The increasing complexity of financial markets demands greater modeling techniques and a deeper understanding of financial data. The Finance Program of the Master's in Economics and Finance at the Barcelona GSE is designed to prepare you for these challenges.
The Barcelona GSE Finance Program builds on the School's outstanding faculty in Finance, Economics, Econometrics and Data Science. The program is aimed at students that seek an interdisciplinary approach that combines Finance and Economics. It is designed to give students the strong modeling techniques, econometric tools, and advanced coding skills needed for the top jobs in banking, consulting and fintech.
The Finance Program is built around three pillars:
Concepts: acquire an in-depth understanding of the theory of Finance and Economics
Modeling: learn how to construct and implement financial models
Data analysis: apply Econometrics, Statistics and Data Science techniques to analyze complex financial data
Our graduates excel at designing and implementing complex financial and economics models; they have a strong understanding of the theory; and can apply their programming skills (R, Matlab, Stata and (optional) Python) to the analysis of large datasets.
Thanks to their ability to analyze and model data intensive problems, and to communicate results effectively, our graduates are in high demand from a wide range of industries, including consulting, banking, risk management and derivatives trading, portfolio and investment management, fintech, and central banks.
Most of our Finance students have a background in Economics or in a quantitative subject. Proof will be required showing an undergraduate degree with a substantial number of quantitative subjects, or GRE to demonstrate quantitative ability (however, the GRE is not mandatory for this program).
A key advantage of our Master in Finance is that students can benefit from Barcelona GSE top faculty teaching in a wide range of courses in their field of expertise. In particular, students with an interest in quantitative techniques can take electives in advanced econometric methods, optimization techniques, advanced programming, and machine learning, while students who are interested in economics topics can choose among the advanced economics courses in macroeconomics, monetary policy and exchange rates.
In September, students are required to take the following brush-up courses:
The course offer displayed is for next year's edition (2021-22). Course offer is subject to change.
Course list for current students (2020-21)
| Course Title | Credits | Professor(s) |
|---|---|---|
| Mandatory: | ||
| Asset Pricing | 6 | Javier Gil-Bazo |
| Corporate Finance | 6 | Filippo Ippolito |
| Econometrics | 6 | Javier Gómez Biscarri |
| Course Title | Credits | Professor(s) |
|---|---|---|
| Electives - Select up to 18 Credits: | ||
| Financial Econometrics | 6 | Christian Brownlees |
| Pricing Financial Derivatives I | 3 | Eulàlia Nualart |
| Pricing Financial Derivatives II | 3 | Eulàlia Nualart |
| Market Liquidity and High-Frequency Trading | 3 | Roberto Pascual |
| Systemic Risk and Financial Crises | 3 | José-Luis Peydró |
| Advanced Firm Valuation | 3 | Albert Banal |
| Foundations of Data Science | 3 | Omiros Papaspiliopoulos (TBD) |
| Course Title | Credits | Professor(s) |
|---|---|---|
| Mandatory: | ||
| Master Project | 6 | Filippo Ippolito |
| Electives - Select up to 18 Credits: | ||
| Mergers and Acquisitions | 3 | Albert Banal |
| Derivatives and Risk Management | 3 | Manuel Moreno |
| Investment and Portfolio Management | 3 | Javier Gil-Bazo |
| Advanced Option Pricing and Modelling | 3 | Elisa Alòs |
| Blockchain: From First Principles to Analytics | 3 | Coordinator: Gaston Besanson |
| Macro‐Finance | 3 | Dmitry Kuvshinov |
| Machine Learning for Finance * | 3 | Argimiro Arratia |
*Prerequisite: "Foundations of Data Science"
Students must complete a total of 60 credits. Exceptionally, students may take a maximum of 12 ECTS per term and 15 ECTS in total from electives outside the Finance program offer. Criteria for acceptance into these courses may vary, and approval from both program directors is required.
Upon successful completion of the program, students will receive a Master's Degree in Economics and Finance awarded jointly with Universitat Pompeu Fabra (UPF).
All Barcelona GSE Master's degrees have been recognized by the Catalan and Spanish Education authorities within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”).
The Finance Program provides a solid foundation for both professional and academic career paths.
Around 84% of recent graduates have used the Finance Program as a terminal Master’s degree that qualifies them for competitive, technically demanding jobs in the professional world.
Around 16% of recent Finance Program graduates have chosen to continue with more graduate or postgraduate study at top institutions all over the world. Some do so immediately after completing the Barcelona GSE Master’s. Others choose to get one or more years of work experience, such as a central bank traineeship, before pursuing a PhD.
There are two PhD programs in the Barcelona GSE community: the Graduate Program in Economics, Finance and Management (GPEFM) at Universitat Pompeu Fabra (UPF) and the International Doctorate in Economic Analysis (IDEA) at Universitat Autònoma de Barcelona (UAB).
While these PhD programs are organized jointly with the Barcelona GSE, they each have their own distinct admissions processes.
UPF PhD (GPEFM)
The main point of entry to the UPF PhD program is the Barcelona GSE PhD Track Program. The PhD Track Program is Year 1 of the UPF PhD.
In exceptional cases, students in the Barcelona GSE Finance Program with outstanding performance in their courses may have the opportunity to apply and be admitted to the UPF PhD before finishing the Finance Program. Those students will be asked to apply for admission to the UPF PhD at the beginning of the second term of the Finance Program. Admission will be decided in March. Admitted students will need to follow two years of coursework to move to the PhD research and dissertation phase.
UAB PhD (IDEA)
Entry to the IDEA PhD program is through the IDEA Master in Research. Barcelona GSE students can visit the IDEA website to learn more about the admissions process, which is the same for Barcelona GSE students and external applicants.
Barcelona GSE master's graduates have gone on to enter some of the most prestigious and competitive doctoral programs in the world, including:
Examples of recent Finance placements:
26 students from 17 countries (81% international)
Most represented countries this year:
Most common undergraduate backgrounds:

An overview of Finance career paths for recent cohorts

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