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


The increasing globalisation and internationalisation within trade and industry have led to a growing demand for managers with an international perspective as well as the ability to evaluate the economic consequences of their decisions.

An MSc in Economics and Business Administration - Finance and International Business not only provides you with the professional qualifications for making strategic decisions concerning difficult and complex financial matters, but also gives you experiences and competences in terms of acting in an international context.

The programme in Finance and International Business exposes you to an international educational environment where students come from different countries and thus have different cultural backgrounds.

Members of faculty with an international background carry out all exams and courses in English.

The programme provides a theoretical framework for advanced academic study of finance and international business, which enables you to solve practical problems in the international business community.

The opportunities for participating in exchange and internship programmes either in Denmark or abroad make it a genuinely international education.

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 31 October 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:

The programme is divided into four semesters. Furthermore, the first two semesters are each divided into two blocks.

The first semester creates the necessary foundation both methodologically and theoretically for further studies of finance and international business.

Applied Econometric Methods introduces you to the most widely used quantitative and empirical methods in econometrics, including in particular financial econometrics. The course has two overall aims. Firstly, it provides you with tools, which enables you to acquire the knowledge published in high quality publications within the areas of empirical finance and economics. Secondly, it equips you with tools for modelling and estimating econometric systems. The methods involved have been chosen with a focus on applications within empirical finance and economics.

Corporate Finance provides 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.

Internationalisation of the Firm provides you with an in-depth and detailed understanding of theories surrounding the internationalisation of businesses and the practical implications of these theories. 


The second semester is devoted to more advanced studies within the two areas.

Corporate Valuation integrates elements of finance, accounting, and strategy. The students get a profound understanding of the theoretical foundation of a corporate valuation, an understanding of the integration of all relevant aspects into an overall framework, and an empirical approach to corporate valuation.

Empirical Corporate Finance provides students with a toolbox and working knowledge of empirical methods in Corporate Finance. Techniques such as short- and long-term event studies, factor models, difference-in-difference techniques and panel data estimation are covered. The focus is on application of these tools, and during the course, students will undertake a short-run event study, using data on mergers and acquisitions.

International Financial Accounting focuses on the financial reporting requirements in international environments. An understanding of international business depends on a theoretically grounded, pragmatic knowledge of the international requirements for corporations to report their financial performance and financial position.

International Business Finance
The multinational firm is confronted with the task of operating internationally. This necessitates an understanding of the markets for products, factors of production, and financial assets. Operating internationally poses unique risks – one of these being the existence of fluctuating exchange rates. More generally, the global integration of money and capital markets implies opportunities as well as challenges – both of which have to be considered by the multinational firm.

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 the 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.


With an MSc in Finance and International Business, you will be able to undertake job functions such as

  • Manager of foreign subsidiaries
  • Expert on mergers and acquisitions
  • Financial Manager
  • International Controller
  • Corporate Restructuring Expert
  • International Business Strategist
  • Business Entrepreneur
  • Treasurer

The international aspect of the programme is of course an ideal basis for a career in the international business community. 


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 and analyze investment, financing, and risk management decisions in an international corporation.
  • Use financial, strategic, and accounting information to assess the financial performance and position of an international corporation.
  • Make strategic decisions concerning difficult and complex financial matters in an international context.
  • 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

”The first job is about getting the basics - building the foundation for your future career (within the same or another company).” (Msc in Finance and International Business)

”I would recommend to try to get as much internships as you can while studying. Not only will it increase your chances in getting a job after graduation, but it will help you decide what job to apply for.” (Msc in Finance and International Business)