Degree level learning goals

MSc degree studies consist of programme studies and elective studies. In some programmes, there is also a compulsory minor. The scope of the modules varies between programmes.

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

• a comprehensive understanding of the area of specialisation, including its potential to address environmental, economic and social sustainability challenges;
• the ability to identify and analyse sustainability challenges and business opportunities and creatively develop solutions;
• the ability to independently retrieve, assess, apply and create knowledge in the field of business and economics;
• the ability to reflect on the ethical foundations and implications of business decision-making for different stakeholders and to act accordingly; and
• the ability to communicate effectively and to foster diversity, equity and inclusiveness in organisations.

Programme level learning objectives

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.

Recommended timing of programme studies:

1st year: Core courses and elective studies

2nd year: Capstone course, Master's thesis and Thesis Seminar. Students are expected to enroll to a thesis seminar group in the beginning of the 2nd year of the programme.

Code: BIZ210
Scope: 84–88 ECTS 
Programme Director: Associate Professor Petri Jylhä

<sup>* no teaching 2025-2026

1 Capstone: Mergers and Acquisitions for Finance course can be replaced with Capstone: Alternative Investments. If a student completes both of these courses, the other one counts as a finance electives course.
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 28E35700 Capstone: Alternative Investments as the mandatory Capstone course.</sup> 

_{3 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, 28E35300 Mergers and Acquisitions, which treats valuation from first principles can be completed as an elective course instead of Capstone: Mergers and Acquisitions for Finance.
4 Equivalence to old course FIN-E0307 Behavioral and Sustainable Finance. Students who have completed FIN-E0307 Behavioral and Sustainable Finance cannot include the equivalent course FIN-E0312 Behavioral Finance and Applications to their studies.
5 Please note that this course cannot be included in your master's degree if you have already completed the course as part of the Bachelor's Programme in Business, Otaniemi.
6 Must be agreed in advance with Elias Rantapuska.
7 Only one of Project Work, Customized Student Business Project, or CEMS Business Project can be included to the degree. BIZ-E0100 Customized Student Business Project must be agreed in advance with Tommi Vihervaara.
8 A maximum of 7 Finance M.Sc. students will be accepted to the course Real Estate Economics. REC-E3100 Real Estate Economics is the prerequisite for the other Real Estate courses. The courses are organized by the Department of Build Environment.
9 Real Estate Economics and Real Estate Market Analysis are strict prerequisites for this course.
10 Real estate economics is a strict prerequisite for this course.
11 Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.**)}