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Ameer Khatri MBA Consultant

MiF in Germany

11/07/2023

620

Avg. GMAT

23

Avg. Age

€ 20,150

Avg. Cost of Study

24

Months Duration 

€ 55,000

Avg. Salary

Table of Contents

Why Study MiF in Germany?

Germany is rapidly gaining popularity as a desirable destination for pursuing a Masters in Finance degree. Not only are Finance programs in Germany highly cost-effective, but they also hold the potential to pave the way for a lucrative career with significant growth opportunities. With its exceptional universities known for providing top-quality higher education, vibrant student life, and cutting-edge technology, Germany has become a favored choice among students.

A Masters in Finance in Germany offers an exceptional educational experience for students seeking to specialize in the field of finance. Renowned for its strong emphasis on academic excellence and innovation, German universities provide a high-quality education that equips students with the necessary skills and knowledge to succeed in the dynamic finance industry.

With a rich and diverse business landscape, Germany presents a robust job market, offering abundant opportunities for graduates to launch rewarding careers in finance. Apart from the outstanding educational and career prospects, studying for a Masters in Finance in Germany allows students to immerse themselves in the country’s rich cultural heritage and vibrant student life.

Overall, pursuing a Masters in Finance in Germany combines academic excellence, promising career prospects, and an enriching cultural experience, making it an excellent choice for individuals seeking to excel in the field of finance.

Types of MiF Offered in Germany

MiF degree program: Full-time MiF programs in Germany typically last for 12 to 24 months, and they are offered by various universities, including some of the top universities in the world.

The tuition fees for full-time MiF programs in Germany are relatively low, and several scholarships are also available.

If you are interested in a career in finance, then a full-time MiF degree program in Germany is a great option. You will gain the skills and knowledge you need to succeed in the financial industry, and you will also be able to save money while you are studying.

Part time MiF degree program : Part-time learning offers the opportunity to pursue a degree, even for individuals who are unable to attend school on a full-time basis. It allows for flexibility in learning, enabling students to progress at their own pace while gradually accruing credits that contribute towards their final qualification.

Executive MiF program: An executive Masters in Finance is tailored for professionals in the middle of their careers who want to advance their expertise in finance while still working. These programs are typically scheduled on weekends or in short modules to accommodate the needs of working individuals.

Online MiF program: An online Masters in Finance offers a flexible option for students to pursue their degree entirely through online platforms. Online MFin programs are well-suited for those seeking a self-paced and virtual learning environment, enabling them to study from any location worldwide.

Program Costs + Living Expenses : MiF in Germany

€ 12,500 

Avg. Tuition Fee

€ 7,500

Avg. Living Cost

€ 150

Avg. Visa Expense

20,150

Avg. Cost of Study

Germany is a popular destination for students seeking an affordable and high-quality education. Public universities in Germany have no tuition fees, making them attractive options for students worldwide. However, some universities may have small administrative fees or enrollment charges.

While public German universities do not charge tuition fees, Private German universities charge tuition fees ranging from 10,000 to 30,000 euros per year, often have smaller class sizes, and are more selective than others. When considering a private university, it is important to research and compare programs, fees, locations, student body size, and university reputations.

To support your education, you will need to create a German blocked account, which is a one-time payment, and you can access the funds during your first year of study. The overall cost of living and studying in Germany ranges from €895 to €1100 per month, equivalent to 82,000 to 100,000 INR for Indian students.

Eligibility Criteria : MiF in Germany

The eligibility requirements for pursuing a Masters in Finance in top German universities generally share some standard criteria. These requirements are generally consistent across universities:

To be eligible, you must hold a Bachelor’s degree in Finance or a relevant field.

German universities are highly competitive, so having consistently high grades throughout your Bachelor’s degree is advantageous. Top universities often prefer candidates with a GPA above 3.0.

Depending on the university, you may be required to take an aptitude test such as GMAT or GRE. It is essential to check with the university in advance for any specific exam requirements.

Since many German universities use German as the mode of instruction, proficiency in the language is typically required at a B2 level, according to the Common European Framework of Reference for Languages. Additionally, students may also need to provide English proficiency scores, such as IELTS or TOEFL, with a good score typically being 80 or above in TOEFL or 6.5 or above in IELTS.

As part of the application process, you will typically need to submit various documents, including educational transcripts, a letter of motivation (similar to a statement of purpose), an updated resume (CV), proof of language proficiency, letters of recommendation, proof of a Germany Blocked Account, current photos, and a copy of your passport. If you earned your degree from a non-EU/EEA country, you may need to have your Bachelor’s certificates evaluated by uni-assist.

Please note that specific requirements may vary slightly between universities, so it’s important to research the requirements of each institution you are considering thoroughly.

Types of Financial Aid Available : MiF in Germany

University Scholarships

Many German universities offer scholarships to international students, taking into account factors such as academic merit, financial need, or a combination of both. These scholarships play a crucial role in making education more accessible and attracting talented students from around the world to pursue their academic aspirations in Germany.

Below are some of the scholarships offered by German universities that you should keep an eye on:

External Scholarships 

In addition to university scholarships, there is a wide range of external scholarships available to international students in Germany, which are awarded by private foundations, corporations, and other organizations. These scholarships aim to support the educational endeavours of international students and foster cultural exchange. They often consider factors such as academic excellence, specific fields of study, or social engagement. These external scholarships provide valuable financial assistance and allow international students to study in Germany and contribute to their academic and personal growth in a diverse and intellectually stimulating environment.

Some of the external scholarships that you should keep an eye on are mentioned above:

Student Loans 

In addition to scholarships, students seeking to finance their studies in Germany can explore the option of student loans. Private and government-backed student loan programs are specifically designed for international students. These loans provide financial support to cover tuition fees, living expenses, and other educational costs. Private student loans, offered by banks and financial institutions, may have varying terms and conditions, including interest rates and repayment plans. On the other hand, government-backed student loan programs, such as those facilitated by national or regional authorities, often offer more favourable terms, such as lower interest rates and flexible repayment options.

These loan programs serve as an alternative funding source, allowing international students to pursue their academic goals in Germany, even if they need immediate access to sufficient financial resources. However, students need to consider their financial circumstances carefully, the terms of the loan, and their future repayment capabilities before taking on any student loans.

Career Prospects : MiF in Germany

Germany is a major financial center, with a thriving economy and a strong job market for finance professionals. As a result, there are a number of top companies in Germany that hire Masters in Finance graduates.

These companies offer a variety of finance-related positions, including investment banking, corporate finance, asset management, risk management, and consulting. They are also known for their competitive salaries and benefits packages.

  • Deutsche Bank
  • Goldman Sachs
  • Morgan Stanley
  • Barclays
  • JPMorgan Chase
  • Citigroup
  • UBS
  • Credit Suisse
  • Nomura
  • Allianz
  • Munich Re
  • Deutsche Börse
  • BMW
  • Daimler
85%

Employed within 3 months of graduation

50,000

Avg. Salary

        Most Sought-after Jobs

    Investment banking

Corporate finance

    Asset management

Risk management

Consulting

     Accounting Manager

   Financial Analyst

CFO

Visa & Stay Prospects : MiF in Germany

To pursue a Master’s in Finance in Germany, international students must go through the process of obtaining a student visa. The student’s nationality determines the specific type of visa required.

For EU/EEA nationals, a visa is not necessary to study in Germany. However, it is mandatory for them to register with the local authorities within 90 days of their arrival.

On the other hand, non-EU/EEA nationals need to apply for a student visa at the German embassy or consulate in their home country. The requirements for obtaining a student visa generally include:

  • A valid passport
  • A letter of acceptance from a German university
  • Proof of financial support
  • A health insurance plan
  • A criminal background check

These requirements aim to ensure that international students have the necessary documentation, financial means, and health coverage to pursue their studies in Germany without any obstacles.

The duration of stay allowed with a student visa in Germany is determined by the standard rules. Typically, a student visa permits you to stay for the duration of your studies and an additional 18 months.

If you intend to extend your stay beyond the duration of your studies, there are options available. You can apply for a different type of visa, such as a work or residence permit. The specific requirements for extending your visa stay will depend on the type of visa you are applying for. It is advisable to consult with the local immigration office or relevant authorities to understand the process and requirements in detail.

When applying for a student visa, it is essential to consider the associated costs. The fees for a student visa application vary depending on your nationality. For example, the cost for US citizens is €75. Considering the reasonable application fee, obtaining a student visa in Germany is relatively affordable compared to other countries.

Upon graduating with a Master’s in Finance in Germany, you will have several prospects to explore. One option is to find a job in Germany itself. In this case, you must apply for a work visa, which involves a job offer from a German company and a valid work permit.

To sum it all up, studying for a Master’s in Finance in Germany can provide exceptional opportunities for a finance career. The visa requirements are straightforward, and the cost of applying for a student visa is reasonable.

Top 5 Colleges for MiF in Germany

UniversityDetailsSuggested
Frankfurt School of Finance and Management

Master of Finance

Duration: 24 months

Format: Full-time

Location: Frankfurt, Germany

Frankfurt School of Finance and Management MIF
Technical University of Munich

Master in Finance and Information Management

Duration: 24 months

Format: Full-time

Location: Munich, Germany

TUM MiF
University of Marburg

Master in Quantitative Accounting and Finance

Duration: 24 months

Format: Full-time

Location: Mainz, Germany

Univ of Marburg MiF
Goethe University

MSc Money and Finance

Duration: 24 months

Format: Full-time

Location: Frankfurt, Germany

Goethe University MiF

EBS Business School

Master in Finance

Duration: 24 months

Format: Full-time

Avg. Working Experience: 6 – 12 months*

Location: Oestrich-Winkel, Germany

EBS Business School MiF

Application Process & timeline

We strongly advise all our clients to have a proper excel sheet or a timetables mapped out.
Once you are done with GMAT the entire application process usually take 4-6 weeks

Step 1

GMAT / GRE Score

2-3 months.

If you are not sure about what score to target then look at the average score of the schools you want and shoot above the average. 

Step 2

Profile Evaluation

 1-2 weeks.

Get your profile evaluated from a professional consultant and figure out what schools you can target based on your profile

Step 3

Application Prep

3-4 weeks at least. 

Start writing at least 1 month in advance of their 1st deadline. First application usually takes the longest.

Step 4

Interview Prep

1 week

School will notify you and give you roughly 1 week to schedule your interview. Ideally, start your prep ASAP and Do some mock interviews.

FAQs about MiF in Germany

Germany offers high-quality education, a strong economy, and a vibrant job market for finance professionals. Pursuing a Master’s in Finance here can provide you with a globally recognized degree, exposure to international business environments, and opportunities to network with industry leaders.

Most Master’s in Finance programs in Germany are designed to be completed in 1 to 2 years, depending on whether the program is full-time or part-time.

Many Master’s programs in Germany, including those in Finance, are taught in English to attract international students. However, it’s recommended to check the language requirements of the specific program you’re interested in.

Yes, international students in Germany are usually allowed to work part-time (up to 20 hours per week) during the semester and full-time during semester breaks. This can help offset living expenses and gain practical experience.

While many Master’s programs are taught in English, having a basic understanding of German can be beneficial for daily life and for some job opportunities. However, proficiency in German might be a flexible requirement, especially in multinational companies.

Remember that specific details may vary between universities and over time, so always check the official websites of the universities and programs you’re interested in for the most accurate and up-to-date information.

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