Masters of Finance in Germany is available in several public and private universities. It is a 2-years postgraduate degree program. The admission process occurs twice a year i.e. winter and summer semesters in July and October respectively. Students are required to have a bachelor's degree in finance or relevant subjects to be eligible for admission in Masters of Finance in Germany universities.
The course fee for the Masters of Finance in Germany ranges from 609 to 29,200 EUR (53,658 - 25.72 lakhs INR) for the total program. Also, the cost of living in Germany is relatively lower than in other European countries. The average salary after completing a Masters in Finance in Germany is 61,800 EUR (50.7 lakhs INR) per annum.
Explore: Top Finance Universities/Colleges in Germany
Highlights
| Program | Master of Finance | MS in Finance |
| Duration | 2 years |
| Program Fee Range | 609 to 29,200 EUR (53,658 - 25.72 lakhs INR) |
| Admission Requirements | Bachelor’s degree with a minimum GPA of 3.0 (83-86%) |
| Test Scores | GMAT: 600 | IELTS: 6.0 - 7.0 | TOEFL-iBT: 88 | DSH - 2 [German] |
| Top Job Profiles | Finance Manager | Investment Banker | Financial Analyst | Financial Advisor | Financial Accountant |
| Top Recruiters | Audi | BMW | Allianz Worldwide | Deutsche Bank Group | Commerzbank |
| Average Salary | 61,800 Euros (50.7 lakhs INR) per year |
Top Universities for Master of Finance in Germany
Some of the best universities in Germany for Masters in Finance with programs and their application deadlines are listed below:
| University | Courses Offered | Admission Deadlines | Total Program Fees (EUR) |
|---|---|---|---|
| Technical University of Munich | Master in Finance and Information Management | Deadline 1 [Mar 15, 2023] | Deadline 2 [May 31, 2023] | 609 |
| Free University of Berlin | MS in Finance, Accounting and Taxation | February 15, 2023 | 1,252 |
| Goethe University, Frankfurt | MS in Money & Finance | May 15, 2023 | 1,480 |
| University of Kaiserslautern, Rhineland, Palatinate | MS in Actuarial and Financial Mathematics | Apr 30, 2023 | 1,038 |
| Johannes Gutenberg University of Mainz | MS in Accounting & Finance | May 15, 2023 | 1,304 |
| Philipps University, Marburg | M.Sc in Quantitative Accounting & Finance | August 24, 2023 | 29,200 |
What is Masters of Finance?
Master of Finance is basically the study of finance and financial markets. It includes the study of the market economy, investments, and the financial structure of the corporate sector. As finance is considered the backbone of the corporation. It deals with the study of all financial aspects e.g. fund management, banking operations, positive and negative growth rate, financial reforms, etc. Specifically, Master of Finance deals with the questions of how an individual, company or government acquires the money needed (capital) in the company context and how they then spend or invest that money. This course is all about the management of large amounts of money, especially by governments or large companies.
Why Study Masters of Finance in Germany?
Three of the major reasons for choosing Germany to pursue Master of Finance:
- Higher For Finance professionals: Germany is witnessing immense growth in the finance sector which directly increased the demand for finance professionals in top companies. At present, the finance sector contributes the most to Germany's economy.
- Popularity among International students: Though there are a range of courses available in Germany, what attracts international students the most is finance. Majority of the international students including Indian students seek to pursue a Master's in finance in Germany. More than 50% out of 40,000 Indian students are studying finance-related courses.
- Affordability: This is one of the major reasons why international students prefer Germany as a study abroad destinations for a Master's degree. Majority of public universities in Germany either have low tuition fees while others have zero tuition fees for Master's degree courses.
Masters of Finance in Germany: Admission Requirements
The universities in Germany come in the top 100 universities in the world and so the eligibility criteria are high. Admissions for Master of Finance courses in Germany are conducted in two rounds generally. Academic sessions start either in Winter or in Summer (or in both). The details of admission at each German university are discussed below: General Admission Requirements:
- A bachelor's degree in finance or equivalent with a minimum GPA of 3.0 83-86% or above
- Language Proficiency Requirements
- IELTS for English: 6.5
- TOEFL-IBT for English: 80
- CERL for German: B2 level
- Standardised tests
- GMAT: 600 or above
- GRE: 315
- GATE: 90th percentile
Masters of Finance in Germany: Eligibility Requirements
Masters in Finance in Germany university specific requirements including degree, and test scores:
| University | Admission Requirements | GMAT/GRE Scores | Language Requirements |
|---|---|---|---|
| Technical University Munich | 3 year Bachelor’s degree with: -Economics, Industrial Engineering, Mathematics, statistics or relevant subject -5 ECTS in Scientific Writing | GMAT Score of 640 | IELTS: 6.5 | TOEFL: 88 |
| Free University of Berlin | Undergraduate degree in law or economics with completion of 45 credits in: -finance accounting, business & public finance, an business taxation and managerial -microeconomic (5 credits), foundation of mathematics (18 credits) or statistics (6 credits) | Not required | IELTS: 5.0 | TOEFL: 80 |
| Goethe University Frankfurts | BA degree in business related stream along with -a letter of recommendation in 750 words | GMAT: 600 Or GRE: 151 [Verb] | Quant [153] | 4.0 [Analytical Writing] | IELTS: 7.0 | TOEFL: 100 |
| University of Kaiserslautern | BS degree in business mathematics or equivalent | Not Required | IELTS: 6.0 | TOEFL-iBT: 80 | TOEFL-CBT: 213 | TOEFL-PBT: 550 |
| Johannes Gutenberg University of Mainz | 3 year BS degree in Economic or equivalent | GMAT Score of 640 | DSH - 2 [German] |
| Philipps University, Marburg | Bachelor’s degree in Economic or mathematics with a minimum of 2.8 | Not Required | CFRL: Level B2 [English] | DSH 2 [German] |
Documents Required:
- All previous transcripts
- Language Proficiency test scores (for example, IELTS or TOEFL for English; DSH for German)
- Updated Resume
- Letters of Recommendation
- Letter of Motivation or Statement of Purpose
- Current Photos and Copy of Passport
- Bachelor's transcripts from no-EU countries must be evaluated by uni-assist
Also Check: Letter of Motivation (LOM) vs Statement of Purpose (SOP)
Masters of Finance in Germany: Cost of Studying
German universities are known for their no-tuition fees system, especially for masters programs. In public universities, international students have to just incur semester and/or student fees which add up to 800 EUR (64,520 INR) per year. In the limited private German universities, the estimated annual tuition fee for a Master’s in Finance is 22,000 EUR (17.93 Lakhs INR).
Tuition Fees
With the tuition fees being almost nil, the overall cost of studying Masters in Finance from Germany comes to be low and affordable for Indian students. However, universities may charge semester fees that ranges from 152 to 7,300 EUR (13,292 to 6.43 lakhs INR). The below table shows annual fees for Master in Finance in Germany including fees for 2 semesters:
| University | Annual Fees (EUR) | Annual Fees (INR) |
|---|---|---|
| Technical University Munich | 304 | 26,785 |
| Free University of Berlin | 625 | 55,137 |
| Goethe University Frankfurts | 739 | 65,181 |
| University of Kaiserslautern | 519. | 45,736 |
| Johannes Gutenberg University of Mainz | 652 | 57,467 |
| Philipps University, Marburg | 14,600 | 12.86 lakhs |
Pre-arrival Cost
Pre-arrival cost is tabulated below:
| Type of Expense | Cost (in EUR) | Cost (INR) |
|---|---|---|
| German Student Visa | 75 | 6,052 |
| IELTS Fee | 229 - 233 | 18,481 - 18,804 |
| TOEFL Fee | 228 | 18,400 |
| Airfare | 250 - 600 | 20,176 - 48,423 |
Cost of Living in Germany
The average cost of living for international students in Germany is around 15,000 EUR (12 lakhs INR) per year. Public transport is the best suitable option in Germany for students. Most international students opt for student residence as it is the cheapest option. Alternatively, there is a system of interim renting i.e. the students who temporarily move to another place generally rent the place for the period they are out for. The table below shows an average expenditure on food and housing accommodation:
| Type of Expense | Monthly Cost (in EUR) | Monthly Cost (INR) |
|---|---|---|
| Student residence | 250 - 300 | 20,176 - 24,211 |
| House Rent | 300 - 500 | 24,211 - 40,352 |
| Food | 500 - 600 | 40,352 - 48,423 |
| Travelling | 300 - 350 | 24,211 - 28,246 |
Masters of Finance in Germany: Scholarships
There are a number of grants and scholarships available for international students in Germany. Usually, the scholarship is given to the students as a monthly stipend and the amount of the stipend ranges between 850 - 1200 EUR (69,742 - 98,459 INR) a month. Some of the scholarships are provided below:
| Scholarship Program | Eligibility Criteria | Stipend Paid Per Month (in EUR) |
|---|---|---|
| DAAD | Graduation with above-average results(top 30%) or 85% aggregate | 750 |
| Heinrich Boll | Masters and PhD students | 850 |
| Development Related Postgraduate Courses | Graduation with minimum work experience of two years | 750 |
The international students are also allowed to work during the vacations for 90 full days or 180 half days in a year so that they can support themselves financially. The income from this work ranges between 60,000-70,000 per month.
Masters of Finance in Germany: Job Opportunities
Masters in Finance in Germany is a course of great importance. After completing the MS in Finance in Germany, the average salary goes up to 61,800 Euros (50.7 lakhs INR)) per year. This is almost 5 times more than the salary provided in India for the same work. As Germany is the 4th largest economy in the world, the market in Germany has a lot of opportunities to work and earn handsome money.
- Recruiters for MSc Finance Graduates in Germany: There are a lot of companies that visit the college and offer a job from the college campus only. For example, Audi, BMW, Allianz Worldwide. Deutsche Bank Group, Munich Re, Ascribe, Commerzbank, etc.
Job Roles for Masters in Finance in Germany Graduates with average salary:
| Job Roles | Average Annual Salary (In EUR) | Average Annual Salary (INR) |
|---|---|---|
| Finance Manager | 63,510 | 51.25 lakhs |
| Senior Financial Analyst | 62,008 | 50.04 lakhs |
| Investment Banker | 62,000 | 50.03 lakhs |
| Actuary | 61,525 | 49.65 lakhs |
| Financial Analyst | 49,144 | 39.66 lakhs |
| Financial Advisor | 46,000 | 37.12 lakhs |
| Financial Accountant | 43,484 | 35.09 lakhs |
| Insurance Claims Specialist | 43,448 | 35.06 lakhs |
| Accountant | 40,042 | 32.31 lakhs |
Also check: Jobs in Germany for International Students
Masters of Finance in Germany: ROI
Return on Investment of top universities in Germany for Masters in Finance against annual fees:
| Universities | Annual Fees (EUR) | Average Salary (EUR) |
|---|---|---|
| Technical University Munich | 304 | 89,990 |
| Free University of Berlin | 625 | 82,491 |
| Goethe University Frankfurts | 739 | 105,926 |
Masters of Finance in Germany: Comparison By College
Comparison of top universities in Germany on the basis of basic admission requirements, application fee and program duration:
| University | Technical University Munich | Free University of Berlin | Goethe University Frankfurts |
|---|---|---|---|
| Duration | 2 years | 2 years | 2 years |
| Application Fees | 75 EUR | Not required | Not required |
| Total Program Cost | 609 (53,658 INR) | 1,252 (1.10 lakhs INR) | 1,480 (1.30 lakhs INR) |
| GMAT Score | 640 | Not required | 600 |
| Language of Instruction | English | English | English |
| Language Scores | IELTS: 6.5 | TOEFL: 88 | IELTS: 5.0 | TOEFL: 80 | IELTS: 6.0 | TOEFL: 85 |
| Average Salary (EUR) | 89,990 | 82,491 | 105,926 |
Masters of Finance in Germany is a premium course for students who seek fast career growth in the financial sector. It is a sector that is needed for all kinds of corporate as well as non-corporate fields. There are as many as 20,000 Indian students studying in Germany out of which about 30% are studying finance.
FAQS
Ques. Is Germany good for a Masters of Finance?
Ans. Germany is indeed one of the best countries to study for a Master’s in Finance as the finance sector contributes the most to the country’s economy. Moreover, completing a Master of Science in Finance in Germany will help you earn a high-paying job with an average annual salary up to 53,000 EUR(42.77 lakhs INR).
Ques. How can I get admission in Germany for Masters of Finance?
Ans. To get admitted into the Master in Finance in Germany, the applicant must have completed a bachelor’s degree in finance or a relevant field with a minimum GPA of 3.0 alongside completion of an internship increase to increase his/her chances of acceptance.
Ques. Is GMAT required for Masters of Finance in Germany?
Ans. It is not mandatory to submit a GMAT score for admission in a Masters of Finance program in Germany as most universities usually accept GRE scores. These scores can be waived through the submission of higher GPA and relevant full-time work experience.
Ques. Where can I study Masters of Finance in Germany?
Ans. There are various top universities in Germany offering Master of Finance degrees including:
- Technical University Munich
- Free University of Berlin
- Humboldt University of Berlin
- University of Cologne
- Goethe University Frankfurts
- University of Kaiserslautern
Ques. Is Masters of Finance worth it?
Ans. Master of Finance in Germany is worth going if you are planning to pursue a Masters degree in Finance abroad. Completion of this degree will open doors for a wide range of career opportunities at the international level. It is one of the most competitive courses across Germany and helps an individual develop his skills in finance and management.
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