phd in banking and finance in germany

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Finance Concentration

This concentration is one of the three concentrations offered in the Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of asset pricing, corporate finance and financial intermediation. Frequently, these projects are pursued jointly with representatives of our stakeholders from the industry, the public and governments and actively involve our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in theoretical and empirical topics in the fields of asset pricing, corporate finance and financial intermediation. Currently, the finance concentration consists of core courses and electives taught by resident staff.

Internationally renowned guest professors in their respective fields of expertise complement the curriculum. Students who pursue a Doctoral in Finance at Frankfurt School have to complete the electives in addition to the required core courses.

Finance Seminars

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The course introduces some of the most widely used quantitative models in the fields of economics, finance and management. It has a clear focus on applying the methods while not shying off on formal treatments. In particular, the course covers:

Statistical Concepts and Distributions

Asymptotic Limits and Estimators

Linear Models and Estimation

Instrumental Variables Estimation

Generalized Method of Moments

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Asset Pricing Theory

The course is an in-depth introduction to the modern theory of asset pricing and portfolio choice. Its main focus is on the relationship between arbitrage and equilibrium, and how both conditions imply the existence of "state prices," positive discount factors such that the price of any security is simply its discounted expected payoff. The first part of the course examines static economies while the second extends into a multi-period framework. Both parts are restricted to discrete time and symmetric and complete information.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate and in some cases improve, prior empirical studies. Censored regression functions

Tobit regression

Estimators and sample selection bias

Median and qunatile regressons

Covariance matrices

Causal effects

Nonparametric regressions and intsrumental variables

Non-parametric regressions

Kernel regressions

Time series analysis

Unit root testig Integrated proecesses

Cointegration Introduction to machine learning

Game Theory

The course combines theoretical developments of game theoretic concepts with applications of these concepts to questions in economics, finance and management. The course starts with simple games and shows the solution concepts for these games (and potentially the problems of the concepts). It then gradually enriches the games and the respective solution concepts. For each class of games, several examples will be provided how to apply the material learned in the course, always with an eye on how students can apply these concepts in their own research. Finally, students will present recent of fundamental research papers that use and apply these concepts, thereby pointing out the usefulness (but also the potential problems) of these concepts in research in different fields

Causal Inference

The course is structured in three parts (not necessarily chronological):

Part 1: Empirical methodologies (focus on regression discontinuity, difference-in-difference estimators, synthetic control estimators)

Part 2: Discussion of recent empirical papers with a focus on financial intermediation, corporate finance, and possibly with a link to accounting

Part 3: Development of own research ideas

Corporate Finance

The module introduces concise moral hazard and adverse selection models that allow analyzing major topics in corporate finance including among others firms’ debt capacity, the optimal capital structure, corporate risk and liquidity management. The module then discusses the role of banks in mitigating moral hazard and advserse selection in corporate finance, before moving on with a more general analysis of the role of banks in the financial system.

Empirical Asset Pricing

The objective of the course is twofold:

1) to familiarize students with the field of empirical asset pricing, i.e., to provide exposure to the seminal papers as well as the most important recent contributions; and

2) to teach students how to conduct, interpret and present empirical research. Accordingly, we will encounter a broad set of methodologies and datasets.

Accounting Information and Capital Markets

This module provides an introduction to the key areas of financial accounting research. It covers topics such as value relevance of accounting information, accounting-based valuation, earnings management, contracting and accounting, disclosure, text-as-data in accounting, information intermediaries, real effects in accounting, corporate governance, financial reporting regulation, political ecomony of accounting etc.

Advanced Topics in Finance

1) Advanced Topics in Information Acquisition and Processing 2) Regression-Based Estimation of Asset Pricing Models 3) Advanced Topics in Financial Intermediation 4) Advanced Topics in Over-The-Counter Markets 5) Advanced Topics in Political Economy in Finance 6) Advanced Topics in Household Finance

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the program office help you identify the appropriate courses.

PhD Brownbag

The workshop provides a forum for presenting ongoing and completed research projects by Ph.D. students. Students learn to present their own academic research for a mixed audience. They will gain skills in presenting, preparing compelling slides, interacting with the audience, taking feedback, and time management. Given the turnover of topics over time, students are required to enrol in the course every time it is offered.

Master's Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor Stevo Pavicevic tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor Tetyana Kosyakova’s projects, but her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modelling. Currently, I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data, when consumers are making choice decisions given a large choice set.

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models do not scale to large choice sets or large product assortments due to the difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. pol. students at Frankfurt School often work closely together with the faculty on (larger) research projects. Digitalization and its corporate impact is at the core of the project of accounting professor Matthias Mahlendorf :

"In a joint project with Dr. rer. pol. and students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches such as Google's "Objectives and Key Results", OKR as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately, I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor Sascha Steffen about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Finance Faculty

Affiliated faculty, student funding and scholarships.

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group and admission requirements.

Outstanding graduates of a Bachelor‘s or Master’s programme in business administration, finance, management, accounting or related fields who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September and 15 January.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of the chosen concentration.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicants' overall portfolio and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

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Doctoral Program in Finance

You have been seriously and with growing interest studying Finance, Economics and Econometrics, and you are wondering whether you are able to make a genuine academic contribution of your own? You are interested in pursuing a PhD in Finance at a research-oriented university? You would like to become part of a research-active team with an exciting and innovative scientific agenda? Then you should consider joining our Doctoral Program in Finance (DPF). The DPF offers a strictly research-oriented education with a coursework component and a structured supervision process. The coursework component will teach you skills that will enable you to comprehend the most recent research in the areas of your interest. There is a commitment of an interactive and well-developed supervision process, supporting the development of your own research agenda and helping you to become an independent thinker in your field. It is part of our mission to make you visible as an independent researcher at the end of your studies, enabling you to apply successfully for academic positions all over the world. To help you get there, the DPF expects you to present your work once every academic year in a research seminar, and to actively participate in at least one international conference/workshop during your doctoral studies.

Requirements

Interested? Here is what you need: for a start, the DPF relies on a well-defined level of competence in core fields of modern finance, economics, and econometrics as, for example, defined in the core courses of our Msc. Program in Economics and Finance. However, the DPF is also open to applicants with backgrounds in other fields than economics. In this case, you may be asked to take the core courses (or a subset of them) in your first year here, in order to ensure your sound knowledge in those fields.

The coursework component of the DPF requires each student to take field courses worth 27 ECTS. The selection of these courses is part of the supervision agreement, so you are not left alone when you will decide on your course selection. Here are examples of the classes that are/ have been offered:

• Financial Economics
• Continuous Time Finance
• Empirical Asset Pricing
• Numerical Methods in Finance
• Statistics of Financial Markets
• Empirical Banking
• Current Topics in International Business Taxation
•  Financial Market Microstructure

Details and course descriptions can be found in the module handbook (see download section). Please note that this program may change from year to year, also in response to the qualification objectives of our program.

If you have successfully completed a Master program and have taken classes on PhD level during your studies, you may transfer credits to the DPF. However, this transfer is restricted to 18 ECTS.

Application

So, what next? Admission to the DPF is coordinated with the admission process as a doctoral student. Your best strategy is to get in touch with a potential supervisor of your thesis. How can you do this? Just browse our websites and explore our diverse research activities. You find a group of (financial) economists and a group of econometricians. Make an appointment and discuss your options. Then ask your potential supervisor to get the ball rolling: enroll as a doctoral student and apply for admission to the DPF. You may also submit an application without naming a supervisor. In this case the coordinator of the DPF will consider your application and approach potential supervisors for you. However, in order to avoid disapointment, we recommend that you explore our diverse research options first.

If you are enrolled in a Master program at the University of Tübingen, you may want to consider the PhD track. This track also allows you to start the supervision process in the second year of the program. After one year in the program, you may contact a potential supervisor and ask for supervision. This supervision will be based on an arrangement that specifies your (preliminary) research interest and should make acceptance as a doctoral student easier once you have completed your degree (although it does not guarantee that you will be accepted as a doctoral student). The main purpose is to offer academic guidance at an early stage.

Note carefully that the DPF itself does not offer any funding, albeit there are plenty of opportunities to work as research and teaching assistant. Furthermore, we are more than happy to give you advice on funding options. At the same time, the DPF does not charge any tuition fees.

I hope that you will consider joining our program. If you have any questions, please do not hesitate to contact us under joachim.grammig spam prevention @uni-tuebingen.de .

Joachim Grammig Professor of Econometrics and Empirical Economics Coordinator of the DPF

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The faculty at a glance

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• Faculty of Economics and Management Science

work Institutsgebäude Grimmaische Straße 12 04109 Leipzig

Phone: work +49 341 97 - 33500 Fax: fax +49 341 97 - 31133500

Vice-Dean Prof. Dr. Martin Friedrich Quaas

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Vice-Dean Prof. Dr. Utz Dornberger

Deanery Dr. Martina Diesener

Secretariat Cathérine Krobitzsch

Institutes & Facilities

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• Institut for Commerce and Banking

If you are planning to do a PhD at the Chair of Sustainable Banking and Finance, as the next academic step, you will find all the important information about the process and further procedure here.

General conditions

In principle, the Chair offers interested and qualified university graduates the opportunity to do a PhD in economics. On the one hand, there is the classic "internal" PhD programme , in which you work on your doctoral studies and at the same time participate in the Chair in a scientific manner. On the other hand, there is also the possibility of an external doctorate at the Chair , where you do your doctorate while working. In both cases, the aim is to create the right conditions for you to successfully complete your doctoral project within two to three years.

For both internal and external promotions, you create s everal individual publications on a specific topic ( cumulative procedure ). The common goal is that the papers you write have a realistic chance of being published in a renowned, peer-reviewed journal. As a rule, the papers will have a quantitative or empirical character and relate to the research areas of the Chair (exceptions confirm the rule!). Throughout the entire doctoral project, you will have the opportunity to discuss your ideas (and problems) at the professorship at any time.

Requirements

Admission to the doctoral procedure is subject to the Promotionsordnung of the Faculty of Economic Sciences. All formal requirements for admission are regulated there. In addition, they should ideally

• have an outstandingly business-oriented degree (Master's/ diploma/ state examination in the subjects of business studies/ economics, business mathematics, business informatics, business education, industrial engineering, mathematics or statistics)
• in addition, a very good knowledge of English is indispensable, as the dissertation will be written in English.

If you are interested in a PhD at the Chair, please send an E-Mail for further arrangements. In addition, you will find below cross-links to further information that may help with formal questions.

Complete PhD procedures

• Dr. Marcus Scheffer (2011-2016, internal, current employer: ERGO Group AG)
• Dr. Christopher Bierth (2013-2016, internal, current employer: B&W Deloitte GmbH)
• Dr. Felix Irresberger (2013-2015, internal, current employer: Leeds University Business School)
• Dr. Hendrik Supper (2012-2014, internal, current employerr: d-fine GmbH)
• Dr. Tobias Berens (2011-2014, external, current employer: Deutsche Apotheker- und Ärztebank eG)

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Phd at leipzig university, phd at the faculty, research academy leipzig.

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International Programmes 2023/2024

PhD Programme with Tracks in Accounting, Economics, Finance, and Marketing PhD Programme in Accounting, Economics, Finance, or Marketing

Goethe university frankfurt • frankfurt am main.

• Course details
• Costs / Funding
• Requirements / Registration

The Graduate School of Economics, Finance, and Management (GSEFM) constitutes an alliance involving Goethe University Frankfurt, Johannes Gutenberg University Mainz, and Technische Universität Darmstadt.

Courses are held exclusively in English.

Pre-semester courses start around mid-September.

Applications will be reviewed in three stages with the following deadlines:

31 January 31 March 31 May

Particularly strong candidates from the first two stages will receive a positive admissions decision within approximately six weeks of the deadline for the respective stage. Other applicants from these two stages will receive the admissions decision together with the applicants from stage three.

Applicants from the third stage will learn about a positive admissions decision by the middle of July. All applicants who could not be admitted will be duly informed once the admissions process has been completed.

GSEFM strongly encourages candidates to apply in stage one or stage two to have sufficient time for visa applications and other arrangements. Additionally, all financial aid for PhD programme students may be awarded during the first or second stage of the admissions process.

Compelling for its coverage of both theory and empirical analysis, the PhD programme at GSEFM offers a two-year cycle of doctoral-level courses developed specifically to transmit a rigorous methodological framework in the core areas of each track of the programme (economics, finance, marketing and accounting), followed by courses designed to expose students to the research frontier in a variety of fields of specialisation (accounting, development and international economics, econometrics, finance, macroeconomics, marketing, and microeconomics). The curriculum of the programme pays special attention to helping students with a smooth transition from the course phase to the dissertation writing phase. It thus contains various structural elements in the dissertation writing phase (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way. The overarching objective of the GSEFM PhD programme is to thoroughly prepare graduates for taking on leading positions in academia or serving as experts in international institutions, government, and the private sector, in all cases bringing to bear insights based on independent and novel research.

Placements of GSEFM PhD graduates include Cambridge University, Columbia University, INSEAD, New York University, Oxford University, University of Amsterdam, Xiamen University, International Monetary Fund, World Bank, European Central Bank, Deutsche Bundesbank, Federal Reserve System, Bank of Korea, Hong Kong Monetary Authority, ministries, and a variety of private financial sector institutions and economic consultancies.

In the first year of the programme, students have the choice between the following four tracks:

• Economics: In this track, students in the first year of studies attend core courses in macroeconomics, microeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in microeconomics, macroeconomics, and econometrics.
• Finance: In this track, students in the first year of studies attend core courses in finance, micro- or macroeconomics, econometrics, mathematical methods, and programming languages. At the end of the first year students who wish to continue in the programme also must pass qualifying examinations in finance, micro- or macroeconomics, and econometrics.
• Marketing: In this track, students in the first year of studies attend core courses in marketing, microeconomics, econometrics, mathematical methods and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in marketing, microeconomics and econometrics.
• Accounting: In this track, students in the first year of studies attend core courses in accounting, econometrics, microeconomics, mathematical methods, and programming languages. At the end of the first year, students who wish to continue in the programme also must pass qualifying examinations in accounting, econometrics, and microeconomics.

Second-year courses discuss how to carry out frontier research. They are offered in a wide range of fields. The fields offered are accounting, microeconomics and management, macroeconomics, econometrics, finance, marketing as well as development and international economics. The choice of field courses is free across the four tracks, except that students must pick at least one field course that originates within their PhD programme track. Another part of the second year of studies is a research seminar that also helps with deepening skills in writing and presenting papers.

The dissertation writing phase contains various structural elements (including a third-year research paper requirement, a guided teaching requirement, transferable skills courses, and a job market course), intended to help students to complete their doctoral education and present themselves in the job market in the most effective way.

• International comparisons and thematic reference to the international context

Internships are not compulsory, but they are possible on a voluntary basis.

PhD students are eligible for assistantship positions. Some faculty members consider first-year students for these positions, which may require the ability to teach in German. To date, almost all students who excel during their first year have been able to secure a position as a student, teaching and research assistant by the middle of the second year. Hiring for these positions occurs on a decentralised basis through the individual faculty members.

• Other (e.g. state level)

Goethe University charges an administrative fee of about 377 EUR per semester (about 754 EUR per year). This includes free entrance to museums in Frankfurt as well as the "student ticket" that entitles you to unlimited use of all buses, trams, the subway, and regional trains in the Frankfurt, Darmstadt and Mainz ("Rhine-Main") region.

The cost of living in Frankfurt depends on personal requirements and lifestyle. However, students should expect minimum expenses of approx. 1,000 EUR per month. This calculation is based on the following items: 860 EUR for rent, food, clothing, and study materials, around 81 EUR for compulsory health insurance that is almost comprehensive, and approx. 60 EUR for the semester contribution (including free public transport).

PhD programme students may receive financial aid in the form of a stipend for the first year of studies. For further information, click here . Since all financial aid may be awarded during the first or second round of admissions, it is strongly recommended to submit applications by 31 January or latest 31 March of the calendar year for which admission is being sought.

PhD programme students are eligible to apply for student assistant positions at the GSEFM faculties. Some faculty members consider first-year students for teaching/research assistant positions that may require the ability to teach in German. Most of the financial support for second- and higher-year PhD students comes in the form of student-assistant positions as well as teaching and research assistantships.

A Bachelor's or Master's degree is required. Click here for detailed information about the requirements.

The exclusive language of all GSEFM degree programmes is English. Sufficiently strong English language skills may be documented in one of the following forms:

(i) A diploma/degree certificate from a secondary school with English as the official language of instruction (The secondary school must have been attended for at least two years.) (ii) At least one year of successfully completed university-level studies in a degree programme being exclusively taught in the English language (iii) Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS) scores; The minimum scores are as follows: TOEFL/iBT: 93; TOEFL/PBT: 580; IELTS: 7.0.

Test scores that are older than four years at the time of the deadline for the stage in which the complete application is submitted cannot be accepted.

The TOEFL-designated institution code for GSEFM is "7276".

Please click here for information about how to apply, and click here for detailed information about application requirements and deadlines.

Job opportunities extend beyond the university: 44,000 companies and organisations based in Frankfurt have approximately 450,000 employees on their payrolls. Furthermore, 350 banks, including the European Central Bank, 150 foreign banks, and the fourth-largest stock exchange in the world are based in the city. Well known as one of the most important financial centres in Europe, Frankfurt is also home to various cultural and research institutions. All these entities are key players in a flourishing environment that offers students and graduates interesting jobs and internships. The GSEFM Student Services Office, the "Studierendenwerk", and the Career Services at Goethe University provide information and support to graduate students who want to combine their studies with part-time jobs. However, it should also be noted that chances of successfully completing studies on time decline significantly when spending more than one day per week on non-study related work.

Frankfurt am Main offers a wide variety of accommodations from university dorms to privately rented apartments. The biggest providers of dorms are the Studierendenwerk (student services) and churches. The more than 30 dormitories offer about 3,800 accommodation units, starting from about 200 EUR per month for a single room to up to approx. 590 EUR per month for a family apartment of about 45 m². For further information, click here . As these rooms are in high demand, we strongly recommend that students contact the institutions in question as soon as they receive their letters of admission to the programme.

Fourth-year PhD programme students participate in a job market course. This course helps to understand the hiring practice of academic employers, and prepares for the application process for PhD graduates at all types of employers, inter alia through practising interviewing and presentation skills.

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Humboldt-Universität zu Berlin - Finance Group

Writing a doctoral dissertation in finance.

Students interested in the practical relevance of academic research in finance and who have a strong academic track record should consider writing a doctoral dissertation. The finance track of the Berlin School of Economics PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/ ) introduces students to research questions and methodologies that shape current research in financial economics, and prepares graduates for research careers in universities, central banks, and other research-oriented institutions.

Our PhD program consists of intensive course work in microeconomics, econometrics, and financial economics during the first year, and advanced specialization courses in finance in the second year. The core course in finance covers the main fields of financial economics, i.e., corporate finance, financial intermediation, and asset pricing. Elective courses from other fields in economics can also be chosen. Students must complete a minimum of 90 ECTS in order to finish the program. The typical study sequence in finance is as follows.

The finance faculty currently include Tim Adam, Max Bruche, Beatriz Mariano, Lukas Menkhoff, and Alex Stomper. We nurture a stimulating environment for research in finance. Our core strengths lie in the areas of corporate finance and financial intermediation, but we are also interested in research at the intersection of finance with other fields in economics (e.g. labor economics, international economics, or development) as well as outside economics (e.g. history, climate change.

We are conducting both empirical and theoretical research, and have access to many of the major databases in finance, such as EIKON, Compustat, Capital IQ, Bloomberg, and Morningstar. In addition, Prof. emeritus Richard Stehle has calculated the Fama-French factors for Germany since 1958. This data is available here . Funding for other financial data is available upon request.

Application  

If you would like to write a doctoral dissertation in finance you must first apply to the Berlin School of Economics (BSE) PhD Program ( https://bdpems.wiwi.hu-berlin.de/portal/content/application ). The application deadline is each year in February.

We do not supervise external dissertation projects. Every student wishing to write a dissertation in finance must first enroll and complete the BSE PhD Program.

Frequently Asked Questions concerning studies at the PhD level: https://www.wiwi.hu-berlin.de/de/professuren/vwl/wipo/faq_master_phd

2-year scholarships (€ 1.200/month) are available for applicants with outstanding academic credentials. Upon successful completion of the first- and second-year courses, students are eligible to apply for a research assistant (Wissenschaftlicher Mitarbeiter) position in the Finance Group. This position provides funding for another three years of doctoral study. In addition, there are external funding opportunities, such as the Kauffmann Dissertation Fellowship Program etc. Information on further funding opportunities are available from the Scholarship Portal .  

Starting April 1st 2013, the Humboldt-University will offer "Humboldt Research Track" scholarships at € 800 for the first time, in order to pave the way to a doctoral degree for exceptional Master students. The scholarship supports students during the transition phase between the completion of the master degree and the begin of doctoral studies. Additional information is available at: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship  

Scholarships for post-doctoral studies are available from the DAAD: https://www.daad.de/ausland/studieren/stipendium/de/22346-postdoctoral-researchers-international-mobility-experience/  

For more information on scholarships, please visit the website of the Humboldt-Graduate School: https://www.exzellenz.hu-berlin.de/de/foerderlinien/youth-development/humboldt-research-track-scholarship

Placement Students mentored by members of the finance faculty have been placed in universities such as Cass Business School, Copenhagen Business School, Ghent Univ., and Univ. of Georgia, in central banks and public sector institutions such as BaFin, Bundesbank, ECB, KfW, and OECD, as well as in the private sector, e.g. Deutsche Asset Management, HSBC Trinkaus & Burkhardt, or Munich Re.

Ph.D. Finance Curriculum

Advanced Financial Economics (4 SWS, 9 ECTS, SS)

This course covers the main areas in finance: corporate finance, financial intermediation, asset pricing, and investments.

Research Topics in Finance I (2 SWS, 6 ECTS, WS)

This course explores classic and current academic research on Financial Intermediation. It targets PhD and Master students who are currently looking for a topic for their own thesis. The course starts with a lecture-style presentation of the overarching research themes in the literature. Seminar participants will then present and discuss classic papers, as well as current unpublished papers that are still being presented at conferences.

Research Topics in Finance II (2 SWS, 6 ECTS, SS)

Discussion of current research topics in financial economics.

Finance Research Seminar (2 SWS)

This seminar is a series of research seminars given by external guests in the areas of finance and accounting. For the current seminar schedule click here .

Finance Reading Group (2 SWS)

Discussion of the research presented in the Finance-Accounting Research Seminar and other current events.

Finance Brown Bag Seminar (2 SWS)

In this seminar PhD students present their own work in an informal athmosphere.

Other recommended Elective Courses

· Microeconometric Evaluation Methods (Caliendo (Uni Potsdam), 6 ECTS)

· Applied Econometrics (Gassen/Wagner (ESMT), 9 ECTS)

· Time Series Analysis (Droge, 9 ECTS)

· Analysis of Panel Data (Droge, 9 ECTS)

· Applied Microeconomics (Steiner, 6 ECTS)

· Structural Econometrics: Discrete Choice Methods with Simulation (DIW, 6 ECTS)

· Structural Econometrics in Labor and IO (DIW, 6 ECTS)

· Introduction to Policy Analysis and Policy Advice (DIW, 9 ECTS)

· Empirical Accounting Research (Gassen/Olsson (ESMT), 6 ECTS)

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• PhD Program

The Berlin School of Economics PhD Program provides outstanding doctoral students with a vibrant, intensively networked research community. The program develops the students’ talents in a unique combination of a high-level, academic research environment together with applied, policy-oriented research opportunities. Students receive state-of-the-art coursework training and can select from a wide array of specializations. For each specialization, a professional research environment is provided by Berlin’s universities and economic research institutes.

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Program structure and curriculum

All PhD tracks offered in the PhD Program share the same structure and general curriculum. The program’s curriculum is divided into a qualification and a dissertation phase:

Qualification Phase

During the qualification phase (about three semesters), students acquire methodological and research-oriented training in mandatory course work in economic theory, applied economics, business studies, econometrics, and economic policy. Students define their research area and find supervisory support from two supervisors. They write research proposals that are discussed with faculty members individually and in seminars in order to provide early feedback on the scientific potential of research ideas. This is a central part of the PhD Program, in which the students have full flexibility in the choice of their research topics and of the supervisors. During this phase, students are funded through stipends that allow for this flexibility. In total, students have to complete a  minimum of 90 ECTS credits  in order to finish the qualification phase of the program.

Dissertation Phase

During the subsequent dissertation phase (about three years), students write a doctoral thesis while having the opportunity to apply their knowledge in the professional research environment that is provided at the Berlin universities and research institutes participating in the Berlin School of Economics. In this phase, students are typically employed at their supervisor’s chair or in research groups at research institutes.

The PhD will be awarded by one of the institutions in the Berlin School of Economics with the right to award doctoral degrees. In most cases, the PhD is awarded by the institution the student’s first supervisor is affiliated with.

The following chart gives an overview of the general structure of the PhD Program:

Researchers Guide

This guide includes academic advices from the researchers of the Berlin School of Economics.

Special thanks to the INSIGHTS Team, researchers of Berlin School of Economics, Agne Kajackaite, Aleks Zaklan, Alexander Kriwoluzky, Ally Xin Lin, Annekatrin Schrenker, C. Katharina Spieß, Christian Basteck, Ciril Bosch-Rosa, Dorothea Kübler, Francis de Véricourt, Georg Weizsäcker, Gyula Seres, Hande Erkut, Hannes Ullrich, Jana Hamdan, Levent Neyse, Lisa Bruttel, Lutz Weinke, Mira Fischer, Müge Süer, Nikolaus Wolf, Peter Haan, Robert Stüber, Sebastian Schweighofer-Kodritsch, Simone Maxand, Vincent Meisner, and Pablo Brañas-Garza.

You can download the web version

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Also note the compiled information on our website about support and resources, for example Mental Health.

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• PhD in Finance

Doctoral Program in Law, Finance, and Economics

Fully funded.

SAFE offers funding to excellent applicants to its Doctoral Program in Law, Finance and Economics for three years with the option to extend for one additional year. Funding usually translates into a grant of 1,200€ per month in the first program year and a research assistant position in the following years. The research assistant position comes as a 50% employment contract in the second program year that is upgraded to 70% from the third year onwards. In the first year, mandatory course work will bring applicants from the field of law “up to speed” in the methods used in quantitative research in the field of studies.

SAFE offers its doctoral students the exciting and inspiring environment of an inter- and cross-disciplinary research institution dedicated to excellent research output and research-based policy advice. Methods of research in law at SAFE include law and economics, law and finance, behavioral law and economics. Topics of research at SAFE comprise, among others, capital market regulation, corporate governance, the regulation of household finance, competition, and judicial enforcement.

SAFE pursues a “pool concept” for its doctoral students: these are expected to choose a supervisor from among the SAFE professors. At the same time, they are encouraged to interact and write papers with any other SAFE researchers. This gives them the opportunity to get an impression of the research of potential supervisors before they decide for one and provides them with different perspectives and methodological approaches to law, economics, and finance while they complete their thesis.

Requirements and expectations

• Scholarship holders are expected to entirely focus on their course work during the first year ( see schedule )
• They shall pass the examinations of the economics courses they take. A research assistant contract after the first year is conditional on passing these exams.
• SAFE research assistants are expected to choose a supervisor from among the SAFE professors no later than by the first month of the second year. The choice does not exclude research projects with any other SAFE researchers.
• The candidate can choose to either write a book or a paper-based dissertation in English aiming at peer-reviewed international publication in renown law journals (actual publication is not a prerequisite for graduation, however, the doctoral committee has to certify sufficient quality for a decent chance of publication).

For more information on the program, visit this detailed article (in German only) on our program by Jurinsight .

Application

Applicants must have completed a law degree with honors (top 15%) at a research university. Please submit your application by handing in the following documents: CV, letter of motivation, certificates, transcripts. Reference letters are not mandatory but welcome. Please send the documents via mail or email (in one pdf file, please) to

Leibniz Institute for Financial Research SAFE Theodor-W.-Adorno-Platz 3 60629 Frankfurt am Main applications whatever @safe-frankfurt.de (please add “Application Doctoral Program Law” in the subject line of your email)

Deadline for applications for the program start on 1 October 2024 is 31 May 2024.

Contact for questions

Prof. Dr. Dr. Alexander Morell

Coordinator phd program law & finance.

Prof. Dr. Tobias Tröger

Director research cluster "law and finance".

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Higher Education Compass

Finance & banking part time degree programmes for professionals, dual system, bachelor of arts.

Bachelor Degree

7 semesters

Standard period of study (amount)

Duisburg, Düsseldorf, Frankfurt am Main, München, Stuttgart, Wesel

Please enquire

Overview and admission

undergraduate

Admission semester

Winter Semester only

Area of study

• Business Administration
• Financial Management, Insurance

Credit Transactions, Cost Accounting & Bookkeeping, Microeconomics & New Institutional Economics, Banks – Foreign Business, Bank Controlling, HGB/IFRS Accounting, Bank Marketing, Bank Management & Organisation, Project Management & IT Basics, Portfolio Management, Taxation, Balance Sheet Analysis, Quantitative Methods of Mathematics/Statistics, Derivatives Management, Corporate Evaluation, Macroeconomics & Economic Policy, Econometrics, Human Resources, Turnaround Management, Business & Private Law, Corporate Financial Management

Career-integrated/training-integrated

Admission modus

open admission

Admission requirements (Link)

Lecture period

• 01.03.2024 - 31.08.2024
• 01.09.2024 - 01.03.2025

Application deadlines

Winter semester (2024/2025), application deadline for germans and inhabitants.

Not applicable

Tuition fee

345.00 EUR / Month

Fees (Link)

Tuition fees: EUR 14,490.00 due in 42 monthly instalments of EUR 345 Examination fee: EUR 500.00 one-off payment (on registration for final thesis; if the final thesis is repeated, the examination fee will be re-calculated) Total costs: EUR 14,990.00, includes tuition fees and examination fee

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PhD in Climate Finance and Innovation (m / f / d)

03.04.2024, Wissenschaftliches Personal PhD in Climate Finance and Innovation (m / f / d) at the TUM School of Social Sciences and Technology, Professorship for Public Policy for the Green

Research Fellow ( PhD Candidate) in Finance (m/f/d) at the Center for Digital Transformation

an international teaching and learning environment. For our TUM Campus Heilbronn, the TUM School of Management of the Technical University of Munich is currently looking for a Research Fellow ( PhD Candidate) in

Open Position for a PhD Candidate in Finance

Programme? Not funded by an EU programme Is the Job related to staff position within a Research Infrastructure? No Offer Description The Chair of Finance (Professor Marcel Fischer) at the Department

Professor in Finance and Labor/Senior Research Advisor (f/m/d) (2024-ESMT+IWH)

as well as experience in teaching graduate level courses in finance . The two appointment committees of the IWH and ESMT will make their decision in consensus. Professor Reint E. Gropp, PhD , President

PhD positions: A multi-organ approach to investigate the endothelium during vascular and neuronal aging and inflammation (EndoAge) (m/f/d)

22 Mar 2024 Job Information Organisation/Company International PhD Programme (IPP) Mainz Department Institute of Molecular Biology Research Field Biological sciences Researcher Profile First Stage

PhD position: Systematic investigation of the role of the BAF complexes in genome stability (m/f/d)

financing until the completion of your thesis A lively community of more than 200 PhD students from 44 different countries For more details on the projects offered and how to apply via our online form, please

PhD Project "Interrogating the impact of circadian changes in blood vessels on organ health" (Singhal 2024-P01) - Heidelberg University

an international & family-friendly environment. The position is available ASAP and will be initially financed for three years. Requirements Research FieldBiological sciences » BiologyEducation LevelMaster Degree

PhD position (f/m/div) Simulation in the context of intergenerational processes

to the concept of the survey or data life cycle. Starting on 1st of June 2024, DIW Berlin is looking for a PhD position (f/m/div) in the area Simulation in the context of intergenerational processes (Part time

Data Scientist or Research Software Engineer (f/m/x)

a working time of 39 hours per week. The WZB Berlin Social Science Center is a publicly financed research institution that conducts leading edge theory-based and problem-oriented social science

PhD position: Organelles during aging and longevity (m/f/d)

12 Mar 2024 Job Information Organisation/Company International PhD Programme (IPP) Mainz Department Institute of Molecular Biology Research Field Biological sciences Researcher Profile First Stage

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Germany – PhD programs in Finance and Banking

We found 5 universities offering 5 PhD programs.

Study the PhD programs in Finance and Banking in Germany

Universities

Years of study

~ RUB 72,120

Tuition fees

Who is a PhD in Finance & Banking?

The Doctor of Philosophy in Finance & Banking is an advanced degree for graduates of historical faculties awarded on the basis of a dissertation. A doctorate of Philosophy in Finance & Banking analyses and interprets financial markets, economic trends, banking, liabilities and investments, graduates holding a degree in finance work with numbers, constantly forecasting current financial trends. Doctor of Philosophy in Finance & Banking makes sure a company or organization meets the financial demands of its operations.

What are the tasks of PhD of Finance & Banking?

The main tasks for PhD in Finance & Banking: understanding financial trends and financial theories, holding skills associated with deep analyses as well as interpreting financial markets and economic trends.

Germany – PhD programs in Finance and Banking statistics

Free-Apply.com provides information about 5 PhD programs in Finance and Banking at 5 universities in Germany. Furthermore, you can choose one of 38 Bachelor programs in Finance and Banking at 38 universities, 40 Master programs in Finance and Banking at 40 universities, and 5 PhD programs in Finance and Banking at 5 universities.

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The largest cities offering PhD programs in Finance and Banking in Germany

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Universities offering the most popular PhD programs in Finance and Banking in Germany

Otto-von-Guericke University Magdeburg

Germany, Magdeburg

The Otto von Guericke University Magdeburg was founded in 1993 and is one of the youngest universities in Germany. The university in Magdeburg has about 14,000 students in nine fac...

University of Cologne

Germany, Koeln

At the occasion of its 600th anniversary in 1988, the university published an extensive history of the University of Cologne in three volumes, which appeared with Böhlau. Erich Meu...

University of Erlangen-Nuremberg

Germany, Erlangen

Founded in 1743, FAU has a rich history. It is a strong research university with an international perspective and one of the largest universities in Germany, with 39.868 students,...

Kiel University

Germany, Kiel

Kiel University is Germany's northernmost State University and the scientific centre of Schleswig-Holstein. At our institutes, more than 26,000 students learn their trade, about 2,...

North Academy of Business

Germany, Elmshorn

The NORDAKADEMIE is the first directly founded by industry and supported state-accredited private university. It offers practical courses with excellent study conditions and a hi...

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2716 Study programs

Study Accounting & Finance in Germany: 68 Universities with 104 English Degree Programs

All important info for international students in germany (2024/2025).

Study Programs in English

Universities

Universities in International Rankings

€ 0 (50 programs for EU citizens, 40 programs for Non-EU citizens)

€ 16,000 per semester (1 program for EU citizens/Non-EU)

Winter Semester

between May 31 and May 15

Summer Semester

Top-ranked German Universities in Accounting & Finance

private (state-approved) University of Applied Sciences

No. of Students: approx. 100,000 students

Program Fees: € 3,336 - € 5,975 (per semester)

private (state-approved) University

No. of Students: approx. 400 students

Program Fees: € 7,390 - € 7,890 (per semester)

public Technical University

No. of Students: approx. 53,000 students

Program Fees: € 0 - € 6,000 (per semester)

public University

No. of Students: approx. 27,000 students

Program Fees: € 0 - € 1,500 (per semester)

No. of Students: approx. 20,000 students

Program Fees: € 0 (per semester)

Tuition Fees

3 english degree programs for accounting & finance in germany.

Kühne Logistics University Hamburg

Global logistics and supply chain management.

Leuphana University Lüneburg Lüneburg

International economic law.

OHM Professional School Technische Hochschule Nürnberg Georg Simon Ohm · Nuremberg

Mba in general management for non-economics graduates.

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Summer Semester 2025

Winter Semester 2025/2026

Open Programs

103 programs

50 programs

109 programs

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Application process.

Berlin Professional School Hochschule für Wirtschaft und Recht Berlin · Berlin

Berlin part-time mba.

Berlin Full-Time MBA

MBA in General Management

TOEFL Scores

Cambridge Levels

5.5 (11 programs )

61 (3 programs )

B1 Preliminary (PET) (1 program )

7 (20 programs )

100 (6 programs )

C2 Proficiency (CPE) (13 programs )

HECTOR School of Engineering and Management Karlsruhe Institute of Technology (KIT) · Karlsruhe

Mobility systems engineering & management.

Master Business Management – Green Energy and Climate Finance

WHU - Otto Beisheim School of Management Vallendar

Master in finance (mif).

2-24 semesters

→ View all programs with online courses

Master of Arts

Master of Business Administration

Master of Engineering

Master of Laws

Master of Science

Bachelor of Arts

Bachelor of Engineering

Bachelor of Science

Winter intake

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List of all German Universities offering English-taught Study Programs in Accounting & Finance

Anhalt University of Applied Sciences

Program Fees: € 1,500

MBA (Master of Business Administration)

Augsburg University of Applied Sciences

Program Fees: € 0

M.A. (Master of Arts)

Berlin Professional School

Program Fees: € 3,400 - € 6,633

M.Sc. (Master of Science)

CBS International Business School

Program Fees: € 5,310 - € 7,920

B.A. (Bachelor of Arts)

B.Sc. (Bachelor of Science)

Coburg University

Program Fees: € 3,450

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Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
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Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

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Global Economy Prize 2024

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The Global Economy Prize is awarded to pioneers of a cosmopolitan, economically liberal, and public-spirited society. 

The Global Economy Prize is awarded by the Kiel Institute for the World Economy together with its partners, the state capital Kiel and the Schleswig-Holstein Chamber of Commerce and Industry.

Laurence Boone, Ph.D.

Former Secretary of State for Europe in France and former Chief Economist of the OECD

Category Politics

The jury's reasoning: 

"Laurence Boone is an internationally renowned economist, a talented and assertive policy advisor and a far-sighted and balance-minded politician. In her academic publications, she has proven herself to be a profound expert on macroeconomic and European issues. As chief economist and deputy secretary general of the OECD, she distinguished herself through her highly regarded economic policy impulses and as a European politician, she was a driving force behind European integration, particularly with regard to the future membership of the Western Balkan states in the EU." 

Dr. Nicola Leibinger-Kammüller

CEO TRUMPF SE + Co. KG. 

Category Business

The jury's reasoning:

"Nicola Leibinger-Kammüller embodies the social market economy and the culture of family businesses in Germany like no other personality. Her company is the global technology and market leader in the fields of laser technology and machine tools and is also at the top of all surveys on employee satisfaction in German companies. As a Christian, responsible entrepreneur, she not only steered the Trumpf family business safely through the financial crisis, but also laid the foundation for the company's impressive growth in the years that followed by holding on to her employees during the crisis." 

Website Nicola Leibinger-Kammüller TRUMPF Group

Prof. Dr. Isabel Schnabel

Member of the Executive Board of the European Central Bank and Professor of Financial Market Economics at the Universität Bonn.  

Category Economics

"Isabel Schnabel is an internationally outstanding economist who, through her pioneering research in the fields of monetary policy and financial stability, has made a significant contribution to deepening our understanding of the links between monetary policy, financial markets and economic growth. Due to her extraordinary ability to derive targeted economic policy recommendations from scientific findings, not least on banking regulation and European deposit protection, she is an internationally highly esteemed contact for monetary and financial policy issues." 

Website ECB Isabel Schnabel

Joint Welcome Note Claus Ruhe Madsen , Minister for Economic Affairs, Transport, Labor and Technology of the State of Schleswig-Holstein Knud Hansen, Vice-President Chamber of Industry and Commerce Schleswig-Holstein Dr. Ulf Kämpfer, Mayor of the Land Capital Kiel Prof. Dr. Moritz Schularick, President of the IfW Kiel

Opening Address   Prof. Dr. Moritz Schularick, President of the IfW Kiel

Laudatio and Prize Award by Moritz Schularick to Dr. Nicola Leibinger-Kammüller

Speech by Dr. Nicola Leibinger-Kammüller CEO of the TRUMPF SE + Co. KG

Musical Intermezzo Trio Nidaš

Laudatio and Prize Award by Moritz Schularick to Laurence Boone, Ph.D.

Speech by Laurence Boone , Ph.D., Former Secretary of State for Europe in France and former Chief Economist of the OECD

Laudatio and Prize Award by Moritz Schularick to Prof. Dr. Isabel Schnabel

Speech by Prof. Dr. Isabel Schnabel , Member of the Executive Board of the European Central Bank and Professor of Financial Economics, University of Bonn

Moderation Elisabeth Radke, IfW Kiel

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Over 20 years of experience in the corporate finance field: IPO, M&A, private equity, venture capital and mezzanine finance. IPO thought leader.

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A partner at one of the EY member firms in Germany, Martin is the EY EMEIA IPO Leader as well as the Head of IPO and Listing Services for EY Germany. He focuses on IPOs, investor relations, mergers and acquisitions, and private equity deals.

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Russian court seizes millions of euros worth of German bank assets

A Russian court has ordered that Deutsche Bank's and Commerzbank's assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German banks, court documents showed.

Issued on: 18/05/2024 - 20:28

The banks were among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany 's Linde, which was terminated due to Western sanctions .

The lawsuits were filed by St Petersburg-based RusChemAlliance, a joint venture 50% owned by Russian gas giant Gazprom which is the operator of the project.

The St Petersburg arbitration court has barred Deutsche Bank from exercising its 100% interest in the authorised capital of its Russian subsidiary, as well as Deutsche Bank Technology Center LLC.

The court has also imposed the seizure of up to 238.6 million euros ($259 million) in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.

Deutsche Bank in Frankfurt said it had already provisioned around 260 million euros for the case.

Read more EU targets nearly 200 entities with new sanctions over Russia's war in Ukraine

"We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia," the bank said in a statement.

The court also seized Commerzbank's assets worth 93.7 million euros ($101.85 million) as well as securities and the bank's building in central Moscow .

Commerzbank did not immediately respond to a request for comment.

The Russian court on Friday ordered UniCredit's assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a parallel lawsuit.

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How long do SEPA credit transfers take in Germany?

• Introduction

What is a SEPA credit transfer?

How long does a domestic sepa credit transfer take, how long does an international sepa credit transfer take, what are the alternatives to sepa credit transfers, what is the fastest way for businesses to transfer money, what can businesses do if bank credit transfers are delayed.

• Get started with Stripe 

Bank credit transfers are key for businesses to ensure quick, secure, and transparent financial transactions. Since the introduction of SEPA, funds can be transferred within Europe in no time. But there are still differences between domestic and international bank credit transfers that businesses need to know about. In this article, you will learn what a SEPA credit transfer is, how long domestic and international transfers take, and the possible alternatives. We also explain the fastest way for businesses to transfer money, and what they can do if bank credit transfers are delayed.

What’s in this article?

A SEPA credit transfer is a cashless transaction within the SEPA area , currently consisting of 36 European countries. SEPA stands for “Single Euro Payments Area.” With SEPA credit transfers, individuals and businesses can transfer money from one bank account in a SEPA country to an account in another SEPA country, regardless of national borders. The only requirement is that the recipients have an international bank account number (IBAN) . A bank identifier code (BIC) is optional. Aside from bank credit transfers in euros, it is also possible to move money by direct debit with SEPA. One advantage of the system is that there isn’t a significant difference between domestic and international payments anymore. SEPA also reduces the costs of moving money to other countries. SEPA replaced the electronic direct debit (ELV) in Germany in 2014.

For more detailed information on what businesses should know, see the Stripe article on SEPA credit transfers .

One advantage of SEPA credit transfers is that they are generally very quick. But there can be differences between domestic and international transactions. That’s why businesses should find out how long the individual transfer will take. This is especially important if the money has to reach the recipient’s account within a specific time frame.

A SEPA credit transfer within Germany usually takes one business day. In accordance with Section 675s BGB (German Civil Code), payment providers have a legal obligation to comply with this time limit. This only applies to electronic or online transfers. Weekends and public holidays do not count as business days, so money that is transferred on these days will not necessarily reach the recipient’s account on the next day.

There is also a special regulation for transactions that are done in paper form. These transactions can legally take one day more than electronic bank credit transfers; in other words, they must generally be completed within two business days. This is because banks have to spend time first transferring the form into their electronic system.

Despite these time limits, note that each bank has its own cutoff time for SEPA credit transfers. This applies regardless of the bank’s opening hours. The earliest possible cutoff time in Germany is 2:00 p.m.

SEPA credit transfers that are ordered by 2:00 p.m. have to be processed within the legal time limits. For many banks, especially in big cities and online banks, the cutoff time is 8:00 p.m. If you’re not sure, you can check the cutoff time for your bank in the terms of service or on your bank’s website. You could also enquire directly at your branch. All bank credit transfers that are ordered after the cutoff time are postponed to the next business day.

Delays can also occur if the transfer form contains errors, such as missing information or mixed-up numbers, so you should always check the bank credit transfer carefully before submitting it. Exceeding the daily limit for bank credit transfers could also lead to a delay. Normally the bank credit transfer is then processed the next day.

Like transfers in Germany, an international SEPA credit transfer also takes one business day, but only if the payment is to be made in euros to the recipient’s account. Transactions in foreign currencies can take up to four business days. There are no strict legal requirements for foreign currencies. The same applies for bank credit transfers outside the SEPA area. Transfers in unusual currencies or non-EU states, for example, could take 10 to 14 days.

There are two alternatives to SEPA credit transfers that are even faster: express transfers and real-time transfers .

Express transfers or urgent transfers are transactions that are completed within a few hours. The exact length of time it takes depends on the bank. Express transfers can be ordered both online or over the counter at a bank. The fees are often between €5 and €25, although some banks offer the service free of charge.

Real-time transfers are even faster than express transfers. As the name suggests, the money usually arrives in the recipient’s account within a few seconds. This is therefore the fastest way of transferring money. Real-time transfers, also known as SEPA instant payments, are available in all countries in the SEPA area. They can be ordered online 24 hours a day, 365 days a year. However, this requires the receiving bank to also be signed up for real-time transfer. Not every bank offers this service. Costs can vary: some banks offer real-time transfers free of charge while others charge a fee of between a few cents and a few euros. This often also depends on whether you are a private customer or a business customer.

Real-time transfers are the fastest way for businesses to transfer money. But it’s not just banks that can process bank credit transfers in a matter of seconds. Certain payment providers and fintechs now offer a similar service. The time taken and the costs for transfers vary depending on the provider, which is why it’s worth comparing quotes in detail.

Businesses can take the following actions if transfers are delayed:

Contact the bank: The first step is for the business to contact the bank from which the bank credit transfer was made. Aside from asking the bank to check the status of the bank credit transfer, you can request the bank to track the transfer, identify potential reasons for the delay, and offer solutions.

Check the details: You should also check whether the transfer details—including the recipients’ name, IBAN, and BIC—are correct. Missing or incorrect information could be the cause of the delay.

Enquire at the bank: The payment recipients can also enquire at their bank and request assistance. If the money has gone to the wrong account, the transfer can generally be reversed. Note that the bank might have a time limit for reversing a transaction.

File a complaint: If the delay is due to technical issues suffered by the banks involved and a satisfactory solution is not found quickly, businesses can file a formal complaint.

For more detailed information and articles about payments , visit the Stripe resources portal . Learn more about how you can use Stripe Payments to accept global payments and increase your sales. If you are looking for professional support for your financial processes, sign up with Stripe today .

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