Master of Arts in Finance

The Department of Finance at the University of Zurich offers two distinct Master's degree programs: the Master of Arts in Finance and the Master of Science UZH ETH in Quantitative Finance, offered jointly with ETH Zurich. Each program has its own academic profile and caters to different interests and study goals.

The Master of Arts in Finance combines advanced academic training with current questions in finance and professional practice. The program is informed by the research of the department's professors. In your courses, you discuss current research papers, learn to critically evaluate empirical evidence, and apply theoretical and quantitative methods to financial questions.

The Master of Arts in Finance is ideal for you if you would like to deepen your knowledge of finance at an academic level and engage intensively with theoretical, empirical, and quantitative questions.
You explore questions such as:

• How do information asymmetries, incentive structures, and regulation influence the design of financial intermediaries and the stability of the financial system?
• How do financing decisions, ownership structures, and governance mechanisms affect investment, innovation, and firm value?
• Which theoretical models explain financial asset prices, and to what extent does empirical evidence support their predictions?
• How can causal relationships in financial data be identified, and what challenges arise from endogeneity, measurement errors, or missing data?
• How can quantitative models for asset allocation, risk management, and portfolio optimization be developed, estimated, and critically evaluated?
• How do climate risks, regulatory requirements, and sustainability preferences change the decisions of companies, investors, and financial institutions?

The program requires an interest in academic literature, analytical thinking, and quantitative methods. It is suitable both for students seeking a demanding career in banking, insurance, consulting, asset management, or fintech and for those preparing for an academic career or subsequent doctoral studies.

The Master of Arts in Finance leads to the Master of Arts UZH in Business and Economics with a major in Finance and comprises a total of 120 ECTS credits.

The program consists of:

• a major in Finance worth 90 ECTS credits,
• a minor worth 30 ECTS credits.

The UZH Course Catalogue lists the major-minor combinations currently available. The Finance major can be combined with the minors in Accounting and Corporate Finance, Investment Management, or Sustainable Finance offered by the Department of Finance. It can also be combined with the following minors offered by other departments: Artificial Intelligence, Behavioral Economics, Marketing, Digital Transformation and Entrepreneurship, Data Science, Business Analytics and Operations, Personnel and Leadership, Informatics, Development and Economic Policy, Strategy, Organization and Innovation, Information Systems, and Economics. Details about the degree programs and possible combinations.

The binding admission requirements, required prior knowledge, and any additional requirements are determined by the Faculty of Business, Economics and Informatics and the University of Zurich. Before applying, please consult the official pages for the rules currently in force.

Most modules are taught in English. A good command of English is therefore an important requirement for the program.

The Finance major provides advanced training in core areas of finance, including:

• Asset Pricing
• Corporate Finance
• Financial Intermediation (Banking and Insurance)
• Quantitative Finance
• Real Estate Finance
• Sustainable Finance

The courses draw on current research and developments in finance. Professors and lecturers discuss research papers with you, put their theoretical and empirical contributions into context, and examine the methods used and the limitations of the findings.

You learn more than how to apply models and methods. You also explore how academic knowledge is generated, how empirical findings should be interpreted, and the limitations of theoretical models and quantitative analyses.

You develop the ability to analyze complex financial questions independently, critically evaluate research findings, and apply theoretical and quantitative insights to new problems.

The Finance major comprises 90 ECTS credits and is combined with a minor worth 30 ECTS credits.

For the latest module structure, available combinations, and applicable prerequisites, please refer to the Faculty Regulations and the UZH Course Catalog, which are the authoritative sources. The department publishes a recommended semester plan (PDF, 140 KB)  for the Finance major.

Where compulsory modules in the major and minor overlap, the provisions of the applicable curriculum apply. Please familiarize yourself early with the rules governing your chosen combination.

A minor complements your studies and helps you develop your own academic profile. The department offers three minors that you can combine with the Finance major.

Minor in Accounting and Corporate Finance

This minor combines financial reporting and accounting with questions of corporate finance and valuation. You explore topics including investment, financing, valuation, and governance.

Minor in Investment Management

This minor focuses on capital markets, asset pricing, quantitative analysis, investment strategies, and portfolio management.

Minor in Sustainable Finance

This minor  examines how financial decisions, financial institutions, and financial markets interact with environmental, social, and economic sustainability issues.

The minors in Accounting and Corporate Finance, Investment Management, and Sustainable Finance can be combined with majors in Business Administration, Economics, Finance, and Management and Economics, as well as other major programs in Informatics.

A minor in Finance worth 30 ECTS credits is also available to students from other faculties. It can be combined with a major in accordance with the relevant program regulations.

The faculty regulations and the UZH Course Catalogue list the combinations currently available and the modules you are eligible to take.

The Master's program centers on the academic study of finance. You attend lectures and exercise sessions, read current academic literature, and discuss research findings with professors and lecturers.

Depending on the module, activities may include:

• Analyzing and discussing research papers
• Applying models
• Conducting empirical analyses using financial data
• Quantitative exercises
• Presentations and academic argumentation
• Case studies and interactive seminars

Teaching combines financial theory, empirical evidence, quantitative methods, and current applications.

Proximity to Zurich's financial center gives you early opportunities to connect with banks, insurance companies, consultancies, regulatory authorities, fintech companies, and other employers. Guest lectures, practice-oriented seminars, Master's thesis topics, and student jobs bring current professional issues into your studies. You apply your knowledge to real-world questions, gain practical experience, and make initial contacts for your future career while you are still studying.

DF Community Careers gives you access to current jobs, internships, and events from the Department of Finance and selected partners. The platform is aimed at students, graduates, and doctoral students.

The Portfolio Management Program (PMP) gives selected students a unique opportunity to apply current concepts from academic and applied research to managing a real-money portfolio. You connect theoretical foundations with practical strategy development, learn from professors and experienced practitioners, and experience the challenges of asset management in real time.

The two-year program is worth 21 ECTS credits. In the first year, you explore portfolio management, asset management, and backtesting, and work as a team to develop an implementable investment strategy. In the second year, you apply this knowledge to the active management of a portfolio. You work in one of three groups, each with a different focus:

• Academic Approach: Replicating and implementing investment strategies documented in academic research
• Fundamental Approach: Making investment decisions based on macroeconomic developments, company fundamentals, and market sentiment
• Quant Approach: Developing data-driven strategies using statistical and machine learning methods

The program also includes regular portfolio reporting, presentations to professors and industry experts, ongoing market research, and completion of the Bloomberg Market Concepts Certificate. On successful completion, you receive a PMP Certificate.

The PMP is intended primarily for first-year Master's students and advanced Bachelor's students with a background in finance. In addition to relevant prior knowledge, important qualities include teamwork, strong communication skills, and a willingness to commit for two years.

Further information on the program structure, application process, and requirements is available on the PMP Website and the Applications Page. Follow PMP LinkedIn for current insights and news.

Master seminars give you the opportunity to explore current finance topics in depth. You engage with academic literature, develop your own research questions, and present and discuss your findings.

Depending on the seminar, you work independently or in groups. You develop your skills in academic research, data analysis, critically reading research literature, and presenting complex content.

Some seminars have limited places and require a separate application before module booking. A consolidated overview is available on the Master Seminars page. The UZH Course Catalogue provides binding information on language, ECTS credits, dates, assessment, and booking.

As part of your Master's studies, you complete an academic thesis on a finance topic. You develop a research question, review relevant literature and, where appropriate, data, and analyze your findings independently.

The Master's thesis is worth 30 ECTS credits. It must be completed within the applicable completion period and is then graded. The period begins when you collect your official thesis assignment on OLAT. The specific components of your thesis and whether a presentation is required depend on your supervisor's requirements.

Topic and Supervision

To apply for a Master's thesis at the Department of Finance, use the DF Thesis Market unless you have already arranged supervision directly. 

You can either:

• submit your own topic with a research proposal, or
• apply for an advertised topic and include a letter of motivation.

To keep up with new topics, you can subscribe to the relevant notifications through the DF Community. You will be notified whenever the department's professors or lecturers advertise new Bachelor's or Master's thesis topics.

Your application requires a CV, a current transcript of records, and, where applicable, a research proposal. You should apply at least one month before your intended start date. Relevant prior knowledge of the subject is required. Full information on choosing a topic, applying, preparing a research proposal, and supervision is available on the Department of Finance's dedicated Theses page.

Once your application is successful, you will be assigned a supervisor and your official thesis assignment will be prepared. A particular topic or supervisor cannot be guaranteed.

Registration and Submission

The subsequent steps, including registration, the binding submission deadline, and digital submission, follow the Dean's Office's OLAT process. Binding information on the completion period, deadlines, registration, the OLAT process, and submission is available on the Theses page of the Faculty of Business, Economics and Informatics.

Please also consult the information on graduation  and the faculty's requirements when planning the completion of your degree.

For initial guidance, you can use the AI-powered services askUZH and OEC AI Buddy.

For questions about the Finance program, minors, study planning, or department-specific matters, please contact the department's Student Advisory Services.

You can find contact points for other questions under Student Life and Support.

The Master of Arts in Finance prepares you for demanding specialist and management roles in various areas of finance and business. Graduates work in fields including:

• Banking, insurance, and financial services
• Asset management and investment management
• Consulting and auditing
• Fintech and financial data
• Corporate finance departments
• Regulation, public administration, and related fields

The program's academic orientation also provides a solid foundation for research projects, research-related roles, and subsequent doctoral studies.

DF Community Careers gives you access to current jobs, internships, events, and academic opportunities from the Department of Finance and selected partners. The platform is aimed at students, graduates, and doctoral students. The newsletter provides regular updates on new opportunities.

UZH Career Services supports you with career planning, applications, and interview preparation. It also shares job opportunities and organizes events with employers.