The BIF program provides an interdisciplinary degree and a strong quantitatively oriented background for the students to serve as professionals especially in financial markets, banking and other duties in the fields of economics and finance requiring highly analytical performance. The curriculum of the program contains courses in core themes of economics, finance and also financial accounting, forming a unique mixture of the special skills required to serve in these positions.
Prominent job market positions for the graduates from the BIF program are central bank and other bank economists, analysts, bank managers, and other researcher, specialist and manager positions in the service of research institutions and financial sector in general.
The BIF programme provides an interdisciplinary degree and a strong quantitatively oriented background for the students to serve as professionals especially in financial markets, banking, and other duties in the fields of economics and finance requiring highly analytical performance.
More about the language of instruction
This Master’s Degree Programme is taught entirely in English.
Tuition is free for citizens of EU/EEA countries and Switzerland. In addition, students who are in possession of a valid residence permit in Finland of the type A, P, P-EU, EU Blue Card, or residence card for a family member of an EU citizen, are exempted from paying tuition for the duration of the validity of the permit.
For other students, the tuition fee in this programme is 10 000 € per academic year. The University of Jyväskylä offers a scholarship programme for students liable to pay tuition fees. This scholarship can be applied for when applying for admission to the programme, using the same online application form. In each Master’s programme, two (2) 100% scholarships and four (4) 50% scholarships are available for applications. The scholarships are awarded based on the admission criteria of the programme.
Additional information on tuition fees and scholarships is available on JYU website.
Prominent job market positions for the graduates from the BIF programme are central bank and other bank economists, analysts, bank managers, and other researcher, specialist and manager positions in the service of research institutions and financial sector in general.
After graduation students are awarded the title Master of Science (Economics and Business Administration).
Postgraduate study opportunities
Completing the BIF programme gives graduates the possibility to apply for doctoral studies for example in the doctoral program of the Graduate School of Finance (http://gsf.aalto.fi/), or after completing some advanced level courses in economics outside the curriculum of the BIF programme, also in the Finnish Doctoral Program in Economics (http://www.fdpe.fi).
Structure of studies
The BIF programme is a two-year full-time programme (120 ECTS credits). The structure of the programme can be found here.
Structure of the Master’s Degree Programme in Banking and International Finance (valid 2017-2020)
( 74 ECTS)
Principles of Banking
Applied Time Series Analysis for Financial Economics
Investment and Asset Pricing
Financial and Strategic Analysis
Financial Statement Analysis and Valuation
Master’s Level Research Tutorial
Select 10 credits:
Economics of Exhange Rates
Macroprudential Policy and Financial Stability
International Financial Reporting
| Language Studies for Finnish Students:
Integrated Research Communication
Optional language studies
Language Studies for International Students:
Integrated Research Communication
Finnish for Foreigners 1
4 – 5 ECTS
(26 – 28 ECTS)
|Students choose elective studies to complete the minimum extent of the degree, 120 ETCS.|
|Total||Minimum 120 ECTS|
Application period: (08.01.2020 at 08:00 – 22.01.2020 at 15:00)
Student admission to study programme
These admission criteria are valid in student selections made in 2020, 2021 and 2022. However, the Jyväskylä University School of Business and Economics reserves the right to make changes to the admission criteria, if needed, in between admission rounds. The number of study seats available in the programme is decided on yearly, and will be published in the Studyinfo portal before each admission round.
The admission process comprises of two parts.
Phase 1: Online application and required attachments
First, the applicant submits an online application and required electronic attachments in the Studyinfo.fi portal. The applicant submits hard copies of application attachments to the University of Jyväskylä Admission Services, as per instructions. Instructions on submitting attachments will be published on the University’s website before the beginning of the admission round.
All eligible applications are evaluated according to the criteria explained below. Ineligible applications will not be processed further, after they have been found not to meet the eligibility criteria and/or documentary requirements.
|Educational background||0 – 8|
|Motivation letter||0 – 8|
|English language proficiency||0 – 2|
|Relevant work (or other) experience||0 – 1|
|Relevant international experience||0 – 1|
Phase 2: Evaluation of interview
After the first phase, the highest-scoring applicants are invited to an interview, which can be conducted online. Interviews will be evaluated according to the criteria stated below.
The evaluation of the interview is as follows:
|Analytical skills||0 – 5|
|Knowledge of the field of study||0 – 5|
|Applicant’s motivation||0 – 7|
|Spoken English||0 – 3|
After the evaluation of the interview, each applicant’s scores from the first and the second phase of admission are added together to form the applicant’s final admission score. There is no threshold score that the applicant should reach in order to be admitted. Applicants will be placed in order ranked according to their admission score, and the highest-scoring applicants, in accordance with the number of study seats in the programme, will be admitted. If two or more applicants for the last study seat have the same admission score, each of these applicants will be admitted. If there are two or more applicants with the same total score placed in the last place for selection, all of them will be selected.There are no arrangements for clearing i.e., study places for those accepted students who do not wish to enroll will not be reallocated.
All applicants will be informed on the results of the admission round via email by the deadline given on the University’s website. In connection to the results, applicants will be informed on the policy and deadline for appealing against the admission decision.
Application for the tuition fee scholarship
Applicants, who are liable to pay tuition fees, can apply for a tuition fee scholarship from the University of Jyväskylä. The scholarship can be applied for only with the same online application form that the applicant applies for admission with. The application for the scholarship is integrated in the admissions application. In this Master’s programme, two (2) scholarships, which cover 100% of the tuition fee for two years, and four (4) scholarships, which cover 50% of the tuition fee for two years, are available for applications. The scholarships are awarded based on the admission criteria of the programme. The scholarship-applicants in this programme will be placed in order ranked according to their admission score. The two highest-scoring applicants will receive the 100% scholarship, and the four next ones will receive the 50% scholarship. If two or more scholarship-recipients have the same admission score, higher weight is given to the points received from the following categories, in the following order: Analytical skills, Knowledge of the field of study and Educational background.
If the applicant applies for the scholarship to more than one Master’s programme at the University of Jyväskylä and gets admitted to more than one programme, the applicant can receive the scholarship only to one programme, according to the preference she/he has stated on the application form.
If one of the scholarship-recipients does not accept the scholarship, it can be transferred to the next-best scoring applicant. The scholarship can be transferred from one applicant to another only once.
Admitted applicants will be informed on the result of their scholarship application together with the Letter of Admission.
Eligible applicants to the Master’s degree programme must have a suitable higher education degree and adequate proficiency in the English language demonstrated in one of the ways described below.
1) Higher education degree, which meets the following requirements:
Bachelor’s, Master’s or Doctoral degree, which gives eligibility to Master’s level education in the country in which the degree was issued. Applicants holding a degree, which gives eligibility to Doctoral programmes, should primarily seek admission to Doctoral level.
Suitable fields of the degree include finance, economics, business, statistics, science and engineering, among others.
The higher education institution awarding the degree has to be a recognised part of the official national education system of the country, i.e. to be listed as a degree-granting higher education institution by the country where it is located or by a relevant international organisation (such as UNESCO).
If the applicant holds a degree, which gives general eligibility to Master’s level studies, but the field of the degree is not wholly compatible with that of the Master’s programme, it is possible for the Faculty to accept the applicant, if she/he can complete the required studies as electives included in the Master’s degree. However, if such complementary studies are required, which would cause the total amount of credits in the degree to exceed 120 ECTS, the applicant cannot be admitted.
The degree used for proving eligibility may be unfinished at the time of application, in which case the applicant can be conditionally selected. In such a case, the degree must be completed and related certificates (degree certificate and/or final official transcript of records) must be received by JYU by the given deadline. The deadline will be published on the University’s website before the beginning of the admission round.
2) English language proficiency demonstrated in one of the following ways:
- Upper secondary education, in which the language of tuition is English, completed in a Nordic country (Finland, Sweden, Norway, Denmark, Iceland), the United Kingdom, Ireland, the United States, Canada, Australia or New Zealand.
- A higher education degree, in which the language of tuition is English, completed in an EU/EEA country, the United Kingdom, the United States, Canada, Australia or New Zealand.
- An international language proficiency test in English. Approved language tests and required minimum results are as follows:
- TOEFL iBT (Internet Based Test): 92
- IELTS Academic: 6.5
- Cambridge C2 Proficiency (CPE): A, B, C or C1
- Cambridge C1 Advanced (CAE): A, B or C
- PTE Academic: 62
PTE, IELTS and TOEFL results are valid for two years. The result must be valid until the end date of the application period. The University of Jyväskylä accepts only the results of Cambridge tests completed in 2005 and thereafter.
- The Finnish National Certificate of Language Proficiency (YKI), which must be passed at least with intermediate level 4 in all skill components: speaking, writing, listening and reading comprehension. The University of Jyväskylä accepts only the results of the National Certificate of Language Proficiency tests completed in 2002 and thereafter.
- The applicant has completed or is completing a higher education degree in Finnish in a higher education institution in Finland, and the degree fills the requirements of proficiency in English as a foreign language as stipulated by Government decrees (Valtioneuvoston asetus yliopistojen tutkinnoista 794/2004 and Valtioneuvoston asetus ammattikorkeakouluista 1129/2014). ). In case the degree is uncompleted at the time of application,
- it must be the same degree, which the applicant uses for proving eligibility to the programme, and
- the applicant must have completed the studies required in the Government decrees for obtaining the required English proficiency in such a schedule, that he/she is able to submit a document proving these studies by the supplementation deadline for attachments.
Applicants should register for a language test well in advance of the application deadline, so that the test can be completed and the result received in time to meet the deadline. Receiving the test results may take up to two months.
If the result of the language test is below the required minimum, the application will not be considered for admission.
No other means for proving language proficiency than the ones listed above will be accepted. No waivers to the language proficiency requirements are given.
Some of the attachments can be submitted as electronic attachments to the online application form, whereas others need to be submitted as hard copies by postal mail.The specific requirements concerning hard copies will be published on the University’s website before each admission round.The applicant is responsible for reading the instructions and submitting the required documentation accordingly. The applicant must make sure that she/he complies with the requirements for the correct admission round.
Documents received by the University, which are not listed below, or which do not meet the University’s document requirements, or which are received by the University after the given deadline, will not be considered in the evaluation process of applications.
If an applicant has several higher education degrees, or separate studies in higher education that are not part of a degree, all of these can be considered for defining the applicant’s eligibility and calculating the admission score, provided that attachments proving these studies meet the University’s document requirements. If the applicant submits documentation of more than one degree, the admission score will be calculated using the degree and separate studies, which give the highest admission score to the applicant. Only studies from a higher education institution, which is a recognised part of the official national education system of the country in which the institution is located, will be considered.
Required attachments include:
1. A) Official transcript of records of a higher education degree
A transcript of records is a document issued by a higher education institution containing information on courses taken and grades and credits obtained by a student. If the awarding institution issues transcripts or their translations in English, Finnish or Swedish, a transcript of records in one of these languages is sufficient, and the translation mentioned in part 1.B) is not needed.
B) Official translation of the transcript into English, Finnish or Swedish,if needed
If the official transcript of records is in a language other than English, Finnish or Swedish, an official translation into one of these languages is required in addition to the official transcript in original language.
2. A) Copy of degree certificate of higher education degree
A degree certificate is a document issued by an institution to a student who has successfully completed all studies included in the degree and has graduated. If the degree certificate is in English, Finnish or Swedish, the translation mentioned in part 2.B) is not needed. A copy of degree certificate is not required in the application phase from applicants, whose degree used for proving eligibility is unfinished at the time of application.
B) Official translation of the degree certificate into English, Finnish or Swedish, if needed
If the degree certificate is in a language other than English, Finnish or Swedish, an official translation into one of these languages is required in addition to the copy of the degree certificate.
3. Certificate of English language proficiency
A certificate for proving English language proficiency can be:
- An electronic copy of a language test certificate submitted as an attachment to the online application form (these will be verified from the test organization)
- A copy of an official educational document
The accepted means for proving language proficiency are stated in the eligibility criteria of the programme. Instructions for submitting different kinds of certificates for proving language proficiency will be published on the University’s website before each admission round.
4. Copy of a valid passport
A copy of the identification pages of a valid passport with the applicant’s name, date of birth, nationality, and expiry date of the passport, submitted as an electronic attachment to the online application form. In case the applicant does not hold a valid passport, another official identification document (i.e. personal identity card, driving license) stating the same information is accepted. A copy of passport is not required from citizens of Finland, because their nationality can be confirmed from a national database.
5. Copy of residence permit card, if needed
A copy of both sides of the residence permit card, submitted as an electronic attachment to the online application form. Required only from applicants holding a valid residence permit in Finland of the type A, P, P-EU, EU Blue Card, or residence card for a family member of an EU citizen.
6. Curriculum Vitae (CV)
An electronic attachment to the online application form. Curriculum vitae is a document, which provides information on the applicant’s educational and work history, skills and competencies.
7. Motivation letter
An electronic attachment to the online application form, written on a computer. In the motivation letter, articulate clearly your reasons for applying, research interests and career plans. Consider your activities, experiences and commitment related to the field of the Master’s programme. Relate your plans after graduation, in case you areadmitted to the programme. The maximum length of the motivation letter is 4000 characters in Latin alphabet, including breaks and punctuation.
8. Letter of reference (optional)
If the applicant is a refugee (residence permit issued on the basis of asylum), in a position comparable to a refugee (residence permit issued on the basis of subsidiary protection), or an asylum seeker (to whom a residence permit based on international protection has not yet been issued), and the applicant does not have documents in proof of her/his prior qualification, the eligibility of the applicant is evaluated based on the documents submitted with the application. If the applicant is not able to submit the documents usually required for proving educational background, the University may decide on the applicant’s eligibility based on a clarification of prior education requested from the applicant.
ADMISSION SERVICES P.O.Box 35, 40014 University of Jyväskylä
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