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  • Tuition Fee:
  • Local: $ 4.21k / year
  • Foreign: $ 5.84k / year
  • Languages of instruction:
  • English
  • Deadline:
  • 31 May 2018
  • StudyQA ranking:
  • 723pts.
  • Duration:
  • 2 years

    Earlier applications have a small advantage. Applications may be considered after the deadline though usually only for very strong candidates

    The Master in Business and Finance offers research-oriented masters with specializations in Accounting, Finance, Management, and Marketing. Courses provide a solid background in these areas and a thorough knowledge of the frontier of research and quantitative methods to students with a competitive curriculum and a strong motivation. The master is also the natural first step of the PhD program and careers in research and teaching. You will find information on financial aid and scholarships at the official webpage (

    Programme Objectives

    The Master in Business and Finance is intended is as the natural first step of the PhD program and is designed to prepare students for academic and advanced research professional careers. The program is flexibly designed to accommodate specializations in different branches of accounting, finance, management, and marketing. It equips students with a solid background in quantitative methods, the core areas of any one of the four fields of specialization, and an in-depth training into one of the many research areas covered by department researchers. By the end of the program, students are prepared to make contributions to academic research on the frontier of knowledge in their area of specialization.

    Student profile

    The program is specifically designed for graduate students who are interested in extensive training in research methods applied to specific areas of business and finance.  Students usually arrive immediately after completing their undergraduate degree or master program. A prolonged absence from full-time study has proven to be a barrier in keeping up with the pace of the program.

    Most preferred undergraduate/master degrees are Economics, Business Administration (with a quantitative emphasis), Engineering, Statistics, and Mathematics.

    Business at Universidad Carlos III de Madrid in the rankings

    • Universidad Carlos III has been included among the top 100 universities in the world in the Social Sciences and Management according to the QS World University Ranking
    • Accordingly to the 2014 Shanghai ranking, Universidad Carlos III de Madrid is among the 150 top ones in Economics and Business
    • Accordingly to the Tilburg University Economics Ranking 2007-2011, Universidad Carlos III is the number 42 worldwide in economics, based on publications on a list of 70 leading journals.
    • Accordingly to the University of Dallas ranking of Business schools and select the period 2009-2011 for research publications among the top journals in Accounting, Finance, Management and Marketing fields(1), Universidad Carlos III de Madrid is ranked 99 world-basis and 91 Europe:


    The Master is organized in two academic years, each one containing 60 ECTS. The Master prepares students to do research in the areas of Accounting, Finance, Management, and Marketing. Correspondingly, the coursework is organized into different specializations with overlapping courses:


    First year (60 ECTS divided in four half-terms)

    First semester: core courses for all students

    • Term 1: Statistics for Economics and Business, Economics for Business I, Strategic Management
    • Term 2: Quantitative Methods, Economics for Business II, Financial Economics

    Second semester: core courses by specialization

                Specializations in Accounting & Finance:

    • Term 3: Quantitative Methods, Accounting, Corporate Finance I        
    • Term 4: Research Methods, Dynamic Asset Pricing, Corporate Finance II           

                Specializations in Management & Marketing:

    • Term 3: Quantitative Methods II, Organization Theory, Marketing     
    • Term 4: Research Methods, Human Resource Management, Innovation Management  

    12 courses of 5 ECTS each


    Second year (60 ECTS divided in four half-terms)

    The program is flexibly designed to adapt to the student's research interest. Students take some courses in the department and have up to 12 ECTS that can be taken from other Master's programs in the university.

    The program suggests courses adapted to different research profiles and students may personalize their profile subject to the director's approval. Some suggested profiles are:

    • accounting,
    • asset pricing (finance),
    • corporate finance & banking,
    • quantitative finance & big data,
    • strategy entrepreneurship & innovation (management),
    • corporate governance & CSR (management),
    • personnel management,
    • supply chain management,
    • quantitative marketing,
    • consumer behavior (marketing).


    A Master thesis of 15 ECTS must be submitted for public examination at the end of the second year.

    University requirements

    Program requirements


    In general, admission requirements to the program entail possession of a bachelor's degree, or equivalent, with quantitative training in the fields of economics or business administration, as well as other programs with strong quantitative requirements (statistics, mathematics, engineering ...).

    Since all courses are taught in English, it is essential that applicants demonstrate an advanced level of spoken and written English. For this, candidates must certify a minimum score in any of the following tests:

    • CEFR: B2
    • TOEFL: 550 (Paper Based Test),
    • TOEFL: 210 (Computer Based Test),
    • TOEFL: 80 (Internet Based Test),
    • IELTS: 6.0,

    Presentation of CPE (Certificate of Proficiency English) or CAE (Certificate in Advanced English) will also be accepted as a proof of English proficiency. In rare cases, a test conducted by the Language Laboratory of the Universidad Carlos III itself or a personal interview with the director of the Master's program can be taken into account.


    Admission will be decided by the Master Academic Committee. Candidate selection will be done on the basis of the following criteria:

    • Academic record
    • Quantitative background of students
    • The prestige of the university of origin
    • Letters of recommendation and motivation.

    The deparment offers up to 15 full scholarships which include tuition and a monthly stipend to incoming students. Vistt for more information.

    More information available at the official program's website at

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