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About the programme 
Language: English  (See language requirements)  | Place of study: Aarhus  |  Commencement: August / September (no winter intake)


MSc in Economics and Business Administration - Finance is a general university education in finance. It provides students with thorough knowledge of and competence in finance. Upon graduation, our students are expected to begin careers in financial institutions, regulatory bodies, consulting businesses or finance departments in non-financial companies.

The programme has a clearly defined structure with a focus on global finance, making the programme relevant for all international students. The global financial markets are highly developed and integrated and because of this complexity and sophistication, there is an increasing demand for graduates with university degrees in finance. Therefore, the programme is perfect for students seeking a career in finance, within a global setting.

The ultimate ambition of the programme is to prepare our students, in terms of making the right decisions at the right time; this ability requires excellent analytical skills and a talent for embracing all relevant data, as well as cultural issues.

Finance and other advanced research areas are based on statistical and mathematical models. It is therefore an advantage for students to be familiar with these areas before they begin the programme. The models are integrated into the courses so that the students study the models in relation to their applications. It is our experience that the learning outcome is much higher when the models are part of the various courses.

The latest research in finance is integrated into the programme and many of the professors are internationally well-known teachers and researchers. Our programme also uses external lecturers from local financial institutions as well as visiting faculty members from internationally acclaimed universities.

Admission Requirements

Students that hold a Bachelor of Science degree in Economics and Business Administration (HA) or variants hereof from Aarhus University can pursue direct admission to the MSc programmes in Economics and Business Administration after they complete their Bachelor’s degree programme.

If you hold a Bachelor’s degree in Economics and Business Administration, Bsc (HA) from one of the Danish universities, you fulfill the specific admission requirement for the Master’s degree programmes in Economics and Business Administration (cand.merc.).

If you hold a Graduate Diploma in Business Administration (HD), you can also pursue admission to the MSc programmes in Economics and Business Administration. However, it is required that you complete supplementary courses corresponding to 20 ECTS. For information on which supplementary courses you should take please check the overview of supplementary courses for HD (available only in Danish).   

Students that hold a degree from another university

If you hold a degree from another university, your qualifications will be assessed once you have applied for admission. You can also have your qualifications pre-assessed by Aarhus University, Admission between 1 September and 1 December in order to find out if you meet the admission requirements. Please contact ma.admission@au.dk for further information about pre-assessments between 1 September and 31 October.  The assessment will prioritize the sufficient content of the following subjects and ECTS-points:

Quantitative and Qualitative Methods


Managerial Economics and Operations Management



7,5 ECTS

Finance and Accounting


Organisation- and Leadership Theory

7,5 ECTS



Additional ECTS points within the abovementioned areas


Total ECTS within Economics and Business Administration


Language requirements

Since English is the language of instruction in all subjects, all applicants are required to provide evidence of their English language proficiency.
Please see the page on language requirements.

Programme Structure



Below is an outline of the courses:


In Corporate Finance the general aim of the course is to provide the participants with profound knowledge about financial decision-making in corporations. It is important to underline that although the course focuses on the managerial problems, decisions must be based on a solid theoretical framework. The topics studied include investment and financing, real options, risk management, capital structure, governance, and asymmetric information.

In Asset Pricing the focus is on theories and empirical methods for analysing asset pricing, fixed income, and equity markets.

In Applied Financial Econometrics, the purpose of the course is to introduce the students to the most widely used quantitative and empirical methods in econometrics. Emphasis is put on relevant financial models and applications. For forecast purposes, models of financial time series and econometrics will obviously be of major relevance.


Securities Markets covers the parts of the financial curriculum that are related to trading in markets for financial instruments. As such it complements the standard courses in asset pricing, corporate finance, and derivatives with issues from the fields of market microstructure and securities trading.

Financial derivatives such as forward, futures, swaps, and options are increasingly important instruments applied by agents of financial markets. The course focuses on describing and understanding these instruments, and on the underlying markets such as money markets, bond markets, stock, currency, and commodity markets.

Empirical Asset Pricing
Empirical Asset Pricing uses statistical and econometric methods to analyse observed prices and returns in financial markets, and to test financial market theories.

In the third semester, you can choose elective courses within your areas of interest. The courses can be taken either at Aarhus BSS during the semester, at AU Summer University or at one of our more than 300 partner universities abroad. You can also participate in internship programmes either in Denmark or abroad.

The fourth semester is devoted to the Master's thesis. You may freely choose the topic of the thesis and thereby get a chance to concentrate on and specialise in a specific field of interest. The thesis may be written in collaboration with another student or it may be the result of your individual effort. When the thesis has been submitted, it is defended before the academic supervisor as well as an external examiner.

Student Life

Learning in an International Context

At Aarhus BSS, we conduct research at the highest academic level.

All researchers employed are engaged in research projects covering a wide range of different subjects and focusing on knowledge and skills considered essential for professional business activities in the global marketplace. All faculty have both research and teaching responsibilities, which means that our teaching is continually based on the latest research results.

Aarhus BSS is very internationally oriented. The broad scope of our research activities and educational programmes enable us to attract researchers, teachers, and students from all over the world, and this creates an international environment for research and learning in which academic views are exchanged, experiences are gathered and friendships are formed.

Aarhus University is a leading university in Denmark in building student exchange opportunities. The university encourages all students to spend time studying abroad. Every year, more than 700 students from Aarhus BSS go abroad to participate in exchange programmes around the world at our more than 300 partner universities. About the same number of students from all over the world come to participate in the exchange programme in Aarhus, and this contributes to a truly international learning atmosphere.

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Tasks as a Graduate

This data is derived from AU's 2013/2014 employment survey. This data should not be considered a completely accurate representation of the labour market and job functions for all graduates of the individual degree programmes. It exclusively represents the responses submitted to the survey in the years in question.


An MSc in Finance opens up for various job opportunities in the financial sector.

The study programme also provides an excellent basis for a subsequent PhD programme.

In addition, the programme offers the chance of employment in the finance departments of other types of enterprises. Finally, an increasing number of graduates find employment in the consultancy industry, both domestically and abroad.

The last few years have seen a highly pronounced increase in the demand for graduates from the finance programmes.


    The research-based MSc study programme in Economics and Business Administration builds on the competencies and insights acquired in the BSc study programme in Economics and Business Administration.

    The study programme provides the graduate with specialist knowledge within the disciplines of the study programme, which gives the graduate high academic qualifications to develop solutions to issues pertaining to business administration in companies and organisations in the public and private sectors.

    The study programme also qualifies the graduate for further studies, including PhD studies.

    Through the study programme, the graduate has acquired knowledge that enables the graduate to

    • Understand how prices on financial assets such as stocks, bonds and derivatives are determined and analyze their price behavior using appropriate quantitative methods.
    • Understand and analyze investment and financing decisions in a non-financial corporation.
    • Solve managerial tasks of financial institutions and understand how trading is facilitated in financial markets.
    •  Understand and consider knowledge pertaining to the various disciplines as well as identifying academic issues
    • Master the scientific methodologies and tools of the various disciplines as well as mastering general skills associated with employment within the areas studied
    • Assess and choose among the scientific methodologies and tools of the various disciplines as well as developing new analysis and solution models
    • Discuss professional and academic issues with both specialists and laymen
    • Manage work and development situations that are complex, unpredictable and require new solution models
    • Initiate and carry out, on an independent basis, monodisciplinary and interdisciplinary collaboration and take professional responsibility
    • Take responsibility, on an independent basis, for own professional development and specialisation

    From Studies to the First Job

    ”Be proactive in your job search and be open to different alternatives.” (Msc in Finance)

    “You should not expect huge tasks from the start but if you keep at it then the opportunities will come.” (Msc in Finance)

    ”Ask questions and update your knowledge constantly. Use your network.” (Msc in Finance)