Master in Management | Finance

Program Overview

Program Start

  • September (Application: June 20)

Program Length

  • 21-24 months

Language of Instruction

  • 100% English

Class Profile

  • 15-25 students
  • 24 average age (21-26 age range)
  • 2.5 years average work experience
  • 40 % international students
  • Average GMAT: 620

Practical Experience

  • 1 mandatory internship (2nd internship optional)
  • 1 mandatory consulting project

International Perspective

  • Mandatory term abroad
  • Over 140 partner universities
  • Double degree option

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HHL’s new Finance Track at a glance

Our full-time Master in Management | Finance prepares you to become an expert in the field by combining academic excellence with key insights on practical challenges. Focusing on corporate finance, asset pricing and financial data analytics enables you to master future challenges in financial decision making. Students will understand, design and prepare solutions for linking financial markets with the needs of corporations.

Outstanding skills in analytics, strategy, finance and management for the leaders of tomorrow

Strong ties with today’s thought leaders in business, top-tier employers and potential investors

Lifelong community of over 2,500 HHL alumni and 50 organized alumni events around the globe p.a.

Our Master in Management | Finance Promise

We want to make sure to find the right solutions for your personal educational journey without compromising on the excellence of our programs. That is why we have created our Master in Management Promise. It is a promise that allows you to start your graduate program at HHL this fall.

We will start the new classes as planned in September 2020. We intend to open the campus and have lectures at our three locations. However, we are prepared to begin with online courses in the first few weeks, if overall safety and hygiene regulations require us to do so.

We care about your education – this is our promise to you. 

Our Promise

A Master program that pays off!

Bain & Company, Boston Consulting Group, Credit Suisse, Deutsche Bank, Dr. Oetker, HSBC, McKinsey & Company or Roland Berger: Countless renowned companies frequently recruit on our campus. Our M.Sc. Finance Track will launch your career towards new horizons: job offers start pouring in even before graduation! With an average starting salary of EUR 72,000, your investment in our Master program will definitely pay off!

Get your Employment Report!

Career Development

It’s an easy climb up the career ladder with our HHL Career Service

In a recent Financial Times Master in Management Ranking, our Career Development Team was ranked 6th worldwide! This is no coincidence, as our experienced psychologists and career experts have long perfected the mix between 1-to-1 coaching, personality tests, workshops and other tools. They help you discover what unique skills and strengths set you apart. Together, you will tailor a personal career plan to significantly increase your prospects and reach your career goals successfully and rapidly.

We will be at your side throughout your job search. Our Career Development Team will:

  • check your CV
  • prepare you for interviews, recruiting processes and salary negotiations
  • put you in touch with alumni in the business sector you aspire to enter
  • strengthen your capacities
  • share effective methods to make the job market work for you
  • provide access to job postings and exclusive recruiting events on campus with leading companies.

With passion and commitment, and our famous personal touch, we pave the way for your success and help you land that dream job!

HHL’s finance courses prepared me perfectly for working at Boston Consulting Group and also laid the foundation for my later Ph.D. in Finance which I also accomplished at HHL focusing on the area of private equity buyouts. Meanwhile, I have joined the private equity investor Bencis Capital Partners and am thus able to work exactly on those topics that I conducted research on during my time at HHL.

Dr. Heiko Hinrichs
Alumnus of M.Sc. and Finance Ph.D. Program Investment Manager, Bencis Capital Partners


Finance is your passion – and turning passion into profession is our priority

Your personal aspirations are at the center of the entire program – from theory to application. We teach what counts in finance by strengthening your quantitative skills and exposing you to hands-on expertise from guest-lecturing CFOs, Private Equity managers as well as M&A advisors. Apart that, you will additionally acquire outstanding management skills that turn you into a responsible and effective future leader.

According to your personal preferences, you can complete up to two internships and graduate after 21 or 24 months. You are on the driver seat of shaping your practical experience but be assured that our career service is always close to help you hot up.

Program Structure

The Master in Management | Finance program consists of six elements designed to educate and train skilled, innovative, responsible, and successful future leaders:

  • Welcome Week
  • Finance Prep
  • Management Essentials
  • Management Competencies
  • Finance Focus
  • Master Thesis

Watch the video

1. Welcome Week

Where your HHL adventure starts!

The Welcome Weeks offer a dive into the HHL spirit. Through a range of intercultural team-building activities, you will embark on your unforgettable HHL adventure. You will get to know classmates from all of our programs and from all corners of the world and lay the foundation for a powerful network that will support you not only through your studies but far beyond. Refresher courses on business management fundamentals will also ease you into the program, and an initial introduction to the Leipzig Leadership Model will begin your transformation into the future leader of your aspirations

2. Finance Prep

Get fit for Finance

Our blended learning modules on the basics of studying finance allow you to self-assess your expertise, refresh acquired skills, and fill gaps. All modules are optional and can be taken according to your individual needs.

  1. Mathematics & Statistics
  2. Review to Finance
  3. Review to Accounting
  4. Business Modelling in Excel

3. General Management Essentials

Get the skills of the future today!

Here you lay the foundation for your management career. Three pillars impart a balanced mix of fundamental and state-of-the-art management know-how:

Business Administration & Economics:

In addition to fundamental business administration and economics courses, this pillar includes one of the M.Sc. program’s highlights. You will deal with an integrated case offering an in-depth and interdisciplinary experience of real-life problem-solving, drawing on perspectives that span many facets of business.

Leadership & Reflection

What will good leadership look like in the future? How can we lead and succeed in an unpredictable, volatile, digital world? How can we find innovative solutions to the increasingly complex problems of today’s world? What are the most effective ways of negotiating in intercultural settings? Prepare yourself for brand new perspectives on such crucial questions within this pillar. You will learn how to reach your own potential so you can successfully lead others and make an impact.

Entrepreneurship & Disruption

Entrepreneurial minds are in great demand in today’s world. With our focus on digital entrepreneurship, we awaken and strengthen the entrepreneurial spirit and know-how in our students. This will empower you to drive innovation and to take the necessary risks to successfully manage the rapidly changing business landscape. You will become proficient at data literacy and databases, explore new, digital and creative business models, and actively engage with the disruptive technologies that are shaping today’s market, such as Artificial Intelligence (AI), robotics, Blockchain and the Internet of Things (IoT).

Business Administration & Economics Leadership & Reflection Entrepreneurship & Disruption
Integrated Case StudyBusiness EthicsEntrepreneurship and Agile Working Methods
International MacroeconomicsLeading Yourself and Self-ReflectionCoding and Data Literacy
Corporate GovernanceLeading Others, HR and Organizational BehaviorDisruptive Technologies and Business Models
CompetitivenessProblem Solving and Communication
Managerial Decision MakingNegotiation

4. General Management Competencies

Practical and international experience at its best

Whether working with a company on a real-life problem, studying abroad or gaining practical experience through an internship, the connections and relationships students build will benefit them far beyond graduation. A selection of unique opportunities allows you to apply your newly acquired knowledge and skills:

Field Project

In the ”Student Consulting Project“ you take on the role of a consultant and actively support companies in solving real-life strategic challenges. This includes working in a variety of intercultural teams and presenting your results to executives and managing directors – situations you prepare for in the program.

Practical Deepening

Whether consulting, working at an HHL startup or in a social impact project; with an integrated internship we offer you the opportunity to gain practical insights into new sectors and diverse corporate cultures. This is your chance to gain new perspectives, contacts and experience according to your own unique career goals.

International Experience

Discover new countries, dive into new cultures, and invigorate your intercultural competencies during your term abroad at one of our 140 partner universities in Europe, Asia, Oceania or the Americas. This international experience is your opportunity for personal development and for establishing a global network that will accompany you through your career.

5. Finance Focus

Become an expert that stands out!

Our Finance Focus curriculum is carefully composed in order to educate and shape exceptional future leaders in finance and management.

Financial Decision Making

These modules convey essential skills on modelling, valuation, financial markets, and financial instruments to provide safe ground. The courses combine important theoretical concepts from accounting, economics as well as finance, and apply those to real-life. The questions that are addressed span from: What are best-practices in financial planning and how to implement them? How do financial markets work and what are the implications for instruments being traded and market participants? How to value financial instruments and corporations? How does an M&A process works?

Advanced Financial Challenges

The courses of this second block strive to transform students into experts on investing, financing, pricing assets and managing risks. The modules provide recent academic advancements in the field and latest practical developments from industry. Students obtain the skills to price any claim they may ever face, enabling them to evaluate any investment, rationalize any risk management strategy, optimize capital structures and shape complex financing contracts.


In this section we offer modules to deepen certain analytic skills, i.e., modelling in Excel and analyzing big data in R. Moreover, we give students the opportunity to place themselves in the ultimate test, a case study seminar with finance executives. In this capstone seminar, students work in groups towards solving a realistic case mentored, challenged and evaluated by a senior of one of our partner companies.

Financial Decision Making
(16 ECTS)
Advanced Financial Challenges
(16 ECTS)
Add-Ons, e. g.
(8 ECTS)
Fin. Analysis & ModellingFinancial Instruments & Asset PricingAdvanced Excel Modelling
Capital Market
Theory & Investments
Risk Management of CorporationsBig Data Analytics in Finance
Corporate Valuation & MnAAdvanced Corporate Finance & TaxationCase Study Seminar with CFOs
Economics of FinanceEntrepreneurial Finance & VenturingNote: Select two of the offered courses

6. Master Thesis

Master Theses in Finance (15 ECTS) can be prepared twofold, in a classic thesis format or as a research paper. The latter offers the opportunity to get published in an academic or applied finance journal. Just in the last two years, theses of our students have been published in journals like Qualitative Research in Financial Markets (Ranked B), Corporate Finance (Ranked D) or Die Wirtschaftsprüfung (WPg) (Ranked C).

Practical Experience

Practice-oriented and hands-on!

Your learning experience at HHL goes far beyond sitting in the classroom and discussing theories. We will put your acquired skills to the test in, e.g.:

  • challenging, data-driven exercise sessions
  • interactive discussions with senior professionals of renowned companies
  • challenging realistic case studies
  • student consulting projects with our corporate partners
  • mandatory internships.

Student consulting project

Build your own team and help a real client grow

This is an outstanding opportunity to experience what it’s like to be a consultant. Your challenge is to collaborate in a team of four to six students to advise and support a company in solving a real-life problem. Working closely with both company representatives and HHL faculty, you will learn first-hand what it means to initiate real change.

Mandatory internship

Broaden your horizons and expand your portfolio

Would you like to gain consulting experience to help your next application stand out? Would you like a behind-the-scenes sneak-peek of a global investment bank? Are you eager to learn how investment and financing decisions are made in international corporations? Or would you rather be part of writing a growth story at an HHL startup? An internship at a company, consultancy, bank, company, startup or (non-governmental) organization of your choice is an integral part of your Master’s studies at HHL. This internship not only helps you build your portfolio but also allows you to broaden your horizons and discover what sector and company culture you will flourish in after receiving your Master’s degree.

International Experience

The world is your oyster at HHL!

International competencies are essential for successful managers, consultants, entrepreneurs and executives in an increasingly globalized world. This is why HHL prioritizes maintaining global partnerships. Whether it’s New York, Paris, Moscow, Stockholm, Singapore, Hong Kong or Sydney; a term abroad at one of our 140 global partner universities will give you an exciting change of perspective. The HHL team will guide you before, during and after your term abroad. Take advantage of this unique opportunity to explore new countries and new cultures and to expand your own international network.

Our partner universities!

Double degree option

One more option for you: An additional degree from one of HHL’s partner universities! Aside from your term abroad, you have the option of receiving an additional degree from one of our global network of partner universities. Don’t worry, there’s no need to decide on your international options just yet! And of course, your HHL team is here to support you!

About the double degree option

Our partner universities with double degree options at a glance: 

  • University of Adelaide (Australien)
  • INCAE, Costa Rica
  • Aarhus University, Dänemark
  • Grenoble Ecole de Management, Frankreich
  • ESC Montpellier, Frankreich
  • ESC Toulouse, Frankreich
  • Audencia Nantes, Frankreich
  • EM Strasbourg, Frankreich
  • Nagoya University of Commerce, Japan
  • Universidad ESAN, Peru
  • National Chengchi University  Taiwan

The HHL Network

Contacts are everything!

HHL is a small and tight-knit community of students, alumni, staff and professors from around the world. At HHL you can always approach our highly engaged faculty and staff members. We are happy to lend an ear and support you in any way we can. After all, your success is our success. We actively live up to it and make sure that our students and alumni do too!

HHL Alumni

Friends for life

Graduating from HHL not only gives you a degree from one of Germany’s best business schools, but it also means lifelong access to a first-class network of successful entrepreneurs, leading international managers, key players in the startup scene and top-class experts. Friendships and contacts established at HHL will long outlast your studies. HHL alumni are active in over 70 countries, they are well connected, and they support each other and future graduates in a multitude of ways. And there’s more! Many of our over 2,500 alumni frequently return to campus to support the new HHL generation with their know-how and experience and often even recruit students from their alma mater.

Learn more about HHL alumni


In vogue: Living and learning in Leipzig!

Leipzig is open, international and vibrant. Located at the crossroads of historic European trade routes, Leipzig prides itself on its 1,000-year tradition of commercial vitality and its reputation as a meeting place for science and the arts. Beyond its modern infrastructure, what makes Germany’s fastest growing city so popular and dynamic is its rapidly expanding economy, housing world-famous brands such as Porsche, BMW, DHL and Amazon. HHL, the first “Handelshochschule” in German-speaking Europe, was established back in 1898 and therefore laid the foundation for Leipzig’s profound management education early on. Parks, cafés, bars, clubs and lakes invite you to enjoy a welcome break from your studies. Plus, Berlin and all that it has to offer is just one hour away. And the best of it all? Living expenses in Leipzig are affordable for students!

The Campus

The campus: In the heart of Leipzig!

The HHL campus is centrally located and, at the same time, surrounded by idyllic parks and rivers. You will experience an inspiring multicultural atmosphere and real campus flair. You also get to take advantage of the adjacent sports department of the University of Leipzig: As an HHL student, you are eligible to use all of their sports facilities and to sign up for sports courses offered by the Leipzig University. And to accommodate a flexible study schedule, we grant our students access to HHL’s premises 24 hours a day, 7 days a week. You can use the library, the study areas and meeting rooms, the lounge and the Student Club any time you want! Intrigued? Please contact us – we would be delighted to show you around our campus in person! We look forward to meeting you!

Living Expenses in Leipzig

Affordable and student-friendly living

Leipzig offers students a very high quality of life for extremely affordable prices. In contrast to many other student cities in Germany, Leipzig still has affordable student accommodation. The approximate living costs per month including accommodation in Leipzig are around 650 Euro, while the average living costs in Germany are estimated at 835 Euro.

Here is an overview of the monthly costs that you should take into account during your studies in Leipzig:

_Accommodation: EUR 200-350 for student accommodation or private housing
_Health Insurance: EUR 90 for students under 30, EUR 40+ for students over 30*
_Books & Printing: EUR 10
_Food: EUR 200
_Leipzig Student Union fees/transport: EUR 35**
_Other: EUR 100

Additional one-off starting costs

_Residence permit (only for non-EU citizens without a Stibet scholarship): EUR 110
_Rental bond: EUR 250

Maximum amount of initial costs: EUR 360

*Students under the age of 30 are eligible for public health insurance, students over 30 must get private health insurance, where prices will vary.
**All students must pay this fee, which covers a range of services by the student union, including the semester pass for trams and busses in Leipzig. The semester fee is EUR 216.50.

Moving to Germany

Find out everything you need to know before and after arriving in Germany, from visa requirements, health insurance, and housing to residence permits.


Start your management career now!

Our M.Sc. student community is a carefully selected collegial network of motivated peers who will help you reach your full potential. For this reason, handpicking our students is very important to us. We not only take hard facts into consideration, such as bachelor grades or GMAT but also your personality, your motivation and your ambition.

Start your application today!

+++ We have adapted our application process due to the COVID-10 pandemic. +++ Stay informed:

Read more about the changes

Do you want to be part of the HHL community and experience HHL’s unique student life? Then take part in the admission process for our intake starting in Fall 2020! HHL offers 5 admission rounds (see below). For EU candidates we offer on-campus admission test days. For non-EU candidates or candidates who are unable to travel to HHL for an admission test day, we offer the alternative of a Skype interview with an HHL professor.
Due to our limited capacities, it is beneficial to submit your application at your earliest possible convenience.

Are you unsure if your profile fits with our admission criteria? Please contact us and we will help you to find out with our free pre-application service.

Free Profile Check

Application Rounds

The application deadline has already passed. If you would like to continue applying for the intake 2020, please contact Jana Vogel.

Application RoundApplication DeadlineAdmission Test Day
Round 1December 1, 2019December 13, 2019
Round 2January 5, 2020January 22, 2020
Round 3February 23, 2020March 6, 2020
Round 4April 1, 2020Individual admission interviews
Round 5April 26, 2020Individual admission interviews
Round 6June 20, 2020 (non-EU: May 30) - final deadlineIndividual admission interviews

Application process EU candidates

HHL prides itself on adding a personal touch to the admission process through its annual on-campus admission test days for EU candidates. In order to qualify for an admission test day, you need to have submitted the documents required to start your online application by the respective deadline for each admission test day (see below). After a close review of the submitted documents, you will be invited by the admissions office if your profile meets our expectations.

Upcoming admission test days for the intake in 2020:

December 13, 2019 Apply by: December 1, 2019
January 22, 2020 Apply by: January 5, 2020
March 6, 2020 Apply by: February 23, 2020
May 8, 2020 Apply by: April 26, 2020
July 10, 2020 Apply by: June 20, 2020


The admission test day has three parts:

  1. Interview with an HHL professor (approx. 20 min.)
  2. Interview with a business representative (approx. 20 min.)
  3. Short presentation and discussion (5-7 min. + 5-7 min. for discussion)

The competencies focused on during the interviews are:

  1. Problem-solving abilities (analytical abilities, structuring, flexibility, creativity, business understanding)
  2. Personality (ability to work in a team, maturity, self-confidence, communication skills)
  3. Leadership potential (leadership ability, motivation and energy, profit orientation)

For the short presentation, the candidate receives two different topics of which one has to be chosen. One hour of preparation time is given. Each candidate can use his or her own laptop for research. HHL will provide Wi-Fi Vouchers.

The following aspects will be evaluated:

  1. Presentation (problem identification, outline and structure, synthesis ability, creativity and originality)
  2. Discussion (assessment ability, argumentation, critical faculty)
  3. Personality (appearance, theoretical ability, self-confidence)

HHL’s admission committee will make a final decision in the afternoon and the candidates will receive an e-mail regarding the admission or rejection in the early evening of the admission test day. The committee consists of elected members of the HHL community as well as the examiners of the test day.

Application process non-EU candidates

For non-EU candidates or candidates who are unable to travel to HHL for an admission test day, we offer the alternative of a Skype interview with an HHL professor. After you have submitted your application online and your eligibility for the program has been confirmed, you will be invited to a skype interview. We will arrange the timeslot individually with you to optimally adapt to your personal schedule.

The competencies focused on during the interviews are:

  1. Problem-solving abilities (analytical abilities, structuring, flexibility, creativity, business understanding)
  2. Personality (ability to work in a team, maturity, self-confidence, communication skills)
  3. Leadership potential (leadership ability, motivation and energy, profit orientation)

After a successful interview, our admissions committee will discuss your complete application at the next admission committee meeting which will take place on the following dates:

December 13, 2019 Apply by: December 1, 2019
January 22, 2020 Apply by: January 5, 2020
March 6, 2020 Apply by: February 23, 2020
May 8, 2020 Apply by: April 26, 2020


If you apply by the final application deadline (May 30), your application will be assessed as soon as possible.

Please be aware that due to visa requirements and processing times, we recommend applying at your earliest convenience.

You will be informed of the final decision regarding your admission on the day of the admission committee meeting.

Admission Criteria

  • Bachelor degree in Business Administration or other business-related programs, e.g. Business Informatics,  Business Psychology, Business Law, Economics, Industrial Engineering etc. (with a minimum of 180 credits, of which 40 – 60 credits in business-related subjects)
  • Above average academic performance during both high-school (Abitur) and Bachelor degree
  • A GMAT (GRE) score of 600 or higher
  • A minimum TOEFL score of 90 (or IELTS of 7.0) or a Bachelor degree completed in English
  • 3 or more months of professional experience by the program’s start date
  • At least A1 certified proficiency in a living language other than English or mother tongue

Application Documents

Documents required to submit your application online:

  • Copy of your high-school degree (Abitur)
  • Copy of your Bachelor degree or current transcript
  • Updated and complete curriculum vitae
  • One page motivational letter outlining why you should be admitted to HHL’s M.Sc. program

Documents required to complete your application*

  • A certified GMAT score of at least 600
  • Proof of English language proficiency (see admission criteria)
  • Proof of at least A1 proficiency in a living language other than English or mother tongue (see Mandatory Criteria)
  • Letter(s) from employer(s) stating three or more months of professional employment
  • Two letters of recommendation from academic and/or professional references (can also be used to prove professional experience)

*These documents can be submitted later during the application process.

Application Fee

Please pay the application fee of EUR 100 by bank transfer. The application fee will be reimbursed after the start of the program.

Account name: HHL gemeinnuetzige GmbH
Account number: 1100 104 956
Bank code: 860 555 92
IBAN: DE 59 8605 5592 1100 1049 56
Purpose: Application fee for: name of applicant, program, intake
Bank: Sparkasse Leipzig

Master in Management at HHL: Education that pays off!

Financing conditions

Investing in a Master’s degree at HHL is worth it. With an average starting salary of EUR 72,000, HHL graduates with a focus on Finance rank among the best-paid Master’s graduates globally!

Tuition Fees

The tuition fees for the complete Master of Science in Management Program amount to EUR 27,000. This covers all tuition and examination costs and includes the tuition fees for the term abroad at one of our partner universities. 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 for tips. Please contact your tax consultant for more information.

Payment Policy

Pay your tuition fees in installments!

After having been admitted to HHL, you are required to pay a down payment of EUR 1,000. The remaining fees will be paid as follows: The first and second installments, amounting to EUR 7,000 each, are payable on October 1 and March 1 of the first study year. The third and fourth instalments, in the amount of EUR 6,000 each, are payable on September 1 and March 1 of the second study year.

Scholarships & Financing Options

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

  • HHL Young Leader Scholarship (up to EUR 5,000)
  • HHL Future Entrepreneur Scholarship (up to EUR 5,000)
  • HHL Women in Business Scholarship (up to EUR 5,000)
  • HHL Dean´s List Scholarship (EUR 13,500)

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

Any further questions? Please feel free to contact us at any time!

Are you curious about experiencing HHL for yourself? You are welcome to visit us on campus. Do not miss the opportunity to talk to our students or experience our professors in a lecture. Please feel free to contact us at any time, we look forward to hearing from you!

Jana Vogel
Director Program Marketing