Master’s programme in Financial economics

42639_ru1The spectacular growth of international capital markets, is creating major opportunities, but, as the latest financial crisis has shown, also major challenges for financial decision-makers and regulators of financial markets. The scientific masters specialization Financial Economics aims at providing students with the necessary knowledge and skill set for careers in commercial banks, investment banks, central banks, venture capital funds, private capital funds, hedge funds, financial exchanges, and in finance ministries or other governmental or non-governmental bodies of financial market oversight.

A masters in financial economics can also enable careers in multinational enterprises or large national companies, where (inter)national economic developments and financial markets play an important role. The masters program provides students with ‘state of the art’- knowledge in modern financial economics, including asset pricing, risk management, international finance and monetary policy, and financial regulation. The focus is less on theoretical modelling, but more on the application of these concepts in real-world situations.The specialization also includes recent developments in behavioral finance and optional courses on institutional and cultural biases. This focus is special to the program in Nijmegen and equips students not only with conventional approaches in finance, but also with a sound understanding of less conventional behavior of financial markets, including bubbles, crashes and crises.

The courses which constitute Financial Economics are:

Semester 1
Semester 2
Period 1 Period 2 Period 3 Period 4
International Financial Markets
Pluralisms in Economics
Advanced Behavioral Finance
Optional course (Cross-Border
Mergers & Acquisitions, Macroeconomics
& Policy, Culture and Instutions)
Financial Risk Management
Advanced Financial Economics
Master´s thesis
Methods of Empirical Analysis Master´s thesis

Details of these courses can be found in the online study guide in due time.

Learning outcomes and teaching activities
The track Financial Economics adds to your already existing body of knowledge, skills and insights regarding financial economics. In addition, the track contributes to your further academic development.

Having attained the masters diploma in Financial Economics, you will be knowledgeable about recent developments in the field. In particular, you will be an up-and-coming professional that is able to:

  • read, understand and reflect on the international professional and academic literature on financial economics
  • report independently on various issues in financial economics, including state of the art empirical and theoretical studies
  • use and apply statistical tools and methods that are relevant to financial economics
  • conduct independent research within a preset time limit
  • present and defend in a clear and consistent way, both orally and in written form
  • maintain a critical attitude towards your own work and that of others, now and in future

Admission requirements
There are three specific admission requirements for the Master’s in Economics to make sure that you have a background to successfully follow and complete this programme. The Examination Committee will decide if you are eligible for admission or not.

1. A completed Bachelor’s degree in Economics or related area
A Bachelor degree in Economics or a closely-related discipline from a research university, with a fair number of courses in your preferred specialisation. For example: Accounting, Micro and Macro Economics, International Economics, Academic Research and Data-analysis courses.

In case your prior education is marked insufficient for direct admission to the Master’s programme Economics, you may be offered to enrol in one of the pre-Master programmes.
Students with a bachelor diploma from a university of applied sciences (Dutch: HBO; German: Fachhochschule) also can enrol in a pre-Master programme for hbo-students.

2. A proficiency in English
Students who want to participate in a Master’s programme or Master’s specialization that is taught in English must have sufficient proficiency in English. This requirement has been satisfied when the student meets one of the following conditions:

  • Has successfully completed a three-year Bachelor’s programme at a Dutch university, or
  • Is a citizen of Australia, Canada (with exception of Quebec), Ireland, New Zealand, United Kingdom, or the United States of America, or
  • Has successfully completed a Bachelor’s programme that was taught completely in the English language in one of the following countries: EU/EEA-countries, Australia, Canada, New Zealand, United States of America, or
  • Has successfully completed a Master’s programme from a Dutch university of applied sciences (HBO).

Students who do not meet one of the above conditions must satisfy at least one of the following conditions by providing us with a document proving that condition has been satisfied:

  • TOEFL (iBT) Certificate: minimum overall score of 90, with subscores not lower than 22, or
  • IELTS Academic Certificate: minimum overall score of 6.5, with subscores not lower than 6.5, or
  • Cambridge Certificate of Advanced English (CAE): minimum score of C, or
  • Cambridge Certificate of Proficiency in English (CPE): minimum score of C.

Certificates may not be older than two year. No other certificates are accepted.

3. A letter of motivation
Unless you hold a Bachelor’s degree from a Dutch university, you need to submit a letter of motivation in English (max 2 pages). In this letter of motivation you should explain why do you want to attend this programme and why you think you are suited for this programme.

Tuition fees
There is a difference between legal tuition fee and institutional tuition fee.
In order to be eligible for the legal tuition fees, you have to meet all the following criteria:

  • Nationality criterion:
    You are a national of an EEA(1) country or
    You are a national of Suriname or
    You are a national of Switzerland or
    You have been recognised by the UAF foundation as a refugee student or
    You are a national from a non EEA country, but you qualify for a student grant on the basis of the Student Finance Act 2000.
  • Place of residence criterion at the start of the programme:
    You are a resident of the Netherlands and you are registered in the municipal registry, or you are a resident of Belgium, Luxemburg, or one of the German States of Nordrhein-Westfalen, Niedersachsen or Bremen. Please check the information at Step 4 on for more information.
  • Degree criterion (i.e. you do not have an academic degree yet):
    You are enrolling in a Bachelor’s degree programme and have not yet obtained a Bachelor’s or doctoraal degree(2) or you are enrolling in a Master’s programme and have not yet obtained a Master’s or doctoraal degree at a Dutch university. As an exception, you may enrol in a second Bachelor’s or Master’s programme in the area of teaching (ILS) our health care (Medicine, Dentistry or Biomedical Sciences), providing you have not obtained a Bachelor or Master title in the same area.

(1) Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden or United Kingdom.
(2) Title of Drs., Mr. or IR. obtained at a recognised institution after 1991.

Non EEA student
If you are not a national of an EEA country the following tuition fees will be set for the following studies:

Faculty Bachelor Master
Faculty of Law, Faculty of Arts, Faculty of Social Sciences, Nijmegen School of Management, Faculty of Philosophy, Theology and Religious StudiesExceptions are made for Theology (BA/MA €1,907,-); Artificial Intelligence (BA €9,570,-/MA €10,537,- and Cognitive Neuroscience (MA €10,537,-). €6,994,- 




Faculty of ScienceNon-EEA Master’s degree students who follow the Master of Science (MSc) Environmental Sciences (Master’s track transnational ecosystem-based water management (TWM)) in cooperation with the Universität Duisburg-Essen, pay tuition fees of €5,156 per academic year. €9,570,- €10,537,-
Faculty of Medical ScienceExceptions are made for Biomedical Sciences (BA €9,750,-/MA €10,537,-) and Molecular Mechanisms of Disease (MA €10,537,-) €17,300,-  €17,300,- 

Payment of Tuition fees

  1. Change Study Address in Studielink
    As soon as you have a study address in The Netherlands, change this in Studielink. Please be aware that Studielink calculates your tuition fee, among other things, on base of your study address.
  2. Fill out payment details in Studielink
    In Studielink you have to fill out your payment details. Please read the information below carefully if you have a full scholarship.

Information for students with a full scholarship and for students for whom the payment of tuition fee has been arranged otherwise (e.g. Master’s programme Business Administration, specialisation System Dynamics, European Spatial and Environmental Planning, specialisation PLANET)

If a full scholarship has been granted to you, please fill out the payment details in Studielink following the instructions below.

Payment of Tuition Fee
* Tick: option 2: Someone else is paying
* Tick: option 3: Using a different payment method
* If you click on the button ‘More information’ you wil enter the current site. However, you will have to:
* Visit the site
* Open the form ‘Direct Debit Authorization 2014-2015’
* Fill out your student number and personal data.
* You don’t have to fill out the Personal data account holder’, “Direct debit authorisation’, ‘Change of payment method’ and ‘Change of account number’. However, please write down which scholarship(s) has been granted to you
* Fill out the data under ‘signature’
* Print the form and send it it to:

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