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ISEG offers you a Masters in Finance that’s just right for you. It’s innovative, competitive, and up to date.
You’ll find it reassuring to know that our Masters in Finance graduates can easily find their way in the competitive financial industry or any other industry or organisation around the world. Recent distinctions can also measure their success, as consecutive winners of the CFA Research Challenge Portugal from 2017 to 2020 and Portugal’s selected participants in the EMEA Finals of the CFA Research Challenge in Prague, Dublin, Zurich and the Dead Sea region, in Jordan. We did it again in 2022 and in 2023, champions of CFA research challenge.
 | The 2025 Financial Times Finance Master’s Ranking places ISEG’s master’s degree in 27th place among the best in the world. |
 | ISEG’s Master in Finance is a CFA® University Affiliation Programme. Our programme covers more than 70% of the CFA curriculum. 5 annual scholarships are awarded for the CFA® exams. |
 | ISEG’s Master in Finance is a GARP® academic partner. Our programme covers more than 70% of the body of knowledge and 100% of the ethics/professional conduct required for the FRM® exams. 9 annual scholarships are awarded for FRM® exams. |
 | ISEG’s Master in Finance is a CAIA Association® academic partner. Up to 8 annual scholarships are awarded for CAIA® Charter Program exams. |
 | ISEG’s Master in Finance recognizes essential topics from the Certificate in ESG Investing from CFA® Institute. This professional certificate offers both practical application and technical knowledge in the field of ESG investing. |
 | Ranked 38th in the Eduniversal Best Masters Ranking in Corporate Finance TOP 60 in Western Europe 2025. |
 | Associação Mutualista Montepio Merit Award Prize awarded by Associação Mutualista Montepio to the best student in the Master’s in Finance. |
ISEG’s Master’s in Finance is ranked 27th in the Financial Times global ranking.
ISEG’s MFinance is a CFA® University Affiliation Program. The program covers more than 70% of the CFA curriculum.
Workshops in IT Skills: “Financial Modelling in Excel” (SEM 1); “Python for Finance” (SEM 2); and “Databases and Stata in Finance” (SEM 3).
International placement in finance-related jobs.
International exchange in highly reputed international universities – Bocconi, Italy; EDHEC, France; Goethe, Germany; FGV, Brazil, to name a few.
Five-day field trip to Frankfurt, the most important financial centre in Europe – visiting EIOPA (European Insurance and Occupational Pensions Authority), Deutsche Boerse (German Stock Exchange), Bundesbank (Central Bank of Germany), Goethe University, several companies (examples: BASF, BMW, Deutsche Bank, SAP, Volkswagen) and more. Note: No additional fees are charged for travel and accommodation expenses.
Solid education in the 3 pillars of finance: Corporate Finance, Derivatives, Investments.
Five annual scholarships for the CFA® exams.
Highly qualified faculty with experience in top international schools, e.g., London Business School, Manchester Business School, Carnegie-Mellon University, The London School of Economics, Stockholm School of Economics, UCLA or Imperial College London.
The global approach of the Masters in Finance is also materialised in the annual field trip to Frankfurt, which is part of our students’ personal development program.
Students and faculty travel together to Frankfurt and visit important organisations such as EIOPA (European Insurance and Occupational Pensions Authority), Goethe University, Deutsche Bundesbank, and the Frankfurt Stock Exchange.
Over the last few years, we have attended talks and interacted with high-ranking representatives of large companies, among which are BASF, Deutsche Lufthansa, SAP, EY, Volkswagen, or Helaba Bank.
This is certainly an unforgettable experience you can’t miss!
— Fingers crossed for the pandemic situation to evolve favourably.
ISEG's MFinance is a CFA® University Affiliation Program. The program covers more than 70% of the CFA curriculum. ISEG's Team is the Winner of the National CFA Research Challenge (in Portugal) for the past years: 2023, 2022, 2020, 2019, 2018 and 2017 and EMEA Vice Champions 2020 – 2018.
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Holders of the Masters in Finance degree will be able to have professional roles in various areas:
(i) Financial Intermediation (banks, insurance companies, dealers, portfolio or fund management, as well as at the supervision or regulatory authority;
(ii) Financial analysis and consultancy;
(iii) CFO positions in the industry;
(iv) Administrator/Director positions;
(v) Public (local or national) financial administration;
(vi) Specialized Finance media.
| Year 1 – Semester 1 | Credits |
|---|---|
| Corporate Investment Appraisal | 6 |
| Financial Analysis and Reporting | 6 |
| Investments & Portfolio Management | 6 |
| Derivatives | 6 |
| Data Analysis in Finance | 6 |
| Workshop 1 – Financial Modelling in Excel | 0 |
| Year 1 – Semester 2 | Credits |
|---|---|
| Fundamentals of Financial Economics | 6 |
| Corporate Financing and Planning | 6 |
| Fixed Income Products and Markets | 6 |
| Risk Management | 6 |
| Elective I * • Advanced Financial Accounting • Corporate Governance • Monetary and Financial History • Numerical Methods in Finance • Real Options • Real Estate Finance | 6 |
| Workshop 2 – Python for Finance | 0 |
| Year 2 – Semester 1 | Credits |
|---|---|
| Industry Elective • Financial Engineering • Applied Portfolio Management • Equity Research | 6 |
| Non Financial Risks | 6 |
| Financial Data Science | 6 |
| Ethics and Research Methods In Finance | 6 |
| Elective II * • Alternative Investments • Macroeconomics • Mergers, Acquisitions and Reestructuring • Sustainable Finance | 6 |
| Workshop 3 – Databases in Finance | 0 |
| Year 2 – Semester 2 | Credits |
|---|---|
| Masters Final Work – MFW • Dissertation • Project • Internship | 30 |
* NOTE: The electives listed on the website represent the usual portfolio of options available in the Master’s programmes. Their offering each year depends on demand and available capacity, so we cannot guarantee that all electives will open or have places for all interested students. We encourage you to plan your choices early and explore alternative options if needed.
See the description of each Curricular Units here.
In the first year of the Masters in Finance, students and faculty travel to Frankfurt – the most important financial centre in Europe – for a five-day field trip. This is a very important part of this Masters programme and a great opportunity to students interact with each other and have a different learning experience, outside the classrooms.
In 2024, the Master in Finance group, with more than 80 students, visited Frankfurt from May 1st to 5th. They visit the EIOPA (European Insurance and Occupational Pensions Authority), Deutsche Börse (Frankfurt Stock Exchange), iRADAR from KPMG Frankfurt and Goethe University, for a series of lectures to complement the theoretical knowledge taught in lectures, and they explored the city and the culture.
The visit to important organisations was essential for students to understand more about the Eurosystem and European financial and monetary policys, and where they asked important questions to the representatives of each organisation. Students also had the opportunity to visit the Geldmuseum (Money Museum), which is located in the Deutsche BundesBank headquarters, to learn more about the origin of money, money language, global money, and monetary policy, which enabled them to immerse themselves in the world of money in an interactive way.
This amazing experience encourage our students to open their horizons and adquire new knowledge while simultaneously networking abroad.
Applications for all masters at ISEG are online.
Candidates for the Masters in Finance:
1. The ranking is based on a Score awarded to each candidate and calculated according to the process described below. This only applies to students who have satisfied the prerequisites. Whenever necessary, the Masters Coordinating Committee may decide to interview candidates. Most students are excused from the interview and their score is the weighted average of points according to Table A).
| TABLE A) Students excused from interview | Weight | Points |
| (1) GRADE: Highest academic degree (bachelors, masters, etc.) average grade obtained. OR average grade in all course units completed up to now (for students without a degree yet). OR average grade in the course units made as extra curricula in the M. Finance of ISEG. | 40% | 0 – 20 |
| (2) SCHOOL: Track record of the university and school(s) attributing the degrees(s) in (1), according to international and/or national rankings available. | 30% | 0 – 20 |
| (3) AREA: Relevance of previous degrees’ study fields, quantitative knowledge and professional experience. | 20% | 0 – 20 |
| (4) ENGLISH: certificates and/or language proficiency. | 10% | 0 – 20 |
2. In case the Masters Coordinating Committee finds an interview necessary, the score results from the weighted average of points according to the Table B).
| TABLE B) Students with interview | Weight | Points |
| (1) GRADE: Highest academic degree (bachelors, masters, etc.) average grade obtained. OR average grade in all course units completed up to now (for students without a degree yet). OR average grade in the course units made as extra curricula in the M. Finance of ISEG. | 30% | 0 – 20 |
| (2) SCHOOL: Track Record of the university and school(s) attributing the degrees(s) in (1), according to international and/or national rankings available. | 22.5% | 0 – 20 |
| (3) AREA: Relevance of previous degrees’ study fields, quantitative knowledge and professional experience. | 15% | 0 – 20 |
| (4) ENGLISH: certificates and/or language proficiency. | 7.5% | 0 – 20 |
| (5) INTERVIEW: General assessment from the interview. | 25% | 0 – 20 |
All candidates should have an effective command of the English language, written and spoken.
These are provisional tuition fees for 2025/26, subject to confirmation by the Universidade de Lisboa statutory bodies.
| Students from | First Year | Second Year | Total |
| Within the European Union | € 5,900 | € 2,000 | € 7,900 |
| Outside the European Union | € 8,000 | € 3,900 | € 11,900 |
Financial restrictions should never come in the way of your access to higher education, and that is why we believe in providing equal opportunities for everyone.
A specific tuition fee payment schedule may be agreed upon request by the student.
If you are not an EU, EEA, or Swiss citizen, you need a Student VISA.
Once you have decided to join the master’s programme and paid the 1st tuition fee to secure your place, you can issue the acceptance letter on the FENIX Portal. This document will be needed later to apply for a Student Visa. The student visa must be requested at the nearest Portuguese Embassy or Consular Office in the country of origin.
Applications for all masters at ISEG are online.
Candidates for the Master in Finance are:
All candidates should have an excellent command of the English language, written and spoken.
These are provisional tuition fees for 2023/24, subject to confirmation by the Universidade de Lisboa statutory bodies.
| Students from | First Year | Second Year | Total |
| Within the European Union | € 5,900 | € 2,000 | € 7,900 |
| Outside the European Union | € 7,450 | € 2,500 | € 9,950 |
Financial restrictions should never come in the way of your access to higher education, and that is why we believe in providing equal opportunities for everyone.
A specific tuition fee payment schedule may be agreed upon request by the student.
If you are not an EU, EEA, or Swiss citizen, you need a Student VISA.
Once you have decided to join the masters programme and paid the 1st tuition fee to secure your place, you can issue the acceptance letter on the FENIX Portal. This document will be needed later to apply for a Student Visa. The student visa must be requested at the nearest Portuguese Embassy or Consular Office in the country of origin.
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