics in Labor and IO (DIW, 6 ECTS)

· Introduction to Policy Analysis and Policy Advice (DIW, 9 ECTS)

· Empirical Accounting Research (Gassen/Olsson (ESMT), 6 ECTS)

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work Institutsgebäude Grimmaische Straße 12 04109 Leipzig

Phone: work +49 341 97-33500 Fax: fax +49 341 97 311 33500

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• Institut for Commerce and Banking

If you are planning to do a PhD at the Chair of Sustainable Banking and Finance, as the next academic step, you will find all the important information about the process and further procedure here.

General conditions

In principle, the Chair offers interested and qualified university graduates the opportunity to do a PhD in economics. On the one hand, there is the classic "internal" PhD programme , in which you work on your doctoral studies and at the same time participate in the Chair in a scientific manner. On the other hand, there is also the possibility of an external doctorate at the Chair , where you do your doctorate while working. In both cases, the aim is to create the right conditions for you to successfully complete your doctoral project within two to three years.

For both internal and external promotions, you create s everal individual publications on a specific topic ( cumulative procedure ). The common goal is that the papers you write have a realistic chance of being published in a renowned, peer-reviewed journal. As a rule, the papers will have a quantitative or empirical character and relate to the research areas of the Chair (exceptions confirm the rule!). Throughout the entire doctoral project, you will have the opportunity to discuss your ideas (and problems) at the professorship at any time.

Requirements

Admission to the doctoral procedure is subject to the Promotionsordnung of the Faculty of Economic Sciences. All formal requirements for admission are regulated there. In addition, they should ideally

• have an outstandingly business-oriented degree (Master's/ diploma/ state examination in the subjects of business studies/ economics, business mathematics, business informatics, business education, industrial engineering, mathematics or statistics)
• in addition, a very good knowledge of English is indispensable, as the dissertation will be written in English.

If you are interested in a PhD at the Chair, please send an E-Mail for further arrangements. In addition, you will find below cross-links to further information that may help with formal questions.

Complete PhD procedures

• Dr. Marcus Scheffer (2011-2016, internal, current employer: ERGO Group AG)
• Dr. Christopher Bierth (2013-2016, internal, current employer: B&W Deloitte GmbH)
• Dr. Felix Irresberger (2013-2015, internal, current employer: Leeds University Business School)
• Dr. Hendrik Supper (2012-2014, internal, current employerr: d-fine GmbH)
• Dr. Tobias Berens (2011-2014, external, current employer: Deutsche Apotheker- und Ärztebank eG)

This might also be of interest to you...

Phd at leipzig university, phd at the faculty, research academy leipzig.

UNIVERSITY OF COLOGNE

Faculty of management, economics and social sciences cologne graduate school in management, economics and social sciences, phd programme in economics.

The Cologne Graduate School (CGS) in Management, Economics, and Social Sciences offers a doctoral (PhD) programme with an integrated M.Sc. Economic Research. It consists of two stages:

• The first stage of the programme is the two-years M.Sc. Economic Research. It prepares students for high-level research in economics. It is fully taught in English.
• In the second stage, PhD students work on research projects for their dissertation and interact with other PhD students and faculty members in workshops, seminars, and summer schools.

The PhD Programme in Economics offers education, funding and supervision for research in all major fields of economics and related fields in management. It is a challenging and rigorous full-time programme in a friendly, supportive environment dedicated to excellence in teaching and research. Taking part in the graduate programme prepares students for academic positions at universities and institutions around the world as well as for top-level positions in internationally-orientated companies.

Applications for the graduated program can be either for the first stage (bachelor students) or for the second stage (master students). We invite applications of outstanding students who are close to finishing a bachelor's or master's degree in economics or a related discipline who count among the top 10% of graduates in their study programme.

Students with a bachelor's degree will enter the integrated graduate programme in the first stage via the M.Sc. Economic Research and can transfer to the second PhD stage after successful graduation of the M.Sc. Economic Research.

Students already holding a research-oriented master degree can directly enter the second stage. Students with a related master's degree without an explicit research focus (e.g. in economics, econometrics, finance, business administration, or math) attend one year of course-work before entering the second stage.

We offer funding and facilities for students at all levels. Specifically, grants are available for accepted students holding a master degree and for highly qualified applicants with a bachelor´s degree. Students who successfully passed the course-work and are admitted to the second stage can receive funding through CGS scholarships, positions financed through the excellence cluster ECONtribute or doctoral positions at the departments and chairs of the Faculty.

These doctoral students are also equipped with a workspace and computer devices at the beginning of second stage. Shared rooms with computer devices are also available for students in the first stage. Student housing is available for national and international bachelor and master students moving to Cologne. For more information regarding housing please consult the webpages of the Kölner Studierendenwerk .

The PhD programme in Economics is part of the Cologne Graduate School in Management, Economics, and Social Sciences (CGS). It closely cooperates with the following research centers at the University of Cologne and Key Research Initiatives of the Faculty of Management, Economics and Social Sciences:

Cluster of Excellence “ECONtribute: Markets and Public Policy”: The Cluster brings together outstanding researchers from economics and neighboring disciplines – management, psychology, political science and law – from the Universities of Cologne and Bonn, the Behavior and Inequality Research Institute (briq) and the Max Planck Institute for Research on Collective Goods, with the goal of establishing a leading international research center on markets & public policy.

Center for Social and Economic Behavior (C-SEB): The Center for Social and Economic Behavior (C-SEB) at the University of Cologne brings together Cologne-based researchers and international colleagues from economics, management science, and psychology who investigate the fundamental principles and behavioral mechanisms that affect social and economic behavior.

Behavioural Management Science (BMS): The WiSo Key Research Initiative Behavioural Management Science (BMS) brings together researchers that apply methods of behavioural economics and applied microeconometrics to advance our understanding of how management practices influence the behaviour of people in organisations and affect organisational performance.

Be part of the Cologne experience!

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The  University of Konstanz is a centre of excellence in teaching and research, with a reputation spanning well beyond national borders.

In October 2007, the University was awarded the status of "University of Excellence" by the German Federal Government - only nine universities nationwide have achieved this status.

The University is divided into three faculties: Humanities, Law, Economics and Politics, and Sciences. These are in turn subdivided into 13 departments. The Faculty of Humanities comprises the departments of Philosophy, History and Sociology, Literature, and Linguistics. The Faculty of Law, Economics and Politics encompasses the School of Law, the Department of Economics, and the Department of Politics and Management. The Faculty of Sciences consists of the departments of Mathematics and Statistics, Computer Science and Information Engineering, Physics, Chemistry, Biology, and Psychology. 

The establishment of the University of Konstanz in 1966 marked the arrival of a new distinctive model within the ensemble of German universities. It represented a modern prototype for smaller, leaner and more compact universities and was equipped with the goal of effectively competing with national and international universities through its combined energy and its ability to innovate. There has hardly been a national ranking in which the University and its departments have not occupied one of the premier positions. The University is fully integrated into the global academic network, maintaining relations with 200 universities worldwide. International students from 80 countries are enrolled at the University and represent 15% of the student body. A study of the Humboldt Foundation has also shown that the University has the largest proportion of international guest researchers among all German universities. 

The University was founded as a research university, guided by the principle that science is shaped not by tradition, but by research. Today research demands both the further development of specialist knowledge and the capability of interdisciplinary cooperation. In the three tightly structured faculties with their interdepartmental collaborative research centres, graduate colleges and research units, academic teaching develops out of the current state of research. The University’s commitment to a high level of research activity, the creation of research profiles and the promotion of interdisciplinary research is reflected in the figures: Konstanz is one of the largest recipients of independent research funds among the German universities. 

The research-oriented teaching at the University of Konstanz is immune to obsolescence. Students are integrated into research through projects, research-based courses as well as through employment as temporary assistants. They know their professors not only from hearsay, are not confined to studying and learning in their living quarters, but in research teams and well-organised practical training. The clearly structured degree courses have ensured that the duration of study in Konstanz has always been shorter than at other German universities.

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Doctoral Program in Law, Finance, and Economics

Fully funded.

SAFE offers funding to excellent applicants to its Doctoral Program in Law, Finance and Economics for three years with the option to extend for one additional year. Funding usually translates into a grant of 1,200€ per month in the first program year and a research assistant position in the following years. The research assistant position comes as a 50% employment contract in the second program year that is upgraded to 70% from the third year onwards. In the first year, mandatory course work will bring applicants from the field of law “up to speed” in the methods used in quantitative research in the field of studies.

SAFE offers its doctoral students the exciting and inspiring environment of an inter- and cross-disciplinary research institution dedicated to excellent research output and research-based policy advice. Methods of research in law at SAFE include law and economics, law and finance, behavioral law and economics. Topics of research at SAFE comprise, among others, capital market regulation, corporate governance, the regulation of household finance, competition, and judicial enforcement.

SAFE pursues a “pool concept” for its doctoral students: these are expected to choose a supervisor from among the SAFE professors. At the same time, they are encouraged to interact and write papers with any other SAFE researchers. This gives them the opportunity to get an impression of the research of potential supervisors before they decide for one and provides them with different perspectives and methodological approaches to law, economics, and finance while they complete their thesis.

Requirements and expectations

• Scholarship holders are expected to entirely focus on their course work during the first year ( see schedule )
• They shall pass the examinations of the economics courses they take. A research assistant contract after the first year is conditional on passing these exams.
• SAFE research assistants are expected to choose a supervisor from among the SAFE professors no later than by the first month of the second year. The choice does not exclude research projects with any other SAFE researchers.
• The candidate can choose to either write a book or a paper-based dissertation in English aiming at peer-reviewed international publication in renown law journals (actual publication is not a prerequisite for graduation, however, the doctoral committee has to certify sufficient quality for a decent chance of publication).

For more information on the program, visit this detailed article (in German only) on our program by Jurinsight .

Application

Applicants must have completed a law degree with honors (top 15%) at a research university. Please submit your application by handing in the following documents: CV, letter of motivation, certificates, transcripts. Reference letters are not mandatory but welcome. Please send the documents via mail or email (in one pdf file, please) to

Leibniz Institute for Financial Research SAFE Theodor-W.-Adorno-Platz 3 60629 Frankfurt am Main applications whatever @safe-frankfurt.de (please add “Application Doctoral Program Law” in the subject line of your email)

Deadline for applications for the program start on 1 October 2024 is 31 May 2024.

Contact for questions

Prof. Dr. Dr. Alexander Morell

Coordinator phd program law & finance.

Prof. Dr. Tobias Tröger

Director research cluster "law and finance".

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MAX PLANCK HUB

FISCAL & SOCIAL STATE

Good reasons to pursue a Ph.D. at the Max Planck Institute for Tax Law and Public Finance

The Max Planck Institute for Tax Law and Public Finance is part of the Max Planck Society, Germany’s most successful research organization. We offer students the opportunity to pursue a Ph.D. in the areas of legal studies or economics. Young academics who write their dissertations at the Institute benefit from attractive financial support. The Institute also offers doctoral students excellent research facilities in the heart of Munich and an inspiring international working environment. More information on the Ph.D. programs in both departments is available here:

Ph.D. Program in Legal Studies in the Department of Business and Tax Law

Ph.D. Program in Economics in the Department of Public Economics

Doctoral degrees at FAU

Doctoral degrees and postdoctoral studies

As an internationally renowned research university FAU has excellent opportunities for postgraduate and postdoctoral study. There are nine doctoral titles which can be obtained on completion of a doctoral degree according to the subject, and postdoctoral candidates can also achieve a Habilitation, which is generally associated with the right to teach at a German university. Supporting young researchers is a priority at FAU. After all, excellent doctoral candidates are one of the University’s most valuable assets. If you have an above-average or excellent postgraduate degree and the dedication and creativity required for independent academic research, FAU welcomes your proposal for doctoral research.

For further information visit the website of our Graduate School .

PhD Finance programs in Germany

Law and finance.

Goethe University Frankfurt

Business administration european and asian management.

University of Applied Sciences Bremen

International finance and investments.

University of Ulm

University of Gottingen

International business.

University of Applied Sciences Mainz

Finance, accounting and taxes, money and finance, international taxation.

University of Hamburg

The Times Higher Education World University Rankings is the only global university performance table to judge research-intensive universities across all of their core missions: teaching, research, knowledge transfer and international outlook.

Laws in Finance

Management and technology.

Technical University of Munich

International finance.

Berlin School of Economics and Law

Economics and finance.

University of Tübingen

Otto Beisheim School of Management

Laws in international banking, securities and finance (for graduates from asia).

International School of Management

Financial engineering.

Karlsruhe Institute of Technology

Financial services management.

University of Applied Sciences Kaiserslautern

Corporate financial management.

GISMA Business School

Finance and investment.

Berlin School of Business and Innovation

Deadline information, best universities with finance in germany.

Bachelor Finance programs in Germany

Master Finance programs in Germany

Most Popular Finance programs in Germany

PhD Finance programs in Germany

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How to finance your PhD

How much does it cost to get a doctorate in Germany?

Tuition is free for doctoral studies for at least the first 6 semesters at all public universities in Germany. The German Studentenwerk (German Student’s Union) says an average student in Germany needs around 800 euros per month to cover living expenses such as rent, food, clothing, transport, work supplies, recreation etc. Students enrolled at university also have to pay a “semester contribution” every semester. This fee covers the cost of the important student ID card. The student ID card serves as a semester ticket for cheap or free use of public transport, and allows you reduced rates at the student cafeteria and many other places such as swimming pools, museums, cinemas, etc…

Scholarships and funding programmes

Research is a serious business in Germany, with funding programmes available from several sources. The DAAD alone, Germany’s largest provider of scholarships, provided funding for more than 51,600 foreign scholars around the world. In addition, many other public and private bodies provide financial support to doctoral students. Important donors include Germany’s federal and state governments, the European Union and a large number of charitable foundations that have set themselves the goal of supporting research and junior researchers.

For more information on funding opportunities for doctoral candidates, go to: DAAD scholarship database: www.funding-guide.de Other funding databases: www.research-in-germany.org > funding databases Selected funding programmes for PhD Students: www.research-in-germany.org > funding programmes for phd students

Job offers for doctoral students and roles for scientists

In addition to scholarships and funding programmes, there are employment opportunities at universities and research organisations. Furthermore, you may want to consider the private sector, with many German companies having generous research budgets.

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Stockholm Business School

Doctoral programme in finance.

Are you curious about how financial markets operate, how corporations make financial decisions, or how to manage risks in a portfolio? Are you interested in how financial markets can be made sustainable, or how societies can promote financial stability? Then you should consider the PhD in Finance.

What we offer:

• a world-class course program;
• a fully funded doctoral studentship with a competitive salary;
• a brand new campus close to the city centre as well as nature and recreation.

As a doctoral student you will undergo rigorous training in theory, method and analysis – through individual supervision, coursework, seminars and workshops. No doubt, you will also benefit from being part of an academic community where scholarly dialogue continues outside of the seminar room. Doctoral students are expected to complete their PhD in four years, with possible extension up to five years.

Research environment and research topic

SBS Finance is a highly international group of about twenty faculty members, post-docs, PhD students, and teaching assistants. The group hosts a weekly seminar series, where external as well as internal speakers present their academic research. There are also ad hoc academic events in the form of workshops and conferences.

Research topic

Financial economists study how scarce resources are allocated over time. Financial decisions differ from other allocation decisions in that their costs and revenues are spread over time and not known in advance. To implement their decisions, individuals, companies or other agents use the financial system. The system includes markets for stocks, bonds and other financial instruments, as well as financial intermediaries (such as banks and insurance companies), financial service companies (such as financial advisers) and the bodies that oversee and regulate the financial markets and institutions. The programme is open for thesis proposals on any topic related to Finance.

Current research that our faculty members work on are presented under Research projects in Finance.

Students interested in monetary policy and financial stability can choose to do a specialization in "Money and Finance". The specialization is provided by the Centre for Monetary Policy and Financial Stability (CeMoF), which is a joint venture between the Department of Economics, the Institute for International Economic Studies, and Stockholm Business School.

Read more about Centre for Monetary Policy and Financial Stability (CeMoF)

Programme structure, coursework and thesis

The doctoral programme in Finance comprises 240 higher education credits, or four years of full-time study. This consists of courses worth 105 credits and a dissertation worth 135 credits. The two parts can be followed simultaneously, but most of the course work is typically done during the first half of the study period. Many doctoral students also choose to teach during their studies, thereby extending their funding to up to five years.

The coursework includes mandatory courses in quantitative methods (15 credits) and finance (30 credits), as well as elective courses in fields closely related to finance (60 credits).

As a doctoral student in finance you can follow the course program offered by Stockholm Doctoral Program in Economics, Econometrics, and Finance (SDPE), which is a collaboration between Stockholm university and Stockholm School of Economics. Prior to the first semester, you are encouraged to participate in a Computational Bootcamp.

Read more about the course program offered by Stockholm Doctoral Program in Economics, Econometrics, and Finance (SDPE)

Read more about the Computational Bootcamp

For the electives, doctoral students in finance often take courses offered at the Swedish House of Finance and at partner universities in the Nordic Finance Network. Students choosing the "Money and Finance" specialization are required to take a course in Monetary Economics at Stockholm university.

Read more about courses offered at the Swedish House of Finance

Read more about courses at partner universities in the Nordic Finance Network

Read more about the course in Monetary Economics

The thesis is developed under the guidance of the supervisors. As a doctoral student at SBS you are assigned one or more supervisors from day one. As you progress with the thesis work you also get feedback at three “milestone seminars”: the thesis proposal seminar, the midway seminar, and the final script seminar. In addition, you are encouraged to present your work at conferences in Sweden and abroad. You are allocated a research budget to cover conference expenses.

At the end of the program, the thesis is assessed at the public dissertation defence. Doctoral theses in finance typically consist of three or more academic articles, of which at least one is solo-authored.

Employment / funding

When you are admitted to the PhD program, you typically also become employed by Stockholm university. The position takes the form of a temporary employment for a maximum of four years of full-time study, conditional on that the studies proceed according to plan. There is no tuition fee and you are paid a monthly salary . The entry level salary currently amounts to SEK 29 700 per month before taxes, increasing up to SEK 34 000 during the course of the program. The program requires you to be based in Sweden, with the main workplace being Stockholm Business School.

Each doctoral student is offered a research budget to cover expenses for courses, conferences, fieldwork, databases, and software. All employees at Stockholm university are also entitled to an annual sum of SEK 3 000 to cover expenses related to health and fitness activities.

Department duty

Many students also choose to teach during their PhD studies, but this is optional. You may take on departmental duty of up to 20% of full time each year, thereby extending your funding for the doctoral programme up to five years. In addition to teaching, the departmental duty may include research assistance and administrative tasks, such as assisting in the organization of academic events.

Application and admission

Eligibility.

Candidates for the doctoral programme in Finance at SBS must fulfil at least one of the following criteria:

• Completed an advanced level degree (master’s degree).
• Completed courses equivalent to at least 240 credits, of which at least 60 credits must be at master’s level.
• Acquired equivalent knowledge in another way, in Sweden or elsewhere.

In addition, the applicant must have successfully completed at least 90 credits in Finance, or equivalent, including a thesis comprising at least 15 credits. Admission to PhD positions is limited and competition for positions is usually tough.

Application

The general period of opening for PhD positions is in the month of January.

Apply for PhD position here, closing date Feb 1st 2024.

Selection criteria

Selection of applicants is made with respect to their ability to benefit from studies at doctoral level. This is assessed on basis of:

• performance in previous higher education studies
• performance in independent written reports and theses
• performance in standardized general knowledge examinations
• letters of recommendation

Short-listed candidates are called to an interview.

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International Graduate Programme 2024 – Finance (Germany)

Mondi group - the international graduate programme.

• Company size: +10000
• Graduate programme: No
• Intern programme: No

Your mission:

• Strong cooperation with plants to understand  internal manufacturing processes  to align them with our budget and forecasts to improve performance.
• Preparing reports/forecasts as required by various stakeholders and managers, providing analysis and insight related to business performance.
• Data analysis and preparation of financial reporting  including the month end reporting and supporting consolidation processes.
• Rotate globally  once or twice during the programme. Your location of work will be defined in close alignment between you and your manager.
• Develop yourself, get to know the business and network with Mondi colleagues worldwide through onsite/online trainings, rotations, networking, and collaboration events.

Your profile:

• Academic background in finance, economics, or business administration (freshly graduated from university – maximum 2 years ago)
• It would be great if you already have first relevant experience (e.g. internship), preferably in the finance area.
• We communicate mostly in German and English. Any additional language is a great plus.
• You enjoy working with a multicultural team and have a goal-oriented mindset.
• If you match with all the above and you are internationally mobile and open to relocate too, hit the apply button!
• The programme will start on 1st of September 2024.
• Your home location can be either Bad Rappenau, Ansbach or Eschenbach
• After successful completion of the 18-month programme, you will be offered an unlimited-contract at one of Mondi’s plants.
• (Relocation) support during your rotations as well as throughout your journey.
• Tailored learning impulses will help your career development.
• Access to the  Mondi Academy training  platform.
• You will get a full package onboarding programme and will be invited to our inspiring Kick-off event, get to know our team and your future managers. More treats included.

Benefits: Learning & Development 

Get in touch:

We strive to create  a culture that inspires our people to reach their full potential.  Going the extra mile – for colleagues and customers –  our people  are what drives our passion for performance, and are the key ingredient of Mondi’s success.   Be part of our future. Should you need further information, please contact   Eva-Maria Redl.

Please upload your CV along with a motivation letter, stating why you are interested in Mondi’s International Graduate Programme.

Only CVs uploaded onto our online career platform (e.g. www.careers.mondigroup.com) will be taken into consideration. With your application, you will be redirected to our recruiting platform. After creating an account, you will receive an activation link. If you do not find the email in your inbox, please check your spam folder or add the address [email protected] to your “safe list” or address book.

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Job category, job location, application deadline.

https://www.mondigroup.com/careers/available-jobs/international-graduate-programme-2024---finance-germany/

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Applying For a Master’s Degree in Germany

Master’s programs in Germany offer a diverse range of options, with many taught in English. They are known for their affordability, top-notch curricula, hands-on learning, and excellent career prospects. So, it’s no wonder that master’s degrees are the go-to choice for international students in Germany. During the 2021/2022 period, 42.6% of them (148,901 students) were enrolled in master’s programs.

But don’t let the application process hold you back – we’re here to guide you through the steps and set you on the path to success in Deutschland!

Here are the main steps to apply for a master’s degree in Germany:

Research and Choose a Master’s Program

Check admission requirements.

• Gather Documents and Meet All Requirements

Secure Funding

Submit your application, wait for the admission letter, get health insurance, apply for the german student visa.

When it comes to pursuing a master’s degree in Germany, the initial step is all about research and making an informed choice. Start by assessing your career goals and pinpoint the field of study that aligns with your aspirations. Look into the curriculum to ensure it covers the subjects that pique your interest.

Language matters too — many programs are available in English, but if you’re proficient in German, it opens up more options. When it comes to costs, most programs are quite affordable or even tuition-free, but be sure to check tuition fees just in case.

To aid your search, German study program databases and university websites offer detailed program information and application guidelines. Take your time to explore and find the program that’s the perfect fit for your educational journey.

Study at Berlin School of Business and Innovation

Creating Tomorrow's Industry Leaders

> Check out our list of over 9,000 master’s study programs in Germany.

Once you’ve picked a couple of programs that pique your interest and align with your study goals, it’s time to check if you meet their admission requirements or can meet them by the application deadline.

While each program may have its unique requirements, let’s explore some of the most common admission criteria for master’s programs in Germany:

• Bachelor’s degree. You have graduated or will graduate from a program equivalent to a German bachelor’s degree, often in a related field to the master’s program you’re applying for.
• Transcripts and diplomas . Submit transcripts and copies of your academic diplomas from previous educational institutions.
• Subject-specific knowledge . Some programs may require you to have gained specific subject knowledge or credits during your prior education. Business schools and MBA programs may require a particular score from recognized tests, like GMAT or GRE.
• Language proficiency. Demonstrate proficiency in the language of instruction, which is typically English or German. Proof of language proficiency is often required through standardized tests like IELTS, TOEFL, TestDaF, or DSH.
• Curriculum vitae (CV) or resume . Provide a comprehensive CV or resume detailing your academic and professional background.
• Statement of purpose & letters of recommendation. Some universities may request a Statement of Purpose (SOP), which details your motivations and goals, along with one to two letters of recommendation from professors or professionals.

> Visit our full guide of admission requirements for master’s programs in Germany for more details.

Gather Documents and Ensure You Meet All Requirements

After reviewing admission requirements and selecting your program(s), it’s time to start gathering what you need for your application, including transcripts, motivation letter, etc.

This is also an ideal time to confirm that you meet your university’s language proficiency requirements. Depending on your program’s language (English or German), you may take a standardized language test or provide alternative proof. Consider language courses if improvement is needed.

According to the German government’s regulations, international students planning to study in Germany must demonstrate financial resources of at least €11,208 per year (equivalent to €934 per month) to qualify for a student visa and pursue a master’s degree in the country.

This financial requirement may seem daunting for many students, so it’s crucial to address this well in advance of the official application period at your preferred German university. You can meet this requirement in various ways:

• Having €11,208 deposited in a German blocked account .
• Your parents can provide documentation of their income and financial resources.
• Someone with permanent residence in Germany can guarantee to the Alien Registration Office that they will financially support you.
• Present a scholarship awarding certificate specifying the financial amount or coverage granted to you.

Important Tip: To Maximize Your Chances of Getting Your German Student Visa You Should Use a Blocked Account as Proof of Financial Resources.

A blocked account is a special type of bank account , to prove you have enough funds to live in Germany for one year.

As of 2022, as a foreigner in Germany you need a minimum of €934 euros per month for living expenses. So, you are required to have a total of €11,208 in your bank account before you apply for a German internship visa.

Click here to learn more about the German Blocked Account

Planning ahead is important before your preferred German university’s application deadline, as this amount may be substantial for most students. Usually, four to six months prior should provide enough time to save money and explore scholarship and loan options.

Now is the exciting time to send in your application! Most universities have their own application portals where you’ll need to create an account, or they might use uni-assist for handling applications.

Make sure to read and follow all the instructions on the master’s program website, and be sure to submit all the required documents. It’s crucial to respect the application deadlines; your application won’t be processed if you miss the deadline.

Once your application is submitted, the next step is simply waiting for the university’s decision. While you wait, you might want to brush up on your language skills or start looking into the specific visa and travel requirements for Germany. It’s also a good time to explore accommodation options.

The university will notify you via email about the status of your application, and if you’re accepted, they’ll include the next steps you should follow.

Health insurance is a must for all international students in Germany. You can kickstart this process after receiving your admission letter or once you arrive in Germany.

If your home country has an agreement with Germany, you can often use your current health insurance, typically with a European Health Insurance Card (EHIC). In some cases, private health insurance from other countries may also be accepted.

Alternatively, you can choose to obtain insurance through a provider in Germany, with student packages usually priced around €120 per month, depending on your age and the provider.

Most international students in Germany prefer to get health insured with DR-WALTER .

EDUCARE24 by DR-WALTER is suitable for the following groups of people:

• Foreign exchange students, language students and students participating in university preparatory courses (Studienkolleg)
• University students
• Participants in exchange programmes (e.g. ERASMUS, DAAD, SOKRATES)
• Accompanying family members

Still have questions about health insurance?  Learn more about health insurance in Germany from experts.

Get DR-WALTER insurance online within a few minutes

With a few exceptions, the majority of international students planning to study in Germany require a student visa. Our German student visa guide covers everything you need to know about this process, from requirements to the application process, fees, and more.

To kickstart the process, set up a visa interview at the German Embassy or Consulate in your home country, ideally about three months before your planned start of studies.

During the interview, provide all the required documents like proof of admission, language proficiency, financial means, and health insurance. Be ready for potential requests for more documents during the interview, and make sure your passport stays valid for your entire stay.

Arrive in Germany and Attend Orientation

Once your German student visa is sorted, it’s time to get on that plane and arrive in Germany. After settling in, make use of the pre-semester orientation sessions at German universities. Some things addressed through the orientation or to over on your own include:

• You’ll complete the enrollment process , which involves registering for your courses, receiving your class schedule, and learning about academic requirements.
• Getting your student ID . You’ll be issued a student identification card, often referred to as a “Studierendenausweis” in German.
• Residence registration. Once you’re in Germany, you will have to register your residence. This is a mandatory process that involves obtaining a “Meldebescheinigung” from the Resident’s Registration Office (Einwohnermeldeamt).
• Opening a local bank account. Orientation often provides guidance on opening a bank account in Germany.
• Campus tour. You’ll explore the campus to discover its facilities, libraries, and labs.
• Language courses. Some universities offer language courses or resources to help international students improve their German language skills if necessary.

Frequently Asked Questions (FAQ) & Additional Information

Below, you’ll find answers to common questions and additional information to support you on your path to pursuing a master’s degree in Germany:

Which Universities Offer Master’s Degree Programs in Germany?

The higher education system in Germany includes public universities, funded and regulated by the state, and private universities established by independent entities.

While private universities may have higher fees, they are valuable for specialized courses not available at public institutions. Public universities in Germany have their own degree programs, assessments, and entry requirements, with state oversight to ensure the quality and accreditation of courses.

Germany has four main types of higher education institutions that offer master’s degree programs:

• Research Universities. These publicly administered institutions offer Master’s and PhD programs, focusing on various academic disciplines.
• Technical Universities. A subgroup of research universities, they specialize in science, technology, and engineering fields.
• Universities of Applied Sciences. These institutions concentrate on engineering, business, and social sciences, often partnering with professional organizations.
• Colleges of Art, Film, and Music. These institutions provide instruction in creative fields and can be part of research universities or universities of applied sciences.

What Are the Types of Master’s Degrees in Germany?

In Germany, you can pursue various types of Master’s degrees. Some of the most common include:

• Master of Arts (MA). Awarded in humanities, social sciences, and arts-related fields.
• Master of Science (MSc) . Awarded in science, technology, engineering, and mathematics (STEM) disciplines.
• Master of Business Administration (MBA). Focuses on management and business administration topics.
• Master of Education (M.Ed.). For degrees for high school teacher positions.

What Are Consecutive and Non-consecutive Master’s Degrees?

Consecutive master’s Degrees in Germany follow a logical progression from a related bachelor’s degree and build upon the same academic field. They provide in-depth knowledge and specialization within the same subject area.

Non-consecutive master’s Degrees, on the other hand, don’t necessarily need a bachelor’s degree in the same field. Students with diverse academic backgrounds can go for non-consecutive master’s programs, which often focus on broader skills and interdisciplinary knowledge. These programs may include extra coursework to bridge any knowledge gaps.

How Long Is a Master’s Degree in Germany?

A master’s degree in Germany typically lasts for one to two years, depending on the specific program and the number of semesters required. Each academic year consists of two semesters, and the program may also include a final project or dissertation conducted in collaboration with a mentor.

How Many ECTS Credits Is a German Master’s Degree Worth?

Master’s programs in Germany typically consist of 120 ECTS (European Credit Transfer and Accumulation System) credits. However, the exact number of credits may vary depending on the university and the specific program.

What is Numerus Clausus?

Numerus Clausus (NC) in German master’s programs is a restricted admission system where limited spots are available, and selection is based on factors like academic performance and qualifications. It controls program capacity to prevent overcrowding. Applicants compete for admission based on their qualifications, and requirements vary by program.

When Are Application Deadlines for Master’s Degrees in Germany?

There are two semesters in German universities; the winter semester and the summer semester. Application deadlines for master’s programs vary depending on the university, however, the most common dates are:

• For courses starting on the winter semester: July 15th
• For courses starting on the summer semester: January 15th

Can I Apply for a Master’s in Germany Before I Get My Undergraduate Degree?

Yes, it’s common for students to apply during the final year of their bachelor’s degree. However, you must provide proof of your current academic progress and an expected graduation date as part of your application.

What Are the Language Requirements for Master’s Degrees in Germany?

If your courses are in German, you’ll need to prove your proficiency through tests like TestDaf or DSH. A lower level of proficiency may be accepted if you continue taking language courses upon arriving in Germany or during the early stages of your Master’s program. However, language requirements for master’s programs in Germany can vary depending on the university and program

If you choose English-taught programs, no German language tests are required. Non-native English speakers may need to take English language tests like TOEFL, IELTS, and PTE. If you’ve completed your undergraduate studies in English, you typically won’t need English language tests.

To discover programs in your preferred language, explore our tool and select the program language from the options on the left.

How Much Does a Master’s Degree Cost in Germany?

In most public universities in Germany, semester fees for master’s programs typically range from €100 to €350 per semester, with some exceptions. Some specialized graduate programs may have tuition fees, and the federal states of Baden-Württemberg and Bavaria may charge tuition fees for non-EU international students.

Private universities set their own tuition fees, and the cost of master’s degrees can vary significantly, especially for programs like MBAs. At private universities in Germany, tuition fees can range from approximately €5,000 to €20,000 per year or more, depending on the institution and program.

To find out more about the costs of studying in Germany, visit our extensive guide .

Can I Work While Studying for a Master’s Degree in Germany?

Yes, students of all nationalities can work while studying for a master’s degree in Germany.

• EU, EEA, Swiss, and Norwegian students can work up to 20 hours per week. They can exceed this number, however they will have to pay social security contributions.
• Non-EU students can work up to 120 full days or 240 half days per year, but they face restrictions on self-employment and freelancing.
• Academic assistants have no limitations on workdays but are required to inform the foreigners’ office.

> Read more about working while studying in Germany .

What Is the Master’s Thesis Process Like in Germany?

In your final year of a master’s program in Germany, you’ll work on your thesis project, guided by a professor. The goal is to showcase your ability to tackle a subject-related issue independently using research methods.

You can usually write your thesis in German or English and may even complete it externally, like at a company or another research institute. Universities often set page limits, usually between 50 to 100 pages, and impose deadlines, typically around six months from the project start.

The thesis defense involves submitting your work and presenting your research methods and findings.

Study Visa Requirements for a Master’s Degree in Germany

Make sure you collect on time all the documents you typically need in order to apply for a German Student Visa .

For detailed information about Germany Visa requirements, go to  www.germany-visa.org/student-visa/

What Are the Career Prospects With a German Master’s Degree?

With a German master’s degree, you’ll have excellent career prospects, especially in STEM fields . EU/EEA graduates can work immediately after graduation, while non-EU/EEA graduates can extend their residence permits for up to 18 months to find field-related jobs.

You can also pursue academic careers, and highly skilled non-EU graduates can apply for an EU Blue Card to work and stay in Germany. Plus, your German degree is globally recognized, offering international career opportunities in multinational companies and organizations.

Join 262,114 students interested in studying in Germany

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7.0. Financial Assistance

A limited number of graduate assistantships are awarded on a competitive basis each year. Only students in the M.S. thesis option and the Ph.D. program are eligible for these assistantships. Teaching assistantships require the student to serve as instructor for undergraduate courses or laboratories under faculty supervision. Research assistantships require the student to assist on one or more research projects under faculty supervision.

Half-time graduate assistantship require that the student work 20 hours per week. Assistantships are considered half-time employment and the student is responsible for the hours of work and for the work output. A graduate assistant does not accrue annual leave. Each M.S.-thesis option student who is on a half-time graduate assistantship is required to register for 12 credit hours each regular semester and 6 credit hours for each summer session (with 2 summer sessions per summer). Ph.D. students who are on half-time graduate assistantships are required to register for 12 hours in each regular semester and 3 hours in each summer session. A graduate assistant is expected to remain free from other employment.

The assistantship stipends follow University guidelines and are subject to change each year. Students must maintain a B average or better and perform assigned duties in a satisfactory manner to retain a graduate assistantship. Performance is reviewed each semester.

A limited number of scholarships are available on the basis of need and academic achievement. Contact the department Graduate Advisor for more information.

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• AI in financial reporting and auditing - a look at Germany and the world

Quality, ethics, efficiency: What companies need to consider with regard to AI in financial reporting and auditing

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Artificial intelligence (AI) is fundamentally changing financial reporting and auditing. It helps companies to create more intelligent information flows and better recognise risks and anomalies.

How is AI developing in corporate financial reporting? What role do auditors play in this? 1,800 executives from ten countries provide exclusive insights.

Our English-language study ‘ AI in financial reporting and audit: Navigating the new era ’ among 1,800 managers shows that we are at the transition from the ‘digital age’ to the ‘AI age’. Both in Germany and worldwide, 60% believe that the use of AI brings high to very high added value for financial reporting.

Organisations that use AI for their financial reporting experience a variety of benefits. The most important are the ability to predict trends and impacts, make better data-driven decisions and gain real-time insights into risks, fraud and control weaknesses. At the same time, the use of AI reduces costs and increases the productivity of the financial reporting team - and facilitates the recruitment and training of employees. AI will help companies to better understand their financial data, make more informed decisions and strengthen their competitiveness.

However, companies also expect their auditors to fully utilise the many possibilities of AI. Over three quarters of companies believe that the use of AI in auditing is of great importance, along with automation and data analysis, which go hand in hand with the introduction of AI. Auditors are expected to use AI for three main purposes:

Improving the efficiency and accuracy of inspections

Over two thirds of companies want their auditors to prioritise the use of AI for data analysis and quality management. Slightly fewer would like auditors to focus on AI for identifying risks and anomalies as well as for risk mitigation and fraud detection.

Development of more proactive, continuous and predictive processes

Over half of companies want their auditors to prioritise predictive analytics, and slightly fewer want them to accelerate the speed of processing and conduct real-time audits throughout the year.

Collection of data and valuable audit findings

Many companies expect their auditors to use AI's ability to analyse vast amounts of data and gain insights that may not be available to human auditors.

As part of the study, 300 companies from Germany were surveyed. You can read about the special features of our local market and how Germany compares globally here.

Focus on Germany: Special features and recommendations for action

In Germany, only just over half of the companies surveyed make increased use of cloud services (65 per cent) or cyber security applications (50 per cent). This shows that many companies in Germany are not yet fully utilising the potential of cloud and cyber security technologies.

In order to remain competitive or assume a position as market leader, an early and focussed use of AI technologies and corresponding support technologies is necessary. 

Chart (in German only)

Currently, over 46 per cent of the companies surveyed in Germany are in the practical planning and test phase and 42 per cent are already in active use. Three out of four of the companies surveyed are planning to switch to active use in the coming years.

In order to make the transition as smooth as possible, companies should set clear goals and milestones at the beginning to measure and ensure progress.

The correct results generated by AI are a high priority for companies (85 per cent). This results in high demands on the quality and security of AI technologies and their use. This also applies in particular to the banks, insurance companies and asset managers surveyed in Germany, 73 per cent of whom see a challenge in ensuring that the AI-generated results are always correct.

To ensure the quality and security of AI-generated results, companies should introduce a quality control and risk management framework. This should include standards for data quality and regular system checks. In addition, it is important to create transparency in AI decision-making processes and establish effective feedback and correction mechanisms, especially in critical sectors such as finance.

The companies surveyed in Germany consider the regular implementation of audits and monitoring measures for the ethical use of artificial intelligence to be extremely valuable. 45 per cent of respondents consider this to be very effective. Companies from the financial services sector in Germany in particular emphasise that monitoring measures are necessary (71 percent).

This emphasises the need for increased implementation of monitoring measures and audit processes to ensure ethical standards in the use of AI technologies and to strengthen trust in their use. 

Report: AI in financial reporting and audit: Navigating the new era

Further Information

Our global audit tool bundles sophisticated data analytics and other innovative technologies on one platform.

We bundle data analytics and other innovative technologies on one platform.

Increase productivity and efficiency, optimise processes: Transform your company with reliable AI solutions

Transform your company with reliable AI solutions

Where can the machine provide support - and where do people need it?

What the EU law on AI means

Understanding the impact of the AI Act and how you can respond to it.

Our expertise for your AI transformation

Our experts have the technological AI expertise and specialist knowledge of cyber security to be able to provide support in the planning, realisation and subsequent monitoring of AI implementation projects. As an auditing company, we also provide the necessary quality and extensive knowledge in the regulatory and audit-related environment.

Sebastian Stöckle

Partner, Audit

KPMG AG Wirtschaftsprüfungsgesellschaft

Josephin Gleixner

Partner, Financial Services

Henning Lieder

Director, Audit, Head of Digital Excellence Audit Attestation and Head of Focus Team IT Audit

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Economics Concentration

This concentration is one of the four concentrations offered in Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of industrial organization, behavioural economics, and macroeconomics. Frequently, these projects are collaborative efforts, partnering with representatives from central banks, governmental bodies and industry, and actively involving our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in economics and quantitative methods. The economics concentration provides this training through core courses and electives taught by resident staff.

Furthermore, our curriculum is enriched by electives led by globally renowned guest professors, each an expert in their respective field. Alternatively, electives can also be covered by taking part in a summer school or a specialised mini-course at prestigious universities worldwide.

Sample Publications

Frankfurt School publishes in the top outlets for economic research. To get a sense for the kind of research we conduct, please click on the following sample publications:

Grounded strongly in economics and quantitative methods, our faculty encourages students to explore creative, new ideas in a rigorous way.

We prefer students to extend the boundaries of the field by incorporating insights from adjacent areas such as finance, management, and the behavioural sciences rather than making incremental technical improvements.

The economics concentration offers the following courses to help students achieve those objectives*:

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve, prior empirical studies.

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Macroeconomics

The course delves into foundational techniques and concepts integral to representative-agent macroeconomics. It provides a comprehensive understanding of key frameworks, exploring topics like economic growth, business cycles—both with and without frictions—and examines the role of monetary and fiscal stabilization policies. Additionally, we'll address the empirical facet, highlighting the concept of causality within macroeconomics.

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve prior empirical studies.

Game Theory

The course aims to familiarise students with the basic concepts of game theory. Students learn different classes of games and a variety of solution concepts to predict strategic behaviour in these games. They will learn how to capture practically relevant situations in a game and the necessary tools to solve these games.

Causal Inference

Coming soon

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses:  multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

Industrial Organization

Advanced Topics in Economics

This course discusses the research frontier of a variety of topics.

1) Advanced Topics in Industrial Organization

2) Advanced Topics in Macroeconomics,

3) Advanced Topics in Monetary Economics,

4) Advanced Topics in Organizational Economics,

5) Advanced Topics in Behavioral Economics

PhD Brownbag

Master Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor  Stevo Pavicevic  tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor  Tetyana Kosyakova’s  projects her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modeling. Currently I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data when consumers are making choice decisions given a large choice set.

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models don’t scale to large choice sets or large product assortments due to difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. Pol students at Frankfurt School often work closely together with faculty members on (larger) research projects. Digitalisation and its corporate impact is at the core of a project of accounting professor  Matthias Mahlendorf :

"In a joint project with Dr. rer. Pol students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches (such as Google's "Objectives and Key Results", OKR) as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor  Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor  Sascha Steffen  about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Economics Faculty

Frankfurt School is among the few schools in Germany and even in Europe to offer fully-fledged coursework, which prepares students for the demands of dissertation research, on a par with what has traditionally only been available in top schools in the U.S. The programme has achieved remarkable successes:

Doctoral students have been invited for visiting scholarships in top schools in the U.S. (e.g., MIT) and in Australia (e.g. University of Melbourne).

Doctoral students have presented their dissertation work in highly visible and competitive conferences such as the Singapore Management University Accounting Symposium and the MIT-Asia conference.

Student funding and scholarships

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group.

Outstanding graduates of a Bachelor‘s or Master’s programme in economics or related fields, such as mathematics, statistics, business administration, and finance, who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September 2023 and 15 January 2024.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to a skype interview with faculty members.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctorate Proceedings. It is based on the overall portfolio of the candiate and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment Officer