Curriculum
Do you want to know more about the MSc in Finance & Investments programme?
The video below will answer the most frequently asked questions about the programme.
Overview
Please note that core courses and electives are subject to change each academic year. While some electives are very popular and we can place most students in the elective(s) of their choice, there are no guaranteed places.

Autumn semseter - core courses
During the autumn semester we offer compulsory core courses (26EC) including Business Ethics and Research Skills.
Spring semester – electives
During the spring semester we offer master electives (18EC). To provide some guidance, we propose four different tracks, each related to a different career profile:
Corporate Finance Track
Asset Management Track
Financial Analytics Track
Finance and Innovation Track
Even tough each track consists of a suggested trajectory, in most cases, alternative courses are available as well.
You can also replace one elective with an internship or a business project. Throughout the year, you can work on your master thesis project (16 EC).
*Please note that certain electives may be very popular. Although we can place most students in the elective or electives of their choice, we cannot guarantee a place.
For a detailed description of all of the courses including electives, please view the course catalogue (for reference only, catalogue continually updated throughout the year).
Derivatives
Over the last decades, companies and investors have been increasingly challenged by risks due to unpredictable movements in stock prices, commodity prices, exchange rates, and interest rates. Financial markets have responded to this increase in volatility by developing a wide range of financial instruments known as derivatives, as well as strategies combining these products with traditional financial securities like stocks and bonds. As a result, derivatives markets have rapidly increased in volume and size and have become one of the most exciting areas in finance. However, the global financial crisis in 2007-2008 has made clear that derivatives can also create new risks when their design and limitations are poorly understood by market participants.
This goal of this course is to help students navigating the complex and esoteric world of derivatives. It covers the essentials of key derivatives instruments, such as forwards, futures, swaps, and options. You will learn how these products work, how they are used for hedging and speculation, how they are priced using fundamental no-arbitrage principles, and how to exploit any mispricing using arbitrage strategies. You will apply this theoretical knowledge to solve practical assignments and case studies. The course fosters a deep analytical and conceptual understanding of derivatives and enhances your problem-solving skills.
Review the course guide for more details.
Taught by Dr M.M.J.E. Cosemans.
Mergers and Acquisitions
This course is intended to enhance the M&A preparedness of students in their future roles as employees, M&A advisors, or stakeholders by providing an overview of topics relating to M&A. The course will combine theory with practical insights from invited guest speakers. The theoretical content will be focused on the institutional settings that underlie M&A transactions and their implications for various deal-related choices. We will use findings from extant academic literature to highlight stylized facts about M&A and case studies to analyze specific deals.
The course will cover the following broad themes: (i) drivers of mergers and takeovers and sources of value creation from M&A, (ii) considerations underlying deal structuring, payment and financing choices, and (iii) valuation and risk management in the context of M&A.
Review the course guide for more details.
Taught by Dr A. Rajamani.
Private Equity
From very humble beginnings in the 1980s, Private Equity has become a very large Asset Class. Although fundraising has levelled off in 2019 and 2020 from an all-time record in 2018, still, at the end of 2020 over $2 trillion of “dry powder” globally is looking to be invested by PE funds.
This course aims to give students a solid introduction to the world of Private Equity (including Venture Capital and Buyouts). It focuses on the following (along with practical insight from prior transactions) main areas of knowledge that underpin the PE environment:
- “Organizational” topics related to PE funds & investing;
- Cash flow analysis & modeling (we will be using a PE/LBO model for that);
- Review of corporate valuation methods;
- PE investment process (a complete cycle from a purchase idea to a completion of acquisition; and from putting the asset up for sale through to a complete exit) - we will follow a “live” (recently completed) transaction;
- PE transaction structuring;
- Negotiation of a Term Sheet/Letter of Intent and Share Purchase Agreement (SPA);
- Finalization of the transaction price (Locked Box and Completion Accounts mechanisms);
- Practical key lessons from prior transactions, i.e. practical experience;
With the exception of item 1 (above), where some theory and “informational” delivery (deliberately kept to a modest minimum) is scheduled, this course focuses on practical aspects and transaction based learning.
Review the course guide for more details.
Taught by A. Grezsczak MBA.
Advanced Valuation & Value Creation
Understanding and analyzing business value is a key competitive advantage in decision making in M&A, private equity as well as fundamental for any other corporate investment decision. A sound business valuation requires, amongst others:
- Understanding of the valuation context;
- Insights in different standards of value;
- Analysis of the company, the competitive position and its strategy;
- Conduct historical financial and value creation analysis;
- Forecast of future financial performance; and
- A valuation method/approach that fits the valuation context and standard of value.
In this course we discuss various (advanced) approaches to measure and analyze business value and value creation both from an academic and practitioners perspective. We will expand on the students basic theoretical knowledge on business valuation and value creation analysis and take this one step deeper. This course is highly relevant for students that pursue a career in M&A, private equity and/or valuation advisory.
Review the course guide for more details.
Taught by H. Haanappel.
FinTech
FinTech covers digital innovation and technology-enabled business model innovation in the financial services. FinTech is rapidly evolving across the globe and represents an existential challenge for major parts of the industry.
This course provides an introductory overview of innovations that are central to FinTech in the areas of payment, capital raising, investment, and credit. Specifically, the main focus is on blockchain technology and its specific issues and applications. However, other important innovations covered include crowdfunding, robo-advising, social trading, peer-to-peer lending, mobile money, and central bank digital currency. The course also explores threats and opportunities that these technologies pose to incumbent firms and discuss the way that FinTech interacts with law enforcement and regulation issues. Furthermore, the course features a number of guest speakers from industry.
Review the course guide for more details.
Taught by Dr T. Lambert.
Real Estate Finance
In this course the focus is on financial topics related to real estate investment and financing (corporate real estate, commercial real estate and residential). The course provides a theoretical framework to study these topics; ample empirical facts and actual practices of agents in Real estate and finance markets will show business relevancy.
This course prepares students to understand the risks and rewards associated with investing in and financing Real estate. There are three main topics:
» Market analysis.
» Real estate valuation, and most importantly,
» Real estate finance.
Review the course guide for more details.
Taught by Dr P. Neuteboom.
Sustainable Finance
This course provides insight in the sustainability challenges and the link to finance. The main task of the financial system is to allocate funding to its most productive use. Traditional finance focuses on financial return and regards the financial sector as separate from the society of which it is part and the environment in which it is embedded. By contrast, sustainable finance considers financial, social, and environmental returns in combination and shows how finance can accelerate the transition to a low-carbon, inclusive economy.
The course reviews evidence that environmental, social, and governance (ESG) factors matter and explains in detail how to incorporate these in company business models and strategies, equity investing, bond investing, and bank lending. The course examines the financial instruments and techniques that can be applied in the context of evolving climate policies (and other sustainability policies). The tools will be applied in a group assignment on the valuation of a company based on ESG factors.
Review the course guide for more details.
Taught by Prof. D. Schoenmaker.
Behavioral Finance
Economic theory treats people as if they were making rational choices. Yet, in practice, investors and managers do not always make rational decisions. In fact, a lot of CEOs admit that major business decisions come “straight from the gut”. And such judgement about money and investment plans are often clouded by biases and emotions. In the course of Behavioral Finance, we investigate how these behavioral biases impact our financial decisions, and how we can avoid the most common pitfalls.
Behavioral finance is the application of psychology to financial behavior of practitioners. It has gained prominence in academia. Daniel Kahneman and Richard Thaler were awarded the 2002 and 2017 Nobel Prize in Economics respectively for their contributions in the field. It is also appreciated by practitioners. Financial institutions such as Goldman Sachs, Merrill Lynch, ABN Amro, and Robeco all run funds employing behavioral strategies.
Review the course guide for more details.
Taught by Dr L. He.
FI Internship
In the last phase of your study, it is important to apply the knowledge and skills you have developed by doing an internship. There is an option to do an internship as part of your MSc in Finance & Investments by choosing the Internship Elective in Block 5. During the Internship Elective, the students will be working independently at a well-established company (or other organization) where they will be involved in the financial activities, projects, and decisions that the firm is engaging in. More importantly, students will actively have to work on a project within the company that is of a solid academic level where the students can demonstrate and apply their knowledge in the field of finance in a real project. While working at this company, the students have to write a report in which they explain the contents of their work and translate the knowledge and skills obtained in the MScFI program into the working field. The students are responsible for finding their own internship company.
Review the course guide for more details.
Banking and Financial Institutions
This elective examines the business of banks, and other financial institutions. We will analyze how banks carry out their business, what risks they are subject to, and how these risks can be managed. Besides commercial banks, we will also study how investment banks operate and how new developments in fintech interact with traditional banking. A central focus of the course is also on financial innovation (such as credit derivatives and securitization) and how they are used by financial institutions. Finally, we study financial crises and how regulation can mitigate the risk of failures in the financial system.
Review the course guide for more details.
Taught by Prof. W. Wagner.
Entrepreneurial Finance and Private Equity
The objective of this course is to provide students with a state-of-the-art understanding of the valuation of small and mid-cap public and private firms, and the economics of contracts as it applies to entrepreneurship and new venture finance. Entrepreneurship concerns the undertaking of new business ventures. We will analyse the unique financial issues relating to entrepreneurial firms and to develop a set of skills that has wide applications for such situations. Specific topics will include: start- up ventures; financial management of rapidly growing firms; deal structuring; valuation; initial public offerings; the decision to harvest; and leveraged / management buyouts. We will discuss the various sources of capital for entrepreneurial firms. These sources include venture capital, commercial banks and crowd funding. The decisions of firms at various phases of their life cycle will be examined and the advantages and disadvantages of various sources of financing will be compared. Analytical tools will be introduced and utilized. Financial analysis, various valuation methods, negotiations,
and deal structuring are examined in the context of entrepreneurial firms. This course is aimed at students who plan to start, acquire, finance or work for entrepreneurial, fast-growing businesses. It will also be useful for students who plan to join venture capital / private equity firms and investment banks. The course aims at instructing the student in how “real world” professional investors and corporate managers operate to create wealth from entrepreneurial activity.
Review the course guide for more details.
Taught by Prof. Dr P.G.J. Roosenboom.
Financial Distress and Corporate Restructuring
This course teaches a general management perspective on financial distress. Participants acquire the skills and knowledge to understand and manage financial distress risks. The course should appeal to participants who want to work as finance executives within a corporation, consultants, investment bankers, private equity, or venture capital investors. As financial distress is relevant for every area of finance, this course is also suited for participants who simply want to extend their finance knowledge in the area of financial distress.
The first part of the course discusses features of the legal environment for financially distressed firms. The second part discusses financial distress costs. The third part shows how bargaining and corporate finance theory can be used to understand the incentives of different stakeholders and how to achieve an optimal restructuring outcome. The fourth part introduces ways to estimate default risks as well as investments in financially distressed securities. The course is highly interactive and employs a variety of didactic formats, including lectures, case studies, and a bargaining simulation game.
Review the course guide for more details.
Taught by Dr C.H.O. Schmitt.
Financial Data Analytics
It is a data-driven world with an extreme competition for analytical talent, according to research by McKinsey Global Institute and McKinsey Analytics in 2017. In this course, I will discuss two main techniques to deal with structured data and unstructured data at entry level: 1) textual analysis and 2) machine learning. It aims to introduce a set of analytical tools for understanding and examining real-time data examples in R. Students need to complete empirical assignments in R to enhance the knowledge and skills learned in the course.
Review the course guide for more details.
Taught by Dr M. Luo.
Quantitative Investment Strategies
This course has been designed to help students understand important and topical dilemma’s financial market participants face in real live and how academic insights can be used to solve these problems. The course builds on Financial Modeling course in which basic financial models have been discussed and implemented in MS Excel. The main features of the course are the following: (1) introduction to topical dilemma’s in the financial industry such as differentiating between alternative philosophies in setting up investment portfolios and the implementation of sustainability, (2) the use of both classical studies and latest insights from the stream of literature on empirical asset pricing to solve these problems, and (3) Problem-Based Learning.
This course will cover topical and relevant topics in the financial industry that are put forward by authoritative financial institutions. The lecturers will rely on their networks in the financial industry and interview decisionmakers to understand the problems they face. This will facilitate students to understand real problems like gauging the value added of active managers; evaluating the performance of investment portfolios; understanding the economic rationale behind investment strategies and anomalies in financial markets; and the
dilemmas investors face when incorporating sustainability in their investment portfolios.
Through the course, both classical studies and the latest academic insights will be used to solve these problems. Developing a skillset to solve such problems will help students to better understand the nuances of the methods used, and facilitate placement of students at authoritative investment institutions.
The course aims at students that want to further develop their financial modeling skills and obtain deeper understanding of topical dilemmas in the financial industry. Although assignments need to be solved using MS Excel there are no specific requirements other than strong motivation.
Review the course guide for more details.
Taught by Dr. J. Huij.
Investment Management
The objective of this course is to help students bridge the gap between fundamental investment theories and modern investment practice. We will consider empirical evidence for the efficient market hypothesis as well as market imperfections and their implications for portfolio management. This will involve mastering the tools of optimal portfolio construction and performance evaluation along with careful discussions of market anomalies and the behavioral biases from which they may arise. We will also learn about two key players in the investment management industry, mutual funds and hedge funds, and each topic will be put in the context of its use by both professional money managers and individual investors. The course will include presentations of classic papers, analysis of real financial data using statistical software, and a group project to apply investment management concepts.
Review the course guide for more details.
Taught by Dr. L. Emery.
Risk Management and Fixed Income
Financial risk management is of the utmost importance for institutional investors, both from the regulatory and fiduciary perspective. In this course, the Vestia case is discussed in-depth as it is a prime example that highlights the importance of an effective risk management strategy. Vestia is a The Hague and Rotterdam-based social housing corporation, and it turned out to be one of the largest public sector scandals in the history of the Netherlands. In 2011, Vestia suffered very large losses on its interest rate derivatives portfolio and experienced serious liquidity problems in the aftermath.
In this course, the theoretical concepts are discussed in order for the students the fully understand the flaws in the risk management strategy of Vestia. The main sources of financial risk are discussed, such as: market risk, liquidity risk, credit risk and operational risk. Approaches to quantify each of these risks (e.g. duration, VaR, ES, etc.) as well as the various approaches to manage these risks are explored. The course explores the market for fixed income securities which were at the center of the Vestia case, and these are instruments with direct exposure towards market risk (interest rate risk) and credit risk.
Review the course guide for more details.
Taught by Dr. J. Koëter.
Thesis
The master thesis trajectory comprises four compulsory stages that are followed sequentially by the students:
Stage 1: Orientation and topic selection
Stage 2: Research skills course
Stage 3: Master thesis proposal
Stage 4: Master thesis
After the successful completion of the Master thesis proposal, Master thesis, and defence students obtain 16 EC. The Research Skills course yields 4 EC and is part of the core courses.
Check out the Erasmus University Thesis Repository for examples of theses our alumni have written.
Learn more
CFA/ CAIA
The Chartered Financial Analyst Institute
The CFA® charter is the designation of excellence in the investment community. RSM is one of the few universities in the Benelux that has been awarded CFA® Institute Programme Partner status. The Finance & Investments curriculum provides you with a key advantage in your future career as a financial analyst or investment banker. It is a unique opportunity for you to qualify for the RSM MScFI degree and prepare for the CFA®exams within one academic year.
By your choice of core courses and electives you will be able to optimise your preparation for the CFA® exams. These are held in June and December. You only qualify for the CFA® designation after passing all three levels of CFA® exams and having a number of years of working experience. The costs to participate in the CFA®exams are not included in the tuition fee.
Please find further details on CFA® exams and the requirements on the CFA website.
Chartered Alternative Investment Analyst Association
The CAIA Association is a global professional credentialing body dedicated to creating greater alignment, transparency, and knowledge for all investors, with a specific emphasis on alternative investments. A Member-driven organization representing professionals in more than 95 countries, CAIA Association advocates for the highest ethical standards. The organization provides unbiased insight on a broad range of investment strategies and industry issues, key among them being efforts to bring greater diversification to portfolio construction decisions to achieve better long-term investor outcomes. Our Members represent senior leadership in the allocator, manager, regulator, and academic verticals.
To learn more about the CAIA Association and how to become part of the organization’s mission, please visit https://caia.org/
Honours class
The Honours Class is an interactive course by academics and practitioners on current developments in finance, its relation with technology, and the role of finance in society. The course consists of interactive (guest) lectures as well as a living management case. Topics and cases are each year refreshed reflecting the newest trends in societal thinking and their application to finance.
Review the course guide for more details.
Internship
You can get a taste of working life – from large multinationals to fast-growing start-ups – by applying your new wealth of knowledge to a real company problem during your internship, which is optional in your programme. The RSM Career Centre will support you in finding a suitable position. Many students acquire their first job after graduation from the contacts they make during their internship.
International exchange
Explore the world and broaden your study experiences by going on international study trips and exchanges at other top schools. RSM has an extensive partner school network of more than 100 business schools and universities worldwide, including top business schools such as ESADE in Barcelona and The Wharton School in the USA. An international exchange is an optional element after you’ve studied for your master for at least one year.
Career opportunities
Was it worth the investment? The success of our graduates speaks for itself. Graduates of the Finance & Investments programme are in a position to perform many different finance-related jobs within many different organisations – and have excellent opportunities to do so.
Our graduates today are working for companies that range from financial institutions, like investment and merchant banks (ABN-AMRO, Aegon, Merrill Lynch, Goldman Sachs) to insurers (Aegon) and pension funds. Careers in government (Ministry of Finance, Stock Market Authorities) have also been pursued, as well as in multinational companies (Shell, Philips, Proctor & Gamble).
Graduates choosing the CFA orientation generally start in positions such as junior financial analyst at a bank, mutual fund (e.g., Robeco, Fidelity) or pension fund (e.g., ABP or PGGM). They may also work as financial advisors accounting firms (e.g., Ernst & Young, PricewaterhouseCoopers) and commercial banks (e.g., ING, Rabobank).
More academic challenges
For MSc graduates who would like to advance their education further or who have ambitions within academia, we offer an additional years study leading to a Master of Philosophy in Business Research (MPhil) qualification. The selective MPhil programme allows you to combine education in a specialisation area of your choice with the challenges of undertaking scientific research in a specific field. This focus on research methods and techniques makes this programme a perfect preparation for a successful PhD study in management or business. Our PhD programme is three-years and facilitated by ERIM, our world-class research institute.
Career progress
Many students find positions within multinational firms and organisations, partially thanks to relationships they have developed with representatives from the world of business – as well as peers – during the programme’s corporate and other networking events. Students applying for jobs in their home countries are equipped with knowledge and skills to take with them.
Curious to see what our alumni are doing?
Explore their LinkedIn profiles. You can filter per programme and graduation year.
Good to know
Orientation year for Non-EEA graduates
Non-EEA nationals who have earned a diploma from a higher education institute in the Netherlands can apply for a special residence permit called the orientation year after completing their studies. The 'Orientation Year for Graduates Seeking Employment' is a residence permit aimed at retaining foreign talent for the Dutch labour market. During this orientation year you are free to work without a work permit. Participants who find a job during this period can change their orientation year into a residence permit for Highly Skilled Migrants under more favourable terms.
For the most up-to-date information please visit the following website.
Career centre
What's next after your studies? The RSM Career Centre is your guide for an impactful career. Its expertise in the labour market, personal branding and connections with employers will prepare you for your business career. Get ready for some exciting job fairs, workshops, speed interviews and coaching. You may land your first internship or job before you even graduate!
Alumni network
You’re a member of the RSM community from Day 1. After you graduate, you’ll also be a member of the RSM alumni network. The countless benefits include networking events worldwide with local chapters, lifelong learning and professional development, mentoring opportunities and access to the latest business knowledge and research. Your study at RSM is the first step towards being part of this inspiring community that you’ll be part of forever.
Studying at RSM
Talk to our current students!
Chat with our student ambassadors and ask any questions you have.
Fees & scholarships
The 2024-2025 tuition fee for the MSc programmes is approximately €22,500 for non-EEA students. The Dutch government contributes towards this cost for students who hold a nationality from a country belonging to the European Economic Area(EEA). These students therefore only pay the statutory fee €2,530 in 2024-2025.
For EEA nationals who have already completed a master in the Netherlands (and obtained the diploma) the tuition fee for a 2nd master is approximately €13,200.
Please note that all these tuition fee tariffs are subject to change.
There are other costs associated with the Master programmes, for more information please review the “Other expenses” section below thoroughly.
Scholarships
The number of scholarships is limited and mainly merit based. If a scholarship covers only the tuition fees, be aware that you need to finance your own living expenses (rent, food and insurances) for the duration of your studies. RSM does not offer scholarships for the pre-master programme. We do however offer a maximum of 2 scholarships per academic year to RSM pre-master students enrolling in an MSc programme.
Scholarships offered by RSM
Rotterdam School of Management, Erasmus University (RSM) offers multiple scholarships to prospective students from non-EEA countries who are not entitled to pay the EEA tuition fee, provided their grades are considered ‘excellent’. RSM also offers one scholarship, the Erasmus Trustfonds Scholarship, to students from EEA countries.
Other scholarships
Besides scholarships awarded by RSM, there are also scholarships awarded by the Dutch government or other organisations that are available if you meet certain criteria such as nationality, age, etc We have listed some of them below but we encourage you to use resources such as Grantfinder or the Scholarship Portal to find additional scholarships.
- StuNed
- G&D Europe Scholarship
- NN Future Matters Scholarship
- Russia: The Global Education Programme
- LPDP
- OKP
Scholarship tips
- Contact the Ministry for Higher Education in your home country to see whether there are scholarship options.
- We have virtual information session covering all you need to know about scholarships and financial aid. Watch it here.
Student loan options
For students from the Netherlands or the EU/EEA, it may be possible to apply for limited funding towards payment of your tuition fees. Find out whether you meet the nationality and age requirements and read more information about the application process here.
Other expenses
Master Application Handling fee
After having filled in all of the necessary application information on the Online Application Form (OLAF) and uploaded the required documents, applicants with a degree obtained outside the Netherlands will be asked to pay a non-refundable €100 handling fee. This fee can be paid online via the Erasmus Payment System which uses either iDEAL (for those with a Dutch bank account) or PayPal (which can be linked to any bank account or credit card worldwide). It is important that applicants complete the payment process as indicated, otherwise the system cannot register the payment.
Additional programme related expenses
The additional expenses in addition to tuition and general living costs (see below) vary per programme and may include:
- Study materials such as books, readers and business cases
- Costs involved in kick-off meetings
- Costs related to travel, international excursions and compulsory exchange semesters or internships abroad
Living expenses
For a reasonable standard of living in the Netherlands, you should have an income of between €1,000-€1,600 per month depending on your lifestyle. Further information about the costs of living in the Netherlands and related subjects can be found on this website. Below is an example of monthly expenditures:
Example of monthly expenditures
Furnished accommodation, including gas and electricity | € 500-900 |
Medical insurance | € 50 |
Telephone/internet | € 15-25 |
Food | € 200 - 300 |
Books, recreation, clothing | € 200 - 300 |
Public Transportation | € 50 |
Total | € average 1000 - 1625 |
Other potential expenses: | |
Buying or renting a bike | € 100 - 250 (for the full 3 years) |
In private residence (not student housing) yearly municipal and water taxes | € 100 - 300 (per year) |
Study and work - part-time jobs
Please ensure, prior to your arrival at RSM, that you have or will have sufficient funding available to finance your stay at RSM. Finding a part-time job, may be an option, but can not be guaranteed. You should therefore not rely on finding other ways to supplement your income during your studies. For additional information on obtaining a part-time job, visit the website of the Nuffic.
For EEA students there are no formal restrictions in finding work in the Netherlands, but students with a lack of Dutch language skills will find it difficult to secure employment. Non-EEA students are subject to labour regulations, which makes the likelihood of obtaining a work permit very small. We therefore ask students not to rely on this possibility. We do not encourage students to combine studies with the heavy workload from a part-time job.
Admission & application
Application for the September 2024 intake opened 1 October. This is a capped programme, which means that the maximum number of applications we accept is 570.
This maximum for the 2024 intake was reached on 7 October and this application is currently CLOSED. The application for the 2025 intake will open on 1 October.
Immigration & housing
Immigration & visas
Find out everything you need to know about entry visas & residence permits for non-EU or EEA students at RSM.
Housing
Finding housing in Rotterdam can be tricky. To help you in your search for housing, we have compiled some helpful resources