MASTER IN FINANCE (M.SC.)

Kicking off a new life chapter at HHL

New students are welcomed with open arms during the vibrant Welcome Weeks. It’s more than just an introduction – it’s a celebration of #hhlspirit. From program introductions to on-campus adventures, these weeks forge friendships that span programs and continents. Events like the Welcome BBQ, an exciting dragon boat tour, the city-wide team rally and the Campus Games not only foster togetherness but also help to strengthen our unique HHL community.

Build your core skill set

This is where you start your HHL journey and immerse yourself in the school’s DNA. The “Management and Finance Essentials” (30 ECTS) equip you with the key skills you need for success in your future career. In the Management Essentials (15 ECTS), you strengthen your problem solving & communication abilities, refine your negotiation skills, and build a solid foundation in economics. In the Finance Essentials (15 ECTS), you develop core finance competence through fundamental finance coursework – giving you the analytical toolkit you’ll use throughout the Master in Finance.

Broaden your profile

The Elective Essentials (0–10 ECTS) allow you to tailor your profile beyond the core curriculum. Choose courses that match your interests and career goals – broadening your strategic and financial perspective while strengthening analytical and data skills.
In the Fast Track, you choose two elective courses if you take two (instead of three) Finance Deep Dives. In the Advanced Track, you choose one or two elective courses, depending on how many courses you complete during your term abroad.

Choose between the following courses:

• Global Strategy (5 ECTS)
• Restructuring (5 ECTS)
• Competitiveness (5 ECTS)
• Coding & Data Literacy (5 ECTS)
• Econometrics (5 ECTS)

Become an expert that stands out!

Tailored to your interests, goals, and career aspirations, the Finance Deep Dives (30 ECTS) offer the opportunity to specialize in the financial topics that best support your personal and professional development. You will sharpen your analytical and quantitative toolkit through advanced coursework in valuation, capital markets, corporate finance, alternative investments, and reporting, building expertise you can apply to complex real-world decisions. You can select 3 out of 5 deep dives:

Expand your horizons beyond the classroom

In the Advanced Track, you broaden your perspective through an integrated term abroad (20–25 ECTS) at one of HHL’s 140 international partner universities. Whether it’s New York, Paris, Lima, Oslo, Singapore, or Sydney; this experience allows you to immerse yourself in a different academic environment, expand your global network, and gain valuable cross-cultural insights. In addition, you complete one mandatory internship, where you apply the knowledge and analytical skills acquired during the program in a professional setting and gain hands-on industry experience. You may also complete a second, optional internship to further strengthen your practical profile.

I am very thankful to HHL for enabling me to attend NYU Stern without any additional charge, even though it is one of the most expensive MBA programs in the US. It was one of the best times of my life.

Pauline Sophie Thill
HHL Alumna

Apply your finance expertise to real-world challenges

The final capstone seminar (5 ECTS) will perfect your learning experience in the Master in Finance. On three intensive days, you will revisit key financial concepts, apply them to real-world practitioner cases, and present and defend them in front of a panel of finance experts. In previous years, senior industry professionals from renowned firms such as EQT, Barclays, BNP Paribas, Procter & Gamble, Roland Berger, and others have participated in the seminar, offering valuable mentorship and challenging students with their expertise.

Put the theories into context

In your master thesis (25 ECTS), you will have the chance to make a valuable contribution to contemporary finance literature. By conducting an empirical study, developing a financial model, or creating a practice-oriented case study, you will address existing research gaps and provide new insights to the field. You will then present and defend your thesis in front of a committee, demonstrating your expertise and analytical skills. In certain cases, your thesis may even form the basis for potential publications in leading finance journals. In recent years, our students have successfully published their work in journals such as Qualitative Research in Financial Markets (Ranked B), Corporate Finance (Ranked D), and Die Wirtschaftsprüfung (WPg) (Ranked C).

Coding & Data Literacy

Programming skills are increasingly essential for leaders navigating a data-driven economy. This course offers a hands-on introduction to the programming language R – from basic syntax and data processing to first applications in machine learning. Students develop the ability to analyze data independently and to confidently operate at the interface of business and technology.

Key Topics:

• Programming fundamentals with R
• Data wrangling, visualization, and exploration
• Introduction to data science and machine learning
• Application to real-world business problems

To provide our students with insights into the diverse career paths available in the finance industry, we organize regular career events called “FinNights”. During these events, which take place 3 times a year on the HHL campus, 5 companies present themselves as potential employers with a short pitch. In an informal get-together that follows, students have the opportunity to talk one-on-one with company representatives and make valuable contacts. Past participating companies include Deutsche Bank, Barclays, BNP Paribas, Bridgepoint, Waterland, Oliver Wyman, Strategy&, and many others.

Beyond the numerous company events hosted on the HHL campus, we regularly organize class trips to major German business hubs such as Frankfurt, Berlin, Munich, and Hamburg. During these visits, students gain first-hand insights at the offices of leading investment banks, private equity and venture capital firms, consultancies, and corporates. These on-site experiences provide direct exposure to different business environments, enable in-depth discussions with professionals and alumni, and create valuable networking opportunities that complement the academic curriculum.

Recent class trips included visits to companies across:

• Entrepreneurial Finance: Point Nine, Antler, Earlybird, N26, Enpal, FINN
• Investment Banking / M&A: Morgan Stanley, Bank of America, Deutsche Bank, Rothschild & Co, Lincoln International
• Private Equity: Ardian, One Equity Partners, Nordic Capital
• Strategy Consulting & Corporate Finance: Boston Consulting Group, FTI-Andersch, Procter & Gamble, Danone, KPMG

The HHL Finance Case Challenges, held in collaboration with our esteemed corporate partners, offer a unique opportunity for Bachelor students with an interest in finance. They gain invaluable insight into the projects and working methods of leading companies, while also learning more about HHL and the content of our Master’s programs. The challenges also provide a platform for participants to expand their professional network and make valuable contacts.

The Finance Case Challenge is offered in the following editions:

November: HHL Finance Case Challenge – Leipzig Edition

• Topic: Corporate Valuation and M&A
• Partners of Previous Events: Ardian (2025, 2024, 2023) and Boston Consulting Group (2025), Oliver Wyman (2024), or Roland Berger (2023)

January/February: HHL Finance Case Challenge – Cologne Edition

• Topic: Restructuring and Transformation
• Partner: Struktur Management Partners

April/May: HHL Finance Case Challenge – Berlin Edition

• Topic: Corporate Finance – “Make or Buy”
• Partner: Deloitte

The tuition fees for the complete program amount to EUR 32,400 (Fast Track) and 38,500 (Advanced Track). We offer a tuition fee reduction if you submit your complete application by the following Early Bird deadlines*:

• Early Bird 1: November 30 – Discount: EUR 3,150 (Fast Track) / EUR 4,500 (Advanced Track)
• Early Bird 2: January 31 – Discount: EUR 2,100 (Fast Track) / EUR 3,000 (Advanced Track)
• Early Bird 3: March 31 – Discount: EUR 1,050 (Fast Track) / EUR 1,500 (Advanced Track)

This covers all tuition and examination costs and includes the tuition fees for the term abroad at one of our partner universities (Advanced Track). And, of course, the fees do not have to be paid in one lump sum. You will pay your tuition fees in four instalments – spread out over two years. For further information, see our payment terms. One more important note: Your tuition fees are tax-deductible as an anticipated income-related expense. Check out our brochure (in German) on this topic for tips. Please contact your tax consultant for more information.

*In order to receive the early bird discount, you will need to submit your application by the above deadlines, as well as submit all missing documents and tests (including GMAT/GRE or HHL Entry Test) and successfully pass the HHL admissions interview until January 31 (Early Bird 1), March 31 (Early Bird 2) or June 30 (Early Bird 3).

Additionally, we support you in financing your Master studies. Aside from our range of financing options, we award scholarships to outstanding and particularly driven applicants.

How can you secure a scholarship? Convince us of your excellent record and your exceptional personality. Contact us to learn more, we will be happy to advise you!

Scholarship Overview

Pay your tuition fees in installments!

After being admitted to HHL, you are required to pay a down payment of EUR 3,000. The remaining fees will be paid as follows:

Fast Track: the first installment is payable on October 1, the second installment on March 1, and the third installment on July 1.

Advanced Track: The first and second installments are payable on October 1 and March 1 of the first study year. The third and fourth installments are payable on September 1 and March 1 of the second study year.