Toulouse School of Management TSM
Master in Finance: M1 + M2 tracks (FIT, FIRE, Corporate Finance + Double Degrees in Finance (FIRE and Corporate Finance)
Toulouse, France
Master degree
DURATION
2 years
LANGUAGES
English
PACE
Full time
APPLICATION DEADLINE
16 Mar 2027*
EARLIEST START DATE
Sep 2027
TUITION FEES
EUR 360 / per year **
STUDY FORMAT
On-Campus
* A first application round for European and International students will open from December 2026 to February 2027. A second application round for all candidates will open from February to March, 2027. See details on TSM website.
** Registration fees UE 255€ - Overseas UE 3950€ + Student Life Contribution and Campus (CVEC) 105 €; M2 Double degree fees: +3000€
Key Summary
About: Toulouse School of Management's Master in Finance is EFMD-accredited and Financial Times–ranked. It’s a two-year programme (M1 + M2): year one builds foundations; year two offers M2 tracks in Financial Market and Risk Evaluation, Corporate Finance, and Finance and Information Technology (FIT). You can pursue a double degree with HEC Liège (FiRE or Corporate Finance).
Career Outcomes: Graduates enter roles such as asset manager, financial analyst, risk analyst, trader, corporate finance specialist, private equity professional, or consultant, and work in brokerage, middle office, treasury, M&A, or financial control. TSM’s Corporate Relations supports internships, professional projects, and employer networking services.
Are you looking for a career to provide you with the skills and knowledge to effectively manage finances?
Do you wish to become a financial expert upon graduation?
TSM offers to you a unique academic approach through the Master in Finance programme, fully taught in English, to comprehend the conceptual foundations and analytical methods in finance.
To build an intuitive understanding of finance to better communicate with key stakeholders and grow your career. Interact and engage with like-minded peers from around the globe. Join this programme of excellence that is EFMD-accredited.
An EFMD-accredited programme ranked in the Financial Times
Students who graduated from this EFMD-accredited programme or are about to join are assured of the best international standards in terms of training and recognition on the job market.
The EFMD accreditation is the most thorough programme accreditation system for business and management programmes that have an international perspective. It covers all facets of programme provision: from its institutional, national and international environment, through its design, delivery, outcomes, and impacts, to its quality assurance processes. It particularly emphasizes academic rigor, practical relevance, internationalization, ethics, and sustainability.
Only 10 Masters in Finance are EFMD-accredited worldwide.
The Master in Finance at TSM is the only French public Master in Finance to be ranked in the Financial Times in 2026.
What to expect?
The Master in Finance is a two-year programme:
- the first year covers the foundations of finance,
- second year: choice of tracks,
- students also have the opportunity to get a double degree with our partner HEC Liège.
Choice of tracks in Master 2
M2 Financial Market and Risk Evaluation
The Master “Financial Market and Risk Evaluation” (FiRE) offers theoretical and practical insights on financial markets. Students pursuing the Financial Market and Risk Evaluation track will also learn to:
- Use modeling and computational tools to price financial assets ;
- Understand the functioning of financial markets ;
- Identify and manage operational and financial risks.
M2 Corporate Finance
The Master in "Corporate Finance" aims at providing students with the skills required to analyze and manage corporate financial structure. Students pursuing the Corporate Finance track will learn to:
- Apply financial analysis and corporate valuation methods;
- Plan and manage strategic financing;
- Identify and manage operational and financial risks.
M2 Finance and Information Technology
The Master in “Finance and Information Technology” (FIT) provides students with skills in both finance and financial IT. Students pursuing the Finance and Information Technology track will learn to:
- Analyze and exploit big data to extract information to make financial decisions;
- Implement and upgrade business processes that collect information to support the company’s decisions;
- Design and implement business intelligence systems applied to financial contexts.
M2 Financial Market and Risk Evaluation: double degree with HEC Liège, Belgium
The double degree Financial markets and Risk Evaluation (DU - FiRE) is a degree of excellence that gives a double competence in market finance and banking.
- It aims at training financial professionals as financial analysts, fund and asset managers, consultants, and financial market professionals.
- It gives access to the Master of Banking and Asset Management of HEC Management School - University of Liège (ULiège) in Belgium - and the corresponding degree, in addition to the EPAS-accredited Master Financial Markets and Risk Evaluation of TSM.
- Students who enroll in this program spend the first two semesters at TSM and the third and fourth semesters at HEC Liège.
M2 Corporate Finance: double degree with HEC Liège, Belgium
The double degree «Corporate Finance» (DU - CF) is a degree of excellence that gives a double competence in corporate finance and banking.
- This program gives access to the Master of Banking and Asset Management of HEC Management School - University of Liège (ULiège) in Belgium - and the corresponding degree, in addition to the EPAS-accredited Master Corporate Finance of TSM.
- Students who enroll in this program spend the first two semesters at TSM and the third and fourth semesters at HEC Liège.
On completion of the degree, you will be able to:
- Know the basic institutional and regulatory framework of finance in organizations and markets;
- Understand the conceptual foundations and analytical methods in finance;
- Apply analytical methods in finance to solve practical problems encountered by corporations, financial institutions, and markets;
- Critically assess the drivers of contemporary financial issues;
- Incorporate ethical dimension and implications for sustainability in financial decisions;
- Communicate effectively in oral and written form;
- Solve complex problems.
Semester 1
- UE 01 - Foundations of asset pricing
- UE 02 - Introduction to corporate valuation
- UE 03-1 - Mathematics for finance and insurance (Introduction to optimization for finance and insurance)
- UE 03-2 - Mathematics for finance and insurance (Introduction to probability for finance and insurance)
- UE 04 - Business economics
- UE 05 - Introduction to financial accounting and reporting
- UE 06 - Initiation to research
Semester 2
- UE 07-1 - Financial markets (Introduction to derivatives)
- UE 07-2 - Financial markets (Organization of financial markets and fixed income)
- UE 08 - Principles of corporate finance
- UE 09 - Econometrics
- UE 10-1 - Introduction to Information Technology for Finance (Programming for Finance)
- UE 10-2 - Introduction to Information Technology for Finance (Excel for finance)
- UE 10-3 - Introduction to Information Technology for Finance (Database management)
- UE 11 - Group project
- UE 12 - Professional Development Workshop
- UE 13 - Internship
Semester 3 & 4 at HEC Liege
- Business Ethics and CSR
- Master Thesis Methodology
- Seminar on Sustainability and Smart Territories
- Foreign Language
- Fund Industry
- Estate and Financial Planning
- Financial Risk Management
- International Finance
One course «Finance» to choose among:
- Ethics, Regulation, and Compliance in Finance
- Comptabilité approfondie et fiscalité
- Diagnostics approfondis de l’entreprise
- Empirical Methods in Financial Markets
- Financial Data Modeling and Analysis
- Financial Risk Modeling
One course «Finance» to choose among:
- Strategic Marketing Seminar
- International Management Seminar
Mandatory:
- Thesis
- Internship
TSM’s Master in Finance Confirms Its Position in the Financial Times 2025 Ranking
The Financial Times, a globally renowned British economic and financial daily newspaper, has published the ranking of the "masters in finance pre-experience" for 2025. This edition evaluates the best programmes in this field of Finance, considering criteria such as employability, graduate satisfaction, and diversity among students, faculty, and board members of the institutions.
Once again, the TSM's Master in Finance ranks 2nd globally for the “Value for Money” criterion. This criterion highlights the programme’s cost-effectiveness, considering the moderate tuition fees and high graduate salaries, with an average salary of €76,000 three years after graduation.
It remains the only public French programme to appear in this globally renowned ranking.
Are you an international student who wants to join TSM? The Eiffel Scholarship can make your plans financially sustainable. The Eiffel programme provides merit-based scholarships to foreign students who wish to study in France for a Master's.
To get the scholarship, you must apply directly to TSM. Our school will then send the pre-selected applications to Campus France. You will not be able to apply directly to Campus France.
Career
Fields of expertise:
- Risk analysis
- Brokerage
- Asset management
- Trading
- Middle office
- Design of structured products
- Private equity
- Consulting
- Financial analyst
- Financial controller
- Corporate business manager in a banking institution
- Merger-acquisitions specialist
- Investments manager
- Research manager
- Consultant
- Asset manager
A dedicated service to develop your professional experience
TSM helps students integrate more easily into the corporate world!
The Corporate Relations department makes your professional career a priority. Thanks to dedicated services and tools - professional project, internships, careers, TSM-Connect platform - TSM allows you to take advantage of its proximity to the business world to facilitate and succeed in your professional integration.
TSM, a French leading public School at affordable prices
TSM - Toulouse School of Management is a French EQUIS-accredited public Schoolof excellence in Management.
The EQUIS international accreditation by the European Foundation for Management Development (EFMD) is a leading certification for Business and Management schools, and a testament to our dedication to excellence.
As a public institution, TSM offers excellent programmes in management, comparable to those offered by leading schools, but at much more affordable tuition fees.
A welcoming environment for students
At TSM, the quality of student life has always been a priority. Teachers, administrative staff and partners all strive to provide an exceptional educational experience that goes beyond academic excellence.
TSM has been awarded with 3 stars "Bienvenue en France" for its international outlook and the quality of reception for international students and has been awarded the HappyIndex®AtSchool label.
These two awards validates our ongoing efforts to put the happiness and success of our students at the heart of our concerns.
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Toulouse, the French art of living!
TSM is located in Toulouse's bustling city center near shops, restaurants, cafes and all the entertainment of the fourth-largest city in France.
In southwest France, Toulouse is a vibrant metropolitan area attractive for the quality of education, quality of life and employment rate.
Our Commitments:
- Enabling students to be active and engaged learners in an innovative learning environment
- Training students with digital skills that suit the job market
- Developing international learning experience for your future exposure in a globalised economy
- Giving the benefit of professionnal preparation to ensure rapid and successful employability
- Providing access to high-quality programmes at an affordable public school price
- Offering research opportunities for students to cultivate problem-solving and critical thinking skills
- Empowering students to establish startups and emerge as innovative leaders
TSM Summer University
Join TSM Summer University during 2 weeks and experience insightful courses taught by brilliant faculty in the amazing city of Toulouse, southern France.
Learn from and network with participants from different countries!
Learn more