MSc degree studies consist of the following study modules: 

• Programme studies 84 cr
  • Incl. Master’s thesis 30 cr
• Minor 24 cr
• Electives 12 cr

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.

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, 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, and risk management.

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

Code: BIZ210
Credits: 84 ECTS
Programme Director: Associate Professor Elias Rantapuska (1.8.2019 - 31.7.2020)
Programme committee: Elias Rantapuska (chair); Peter Nyberg, Vesa Puttonen; Tiia Sinisalo (student representative); Elise Tuuppa (industry rep); Marie Perret (Planning Officer)

Degree requirements 120 cr

Mandatory studies 42 cr

Course name directs you 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.
1) 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 28E35300), which treats valuation from first principles. 28E35300 replaces then the compulsory 28E33000 Capstone: Mergers and Acquisitions for Finance course.
2) 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.
It is recommended to complete the Capstone course, Master's thesis and Thesis Seminar during the second year of Master's studies.
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

Asset Management emphasis

Other Finance electives

^{3) Not lectured 2018-19
4) Not lectured 2019-2020
5)  Not lectured 2018-20
6) Offered by the Department of Accounting.
7) Must be agreed in advance with Vesa Puttonen.
8) Only one of these can be included in the degree. 20E00100 Student business project must be agreed in advance with Tommi Vihervaara.
9) Must be agreed in advance with the programme director and meet the goals and requirements of the programme.
10) Must be agreed in advance with Mikko Leppämäki, Director of the Graduate School of Finance.
11) 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.
12) 28E34200 International Financial Management course is replaced by 28E00600 Venture Capital during spring 2019.}

Other electives

Up to 2 electives (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:

Minor studies 24 cr

Electives 12 cr

The minor study module of the Master’s degree is 24 credits and can be one of the following:

1. a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
2. 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, or
3. a module earned at another Aalto University school or at another Finnish university under the agreement on flexible study rights (JOO agreement).

For a list of all the minors at Aalto University, see Minors 2018-2020.

You can choose elective studies to your Master's degree so, that the extent of the degree (120 credits) is fulfilled. You can exceed the extent 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 broaden your skills and knowledge via multidisciplinary studies:
  • select courses in the field of technology or art
  • select University Wide Studies -courses
  • select courses in other universities via JOO study right
• To deepen your language and communication skills 
• 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
• To gain work experience and working life skills via practical training
• To gain skills in self leadership and finding meaningfulness via Personal Impact -courses
• To broaden your degree with a second minor, if it fits in your degree
  • Please not that you can only choose the second minor if it fits into your degree or exceeds it by maximum of one course. You can find the requirements of minors in Into Minors 2020-2022.

Mandatory language studies

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.

• Students who have received their first cycle university degree from the Aalto University or from another Finnish university of from a Finnish university of applied sciences have principally demonstrated their language proficiency in the bachelor's degree or received an exemption. Therefore there is no need to demonstrate language proficiency in the master's degree
• Students, who have received their first cycle university degree outside of Finland and whose language of secondary education is Finnish or Swedish, do demonstrate their language proficiency in the master's degree
• Students, who have received their first cycle university degree outside of Finland and whose language of secondary education is other than Finnish or Swedish, do not demonstrate their language proficiency in the master's degree

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. Read also more about the language requirements for the maturity test in the page Completing your master's thesis > Maturity test.

Master’s thesis and thesis seminar

The programme study module includes a 30-credit thesis with a 6-credit seminar. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

The student takes also 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 Completing your master's thesis.

MSc degree studies consist of the following study modules: Programme studies 84 ECTS credits, Minor studies 24 ECTS credits and Electives 12 ECTS credits.

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.

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, 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, and risk management.

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

Code: BIZ210
Credits: 84 ECTS
Programme Director: Assistant professor Peter Nyberg
Programme committee: Peter Nyberg (chair); Markku Kaustia, Vesa Puttonen, Elias Rantapuska; Kristiina Paarma (student representative); Jussi Hiltunen (industry rep); Marjukka Sarviharju (study coordinator)
 

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 48 cr

^{1) If the course is already included in Finance Bachelor's degree studies, it can be replaced with an E-level Finance elective.
2) If a student is close to graduation and has not completed the mandatory capstone course, it can be replaced with an E-level Finance elective course by the approval of the 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, which treats valuation from first principles. 
3) Capstone course can be replaced with Hackathon project. If a student completes both courses (Capstone and Hackathon), Hackathon should be included in the Electives (12cr) section of the degree.
It is recommended to complete the Capstone course, Master's thesis and Thesis Seminar during the second year of Master's studies.}

Elective studies 36 cr

Choose 6 courses from the list of Finance electives. You can combine courses from Corporate Finance, Asset Management and other Finance elective sections. 1 elective (6 cr) from the list of Finance electives can be replaced by a course from the other electives section.

Finance electives

Corporate Finance emphasis

Asset Management emphasis

Other Finance electives

^{4) Not lectured 2017-18
5) Offered by the Department of Accounting.
6) Must be agreed in advance with Vesa Puttonen.
7) Only one of these can be included in the degree. 20E00100 Student business project must be agreed in advance with Tommi Vihervaara.
8) Must be agreed in advance with the programme director and meet the goals and requirements of the programme.
4) Not lectured 2017-18
5) Offered by the Department of Accounting.
6) Must be agreed in advance with Vesa Puttonen.
7) Only one of these can be included in the degree. 20E00100 Student business project must be agreed in advance with Tommi Vihervaara.
8) Must be agreed in advance with the programme director and meet the goals and requirements of the programme.}

Other electives

1 elective (6 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments:

2. Minor studies 24 cr

3. Electives 12 cr

The minor study module of the Master’s degree is 24 credits and can be one of the following:

1. a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
2. 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, or
3. a module earned at another Aalto University school or at another Finnish university under the agreement on flexible study rights (JOO agreement).

For a list of all the minors at Aalto University, see Minors 2017-2018

Master's degree includes 12 ECTS credits of Electives. This can consist of for example

• additional studies in the degree programme,
• additional studies in the minor study module,
• courses from other programmes,
• language and communication studies,
• studies at another Aalto University School,
• studies at another university through the flexible study right agreement (JOO studies), or
• internship (6 cr or 3cr).

More information is provided under the titles Language and communication studies and Internship.

Elective studies can include basic, intermediate or advanced level courses.

Master’s thesis and thesis seminar

The programme study module includes a 30-credit thesis with a 6-credit seminar. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

The student takes also part in a thesis seminar, which is designed to help the students to prepare their thesis work. The seminar 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.

Registration for the seminar varies 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 Planning your studies.

Maturity test

After completing the Master's Thesis the student has to write a maturity test in order to demonstrate their familiarity with the subject of the thesis and proficiency in Finnish or Swedish language. If a student has demonstrated their Finnish or Swedish proficiency in the Bachelor’s degree, it is not required again for the Master’s degree. In this case the maturity test will be evaluated only based on the content. However, the maturity test is still always written in Finnish or Swedish, unless the student has been exempted to write the test in some other language (see instructions below).

The maturity test is a written examination based on the Master’s thesis. The School of Business students write an executive summary which is classified as the maturity test. For further instructions regarding the maturity test, please see Planning your studies - Maturity test.

If a student has had their (high school) education in a language other than Finnish or Swedish or abroad, it is possible to apply for an exemption in order to make the test in English or some other language. The application will be addressed to the Vice Dean of the School of Business. In this case the maturity test will be evaluated only based on the content.

MSc degree studies consist of the following study modules: Programme studies 84 ECTS credits, Minor studies 24 ECTS credits and Electives 12 ECTS credits.

In addition to the goals stated in 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.

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, project and trade finance, 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, 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, and risk management.

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

Career prospects

Finance students have an excellent placement record in the job market. Most Finance graduates find their first jobs in the financial industry, such as investment and commercial banks, brokerage firms, mutual fund companies and insurance companies. Management consulting companies, industrial corporations and public institutions are also important employers of Finance graduates.

Code: BIZ210
Credits: 84 ECTS
Programme Director: Assistant professor Peter Nyberg

Programme committee: Peter Nyberg (chair); Markku Kaustia, Vesa Puttonen, Elias Rantapuska; Aksel Homan (student reprasentative); Jussi Hiltunen (industry rep); Sanna Pesonen (study coordinator).

The objective of the Master's Programme in Finance is to provide a dynamic, demanding, and supportive learning-centred environment which:

• prepares students for jobs in the world’s most selective companies in international banking, management consultancy, and related areas
• helps students develop a solid scientific approach to financial issues, preparing some of the students for the world’s best Finance PhD programmes
• encourages the development of broader communication, teamwork, ethical, quantitative, and intercultural skills that students need both in general management positions and as active citizens
   

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 48 cr

^{1) If the course is already included in Finance Bachelor's degree studies, it can be replaced with an E-level Finance elective.
2) If a student is close to graduation and has not completed the mandatory capstone course, it can be replaced with any of the E-level Finance elective courses by the approval of the study coordinator of the department of Finance.
3) Not lectured 2016-17
It is recommended to complete the Capstone course, Master's thesis and Thesis Seminar during the second year of Master's studies.}

Elective studies 36 cr

Choose 6 courses from the list of Finance electives:

Finance electives

Corporate Finance emphasis

Asset Management emphasis

Other Finance electives

^{4) Offered by the Department of Accounting.
5) Must be agreed in advance with Vesa Puttonen.
6) Only one of these can be included in the degree. 20E00100 Student business project must be agreed in advance with Tommi Vihervaara or CEMS office (CEMS students can include part of CEMS Business Project into the degree).
7) Must be agreed in advance with the programme director and meet the goals and requirements of the programme.}

Other electives

1 elective (6 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments:

2. Minor studies 24 cr

3. Electives 12 cr

The minor study module of the Master’s degree is 24 credits and can be one of the following:

1. a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
2. 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, or
3. a module earned at another Aalto University school or at another Finnish university under the agreement on flexible study rights (JOO agreement).

2016-2017 minors at Aalto

2016-2017 minors

Master's degree includes 12 ECTS credits of Electives. This can consist of for example

• additional studies in the degree programme,
• additional studies in the minor study module,
• language and communication studies,
• studies at another Aalto University School,
• studies at another university through the flexible study right agreement (JOO studies), or
• internship (6 cr or 3cr).

More information is provided under the titles Language and communication studies and Internship.

Elective studies can include basic, intermediate or advanced level courses.

Master’s thesis and thesis seminar

The programme study module includes a 30-credit thesis with a 6-credit seminar. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

The student takes also part in a thesis seminar, which is designed to help the students to prepare their thesis work. The seminar 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. Registration for the seminar varies depending on the degree programme: please see the instructions for each programme in WebOodi, MyCourses or department’s homepages.

Maturity test

After completing the Master's Thesis the student has to write a maturity test in order to demonstrate their familiarity with the subject of the thesis and proficiency in Finnish or Swedish language. If a student has demostrated their Finnish or Swedish proficiency in the Bachelor’s degree, it is not required again for the Master’s degree. In this case the maturity test will be evaluated only based on the content. However, the maturity test is still always written in Finnish or Swedish, unless the student has been exempted to write the test in some other language (see instructions below).

The maturity test is a written examination based on the Master’s thesis. The School of Business students write an executive summary which is classified as the maturity test. For further instructions regarding the maturity test, please see Planning your studies - Maturity test.

If a student has had their (high school) education in a language other than Finnish or Swedish or abroad, it is possible to apply for an exemption in order to make the test in English or some other language. The application will be addressed to the Vice Dean of the School of Business. In this case the maturity test will be evaluated only based on the content.