Designed for those who are intended to become a finance professional scholar, for both academic path and or finance industry careers, Master of Management Science in Finance with the CFA university affiliation curriculum offers a robust approach yet practical for those who would like to develop and advance career in finance.

Supported with matriculation courses, students of any background may enter this program. However, a strong background and some exposures in quantitative methods will be an advantage for incoming students.

Commencement date:
Every August
Length of study:
18 months

Class schedule :
From 08.00—17.00 (depending on the schedule)

Total credits :
39 credits in 3 long semesters and 1 short semester

Course Structure


To prepare students for the regular semester, a matriculation program of 1 week is organized before the commencement. This program is also an opportunity for students to be considered to receive full/partial scholarship where one of the criteria is based on the ranking evaluation of the performance at the matriculation program.

Required courses:
Fundamentals of Management (Philosophy and Applied)
Introduction to Research Methods
Decision Making
Fundamentals of Marketing
Fundamentals of Finance
Fundamentals of Operation
Fundamentals of People and Knowledge Management
Fundamentals of Entrepreneurship
Business Analytics

Semester 1: Foundation of Research Skills

This semester is the foundation stage for research development.

Required courses:
Advanced Economics (3 credits)
Financial Statement Analysis (3 credits)
Modelling in Management (3 credits)
Quantitative Research Methodology (3 credits)

Semester 2: Advancement of Research Skills & Contemporary Issues in Finance

The second semester is the stage for enriching and deepening your research interests.

Required courses:
Advanced Corporate Finance (3 credits)
Fixed Income (3 credits)
Time Series Analysis (3 credits)
Elective 1 (3 credits)

Semester 3: Research Proposal, Writing & Publication

The third semester is the execution stage to conduct research, seminars, and thesis. You will carry out research projects including data gathering and processing, analysis and conclusion drawing, and reporting your findings in the form of thesis/publication.

The program requires you to publish your research in either accredited national or indexed international journals.

Required courses:
Investment Theory and Portfolio (3 credits)
Thesis (6 credits)
Elective 2 (3 credits)
Elective 3 (3 credits)

Elective Courses for MSM in Finance Program

  • Advanced Financial Mathematics (3 credits)
  • Advanced Wealth Management (3 credits)
  • Advanced Topics in Management (3 credits)
  • Behavioral Finance (3 credits)
  • Consulting Projects (3 credits)
  • Computational Finance (3 credits)
  • Derivative (3 credits)
  • Financial Risk Management (3 credits)
  • Insurance (3 credits)
  • Internship (3 credits)
  • Islamic Financial Systems (3 credits)
  • Management Research Design (3 credits)

Alumni Stories


  • I obtained a bachelor in Industrial Engineering from ITB and continued working as an analyst for a while, and found an interest in the finance field. To excel my career, I decided to study in MSM in Finance because its programs are based on CFA curriculum. During my study, I found excitement in stock market. To test my skill, I joined the Indonesia Investment Research Challenge conducted by CFA Indonesia and Indonesia Stock Exchange, and won as the 3rd winner. I was also involved in the project from the Finance Ministry to analyze the liquidity of Government Securities in Indonesia. My thesis deals with behavioral finance in stock market under the supervision of Deddy P. Koesrindartoto Ph.D.

    MSM Finance - Margareta
    Margareta Laura Pattipeilohy
    Associate Consultant, Deloitte
  • I decided to choose MSM-SBM-ITB in Finance because it is suitable with my passion. In MSM in Finance, I can get new knowledge in finance and awesome learning experience from the best lecturers. Moreover, I also involved in the project from the Finance Ministry to analyze the liquidity of Government Securities in Indonesia. My thesis is about consumer behavior in banking, under the supervision of Deddy P. Koesrindartoto PhD. Until now, MSM in Finance is still the best choice in my life.

    MSM Finance - Eneng
    Eneng Nur Hasanah
    Lecturer and Researcher at UNISBA, Telkom University, and SBM ITB


Annually, MSM ITB commence classes on August. Early preparation become the important step to enrol and start an embarking journey with MSM ITB.

Explore more

Costs and Scholarships

Semester 1 IDR 13,500,000
Semester 2 IDR 13,500,000
Semester 3 (short semester) IDR 5,000,000
Semester 4 IDR 13,500,000
Total IDR 45,500,000


  • Confirmation fee and all costs cannot be refunded in all conditions, including when students fail to register or finish the program
  • SBM ITB reserves the right to adjust the above information
  • Tuition fee waivers (fully or partly) are available at competitive basis

There are some opportunities to get a scholarship during your study in MSM SBM ITB. Approximately 50 % active MSM SBM ITB students currently receive scholarships from several sources. Some of them are:

  • Full and Partial Tuition Fee Scholarship from MSM ITB

    MSM SBM ITB annually provides scholarships to students. This is a competitive scholarship, awarded to students based on their outstanding achievement on matriculation and other criteria such as GPA and TOEFL scores. Each year, this scholarship is provided to six MSM students whose academic performance will be evaluated each semester. The awardees will be involved in the educational process and research in SBM ITB, both as a teaching assistant (tutor) and a research assistant.

  • Research Assistantship Scholarship

    Research assistantship scholarship is offered by research centers/labs and interest groups at SBM ITB.