Build a career in investment banking with a world-class training programme that combines specialist knowledge, technical skills and soft skills.
Presentation
The Master in Finance is designed to give you the essential skills to thrive in investment banking and financial services. You will first acquire a solid foundation in finance before choosing between two specializations: Corporate Finance or Financial Markets. The program is available in one year or two years, depending on the student's previous degree.
Through emlyon’s makers pedagogy, you will learn by doing: case studies, financial challenges, professional seminars, and a mandatory internship will help you gain expertise and improve your employability.
The program integrates ESG and socio-environmental issues into each finance-related course, training you to develop responsible and innovative financial strategies.
Accredited by the French Ministry of Higher Education and CEFDG, the program awards a BAC+5 Master’s Grade diploma, recognized in France and abroad.
Benefit from a diverse, international cohort, professional certifications (AMF, Bloomberg, CFA 1 & 2), a dedicated bespoke career support, and preparation opportunities for highly competitive internships in major financial centers.
Key points
- Dual expertise in Corporate Finance and in Financial Markets
Build strong financial foundations before specializing in Corporate Finance or Financial Markets to master key technical and soft skills.
- Responsible finance with ESG integration
Develop financial strategies that incorporate environmental, social, and governance (ESG) topics at the heart of every course.
- Experiential and international learning
Gain hands-on experience through projects, internships, challenges, seminars, and study trips abroad.
- Immersive real-world financial simulations
Sharpen your skills through competitions, M&A simulations, and investment strategy cases reflecting the demands of top financial institutions.
Program
The Master in Finance at emlyon business school is open to international and French students after a Bachelor’s degree (bac +3 or bac +4).
The program prepares future finance professionals to excel in investment banking, either in corporate finance, or in financial markets, combining advanced technical skills with a responsible, global vision of finance.
Pre-scholar period to acquire necessary fundamentals to dive in the specialization right from the beginning of the Master program.
Year 1
September to March
Lyon
Mandatory fundamental courses:
- Economics and intro to financial markets
- Financial accounting
- Corporate finance principles
- Introduction to portfolio management
- Fundamentals of mathematics
- Strategic analysis
- Applied statistics,
- Fundamentals of negotiation techniques
- Financial maths
- Digital tools for finance
- Geopolitics
- Intro to data analytics
- Options and other derivatives
- Advanced fixed income
- Ethics, Compliance & Governance
- Introduction to alternative investments
Optional courses
- French for foreigners
- Certification AMF/ Bloomberg/ Prep CFA
Professional project
- International seminar in europe (1 week)
- Career workshops
- 4 to 6 months internship
- internship essay
April to September
France or international
Internship
The 4 to 6-month internship is a great opportunity to put your academic knowledge to the test and acquire tangible experience within the sector of your choice. The school will support you with individual coaching, workshops, and digital tools for you to find your internship and define your professional project
An international experience may be mandatory for French students not having experienced an international period before integrating the program.
Year 2
Optional Modules
August and september - Online
Depending on their previous background, students entering directly in Year 2 will be recommended to follow 3 to 5 courses online in August and partially on the campus (face-to-face) from mid-September
- Economics
- Fundamentals of Mathematics
- Financial Accounting
- Strategic analysis
- Corporate finance principles
- Porfolio Management
- Advanced fixed income
August and september - Online
Mandatory academic technical courses
- Proba & intro to stochastic calculus
- Advanced portfolio management
- Risk management 1
- Pricing and trading of derivatives
- Statistical methods for financial time series
- Risk management 2
- Intro DS + machine learning with R
- ESG & Climate change
- Advanced alternative investments
- Commodities and energy
Optional courses
- French for foreigners
- Certification AMF/ Bloomberg/ Prep CFA
Mandatory implementation and soft skills courses
- Management: communication & team building
- Professional project
- Global Asset Allocation
- International academic period (1 month)
Professional project and research
- Career workshops
- Methodology research
- Internship
- Master dissertation
Optional Modules
August and september - Online
Depending on their previous background, students entering directly in Year 2 will be recommended to follow 3 to 5 courses online in August and partially on the campus (face-to-face) from mid-September
- Economics
- Fundamentals of Mathematics
- Financial Accounting
- Strategic analysis
- Corporate finance principles
- Porfolio Management
- Advanced fixed income
August and september - Online
Mandatory academic technical courses
- Modelling
- Advanced Accounting
- Financial analysis/diagnosis & forecasts
- Financial package and structuring
- Financial markets operations
- Leverage finance
- Corporate valuation
- ESG & Climate change
- Venture capital & growth financing
- Forecasting methods
Optional courses
- French for foreigners
- Certification AMF/ Bloomberg/ Prep CFA
Mandatory implementation and soft skills courses
- Management: communication & team building
- Innovation seminar
- M&A process - implementation
- Strategic & Financial Case
- Financial negotiation: simulation case
- International academic period (1 month)
Professional project and research
- Career workshops
- Methodology research
- Internship
- Master dissertation
International period
April
International
International period in Italy (Bocconi) or Canada (Mc Gill) - 1 month
This is an opportunity for you to discover another culture and have courses in a prestigious university outside of France. You will be experience to a new international business environment where you will complete your technological acculturation.
Internship and Master dissertation
From June onwards
Anywhere
Internship and Master dissertation
- Internship : The 4 to 6-month internship is a great opportunity to put your academic knowledge to the test and acquire tangible experience within the industry. The school will give you all the support and tools you need to find the right internship for you.
Instead of doing an internship, starting directly with your first job can validate this professional experience required to get your degree and graduate from the program.
- Master dissertation: The Master dissertation is an analytical work on a topic related to the industry and to the professional experience gained during your internship. This is a great opportunity for you to research a subject which is not only of particular interest, but which has the potential to contribute powerfully to your personal and professional development.
Assessment methods
Assessment methods may include case studies, presentations, mock exercises, tests, etc.
The graduation rate for students of the previous MSc in Finance for the 2021-2022 academic year was 69.4% (99.2% of students taking the exam have graduated).
CEFDG Accreditation: Grade Master
The Master in Finance (Diplôme Spécialisé en Finance) is authorized by the French Ministry of Higher Education, Research and Innovation to award a recognized BAC+5 degree, Master’s Grade, to its students. Our Master in Finance program has been accredited for a four-year period after a rigorous assessment by the National Management Programmes Assessment Commission (CEFDG).
Step into a program designed to launch your career in the dynamic and demanding world of investment banking, whether in Corporate Finance or Financial Markets.
Career
- Administration, Management, Finance, Accounting : 47,6%
- Consulting, Advisory and Expertise : 29,5%
- Audit : 9,5%
- Sales (including Business Engineer / Key Account Manager) : 9,5%
- Others : 3,9%
Financial Markets tracks
Careers in :
- Bank Front or Middle Office (ex : BNP Paribas, Société Générale, Crédit Agricole, China Construction Bank, BRED Banque Populaire, BPCE...)
- Brokerage Firms (ex : Kepler Cheuvreux, Exane BNP Paribas, Aurel BGC...)
- Hedge Funds (ex : Candriam, Man Group, Marshall Wace...)
- Consulting Firms (ex : 2CFinance, Squareness Lyon, Noveo Finance, N for Brands, Archimed...)
Corporate Finance & Innovation tracks
Careers in :
- Big Four Firms (ex : EY, Deloitte, PwC, KPMG...)
- International or Investment Banks (ex : BNP Paribas, Société Générale, Crédit Agricole, China Construction Bank, HSBC, J.P. Morgan, Goldman Sachs...)
- M&A Boutiques (ex: Banque Hottinguer Corporate Finance, Cambon Partners, Clearwater International, Grant Thornton...)
- Asset Management compagnies (Amundi, BlackRock, Tikehau Capital, Archimed...)
- Consulting Firms (audit, strategy, due diligence, asset valuation, etc.) (ex : EY, Deloitte, PwC, KPMG, Grant Thornton, 2CFinance, Squareness Lyon, Noveo Finance, N for Brands...)
Survey carried out in 2024. Concerns class of 2023.
About our Career Center
The Career Center provides continual support in identifying career goals and developing action plans. For more information, visit the Career Center page by clicking here.
Average starting salary:
70K€
Jobs after this Master
Financial Market tracks
- Trading
- Sales-Trader
- Risk management
- Pricing de produits structurés
- Portfolio manager
- Financial analyst
Corporate Finance & Innovation tracks
- Consulting: M&A, TS, audit, restructuring…
- Mergers and aquisition business associate
- Audit consultant
- Financements Equity & Debt
- Investments: Private Equity, Asset Management...
Alumni network
As a future graduate, you will hold lifelong membership of emlyon business school alumni network, a network of near to 48,000 alumni covering more than 130 countries.
You will benefit from all services it offers, including the online assessment modules. Its members will help you further develop your career regardless of which stage you are at, by providing you with career development information, exchange business information with you and share their experience for you to build on.
Learn more about the alumni network by visiting the dedicated page here.
Admission
Are you eligible ?
Students holding at minimum one of the following degrees can apply to the Master in Finance:
To apply for admission in Year 1, applicants must hold either:
- A 3-year Bachelor’s degree (equivalent to 180 ECTS credits)
- An ECTS credit equivalence attestation with at least 180 ECTS credits obtained in a State-recognized Master's degree
To apply for admission in Year 2, applicants must hold either:
- A 4-year Bachelor's degree (equivalent to 240 ECTS credits)
- Have validated the first year of a State-recognized Master's Degree
- An ECTS credit equivalence attestation with at least 240 ECTS credits obtained in a State-recognized Master's degree
You can apply while being enrolled in the last year of the degree that makes you eligible for this program.
Admission Process
Next intake in September 2026
Start your application online or go to your applicant dashboard to complete your application file to join this Master.
Applications open from October to July, 2026 (subject to availability).
Application deadline: emlyon business school may close applications earlier than July 2026, if all the seats in the class are filled, as it happens every year for many of our Master programs. Consequently, we do advise students to apply as early as possible to ensure they secure a seat in the program and maximize their chances!
Step 1: Your application file
Mandatory documents - all the documents provided need to be in English or French (except passport and identity card):
- A resume / CV
- A copy of an official and valid identity card or passport
- A certified copy of all degrees obtained in a higher education institution (in English or French)
- A proof of enrollment certificate for applicants currently enrolled in higher education
- A certified copy of your transcripts from the first year of your undergraduate education until now
- An official and valid English proficiency test: TOEFL, TOEIC, IELTS, Cambridge
Native speakers are exempted from providing an English test score upon presentation of proof (passport or identity card from an English-speaking country).
Optional documents:
- An official management aptitude test score of under 5 years: GMAT, GRE, CAT Test, TAGE-MAGE is optional but encouraged to add value to your application
- Recommendation letters (professionnal or academic)
A letter of motivation
Step 2: Your digital test
Once your online application file is complete and checked by the Admissions team, you will be invited to take the digital tests. The online test lasts about one hour and will be entirely in English.
If you apply for Year 1 of the program, the test will be comprised of:
- Motivation questions in video format
- General questions in written format
If you apply for Year 2 of the program, the test will be comprised of:
- Motivation questions in video format
- General questions in written format
Admission results
The admissions decision is confirmed by an official Admissions committee. Please be advised that the Admissions committee holds the exclusive rights regarding the final decision and that its decisions cannot be appealed.
Following the Admissions Committee, four decisions are possible:
- Admitted
- Non admitted
- Non admitted requalified: For applicants in Year 2: the Admissions Committee has declared that the application does not meet the requirements for an admission in Year 2 but offers an admission in Year 1of the program. This can happen if a student's background is strong but not complete enough in some mandatory contents of the program, to help them build up their strengths and to ensure their success.
- Waitlisted: When a program is at capacity, the Admissions committee is unable to make an admissions offer but can propose a place on a waitlist. The waitlist does not guarantee a place in the program
An email is sent to applicants as soon as the admissions results are available on the makersboard.
You will then have 10 calendar days after receiving your admissions results to confirm your admission by completing your enrollment form and paying the non-refundable enrollment deposit of €4,500.
Admissions statistics
The acceptance rate for MSc in Finance (former format of the Master in Finance) for the 2024 intake was 37.3% (admitted students on applicants).
Application fee
The application fee for the 2025 intake is €120, payable directly by credit card through the online application system.
- Students with a French CROUS scholarship are exempted from the application fee if they provide the “Notification d ’attribution definitive de bourse” final notice of allocation of this grant for the current academic year.
- High Level Athletes are also exempted of the application fee if they provide a sport resume validated by the director of the Sports department. If this is your case, please contact Mr.ROMEZY: romezy@em-lyon.com.
Important notes
- You can apply for multiple programs at the same time, but you can only do so once per year.
- You cannot apply for Year 1 and Year 2 at the same time for the same program.
- For a direct entry in Year 2: depending on the student background, a preparatory on-line module will be required before starting the courses on the campus in September.
Financing
Tuition fees
2-year course (entry into Year 1): €40,800
The financing of tuition fees over two years breaks down as follows:
- Year 1 (Y1): €14,500
- Year 2 (Y2): €26,300
1-year course (entry in Year 2): €28,750
The tuition fees indicated above are valid for 2026-2027 academic year.
✔️ All indicated fees include:
- Tuition fees
- Enrollment and administrative fees
- Travel and lodging expenses relative to the International Seminar when relevant
- Career Center services during your program and for 3 years after graduation
- Several hours of individual career coaching during your program
- Lifelong membership of emlyon business school alumni network
❌ Tuition fees do not include:
- Additional fees not payable to the institution, such as CVEC, student social security, sports club enrollment fees, the purchase of personal computer hardware or software, or the purchase of books other than course materials
- Optional courses or certifications
- Accommodation and travel expenses related to the program or work placement
- Expenses related to the period(s) abroad which are communicated during the academic year by the head of the Program
How to finance your program?
emlyon scholarships
As a socially responsible organisation, emlyon business school helps students finance their Master in Finance by offering scholarships up to 50% to eligible students.
To find out more about the specifics of our scholarship policy and how to benefit from it, we invite you to contact your program advisor.
To download the Scholarship Policy information, create or log onto your emlyon business school account.
Government scholarships
First of all, you should ask the French Embassy or the French Cultural Service of your own country about individual scholarships granted by the French government.
www.diplomatie.gouv.fr
www.mfe.org
Campus France: discover more scholarship options available depending on your country of residence here.
EIFFEL Scholarship: if you meet the requirements of excellence of the Eiffel Scholarship program, emlyon business school may propose your application to this financial aid for 2025/2026.
The deadline for applications is in December of each year. Please contact your Program Advisor for more information. See details in www.campusfrance.org
Please contact your Program Advisor for more information.
The emlyon social scholarship for CROUS Recipients
The Crous scholarship (Bourse du CROUS) is a financial aid program provided by the French government to support students in their higher education studies. It is awarded based on various criteria such as income, family situation, and academic performance. The scholarship aims to help students cover their living expenses, including accommodation, meals, and other related costs. If they meet the eligibility criteria, international students may also benefit from the scholarship provided by the Crous.
CROUS scholarship students will receive a waiver of 5% to 50% of the tuition fees for the Master.
Reductions are calculated based on your definitive CROUS scholarship level from the year before your enrollment at emlyon. For the 2026-2027 academic year, your definitive CROUS level from the 2025-2026 year will be considered. Please find the table below:
- Echelon 0 bis: 5%
- Echelon 1: 10%
- Echelon 2: 15%
- Echelon 3: 20%
- Echelon 4: 25%
- Echelon 5: 30%
- Echelon 6: 40%
- Echelon 7: 50%
emlyon business school and its partners are committed to investing in tomorrow’s entrepreneurial leaders by helping qualified students to further their education:
- Banking Partners: You may obtain a bank loan through emlyon business school financial partners only if you have a fiscal warrantor in France. If not, we advise you to obtain a loan in your country of origin before your arrival.
Prodigy Finance loan opportunity: Applicants for the Master in Finance are eligible to apply for a student loan with Prodigy Finance. Learn more on how to apply for a Prodigy Finance loan by clicking here. Please scroll down the page to read about the benefits and conditions. This opportunity is opened to Non-French students only.
Lendwise loan opportunity
Applicants for the Master in Finance are eligible to apply for a student loan with Lendwise. Learn more on how to apply for a Lendwise loan by clicking here. Please scroll down the page to read about the benefits and conditions. This opportunity is opened to Non-French students only.
Student life
The Lyon Campus
Our campus in Lyon’s 7th arrondissement offers 30,000 m² of modern learning space, including areas for collaboration and student life. At the heart of the city’s academic and business scene, it fosters innovation, networking, and hybrid learning.
Student Life in Lyon
France’s second-largest student city, Lyon offers the perfect balance of academic, cultural, and social life. Whether you're exploring its historic districts or enjoying its famous cuisine, you’ll find Lyon both enriching and accessible.
- A UNESCO World Heritage Site
Discover the charm of Old Lyon, the scenic views from Fourvière Hill, and the lively riversides of the Rhône and Saône.
- The Capital of Gastronomy
From Michelin-starred restaurants to traditional bouchons, Lyon is a paradise for food lovers.
- A Student-Friendly City
With affordable living, excellent public transportation, and a welcoming international student community, Lyon is made for students. Plus, it’s easy to reach Paris, the Alps, the Côte d’Azur, and other European cities within hours.
Meet us during dedicated events
emlyon's Program Advisors are hitting the road to connect with you and discuss your career aspirations. Don't miss the opportunity to meet them at international student fairs for guidance in shaping your future career. You can also stay tuned for information about our campus open days!
Contact our student ambassadors
Want to find out more about student life, program content, campus life or the emlyon business school experience? Connect with our student ambassadors to get a first glimpse of what awaits you. You can ask them all your questions via our dedicated platform.
FAQ
A Master in Finance—also known as a Master’s in Finance, Master of Finance, or simply a degree in finance at the graduate level—is a specialized postgraduate degree focusing exclusively on finance-related topics. Unlike an MBA, which covers a broad range of business disciplines, a Master in Finance dives deeply into financial theory, quantitative tools, and practical applications.
With a Master's in Finance, you gain access to a wide range of career opportunities across industries. This advanced degree equips you with analytical, strategic, and quantitative skills that are highly valued in the finance sector. Here are some top roles you can pursue:
- Investment Banking Analyst or Associate – Work on mergers, acquisitions, and capital raising for corporate clients.
- Financial Analyst – Analyze financial data to support investment decisions or company strategy.
- Asset Manager / Portfolio Manager – Manage investments for individuals, companies, or funds.
- Corporate Finance Manager – Handle budgeting, forecasting, and financial planning within a company.
- Risk Manager – Assess and manage financial risks across portfolios or operations.
- Private Equity or Venture Capital Analyst – Evaluate investment opportunities in startups or private firms.
- Compliance or Regulatory Analyst – Ensure organizations adhere to financial laws and regulations.
- Financial Consultant or Advisor – Provide financial planning and investment advice to clients.
Graduates can also explore roles in FinTech, financial operations, or economic research, or pursue further certifications like the CFA to specialize further. This degree offers strong earning potential and global mobility in the financial job market.
At emlyon, the Master in Finance is a 24-month program, but it can be a 12-month program if you enter directly into Year 2. The year you enter depends on your previous degree. It is a full-time program with a duration of 4- to 6-month internship starting in March (Year 1 entry) or May (Year 2 entry).
In masters finance, you’ll learn skills in finance, financial analysis, investment management, quantitative finance, corporate finance, and risk management. You’ll also develop expertise in financial modeling, data analysis, and using tools like Excel, Python, and Bloomberg.
emlyon business school offers one of the top-ranked Masters in Finance designed to prepare students for high-level careers in investment banking, corporate finance, financial analysis, and asset management. Known for its strong academic rigor and practical approach, the program combines advanced finance theory, quantitative skills, and real-world applications.
Key Highlights of emlyon’s Master in Finance
- Global Recognition: emlyon is internationally accredited (AACSB, EQUIS, AMBA) and recognized among Europe’s leading and prestigious business schools in terms of ranking.
- Career Opportunities: Graduates often secure roles in investment banking, financial consulting, corporate finance, private equity, and risk management.
- Practical Learning: The program emphasizes internships, financial modeling projects, and case studies with top companies.
- Specializations: Students can focus on corporate finance, investment management, financial markets, or fintech.
- International Exposure: Access to global finance networks, exchange programs, and international projects.
Why Choose emlyon Master in Finance
emlyon combines academic excellence, industry connections, and career-focused training, making it ideal for students aiming for competitive roles in finance. Its graduates are highly sought after by top recruiters in Europe and globally.
The admission requirements for a for a masters in accounting and finance typically include holding a bachelor’s degree (3-year or 4-year, depending on whether you apply for Year 1 or Year 2), submitting transcripts, a CV, proof of English proficiency. The application process involves completing an online application with mandatory documents, then taking a digital test with written and video questions. Applicants can apply while finishing their current degree, and early applications are encouraged as seats fill quickly.
While online master’s programs offer flexibility and the ability to study from anywhere, they often lack the hands-on experience, networking opportunities, and industry connections provided by traditional on-campus programs. For students aiming for careers in investment banking, corporate finance, or financial analysis, an on-campus program can deliver stronger career advancement prospects and recruiter recognition.
The Master in Finance at emlyon business school is a full-time, on-campus program designed to provide rigorous training in finance, practical exposure, and global networking opportunities. Unlike online programs, emlyon combines:
- Immersive Learning: Real-world financial modeling, case studies, and corporate projects.
- Global Career Network: Strong connections with recruiters in investment banking, corporate finance, private equity, and asset management.
- Specializations: Corporate finance or financial markets.
- International Exposure: Exchange programs, global workshops, and industry conferences.
Disability device
You will find the welcome guide and all the information on how we welcome and support our students and participants with disabilities here.
Discover “Les Assises de la Finance Responsable » (Responsible Finance workshops) organized in March, 2025
Exploring the international dimension of emlyon's Masters & Master of Science programs
