The Master of Science in Quantitative Economics and Finance is a one-year program that exposes highly talented students to fundamental research methods in the fields of economics and finance. The program prepares for careers in academia, public institutions, and upscale jobs in the industry. For its best graduates, it is a premier route for admission to the University of Luxembourg’s Doctoral School in Economics and Finance.
The MSc in Quantitative Economics and Finance meets the highest international standards and compares to the first year of doctoral programs at top universities in the US or the UK. In the second semester, students have to write a Master thesis. Close ties to the University’s economics and finance research departments ensure individual supervision by faculty members.
5 reasons to study quantitative economics and finance in Luxembourg
- Get to know the research frontier in economics and finance.
- Strong links to research carried out at Uni.lu’s economics and finance departments.
- The curriculum meets the highest international standards of first-year - doctoral studies.
- Gain knowledge and skills for a career in academia, public institutions, or the industry.
- Study in one of Europe’s leading financial centers.
Applicants need to have successfully completed four years of university studies (240 ECTS), usually a Bachelor’s degree and one-year Master’s, or equivalent, in economics, finance, business, management, mathematics, social sciences, or a related discipline.
All non-English native speaking applicants need to be able to demonstrate proficiency of English at B2 level, with the following minimum results:
- TOEFL iBT: 87/120
- TWE: 5
- IELTS: 5.5-6.5
- Cambridge ESOL: B2
Formal test results may be waived if the student has completed previous degrees at an English-speaking university or has extensive experience using English in a professional capacity. Relevant evidence needs to be submitted by the applicant if they are applying on this basis.
As part of the application process, prospective students will need to supply the following documents:
- Full degree transcripts (Bachelor, Master or equivalent), incl. an official English translation if the original is not in English.
- Diplomas of previous degrees (Bachelor, Master or equivalent) or other confirmation of completion (if diploma not yet available), incl. an official English translation if the original is not in English.
- A separate list of relevant statistics courses followed as part of previous education, incl. a title, short description, and grade achieved. If the student has not taken any statistics courses, this should be mentioned.
- General GRE test scores (pdf suffices).
- Curriculum Vitae.
- Motivation letter/personal statement.
- Additional documents, such as a copy of passport or identity card, photo, etc. may be required by the student services department (SEVE).
Students are selected based on their application file. The application file is assessed by the Admissions Board, which may also carry out interviews with shortlisted candidates.
Assessment criteria include:
- Existing knowledge, skills and competencies acquired during the undergraduate degree.
- Academic record and grades achieved (incl. General GRE test scores).
- Professional experience.
- Motivation, extracurricular and other supporting activities, commitment to higher education and learning.
The application period starts on 15 February for intake in September 2019. There are two waves of admission decisions with respective application deadlines: 30 April and 31 July. The admission decision will be communicated within two weeks following the respective deadline.
Early application is highly recommended as merit-based financial support is allocated on a first-come-first-served basis.
Non-EU/EEA students are advised to consult the student services department (SEVE) application page, which includes information about the visa application process (see point four in particular).
The Faculty of Law, Economics, and Finance recommends non-EU/EEA applicants to:
- Consult their local Luxembourg consular office or other competent authority for complete information on visa application requirements and documentation needed;
- Allow at least three months for the completion of the visa application procedure;
- Plan sufficient time for obtaining some of the required documentation. E.g. the issuing of a police record can take several week/months depending on your country of residence;
- Read carefully and follow the steps outlined by the SEVE application page regarding the validation of non-EU/EEA issued academic degrees and diplomas.
Fees & funding
The program levies a €200 per semester administrative fee.
Merit-based financial assistance in the form of student jobs and scholarships are available to a limited number of admitted students. This financial support amounts to roughly 550 euros per month.
Luxembourg nationals and non-nationals who have lived in the country for more than five years/are children of parents employed in Luxembourg may be eligible to apply for CEDIES, financial assistance provided by the Luxembourg government.
The MSc in Quantitative Economics and Finance is taught entirely in English.
The MSc in Quantitative Economics and Finance is taught across two semesters. The curriculum is designed around the principal pillars of both disciplines: mathematics and statistics, econometrics, macro- and microeconomics, financial theory, general equilibrium theory, and empirical analysis. In addition, students can choose from a number of optional courses, covering different areas of theory and policy.
In their final semester, students complete a Master thesis. Topics for the Master thesis are coordinated together with the program director and thesis supervisor. The Master thesis is an original piece of research that should showcase a thorough understanding of the chosen topic as well as the appropriate research methodology. The thesis project concludes with public defense.
- Ability to pursue a Ph.D. in economics or finance.
- Methods and tools to analyze economic phenomena in a complex, data-driven world.
- Skills to provide evidence-based, scientific policy advice.
- Critical thinking, ability to carry out independent research and to communicate its findings.
- Exposure to the research environment of the University of Luxembourg’s economics and finance departments.
The MSc in Quantitative Economics and Finance is equivalent to the first year of doctoral education, and graduates are eligible to apply to the University of Luxembourg Doctoral School in Economics and Finance.
Graduates from the MSc in Quantitative Economics and Finance will also find employment in Luxembourg’s dynamic and international job market. They are especially qualified for jobs with central banks, private banks, insurance companies, administrations, European and national institutions, or statistical services.
Non-EU/EEA students, having completed their Master’s degree at the University of Luxembourg, are eligible to apply for a Luxembourg work permit for a duration of a maximum of four years, beginning in the period immediately following the end of their studies.
Program at a glance:
- 60 ECTS (30 ECTS per semester)
- Taught in English
- Intake: 15 students per year
- €200 per semester
Program taught in: