Unfold your Ambitions.

Develop Excellence.
Master in Finance (MSc)
Full-time Program

SYSTEMAKKREDITIERT
nach durch
WHU – Otto Beisheim
School of Management
at a Glance

WHU – Otto Beisheim School of Management is an

internationally oriented and privately financed business
school based in Vallendar and Düsseldorf. Founded in
1984, WHU is now one of the most renowned German
business schools with an exceptional national and
international reputation. WHU stands for “Excellence
in Management Education” and pursues this goal in its
three core areas of activity: Degree Programs, Research,
and Executive Education & Corporate Connections in the
field of general management. This excellent standard has
been certified by accreditations from AACSB, EFMD
(EQUIS), and FIBAA as well as through leading positions
in national and international rankings. In addition, WHU
is the only private business school in Germany that
is a member of the German Research Foundation (DFG).
WHU students profit from a large network of partner
universities, companies, and alumni.

WHU Programs at a Glance

Bachelor in International
Business Administration (BSc)

Master in Management (MSc)

Master in Finance (MSc)

Contents Full-Time MBA

Part-Time MBA

03 Welcome to WHU
Kellogg-WHU Executive MBA
04 Why WHU Master in Finance?

Your Program at a Glance
Doctoral Program (Dr. rer. pol.)
06 Your Program Structure
08 Your Curriculum
12 Your International Experience – Executive Education

Study Abroad & Double Degree Opportunities

14 Your Faculty
16 Career Center @ WHU – Our Claim / Our Vision
17 In Praxi – WHU Alumni Association
18 WHU Student Clubs & Campus Life
20 Your Application
21 Your Financing Opportunities
22 Your Way to Meet Us
Professor Dr. Markus Rudolf, Professor Dr. B. Burcin Yurtoglu

Welcome to WHU

Since the start of our Master of Science Program in 2008, the Finance Specialization has been one of the most
popular concentrations among our students. That’s not surprising; financial knowledge and competence are
central not only in the finance industry, but in any kind of business. In response to this development, we have
launched our first specialized MSc Program: the Master in Finance.

There are many features that make our Master in Finance Program unique. These include a comprehensive,
module-based curriculum that provides you with an in-depth understanding of financial markets; an integrated
study abroad component in the form of either a semester abroad or an international capstone module; an
internship that provides you with the opportunity to apply your knowledge in real business situations; and the
option to acquire an additional master’s degree from selected WHU partner universities.

WHU’s challenging Master in Finance Program offers you a broad set of courses covering financial methods such
as valuation, risk and asset management, as well as relevant aspects of accounting, economics, and behavioral
and international finance. Moreover, you will learn how to integrate this knowledge into a broad management
perspective of a company and, at the same time, develop awareness of ethical issues and societal implica-
tions of business decisions.

At WHU, you will be part of a vibrant, collaborative, and international student community and build a network of
friendships that will last far beyond your period of study. We invite you to discover the Master in Finance on the
following pages and are looking forward to welcoming you to WHU.

Professor Dr. Markus Rudolf Professor Dr. B. Burcin Yurtoglu

Dean of WHU Academic Director of the
MSc Programs
04
Why WHU Master in Finance?
Your Program at a Glance

The WHU culture is founded on team leadership, partnership, and continuous innova-
tion. We believe that, by creating both a challenging and supporting environment,
we give our students the space to develop their own potential whilst providing them
with the tools to become successful leaders. This philosophy is embraced and
enhanced within the Master in Finance (MiF) Program. The program provides you
with an in-depth understanding of financial markets by offering a wide range of
modules in the field of finance including banking, corporate finance, behavioral
finance, exchange rates and international finance, and many more. Moreover, the
program offers both practical and international experience and prepares you for
careers in the global finance industry.

In the Master in Finance Program semester abroad at one of WHU’s partner universities
You Will Benefit from: or join our unique double degree programs.

Our Challenging yet Fast Program
The Master in Finance allows you to graduate with an
MSc degree in 17 or 21 months, depending on the cho-
sen track. The comprehensive and challenging cur-
riculum consists of a perfectly aligned set of modules
allowing you to develop expertise in finance as well
as in related academic fields such as economics and
accounting. The compulsory internship provides you
with the opportunity to apply the gained knowledge to
the real business world. Additionally, every Master in
Finance student will spend time abroad. Students will
either join the international capstone module, spend a
Our International and Supportive Study Environment
With its growing number of international students and
faculty, WHU offers a truly international study envi-
ronment. From day one, you will experience the very
special and personal atmosphere at WHU and be part
of an international student community which forms
a network of friends and business contacts that often
lasts a lifetime. For us, learning must be a quality
experience. This is ensured through our effective
teaching concept with small study groups, an excellent
students-to-faculty ratio, and state-of-the-art facilities.

OUR RANKING RESULTS

WHU’s Master in Management Program is ranked
No. 1 in Germany and No. 8 worldwide; top results
in the categories “Placement success rank” and
“Weighted salary”.
Financial Times Master in Management Ranking 2015
WHU is one of the few private business schools
ranked among research-oriented business schools
in Germany, Austria, and the German-speaking
Switzerland, having about 30% of its full-time pro­
fessors featured in this ranking.
Handelsblatt Ranking of Business Administration –
The top 250 faculty 2012

WHU is the No. 1 in Germany and No. 20 in Europe in

the list of the top 75 European business schools.
Financial Times European Business School Ranking 2011 WHU is top-rated by HR managers; the school ranks
5th in Germany in the field of business administration.
WirtschaftsWoche Recruiter’s University Ranking 2013
WHU ranks in the top tier on the main indicators.
The overall study situation, teacher support, job
market preparation, and support for stays abroad
are rated as outstanding.
CHE University Ranking 2011/2012
“Finance is a field that requires a thorough theoret­ical
and conceptual knowledge, as well as exceptional
quantitative and problem-solving abilities. WHU
graduates possess exactly these skills – making them
highly attractive candidates for careers in the finan­
cial sector.”
Dr. Stephan Leithner
Member of the Management Board and
the Group Executive Committee, Deutsche Bank AG

Our Unique Global Network Our Reputation and Accreditations

WHU has established a unique network of currently
195 partner universities and more than 150 partner
companies around the world. No other German univer­-
sity-level institution offers so many high-quality part-
nerships. This cooperation network forms the basis for
the study abroad as well as the internship within the
framework of the Master in Finance Program. On top
of that, WHU’s Alumni Association In Praxi and the
school’s own Career Center form an exceptional net-
work of career support.
WHU’s excellent standards in management education
have been validated by accreditations from AACSB,
EQUIS, and FIBAA. Additionally, WHU is the only private
business school in Germany which is a member of the
German Research Foundation (DFG). WHU is repeated-
ly ranked as one of the leading institutions in the relevant
national and international business school rankings.
In the Financial Times European Business School
Ranking 2011, WHU jumped from 29th to 20th place
in the list of the top 75 European business schools.
Once again, WHU is the most highly ranked business
school in Germany, cementing the school’s position
among Europe’s leading institutions of higher education.

“I chose the Master in Finance Program because of personal and professional

­ambition and specifically at WHU because of its prestige, reputation and aim.
I would love to go into investment banking and I believe WHU will definitely help
me achieve my goals.”
Virdis Shehaj, WHU Master in Finance 2015
06
Your Program Structure

The WHU Master in Finance is designed for graduates with an excellent first academic
degree in a business-related field of study. This full-time, English language program
builds on existing business fundamentals as well as good quantitative skills and helps
you to develop expertise in finance and related academic fields. In as little as 17 or
21 months you will gain a deep understanding of financial theories and concepts and
acquire specialized skills which are essential for success in the financial sector. You
will also apply your knowledge and competence to real business situations during
the internship and gain a thorough perspective on international business and finance
through the integrated study abroad time. Upon completion of the program, you will
be perfectly prepared for international careers and ready to enter high-quality doctoral
and PhD programs.

The Master in Finance Program starts in September with
two study sections on the WHU campus in Vallendar.
You are required to choose 11 modules. A minimum
of of eight modules must be taken from the Master in
Finance Program. Up to three modules are available
from the Master in Management Program. The choice of
finance modules is wide and covers key financial issues
including Capital Market Theory, Financial Valuation,
Asset Manage­ment, Behavioral & Emotional Finance,
and many more. Some of the modules, such as Ex­­
change Rates and Inter­nat­ional Finance or Account­ing
for Financial Instruments and M & A Trans­actions are
offered by other faculty groups taking into account the
critical ties among finance, economics, and accounting.
Three credits of the program are dedicated to the
general studies module. Together with the capstone
module, they provide the opportunity to integrate the
gained knowledge and to work on topics concerning
sustainability.
At the end of study section II, you will gain valuable
work experience by completing a minimum six-week
internship.
With a 210 ECTS credit bachelor’s degree you are
able to join the 90 credit track and start your master’s
thesis directly after the internship. With a 180 ECTS
credit bachelor’s degree your option is to enroll in the
120 credit track. It is in this track that you will spend
an exchange semester at one of WHU’s partner uni-
versities around the world. Subsequently, you will
start your master’s thesis.
Some of our Master in Finance students may join the
double degree option. They will spend two semesters
abroad at selected partner universities and earn a full
second degree, usually an MBA degree, in addition
to the MSc degree from WHU.

“I believe that WHU’s MSc Program is a perfect opportunity to sharpen my

key skills and expand the knowledge of business to an international level.
Not only does the constant interaction with professors, but also case
studies and group work create a challenging and exciting class environment,
but it also provides an ideal combination of practical experience and career
opportunities for each student. Most of all, I personally appre­ciate the environ-
ment not only due to its professional business focus but also due to the fact
that this international group of motivated people is the perfect place to
further develop my personal and intercultural skills. It is also the place to
meet friends and business partners for life.”
Anastasia Zhirova
WHU MSc 2014
 07

Master in Finance

Study September MiF 120 Cr Track MiF 90 Cr Track

Section

I/II
October

November
11 Modules 55 Cr
December at least 8 modules out of the Master in Finance Program

January 1 General Studies Module 3 Cr

February

March 1 Capstone Module 2 Cr 1 Capstone Module Abroad 2 Cr

April

May

June Internship 5 Cr

July

August Summer Break

Study September
Section Study Abroad 30 Cr Master’s Thesis 25 Cr
at least 15 Cr in Finance
III/IV
October
or related academic fields
November

December

January

February Master’s Thesis 25 Cr

March

April

May
Optional: Double Degree
 Your Curriculum
08
Finance Specialization
Modules
The broad and perfectly aligned set of finance special-
ization modules forms the core of the Master in Finance
curriculum. These modules cover the key financial areas
and offer many opportunities to explore the synergies
among finance, accounting, and economics.
Accounting for Financial Instruments and
M&A Transactions
This module builds on “International Financial Reporting
I” to address the following question: How do financial
assets and liabilities, equity investments, financial
derivatives, hedging relationships, corporate mergers
and acquisitions, and similar transactions affect a
firm’s financial situation? Understanding these effects
is impor­t­ant to anyone who will be involved in these
transactions, including analysts and consultants.
Financial reporting can profoundly influence the effec-
tiveness of these deals and arrangements. This module
focuses on consolidated financial statements prepared
under International Financial Reporting Standards
(IFRS), which publicly traded companies domiciled in
the EU are required to apply. Students pursuing careers
in accounting/auditing, corporate finance, (investment)
banking/insurance, private equity, and related fields
should attend.
Advanced Corporate Finance
The module develops a theoretically founded under-
standing of optimal investment and financial decision-
making in modern corporations. The module starts
with a formal analysis of asymmetric information and
agency problems and continues with applied issues
including the analysis of financing and dividend policies,
product market interactions, investor activism, mergers
and acquisitions, and executive compensation.
The module also highlights the recent empirical evidence
on these topics and the tools necessary to understand
them.
Advanced Entrepreneurship and
Entrepreneurial Finance
This module focuses on the current advances in Entre­
preneur­ship Theory with a focus on Entrepreneurial
Finance. Based on current theoretical work of entrepre-
neurial thinking and acting, the consequences for financ-
ing an entrepreneurial venture are discussed. That
includes discussions about Business Angels, Venture
Capital, and other forms of early stage financing.
These topics are complemented with thoughts about
exit strategies. With the help of case studies the theo­
retical ideas are applied to practical problems in order
to also give practical insights into behaving and acting
entrepreneurial.
Asset Management
The objective of the module is to enable students to
understand the structure and current issues of the mar-
ket for active and passive asset management services
and their relationship to a number of concepts of capi-
tal market theory. Moreover, after completing the
module, students will be familiar with the various styles,
tools, and techniques of real-life asset management.
In Part I some important elements of capital market
theory will be revisited with a special emphasis on
those aspects of model architecture which are not usu-
ally covered in textbooks.
Part II explains the basic structure of the asset man-
agement industry by deviations from the perfect world
of theory. It analyses the tools and techniques applied
by real world asset managers as well as the role of
investment consultants. In addition, the demand side
of the market is analyzed by describing the methodo­l­
ogies and tools of institutional investors.
Behavioral Finance & Emotional Finance
This module discusses important topics in Behavioral
Finance, including non-expected-utility theory, heuristics
and biases, heterogeneous beliefs, behavioral asset
pricing, and anomalies such as equity premium puzzle,
momentum, and money illusion.
The goal is to understand various perspectives in the
behavioral finance research and its practical relevance.
In Emotional Finance psychological and neural aspects
of financial decision-making are explored, especially
the role of emotions such as joy, trust, and fear.
Capital Market Theory
Capital Market Theory covers the theoretical back-
ground of the main topics in finance, namely Option
Pricing, State Preference Theory, and Behavioral
Finance. Addi­tionally, the module discusses the analysis
of Sovereign Credit Risk. The module provides the stu-
dents with the tools and knowledge for the remaining
finance modules in the Master in Finance Program,
which are Valuation, Capital Structure, Derivatives,
Financial Risk Manage­ment, Asset Management, and
Behavioral Finance.

Contract Theory
The module offers an introduction to principal-agent
theory in which a principal designs a contract that will
induce an agent to act in her interests. The basic
models of moral hazard, adverse selection, screening
and signaling, as well as multi-tasking and multiple
agents are discussed. In addition, the theory of incom-
plete contracts is introduced where two independent
parties contract with each other to generate a joint sur-
plus. All over the module, applications of contract
theory in the fields of corporate finance, corporate gov-
ernance, and managerial compensation are addressed.
Corporate Governance
The module offers a theoretical and empirical analysis
of the main corporate governance issues where corpo-
rate governance refers broadly to the mechanisms
which deal with the principal-agent problems between
the insiders and the outsiders of corporations. The
module looks at the variety of legal systems and other
institutions, ownership structures, boards of directors,
and governance regulation. A strong emphasis is put
on the analysis of how and through which channels
corporate governance matters for firm-level and coun-
try-level economic performance and whether firm-
level voluntary actions are effective.
Economics of Financial Markets
The module deepens students’ understanding of finan-
cial markets and its paramount role within market
economies. It, therefore, explicitly relates the financial
market and its institutions to the macroeconomic
environment. The first part of the module reviews the
“The WHU Master of Science Program has perfectly prepared me for my
current job. Through a diverse and challenging set of classes, both in
finance as well as in other subjects, and through the international expe-
rience I gained, I was able to hit the ground running from day one in a
challenging and interesting work environment.”
Daniel Ritter,
Private Equity Associate, Bregal Capital LLP
Double Degree Graduate: WHU MSc 2010
York University Toronto, MBA 2010
09
key economic issues of financial markets, in particular
its important role for intertemporal allocation of saving
and spending. A particular focus is put on the commer-
cial banks’ role in intermediation and on the danger of
bank runs and other kinds of financial crises. The sec-
ond part examines the role of central banks and the
design of monetary policy based on the discussion of
selected issues from monetary theory. Furthermore, it
discusses the issue of financial stability and how it can
be safeguarded to avoid financial crises.
Exchange Rates and International Finance
The module focuses on concepts used to analyze
financial aspects between countries and, more gener-
ally, in the world economy. It examines how interna­
tional economic linkages affect economic variables like
exchange rates, interest rates, prices, employment,
and wealth. It also investigates the effects of various
economic policies.
Financial Risk Management
The module gives a complete overview of the fundamen-
tals of financial risk management and provides partici-
pants with valuable skills for jobs in financial engineer-
ing and risk management. Students are introduced to
the concepts and techniques of market and credit port-
folio risk management and learn to apply these methods
in IT classes and a course project. The most important
market and credit risk models as well as the main pillars
of the Basel III regulation are presented and elaborat-
ed. Additionally, the concept of risk is discussed as a
theoretical foundation to these models.
10
Financial Statement Analysis and Valuation
This module provides students with the tools for using
financial statement information in the context of busi-
ness analysis and firm valuation. The module content
includes strategy analysis, accounting analysis, main
issues with IFRS implementation, understanding firm
performance using ratio analysis, and using valuation
techniques. The module uses recent empirical research
in financial accounting to identify concern areas and
to understand how markets process financial statement
information. Case studies will illustrate how theoretical
knowledge can be applied in practice and will help
stu­dents to advance their practical skills in financial
analysis and valuation. The course serves as an ideal
counterpart to “Financial Valuation”.
Financial Valuation
The objective of this course is to provide an overview
of different approaches to valuation, with a particular
focus on Discounted Cash Flow (DCF) valuation.
Special attention is given to the theoretical underpinnings
of the discount rate used in the DCF approach (i. e.,
the cost of financing: from cost of equity to cost of
capital) and to its derivation. In addition, relative valua-
tion models (multiples) and specific topics such as
valuing private company, takeover valuation, and event
studies as a valuation tool will be discussed.
International Financial Reporting I
Finance professionals assess a firm through its financial
statements, and managers rely on financial information
for planning and decision-making. Publicly traded firms
in Europe and elsewhere prepare their financial state-
ments according to International Financial Reporting
“WHU graduates are perfect young professionals.
They not only have a substantiated academic back-
ground, but also possess intercultural and language
skills – the optimal preparation for an international
career.”
Prof. Dr. Paul Achleitner
Chairman of the Supervisory Board,
Deutsche Bank AG
Standards (IFRS), the emerging global financial lan-
guage. This module provides a systematic introduction
to financial reporting under IFRS. It covers the institu-
tional and conceptual foundations of IFRS and discus­
ses key IFRS topics of relevance to CFOs, bankers,
analysts, and investors. Throughout the module, we will
assess the earnings management potential inherent in
IFRS and apply analysis techniques to IFRS financial
statements. The module feeds directly into the special-
ized offering “Accounting for Financial Instruments and
M&A Transactions”.
Investment Banking and M&A
The objective of this course is to provide students with
general knowledge on mergers and acquisitions (M&As)
from a corporate finance perspective. After completing
the course successfully, students will have a solid
understanding of the most fundamental issues and
concepts in the M&A field. Without being exhaustive,
the following topics will be covered during the course:
wealth effect associated with M&As, motivations of
companies to enter the M&A market, the role and value
added of investment banks in the takeover process,
choice of the sale process, merger arbitrage, the role of
CEOs in large transactions, and further issues related
to regulation and social utility associated with the exis-
tence of an active M&A market. Bridging the gap
between research and practice, this course is ideal for
those interested in M&As and/or willing to work in the
M&A industry.
 POOL MODULES You can choose up to three modules out of the concentrations;
Innovation & Entrepreneurship, Marketing & Sales, and Strategy from the
Master in Management Program.

General Studies & Three credits of the Master Program are dedicated to the general studies
Capstone Module module. This module covers topics concerning sustainability in all its facets.
Together with the capstone module it provides the opportunity to integrate
the gained knowledge.

The international capstone module for students of the 90 credit track consists
of customized lectures on chosen topics as well as company visits. It
implies a trip to one of the business metropolises in America, Asia, or
Europe. Accompanied by faculty members, students will take advantage of
cross-cultural learning experiences through tailor-made lectures combined
with local company visits. In the national capstone module for students
of the 120 credit track, the students will have several workshops together
with company representatives to work on problem solutions of real life
cases concerning sustainability.

Internship Practical relevance and exposure to the real business world are key strengths
of the Master in Finance Program. Students are required to complete a
minimum six-week internship allowing them to apply and extend the know-
ledge gained during their studies. WHU’s Career Center conducts many
career activities for participants of all programs such as career events and
company presentations. These are quite often the basis for an interview
invitation from the respective companies.

Study Abroad International experience is an important element of integrated manage-

ment training at WHU. Students in the 120 credit track will spend one
semester abroad at one of WHU’s 195 partner universities around the
world. During this study abroad, students are enrolled in the Master or
MBA program at the chosen partner university.

Master’s Thesis The master’s thesis concludes the studies providing students with the
­opportunity to demonstrate and apply the theory and knowledge they have
gained. Throughout the thesis, students will be supervised by a WHU
faculty member. Students may also write their thesis in collaboration with
a company.

Please note: Modules may be subject to change.

Learn more about the MiF’s curriculum: www.whu.edu/mif/curriculum/
 Your International Experience –
12

Study Abroad & Double Degree Opportunities

International experience is a crucial element of integrated
management training at WHU because students are
able to benefit from a wider range of teaching methods,
cultures, and customs. The Master in Finance Program
offers many international opportunities, such as the
capstone module abroad, the semester abroad at one
of WHU’s partner universities, or the exclusive double
degree programs.
Study Abroad
Our students have access to a unique partnership
network of currently 195 partner universities all over
the world.
No other university-level institution in Germany offers
so many active and high-quality partnerships. We place
particular emphasis on quality when selecting our
partner universities. We are proud to be working with
half of the 30 top business schools in the USA on the
basis of an exclusive co-operative arrangement.
In the 120 credit track, you will spend one semester
abroad during study section III. You will be enrolled in
the Master or MBA program at our partner universities.
The International Relations Office offers intensive,
personalized support to make your time abroad a unique
experience.
An overview of WHU’s partner universities worldwide
can be found in a separate brochure or by visiting
www.whu.edu/partneruniversities

“St. Petersburg is a wonderful city and I had a great semester abroad! I’ve
learned a lot about doing business in Russia, the Russian banking and
financial industry, and also the history of St. Petersburg. This valuable
experience widened my knowledge about Russia and sparked my interest
in learning more about it!”
Cristina Mocreac
WHU MSc 2013

Left to right: ESADE Business School, Barcelona

New York University, Leonard N. Stern School of Business, New York (Source: wikimedia.org, Author: Pundit ©)
Copenhagen Business School, Copenhagen
 13

The double degree programs are a special feature at
WHU. Within the context of our Master of Science
Programs, a significant number of students will get the
opportunity to participate in the double degree pro-
gram at WHU. You can earn a full degree from the
partner university in addition to the MSc degree from
WHU after completing only one additional semester
abroad.
WHU’s double degree partner universities include:*
University of Western Australia, Australia
University of Alberta, Canada
York University, Canada
PUC, Chile
Peking University, China
INCAE, Costa Rica
Lancaster University Management School,
United Kingdom
École de Management de Lyon, France
Keio University, Japan
University of Texas at Austin, United States
University of San Diego, United States
Tulane University, United States
Emory University, United States
The double degree program will involve additional
costs depending on the partner universities’ tuition
fees. Support with scholarship applications for the
study abroad section and the double degree pro-
grams will be provided.

* Please note these options are subject to change.

“The double degree program offers a thorough perspective on international business

and highlights cultural differences in corporations around the world. Having studied in
Germany, the U.S., and Brazil as well as having gained hands-on consulting experience
in China and Argentina in the course of two years, I can honestly say that the con-
joint education of USD and WHU offers a unique opportunity to acquire capabilities
and knowledge on how to succeed in international management and has left me well
pre­pared for a career in international business. I wholeheartedly recommend this pro-
gram to anyone who wants to look over the rim of the tea cup.”
Laura Mayer de Groot, Senior Consultant, Roland Berger Strategy Consultants
Double Degree Graduate, WHU MSc 2010, USD – University of San Diego, MBA 2010

Left to right: The University of Western Australia, Business School, Perth

The Hong Kong University of Science and Technology (HKUST) – School of Business and Management, Hong Kong
University of Texas at Austin – McCombs School of Business, Austin
Left to right: Ass. Prof. Katrin Baedorf, Prof. Lutz Johanning, Prof. Christian Andres, Prof. Markus Rudolf, Prof. Mei Wang, Prof. Burcin Yurtoglu

Your Faculty

Our faculty includes renowned researchers and experts in their disciplines who are dedi-
cated to your education and success. The fact that WHU is the only private business
school in Germany which is a member of the German Research Foundation (DFG) demon-
strates the school’s excellence in research. As a Master in Finance student, you will also
benefit from the faculty’s business networks which build the basis for regular lectures by
practitioners working at the head of financial institutions. This ensures that both theoretical
knowledge as well as the latest financial practice is emphasized in the classroom.

Faculty Teaching in the Master in Finance Program Include:

Nihat Aktas Michael Frenkel

Professor of Finance and Capital Markets, WHU Professor of Macroeconomics and
International Economics and Dean, WHU
Christian Andres
Professor of Empirical Corporate Finance, WHU Igor Goncharov
Professor of Financial Accounting, WHU
Malte Brettel
Professor of Entrepreneurship, Christoph Hienerth
WHU (part-time) Professor of Entrepreneurship and
New Business Development, WHU
Ralf Fendel
Professor of Monetary Economics, WHU Lutz Johanning
Professor of Empirical Capital Market Research, WHU
 WHU Learning Goals

Discipline-specific
knowledge and competence

Management-specific
skills

Understanding global
business environment

Teamwork and
responsibility

Critical thinking and

problem-solving skills

Managerial and
entrepreneurial practice

Top: Prof. Markus Rudolf with students

Hartmut Leser Harm Schütt

CEO Aberdeen Asset Management Germany Assistant Professor of Financial Accounting, WHU

Edgar Löw Thorsten Sellhorn

Honorary Professor, WHU and Professor of Accounting, WHU
Partner and Head of Financial Accounting
Advisory Services at Ernst & Young Mei Wang
Professor of Finance, WHU
Markus Rudolf
Professor of Finance and Associate Dean, WHU B. Burcin Yurtoglu
Professor of Corporate Finance, WHU
Jan-Christoph Rülke
Assistant Professor of International
Economics, WHU

Discover more about the faculty teaching in the Master in Finance Program: www.whu.edu/mif/faculty/
Career Center @ WHU –
Our Claim / Our Vision

Career service, means for us, successfully operating between the enterprises, the
WHU, our alumni, and our students. By conducting numerous career activities for
students of all programs as well as the doctoral students and the MBA participants
we offer occupational orientation and an exciting platform for networking with com-
pany representatives and alumni. Annually, more than 50 companies are active at
WHU through corporate presentations, career fairs, and workshops – among them
both long-term partners as well as new and interesting businesses.

The WHU has successfully been running its career Career counseling and career orientation
services since the graduation of the first students Company presentations: About 50 companies are
of the diploma program in 1988. The WHU’s Career active on the WHU campus in Vallendar each year
Center was among the winners of a national competi- through corporate presentations
tion “Career Service in Business Schools” in 2007. In Career events: Two recruiting fairs take place each
the 2010, 2011 and 2013 Financial Times Masters in year (“Master Your Career” in February and the
Management Ranking, the WHU received a particularly “Career Day” in October)
outstanding rating for its Career Center which took Weekly newsletters inform students with informa-
1st place in its category on the grounds of data from tion and news of our companies, alumni, and current
alumni. internship and job offers
Workshops and training for professional qualifications
WHU eProfiles/on campus Recruiting: eProfiles is
Service Offerings for Students the online resume book of our graduates. We offer
access to this database to all WHU sponsors and this
We offer our students comprehensive opportunities is often the basis for on campus recruiting or inter-
to plan their career from the beginning of their studies. view invitations directly from the respective company
A broadly diversified choice of career activities accom- Alumni network: The Career Center maintains a
panies them during their studies and offers numerous close relationship to the alumni who significantly
networking opportunities with company representatives support on campus activities and also help in finding
and alumni. The Career Center offerings include the fol- national and international job/internship positions
lowing activities:
We are convinced that an optimum care is possible
only by personal contact. With our “Open Door Policy”
we offer our students an easy and direct opportunity to
get in touch with us.

Learn more about WHU’s outstanding Career Center

www.whu.edu/mif/career-center/

“When I started at WHU the tuition fees were still

quoted in Deutschmark and optically the numbers
were higher than today. I spent many a long hour
pondering if it was money well spent. With the benefit
of hindsight it was by far the best investment of my
career and has yielded more than I had ever anticipa-
ted: a first class education, a vast network of talented
people, direct access to job opportunities at leading
firms, and great friendships.”
Jans Meckel
Managing Director Goldman Sachs
WHU Diplom 2002
In Praxi – WHU Alumni Association
WHU is unique, and so are its alumni. Founded by the first graduates in 1988,
In Praxi – WHU Alumni Association is regarded among the best alumni associations
in the German-speaking region.

The alumni organization has more than 2,800 members,
historically, and still today more than 90 % of all gradu-
ates become members of In Praxi. Approximately 25 %
live outside Germany, though regular In Praxi meetings
take place all over Europe and beyond. More than
20 regional chapters help keep the community alive
and establish the global network of friends. Members
are provided with various services and what is also
very important, they “keep in touch!”.
In Praxi concentrates on the continuous support of WHU
and the current student body with both financial and
non-financial actions being equally important. The non-
financial support and integration of WHU alumni was
awarded being best practice in the German-speaking
region. Being an alumnus of WHU means you will
profit at various levels.
A wide variety of services and events are organized
by the professional office team and by the association’s
many voluntarily working members. These include:
Exclusive career services with a post-placement
program and an alumni career day
Established and frequently used member benefit
platform
Lifelong Learning Series with seminars on current
management and other popular topics
Participation in sports events and WHU conferences
Access to the exclusive myInPraxi web portal with
up-to-date contact details of all members
Member magazine “Keep in Touch!”
Read more about WHU’s alumni association:
www.in-praxi.org

Right: In Praxi – WHU Alumni Association currently has over 2,800 members who live and work in more than 65 countries. Around 90 % of graduates become members
and subsequently In Praxi enjoys a unique pool of contacts and information networks that are supported by over 20 Regional Chapters worldwide.
Left: 25 Years – In Praxi celebrates! Our Alumni have been celebrating their WHU past. Various afternoon events were organized by WHU to honor the occasion. Our
Alumni relived the “WHU spirit” the night before by partying into the small hours of the morning at Club Palais in Koblenz. In total, over 500 WHU Alumni celebrated
the 25th anniversary in September 2013.
18
WHU Student Clubs & Campus Life
Campus life at WHU offers many opportunities. Team spirit, problem-solving skills,
entrepreneurial thinking, and responsible leadership are fostered not only in the class­
room and academic work but also in the student clubs. These extracurricular
activities are essential to the lively atmosphere on the campus and one of the most
remarkable characteristics of WHU.
Whatever your interest, be it sports, music, art, human-
itarian aid projects, theater, or renowned business
conferences – WHU’s student clubs and campus life
offers something for everyone and provides you with
the opportunity to form new friendships and network
with fellow students and alumni.
Here Are a Few Examples of
WHU Student Clubs:
WHU Campus for Finance (CFF)
WHU students guided by the WHU Chair of Finance
organize the Campus for Finance Conferences series.
The Campus for Finance – New Year’s Conference
is one of the leading European conferences for the
international finance community. In order to foster
a sustaining network, WHU holds three conferences
every year. These include the Campus for Finance
– New Year’s conference as well as the Campus for
Finance – Research Conference in January and finally
the Campus for Finance – Private Equity Conference
in April. They bring together leading corporate repre-
sentatives, Nobel laureates as well as top business
students from around the world, true to our lead vision
“Uniting the World of Finance”.
Speakers of past conferences include outstanding
academics like Prof. John F. Nash, Jr. (Nobel Laureate
1994, Princeton University), Prof. Finn E. Kydland
(Nobel Laureate 2004, University of California, Santa
Barbara), and renowned politicians and leading cor-
porate representatives such as Jean-Claude Trichet,
former President of the European Central Bank, and
Jürgen Fitschen, CEO of Deutsche Bank AG.
Further top-class congresses of WHU’s successful
“campus-for-series” include the Campus for Controlling,
the Campus for Marketing, the Campus for Sales,
the Campus for Supply Chain Management, and the
Campus for Taxation.
IdeaLab! – The Founders’ Conference
IdeaLab! is the biggest congress for prospective
founders and entrepreneurs in the German-speaking
world which is organized by students. Anyone who
is interested in founding a new start-up and has an
idea of a business model will have the opportunity to
get in contact with successful entrepreneurs and
renowned investors from the German and international
start-up scene.
“Organizing the Campus for Finance Conferences is a
unique experience, which highly enriches our univer-
sity life. We do not only complement our classroom
experience but also have the great opportunity to
build a personal network through the close coopera­
tion with alumni and the corporate world. Overall,
working in a young, dynamic, and motivated team is
definitely a lot of fun!”
Patrick Tang
WHU MSc 2014

Campus Life at WHU:
Although our students face a demanding study pro-
gram, student life is by no means neglected. Campus
life at WHU is rich and vivid: from guest speakers to
business conferences, from concerts and plays to
sports tournaments, there’s always something happen-
ing on the campus.
As a WHU student, you will enjoy optimal conditions
for both study and work. We provide excellent facilities
which in turn accomodate for the highest standards
of teaching and learning. For leisure, the WHU Gym
offers the latest exercise equipment and technology
as well as different courses including indoor cycling,
yoga, kickboxing, and many more.
Living in Vallendar and its Surroundings
Vallendar is situated in the heart of the famous Rhine
Valley, a UNESCO World Heritage Site. There are excel-
lent opportunities for you to explore the beautiful
surroundings of Vallendar. For example, you can take
a boat trip through the Rhine gorge with its castle-topped
cliffs, or cycle through the Moselle valley, home to some
of Germany’s best vineyards. There is a huge selection
of outdoor activities available throughout the region.
“Enrolling in the WHU Master of Science with con-
centrations in finance and economics turned out to
be the perfect decision for me both career-wise and
on a personal basis. Through the mix of interesting
and equally demanding lectures I could significantly
deepen my financial, accounting, and macroeconomic
knowledge. This has proven valuable on numerous
occasions since I started my career in the financial
industry. Besides, and perhaps most importantly,
I enjoyed the stimulating atmosphere on campus
which left a lasting impression on me.”
Arvid Seeberg-Elverfeldt
Analyst, Corporate Finance, Financial Institutions
Group, Deutsche Bank AG, WHU MSc 2012
Vallendar and the surrounding area offer excellent
housing opportunities, ranging from private apartments,
to halls of residence, right up to “last-minute beds”.
Most students choose to live near the campus, taking
advantage of the proximity to lecture rooms and the
opportunity to get together at any time.
WHU Spirit
The enthusiasm with which our students pursue com-
mon goals and make dreams and ideas a reality is
a manifestation of the WHU spirit. This unique atmo-
sphere is highly valued by all groups within our univer-
sity and goes far beyond your period of study. This
can be seen, for instance, in the commitment of the
alumni who maintain close links to their alma mater,
supporting it with generous financial contributions and
active non-material support.
20
Your Application

WHU is looking for students from around the world with high cognitive and personal
potential. For our MSc Programs, we seek recent graduates with an above-average
track record in their academic education, who show personal commitment and pos-
sess excellent English language skills. The ideal candidate should also have several
months of practical and international experience.

The Admission Requirements The Application Process

A first academic degree from an accredited college,
university, or technical school in a business-related
field of study (equivalent to a Bachelor’s degree with at
least 180 ECTS credits)
Practical experience (five months of internship/s or
equivalent)
GMAT score of at least 600
TOEFL (min. score: 100 IBT) or IELTS (min. score: 7.0);
except for native English speakers or applicants who
have earned a first academic degree in English
International experience (study or internship abroad)
Completion of WHU’s application forms
Successful completion of WHU’s Admission Test
The application process is a chance to show us how
you think and what your goals are. Of course, it is also
an opportunity to find out more about us. We would
be delighted to answer any of your questions.
You can begin the application process by visiting our
website and applying online.
To apply, please use the following link
www.whu.edu/msc/applications/
Step 1: Start the Online Application
Complete the online application and the biographical
questionnaire and submit it together with the support-
ing documents. You will find detailed information
on how to apply, including the application itself, at
www.whu.edu/msc/applications/. We carefully review
complete applications and invite qualified candidates
to an admission test.

Step 2: Participate in the Admission Test

The Admission Test consists of two one-on-one
interviews; one of the interviews is combined with
a presentation on a self-chosen, management/
finance-related topic.
You have two options: You will either participate in
one of the On-Campus Admission Tests or, if you
live far away from Germany, attend one of our Off-
Campus Admission Tests via Skype.

The application process

STEP 1

To apply, please use the following link

www.whu.edu/msc/applications/
STEP 2

Upon review of your application, you may be invited to the Admission Test, consisting of two
one-on-one interviews. You will either participate in one of the On-Campus Admission Tests or
attend one of our Off-Campus Admission Tests via Skype.
STEP 3

The final decision will be communicated shortly after the admission test.
Your Financing Opportunities 21

Inability to pay the tuition fee has never prevented anyone from attending WHU.
Our school offers a series of financing options in order to ensure that everyone who
has successfully passed the admission process and obtains an offer is able to
participate in the WHU Master in Finance Program.

Tuition Fees Loan Program of Sparkasse Koblenz

The tuition fees for the Master in Management Program
are currently € 19,200 (90 credit track) or € 23,600
(120 credit track). These fees include the study costs
for the capstone module abroad in the 90 credit track
or the study abroad in the 120 credit track. For a dou-
ble degree, an additional fee is charged depending on
the tuition fees of the respective partner university.
Some of our Financing Opportunities are:
Reduced Tuition Fees
Students with income and assets up to € 7,670 above
the BAföG limit per year are eligible for reduced tuition.
The amount of the reduction per student is determined by
the number of eligible students who ask for a reduction.
WHU Brain Capital GmbH
In 2006, a new, innovative tuition financing concept
was introduced at WHU. Students participating in
these models do not pay any tuition fees during their
studies at WHU. However, they commit themselves to
make income-dependent payments upon completion
of their studies. The total amount of payments is linked
to the income earned. This payment constitutes 3.5 to
4.9 % of the gross income for a period of ten years.
If in any year income falls below a level of € 30,000,
the obligation to pay is ceased for that year (e.g. when
setting up a company, pursuing further studies, or
during a parental leave). 25 % of the WHU student body
finance their tuition fees this way.
WHU has arranged a low-interest loan program with
Sparkasse Koblenz which is available for German-
speaking WHU students without special collateral
requirements. The student agreement is adequate as
security for the bank.
The In Praxi – Diversity Scholarship
In Praxi, the WHU Alumni Association has launched the
In Praxi – Diversity Scholarship. Its purpose is to help
international applicants with both financial aid and non-
material support. The scholarships are granted under
several criteria, such as financial need, social and volun-
tary involvement, and practical experience.
Deutschlandstipendium
Within the framework of the German national scholar-
ship program “Deutschlandstipendium”, WHU grants
every fall semester annual scholarships to particularly
talented and high-achieving students who have also dis-
tinguished themselves through outstanding commitment
to community and society. The scholarships are funded
by matching donations from the Federal Ministry of
Education & Research (BMBF) and from private donors
such as companies, foundations, and single individuals.
The scholarships amount to € 300 per month each and
are initially granted for a period of twelve months with
the possibility of extension up to the end of the standard
period of study.
Other Scholarships
As a result of the selection process, WHU students
have a good chance of acceptance in a scholarship
program. Nearly 20 % of WHU students are funded by
a grant or endowment (BSc and MSc Program). You
will find an overview of scholarships and funding oppor­
tunities here: www.whu.edu/mif/financial-aid/

“I am very grateful to In Praxi – WHU Alumni Association for the life-changing

opportunity to become a student of my dream university. From the very first day
at WHU I literally fell in love with the WHU’s friendly community, inspiring profes-
sors, highly motivated students, and also supportive alumni. But I wouldn’t have
been able to become a part of this without the In Praxi Diversity Scholarship.”
Tetiana Dymytrashchuk, Ukraine
WHU MSc 2014
22
Your Way to Meet Us

The best way to know what it is like to be Master’s student at WHU is to experience
it. We regularly host information events on our campus, online, and in various cities
throughout Germany. In addition, our team attends student and career fairs around
the world.

Information Days Personal Visits

Our Information Days are an excellent opportunity to
meet students, faculty, and the admissions team and to
experience the unique campus atmosphere at WHU.
Online, you can join one of our Virtual Information Days
offered several times a year.
Information Sessions
You are welcome to make an individual appointment
to come to our campus in Vallendar. This personal
visit gives you the opportunity to meet current MSc
students, go on a guided campus tour, and have a
personal study advisory service with the MSc team. We
welcome personal visits throughout the year. Please
contact us for an appointment.

You can meet us in a city near you at one of our After-
work Information Sessions. At these events, you will
get a first-hand insight into the Master’s programs and
expand your network with current students, alumni, and
staff from WHU, all in an informal and relaxed atmo-
sphere.
Student & Career Fairs
The MSc team regularly participates in fairs held in
many cities around the world. We would be delighted
to meet you there and to answer all your questions
about studying at WHU. Please check our website to
see where we will be visiting this year.

Please visit www.whu.edu/msc/events/ for additional

information and registration for all events listed above.
 Düsseldorf

Hamburg
520 km
A3
London Düsseldorf
656 km 148 km Berlin
595 km
Neuwied Dreieck
Dernbach
Brussels
292 km Frankfurt Prague
120 km 640 km Kreuz
Munich Koblenz
Paris Koblenz
543 km 494 km

Basel A 48
490 km
Frankfurt
Lyon
689 km Milan A 61
A1 Wiesbaden
740 km

Mainz

How to Find Us?

By Plane
WHU can be reached from Frankfurt International, Cologne/
Bonn, and Frankfurt/Hahn Airports in about one hour.

By Car
Take the A 61 motorway. At junction Koblenz (Auto­bahn­kreuz
Koblenz), take the A 48 motorway towards Koblenz.

If you are travelling via the A 3, exit at junction Dernbach

(Dernbacher Dreieck) towards Koblenz/Trier. Take the
Bendorf/Neuwied/Vallendar exit and follow the signs to
Vallendar. There is a public parking lot right next to WHU.

By Train
Take the Deutsche Bahn train to the main station in Koblenz.
“Kevag” bus line 8 and “RMV” bus line 318/319 (outside
the station) will take you to Vallendar. Depending on the train
timetable, it may be faster to travel to Montabaur by ICE train.

WHU – Otto Beisheim

School of Management

MSc Office
Burgplatz 2
56179 Vallendar
Germany
Tel. +49 261 6509-520/523
E-mail: master@whu.edu
www.mif.whu.edu
 WHU – Otto Beisheim
School of Management

MSc Office
Burgplatz 2
56179 Vallendar
Germany
Tel. +49 261 6509-520/523
E-mail: master@whu.edu
www.mif.whu.edu

carbon neutral Visit us on Facebook:

natureOffice.com | DE-153-218585
print production facebook.com/MasteratWHU