Programme description

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

Learning outcomes
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.

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).

Additional information
Department of Finance website

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 48 cr


Derivatives and Risk Management 1)

6 cr III


Capstone: Mergers and Acquisitions 2)

6 cr 3)


Master’s Thesis

30 cr I-II, III-V


Master’s Thesis Seminar

6 cr  


Maturity Test

0 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


Behavioral Finance and Decision Making 6 cr


Venture Capital 6 cr  IV


Advanced Corporate Finance 6 cr II
28E34200 International Financial Management 6 cr IV
28E34900 Investment Banking 6 cr III

Asset Management emphasis


Advanced Investment Theory

6 cr 3)


Marketing Financial Services

6 cr I


Fixed Income

6 cr IV


Portfolio Management

6 cr 3)

Advanced Econometrics for Finance

6 cr II

Options, futures and structured products

6 cr V
TU-E2210 Financial Engineering I 6 cr III-IV

Other Finance electives


Financial Statement Analysis 4)

6 cr



Project Work 5) 6)

6 cr



Finance studies at another university or another Aalto School 7)

6 cr



Case Analysis

6 cr


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:


Corporate Governance

6 cr




6 cr



Time Series Analysis

6 cr



Programming I

6 cr



Programming II

6 cr



Financial Engineering II

6 cr



Student Business Project 6)

6 cr



CEMS Business Project 6)



2. Minor studies 24 cr

3. Electives 12 cr

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