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FINANCE

Master's Degree Programme

About the programme 
Language: English  (See language requirements)  | Place of study: Aarhus  |  Commencement: August / September (no winter intake)

Introduction

The Master’s degree programme in finance is a comprehensive, research-based university education in finance with a strong focus on developing quantitative and analytical skills relevant to the financial industry. The programme introduces the students to state-of-the-art theoretical and empirical models of financial decision-making, asset and derivative pricing, financial institutions and intermediaries, and corporate finance.

Financial theory and asset pricing

Students will obtain a strong foundation in standard financial theory and learn how to apply both theoretical and empirical models to analyse financial assets such as stocks, bonds and derivatives, as well as real assets such as investment projects within the firm. The objective is to equip the students with the ability to demine the fair prices of financial and real assets using relevant asset pricing models, identify the risk premia required by investors for bearing risk and discuss their sources, and characterise how investors and financial institutions trade off risk and return when forming optimal portfolios.

Financial institutions

Students are introduced to the different players in financial markets today and study their role in setting prices and allocating capital. Asset managers and intermediaries are central to the financial system. They provide liquidity to market participants, facilitate financial transactions and risk-sharing and help ensure an optimal capital allocation between financial institutions, firms and households. The students will learn about asset management in financial institutions and discuss the role, impact and importance of asset managers and intermediaries for the financial system. 

Analytical and quantitative skills

Students will be trained in relevant econometric methods needed to carry out empirical studies and implement both theoretical and empirical models in finance using real-world financial data. Being able to handle and work with data is becoming an essential and highly valued skill, and the use of real-world data is thus a natural component of many courses on the programme and used in exercises, exams and written projects. The use of programming languages is widely adopted in the industry as well, and the use of programming languages is therefore integrated into courses and exams when relevant.

Careers

Upon graduation, students can take up positions in banks, investment companies, pension companies, regulatory bodies, consultancy firms, fintech and finance departments in non-financial companies.

The degree programme also provides an excellent basis for a subsequent PhD programme.

Admission Requirements

Legal right of admission

Applicants with a Bachelor's degree in Economics and Business Administration (HA) from Aarhus University have the right to be admitted to the Master's degree programme in Economics and Business Administration (cand.merc.) at Aarhus University on the condition that application is made for admission to the Master’s degree programme no later than three years after completion of the Bachelor’s degree programme. The legal right of admission requires receipt of the application by Aarhus University within the appropriate period of time.

Bachelor's degrees with direct admission

The following Bachelor’s degrees fulfill the admissions requirements for the Master’s degree programme in Economics and Business Administration at Aarhus University but are not automatically secured a spot at the programme:

  • Applicants with a Bachelor’s degree in Business Administration with supplementary subject (erhvervsøkonomi med tilvalg) at study plan 2017 and onwards from Aarhus University.
  • Applicants with a Bachelor’s degree in Business Administration and Commercial Law (Erhvervsøkonomi-erhvervsret (HA jur.)) from Aarhus University.
  • Applicants with a Bachelor’s degree in Economics and Business Administration (HA - general business economics) from one of the Danish universities.*
  • Applicants a Bachelor´s degree in Economics and Business Administration (HA) from Aarhus University who no longer have legal right of admission.*

* With a diploma older than 2000, your Bachelor’s degree will be assessed according to the specific admission requirements described under the section: “Students that hold a degree from another university”. 

Students that hold a degree from another university

Other Bachelor´s degrees can provide admission to the Master’s degree programme. When you apply the university will access if your Bachelor´s degree corresponds in level, extent and content to a BSc in Economics and Business Administration/HA from Aarhus Universitet. The assessment will prioritize the sufficient content of the following subjects and ECTS-points:   

Subject

ECTS

Methods*

15 ECTS

Marketing

7,5 ECTS

Finance

7,5 ECTS

Accounting

7,5 ECTS

Organisation- and Leadership Theory

7,5 ECTS

Microeconomics

5 ECTS

Operations Management

5 ECTS

Additional ECTS points within the abovementioned areas

25 ECTS

Total ECTS within Economics and Business Administration

80 ECTS

*Please note, applicants must have at least 15 ECTS within methods including at least 10 ECTS within quantitative methods or statistics.

Admission to the MSc in Economics and Business Administration for applicants with a professional bachelor’s degree (professionsbachelor)

In order to meet the admission requirements for the MSc programmes in Economics and Business Administration, applicants with a specific professional bachelor’s degree must have completed specific elective courses as part of their qualifying exam. In this table the requirements for elective courses are laid out.

Language requirements

As English is the language of instruction in all subjects, all applicants are required to provide evidence of their English language proficiency.
Please see the page on language requirements.

Download appendix for your application

If you apply for admission with an international Bachelor's degree, you must fill in this appendix and upload it in the application portal. The appendix serves to help the Admission Board assess your Bachelor's degree in regard to the admission requirements. 

Download appendix

Restricted admission from 2022

As from the intake 2022, the Master’s degree programmes in Economics and Business Administration (cand.merc.) only admits a limited number of students each year. Therefore, meeting the admission requirements does not in itself guarantee admission to the programme. 

Please note, for programmes with restricted admission special rules regarding supplementary Bachelor’s courses apply. Therefore, we no longer offer pre-assessments for the programme in Economics and Business Administration (cand.merc.).

Read more about supplementary Bachelor’s courses.

Selection criteria

If there are more qualified applicants than available seats, the Admissions Committee assesses each applicant based on the average mark (i.e. GPA) of the Bachelor’s degree at the time of application. Marks/grades obtained after the application deadline will not be included in the GPA. The Admissions Committee assesses each applicant’s marks based on the information provided by diplomas and transcripts.

Programme Structure

ACADEMIC REGULATIONS

Below is an outline of the courses:


The study programme consists of two semesters in the first year which cover the compulsory courses in the programme specialisation and two semesters in the last year which are reserved for the student's own specialisation.

In the first semester you follow the prerequisite courses that form the methodological and academic basis for the further study programme.

In the second semester you follow the specialisation courses of the programme.

In the third semester you can choose elective courses within your areas of interest. The courses can either be taken at Aarhus BSS during the semester, at the Summer University or at one of our more than 300 partner universities abroad. You can also participate in project-based internship programmes either in Denmark or abroad.

The fourth semester is devoted to the final thesis. You may choose the topic of the thesis freely and so get a chance to concentrate on and specialise in a specific field of interest. The thesis may be written in collaboration with another student or it may be the result of your individual effort.

Student Life

Learning in an International Context

At Aarhus BSS, we conduct research at the highest academic level.

All researchers employed are engaged in research projects covering a wide range of different subjects and focusing on knowledge and skills considered essential for professional business activities in the global marketplace. All faculty have both research and teaching responsibilities, which means that our teaching is continually based on the latest research results.

Aarhus BSS is very internationally oriented. The broad scope of our research activities and educational programmes enable us to attract researchers, teachers, and students from all over the world, and this creates an international environment for research and learning in which academic views are exchanged, experiences are gathered and friendships are formed.

Aarhus University is a leading university in Denmark in building student exchange opportunities. The university encourages all students to spend time studying abroad. Every year, more than 700 students from Aarhus BSS go abroad to participate in exchange programmes around the world at our more than 300 partner universities. About the same number of students from all over the world come to participate in the exchange programme in Aarhus, and this contributes to a truly international learning atmosphere.

Follow the student life at Aarhus University

-experienced, photographed and filmed by the students themselves.

With thousands of pictures #AUInternational, #AarhusUni gives insight into the everyday life as a student at AU; the parties, procrastination, exams and all the other ways you’ll spend your time at university.

The photos belong to the users, shared with #AUInternational and #AarhusUni.

Career

Job functions for grads

The chart shows the five most common types of work for graduates 1-2 years after finishing their degree. The data is derived from a survey made by Epinion for the Ministry of Higher Education and Science and Aarhus University in 2020.

Job opportunities

Students on the MSc in Finance graduate with a profile and analytical skills that are in high demand throughout the financial sector. Upon graduation, students can take up positions in banks, investment companies, pension companies, regulatory bodies, consultancy firms, fintech and finance departments in non-financial companies.

The degree programme also provides an excellent basis for a subsequent PhD programme.


Profile of competencies

The research-based MSc degree programme in Economics and Business Administration builds on the competencies and insights acquired in the BSc degree programme in Economics and Business Administration.

The study programme provides the graduate with specialist knowledge within the disciplines of the study programme that give the graduate high academic qualifications to develop solutions to issues pertaining to business administration in companies and organisations in the public and private sectors.

The degree programme also qualifies the graduate for further studies, including PhD studies.

Through the degree programme, the graduate has acquired knowledge that enables the graduate to

  • Understand how prices on financial assets such as stocks, bonds and derivatives are determined and analyse their price behavior using appropriate quantitative methods.
  • Understand and analyse investment and financing decisions in a non-financial corporation.
  • Solve managerial tasks of financial institutions and understand how trading is facilitated in financial markets.
  •  Understand and consider knowledge pertaining to the various disciplines as well as identifying academic issues
  • Master the scientific methodologies and tools of the various disciplines as well as mastering general skills associated with employment within the areas studied
  • Assess and choose among the scientific methodologies and tools of the various disciplines as well as developing new analysis and solution models
  • Discuss professional and academic issues with both specialists and laymen
  • Manage work and development situations that are complex, unpredictable and require new solution models
  • Initiate and carry out, on an independent basis, monodisciplinary and interdisciplinary collaboration and take professional responsibility
  • Take responsibility, on an independent basis, for own professional development and specialisation

From Studies to the First Job

”Be proactive in your job search and be open to different alternatives.” (Msc in Finance)

“You should not expect huge tasks from the start but if you keep at it then the opportunities will come.” (Msc in Finance)

”Ask questions and update your knowledge constantly. Use your network.” (Msc in Finance)

We want to help our students find successful careers. Students can always contact our Career Services for advice and assistance with getting onto the Danish labour market. Check out our careers page to see the range of services we offer.