Economics - Management

MASTER'S DEGREE - SPECIALIZATION IN CURRENCY, BANKING, FINANCE, INSURANCE

  • Target level of study

    Master's degree

  • ECTS

    120 credits

  • Duration

    2 years

  • Training structure

    Faculty of Economics

  • Language(s) of instruction

    French

Presentation

The Master's degree in Money, Banking, Finance, and Insurance (MBFA) atthe Faculty of Economics in Montpellier trains specialists capable of analyzing, evaluating, and modeling various financial risks. This program develops advanced skills in financial product evaluation, risk management, banking regulation, and understanding the functioning of financial institutions and financial markets.

The Master's program also prepares students to conduct economic and financial studies for public agencies, banking institutions, insurance companies, and companies in the financial sector.

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The advantages of the training program

  • HIGHLY PROFESSIONAL TRAINING

  • MASTERY OF FINANCIAL TOOLS AND METHODS

  • SEVERAL PATHWAYS OPEN TO APPRENTICESHIPS
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Objectives

The MBFA Master's program aims to train highly qualified experts in the fields of banking, finance, insurance, financial markets, and financial engineering, capable of:

  • Analyze, evaluate, and model the financial risks faced by institutions (banks, insurance companies, etc.);

  • Acquire in-depth financial knowledge and advanced technical skills (econometrics, quantitative finance, risk management, programming, financial databases);

  • Be quickly operational in finance, risk control, consulting, or financial product management roles.

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Know-how and skills

Know-how

  • Analyze, assess, and model financial risks (market, credit, liquidity, actuarial).

  • Evaluate complex financial products and build structured portfolios.

  • Implement modeling, econometrics, and financial engineering methods.

  • Use specialized financial market computer tools and software.

  • Conduct analysis and research in finance and economics.

Skills

  • Proficiency in financial and actuarial risk management.

  • Expertise in banking, finance, and regulation.

  • Ability to analyze and assist in financial decision-making.

  • Autonomy in processing complex financial data.

  • Aptitude forprofessional integration (finance, risk, actuarial science) and pursuit of a doctoral degree.

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International dimension

Starting in their second year, students can spend a year (two semesters) at one of the 60 universities with which the Faculty of Economics has partnerships through the ERASMUS+ exchange programs, inter-university agreements, and CHARM-EU.

https://economie.edu.umontpellier.fr/international/

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Organization

Knowledge assessment

The MBFA Master's program is structured over two years and four semesters, based on an assessment system designed to measure students' progress in a progressive and comprehensive manner. At the end of each semester, the skills, competencies, and knowledge acquired in each Teaching Unit (TU) are assessed in one of two ways: continuous assessment or a final exam.

Continuous assessment allows for regular monitoring of student progress through several forms of evaluation: supervised assignments, graded tutorials, presentations, projects, document analysis, and active participation in class. This method encourages attendance, regular work, and the gradual acquisition of skills.

The final exam consists of a written or oral test held at the end of the semester. It aims to assess the student's overall mastery of the concepts taught and their ability to apply their knowledge in a structured and in-depth manner.

Depending on the course units, teaching methods, or learning objectives, some units may combine both assessment methods. These methods ensure fair and diverse assessment that is tailored to the nature of the course, while allowing students to develop methodology, rigor, and autonomy throughout their academic career.

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Special facilities

Students with disabilities, young entrepreneurs, and high-level athletes can benefit from personalized support.

This may take the form of study arrangements, educational adaptations, or specific rights, in order to enable them to best balance their personal or professional constraints with their university education. Depending on the situation, these measures may include an adapted schedule, adjusted assessment methods, attendance facilities, individualized monitoring, or dedicated support services.

https://economie.edu.umontpellier.fr/scolarite/

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Open alternately

Apprenticeships are based on the principle of alternating between academic and practical training at university and acquiring skills with an employer. The pace of this alternation varies depending on the program, but follows a schedule established in advance.
The apprenticeship contract is a special employment contract that allows students to benefit from dual status: student and full-time employee of the company.

The MBFA Master's degree offers several tracks that allow students to pursue the Master's degree as an apprenticeship, combining university education and professional experience in order to facilitate entry into the job market.

MANDATORY INTERNSHIPS IN M1 AND M2

  • Professional and Corporate Account Manager

APPRENTICESHIP POSSIBLE IN M2

  • Financial Engineering
  • Economic and Financial Information System

More information about apprenticeships

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Program

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Select a program

Actuarial science

The Actuarial Science program is one of the programs offered by the Faculty of Economics under the Money, Banking, Finance, and Insurance (MBFA) major.

It aims to provide students with a solid foundation of theoretical and methodological knowledge enabling them to pursue a career as an actuary, while also preparing future researchers in the fields of actuarial science, finance, and insurance.

What is an actuary?

An actuary is a professional who specializes in applying probability calculations and statistics to issues related to insurance, finance, and social welfare.

Their role consists of analyzing and quantifying risks, assessing their financial impact, and estimating the future cash flows associated with them. To do this, actuaries use advanced mathematical tools, mainly from probability theory and statistics, to model and predict future events such as:

  • the length of human life,

  • the frequency of claims,

  • or the extent of the associated financial losses.

See the full page for this route

  • Theoretical econometrics

    5 credits

  • Market finance

    4 credits

  • Monetary and financial macroeconomics

    3 credits

  • Forecasting methods

    5 credits

  • Algorithms and Programming

    3 credits

  • Data mining and big data

  • Data warehouse

  • Language selection list

    • Choose one of two options:

      • English for Finance 1

        2 credits

      • Spanish 1

  • Economics of Bancassurance

    3 credits

  • Introduction to Stochastic Calculus

    4 credits

  • Corporate finance

    4 credits

  • Introduction to SAS / Excel VBA

    2 credits

  • Actuarial models in Excel VBA

    3 credits

  • Time series econometrics

    5 credits

  • Technical analysis

    2 credits

  • Applied econometrics project

    5 credits

  • Actuarial techniques

    3 credits

  • Choose one of two options:

    • English for Finance 2

      2 credits

    • Spanish 2

      2 credits

  • Optional

    • Optional UM student engagement

  • Financial markets and financial theory

    2 credits

  • Professional development conferences

  • Trading algorithm

    1 credit

  • Portfolio management under R

    1 credit

  • Non-Life Actuarial Science

    3 credits

  • Financial analysis (Bank of France)

    1 credit

  • Introduction to Artificial Intelligence in Python

    0.5 credits

  • Primary stock market: initial public offering

    0.5 credits

  • Stochastic calculus

    2 credits

  • Financial English

    1 credit

  • Enterprise risk management

    1 credit

  • Exploratory statistics (SAS)

    1 credit

  • Computer techniques (VBA)

    1 credit

  • Modeling emerging risks

    2.5 credits

  • Life Actuarial Science

    2.5 credits

  • Cybersecurity and cryptography

    1 credit

  • Econometrics applied to finance

    2 credits

  • Financial market econometrics

    2 credits

  • Financial big data

    1 credit

  • FinTechs, Blockchain, and Cryptocurrencies

    1 credit

  • Numerical methods in actuarial science "VBA"

    2 credits

  • Banking and insurance regulations

    1 credit

  • OPTION 1

    30 credits

    • Choose 1 or 2 from 2

      • Research thesis as part of a research program

        30 credits

      • 3- to 6-month internship

        30 credits

  • Introductory seminars on research

Banking Risk Analysis

This program trains banking finance professionals and researchers in this field.

He offers modern programming practices combined with statistical methods applied to large financial databases, with the ultimate goal of managing banking risks.

This course constantly takes into account developments in the banking sector, particularly changes in the field of banking risk analysis. In recent years, banking professions have undergone profound changes. These changes in banking professions and the globalization of operations have given rise to new risks. International operations now account for a growing share of credit institutions' on-balance-sheet and off-balance-sheet activities, while market interventions are becoming more diverse and complex. These developments have given rise to new types of risk and altered the factors of financial fragility that can affect the quality of the situation of banking players. As a corollary, banking supervisory authorities have imposed prudential rules to prevent banks from failing. These rules are part of preventive action programs aimed at promoting the stability of domestic banking systems.

This new training program enables participants to integrate the regulatory constraints of Basel III into the measurement of banking risks such as liquidity risk, asset and liability management (ALM), etc.

 The aim is to equip students with three types of skills: expertise in quantitative methods (econometrics, analysis of large databases, etc.), risk analysis (particularly banking risk) and banking regulation, and proficiency in IT tools (SAS, R, VBA, Python, etc.). The quantitative courses in this master's program are held in the MUSE Trading Room.

 These skills provide students with powerful tools for measuring the risks faced by financial institutions, enabling them to join risk control departments.

Strong ties have been established over many years with regional and national professionals, such as the Regional Director of the Ecole Supérieure and the Regional Delegate of the French Banking Federation. Many professionals contribute to the Master's 2 program, either through lectures or through the EU's professionalization conferences. These professionals share their professional experiences and explain the careers that are open to students upon completion of the Master's program. Internships are often obtained as a result of these presentations.

Conferences on Big Data, Artificial Intelligence (Python programming), etc. are organized by Data Scientist specialists.

Students thus benefit from excellent professional training based on solid theoretical knowledge and professional application by recognized experts in the field through supervised projects or professional conferences . This enables the vast majority of graduates to find employment within six months of completing their Master's degree. The employment rate is over 77%. 

See the full page for this route

  • Choose one of two options:

    • English for Finance 1

      2 credits

    • Spanish 1

  • Theoretical econometrics

    5 credits

  • Market finance

    4 credits

  • Monetary and financial macroeconomics

    3 credits

  • Forecasting methods

    5 credits

  • Algorithms and Programming

    3 credits

  • Data mining and big data

  • Data warehouse

  • Economics of Bancassurance

    3 credits

  • Optional

    • Optional UM student engagement

  • Choose one of two options:

    • English for Finance 2

      2 credits

    • Spanish 2

      2 credits

  • Introduction to Stochastic Calculus

    4 credits

  • Corporate finance

    4 credits

  • Introduction to SAS / Excel VBA

    2 credits

  • Banking techniques

    3 credits

  • Time series econometrics

    5 credits

  • Technical analysis

    2 credits

  • Applied econometrics project

    5 credits

  • Financial Mathematics in Excel VBA

    3 credits

  • Professional development conferences

  • Financial markets and financial theory

    2 credits

  • Numerical methods in banking "VBA"

    2 credits

  • Trading algorithm

    1 credit

  • Portfolio management under R

    1 credit

  • Financial analysis (Bank of France)

    1 credit

  • Primary stock market: initial public offering

    0.5 credits

  • Stochastic calculus

    2 credits

  • Operational and compliance risks

    2 credits

  • Financial English

    1 credit

  • Introduction to Artificial Intelligence in Python

    0.5 credits

  • Exploratory statistics (SAS)

    1 credit

  • Computer techniques (VBA)

    1 credit

  • Financial big data

    1 credit

  • Credit risk

    2 credits

  • Cybersecurity and cryptography

    1 credit

  • Econometrics applied to finance

    2 credits

  • Financial market econometrics

    2 credits

  • Asset-liability management (ALM)

    2 credits

  • Interest rate risks

    2 credits

  • FinTechs, Blockchain, and Cryptocurrencies

    1 credit

  • Numerical methods in actuarial science "VBA"

    2 credits

  • Programming in R

  • Banking and insurance regulations

    1 credit

  • Introductory seminars on research

  • OPTION 1

    30 credits

    • Choose 1 or 2 from 2

      • Research thesis as part of a research program

        30 credits

      • 3- to 6-month internship

        30 credits

Market Risk Analysis

The Market Risk Analysis program aims to train both professionals and researchers specializing in finance, with a particular focus on products traded on financial markets such as stocks, bonds, derivatives, currencies, and commodities. The program combines solid theoretical instruction with an in-depth quantitative approach, enabling students to understand how markets work and how financial instruments are valued.

Students acquire skills in financial risk management and measurement through the use of advanced statistical methods, such as volatility analysis, Value at Risk (VaR), Expected Shortfall (ES), and backtesting of risk models. They also learn how to assess portfolio exposure, identify major risk factors, and implement effective hedging strategies.

 

See the full page for this route

  • Choose one of two options:

    • English for Finance 1

      2 credits

    • Spanish 1

  • Theoretical econometrics

    5 credits

  • Market finance

    4 credits

  • Monetary and financial macroeconomics

    3 credits

  • Forecasting methods

    5 credits

  • Algorithms and Programming

    3 credits

  • Data mining and big data

  • Data warehouse

  • Economics of Bancassurance

    3 credits

  • Introduction to Stochastic Calculus

    4 credits

  • Asset valuation

    3 credits

  • Corporate finance

    4 credits

  • Introduction to SAS / Excel VBA

    2 credits

  • Portfolio allocation

    3 credits

  • Time series econometrics

    5 credits

  • Technical analysis

    2 credits

  • Applied econometrics project

    5 credits

  • Optional

    • Optional UM student engagement

  • Choose one of two options:

    • English for Finance 2

      2 credits

    • Spanish 2

      2 credits

  • Numerical methods

    3 credits

  • Financial markets and financial theory

    2 credits

  • Programming in VBA

    1 credit

  • Stochastic calculus

    2 credits

  • Portfolio management

    4 credits

  • Financial English

    1 credit

  • Trading algorithms

    2 credits

  • Data mining and big data

    3 credits

  • Exploratory statistics (SAS)

    1 credit

  • Computer techniques (VBA)

    1 credit

  • Market risks

    4 credits

  • Financial econometrics

    5 credits

  • Programming in R, Python

    1 credit

  • OPTION 1

    30 credits

    • Choose 1 or 2 from 2

      • Research thesis as part of a research program

        30 credits

      • 3- to 6-month internship

        30 credits

  • Professional speakers

  • Introductory seminars on research

Professional and Corporate Account Manager

OPENING SEPTEMBER 2026

TheMaster's in Professional and Corporate Affairs (CAPE) trains economists to analyze, evaluate, and design public and private economic policies in national and international contexts, taking into account developments in the banking and financial sector and regulatory constraints.

The program is based on anin-depth mastery of the theoretical and empirical tools of economic analysis, supplemented by courses in applied econometrics, finance, risk management, and data analysis. It enables students to develop a detailed understanding of economic and financial mechanisms, as well as modeling and decision-making skills tailored to the needs of organizations.

This master's degree is intended for students who wish to acquire advanced analytical skills, a strong intellectual independence and one ability to produce rigorous economic diagnoses, which can be applied in the fields of consulting, economic and financial analysis, as well as in business development roles working with professionals and companies.

See the full page for this route

Financial Engineering

The Financial Engineering track of the MBFA Master's program aims to train bothprofessionals and specialized researchers. It prepares students to become experts inadvanced financial engineering techniques, capable of analyzing and solving complex problems in a strategic and global context.

The program emphasizes the international dimension of financial markets and institutions, enabling graduates to understand global economic and financial issues. Students develop both technical and analytical skills, enabling them to develop innovative solutions, structure complex financial products, and respond to the strategic challenges faced by banks, asset management companies, insurance companies, and international financial institutions.

See the full page for this route

  • Choose one of two options:

    • English for Finance 1

      2 credits

    • Spanish 1

  • Theoretical econometrics

    5 credits

  • Market finance

    4 credits

  • Monetary and financial macroeconomics

    3 credits

  • Forecasting methods

    5 credits

  • Algorithms and Programming

    3 credits

  • Data mining and big data

  • Data warehouse

  • Economics of Bancassurance

    3 credits

  • Choose one of two options:

    • English for Finance 2

      2 credits

    • Spanish 2

      2 credits

  • Introduction to Stochastic Calculus

    4 credits

  • Corporate finance

    4 credits

  • Introduction to SAS / Excel VBA

    2 credits

  • Project financing in Excel VBA

    3 credits

  • Time series econometrics

    5 credits

  • Corporate taxation

    3 credits

  • Technical analysis

    2 credits

  • Applied econometrics project

    5 credits

  • Optional

    • Optional UM student engagement

  • Mergers-Spin-offs-LBOs-Bankruptcies-Restructuring

    2 credits

  • Quantitative risk management

    2 credits

  • Financial markets and financial theory

    2 credits

  • Investment science

    3 credits

  • Portfolio management under R

    1 credit

  • Innovative financing operations

    1 credit

  • Financial analysis (Bank of France)

    1 credit

  • Advanced financial management "case studies"

    2 credits

  • Stochastic calculus

    2 credits

  • Tax optimization "Case studies"

    2 credits

  • Audit and control "case study"

    1 credit

  • Financial English

    1 credit

  • Exploratory statistics (SAS)

    1 credit

  • Computer techniques (VBA)

    1 credit

  • International accounting (GAAP or IFRS)

    2 credits

  • Project management and assembly

    1 credit

  • Panel econometrics

    2 credits

  • FinTechs, Blockchain, and Cryptocurrencies

    1 credit

  • Banking and insurance regulations

    1 credit

  • Corporate strategy and governance

    1 credit

  • OPTION 1

    30 credits

    • Choose 1 or 2 from 2

      • Research thesis as part of a research program

        30 credits

      • 3- to 6-month internship

        30 credits

  • Introductory seminars on research

Economic and Financial Information System

The Economic and Financial Information Systems (SIEF) program aims to provide students with comprehensive training at the intersection of economics, finance, and information technology. The program begins with the study of economic and financial fundamentals, including macroeconomics and financial models (VAR, VECM), before focusing on quantitative subjects such as econometrics and stochastic calculus.

The IT aspect of the program is also central. Students learn about information systems, algorithms, and programming (Python, VBA, JavaScript), as well as database and data warehouse management. New technologies are explored through big data, data mining, data visualization, and artificial intelligence. Finally, the program includes the study of information system environments, with IS modeling and design, network and data security, and legal aspects related to personal data protection (GDPR).

See the full page for this route

  • Theoretical econometrics

    5 credits

  • Market finance

    4 credits

  • Monetary and financial macroeconomics

    3 credits

  • Forecasting methods

    5 credits

  • Algorithms and Programming

    3 credits

  • Data mining and big data

  • Data warehouse

  • Economics of Bancassurance

    3 credits

  • Choose one of two options:

    • English for Finance 1

      2 credits

    • Spanish 1

  • Introduction to Stochastic Calculus

    4 credits

  • Corporate finance

    4 credits

  • Introduction to SAS / Excel VBA

    2 credits

  • Programming in VBA

    3 credits

  • Econometrics of qualitative variables

    3 credits

  • Time series econometrics

    5 credits

  • Technical analysis

    2 credits

  • Applied econometrics project

    5 credits

  • Optional

    • Optional UM student engagement

  • Choose one of two options:

    • English for Finance 2

      2 credits

    • Spanish 2

      2 credits

  • Design of an IS (information system)

    3 credits

  • Database manipulation

    2 credits

  • Programming techniques

    2 credits

  • Data mining and big data

    3 credits

  • Survey

    2 credits

  • Computer Law (Polytech)

    2 credits

  • Data warehouse

    3 credits

  • Modeling an IS (information system)

    3 credits

  • Exploratory statistics (SAS)

    1 credit

  • Computer techniques (VBA)

    1 credit

  • Data visualization design

    2 credits

  • Econometrics

    3 credits

  • Safety

    3 credits

  • Choice of internship or thesis

    30 credits

    • Choose one of two options:

      • M2 SIF internship

        30 credits

      • Research thesis as part of a research program

        30 credits

  • Introductory seminars on research

  • Optional

    • M2 Optional student engagement

Admission

Admission requirements

  • For Master's 1: Holder of or currently pursuinga bachelor's degree (or equivalent, three years of higher education) in economics or a similar field, recognized in France or Europe.
  • For the Master 2: Have completed at least 4 years of higher education (Bac +4 / 240 ECTS) in fields related to economics or similar. A strong academic record and, in some cases, professional experience are valued.

economie.edu.umontpellier.fr/applications/

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Registration procedures

First year of master's degree

If you wish to apply for admission to Master 1, you must submit your application on the Mon Master platform .

Second year of master's degree

To gain equivalent access to the second year of the master's program, the ecandidat procedure is mandatory.

economie.edu.umontpellier.fr/applications/applications-and-admissions/

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Target audience

Students from the Montpellier Academy, the Occitanie region, France, and internationally

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Tuition fees

Tuition fees are set each year by the Ministry of Higher Education. They are accompanied by the Student and Campus Life Contribution (CVEC).

The entire program is free for students receiving scholarships.

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Recommended prerequisites

A good level inmicroeconomics, macroeconomics, mathematics, statistics, and econometrics is essential. Depending on the desired career path, certain options may be valued.

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And after

Continuing education

Master's degree graduates can continue their studies, particularlyin economics, in France or abroad, especially those who are interested in research or higher education. Additional specialized training (university degrees) may also be considered depending on career plans.

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Professional integration

The MBFA qualification enables graduates to enter the banking, finance, insurance, and financial markets sectors.
It prepares students for careers in:

  • Financial risk analyst (market, credit, liquidity)

  • Actuary analyst,

  • Market operator,

  • Portfolio Manager,

  • Financial Analyst,

  • Back office and risk control functions,

  • Economic and financial research officer in public or private organizations.

It also allows students to pursue doctoral studies or become involved in applied research activities.

https://osipe.edu.umontpellier.fr/masters/ 

 

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