Master of Science (MS) in Finance

Program Description

The Master of Science (MS) in Finance is designed to provide quantitative and comprehensive examination of the finance field. Students will advance through corporate finance, investments, and market instruments and institutions. Additionally, students will experience significant exposure to supporting coursework in the closely related fields of accounting and economics. A capstone experience will tie together the major finance topics and expose students to literature, and the analysis thereof, pertinent to the field. After a comprehensive examination of the field, students may choose their electives to satisfy their specific career goals.

Webster University Vienna is the first and so far only institution in Austria that has been recognized by two world class institutes:

  • The CFA Institute has welcomed Webster University Vienna in their University Recognition Program. The Master of Science in Finance program has been acknowledged as incorporating at least 70 percent of the Chartered Financial Analyst® (CFA®) Program Candidate Body of Knowledge. Also a limited number of Webster University’s students are eligible for scholarships for the CFA® program.
  • The Institute of Chartered Accountants in England and Wales (ICAEW) has recognized Webster University Vienna, as a Partner in Learning.

Webster University Vienna has also additional partnerships to support their students to achieve their goals and take their career to the next level:

  • In partnership with Kaplan Schweser, Webster University Vienna has agreed to include Kaplan Schweser's industry leading knowledge and materials in order  to prepare students for the CFA® exam.
  • The Bloomberg Institute offers the BAT test which top employers in Investment Banking, Sales & Trading, Asset Management, Insurance, Financial Sales, and Consulting to find best-fit talent. Webster University Vienna student can take the test twice a year at our campus so that our graduates get access to these career opportunities.

Brochure (pdf)

Program Curriculum

The MS in finance requires successful completion of 36 credit hours including 30 required credit hours and 6 credit hours of electives.
The following courses are required for the MS in finance:

  • BUSN 6070 Management Accounting
  • BUSN 6120 Managerial Economics
  • FINC 5000 Finance
  • FINC 5210 Investments
  • FINC 5810 Capital Budgeting and Corporate Investments
  • FINC 5830 Institutions and Financial Markets
  • FINC 5840 International Finance
  • FINC 5880 Advanced Corporate Finance
  • BUSN 6140 Business Research Analysis*
  • FINC 6290 Financial Strategies

* In order to be granted a degree that is not only accredited by, both the Higher Learning Commission of the North Central Association and the Accreditation Council for Business Schools and Programs (ACBSP), but also by ÖAR (Österreichischer Akkreditierungsrat ) accreditation students need to complete BUSN 6140 or a Master’s Thesis.

In addition, students will complete 6 credit hours of graduate electives.
We suggest and offer the following courses as electives (subject to number of enrolled students per course):

  • Mergers & Acquisitions (1 credit)
  • Entrepreneurial Finance and Private Equity (1 credit)
  • Financial Statement Analysis (1 credit)
  • Risk Management (1 credit)
  • Islamic Finance (1 credit)
  • Auditing & Forensics (1 credit)
  • Behavioral Finance (1 credit)
  • Master Thesis (6 credits)


  • BUSN 5600 Accounting Theory and Practice
  • BUSN 5620 Current Economic Analysis
  • BUSN 5760 Applied Business Statistics

Note: Program prerequisites are to be completed before beginning course-work for the MS in finance for those students who have not completed prerequisite courses (or an appropriate equivalent) within five years of entering the program and having earned a grade of B or better. If the appropriate prerequisite course content was completed longer than five years prior to entering the program, the department will allow a waiver if the student demonstrates their command of the content area by successfully completing a waiver examination. The prerequisite courses BUSN 5600 and BUSN 5620 may not count as electives in the 36 credit hour MS in finance.

Webster University St. Louis Graduate Thesis Guidelines

Course Descriptions

BUSN 6070 Management Accounting
The student examines advanced topics in management accounting as these relate to management information needs for planning, control, and decision making. Topics include interpretation of standard cost variances; application of quantitative techniques; evaluation for divisional performance; activity-based costing; and the behavioral impact of accounting systems. Prerequisites: BUSN 5600 and BUSN 5760.

BUSN 6120 Managerial Economics
The student examines the application of microeconomics theory as applied to the managers' responsibilities within the organization. This course should emphasize the quantitative and qualitative application of economic principles to business analysis. Prerequisites: BUSN 5620 and BUSN 5760.

BUSN 6140 Business Research Analysis
The student examines the application of the tools and methods of research to management problems. The course focuses on the nature of research; the use of research in decision making; decision making; research concepts and methods for the collection, analysis, and interpretation of data from surveys, experiments, and observational studies; and the evaluation, use and presentation of research findings. The completion of a substantial research paper will also be required.

FINC 5000 Finance (Requisite Course)
The student examines the general nature of financial management, the American financial system, taxes, and the major financial decisions of corporations. Specific attention is given to present value and capital budgeting; risk and asset pricing; financial analysis and forecasting; financial decisions and market efficiency; and capital structure. Problem-solving methodology is used to illustrate the theories and tools in financial decision making. Prerequisite: BUSN 5600 and BUSN 5760 (BUSN 5200 cannot be substituted for FINC 5000.).

FINC 5210 Investments
Principles and methods of investing in securities of business and government. This course is a study of practical management of portfolios containing both fixed-income and equity investments. The course will examine the issues in and the procedures for security analysis and portfolio management. The emphasis is on the application of analytical techniques and portfolio management theories for individual investors. Prerequisite: FINC 5000.

FINC 5810 Capital Budgeting and Corporate Investments
The student examines the corporate investment decision process which includes working capital management, financial statement analysis, determination of cash flows, risk return analysis, forecasting, and asset investment. Prerequisite: FINC 5000.

FINC 5830 Institutions and Financial Markets
Students develop a unified framework for understanding financial intermediaries and markets. They examine the structure, regulation, and operation of banking and non-banking financial institutions; analyze how central bank operations affect financial institutions; and develop an understanding of money and capital markets, the flow of funds through the economy, and the role of financial and futures markets. Prerequisite: FINC 5000.

FINC 5840 International Finance
Course content focuses on the environment in which the international financial manager operates. Students study the risks of doing business overseas and the tools available to minimize those risks. Foreign exchange risk, political risk, working capital management, long-term investments and financing, and accounting and control are examined within this context. Prerequisites: BUSN 5600, FINC 5000, or equivalents.

FINC 5880 Advanced Corporate Finance
This advanced study of corporate financial analysis and planning includes capital budgeting, cost of funds, and capital structure and valuation. Selected topics that may be covered are leasing, mergers, takeovers, business failure, reorganization, and liquidation. A combination of problem-solving and case study methodologies is used to illustrate theories and techniques helpful in financial analysis and planning. Prerequisite: FINC 5000.

Capstone Course

FINC 6290 Financial Strategies

This course will be a final, comprehensive finance offering that will make use of cases and/ or simulations to enhance the real-world applicability of the finance degree and to integrate all previous coursework. Prerequisite: completion of all other required courses for the MS in fianace

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