Economics - Management

MASTER'S DEGREE 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 TOOLS AND METHODS

  • COURSES 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.

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International dimension

From the second year onwards, students can study at one of the 60 universities with which the Faculty of Economics has partnerships as part of the ERASMUS+ exchange programs, inter-university agreements, and CHARM-EU.

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

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Organization

Knowledge assessment

The Master's programs at the Faculty of Economics are structured over two years and four semesters, based on an assessment system designed to measure students' learning progressively and comprehensively. At the end of each semester, the skills, competencies, and knowledge acquired in each teaching unit (UE) 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.

 

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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.

MANDATORY INTERNSHIPS IN M1 AND M2

  • Professional and Corporate Account Manager

 

APPRENTICESHIP POSSIBLE IN M2

  • Financial Engineering
  • Economic and Financial Information System

economie.edu.umontpellier.fr/career/apprenticeship-training/

 

 

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Internships, supervised projects

Internship

Possible

Duration of the internship

Maximum 924 hours, or 6 months

Internship abroad

Possible

A true immersion in the professional world, it allows students to apply the knowledge they have acquired in class, discover how organizations work, and compare theory with practice. To get the most out of it, serious preparation is essential: learning about the host organization, defining your objectives, mobilizing your skills, and preparing for professional demands.

All Master's programs offer the possibility of doing an internship.

In Master 1, internships are possible and optional. They must be related to the program.

The internship may begin at the end of the second semester exams or be completed during university vacation periods. In all cases, it must end no later than August 31, regardless of whether the student is enrolled in a Bachelor's degree, Master's degree, or University Diploma program.

In Master 2, the internship is mandatory.

The start date is set in agreement with the academic supervisor, generally between February and March, in order to fit in with the training schedule and the requirements of the final thesis. Regardless of the period chosen, the internship mustend no later than September 30.

economie.edu.umontpellier.fr/career/go-on-an-internship/

 

 

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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

The Banking Risk Analysis track of the MBFA Master's program trains professionals and researchers specializing in banking and financial risk analysis and data science. It combines modern programming, statistical methods, and analysis of large financial databases to address the new challenges facing the sector.

The program takes into account developments in the banking and finance sector, the complexity of international operations, and new prudential regulatory requirements such as Basel III, particularly with regard to liquidity risk and asset-liability management (ALM), as well as proficiency in artificial intelligence tools. Quantitative courses are held in the Trading Room.

The program is highly professionalizing thanks to partnerships with banking institutions, guest lectures by professionals, conferences on Big Data and AI, and applied projects, promoting access to internships andemployment. The majority of graduates find employment within six months, with an employment rate of over 80%.

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

The Master's degree in Professional and Corporate Account Management (CAPE) trains professional and corporate account managers to fulfill their duties of managing, advising, and developing the portfolios of a client base comprising artisans, merchants, independent professionals, microbusinesses, and SMEs, while taking into account developments in the banking and financial sector and regulatory constraints.

This program provides a solid foundation in economic, banking, and financial analysis, as well as mastery of quantitative and digital analysis tools, promoting a focus on Professional and Corporate Business Centers.

The training program enables participants to acquire essential technical, commercial, and behavioral skills, while developing a solid understanding of risks, which is essential for success in this sector.

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. 

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 abroad.

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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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