Official Master's Degree in Finance (MUF)

Submission of applications:
Start: November 24, 2017


1 year (Full-time study)

Open Days
March 17
June 9
September 15

Information session
Coming Soon program and register

Credits 60 ECTS

The Official Master's Degree in Finance is offered by the Faculty of Economics and Business Administration at Comillas Pontifical University (ICADE), through ICADE Business School.

This is a full-time Master's Degree program offering comprehensive training in finance, not only permiting the student understand economic and finantial phenomena of today, but also enabling them to analyze and manage companies savings and investments. This Master is specially intented for those  who would like to work in the finantial sector (including insurance), auditing, consulting and finantial departaments of any company (specially those operating in regulated sectors).


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October 1nd, 2018 - July 2019.

No. of credits:

60 ECTS (European Credit Transfer System). Of these, 54 credits corresponding to face-to-face classes are taught in two terms (September - May) and the Final Master's Project or Dissertation, which represents 6 credits, is presented and defended from the end of the second term's classes onward.

Attendance mode:

Full time. Compatible with part-time work.


There are two groups. One of the groups is taught in English (a C1 level is required to access this group) and the other group is taught in Spanish and English. For more information regarding the teaching language, see the section "Languages" in the Curriculum tab.

Classes begin on:

Monday October 1, 2018.

Admission application filing period:

The admission application filing period begins on November 24th 2017.

Information notice on the documents to be submitted.


Monday to Thursday, 16:00 - 21:00. Friday sessions could be included, 16:00 - 21:00, for a maximum of 40 hours class.

Admission Tests

Dates of admission tests at ICADE Business School:

  • Thursday June 14 (9:30h)
  • Wednesday June 20 (15:00h)
  • Friday June 29 (15:00h)
  • Thursday July 5 (9:30)
  • Friday July 13 (15:00h)

Places available:


Open Days:

March 17

June 9

September 15

Information session:

Coming Soon program and register

Applicant Profile:

The Official Master's Degree in Finance is designed for candidates who:

  • Have recently completed a university degree and are interested in working in the financial sector.
  • Already have brief work experience in this area and will join a company's financial department.
  • Currently work in a specific area of the financial sector and wish to gain a more comprehensive and in-depth perspective of the sector or other financial areas.
  • Wish to become specialized in an area within finance or the financial sector.

The following are required in order for the cadidates to reach the objectives of the Master´s program:

  • B2 level of English
  • Ability to analyze and synthesize
  • Ability to organize, plan and work in a team
  • Critical thinking
  • Knowledge of mathematics
  • Knowledge of the IT tool Excel

The profile of candidates for the 2016-2017 academic year is as follows:

The students accepted on this program are on average 24 years old, 56% hold Licentiate or Bachelor´s Degrees from public universities, and the remaining 44% from private universities. 15% of the students are foreign, where 65% of those accepted are men and 35% women. In addition, students have already carried out, on average, an internship or work experience lasting 1.5 years when they begin the Master's program.

Applicant Profile

The Master's program aims to develop the following abilities in the students:

  • Understanding and evaluating theories about banking and finance.
  • Using quantitative and qualitative techniques in banking and finance that are suitable for further analyzing studies applied or relevant as professional tools for use in the banking and finance sectors.
  • Analysis and interpretation of advanced topics in the banking and finance areas.
  • The necessary skills and abilities for modern finantial analysis.
  • Understading and applying different structures to the operations of finantial institutions.
  • The ability to define a feasible topic for study and research and apply appropriately research methods.
  • Develop a high capacity to apply the finantial concepts acquired in the program to the reality of the markets  and agents involved in the global finantial system.
  • Using solid criteria, assess the structure of finantial products, their specific features and those which differenciate them from each other, as well as the opportunities they provide for the agents operating in the markets.
  • The student will learn to use correctly the quantitative techniques that are widely used to manage finantial products.
  • Acquire sufficient skills to exchange opinions based on finantial techniques within a global environement of people of any kind and with any status.
  • Both the specific content of the study program and the comprehensive training provided aim to develop awareness and will towards social justice and commitment, equality principles between men and women, and equal opportunities, as well as to promote and respect a culture of peace and democratic values in an international context.


  • Candidates must hold or be able to justify that they will soon be awarded a Licentiate Degree, Degree in Engineering or in Architecture, or equivalent degree from foreign university, preferably in Economics or Business Administration and Management.
  • Having a solid academic record and proof of English proficiency (equivalent to level B2) will be an advantage. 

Admission Process and Criteria

Those interested in the Official Master's Degree in Finance must first complete the online application and then submit the required documentation for the Master's Degree (see informative note in the following point) to the Registrar's Office.

Once the Admissions Committee (made up of the Director of the ICADE Business School, Director of the Master's Degree and Coordinator of the Master's Degree) has reviewed the submitted documentation, a personal interview with the Director or Coordinator of the Master's Degree will be conducted in order to finalize the selection process. A technical test will also be conducted (to assess the applicant's analytical skills) and the level of English will be tested or duly supported. When the Admissions Committee deems it necessary, applicants may have to complete written tests in order to assess their knowledge of economy and business affairs, oral understanding and learning pace.

In order to make a decision on the candidate's application to study on the Official Master's Degree in Finance, the following criteria for assessing merits will be considered:

  • Academic record, business internships and employment history.
  • The result of the personal candidate interview with the Director or Coordinator of the Master's Degree.
  • The accredited level of the English language and the issuance date of the corresponding certificate, or the result of the English test taken during the selection process.
  • Technical tests aimed at checking the candidate's analytical skills, oral comprehension and learning pace.

The assessment of the application for admission to the Official Master's Degree in Finance is reached by jointly looking at the previous criteria which are weighted as follows:

  • Academic Record, Business Internship and Employment History 45%
  • Level of English 25%
  • Interview 20%
  • Technical Tests 10%

The final admission decision is based on the overall evaluation of the candidate in relation to the set of candidates and the total number of places available.

The final decision on admissions is the responsibility of the management of ICADE Business School and applicants will be informed by email and by post.

If a student who is interested in studying the Official Master's Degree in Finance has some form of disability, he or she will, on request, receive direct personalized assistance from the Social Work Unit which delivers, amongst others, a Support Program for Students with Disabilities.

Support Program for Students with Disabilities


The total fees for the Master's program for the academic course 2018-19 is EUR 16,530. This total amount includes:

  • Full course fee and registry's administrative fees: EUR 2,178.00
  • Fees: EUR 14,352.00 (corresponding to eight installments of EUR 1,794.00 each).

If you are an alumni, you are entitled to 10% discount.

Any Mexican students admitted onto our Master's program whose studies are funded by FIDERH will receive a discount from Comillas equivalent to 10% of the total fees of the course of study in which they are enrolled.

Information about scholarships and grants



Information point:

ICADE Business School

C/ Rey Francisco, 4

Tel. 91 559 20 00

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Team in charge of the Master:

Director: Cecilio Moral Bello
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Coordinator: José María Fernández Rico
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The program covers theoretical, technical, practical and real knowledge relating to financial management in markets in order to enable them to work in the field of finance, and equipping them with the tools necessary to engage in decision-making. It aims to ensure the following:

  • Understanding and evaluation of financial theory.
  • The quantitative and qualitative techniques employed in banking and finance, which are appropriate to progress further academically when applied as professional tools.
  • Analysis and interpretation of advanced topics in the field.
  • The skills and capabilities needed for modern-day financial analysis.
  • Understanding and application of different structures of financial institutions' operations.

This is complemented with the specific training by drafting papers, carrying out projects, and engaging in financial research.

To ensure the students gain an overview of business and reach the highest level of performance, we have designed a current and comprehensive program taught by professionals and academic specialists in the area.


  • Course classes: These are intended to provide the students with the theoretical knowledge needed to master the techniques used in the financial market.
  • Practical sessions: In these, the students carry out practical case studies that allow them to apply and build the knowledge acquired in the theoretical sessions.
  • Practical sessions on market operations: These are taught by specialized professionals covering the means, techniques and technologies employed in real financial markets, and aiming to equip them with the necessary skills.
  • Supervised work: The students carry out this work outside class hours, either alone or in groups that are supervised and monitored by the program's tutors.
  • Project: The students must carry out a final project or dissertation that is supervised and monitored by the lecturers.
  • In-company internship: The internships may be carried out on a part-time basis (if compatible with the academic year) or full-time basis (once the academic year has ended).


  • CG 01 - Analysis and synthesis capacity.
  • CG 02 - Problem-solving and decision-making.
  • CG 03 - Organisation and planning capacity.
  • CG 04 - Ability to manage information from several sources.
  • CG 05 - Computer literacy regarding the field of study.
  • CG 06 - Interpersonal skills: listening, arguing, discussing.
  • CG 07 - Leadership and team working capacity
  • CG 08 - Critical and self-critical capacity.
  • CG 09 - Ethical commitment.
  • CG 10 - Acknowledgement and respect of diversity and multiculturalism.
  • CG 11 - Ability to work and learn independently.
  • CG 12 - Adaptation to change.
  • CG 13 - Action-oriented and quality-oriented mindset.
  • CG 14 - Capacity for developing and communicating ideas, projects, reports, problems and solutions.
  • CG 15 - Initiative and entrepreneurship.


  • CE 01 - Being familiar and understanding the main national and international products and markets as well as the main financial institutions that work in each one of them.
  • CE 02 - Knowing how to look for and analyse public information from markets and companies in order to make investment or financing decisions.
  • CE 03 - Understanding and correctly applying principles and valuation models to companies and assets, portfolio management, fundamentals of investment project analysis and those supported by theories on building an efficient portfolio.
  • CE 04 - Mastering derivative assets valuation techniques and assigning such assets to actual investment portfolios.
  • CE 05 - Knowing how to integrate and apply the relevant indebtedness and dividend distribution policies within a company.
  • CE 06 - Identifying any possible ethical problem posed by the corporate environment and formulating and justifying the best applicable solution.
  • CE 07 - Understanding the fundamentals of mergers and acquisitions as well as other similar corporate transactions; acknowledging the reasons for which they are carried out and apply the appropriate processes to complete such transactions, considering any factors which may cause them to fail.
  • CE 08 - Being familiar with and understanding the concept of Corporate Governance, as well as its legal and financial bases, and its evolution to this day.
  • CE 09 - Being aware of the functioning mechanisms of credit institutions, recognising the different financing sources and the manner in which a Financing Project must be managed. Providing an answer to the questions of where and how to obtain financing, in which conditions and how to request such financing from a credit institution.
  • CE 10 - Obtaining a global vision of those national and international regulations most widely used in a financial environment, and supervisors and agents involved, and knowing the consequences of their application and of any eventual lack of compliance.
  • CE 11 - Being aware and applying the relevant tools used in auditing and management control in order to issue the corresponding auditing report and choosing the most appropriate control system.
  • CE 12 - Knowing how to apply and integrate the main risks which any company has to face, especially financial institutions. Being able to measure such risks and to apply the appropriate strategies for control and management.
  • CE 13 - Being aware of and understanding the national and international financial environment and establishing depending relationships with financial products and decisions.
  • CE 14 - Knowing and applying mechanisms to create defined functions, econometric, mathematical and statistic analyses with the help of the relevant software.
  • CE 15 - Acknowledging and developing key aspects in Management of Persons and Strategy, particularly Financial Strategy.
  • CE 16 - Being aware of and understanding the academic contents that are required to pass a certification test which enables the candidate to work as an investment analyst.
  • CE 17 - Being capable of applying the accounting principles and standards in a globalised contexts, as well as consolidation methods.
  • CE 18 - Developing a mostly practical mindset regarding tax implications of corporate decisions regarding costs, credit, financing sources, assets, investment, and equity, as well as fiscal optimisation of corporate resources in accordance to regulations and jurisprudence.
  • CE 19 - Planning and completing a research project on an academic environment.

The Official Master's Degree in Finance comprises a total of 60 ECTS distributed as follows:

  • 30 ECTS of compulsory subjects taught in the first term, seeking to ensure that the students gain a high level of competency and knowledge regarding financial models, financial markets, financial management and financial products.
  • 24 ECTS of subjects taught in the second term, of which 13 are compulsory and 11 are optional. Optional subjects provide a more specialized approach to the different areas or functions within the financial sector.
  • 6 ECTS allocated to the Final Master's Project, whose defense takes place after classes end in the second term.

General Academic Calendar of the University

Official Master´s Degree in Finance Timetable

Timetable and exams of the 2017-18 academic year

Timetable MUF 16 17

The exams for the different subjects of the Official Master's Degree in Finance are held at the same time as the last classes of each subject as indicated in the table above.

Regular classes are expected to end in the last few weeks in May. All that is left for the students to complete after this is the submission and defense of their Final Master's Project. Exams during the second exam period are expected to take place in the first fifteen days in June.


This Master's Degree offers 60 places dividend between group A and group B. Students in group A will be taught 100% in English. Students in group B will be taught 50% in English. Lessons of all elective subjects, seminars and End of Master Projects shall be taught in English for both groups. Those students that, in the Master's Degree admission process, can justify to have a C1 or C2 level shall be eligible to be admitted in group A.

Master´s Course Subjects

The Official Master's Degree in Finance comprises 60 ECTS. The curriculum consists of 26 subjects that are taught from September 2016 to May 2017. Please note that the Final Master's Project is expected to begin in the first term and the defense is expected to take place in July 2017.

ModuleSubjectTermTypeECTSECTS in english
Group B
Economics and Business Managerial Skills for Finance 1st Term COMP. 3 0.5>
Business, Financial Strategy, and Corporate Governance 1st Term COMP. 2 0.5
Analysis of the Economic and Financial Situation 2nd Term COMP. 3 1
Fundamentals of Finance Financial Valuation 1st Term COMP. 4 2
Financial Analysis and Financial Management 1st Term COMP. 3 1.5
Statistics and Econometrics for Finance 1st Term COMP. 2 1
Financial Accounting 1st Term COMP. 3 0.5
Financial Taxation 2nd Term COMP. 2 1
Financial Methods Project Financing 1st Term COMP. 2 1
IT Tools for Finance 1st Term COMP. 2 1
Financial Risk Management 2nd Term COMP. 3 1.5
Technical Analysis and Behavioral Finance 2nd Term OPT. 2 2
Private Banking and Asset Management 2nd Term OPT. 2 2
Management Control and External Auditing 2nd Term OPT. 3 3
Advanced Quantitative Methods and Structured Products 2nd Term OPT. 3 3
Financial Markets Financial Markets 1st Term COMP. 3 0.5
Portfolio Management 1st Term COMP. 2 1
Portfolio Management II 2nd Term OPT. 3 3
Regulatory Framework of the Financial System and Compliance 2nd Term COMP. 3 1.5
Corporate Finance Corporate Finance 1st Term COMP. 3 1.5
Advanced Corporate Finance 2nd Term OPT. 2 2
CFA I Exam Preparation Course 2nd Term OPT. 4 4
Financial Transactions Banking 2nd Term OPT. 3 3
Financial Ethics Financial Ethics 2nd Term COMP. 2 1
Seminar Seminar 1st Term COMP. 1 1
Final Master's Project Final Master's Project Anual COMP. 6 1


Second-Term Profile

In the second term, the students are expected to enroll in compulsory subjects totaling 13 ECTS and in optional subjects totaling 11 ECTS. The choice of subjects is based on the 2 professional profiles/study plans available, given that each profile or study plan has already been assigned specific subjects.

The study plans offered as part of the Official Master's Degree in Finance are as follows:

  • Profile/Study Plan 1: Private Banking and Asset Management, Banking, Portfolio Management II, Management Control and External Auditing.
  • Profile/Study Plan 2: Advanced Corporate Finance, CFA I Exam Preparation Course, Advanced Quantitative Methods and Structured Products, and Technical Analysis and Behavioral Finance.

Regarding the second-term subjects, the students are only required to select those corresponding to their chosen profile/study plan.

Graduate Profile. Career Prospects

This Official Master's Degree in Finance provides its students with the necessary competences to pursue a career in the financial, credit or insurance industry, or companies' financial departments, or to carry out consulting and auditing tasks.  Our graduates are capable to occupy, among others, the functions of accounting analyst, technical analyst, financial statements analyst, accounting auditing, management supervision, operation in national and international markets, investment valuation and analyst, portfolio management, resource management and corporate financial debt management, equity management, risk financial management, compliance, consulting tasks in mergers and acquisitions, economic and financial environment analysis, structuring of derivatives and Project Finance manager.

The following types of companies have shown interest in our graduates: Banks, Savings Banks, Rural Savings Banks, Cooperatives, Insurance Companies, Financial corporations (Leasing companies, renting companies, financial institutions, credit institutions, mortgage institutions, factoring companies), mutual guarantee societies, bonding companies, appraisal companies, securities companies and dealers, portfolio management companies, collective investment institutions, venture capital management companies, certification companies, investment and escrow funds management companies, financial markets, financial departments in service and manufacturing companies, consulting companies, consumer financing institutions, auditing companies, real estate companies (appraisal), management companies and companies marketing commodities, EAFIs, crowfunding or crowlending companies, fintech companies and others.

The different functions occupied now and in the past by our graduates in the aforementioned companies are: Private banking manager and marketing agents; business banking manager and marketing agents; brokers/traders and market operators, employees in regulations and in compliance departments; consulting and tax and financial managers; Managers (managing companies, securities companies and dealers, family offices, private banking, portfolio management society, Foundations, NGOs and non-profit organisations, own account managers, treasury desks, crowfunding and lendfunding; fintech analysts, Big Data and financial data analysts, trading desk, etc.), analysts( on companies, on rating companies, on venture capital companies, on securisitation companies, of research and studies services, of chairperson's cabinets, etc.); corporate junior, private banking junior marketing agents, structuring agents, financial directors of services and manufacturing companies, accounting and controlling agents, strategic junior consultant, financing, refinancing, restructuring or tax assistants, junior auditors, risk control and monitoring agents.

Some of the companies which have expressed their interest in our graduates are Banco Santander, BBVA, Banco Popular, Goldman Sachs, JP Morgan, Credit Suisse, Credit Agricole, Deutsche Bank, Banque Privée Edmond de Rotschild, Banco de España, Barclays, Banca March, Bankinter, Banco Sabadell, Caixabank, ING, BNP Paribas, HSBC, Selfbank, CNMV, Ahorro Corporación, Finsolutia, Savia Asset Management, JCB Capital Markets, MDEF Gestefin, Thesan Capital, Dingo Business, Finae Partners, Corporación Financiera Guadalmar, RCI Banque, RESA Corporate Finance AND  Duff&Phelps. In the consulting and auditing fields, our graduates have been hired by Deloitte, EY, KPMG, PWC, BCG, Management Solutions, Bluecap, Everis, ISBAN, Clifford Chance, Baker & McKenzie, Grant Thornton, OCG Consulting, Europraxis Cogno Data Consulting, GMS Management Solutions, Irea and Buljan & Partners. Among the insurance partners, Axa, Caser, Mutua Madrileña, Mapfre, Vidacaixa and Generali are especially noteworthy. Our graduates have also been recruited by INDRA, Repsol, Telefónica, Iberdrola, Endesa, Robert Bosch, Prisa, Ferrovial, Villar Mir, BMW, Procter&Gamble, Amadeus, Abbott, Fujitsu, Roche, Día, Diageo, Techrules, Cemex, Merdeces Benz, Volvo España, Toyota, Twenty Century Fox, Inertis Solar, ICEX, Europa Press, Galp, Bombardier, ONCE, J Watson, Interdin, Sunedison, LÓreal, KIKO, 3M, Microsoft, Sony, EDP, Carlson Wagonlit, Galderma, McDonalds´s, Aon Gil y Carvajal, Embajada Británica or Antares Tankers. All these companies and institutions have recruited graduates from the Official Master's Degree in Finance in the last five years.

Academic Opportunities

On the other hand, the Official Master's Degree in Finance enables its graduates to access an official PhD programme pursuant to Royal Decree 99/2011, of 28 January, which regulates official PhD studies.
  • This Master's Degree focuses on a wide professional scope (financial sector, insurance, auditing, strategic consulting, corporative finance in companies... ).
  • More than 90% of our graduates end up working in financial positions.
  • Official degree widely recognised by companies, high demand of our graduates in the market.
  • Professional teaching panel: almost 50% of teachers hold senior managing positions.
  • More than 80% of our graduates pass the CFA I.
  • This Master's Degree may be done in English or in English and Spanish.
  • It is possible to carry out a professional internship in the financial area.
  • It is possible to study a term abroad in a prestigious international business school.

At the completion of this Master's Degree, you will have the possibility of:

  • Going to "Summer School" abroad to another prestigious international business school or university.
  • Participating in one of the professional development courses of the programme Inside Comillas  (USA, China and Kenya).

Other ICADE Business School master's degrees: Official Executive Master's Degree in Business Management (Executive MBA), Official Master's Degree in International Management (MIM), Official Master's Degree in Human Resources (MURH), Official Master's Degree in Marketing (MMKT), Official Master's Degree in Finance (MUF), Official Master's Degree in Financial Risk Management (MUGRF), Official Master's Degree in Financial Statement Auditing and Advanced Accounting (MUACCS), Master in International Industrial Project Management (MDIPI)

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