The programme offers students a thorough understanding of the models and theories of corporate financing and investment decisions, as well as skills necessary to apply these ideas independently and analytically. Graduates of the programme will know the features of the capital markets and have the skills to apply financial tools in a number of situations both in strategic decision making of the firm (e.g. mergers and acquisitions) and in day-to-day management (e.g. portfolio and risk management). They are able to analyse corporate risk factors quantitatively and evaluate the value of e.g. derivative instruments using sophisticated techniques. The Master’s Programme in Finance prepares students for a world in which financial services are global, a significant part of the economy, and in constant change. The programme helps students adapt to a financial environment which is increasingly aware of system-wide risks, conflicts of interest, and regulatory challenges.

The students have a further opportunity to tailor their degree by specializing in one of two areas of concentration, corporate finance or asset management.

In the corporate finance area, students focus on questions such as analysing and choosing investment projects, mergers and acquisitions, agency theory, investment banking and obtaining funds from the primary markets, and capital structure and dividend decisions. The corporate finance area prepares students for entry-level positions in investment or commercial banking, management consulting, or the finance and corporate planning functions of industrial firms.

In the asset management area, students focus on issues such as the behaviour and determinants of security prices, their implications on portfolio management, behavioural finance and investor psychology, sustainable investments, venture capital, risk management, as well as pricing of options, futures, and other derivatives. The asset management area prepares students for entry-level positions in investment management and strategy, venture capital, private equity, data analytics, and risk management.

The general management skills the programme aims to foster include analytical, teamwork, and problem solving skills. The student will also have the opportunity to consider challenging issues in sustainability and to develop international business communications skills at an advanced level.

1. Programme studies 84 cr

Mandatory studies 42 cr

Recommended timing of the programme studies:

1st year: Elective studies (42 cr)

2nd year: Capstone course, Master's thesis and Thesis Seminar. 
Students (usually 2nd year M.Sc.) will be automatically placed to a thesis seminar group in the beginning of the fall semester. It is possible to start the thesis also during spring semester. 

Course code directs you to Sisu and course name to MyCourses.

^{1) If a student has completed 28E99908 (Part 2/3: Findings) for Master’s Thesis and has not completed the mandatory capstone course, it can be replaced with an E-level Finance elective course by the approval of the planning officer (previously study coordinator) of the department of Finance.
2) If a student has not completed B.Sc. degree in Finance specialization area at Aalto University and has not completed B.Sc. Capstone Valuation course or its equivalent, it is recommended to complete 28E35300 Mergers and Acquisitions (instead of 28E33000), which treats valuation from first principles. 28E35300 replaces then the compulsory 28E33000 Capstone: Mergers and Acquisitions for Finance course.
3) Capstone: Mergers and Acquistions for Finance course can be replaced with Capstone DigitalISM Challenge. If a student completes both of these courses, Capstone DigitalISM Challenge should be included in the Electives (12cr) section of the degree.
*) If you were planning to complete Capstone: DigitalISM Challenge as Capstone course, you can replace it with 37E01500 Project Management and Consulting Practice in period II (fall 2020 and fall 2021).
**) Automatic enrollment for Master's thesis seminars is informed per mail to all students twice a year (for fall seminars in late spring/August and 2. for spring seminars in December). For questions regarding enrollment, please contact Planning Officer marie.perret(a)aalto.fi.}

Elective studies 42 cr

Choose 7 courses from the list of Finance electives. You can combine courses from Corporate Finance, Asset Management and other Finance elective sections. 2 electives (12 cr) from the list of Finance electives can be replaced by a course from the other electives section.

Finance electives

Corporate Finance emphasis

^{4) Replaces the course 28E00100 Behavioral Finance and Decision making. It is possible to include only one of the courses (FIN-E307 or 28E00100) to the M.Sc. degree.
*) New courses for 2021-2022}

Asset Management emphasis

Other Finance electives

^{5) Replaces the course 28E35600 Quantitative Finance. It is possible to include only one of the courses (FIN-E308 or 28E35600) to the M.Sc. degree. 
6) Offered by the Department of Industrial Engineering and Management. 
7) Please note that this course cannot be included in your studies if you have taken the course 28C00400 Derivatives and Risk Management previously as a part of your MSc. studies.
8) Offered by the Department of Accounting. 
9) Must be agreed in advance with Elias Rantapuska.
10) Only one of Project Work or Student Business Project can be included in the degree. 20E00100 Student Business Project must be agreed in advance with Tommi Vihervaara.
11) Must be agreed in advance with the programme director Matthijs Lof and meet the goals and requirements of the programme.
12) The courses Ohjelmoinnin perusteet Y1, Ohjelmointi 1 and Ohjelmoinnin perusteet Y2 (5cr) can be completed to reach min. 6 cr with credit transfer of the course Elements of AI (2cr).
13) Max 5. Finance M.Sc. students can be accepted per course. REC-E3100 Real Estate Economics is the prerequisite for the other Real Estate courses. The courses are organized by the Department of Build Environment.
14) Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.}

Other electives

Up to 2 electives (min. 12 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments and Graduate School of Finance:

Up to 2 electives (min. 12 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments and Graduate School of Finance:

2. Minor studies 24 cr

3. Electives 12 cr