Student Guide

Programmes

Master's Programme in Finance

Programme main page

Curriculum 2020–2022

Degree structure

Programme studies 84 cr
- Incl. Master’s thesis 30 cr
Minor 24 cr
Electives 12 cr

MSc degree studies consist of the following study modules: Programme studies 84 ECTS credits, Minor studies 24 ECTS credits and Electives 12 ECTS credits.

In addition to the goals stated in Government Decree on University Degrees (794/2004) 7 § the aim of the Master of Science degree in Economics and Business Administration is to provide students with

deep overall knowledge of the area of the specialised master’s degree programme, and very good knowledge of the minor subject or corresponding study entities included in the degree;
the knowledge and skills required in challenging managerial positions or positions demanding a high level of expertise, or as entrepreneur;
the ability to independently produce and apply knowledge in the field of business administration and economics, and preparedness for demanding international postgraduate programmes;
the ability to address ethics, sustainability, and international context; and
excellent communication and team working skills.

Programme studies 84 cr

Code: BIZ210
Credits: 84 ECTS cr
Programme Director: Assistant Professor Matthijs Lof

Programme committee: Matthijs Lof (chair); Peter Nyberg, Elias Rantapuska; Mirja-Liisa Kauppila (student representative); Elise Tuuppa (industry rep); Marie Perret (Planning Officer)

The programme offers students a thorough understanding of the models and theories of corporate financing and investment decisions, as well as skills necessary to apply these ideas independently and analytically. Graduates of the programme will know the features of the capital markets and have the skills to apply financial tools in a number of situations both in strategic decision making of the firm (e.g. mergers and acquisitions) and in day-to-day management (e.g. portfolio and risk management). They are able to analyse corporate risk factors quantitatively and evaluate the value of e.g. derivative instruments using sophisticated techniques. The Master’s Programme in Finance prepares students for a world in which financial services are global, a significant part of the economy, and in constant change. The programme helps students adapt to a financial environment which is increasingly aware of system-wide risks, conflicts of interest, and regulatory challenges.

The students have a further opportunity to tailor their degree by specializing in one of two areas of concentration, corporate finance or asset management.

In the corporate finance area, students focus on questions such as analysing and choosing investment projects, mergers and acquisitions, agency theory, investment banking and obtaining funds from the primary markets, and capital structure and dividend decisions. The corporate finance area prepares students for entry-level positions in investment or commercial banking, management consulting, or the finance and corporate planning functions of industrial firms.

In the asset management area, students focus on issues such as the behaviour and determinants of security prices, their implications on portfolio management, behavioural finance and investor psychology, sustainable investments, venture capital, risk management, as well as pricing of options, futures, and other derivatives. The asset management area prepares students for entry-level positions in investment management and strategy, venture capital, private equity, data analytics, and risk management.

The general management skills the programme aims to foster include analytical, teamwork, and problem solving skills. The student will also have the opportunity to consider challenging issues in sustainability and to develop international business communications skills at an advanced level.

1. Programme studies 84 cr

Mandatory studies 42 cr

Recommended timing of the programme studies:

1st year: Elective studies (42 cr)

2nd year: Capstone course, Master's thesis and Thesis Seminar.
Students (usually 2nd year M.Sc.) will be automatically placed to a thesis seminar group in the beginning of the fall semester. It is possible to start the thesis also during spring semester.

Course code directs you to Sisu and course name to MyCourses.

Code	Course name	ECTS credits	Period
28E33000	Capstone: Mergers and Acquisitions for Finance ^1) 2)	6 cr	II
or
28E35300	Mergers and Acquisitions ²⁾	6 cr	II
or
57E00700	Capstone DigitalISM Challenge ³⁾	6 cr	II Cancelled for 2020-2021 and 2021-2022*
FIN.thes	Master’s Thesis	30 cr	I-II, III-V
28E99905	Master’s Thesis Seminar**	6 cr	I-II, III-V
28E99903	Maturity Test	0 cr	I-II, III-V

^{1) If a student has completed 28E99908 (Part 2/3: Findings) for Master’s Thesis and has not completed the mandatory capstone course, it can be replaced with an E-level Finance elective course by the approval of the planning officer (previously study coordinator) of the department of Finance.}
^{2) If a student has not completed B.Sc. degree in Finance specialization area at Aalto University and has not completed B.Sc. Capstone Valuation course or its equivalent, it is recommended to complete 28E35300 Mergers and Acquisitions (instead of 28E33000), which treats valuation from first principles. 28E35300 replaces then the compulsory 28E33000 Capstone: Mergers and Acquisitions for Finance course.}
^{3) Capstone: Mergers and Acquistions for Finance course can be replaced with Capstone DigitalISM Challenge. If a student completes both of these courses, Capstone DigitalISM Challenge should be included in the Electives (12cr) section of the degree.}
^{*) If you were planning to complete Capstone: DigitalISM Challenge as Capstone course, you can replace it with 37E01500 Project Management and Consulting Practice in period II (fall 2020 and fall 2021).}
^{**) Automatic enrollment for Master's thesis seminars is informed per mail to all students twice a year (for fall seminars in late spring/August and 2. for spring seminars in December). For questions regarding enrollment, please contact Planning Officer marie.perret(a)aalto.fi.}

Elective studies 42 cr

Choose 7 courses from the list of Finance electives. You can combine courses from Corporate Finance, Asset Management and other Finance elective sections. 2 electives (12 cr) from the list of Finance electives can be replaced by a course from the other electives section.

Finance electives

Corporate Finance emphasis

Code	Course name	ECTS credits	Period
FIN-E0307	Behavioral and Sustainable Finance ⁴⁾	6 cr	I
28E29000	Advanced Corporate Finance	6 cr	I
FIN-E0309	Entrepreneurial Finance ^*)	6 cr	IV
FIN-E0310	Advances in Financial Technology *)	6 cr	V

^{4) Replaces the course 28E00100 Behavioral Finance and Decision making. It is possible to include only one of the courses (FIN-E307 or 28E00100) to the M.Sc. degree.}
^{*) New courses for 2021-2022}

Asset Management emphasis

Code	Course name	ECTS credits	Period
28E00300	Advanced Investment Theory	6 cr	IV
28E00900	Fixed Income	6 cr	IV
28E34600	Portfolio Management	6 cr	II
28E34700	Advanced Econometrics for Finance	6 cr	II
28E35400	Applied Derivatives	6 cr	V
28E35700	Alternative Investments	6 cr	III
FIN-E0308	Quantitative finance and machine learning applications ⁵⁾	6 cr	III
TU-E2210	Financial Engineering I ⁶⁾	6 cr	I-II

Other Finance electives

Code	Course name	ECTS credits	Period
28C00450	Derivatives and Fixed Income⁷⁾	6 cr	III
22E00100	Financial Statement Analysis ⁸⁾	6 cr	I, IV
28E34100	Project Work ^{9) 10)}	6 cr	I-V
28E09900	Finance studies at another university or another Aalto School ¹¹⁾	6 -12 cr

^{5) Replaces the course 28E35600 Quantitative Finance. It is possible to include only one of the courses (FIN-E308 or 28E35600) to the M.Sc. degree.}
^{6) Offered by the Department of Industrial Engineering and Management.}
^{7) Please note that this course cannot be included in your studies if you have taken the course 28C00400 Derivatives and Risk Management previously as a part of your MSc. studies.}
^{8) Offered by the Department of Accounting.}
^{9) Must be agreed in advance with Elias Rantapuska.}
^{10) Only one of Project Work or Student Business Project can be included in the degree. 20E00100 Student Business Project must be agreed in advance with Tommi Vihervaara.}
^{11) Must be agreed in advance with the programme director Matthijs Lof and meet the goals and requirements of the programme.}
^{12) The courses Ohjelmoinnin perusteet Y1, Ohjelmointi 1 and Ohjelmoinnin perusteet Y2 (5cr) can be completed to reach min. 6 cr with credit transfer of the course Elements of AI (2cr).}
^{13) Max 5. Finance M.Sc. students can be accepted per course. REC-E3100 Real Estate Economics is the prerequisite for the other Real Estate courses. The courses are organized by the Department of Build Environment.}
^{14) Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.}

Other electives

Up to 2 electives (min. 12 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments and Graduate School of Finance:

Code	Course name	ECTS credits	Period
22E00500	Corporate Governance	6 cr	II
32E22100	Financial Markets Law	6 cr	II
ABL‐E2600	Financial Law	6 cr	III
ISM-C1100	Tilastotieteen jatkokurssi ja R	6 cr	III-IV
37C00400 or CS-A1111 or CS-A1110	Programming I or Ohjelmoinnin perusteet Y1 ¹²⁾ or Ohjelmointi 1 _¹²⁾	6 cr 5 cr 5 cr	I I-II I
37C00450 or CS-A1121	Programming II or Ohjelmoinnin perusteet Y2 ¹²⁾	6 cr 5 cr	II III-V
30E00400	Simulation	6 cr	I
TU-E2220	Financial Engineering II	6 cr	III
20E00100	Student Business Project ¹⁰⁾	6 cr
42E00600	CEMS Business Project ¹⁰⁾	6 cr
77E24000 and 77E25000	Business Presentations and Business Negotiations	3 cr 3 cr	IV III
REC-E3100	Real Estate Economics ¹³⁾	6 cr	I
REC-E4100	Real Estate Finance¹³⁾	6 cr	IV
REC-E3600	Real Estate Market Analysis ¹³⁾	6 cr	III
REC-E4300	Real Estate Valuation ¹³⁾	6 cr	V
28L30311	Theoretical Corporate Finance¹⁴⁾	6 cr
28L30111	Theoretical Asset Pricing ¹⁴⁾	6 cr

2. Minor studies 24 cr

3. Electives 12 cr

Master’s thesis

The programme study module includes a 30-credit thesis with a 6-credit seminar. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

The student takes also part in a thesis seminar, which is designed to help the students to prepare their thesis work. The seminar commonly consists of meetings, completing thesis, presenting the research topic to the seminar group and acting as an opponent for a fellow student’s thesis. Seminar lasts usually the whole semester, and it is organised during both autumn and spring semesters.

Seminar practices vary depending on the degree programme: please see the instructions for each programme in Sisu or MyCourses. For instructions on writing and handing in the thesis please see the page Completing your master's thesis.

Minor 24 cr

The minor study module of the Master’s degree is 24 credits and can be one of the following:

a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
a module completed in an official exchange programme partner of the School of Business or in another programme meeting the requirements set in the official exchange programme policy of the School of Business, or
a module earned at another Aalto University school or at another Finnish university e.g. under the agreement on flexible study rights (JOO agreement).

For a list of all the minors at Aalto University, see Minors 2020-2022

In some cases it is possible to complete two minors in the Master's degree. Please note that you can only choose the second minor if it fits into your degree or exceeds it by maximum of one course.

Exchange studies is a very popular minor among the students of the School of Business. If you are interested in completing exchange studies as your minor, please check out this short video:

Elective studies

You can choose elective studies to your Master's degree so, that the extent of the degree (120 credits) is fulfilled. You can exceed the extent of the degree by one course maximum.

Elective studies can include basic, intermediate or advanced level courses. You can use the module e.g.

To broaden your skills and knowledge via multidisciplinary studies:
- select courses in the field of technology or art
- select University Wide Studies -courses
- select courses in other universities via JOO study right
To deepen your language and communication skills
To deepen or broaden your skills and knowledge in the field of business
- select additional courses in your degree programme or major
- select courses from other degree progarmmes or majors in the School of Business
- select additional courses in your minor
To gain work experience and working life skills via practical training
To gain skills in self leadership and finding meaningfulness via Personal Impact -courses
To broaden your degree with a second minor, if it fits in your degree
- Please not that you can only choose the second minor if it fits into your degree or exceeds it by maximum of one course. You can find the requirements of minors in Into Minors 2020-2022 .

If you have mandatory language studies in your master's degree, they are included in the elective studies module. You have received information about these in the beginning of your studies, if this applies to you.

Students who have received their first cycle university degree from the Aalto University or from another Finnish university of from a Finnish university of applied sciences have principally demonstrated their language proficiency in the bachelor's degree or received an exemption. Therefore there is no need to demonstrate language proficiency in the master's degree
Students, who have received their first cycle university degree outside of Finland and whose language of secondary education is Finnish or Swedish, do demonstrate their language proficiency in the master's degree
Students, who have received their first cycle university degree outside of Finland and whose language of secondary education is other than Finnish or Swedish, do not demonstrate their language proficiency in the master's degree

If you are uncertain of whether you need to demonstrate language proficiency in the master's degree, please contact your programme's planning officer to get further information about the matter. Read also more about the language requirements for the maturity test in the page Completing your master's thesis > Maturity test.

Why should I study languages?

Published: 24.5.2022
Updated: 15.4.2024

Master's Programme in Finance

Programme main page

Curriculum 2020–2022

Degree structure

Degree goals

Programme studies 84 cr

Learning outcomes

Programme studies 84 cr

1. Programme studies 84 cr

Mandatory studies 42 cr

Elective studies 42 cr

Finance electives

Corporate Finance emphasis

Asset Management emphasis

Other Finance electives

Other electives

2. Minor studies 24 cr

3. Electives 12 cr

Master’s thesis

Master’s thesis and thesis seminar

Minor 24 cr

Minor

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Elective studies

Elective studies

Mandatory language studies

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