Student Guide

Master's Programme in Finance

Curriculum 2022–2024

MSc degree studies consist of programme studies and elective studies. In some programmes, there is also a compulsory minor. The scope of the modules varies between programmes.

In addition to the goals stated in Government Decree on University Degrees (794/2004) 7 § the aim of the Master of Science degree in Economics and Business Administration is to provide students with

deep overall knowledge of the area of the specialised master’s degree programme, and very good knowledge of the minor subject or corresponding study entities included in the degree;
the knowledge and skills required in challenging managerial positions or positions demanding a high level of expertise, or as entrepreneur;
the ability to independently produce and apply knowledge in the field of business administration and economics, and preparedness for demanding international postgraduate programmes;
the ability to address ethics, sustainability, and international context; and
excellent communication and team working skills.

Degree structure

Total

120

ECTS

Programme studies *

84-88

ECTS

Electives

32-36

ECTS

*Incl. Master's thesis 30 cr

Programme studies 84–88 cr

Code: BIZ210
Credits: 84–88 ECTS cr
Programme Director: University Lecturer Joni Kokkonen

Programme committee: Joni Kokkonen (chair); Peter Nyberg; Matthijs Lof; Alli Rytsölä (student representative); Janne Liu (student representative); Elise Haaksluoto (industry rep); Petra Kuisma (Planning Officer)

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.

Compulsory studies 42 ECTS

Course code (link to Sisu)	Course name (link to MyCourses)	ECTS credits	Period
28E33000	Capstone: Mergers and Acquisitions for Finance ^{1) 2)}	6 ECTS	II
or
28E35700	Capstone: Alternative Investments ^{1) 2)}	6 ECTS	2022-2023: III 2023-2024: V**
28E99905	Master’s Thesis Seminar*	6 ECTS	I-II, III-V
FIN.thes	Master’s Thesis	30 ECTS	I-II, III-V
BIZ.matr	Maturity Test	0 ECTS	I-II, III-V

^{1) Capstone: Mergers and Acquistions for Finance course can be replaced with Capstone: Alternative Investments. If a student completes both of these courses, the other one counts as a finance electives course.}
^{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 28E35700 Capstone: Alternative Investments as the mandatory Capstone course.}
^{*) Information about enrollment to 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 the Planning Officer.}
^{**) Change made in October 2023}

Elective studies 42-46 ECTS

Choose at least 42 ECTS from the list of the following courses. Courses are grouped under recommended paths (Corporate Finance, Asset Management, other elective courses), but you may mix them freely.

Corporate Finance emphasis

Code	Course name	ECTS credits	Period
FIN-E0307	Behavioral and Sustainable Finance ⁴⁾	6 ECTS	I
28E29000	Advanced Corporate Finance	6 ECTS	2022-2023: V 2023-2024: III*
FIN-E0309	Entrepreneurial Finance	6 ECTS	IV
28E35300	Mergers and Acquisitions ³⁾	6 ECTS	II
28E33000	Capstone: Mergers and Acquisitions for Finance ^{1) 2) 3)}	6 ECTS	II
FIN-E0310	Advances in Financial Technology	6 ECTS	V

*) Teaching period change made in October 2023

Asset management emphasis

Code	Course name	ECTS credits	Period
FIN-E0311	Advanced Investments	6 ECTS	I No teaching in 2022-2023
28E00900	Fixed Income	6 ECTS	IV
28E34600	Portfolio Management	6 ECTS	II
28E35700	Capstone: Alternative Investments ^{1) 2)}	6 ECTS	2022-2023: III 2023-2024: V*
FIN-E0308	Quantitative finance and machine learning applications ⁵⁾	6 ECTS	III No teaching in 2023-2024

*) Change made in October 2023

Other elective courses

Code	Course name	ECTS credits	Period
28C00450	Derivatives and Fixed Income⁶⁾	6 ECTS	III
28C00200	Econometrics for Finance ⁶⁾	6 ECTS	I
28E34100	Project Work ⁷⁾	6 ECTS	I-V

Alternatively, students may choose max 18 ECTS from the following list:

^{In addition to the courses listed below, finance courses completed at another Aalto School or another university can be included after approval by the programme director**.}

Code	Course name	ECTS credits	Period
TU-E2210	Financial Engineering I	5-6 ECTS	I-II
TU-E2220	Financial Engineering II	5-6 ECTS	III-IV
22E00100	Financial Statement Analysis	6 ECTS	I, IV
22E00500	Corporate Governance	6 ECTS	II 2022-2023 V 2023-2024
32E22100	Rahoitusmarkkinaoikeus	6 ECTS	II
ABL‐E2600	Financial Law	6 ECTS	III
37C00400 or CS-A1111 or CS-A1110	Programming I or Ohjelmoinnin perusteet Y1 or Ohjelmointi 1	6 ECTS 5 ECTS 5 ECTS	II I-II I-II
37C00450 or CS-A1121	Programming II or Ohjelmoinnin perusteet Y2	6 ECTS 5 ECTS	No teaching in 2022-2024 III-V
30E00400	Simulation	6 ECTS	I
MS-C2128	Prediction and Time Series Analysis	5 ECTS	II
MS-C2111	Stochastic Processes	5 ECTS	II
MS-E2114	Investment Science	5 ECTS	I-II
BIZ-E0100	Customized Student Business Project ⁸⁾	6 ECTS
42E00600	CEMS Business Project ⁸⁾	6 ECTS
REC-E3100	Real Estate Economics ⁹⁾	6 ECTS	I
REC-E4100	Real Estate Finance ¹⁰⁾	6 ECTS	IV
REC-E3600	Real Estate Market Analysis ¹¹⁾	6 ECTS	III
28L30311	Theoretical Corporate Finance ¹²⁾	6 ECTS
28L30111	Theoretical Asset Pricing ¹²⁾	6 ECTS

^{**) The programme director will evaluate the course relevance, level and degree of overlap with finance courses before approving the course.}
^{3) 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, 28E35300 Mergers and Acquisitions, which treats valuation from first principles can be completed as an elective course instead of Capstone: Mergers and Acquisitions for Finance.}
^{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.}
^{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) Please note that this course cannot be included in your master's degree if you have already completed the course as part of the Bachelor's Programme in Business, Otaniemi.}
^{7) Must be agreed in advance with Elias Rantapuska.}
^{8) Only one of Project Work, Customized Student Business Project, or CEMS Business Project can be included to the degree. BIZ-E0100 Customized Student Business Project must be agreed in advance with Tommi Vihervaara.}
^{9) A maximum of 7 Finance M.Sc. students will be accepted to the course Real Estate Economics. REC-E3100 Real Estate Economics is the prerequisite for the other Real Estate courses. The courses are organized by the Department of Build Environment.}
^{10) Real Estate Economics and Real Estate Market Analysis are strict prerequisites for this course.}
^{11) Real estate economics is a strict prerequisite for this course.}
^{12) Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.**)}

Recommended timing of programme studies:

1st year: Core courses and elective studies

2nd year: Capstone course, Master's thesis and Thesis Seminar. Students are expected to enroll to a thesis seminar group in the beginning of the 2nd year of the programme.

Master’s thesis and thesis seminar

The programme study module includes a Master's thesis. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

In many programmes, the students also take part in a thesis seminar, which is designed to help the students to prepare their thesis work. The seminar commonly consists of meetings, completing thesis, presenting the research topic to the seminar group and acting as an opponent for a fellow student’s thesis. Seminar lasts usually the whole semester, and it is organised during both autumn and spring semesters.

Seminar practices vary depending on the degree programme: please see the instructions for each programme in Sisu or MyCourses. For instructions on writing and handing in the thesis please see the page Thesis under "During your studies".

Students start writing their thesis by enrolling in a master's thesis seminar group in Sisu. Enrollment for seminars is open twice a year. Information about enrollment for Master's thesis seminars is informed per mail to all students in May (for seminars starting in fall semester) and in December (for seminars staring in spring semester). For questions regarding enrollment, please contact the Planning Officer.

See more information about the master's thesis under "During your studies" > "Thesis".

Electives

You can choose elective studies to your Master's degree so that the scope of the degree (120 credits) is fulfilled. You can exceed the scope of the degree by one course maximum.

Elective studies can include basic, intermediate or advanced level courses. You can use the module e.g.

To complete a minor
To broaden your skills and knowledge via multidisciplinary studies:
- select courses in the field of technology or art
- select courses in other universities via JOO study right
- Select gender studies via Hilma network or other Aalto networks
To gain entrepreneurial skills
To deepen your language and communication skills (see short informational video about the Language Center here)
To deepen or broaden your skills and knowledge in the field of business
- select additional courses in your degree programme or major
- select courses from other degree progarmmes or majors in the School of Business
- select additional courses in your minor
- complete the Customized Student Business project BIZ-E0100 (read more here)
To gain work experience and working life skills via an internship (read more at During your studies > Other studies)
To gain skills in self leadership and finding meaningfulness via Personal Impact courses

If you have mandatory language studies in your master's degree, they are included in the elective studies module. You have received information about these in the beginning of your studies, if this applies to you. If you are uncertain of whether you need to demonstrate language proficiency in the master's degree, please contact your programme's planning officer to get further information about the matter.

If you have completed your bachelor's degree in Finland (in Aalto or in another higher education institute), you have fulfilled the compulsory language requirements in the respective degree or received the exemption. You do not need to complete language studies in the master's degree.
If your language of education is Finnish or Swedish and you have completed your bachelor’s degree outside of Finland, you must demonstrate proficiency in national languages by writing the maturity test in your language of education (Finnish or Swedish) and complete the language proficiency tests in the other national language. Read more about the language of education here. You may also apply for an exemption of demonstrating proficiency in national languages. See also the following bullet.
If you have completed your bachelor’s degree outside of Finland, you must complete minimum of 3 ECTS in English. You can choose any course on B2 level or higher. Students, whose language of education is not Finnish or Swedish, may alternatively complete an elementary course in Finnish or in Swedish. The courses in national languages can be at any level on CEFR scale.

Language studies are included in students’ elective studies and are agreed in the personal study plan (HOPS). Language center offers the language studies.

The scope of the minor varies depending on the minor. Please check each minor's requirements. For a list of all the minors at Aalto University, see Aalto Minors hub.

Please also check your programme's curriculum to see if there are any requirements for the minor in your programme.

A minor included in the Master's degree can be one of the following:

a module confirmed in the curriculum (a minor study entity offered at the School of Business)
a module completed in an official exchange programme partner of the School of Business or in another programme meeting the requirements set in the official exchange programme policy of the School of Business
a module earned at another Aalto University school
a module earned at another Finnish university e.g. under the agreement on flexible study rights (JOO agreement).

Exchange studies is a very popular minor among the students of the School of Business. If you are interested in completing exchange studies as your minor, please check out this short informational video.

Published: 20.5.2022
Updated: 15.11.2024

Student Guide

Master's Programme in Finance

Curriculum 2022–2024

Degree goals

Degree structure

Programme studies 84–88 cr

Learning outcomes

Programme studies 84–88 cr

Compulsory studies 42 ECTS

Elective studies 42-46 ECTS

Corporate Finance emphasis

Asset management emphasis

Other elective courses

Alternatively, students may choose max 18 ECTS from the following list:

Master’s thesis and thesis seminar

Master's thesis and seminar in Finance

Electives

Elective studies

Mandatory language studies

Minor

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