Masters of Finance in Germany: Top Universities, Eligibility, Scholarships & Job Opportunities

Masters of Finance in Germany is a two-year course that covers modules like asset markets, financial management, advanced derivatives, risk management, and more. Germany has over 40,000 Indian students, forming the majority of the international student body there.

In a finance program, like Masters of Finance in Germany, a lot of emphasis is placed on practical project works, making it a popular choice among Indian students. It introduces you to the practical way of doing analysis, reports and presentations in a group or individually, so you are better prepared when starting your career.

The language of instruction in most universities is English, though you should still check before applying. For admission to Masters of Finance in Germany, you need:

• Bachelor’s in a relevant field with minimum of 70%
• IELTS: 6.0 - 7.0 | TOEFL: 70 - 90
• German Language Proficiency test scores of DSH: (Level 2) Test DaF: (Level 4), and Goethe Certificate (C2)

In addition to these, work experience of 1–2 years is recommended. Owing to the affordability and quality of education in Germany, admission is quite competitive. Masters of Finance in Germany graduates earn an average salary of 61,800 EUR (50.7 lakhs INR)) per year, and are employed as Finance Manager, Investment Banker, Actuary, etc in the banking and finance sector.

Top Universities for Masters in Finance in Germany

The table below shows the details about Masters in Finance in Germany for Indian students in the top universities.

The universities for a master of finance in Germany are preferred by Indian students as they are reputed for practical training and forging industry connections. The reasons to consider studying finance in Germany are detailed in the next section.

Why Study Masters of Finance in Germany

Masters of Finance in Germany is a good investment for Indian students in many aspects. Some of the reasons include:

1. Germany as a study abroad destination is popular among Indian students for its affordability and quality of education. The country has some of the best institutes in the world that don’t charge tuition fees, such as Goethe University, Free University of Berlin, University of Kiel, University of Mainz, etc. However, these public universities charge a semester fee in the range of 300 EUR - 6000 EUR (INR 27,001.41 - 5,40,028.20).
2. Graduates with finance degrees can receive high salaries up to 1,20,000 EUR (INR 1,08,00,564).
3. In Germany, the emphasis is more on practical development. Some modules are completely practical, including exams, so you can not only avail quality education but also be industry-ready.
4. Post your degree, you can stay back in Germany for 18 months to look for a job.

The career prospects in Germany are not only attractive, they also ensure students are truly prepared for the industry. In Finance, even though you can take courses in English, you don’t have the option to not learn German. The industry operates almost exclusively in German, and your placement will depend (to some extent) on how fluent you are.

Masters of Finance in Germany Specializations

In Masters programs for Finance in Germany, theoretical courses are intensive, and project works are required for finance courses. Master of Finance in Germany is available in different specializations, including but not limited to:

• Corporate Finance
• Investment Banking
• Financial Planning
• Risk Management
• Financial Engineering

Masters of Finance in Germany Admissions

Financial accounting, international economics, financial management, and business finance are some of the relevant bachelor’s courses for masters in finance. Programs are offered in both English and German, but learning German is still recommended.

There are two admission intakes in Germany: summer (April), and the main intake for Indian students, winter (September/October). The requirements for admission to the masters of finance in Germany course are:

Admission to masters of finance in Germany is competitive, and if you have added limitations (like a low GPA), the application process could become challenging. Here are some tips for building a strong student profile and improving your chances of admission:

• Extracurriculars: A low grade is somewhat justifiable if you have shown interest in extracurricular activities, like debates, sports, etc.
• Essays: Invest time in writing a brilliant statement of purpose. Essays matter more than you think.
• Work Experience: If your GPA is lower than the class average, but you have industry experience, things could work out in your favor.
• Letters of recommendation: Get on good terms with your professors—a few good recommendations can do wonders for your application.
• Updated CV: You need a strong CV—remember to use the Europass format.

Lastly, make sure you are prepared for your application before the deadlines roll in.

Step-by-step Application Process

There is no centralized application portal for masters of finance courses in Germany. A step-by-step application process for masters of finance in Germany for Indian students is given below.

1. Visit the university website and find the application link..
2. Follow the instructions for creating a user account, then begin providing information required by the application.
3. Enter the program you’re applying to—masters in finance.
4. Continue adding and uploading information as prompted.

To find out how your (previous) university or institution is recognised in Germany, you can check Anabin—a database that lists information on all institutions and degrees that have been evaluated by the German Central Office for Foreign Education. This will help you obtain the necessary proof of recognition for your institution, which might be required at the time of admission as well as placement.

Challenges of Studying in Germany

Language Barrier: The major obstacle Indian students face when studying or looking for jobs in Germany is not knowing the language. Although there are masters of finance courses that are offered in English, fluency in German is crucial to securing employment.

Cost of Living: By European standards, Germany is not too expensive. However, living expenses in Germany for Indian students are still much higher than in India.

Cost of Studying Masters of Finance in Germany

Germany is one of the affordable countries in Europe, with no tuition fees in public universities and a comparatively low cost of living.

Tuition Fees

The annual fees for some popular universities, including semester and administrative fees where applicable, are provided in the table below.

You need a blocked account with a sum of €11,208 per year to start your academic journey in Germany. This is the minimum account for a student visa and equals around INR 10 lakh. This is to prove you can afford to live in Germany for a year. They will give you back the money in the form of monthly installments.

Cost of Living in Germany

The cost of living in Germany may vary according to the location of your residence. Before you choose your universities, zero in on the location that would suit you best. The average cost of living in Germany is around EUR 850 (~74,000 INR) per month or EUR 10,236 (~8.9 lakh INR) per year. Given below is an estimate of the living expenses to study finance in Germany:

The cost of living in Germany can be managed through shared living, in dorms, private accommodations, or shared rooms, as rent is the major expense for Indian students in Germany.