Master of Finance

Aarhus University
Finance
Masters
Business & Management
Public University
Denmark

The MSc in Finance is a research-based business education with a strong quantitative foundation in modern finance. It covers financial theory, empirical methods and practical applications, preparing students to analyse financial markets, institutions, investment decisions and corporate financial policy. It is a full-time two-year programme taught in English in Aarhus, starting only in August or September. Teaching is based on current research, combining theory, data and economic reasoning, working with financial market data and empirical methods, and communicating analysis to specialist and non-specialist audiences. A one-year version may be offered from 2028.

Course Details

Category	Details
Time	Full Time
Campus	Aarhus
Duration	2
Deadline-Date	15-January,
Fee Per Year	10000
Application Fee	750
Currency	euro
Intake Link	https://masters.au.dk/apply-now
Deadline Link	https://masters.au.dk/apply-now
Intakes	August
Program language requirement	Almost all Bachelor’s degree programmes require qualifications comparable to a Danish secondary school English at B-level. lease note that the following may also fulfil the requirement of English at B-level: A completed Danish 3-year professional bachelor programme taught in English. The applicant must provide documentation that the programme was taught in English. A completed university Bachelor’s or a Master's degree taught in English from Denmark, USA, Canada, Australia, New Zealand, United Kingdom or Ireland. The degree must be equivalent to a Danish Bachelor’s or Master’s degree. The applicant must also provide documentation that the programme was taught in English. Please note that applicants with an English language qualifying examination or degree programme from all other countries than the above-mentioned must submit an English language test which fulfils the above requirements. We only accept the following English language tests: TOEFL English B – Overall score of minimum 83 (internet-based) with a minimum subscore of 20 in each section, English A – Overall score of minimum 100 (internet-based), Aarhus University accepts the TOEFL IBT Special Home Edition test. Aarhus University does not accept: TOEFL ITP, TOEFL Essentials, MyBest Scores paper-based tests (including TOEFL ITP Plus for China Solution), IELTS English B – Overall score of minimum 6.5 with a minimum subscore of 6.0 in each section, English A – Overall score of minimum 7.0, Aarhus University accepts: IELTS Academic IELTS Academic online, IELTS Academic for UKVI, Cambridge English tests English B Cambridge English Advanced (CAE)/C1 Advanced only grades A, B or C or a minimum of 180 points, Cambridge English First/B2 First with grade A or a minimum of 180 points, English A Certificate of Proficiency (CPE)/C2 Proficiency with a minimum of 190 points, Cambridge English Advanced (CAE)/C1 Advanced with grade A or a minimum of 190 points, If you take a Cambridge test, you must share your results with Aarhus University via the Candidate Results Website (candidates.cambridgeenglish.org). To access this website, you must register using your ‘Candidate ID’ and ‘Secret Number’ (obtained from your exam centre). Aarhus University does not accept: Oxford Online Placement Test, Duolingo English test, Trinity ISE III, Pearson PTE, Euroexam, Michigan Language Assessment,

Who can Choose this program?

You need a Bachelor’s degree in Finance, Economics, Management (with strong finance/quantitative focus), Accounting, Mathematics, Statistics, Engineering, or Physics.

Additional Information

Category	Details
Scope of the program	Typical employers include banks, asset managers, pension funds, insurers, consulting firms, energy and commodity trading firms, corporate finance departments and public institutions. Roles include analyst, portfolio manager, trader, M&A consultant, risk specialist, treasury specialist, controller and strategy consultant, with later steps to senior analyst, quantitative analyst, finance director and CFO. About 93 percent of graduates work in the private sector and 7 percent in the public sector. An advisory board shapes the curriculum, and the Advanced Finance Association runs events. The page does not describe PhD pathways.
Program entry requirement	In this section you can learn more about the admission requirements relevant to the master's degree programme in Finance. Depending on your educational background and your qualifications, there are different ways to meet the admission requirements: 1. International and other qualifications This section is relevant for you, if you have: a Bachelor's degree or equivalent from an institution outside of Denmark or a Bachelor's degree or equivalent from a Danish institution, which does not ensure you a 'Legal right of admission´ or 'Direct admission'. The two sections listed below are relevant only for students with a bachelor's degree from a Danish institution: 2. Legal right of admission 3. Direct admission Below these sections, you can learn more about the English language requirement. You can also find out which ranking criteria we use to assess your application when prioritizing among the submitted applications. 1. International and other qualifications If you have an international educational background, you must meet both the general admission requirement and the specific admission requirements: General admission requirement You must have a bachelor's degree or equivalent that is comparable to a Danish bachelor's degree in both level and duration (180 ECTS). For more information about how your bachelor's degree is assessed, please see the national database. Specific admission requirements If you meet the general admission requirement, the university will continue on to assess whether or not you meet the specific admission requirements. You can be admitted to the master's programme if the university assesses that your education has a level, scope, and content that corresponds to the academic requirements specified below. Subject area Number of ECTS Methods The following subject areas must be covered:   10 ECTS within quantitative methods or statistics Only 5 ECTS can be covered by Mathematics 15 Marketing 7,5 Finance 7,5 Accounting 7,5 Organisation and leadership theory 7,5 Microeconomics 5 Operations management 5 Additional ECTS points within the abovementioned areas 20 Bachelor’s project 10 Total 85 Applicants with a Bachelor’s degree in Business Administration and Commercial Law (HA (jur.)) with commencement of study September 2014 or later from Aarhus University must have passed a total of 10 ECTS within the business economics subjects below: Supply Chain Management and Sustainability - 5 ECTS Investments and Corporate Finance - 10 ECTS Investments - 5 ECTS Corporate Finance - 5 ECTS Introduction to Empirical Economics – 10 ECTS Regnskabsanalyse og værdiansættelse - 10 ECTS Privatøkonomi - 5 ECTS Behavioural Finance – 5 ECTS Entrepreneurship and Business Planning – 10 ECTS Behavioural Economics – 10 ECTS The Economics of Strategic Decision Making 5 ECTS Decision Analysis – 5 ECTS Financial Statement Analysis – 5 ECTS 'Professional Bachelor's degree' and other Danish qualifications Certain Professional Bachelor's degrees or similar covering specific subject areas from other Danish institutions have been determined to fullfill the admission requirements to this master's degree programme: Required subject areas – Professional Bachelor’s degree in Financial Management and Service from Business Academy Aarhus Industry specialisation in Accounting (“Programme specialisation subject A – external accounts” and “Study programme subject B – strategic accounting”) With the following electives: Quantitative Research Methods 10 ECTS Financial Investment Strategies 5 ECTS Operations Management 5 ECTS Industry specialisation in Finansielle forretninger (this industry specialisation is only offered in Danish) With the following electives:   Quantitative Research Methods 10 ECTS Financial Investment Strategies 5 ECTS Operations Management 5 ECTS Required subject areas - AP degree in Marketing Management in combination with a Professional Bachelor’s degree in International Sales and Marketing from Business Academy Aarhus Number of ECTS BSS module (including Methods 5 ECTS, Finance 5 ECTS, and Operations Management 5 ECTS) 15 For applicants who hold one of the abovementioned professional bachelor's degrees from another business academy, it will be assessed whether the electives correspond to abovementioned electives. For applicants who hold another professional bachelor's degree, the degree will be assessed according to the requirements described in the section “International and other qualifications”. We cannot assess in advance whether your specific degree will meet the above requirements. Therefore, we recommend that you apply for the programme if you believe that you meet the academic requirements. In this regard, it is a good idea to compare your degree with the programmes that provide direct admission. 2. Legal right of admission The following Bachelor's degree programme(s) from Aarhus University entitles you to an offer of admission to the Master's degree programme in Finance: Bachelor's degree programme in Economics and Business Administration (HA) Please note that you must apply for admission to the Master's degree programme within three years of completing your Bachelor's degree programme.
Required GPA	Bachelor’s: CGPA of 2.5 or equivalent (may vary by program).
GRE Required	No. GRE scores are not required for admission to this programme; admission is based on a relevant bachelor's degree, programme-specific requirements and proof of English proficiency.
GMAT Required	No. GMAT scores are not required for admission to this programme.
Application Process	Application Process: University Application Documents • Completed university application form • All academic transcripts (officially translated into English or Danish) • Passport/Travel document • ID Photo • CV • LoM / SOP (Letter of Motivation / Statement of Purpose) • Proof of English/Danish language proficiency • Proof of financial support • Any other required documents depending on the University (e.g., references, medical certificates) 2. Attestation & Legalization (For Visa ONLY – Not for University Application) • Legalization of educational documents is a must for Visa Apply not for applying in University. (Depends case to case) • Attestation from IBCC, HEC and MOFA is also mandatory for Visa application but not for applying in university. (Depends case to case) 3. Visa Fee & Financial Requirements • Visa fee: 334 Euros • Bank Statement: 11k Euros • Bank statement age: 6 months old • Sponsor: Self or Parents
Available Scholarships	https://studyabroadupdates.com/danish-government-scholarship/
Program accreditation	Aarhus University holds positive institutional accreditation from the Danish Accreditation Institution, so the degree is quality-assured and state-recognised in Denmark. The programme is offered by Aarhus BSS (School of Business and Social Sciences), which holds the international AACSB, EQUIS and AMBA accreditations, known as the triple crown.
Living expenses	Living Expenses in Denmark • Monthly Budget: Generally ranges from DKK 6,000 to DKK 10,000 (~€800 to €1,350). Copenhagen is significantly more expensive than regional cities. • Upfront Costs: Expect a heavy initial cash layout—landlords frequently require 3 months of rent as a deposit plus the first month's rent upfront. • Visa Proof of Funds: You must show access to roughly €11,000 to €13,000 in a bank account under your name to satisfy SIRI visa requirements for the first year. • Perk: Public healthcare is 100% free once you receive your CPR number.
Visa Process Details	Visa Checklist 1. Paper/Online Application Form (Online Preferred) 2. SIRI Processing Fee Receipt 3. Travel Document / Passport 4. Previous Visa History Documents (if any) 5. Recent ID Photos (recent, white background, no headwear) 6. All Academic Transcripts 7. Previous Work Experience (if any) 8. Original CNIC & Family Registration Certificate issued by NADRA (in English) 9. Police Character Certificate 10. Medical and Travel Insurance (covers €30,000 in Schengen Area) 11. Proof of English/Danish Language Proficiency (IELTS or TOEFL) 12. Verification of payment for studies provided by the educational establishment 13. Proof of Accommodation and Flight Reservation (both ways) 14. LOM / SOP 15. Financial Means Proof: Bank statement for the last six months in your own name or your guardian's name, containing funds to support your stay – €914 per month. You must multiply the amount by the number of months you will be studying in a higher educational program in Denmark (for a maximum of 12 months, approximately €11,000). However, the bank statement must not be older than 30 days. 16. The Consular might ask for additional documents if found necessary.
Part timework	Part-Time Work in Denmark • Hours: Non-EU students can work up to 90 hours per month during semesters and full-time in June, July, and August. • Average Pay: High hourly wages, typically DKK 130 to DKK 200 (~€17 to €27) depending on the sector. • Essentials: Requires a CPR number (residence registration), a NemKonto (bank account), and a Tax Card (Skattekort) to avoid a default 55% tax rate.
Post-study work opportunity	Post-Study Work Opportunities • 3-Year Job-Seeking Permit: Automatically granted or easily accessible upon graduating from an accredited Danish higher education program. • Work Rights: You can continue working part-time (90 hours/month) while searching for a career-level role. • Switching to a Full Work Visa: Once you find a full-time professional job, you can transition smoothly into a regular work permit via fast-track systems like the Pay Limit Scheme (minimum salary requirement applies) or the Positive List (shortage occupations).

What are the entry requirements for the MSc in Finance at Aarhus University?

To apply for the MSc in Finance at Aarhus University, applicants need a Bachelor's degree in Finance, Economics, Management, Accounting, Mathematics, Statistics, Engineering, or Physics, along with a CGPA of 2.5 or equivalent. Additionally, proof of English language proficiency is required.

What is the duration and starting date of the MSc in Finance program?

The MSc in Finance program is a full-time, two-year program that begins in August or September each year.

How much does the MSc in Finance program cost at Aarhus University?

The tuition fee for the MSc in Finance is €10,000 per year, and there is an application fee of €750.

What English language tests are accepted for admission to the program?

Aarhus University accepts TOEFL and IELTS scores, along with Cambridge English tests. Specific minimum scores are required, such as a TOEFL overall score of at least 83 or an IELTS score of at least 6.5.