Master's Degree in Economics and Finance: Financial Economics Program

Program Director

Filippo Ippolito

Filippo Ippolito

PhD, Saïd Business School (Oxford University)

UPF and BSE

Steering Committee

faculty

Xavier Freixas

PhD, Université de Toulouse

UPF and BSE
portrait

José-Luis Peydró

PhD, INSEAD

ICREA-UPF and BSE - on leave

The increasing complexity of financial markets demands greater modeling techniques and a deeper understanding of financial data. The Master's in Financial Economics at the BSE is designed to prepare you for these challenges.

An interdisciplinary approach combining Finance and Economics

The BSE Financial Economics 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 Financial Economics Program is built around three pillars:

  1. Concepts: acquire an in-depth understanding of the theory of Finance and Economics

  2. Modeling: learn how to construct and implement financial models

  3. Data analysis: apply Econometrics, Statistics and Data Science techniques to analyze complex financial data

Jump to course list

95% career placement success within six months of graduation

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 and 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.

Jump to career outlook

Most of our Financial Economics 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).

Program schedule: 

A key advantage of our Master's in Financial Economics is that students can benefit from BSE 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.

 

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 Financial Economics program offer. Criteria for acceptance into these courses may vary, and approval from both program directors is required.

Master project

The master project is a required component of all BSE Master's programs. Working individually or in groups, students use the tools and knowledge they've acquired during the entire year to explore a topic of their choice. A professor supervises throughout the project.

Examples of master projects from recent Financial Economics cohorts

Select a project to view a summary on the BSE Voice, our student and alumni blog:

Previous years

Master's degree awarded

Upon successful completion of the BSE Financial Economics Program, students will receive a Master's Degree in Economics and Finance awarded jointly with Universitat Pompeu Fabra (UPF).

All Barcelona School of Economics 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”).


Career outlook

What skills and knowledge will I acquire in this program?
  • Advanced quantitative knowledge in finance
  • Modeling techniques for financial problems
  • Use of programming languages for finance applications
  • Econometric techniques for the analysis of financial data
Who will benefit from this program?
  • Graduates in Business, Economics or Finance with an interest in modeling techniques and data analysis
  • Graduates in Engineering, Mathematics, Physics, or Statistics that want to pursue a career in Finance
  • Analysts and policy-makers at financial or supervisory authorities
  • Aspiring PhD students

Student profile in more detail

Will this program prepare me for a PhD in Finance?

The Financial Economics Program provides a solid foundation for both professional and academic career paths.

Around 84% of recent graduates have used the Financial Economics Program as a terminal Master’s degree that qualifies them for competitive, technically demanding jobs in the professional world.

Around 16% of recent Financial Economics 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 BSE Master’s. Others choose to get one or more years of work experience, such as a central bank traineeship, before pursuing a PhD.

Are there opportunities for PhD study at the BSE?

There are two PhD programs in the BSE 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 BSE, they each have their own distinct admissions processes.

UPF PhD (GPEFM)

The main point of entry to the UPF PhD program is the BSE PhD Track Program. The PhD Track Program is Year 1 of the UPF PhD.

Students in the BSE Financial Economics Program with outstanding performance in their courses have the opportunity to be admitted to the PhD Program before finishing the Financial Economics Program. Those students will have to apply for admission to the PhD Program at the beginning of the second term of the Financial Economics Program. Admission will be decided in March. Admitted students will need to follow two more years of coursework to move to the PhD research and dissertation phase.

See UPF PhD program structure

UAB PhD (IDEA)

Entry to the IDEA PhD program is through the IDEA Master in Research. BSE students can visit the IDEA website to learn more about the admissions process, which is the same for BSE students and external applicants.

Which PhD programs have admitted Financial Economics Program graduates?

BSE master's graduates have gone on to enter some of the most prestigious and competitive doctoral programs in the world, including:

  • Universitat Pompeu Fabra (organized with BSE)
  • Universitat Autònoma de Barcelona (organized with BSE)
  • Athens University of Economics and Business
  • Australian National University
  • Bocconi University
  • Bologna University
  • Bonn School of Economics
  • Boston University
  • Columbia University
  • European University Institute
  • Harvard University
  • LMU Munich
  • London Business School
  • London School of Economics (LSE)
  • Paris School of Economics
  • Princeton University
  • Queen Mary University of London
  • Sapienza University of Rome
  • Tilburg University
  • Universidad Carlos III de Madrid
  • Universitat de Barcelona
  • University College London (UCL)
  • University of Minnesota
  • University of Wyoming
  • University of York

See a more complete list of PhD programs

Who hires Financial Economics graduates?
  • Consulting Firms
  • Financial Services
  • Government & Authorities
  • Research & Academic Institutions
  • Other Industries
  • Technology

Examples of recent placements:

  • Banco Santander - Traineeship Finance & Risk (Germany, Munich)
  • Bank of England - Market Intelligence Analyst (London, United Kingdom)
  • CaixaBank Research - Research Assistant (Macroeconomics Department) (Barcelona, Spain)
  • Deloitte - Banking risk advisory (Barcelona, Spain)
  • European Central Bank - Trainee - Directorate Supervisory Strategy and Risk (Germany, Frankfurt)
  • IESE - Research Assistant (Spain, Barcelona)
  • ING - International Talent Program (ITP) (Brussels, Belgium)
  • JPMorgan Chase - Associate Trading Services Associate I (UK, London)
  • MJ Hudson - Quant Data Scientist (Spain, Barcelona)
  • Nordea - Investment Banking Analyst (Denmark, Copenhagen)
  • Oxera - Senior Consultant (UK, London)

Alumni career paths in more detail

Can I enter another BSE Master's directly from this program?

Students who successfully complete the Financial Economics Program are eligible for direct admission to the following programs, if they stay for a second consecutive year:

Master’s Degree in Data Science:

OR

Master’s Degree in Specialized Economic Analysis:

A 20% discount will be applied on the second program's tuition fees. All BSE Alumni are eligible for this discount at any time.

Read more about taking a second BSE Master’s degree

Faculty

Students

Financial Economics Student Profile 2023-24

18 students from 15 countries (89% international)

Most represented countries this year:

  • United States (3)
  • Spain (2)

Most common undergraduate backgrounds:

  • Economics
  • Business Administration
finance_barcelonaschooleconomics_workexperience

Alumni

Financial Economics alumni career paths

An overview of Financial Economics career paths for recent cohorts (Class of 2021, 2022, 2023)

  • Most Financial Economics alumni (79%) enter or return to the professional work force
    21% continue their education in a PhD or other post-graduate program
  • Most common industries:
    Financial Services, Government and Authorities
  • Cities with most Financial Economics alumni:
    Barcelona, London, Munich, Frankfurt, Madrid
Finance Program Placement by Industry
  • Dirección General Alianzas Publico Privadas
    Diego Medrano

    Diego Medrano '24

    Senior Analyst
    Originally fromDominican Republic
    Currently living inDominican Republic
    The Master’s program in Financial Economics at BSE stood out to me for its unmatched blend of academic rigor and practical relevance. The program goes beyond just teaching finance, it equips you with a versatile toolkit that spans data science, economics, and quantitative analysis. This holistic approach not only sharpened my technical skills, but also gave me the confidence to tackle complex financial challenges from multiple angles. The exceptional faculty, international cohort, and focus on cutting-edge research made it an intellectually enriching experience. BSE is more than a degree, it's a launchpad for anyone aiming to make a meaningful impact in global finance.
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    alumni

    Dean Friedberg '19

    Financial Institution Policy Analyst
    Originally from
    San Diego, CA
    United States
    Currently living in
    Washington, DC
    United States
    To the world and on a global scale, the intricacies and depth that form our international and domestic economic and financial systems are known to fundamentally shape our everyday lives, futures, and potential to achieve our respective dreams. The Financial Economics Program enabled me to express my aspirations for greater knowledge in these fields through harnessing potential already present yet previously untested and practically pursue my goals whilst enhancing my intellectual curiosity. By obtaining the Master's Degree in Economics and Finance, I not only acquired an increased ability to perform quantitative/qualitative analysis and better comprehend the juxtaposition of salient subjects which shape our interactions, but also strengthened my firm desire to positively impact society and the progression thereof.
  • ozan_akbas_barcelonagse_alumni

    Ozan Akbas '19

    Consultant
    Originally fromTurkey
    Currently living inLuxembourg
    I knew that I wanted to do empirical work in my career, and the Master’s Program in Financial Economics served as a foundation for understanding the necessary econometric tools. This aspect of the Financial Economics Program enabled me to smooth the learning curve when I was involved in various types of finance research
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    Abinav Kumar '19

    Data Scientist
    Originally fromUnited States
    Currently living inUnited States
    I wanted to get a Master's Degree with applications and technicals skills and this is what I got from the Financial Economics Program. I think the Master's covered and exceeded it. I'm glad because the course materials were really solid and the faculty was great and extremely helpful.
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    Patrick Altmeyer '18

    Junior Economist
    Originally from
    Düsseldorf
    Germany
    Currently living in
    London
    United Kingdom
    After graduating from the Financial Economics Program I joined the Bank of England as an analyst in the Markets division where I had previously done an internship. We brief policy makers about current financial conditions ahead of rate decisions and do long term research geared towards implementing monetary policy as efficiently and effectively as possible. A solid understanding of financial economics and coding skills are essential to this job, so when looking at options for postgraduate studies it was important for me to find a program that focuses on teaching both the theory as well as the tools needed to apply it. The financial economics masters at BSE offers just that - it integrates not only finance, but also economics and data science modules providing students with a unique flexibility to tailor the degree to their own needs and interests.
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    alumni

    Elkébir Lamrani '18

    Analyst
    Originally from
    Rabat
    Morocco
    Currently living in
    London
    United Kingdom
    The BSE Financial Economics program offers a quite unparalleled experience: it goes beyond a business school-style Masters in Financial Economics by also giving big emphasis on quantitative analysis tools and programming. In addition, coming to the BSE means diving into a pool of different nationalities present inside and outside classrooms. It is a source of personal development as I discovered different cultures and different mentalities towards solving problems.
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    Mattia Bongini '17

    Financial Statistics Intern
    Originally from
    Siena
    Italy
    Currently living in
    Frankfurt
    Germany
    The Master in Financial Economics gave me an invaluable array of statistical tools and financial notions that I employ everyday in my work at the Monetary and Financial Statistics Division of the Directorate General Statistics at ECB. The combination of theoretical knowledge of financial markets and machine learning and the associated technical skills, together with the numerous insights that leading practitioners deliver during the presentations by professionals is what makes this Master really unique.
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    Jonathan Haynes '17

    Senior Consultant
    Originally from
    Guildford
    United Kingdom
    Currently living in
    London
    United Kingdom
    After graduating from the BSE Financial Economics Program, I accepted a role as a senior consultant sitting across the Finance and Valuation Practice and the Financial Services Team at Oxera Consulting. Working with the full spectrum of clients, we find innovative solutions to everyday problems in business strategy, public policy and corporate finance. In today’s changing financial, legal and regulatory environments our work at Oxera combines technical valuation expertise with an understanding of how markets and players work.
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    Joana Espona '17

    Default Management Unit
    Originally from
    Barcelona
    Spain
    Currently living in
    Luxembourg
    Luxembourg
    After the Financial Economics master, I’ve started an internship in the Default Management unit at Clearstream Luxembourg, the post-trade service provider of the Deutsche Börse Group. Straight from the start, I’ve been able to contribute actively to the work of the team. This has been possible thanks to the skills and knowledge acquired in the master, which has given me a thorough insight into the functioning of financial markets.
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    Roberto Stagni '17

    Equity Capital Market Analyst
    Originally from
    Pordenone
    Italy
    Currently living in
    Milan
    Italy
    I work in the Equity Capital Markets division of a private Swiss based bank. The ECM division provides a plethora of different and complex transactions developed on the equity of small to medium cap size firms. Also, many of the transactions imply an in-depth understanding of the business in which the firm operates, of the balance sheets and financial statements and of the management itself. The Master in BSE provided me with the best theoretical and technical tools in order to price and pitch transactions and firms, helping me a lot on the job. Also, given the practical skills which the master develops, I find it a lot easier to understand databases and to use specific softwares.
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    Pablo González '17

    Macroprudential Policy and Financial Stability Trainee
    Originally from
    Madrid
    Spain
    Currently living in
    Frankfurt
    Germany
    I currently work  at the European Central Bank in the Department of Macroprudential Policy and Financial Stability. In our department, we monitor the evolution of cyclical, residential and commercial risks in order to carry out risk- assessment and policy implementation for countries of the Eurozone. My master's in financial economics at BSE helped me to develop a wide range of analytical and technical skills high-demanded by the finance sector, as well as grit to succeed in any upcoming challenges.
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    Laura Gris '16

    Analyst
    Originally from
    Barcelona
    Spain
    Currently living inUnited Kingdom
    I currently work at Blackrock as an analyst in the Aladdin Client Services department, where we provide clients with in-depth knowledge and understanding of Aladdin, their business and the overall risk and investment management process. My master’s in financial economics at BSE helped me develop good analytical and problem-solving skills as well as providing me with a good understanding of how financial markets work.
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    Emile Naude '16

    Associate Consultant
    Originally from
    Cape Town
    South Africa
    Currently living in
    Johannesburg
    South Africa
    I am currently an Associate Consultant in the Johannesburg office of Bain & Company. Bain advises clients on strategy, operations, technology, organization, private equity and mergers and acquisitions. I believe the Master in Financial Economics program at the BSE is a rigorous course that prepares students very well for a job in top-tier consulting. Beyond the highly desired quantitative, data handling and analytical skills that I gained, the Master in Financial Economics played a big role in developing my leadership and team work skills. At the BSE you will be working with students from very different backgrounds on extremely challenging problems, driving for coherent and logical results, sometimes until the early hours of the morning!
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    alumni

    Mellany Pintado '16

    Specialist in Investments and Financial Assets
    Originally from
    Chiclayo
    Peru
    Currently living in
    Lima
    Peru
    I currently work at the Ministry of Economics and Finance of Peru as an Investment Specialist. My responsibilities in the Treasury Department range across the asset pricing theory we learnt in the Financial Economics Master at BSE. It is challenging to evaluate the different investment alternatives in order to reduce the opportunity cost of the Peruvian government funds. As well, as part of my daily duties, I have been evaluating the public institutions' asset allocation where I apply my knowledge acquired across financial econometrics course. In terms of what I do as an Investment Specialist there’s nothing I haven’t faced already in the Master.
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    Marnix Wezenbeek '16

    Technology Consultant in Financial Services
    Originally from
    Brussels
    Belgium
    Currently living in
    Amsterdam
    Netherlands
    The BSE’s Financial Economics program finds a balance between the qualitative and quantitative aspects of Finance. This means that I was provided with an excellent quantitative and analytical background, while I also developed a keen understanding of how Finance is applied daily in the “real world”.Additionally, working with motivated students from all over the world on the program’s many assignments and challenging group projects helped me develop my team working and leadership skills. I believe that the versatility and knowledge I gained at BSE help me daily in my job as a consultant and would strongly recommend this program for people interested in pursuing a similar career!
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    Jelena Skaric '15

    Financial Risk Analyst
    Originally from
    Belgrade
    Serbia
    Currently living in
    Prague
    Czech Republic
    As someone coming from a math background, BSE Master in Financial Economics gave me the opportunity to extend and gain more in depth knowledge of different finance topics and helped me prepare for my future career in the finance sector. I thoroughly enjoyed the analytical approach applied to real finance problems, as well as working in small classes - we had the chance to get to know each other better, cooperate intensively and the professors were able to dedicate more of their time and attention to each student. The friendships I made still last, we keep in touch and visit each other, and one of my master colleagues will soon become my coworker!
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    Miquel Masoliver '14

    Quantitative Analyst
    Originally from
    Barcelona
    Spain
    Currently living in
    Barcelona
    Spain
    I am currently employed in the Asset Management division and my main tasks are to develop quantitative models to exploit market inefficiencies...It is very exciting and challenging to conduct research in this field, where statistics and probability theory meet behavioral finance. The knowledge I acquired during the BSE Master in Financial Economics definitely prepared me well for this work.
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    Manuel Litz '13

    Business Analyst
    Originally from
    Vienna
    Austria
    Currently living in
    Vienna
    Austria
    Working as a Business Analyst for BearingPoint I have valuable hands-on experience on various projects. Everyday day is different from the last, diverse tasks range from PMO activities to analyzing and structuring deliverables for which I am in the lead, conducting workshops and communicating with the client's management. The workload and rigorous analytical training experience at BSE has prepared me well to take on any endeavor in my future.
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    Kandarp Srinivasan '12

    PhD Candidate
    Originally from
    Bangalore
    India
    Currently living in
    St. Louis, MO
    United States
    What makes the Barcelona School of Economics really stand out is the quality of its faculty. The opportunity to learn and work with top researchers is of great value for an aspiring academic. Also, the Financial Economics master coursework has a lot of theoretical emphasis and is great preparation for someone interested in a career in research.