In this one-and-a-half-year program students achieve a unique business school training in finance that is both theoretically anchored and practically oriented. They obtain rigorous skills and applied training in quantitative and empirical methods in finance in the following areas: corporate finance and capital investment analysis; capital and derivative markets and risk management; and investment management and security analysis.

Program Flyer

For information regarding:

  • Programme places
  • Programme application form
  • Study fees
please visit the Graduate School web page

Admission Criteria

The Department's Board admits students to the postgraduate programs after recommendation by the Postgraduate Studies Committee, which is headed by the Director of Postgraduate Programs. Students must have completed a Bachelor Degree (or should be expecting to complete one by the start of the Master) with a general grade at least B. A Master Degree will be considered as an additional credential, and could lead to a limited number of course waivers. The applicants must know the English language at a satisfactory level. For example, they should have at least a B in the GCE O-Level in English language, or at least 600 in the TOEFL. In addition, it is not necessary but preferable that they have a minimum of 600 in the GMAT, or 700 in the math section of the GRE.

M.Sc. In Finance Course Requirements

At least 90 units (ECTS) must be completed. The analytic program is shown on the following table:

First Year Fall Semester  
Course Code Course Title ECTS
AFN 515 Basic Accounting 2
AFN 521 Financial Theory 7
AFN 522 Investments 7
AFN 526 Financial Analysis and Capital Market Research 7
AFN 525 Options and Futures 7
First Year Spring Semester  
The 18 ECTS from the following list of courses*:  
AFN 523 Advanced Quantitative Business Methods 6
AFN 528 Advanced Capital Budgeting
AFN 520 Managerial Economics or another suitable depth course
At least 12 ECTS from the following list of courses:
AFN 524 Financial Modeling 6
AFN 527 Theory and Methodology in Finance & Accounting
AFN 529 Applications of Neural Networks in Business
AFN 530 Seminar on Cyprus Economy, Banking & Financial Markets
AFN 531 International Financial Management
AFN 532 Financial Optimization and Decision Analysis
AFN 533 Bank Financial Management
AFN 534 Financial Risk Management
AFN 535 Seminar on the Theory of Derivatives
AFN 536 Business Valuation
AFN 537 Theoretical Topics in Finance 6
AFN 538 Applied Topics in Finance 6
Other electives/depth courses**
Second Year Fall Semester  
  Other elective/depth course** 6
  Thesis 24
Students without any background in accounting will take the course AFN 515 Basic Accounting (2 ECTS), else the AFN 541 Seminar series (3 ECTS).

* Maximum waiver of one course may be granted according to the student's prior experience.
** Elective courses are subject to approval by the Director of Postgraduate Studies. Courses are offered with at least four pre-registered students.

During the third semester of the M.Sc. program, students must complete a 24 ECTS Thesis.

The following rules apply:
  • Students select their Academic Thesis Advisor who is approved by the Departmental Board before the end of the first academic year, June 15 the latest.
  • By September 15 the Departmental Board approves a three-member committee for the evaluation of the Thesis. The committee's president for the defense of the Thesis cannot be the student´s Academic Advisor. One member of the committee can be an academic outside the Department or the University.
  • The Department expects an extended Thesis Research Proposal (5-10 pages), which will be submitted for approval and signature by the committee, by September 15 at the latest.
  • The Thesis is expected to be submitted by December 10 to the three-member committee's head, who will appoint the date when the Thesis will be defended in front of the committee. Under special circumstances the Postgraduate Studies Committee may grant extension.
Contact Phone Numbers: + 357 22 89 3605 / + 357 22 89 3636
Courses instructors for the dergee are mentioned in courses description

Coordinator of M.Sc. in Finance: Spiros Martzoukos & George P. Nishiotis