Master's Degree in Economics and Finance

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Master's Degree in Economics and Finance

Financial Economics Program

This Master’s program teaches modeling techniques, econometric tools, and advanced coding skills, for top jobs in banking, consulting and fintech.

9 months
full time

17,500€

Face-to-face

English

60 ECTS

Campus: Ciutadella (UPF)

Program begins in September 2025

Application deadline for 2025-2026, is July 2, 2025

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Master's Degree in Economics and Finance

Applications for 2025-2026 Master´s Degrees are now open!

Master's Degrees

Master's Degree in Economics and Finance

Financial Economics Program

About this Master’s program

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:

Concepts: acquire an in-depth understanding of the theory of Finance and Economics
Modeling: learn how to construct and implement financial models
Data analysis: apply Econometrics, Statistics and Data Science techniques to analyze complex financial data

With our wide choice of elective courses, students will benefit from BSE top faculty teaching in quantitative techniques (e.g. advanced econometric methods, optimization techniques, advanced programming, and machine learning) or economics topics (e.g. macroeconomics, monetary policy and exchange rates).

Discover what makes this program truly exceptional

1

Financial Markets: Focus on financial market techniques, investment strategies, and risk management.

2

Expert Faculty: Learn from experts in Finance, Economics, Econometrics, and Data Science.

3

Applied Learning: Combine theory with practical case studies, providing real-world experience.

4

Career Opportunities: Strong connections with renowned financial institutions for job placements.

5

Global Network: Diverse cohort of students, fostering international perspectives and networking opportunities.

Meet the Program Directors

Program Director

Filippo Ippolito

Steering Committee

Xavier Freixas

Steering Committee

José-Luis Peydró

Ready to make a difference? This program is designed for

Students seeking an interdisciplinary approach that combines Finance and Economics. Here’s why it’s perfect for you:

You have a background in Business, Economics, or Finance.
You have a background in Engineering, Mathematics, Physics, or Statistics and want to pursue a career in Finance.
You are interested in modeling techniques and data analysis.
You are an analyst or policy-makers at financial or supervisory authority.
You are an aspiring PhD student.

What skills and knowledge will you learn?

Learn skills in economics and finance such as:

Advanced quantitative knowledge

Gain advanced quantitative knowledge in finance.

Modeling techniques

Learn the modeling techniques needed for financial problems.

Programming languages

Learn how to use R and Python for finance applications and to analyze large datasets.

Analyze data

Learn econometric techniques for the analysis of financial data.

Complex models

In finance and economics.

Professors

BSE Professors are renowned researchers who are published in leading Economics Journals.

Associate Professor at Universitat Politècnica de Catalunya

Argimiro Arratia

ICREA-CREI and BSE

Vladimir Asriyan

UPF and BSE

Albert Banal-Estañol

CREI, UPF, and BSE

Fernando Broner

UPF and BSE

Christian Brownlees

UPF and BSE

Andrea Caggese

Blockchain Architect, FNZ Group

Craig Chatfield

Executive Vice President, Compass Lexecon

Lorenzo Coppi

UPF and BSE

Alessandro Ferrari

UPF and BSE

Rosa Ferrer

CREI, UPF and BSE

Luca Fornaro

UPF and BSE

Alexander Frug

UPF and BSE

Fabrizio Germano

CREI, UPF and BSE

Mishel Ghassibe

UPF and BSE

Javier Gil-Bazo

UPF and BSE

Albrecht Glitz

UPF and BSE

Filippo Ippolito

UPF and BSE

Priit Jeenas

Post-doc (UPF and BSE)

Jack Jewson

ICREA-CREI, UPF and BSE

Albert Marcet

CREI, UPF, and BSE

Alberto Martin

UPF and BSE

Martí Mestieri Ferrer

UCLM

Manuel Moreno

UPF and BSE

Eulàlia Nualart

Unit Head of Macroeconomic Research, Bank of Spain

Gabriel Pérez-Quirós

ICREA-UPF and BSE - on leave

José-Luis Peydró

Universitat Pompeu Fabra and ESADE

Daniel Sánchez Moscona

Assistant Professor, ESADE

André B.M. Souza

CREI, UPF and BSE

Victoria Vanasco

Professor, University of Leuven

Frank Verboven

Program Schedule

In September, students are required to take the following brush up courses: Calculus and Linear Algebra and Probability and Statistics and Introduction to Matlab Programming.

Term 1 (September-December)

Course title	Credits	Professor(s)
Mandatory
Econometric Methods I	6	Geert Mesters , Florens Odendahl
Microeconomics I	6	Daniel Sánchez Moscona
Foundations of Data Science	6	Christian Brownlees , Lorenzo Cappello

Term 2 (January-March)

* Courses offered by the MRes-UPF (subject to specific course requirements and schedules permitting)

Course title	Credits	Professor(s)
Mandatory
Asset Pricing	6	Javier Gil-Bazo
Corporate Finance	6	Filippo Ippolito
Equity Derivatives and Risk Management	3	Manuel Moreno
Electives (Choose 6-9 ECTS)
Financial Econometrics	6	Christian Brownlees
Macroeconomics I	6	Alessandro Ferrari
Microeconomics II	6	Fabrizio Germano , Alexander Frug
Econometric Methods II	6	Albrecht Glitz
Industrial Organization: Empirical Methods	6	Sandro Shelegia , Rosa Ferrer
Exchange Rates and Monetary Policy	3	Fernando Broner
International Macroeconomics	3	Luca Fornaro
Sustainable Finance	3	Albert Banal-Estañol
Topics in Macrofinance* (Part 1 - 24 hrs)	6	Victoria Vanasco , Vladimir Asriyan , Alberto Martin

Term 3 (April-June)

*Courses offered by the MRes-UPF (Subject to specific course requirements and schedules permiting).

Course title	Credits	Professor(s)
Mandatory
Master Project	6	Filippo Ippolito
Fixed Income Securities and Hedging	3	Eulàlia Nualart
Electives (Choose 9-12 ECTS)
Mergers and Acquisitions	3	Filippo Ippolito
Option Pricing and Hedging	3	Elisa Alòs
Macroeconomics II	6	Mishel Ghassibe , Luca Fornaro
Topics in Macrofinance* (Part 2 - 16 hrs)	6	Andrea Caggese , Priit Jeenas
Topics in Finance: Empirical Corporate Finance*	3	Javier Gómez Biscarri
Advanced Time Series: Nowcasting and Forecasting	3	Gabriel Pérez-Quirós
Machine Learning for Finance	3	Argimiro Arratia

Master’s Project

Students use the tools and knowledge they've acquired during the Master’s to explore a topic of their choice for the Master’s project. It can be carried out individually or in groups.

Examples of Master's Projects

Class of 2024

Empirical Pricing of Geopolitical Risk in Financial Markets: Understanding Market Responses by Ugo Campo and Diego Medrano.
Modelling Financial Tail Risk: Multi-Step Forecasting of Value-at-Risk and Expected Shortfall with the Realized HAR-GARCH Model by Kai Penfold and Raphael Ravinet.

Class of 2023

Forecasting Redenomination Risk: Unleashing the Superior Predictor via Machine Learning by Astthor Arnorrson and Frederik Witzeman.
Early Warning Signal of Bank Distress: Machine Learning Techniques and Shapley Values Analysis by Long Cheng, Filippo Fortugno, and Emmanuela Grasso.

Class of 2022

Hull-White Calibration for Swaptions using Neural Networks by Hugo Álvarez, Riccardo Sacchi, and Tomás Señaris.

Class of 2021

Does Macro-Financial Information Matter for Growth at Risk Forecasting? by Lapo Bini and Daniel Mueck.
The Wisdom of the Crowd: Using ensemble machine learning techniques as an early warning indicator for systemic banking crises by Gabriela Lavagna, Helena Patterson, and Robizon Razmadze.

Master’s degree awarded by UPF

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

BSE Institutional Accreditations

Quality Accreditations

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”).

Quality indicators for this Master’s degree

BSE commitment to quality

Placement Rate, 2024 Cohort

91%

Within 6 months of graduation:

Job titles: Quantitative Consultant, Senior Analyst, Statistical Analyst, Data Analyst, Business Analyst
Industries: Financial Services (50%), Consulting (30%), Government & Authorities (10%)
Companies: Goldman Sachs, EY, Central Bank of Perú, Computershare, Duracell

Work Internationally

Cities with the most alumni

Barcelona

London

Munich

Frankfurt

Madrid

Testimonials

Diego Medrano

The Master’s 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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Bernardo Ortega

I was looking for a program with a strong emphasis in practical analytical tools, and at the Financial Economics program at BSE I found a great balance between the theoretical concepts and the more advanced statistical and practical tools.

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Financial Economics Program

Dean Friedberg

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.

Read less

Financial Economics Program

Ozan Akbas

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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Why study a Master’s at BSE

1

Ranked by RePEc as one of the best research centers for economics in the world.

2

Nobel Laureates and other prestigious economists guide the development of BSE Master’s.

3

Learn from a faculty of well-renowned researchers.

4

Spend a year in the beautiful and vibrant city of Barcelona.

Admissions and Entry Requirements

At the Barcelona School of Economics, we look for academic excellence. To submit a strong application, you need to have a high GPA, a well-written statement of purpose, and reference letters that make you stand out. Strong knowledge of Economics and good quantitative skills are also recommended.

Master’s programs start: September 2025

Application deadline: July 2, 2025

Requirements:

An undergraduate/bachelor/grado/laurea, or equivalent degree from an accredited college or university (for Bologna degrees, a minimum of 180 ECTS are required).
University diploma in Economics, Finance, Engineering, Mathematics, Statistics, or Business Administration. If you have an academic background in other subjects, you will be considered.
Your level of English must meet the following requirements: TOEFL score of 90 or above; IELTS Academic Test score of 6.5 or above; Duolingo English Test 120 points.

Candidates will also be evaluated on the following admission criteria:

Outstanding academic record.
Quantitative skills.
Reference letters.

FAQ

Below you will find our most frequently asked questions but do not hesitate to contact the BSE Admissions Team to learn more about our Master’s programs.

What are the most common student profiles in the Financial Economics Program?

34 students from 21 countries (88% international) in 2024-2025

Most represented countries this year:

India, Spain (4)
Germany, United States (3 students each)

Most common academic backgrounds:

Economics (20)
Business Administration (3)
Finance (3)

Years of work experience:

0-1 years (10)
1-2 years (7)
2-3 years (6)
3 years and above (11)

Who hires Finance Program graduates?

Graduates of the Financial Economics Program secure roles across sectors such as financial services, consulting, and government and authorities. Learn more about the specific positions, companies, and locations of these placements (cohorts of 2021, 2022 and 2023) in this document.

Is BSE listed in any rankings?

BSE is listed in rankings such as RePEc and QS. See our Rankings Page for more details.

How many programs can I apply to?

You can apply to up to three programs in your application

How do I apply for tuition funding?

You will automatically be considered for our tuition fee funding

What level of English is required for this Master’s?

You must have an advanced level of English: TOEFL score of 90 or above; IELTS Academic Test score of 6.5 or above; Duolingo English Test 120 points

Is the GRE General Test needed to apply?

The GRE General Test is optional but highly recommended for a strong application

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:

Data Science for Decision Making

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. Learn more about taking a second BSE Master’s degree.

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 UPF PhD Program 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.