Master of Finance in Germany: An Overview
Masters in finance in Germany is a 2 years postgraduate course offered by a number of state-sponsored universities and private universities. Germany is a hub of top universities for pursuing a master degree in finance. As per the QS world university rankings the German universities come in the list of top 100 global universities for finance.
- Course fee of Master of Finance in Germany ranges between 129 EUR to 5,000 EUR per semester.
- Students are required to have a bachelor's degree in finance or relevant subjects e.g. economics to apply for masters in finance in German universities.
- Students can earn an average salary of 49,000 EUR per annum in Germany after completion of this degree.
Why Study Finance in Germany
Cost of studying is the first thing to strike the mind of a student while thinking of studying abroad. So here is the one liner explanation that Germany has a ‘No tuition fee’ policy and apparently it is the most important factor to study in Germany.
German universities have a variety of courses for masters in finance. Also, as compared to other European Union regions the cost of living in Germany is considerably low. The people of Germany have a sense of rectitude. The work culture in Germany is vast and speedy, which makes it people-friendly.
The tuition fee for the courses is almost free in German university but there are some administrative charges for each semester. The total estimated fee for pursuing master's in finance from German university is about 200 Euros for a semester. The cost of living in Germany is about 800-900 euros per month that include house rent, food, transportation, entertainment, outside dining, etc.
As a popular destination for the best universities, Germany provides a profusion of advantages. Some most attractive are discussed below:
- As per the QS world ranking 6 out of 100 universities in the world are in Germany
- The jobs after masters in finance in Germany are highly paid. The average salary is 2500 Euros per month which is almost 5 times more than India for the same profile.
- Being the 4th largest economy, Germany has a developed market and thus it generates a number of jobs in the finance sector.
- The students who avail of the education loan enjoy a flexible repayment system. The government of Germany provides 5 years after completing the degree to repay the loan amount.
Top Universities for Master of Finance in Germany
Some of the top colleges for masters in finance in Germany are listed below:
|University||Ranking(as per QS World Rankings 2020)||Courses offered||Duration of course||Course Fee Per Semester (In Euros)|
|Technical University Munich, Munich||55||M.Sc in Mathematical finance and actuarial science||2 years||129|
|Free University Of Berlin, Berlin||130||M.Sc in finance, Accounting and Taxation||2 years||130|
|Goethe University Frankfurts||291||M.Sc in Money & Finance||2 years||140|
|M.A in Finance||2 years|
|University Of Kaiserslautern, Rhineland, Palatinate||301-350||M.Sc in Finance and insurance mathematics||2 years||160|
|Johannes Gutenberg University Of Mainz||410||M.Sc in Accounting & Finance||2 years||5000|
|University In Kiel||478||M.Sc in Quantitative Finance||2 years||150|
|University Of Duisburg-essen, Duisburg||601-650||M.Sc Business Administration- Energy & Finance||2 years||4200|
|Philipps University, Marburg||651-700||M.Sc in Quantitative Accounting & Finance||2 years||130|
Master of Finance in Germany: Course Context
Master of Finance is basically the study of finance and financial markets. It includes the study of market economy, investments and the financial structure of the corporate sector. As finance is considered as the backbone of the corporate 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.
Admission Process for Master of Finance in Germany
The universities in Germany come in the top 100 universities in the world and so the eligibility criteria are of higher standard. There are various exams for international students that need to be cleared in order to be eligible for admission.
Where to Apply: Application for admission can be made directly to the college website. Also, there is a centralized admission portal for the international students which is operated by the German Academic Exchange Services (DAAD) known as uni-assist, but it is not applicable in all the universities.
Intake Season: The admission process occurs twice a year i.e. winter and summer semesters in July and October respectively.
Eligibility for Master of Finance in Germany Admission
- Bachelor's degree in finance or related field
- GRE test score
- Proof of English proficiency
Proof of English Proficiency
If the course is taught in English then the students have to pass the English proficiency exam that is IELTS or TOEFL.
Minimum score requirement for some universities is provided below:
|Colleges||Minimum TOEFL Score Required||Minimum IELTS Score Required|
|Technical University Munich, Munich||88||6.5|
|Freie University Of Berlin, Berlin||80||5.0|
|ULM University, ULM||95||7.0|
|Paderborn University, Paderborn||80||6.0|
|University Of Philipps, Marburg||85||6.0|
|University Of Kaiserslautern, Rhineland||79||6.0|
|Goethe University Frankfurts||85||6.0|
|University In Kiel||79||6.5|
|Johannes Gutenberg University Of Mainz||80||7.0|
|University Of Duisburg-Essen, Duisburg||100||6.5|
Cost of Studying Master of Finance in Germany
The average cost of living for students in Germany is around 8000-9000 Euros a year. The cost of living in Germany is comparatively less among all the other European Union regions. Public transport is the best suitable option in Germany for the students.
Most of the 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 charges for interim renting is almost half as compared to the other.
In most of the public universities, the tickets for traveling in public transport is provided and it is inclusive in the administrative cost charged by the universities.
Pre-arrival cost is tabulated below:
|Type of Expense||Cost (in EUR)|
|German Student Visa||75|
|IELTS Fee||229 - 233|
Cost of Living in Germany
The table below shows an average expenditure on food and housing accommodation:
|Type of Expense||Monthly Cost (in EUR)|
Scholarships for Master of Finance in Germany
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 stipend ranges between 850-1200 Euros a month.
Some of the scholarships are provided below:
|Scholarship Program||Eligibility Criteria||Stipend Paid Per Month (In Euros)|
|DAAD||Graduation with above-average results(top 30%)||800-1500|
|Heinrich Boll||Both undergraduates and postgraduates can apply||800-1200|
|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.
Jobs Opportunities after Master of Finance in Germany
Master of Finance in Germany is a course of great importance. After completing the masters in finance in Germany, the average salary goes up to 49,000 EUR 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, so the market in Germany has a surfeit of opportunities to work and earn handsome money. After studying masters in finance one can get a job in Germany with a salary starting from 2300-3000 euros a month.
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.
Some of the most common job roles are as follows:
|Job Roles||Job Description||Average Annual Salary (In EUR)|
|Financial Analyst||Collecting and analyzing financial data, studying market trends.||48,000|
|Investment Banker||Providing assistance to clients for mergers and acquisitions, helping them to raise capital||67,000|
|Financial Examiner||Ensuring the working of financial institutions with respect to laws and regulations||60,000|
|Financial Advisor||Advising clients on issues of investments, taxes, insurance, etc.||41,000|
|Finance Manager||Monitoring accounts and reviewing the financial reports||63,000|
|Actuary||Assessing the probability of financial issues and repercussions||67,000|
|Accountant||Compilation and analysis of account information that is required to prepare various reports||39,000|
|Trader||Execution of trades in stocks, debentures or commodity||56,000|
|Insurance Specialist||Decoding the complex insurance laws and policies, advising clients on issues about insurance||28,000|
Masters in finance 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.
After completing the degree it will be quite easy to get a job and to earn ample money. The German chancellor Angela Merkel said that as many as 20,000 Indian nationals are studying in Germany and the country would like to see more. Also, the government of both countries is working to establish a parallelism between the degree of Indian and German universities.