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Master's Programme in Finance
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Curriculum 2026–2028
About the programme
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: Programme studies 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.
Degree structure
Total
120
ECTS
84-90
ECTS
30-36
ECTS
*including master's thesis 20 ECTS
Programme studies 84–90 ECTS
Code: BIZ210
Scope: 84–90 ECTS
Programme Director: Associate Professor Petri Jylhä
| Course code | Course name | ECTS | Teaching |
|---|---|---|---|
| FIN-E0599 | Master’s Thesis Seminar | 4 | I-II, III-V English / 2nd year |
| FIN.20.thes | Master’s Thesis | 20 | I-II, III-V English / 2nd year |
| BIZ.matr | Maturity Test | 0 | I-II, III-V |
Choose 6-12 ECTS |
|||
| 28E33000 | Capstone: Mergers and Acquisitions for Finance 1, 2 | 6 | II English / 2nd year |
| 28E35700 | Capstone: Alternative Investments 1, 2 | 6 | III English / 2nd year |
Choose 30-54 ECTS of the following coursesCourses are grouped under recommended paths (Corporate Finance, Asset Management, other finance courses), but you may mix them freely. |
|||
| Corporate Finance Choose 0-42 ECTS |
|||
| 28E29000 | Advanced Corporate Finance | 6 | I English |
| FIN-E0309 | Entrepreneurial Finance | 6 | IV English |
| 28E35300 | Mergers and Acquisitions 3 | 6 | II English |
| FIN-E0310 | Advances in Financial Technology | 6 | V English |
| FIN-E0315 | Sustainable Finance | 6 | II* English |
| FIN-E0314 | Ownership and Governance | 6 | III English |
| FIN-E0316 | Advanced Econometrics for Corporate Finance | 6 | IV English |
| Asset management Choose 0-30 ECTS |
|||
| FIN-E0311 | Advanced Investments | 6 | I English |
| 28E00900 | Fixed Income | 6 | IV* English |
| 28E34600 | Portfolio Management | 6 | II* English |
| FIN-E0318 | Financial Stability | 6 | II English |
| FIN-E0313 | Advanced Econometrics for Financial Markets | 6 | II English |
| Other finance courses Choose 0-36 ECTS |
|||
| FIN-E0312 | Behavioral Finance and Applications 4 | 6 | I* English |
| FIN-E0319 | Household Finance | 6 | IV English |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | I English |
| 28E34100 | Project Work 5 | 6 | I-V English |
| 28L30311 | Theoretical Corporate Finance 7 | 6 | III-IV English |
| 28L30111 | Theoretical Asset Pricing 7 | 6 | I English |
| Choose 0-18 ECTS of the following courses | |||
| TU-E2211 | Financial Risk Management I D | 3-6 | I-II English |
| TU-E2221 | Financial Risk Management II D | 3-6 | III-IV English |
| 22E00100 | Financial Statement Analysis | 6 | I, IV English |
| 22E00500 | Corporate Governance | 6 | II English |
| ABL‐E2614 | Yritysjärjestelyt | 6 | III Finnish |
| 31E40100 | History of Economic Growth and Crises | 6 | III English |
| ECON-E0900 | Economics of Engergy Markets | 6 | IV English |
| 30E00400 | Simulation | 6 | I** English |
| BIZ-E0100 | Customized Student Business Project 6 | 6 | I-V English |
| 42E00600 | CEMS Business Project 6 | 6 | I-V English |
| REC-E3100 | Real Estate Economics 8 | 6 | I English |
| REC-E4100 | Real Estate Finance 9 | 6 | IV English |
| REC-E3600 | Real Estate Market Analysis 10 | 6 | III English |
| 28C00450 | Derivatives and Fixed Income 11 | 6 | III English |
| 28C00200 | Econometrics for Finance 11 | 6 | I English |
| ABL-C1104 | Introduction to Sustainability Accounting | 6 | II English |
| CS-C1000 | Introduction to Artificial Intelligence | 3 | IV English |
| CS-A1111 CS-A1110 |
Ohjelmoinnin perusteet Y1 or Ohjelmointi 1 |
5 5 |
I-II Finnish I-II Finnish |
| CS-A1121 | Ohjelmoinnin perusteet Y2 | 5 | III-IV Finnish |
| CS-A1155 | Databases for Data Science | 5 | IV-V English |
| MS-C2128 | Prediction and Time Series Analysis | 5 | II English |
| MS-C2111 | Stochastic Processes | 5 | II English |
* no teaching 2026-2027 or 2027-2028
** no teaching 2027-2028
1 If a student completes both of these Capstone courses, the other one counts as a finance elective 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.
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 Must be agreed in advance with the programme director.
6 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.
7 Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.
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 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.
Elective studies 30–36 ECTS
Elective studies must meet the following requirements: they must be completed at a university or university of applied sciences; they must, as a rule, be a part of the degree studies of the university or university of applied sciences organizing the studies and they must meet the objectives of the degree completed at the Aalto University School of Business. Elective studies cannot overlap with other studies included in the degree in terms of content and intended learning outcomes.
Higher education institutions also offer studies outside degree education aimed at a wide audience, the suitability of which for the degree is assessed in relation to the intended learning outcomes of the degree. For example, courses that can be completed freely online and have a scope of 1-3 ECTS are generally not accepted as part of the degree.
Elective studies are selected so that the scope of the degree of 120 ECTS is met.
Elective studies can, for example, be used for:
- completing a minor
- broadening your skills and knowledge via multidisciplinary studies by
- completing another minor or individual courses in the fields of technology, art and design
- completing University Wide Studies
- completing studies at European Unite! universities
- completing network studies, for example from the Hilma network of gender studies or other networks
- acquiring entrepreneurial skills
- deepening language and communication skills by
- completing studies at the Aalto University Language Centre either as individual courses or as an entire minor
- completing studies in language and multicultural studies offered by European Unite! universities
- broadening or deepening expertise in your own field by
- completing additional studies in your programme or major
- completing studies in other programmes or majors
- completing additional studies in a minor
- completing the Customized Student Business project BIZ-E0100 (read more here) or Non-governmental organization project BIZ-E0110 (read more here)
- acquiring working life skills by completing an intership (read more at During your studies > Other studies)
- learning self-leadership skills, finding meaningfulness and developing study-wellbeing by completing Personal Impact courses.
A minor can be
- a minor organized by Aalto University (find the list of offered minors here)
- international minor that is completed through the Aalto University exchange programme at a university abroad or in a programme fulfilling the requirements of the exchange programme as a free mover student (instructions here)
- a study module completed at another university in Finland or abroad. As a rule, the minor must be a confirmed minor or similar study module in the curriculum of the higher education institute offering the study module.
The scope of the minor is determined according to the requirements of the minor.
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. 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.
- If you have completed your bachelor's degree in Finland (in Aalto or in another higher education institute), you have fulfilled the compulsory language requirements in the respective degree or received the exemption. You do not need to complete language studies in the master's degree.
- If your language of education is Finnish or Swedish and you have completed your bachelor’s degree outside of Finland, you must demonstrate proficiency in national languages by writing the maturity test in your language of education (Finnish or Swedish) and complete the language proficiency tests in the other national language. Read more about the language of education here. You may also apply for an exemption of demonstrating proficiency in national languages. See also the following bullet.
- If you have completed your bachelor’s degree outside of Finland, you must complete minimum of 3 ECTS in English including both oral and written proficiency. You can choose any course on level B2 or higher. Courses at a sufficient level and including both oral and written proficiency are marked with ‘o’ and ‘w’ in the course name. Students, whose language of education is not Finnish or Swedish, may alternatively complete an elementary course in Finnish or in Swedish. The courses in national languages can be at any level on CEFR scale.