MSc in Finance

Duration: 14 months/evening classes
Application Deadline: Rolling admissions |upcoming deadline : February 28, 2019
Start Date: September 2019
Fees: € 12,500


The premier academic qualification for those interested in a international career in finance in Greece and abroad. The MSc in Finance prepares aspiring and seasoned finance professionals for a successful career in the areas of banking, corporate finance, investment management, risk management and treasury management. The MSc in Finance is the only CFA Affiliated Program in Greece and has been included in the past in the Financial Times’ Special Report on “Financial Training”, along with the most renowned MSc in Finance programs in Europe, North America and Asia.

The program provides robust academic knowledge which is also practically relevant to the needs of the industry and makes regular use of steering committees that consist of  both academics abd practitioners. These committees review the curriculum and also  examine the delivery methods and the practical applications of the knowledge offered so they make sense in today’s world of business. As a result we manage to maintain exceptionally high placement rates, reaching up to 100% in a 6-moth-period after graduation.

Key features of the program

  • Weekday classes between 18:00 – 22:00, twice or three times per week on average
  • A 14-month program
  • 8 core modules and 2 workshops
  • 2 specializations (2 courses each): Corporate treasury management stream or Investments stream
  • Assessment: group reports/presentations, case study analysis, interim tests, final exams
  • Dissertation or Individual Consulting Project or 2 electives.

The MSc in Finance Is Designed for:

  • University graduates with a solid quantitative background wishing to launch a career in finance.
  • Professionals who hold finance related positions and want to enhance their professional status.

You may find here more information about the Program's Intended Learning Outcomes.


Current Student Profile


International Recognition: Accredited by the New England Association of Schools and Colleges (NEASC) and EPAS (European Foundation for Management Development)

The core segment of the program establishes a solid foundation for finance and the capital markets and provides participants with the necessary financial quantitative skills.

The program is tailored to match participants’ professional needs and aspirations through specialization courses in Investments or Corporate Treasury Management.

Elective courses offer the opportunity for further specialization.

The program culminates with the Security Analysis course, which puts into practice the ideas, concepts and techniques taught throughout the program, for the purpose of analyzing and valuating a company.

Usage of ACG's Simulated Trading Room that  provides a real sense of technological sophistication, bringing financial markets to the students’ fingertips through cutting-edge software along with the appropriate hardware.

The program has an optimal combination of academic fervor and relevant professional knowledge:

Scientific rigor: a broad and deep understanding of finance in global context and a firm grasp of the latest financial theories and techniques.
Applied knowledge: emphasis on the practical applications of finance theories in solving actual problems.

Regular use of steering committees that consist of academics as well as practitioners. These committees review not only the curriculum of the program but also examine the methods of delivery and the practical applications of the knowledge offered so they make sense in today’s world of business and provide our students with valuable skill

Exceptionally high rates of employment even during the period of economic crisis

CFA University Affiliation Program:

Alba has been welcomed in the CFA Institute University Affiliation Program. Our MSc in Finance has been acknowledged as incorporating at least 70 percent of the CFA Program Candidate Body of Knowledge (CBOK) and placing emphasis on the CFA Institute Code of Ethics and Standards of Practice within the program.  This program positions students well to obtain the Chartered Financial Analyst® designation, which has become the most respected and recognized investment credential in the world.

Entry into the CFA Institute University Affiliation Program signals to potential students, employers, and the marketplace that ALBA’s curriculum is closely tied to professional practice and is well-suited to preparing students to sit for the CFA examinations.   Through participation in this program, ALBA is eligible to receive a limited number of student scholarships for the CFA Program each year.


MSc in Finance Program Total Year Schedule 2018-2019

The School reserves the right to reexamine the structure of all academic programs and proceed to any necessary changes in the total year schedules.

4th Period: Investments Stream or Corporate Treasury Management Stream

5th Period: 2 of the elective courses OR Individual Consulting Project OR Dissertation.*


* Instead of the two elective courses a student has the right to submit an individual consulting project or a dissertation FI9999 (4 credits). 

**Students who have passed all three levels of CFA program exams are eligible for receiving exemptions in the following core courses of the ALBA MSc in Finance program: (1) Corporate Finance & Valuation (2) Portfolio Management and Investments.

1st Period | September – October

Courses Hours | Credits
Quantitative Tools in Finance
28 | 2
This course teaches how mathematical techniques and econometrics are used in financial research and decision making, and prepares students for many of the core and elective courses that will be available in the program. The emphasis of the course will be on application rather than theory. EXCEL and the econometric package EVIEWS will be used extensively in the applied work. Topics covered include probability, matrix algebra, hypothesis testing, simple linear regression and multivariate regression.
Financial Accounting
28 | 2
The course explores the ‘art’ of financial accounting / financial reporting.  In particular, the goal of the course is to provide the knowledge and skills required for the understanding and use of financial accounting information for decision making.  Some of the topics covered during the course include: the role and importance of financial reporting, the role of the main players in the accounting communication process, including the management, auditors and stakeholders, the effects of the use of different accounting methods and estimates on the financial statements and the subsequent impact on decision making, ways of analysing, interpreting and evaluating financial statements.  During the course, extensive reference is made to the annual reports of various companies, as well as to accounting scandals (e.g. ENRON), for the facilitation of knowledge and understanding.
Business Writing & Presentation Skills
14 | 1

2nd Period | November – December

Courses Hours | Credits
Global Economic Environment
28 | 2
The first part of this course aims at providing good understanding of important macroeconomic issues and problems, and working knowledge of techniques that can be used to study them. Emphasis is given on the interactions between the macroeconomic environment and financial markets, in an effort to provide useful background for students specializing in Finance. Emphasis is also placed on understanding the intuition behind macroeconomic mechanisms and effects, aided by mathematical and graphical analysis. A successful student will have understood basic aspects of the macroeconomic environment within which financial markets operate and will be able to understand (and criticize!) analyses of macroeconomic phenomena and policies in the financial press.
Corporate Finance & Valuation
28 | 2
This course covers the application of the net present value rule and other criteria for project appraisal, the use of discounted cash flow and other valuation models in making investment decisions, risk, return and capital budgeting under uncertainty, the cost of capital and capital structure, dividend policy and how firms issue securities.

3rd Period | January – February

Courses Hours | Credits
Portfolio Management & Investments
28 | 2
This course addresses topics in capital asset allocation, the history of risk and return, asset pricing theories (CAPM, APT, Consumption based asset pricing), market efficiency, the predictability of asset returns, the term structure of interest rates and bond portfolio management, futures and options, international portfolio management and performance measurement and evaluation.
Financial Modelling
28 | 2
This course aims to develop and sharpen students? financial modelling skills. It brings together statistical and decision analytic frameworks suck as regression analysis and optimisation with finance theory and information technology. It helps participants to deepen their understanding of finance concepts through the development of a wide range of financial models in areas such as cash flow modelling, risk analysis, portfolio optimisation, and option pricing. It is a practical course based on instructed computer workshops. These workshops focus on financial modelling with excel, including scenario and sensitivity analysis, risk analysis using @Risk, optimisation with Solver, and the development of VBA functions.

4th Period | March – April

Courses Hours | Credits
Advanced Equity Analysis & Portfolio Management
28 | 2
This course examines critically the role of modern portfolio theory and asset pricing models in practical equity management. It examines in depth the issue of time series and cross sectional predictability of equity returns and its implications for active and passive equity portfolio management. The course covers equity risk management, active portfolio construction and index fund investment management, tactical and strategic asset allocation strategies, security selection, international portfolio management, hedge funds, performance measurement and attribution.
Fixed Income Analysis & Portfolio Management
28 | 2
The aim of this course is to provide students with a thorough understanding of fixed income instruments and bond portfolio management. It covers the theories of the term structure, estimation of the term structure of interest rates (spot and forward), passive bond portfolio strategies (immunization, cash flow matching, contingent immunization, bond index funds), active portfolio strategies (interest rate forecasting, bullet, barbell and ladder strategies), bond portfolio risk management (single duration, convexity, and multi-factor models of the term structure of interest rates).
Advanced Corporate Finance
28 | 2
This course builds on the Corporate Finance and Valuation course to examine the way companies raise debt and equity capital both in private and global capital markets, mergers and acquisitions, and corporate restructuring. The relationships between the interests of corporate managers, shareholders and lenders, as well as issues of corporate governance, are an important part of the course content.
Corporate Treasury Management
28 | 2
This course applies the modern theory of Finance to the management of the corporation's short-term assets and liabilities. It discusses working capital management, short-term borrowing and investment strategies, as well as corporate risk management. Topics covered under these headings include: optimal inventory management, trade credit and the management of credit risk, optimal cash management, the choice between private and public funding, different forms of bank borrowing sources and their use, the measurement and management of accounting, transactions and economic exposure, multinational working capital management, financing of foreign operations, interest rate and currency swaps, interest rate and currency options, capital budgeting and the cost of capital for multinationals and the measurement and management of political risk.

5th Period | May - June

Courses Hours | Credits
Financial Engineering & Risk Management
28 | 2
This course aims at demonstrating the practical use of financial derivative products to meet the needs of enterprises. Emphasis is placed on practical examples of transactions that provide students with the knowledge to understand and interpret complex deal structuring and risk management. It also examines the different types of financial risks that financial institutions are exposed to. It covers market risk, liquidity risk, settlement risk, credit risk, model risk and volatility risk. The course provides the student with an appreciation and practical knowledge of risk management techniques such as VAR, dynamic distribution analysis, stress testing and extreme value analysis.
Advanced Financial Accounting
28 | 2
The aim of the module is to build on the Financial Accounting module by examining some current financial reporting issues is greater depth with reference to IFRS.  IFRS are principles-based standards that require a detailed knowledge of the underlying concepts as well as the application of extensive professional judgment.    The objectives of this module are to provide students with an understanding of the key issues underlying some of today’s problematic financial reporting areas under the IFRS perspective.    On completion of this module students will be able to:  - Understand the dynamic and principles-based character of IFRS.  - Assess the impact of the new measurement and recognition standards on financial reporting.  - Critically evaluate the quality of financial reporting.  - Appreciate how industry-specific circumstances affect the application of IFRS.  
Financial Econometrics & Forecasting
28 | 2
The aim of this course is to provide the student with a thorough knowledge of modern econometric and time series techniques in forecasting asset returns (equities, bonds and currencies) and risk (volatility). The course covers the topics of multiple regression, maximum likelihood, heteroscedasticity and autocorrelation, the method of moments, dummy variables, specification analysis, bayesian estimation, nonlinear regression models, models that use both time series and cross-sectional data, the seemingly unrelated regression model, co-integration and error correction, ARCH and GARCH models and the use of simulations in finance and financial data analysis.
Management Accounting
28 | 2
This is a course on cost and management accounting. The course focuses on some of the technical aspects of management accounting as well as on management control issues (the use of accounting information for planning and control). Techniques and issues related to activity based costing, target costing, transfer pricing and strategic management accounting, in their organizational context, will be addressed. Students will be required to read published academic research as well as practice based material. Some of the topics covered during the course include: the meaning and role of management accounting, branches of management accounting, costing terms and purposes, cost-volume-profit analysis, cost allocation, job and product costing, budgeting, standard costing and variance analysis.

6th Period | September – October

Courses Hours | Credits
Security Analysis
28 | 2
The Program culminates with the Security Analysis course. The purpose of this course is to provide practical valuation tools for valuing and analyzing companies and give students a real world view of the role and activities of an equity security analyst. The course integrates the theoretical knowledge acquired during the course and the practical input from leading financial analysts to understand the process of analyzing companies and the valuation process.     Students will be introduced to the practice of modern financial analysis from leading financial analysts and will be given the opportunity to apply their skills by valuing a company of their choice. Upon completion of the course students are expected to be able to use modern valuation techniques, appreciate the linkage between strategic business analysis, financial accounting, corporate finance and the macroeconomic environment, understand and utilize the information in financial statements and prepare a valuation report in different contexts (security analysis, initial public offerings, credit analysis and mergers and acquisitions).
Business and Financial Ethics & Social Responsibility
14 | 1
The overall objective of the course is to help us develop business and financial ethics leadership praxis and actionable knowledge, i.e., action that creates wealth in such a way that makes ourselves, our organizations, and the world better. This course takes a management methods approach to business and financial ethics and social responsibility. The course focuses on methods managers can use individually and together in addressing ethics and social responsibility issues and in helping to build and maintain ethical and socially responsible organizations in various types of environments and realities. Methods considered include ethics leadership, change, reasoning, dialogue, persuasion, governance, due process, negotiating, incentive, training, social movement, alternative institution building, top-down and bottom-up compliance code and win-lose forcing methods, and ethics crisis management and turnaround methods. In addition to learning about the methods, students are invited to reflect upon what types of institutional citizens we would like to be and what types of ethical and socially responsible organizations we would like to help create in our various types of environments and realities. Case studies from Europe, Asia, and North America are considered.The CFA Institute Standards of Practice Handbook is one of the basic textbooks of the course. 


The Professors

Academic Director
Stefanos Zarkos Associate Professor in the Practice of Finance

Dr. Zarkos has teaching and research interests in the areas of Corporate Finance, Financial Management, Capital Budgeting, Real Options, Management Accounting and Strategy. His research focuses on new applications of real options in management decision making and the development of decision techniques in Corporate Finance and Strategy literature.

alba profile link
Course Faculty
Panagiotis Avramidis Academic Director of the MSc in Risk Management
Assistant Professor of Finance and Quantitative Methods view more
Evangelia Baralou Academic Director of the MSc in Tourism Management
Senior Lecturer in Organisation Studies, Open University, UK view more
Assistant Professor of Financial Economics, University of St Andrews view more
Lecturer, DEREE-The American College of Greece view more
Finance Professional view more
Director Career and Alumni office view more
Professor, Boston College view more
Associate Professor in Finance, ICMA Center view more
Professor of Accountancy and Associate Head and KPMG Distinguished Professor of Accountancy, UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN view more
Adjunct Associate Professor of Decision Sciences view more
Lecturer in Finance, Kent Business School view more
Stefanos Zarkos Associate Dean of Academic Programs, Academic Director of MSc in Finance; MSc in International Business & Management; MSc in Business for Lawyers; MSc in Entrepreneurship
Associate Professor in the Practice of Finance view more


The practically relevant of the Program is reflected in the impressive placement rates of its graduates reaching for the previous academic year a full 100%  within a 6-months-after-graduation period.  

After completing the program participants should be able to:

  • Comprehend qualitatively and quantitatively the core areas of finance.
  • Understand current trends and practices in the financial industry.
  • Understand and critically evaluate the practical applications of financial theories and techniques and how they are used in the financial industry.
  • Apply the techniques and methods of finance to conduct independent research projects.
  • Display strong analytical and communication skills.
  • Appreciate the importance of business ethics and corporate social responsibility.


Scholarships Scheme

You can secure pre-approval of your scholarship, before you apply for admission to the MBA or MSc program of your choice.

Apply for scholarship

GMAT Scholarships

 Those candidates who bring GMAT score from 700 and above, will be granted a scholarship of 60% of the total tuition fees for all MBA and MSc's (Excluding the Executive MBA, Double Masters for Lawyers and the MSc in ISF Programs). Candidates with high GMAT bellow 700 are also eligible for smaller scholarships.

SEV (Hellenic Federation of Enterprises) Scholarships

SEV (Hellenic Federation of Enterprises) offers ten (10) partial scholarships for graduate studies at ALBA.

Scholarships are open only for the academic year 2019 – 2020, will cover 50% of total fees and are addressed exclusively to Small and Medium Enterprises – members of SEV, offered as rewarding services to the members of the Federation.

Applications can be submitted online here with the indication “SEV scholarship” noted at the field Scholarship-Financial Aid. Deadline is set for  15 July, 2019

Note that the evaluation of applications and the final selection will be made from ALBA Graduate Business School, The American College of Greece. All applicants need to meet the eligibility criteria of the program they apply for and to go through the standard admission procedure and personal interview.

Scholarships are open for the following programs

  • The ALBA MBA
  • MSc in Finance
  • MSc in Risk Management
  • MSc in International Business & Management
  • MSc in Business for Lawyers
  • MSc in Strategic Human Resources Management
  • MSc in Marketing
  • MSc in Entrepreneurship


Hear the 2017 scholar talking about this initiative and their personal experience!


For any additional information please  fill in the below form or contact Ms. Antonina Kalkavoura at 210 8964531 (ext. 2253) |  [email protected]


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Contact Form

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TechUni Scholarship

Attracting outstanding candidates from Greece’s Technical Universities has always been a priority of Alba. We share your passion for excellence and we reward it by offering exceptional scholarship opportunities for our MSc in Finance.

This merit-based scholarship covers 100% of tuition fees for the most qualified candidate from the pool of applicants. In addition to the full scholarship, other qualified candidates will receive partial scholarships up to 50% depending on their credential.

Eligible candidates must demonstrate a strong profile and a bachelor C.I. higher than 7/10* 

Extracurricular activities, volunteering and related work experience would be highly appreciated.

Interested applicants must complete and submit the online application, no later than July 28, 2019. Please use the notes section to indicate that you apply for “TechUni Scholarship”.

The ALBA admission committee carries all responsibility for shortlist and the final decision. Eligible candidates must meet all of the program’s admission criteria as mentioned in the ALBA website.

If you need additional clarification please do not hesitate to contact Mrs. Vicky Moschopoulou at  [email protected]


* Graduates of Universities with a different rating system will be judged on a case-by-case basis

Y. Pastra Scholarship for the MSc in Finance

ALBA announces the “Y. Pastra Scholarship”, to be awarded to a candidate of the MSc in Finance with excellent academic performance and potential.

This scholarship is established in memory of the late Dr. Yiota Pastra, Assistant Professor in the Practice of Accounting, Head of ALBA Center for Business Ethics, Social Responsibility and Sustainability.

Dr. Pastra joined ALBA in 2001, and had taught a variety of accounting courses to MBA and MSc Programs. She was also researching and teaching on the social aspects in accounting focusing on the human meaning of corporate financials and on Corporate Social Responsibility of companies. She was also the Academic Coordinator of ALBA’s internship Program.

Her teaching philosophy focused on enhancing student learning. This philosophy has led her to the development of student-centered materials

Y. Pastra Scholarship” is a merit-based scholarship covering 60% of the tuition fees in the program. Eligible candidates must demonstrate a strong profile and a bachelor C.I. higher than 7/10* . 

Extracurricular activities, volunteering and related work experience would be highly appreciated.


Interested applicants must complete and submit the online application, no later than Friday 28/6/2019. Please use the notes section to indicate that you apply for “Υ. Pastra Scholarship”.

The ALBA admission committee carries all responsibility for shortlist and the final decision. Eligible candidates must meet all of the program’s admission criteria as mentioned in the ALBA website


* Graduates of foreign Universities with a different rating system will be judged on a case-by-case basis

Next Generation Family Business Scholarship

Alba Graduate Business School offers two partial merit-based* scholarships that cover 50% of the tuition fees for any of the Academic Programs at Alba (Executive MBA, MSc in ISF and Double Masters for Lawyers candidates are not included) to a member of the next generation of a family business. 

The Alba Hub for Entrepreneurship and Development offers the “Next Generation Family Business Scholarships” in an effort to encourage growth of and succession in family businesses in Greece. It aims to support upcoming business leaders so that they can excel in such a demanding role.

The Scholarships are awarded to a member of the family business’ next generation that is expected to assume a leading role within the upcoming years. Both the academic background, as well as the applicant’s aspirations and plans for the business’ future will be taken into account. In order to ensure that the applicant and the family business are willing to invest in this opportunity, the application form is submitted by the applicant while The Next Generation Scholarship Committee may contact the CEO/Managing Director for this purpose.

For further information please contact Alexis Komselis, Director of the Alba Hub for Entrepreneurship and Development, tel.: +302108964531 (ext. 2321), [email protected]



Clink HERE to apply for the scholarship


* All students receiving scholarships on the basis of merit, either in full or in part, are expected to maintain a Cumulative Index (CI) or a Grade Point Average (GPA) of 3.0 and above. The CI corresponds to the average grade of all course grades that have been reported, while the GPA corresponds to the average grade of the course grades of a particular term. If both the CI and GPA of a scholarship recipient drops below 3.0, for all courses that have been completed and grades that have been announced through myACG portal, the scholarship will be discontinued until such time as the term GPA or the CI rises to 3.0 and above. In such cases, the student will become personally liable for payment of tuition fees corresponding to the teaching period that follows right after the announcement of the grades of the preceding term, in which both the term GPA and the CI have been reported below 3.0. This rule does not apply to the first and the last teaching period of all Academic Programs. 

FPower partial Scholarship

FPower  offers one partial and merit based scholarship for any of the postgraduate degrees offered by ALBA for academic period of 2018/19. This scholarship complements FPower’s activities, and aims at supporting female leadership by giving access to knowledge and skills.

The scholarship is available to interested applicants from FPower’s community, who aspire to assume leadership roles and introduce innovative solutions in terms of both career and society. 

Applicants interested in receiving this scholarship need to inform FPower by:

  1.  Signing up here
  2.  And filling out the form that may be found here.

Following a positive response, prospective students need also to apply for the postgraduate degree they wish to study for at ALBA. Applicants should meet the overall criteria for the degree program they will be applying for.

The scholarship recipient will be selected among the applicants who have been successfully gone through the academic evaluation process by a joint FPower and ALBA 

Equal Society Scholarships

3 full scholarship will be offered for : MSc in International Business and Management , MSc in Finance and MSc in Entrepreneurship.

Social and Economic criteria are set by Equal Society . Click here for more. 

In order to express your interest you will need to fill in properly and accordingly both the application provided by  Equal Society (here) and the ALBA online application





To be considered for admission, candidates must:

  • Hold a bachelor’s degree or be a Chartered Financial Analyst (CFA chart holder), or have passed all three levels of CFA exams 
  • Provide evidence of excellent command of the English language;
  • Need to be currently employed or self-employed (valid for the part time mode only) GMAT tests are optional unless the Academic Committee requires the applicant to take them: in any case, scores of 550 or more (GRE >155) can strengthen your application and help you secure a scholarship.

Candidates must submit:

  • The completed application form, including one recent photograph in jpeg format;
  • Two letters of recommendation in Greek or in English language.
  • Official Academic Transcripts as well as Certified copies of degrees from each undergraduate, graduate or professional degree earned;
  • Proof of competence in the English language (unless schooled in English), e.g. Proficiency or TOEFL or IELTS.
  • Three Essays, as indicated in the Application form;
  • Receipt of the non-refundable application fee's [€60] deposit

Click here to download the details for admission.

To learn more about academic policy, course credit policy, fees policy and rules for student conduct read the Student Handbook


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Get in touch with us
Vicky Moscopoulou Program Manager

We urge applicants to request further information or to come for a meeting at our downtown campus, in order to better understand their profile and motivations.

Just fill out and submit the form below and we will respond to you as quickly as possible.

Tel.: +30 210 89.64.531-8

Fax: +30 210 89.63.302

e-mail: [email protected]

Fill out the form Just submit the form below and we will respond to you as quickly as possible.

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