Master of Applied Finance

Online registration:
Registration of EU, EEA, Swiss Confederation and UK Citizens
Registration for Non-EU Citizens
Registration for Ukrainian Citizens
Language competency exam:
For non-native speakers or those unable to provide documentation of at least 4 years of English studies, or lacking a recognized language certificate, a mandatory language test will be conducted. This test can be equivalated through certification at the independent user (B2) or proficient user (C1, C2) levels of English proficiency.
Oral exam (interview):
The interview will be taken with the members of the admission commission and will be composed of two parts: an oral exam to evaluate the knowledge of the candidate based on the below bibliography and the presentation of the career development plan of the candidate.
Admission decisions will be based exclusively on the average grade point of the applicants: 60% the Bachelor’s graduation average grade and 40% the grade of the interview.

The master programs of ASE have a normal duration of 2 academic years (4 semesters) conducting to the accumulation of 120 ECTS. They can either be research or professional-oriented masters. Both allow the graduates to pursue their education at the doctoral level.

The study programs are organized faculties. A candidate can apply for a single faculty, choosing among the programs available in the respective study area. The number of places of Master of Applied Finance is 35 spots. There are places funded from the state budget (without tuition fees) and tax places. The amount of the registration and tuition fees is stipulated in the ASE Methodology.

The admission process is open for Bachelor’s graduates having a Bachelor’s diploma or equivalent, regardless of the year of graduation, provided the level of studies and the diploma are recognized the Ministry of Education.

The citizens of other European Union member states, of the European Economic Area, of the Swiss Confederation and UK are entitled to take part in the admission process under the same legal conditions as the Romanian citizens, including the same tuition fees. Their Bachelor’s or equivalent diploma has to be recognized the competent department of the Ministry of Education prior to the registration with the ASE (the process might take up to 30 days).

The admission process consists of the online registration of the application file and an interview. The admission of the applicants is based strictly on the admission average grade point – descending ranking of the applicants, correlated with the options expressed at the registration. The minimum average grade required to pass the admission exam is 6,00. The admission average grade point is determined as follows: 60% the Bachelor’s graduation average grade and 40% the grade of the interview.
If there is more than one aplpicant with the same grade point average as the last one admitted on a budgeted or tax place, there will be used additional criteria: grade from the interview, the bachelor average graduation grade and the average of the years of undergraduate studies.

For admission to the study program, the language test is compulsory for all the candidates who don’t have a recognised certificate/ didn’t graduate a bhacelor’s programme taught in the respective language.
The interview performance is assessed with a qualification “Pass” / “Fail”.

The applicants who are students or graduates of higher education studies may enrol for a second Master’s program, either on a budgeted place or a tax place, under the following conditions:

• if the first master’s program was financed from the state budget, the second will be on tuition fee,
• if the first program was financed tuition fees, the second may be on a budgeted place or a tax place.

The redistribution of the budgeted places is done after the 1st year of studies, based upon the academic results of the students, as stipulated in the ASE Regulation regarding the Master’s studies.

The official admission platform is admitere.ase.ro and will be used for the entire admission process, from pre-registration, to the ranking of the applicants, the distribution faculties (admitted applicants, waiting list and rejected applicants), type of financing (budgeted place or with tuition fee) and the final results of the admission process (admitted and rejected applicants lists).

All graduates of international study programs shall send their studies documents to internationaladmission@ase.ro prior to the online registration. The equivalent grades to the Romanian system will be transmitted to the applicants e-mail and uploaded themselves on the registration platform.

Admission to the Master of Applied Finance program requires the following documents:

Bachelor’s diploma (or equivalent) and transcript of records (diploma supplement);
Documents must be in Romanian, including both the original versions and authenticated translations.
High School Graduation Diploma (Baccalaureate or equivalent) and transcript of Records;
Documents must be in Romanian, including both the original versions and authenticated translations.
The diplomas issued foreign institutions will be accompanied the recognition certificate delivered the CNRED (The National Center for the Recognition and Equivalence of Diplomas).
Birth certificate (certified translation into Romanian)
Identity card / passport copy
2 ID-type photo;
If applicable, language certificate for English (partial modular certificates will not be accepted);
Certificate obtained through an internationally recognized exam
Certificate obtained through an accredited institution
First Certificate in English (FCE): minimum 160
Certificate in Advanced English (CAE)
Certificate of Proficiency in English (CPE)
Cambridge English: Vantage (BEC Vantage)
Cambridge English: Higher (BEC Higher)
International English Language Testing Systems (IELTS): minimum Band 5.5
Business Language Testing Service (BULATS): minimum 60
TOEFL: minimum 46
If applicable, marriage certificate (certified translation into Romanian);
Annex 7
Statement that the student will not be the beneficiary of budget financing, simultaneously, for any two study programs, regardless of their level, and will not attend simultaneously more than two study programs, regardless of their level and financing (issued during the registration and signed the student)
Agreement to personal data processing for the admission process
Annex 8
Statement that the student certifies the documents are authentic and the uploaded copies correspond to the original documents;
Medical certificate stating that the applicant is fit for university studies
Delivered within the last 6 months prior to the registration, the family physician or university/regional medical practices);

Corporate Finance (3rd Edition) (Pearson Series in Finance) Jonathan Berk, Peter DeMarzo

• Introduction to Financial Statement Analysis (pages 21-58):
  • The disclosure of financial information;
  • The balance-sheet, the income statement;
  • The statement of cash-flows;
  • Other financial statement information;
  • Accounting manipulation.
• Time Value of Money (pages 96-140):
  • The timeline;
  • The three rules of time travel;
  • The power of compounding;
  • Valuing the stream of cash-flows;
  • The net present value of a stream of cash-flows;
  • Perpetuities, annuities and other special cases;
  • Solving for variables other than present value or future value.
• Interest Rates (pages 141-167):
  • Interest rate quotes and adjustments;
  • The determinants of interest rate;
  • Risk and taxes;
  • The opgortunity cost of capital.
• Estimating the Cost of Capital (pages 400-436):
  • Equity cost of capital;
  • Beta estimation;
  • The market portfolio;
  • The debt cost of capital;
  • Project’s cost of capital;
  • Project risk characteristics and financing;
  • Using the cost of capital.
• Capital Structure and Pay-out Policy (pages 478-506 & 584-611):
  • Equity versus debt financing;
  • Modigliani-Miller I and II;
  • Capital structure fallacies;
  • MM: beyond the propositions;
  • Distributions to shareholders;
  • Comparison of dividends and share repurchase;
  • The tax disadvantage of dividends;
  • Payout versus retention of cash;
  • Signaling with Payout policy.

Essentials of Investments, 6th Edition Zvi Bodie, Alex Kane, Alan J. Marcus

• Introduction to Financial Markets:
  • Financial securities (pages 4-6)
  • Financial markets (pages 6-17)
• Mean Variance Portoflio Theory (pages 127-134):
  • The characteristics of the opportunity set under risk
• Security Analysis and Portoflio Theory
  • The efficient market hypothesis (pages 243-247)
  • Equity valuation and trading (pages 40-42 & 59-70 & 388-403)
  • Trading on margin (pages 80-85)
  • Fixed income securities. bond trading, duration and convexity (pages 32-39 & 277-294 & 320-329 & 337-340)
  • Financial options and their characteristics (pages 467-475 & 504-506)
  • Financial futures and their uses (pages 538-556)

• Online Payment: You can pay your fees using the virtual cashier available on the plationline.ase.ro platform. This method accepts all types of cards, including Visa, Mastercard, Revolut, and more. Simply follow the steps provided on the platform.
• Bank Transfer: You can also make payments through bank transfers or internet banking using one of the following accounts open on the beneficiary Academia de Studii Economice din Bucuresti (CUI: 4433775):
  • RO16RNCB0072001607860102 (Currency RON, BCR Bank)
  • RO15RNCB0072001607860023 (Currency EURO, BCR Bank)
  • RO59BRDE445SV36571854450 (Currency RON, BRD Bank)
• When making the payment, please specify the following information: the beneficiary (Bucharest University of Economic Studies), the type of fee (e.g., registration fee, tuition fee, examination fee, etc.), your name, your father’s initials, your full name (for female students, use the name as per the birth certificate), and your personal identification number (CNP for Romanian citizens, ID for foreign candidates).
  • Example: Registration fee, Ionescu M. Claudiu Razvan, CNP 5020127151771)
• In-Person Payment: If you don’t have the means for online or bank transfers, you can pay in person at any bank’s counter using a payment slip. The details for payment are the same as mentioned in point 2. Please provide the same information on the payment slip.
• On-Campus Payment: You can also make payments at the Bucharest University of Economic Studies’ cashiers located in the Ion Angelescu building (room 0030, ground floor) and the Virgil Madgearu building (ground floor, Intr. Macedonski Street). The program is Monday-Tuesday 8:30 – 15:00, Friday 8:30 – 13:00.

We understand the importance of supporting students in their academic journey. Therefore, we offer a variety of scholarships to eligible candidates. These scholarships aim to make quality education more accessible. Whether you’re a local or international student, you may qualify for financial assistance through our scholarship programs.

• Study scholarship
• Social scholarship
• Scholarships for Foreign Master’s Students
• Performance Scholarship for Extracurricular Activities at ASE Bucharest
• Special Performance Scholarship for Outstanding Academic Results
• Special Performance Scholarship for Outstanding Research Results
• Performance Scholarship for Outstanding Cultural, Organizational, and Sports Activities
• Excellence Scholarship for Outstanding Research Activity
• Excellence Scholarship for Outstanding Organizational and Cultural Activities
• Mihail Manoilescu Excellence Scholarship for Overall Professional, Research, Organizational, Cultural, and Sports Activities
• Scholarships for Romanian Students Worldwide
• Scholarships for Master’s Students from Romania Worldwide

• When does the master start ?
  • The Master of Applied Finance starts at the end of September each year and runs for 24 months. You cannot start at any other point in the year.
• What are the typical hours for academic activities ?
  • Generally, academic activities take place during the weekdays (Monday to Friday), within the time frame of 6:00 PM to 9:00 PM.
• Do you offer a part time or distance learning master ?
  • No, the Master of Applied Finance is a full-time master. There is no part-time or online option.
• How many master options can I pick ?
  • During the admission session, a candidate can register to one faculty from ASE. From that faculty, the candidate can choose one or more options (up to all options).
• Does the order of my admission options matters ?
  • Yes, based on your score, you will be placed at the first available spot from your options.
• How is the admission score calculated ?
  • The score is calculated based on the average of your undergraduate final exam results (60%) and your performance on a specialized test (40%).
• What is the Master of Finance specialized test ?
  • There will be a specialized interview based on the bibliography.
  • If you don’t have an English language proficiency certificate or didn’t complete your undergraduate studies in English, you will have to do a language competency interview (which is marked as “Admitted” or “Not Admitted”.
• Can I visit/talk to faculty or someone from Admissions in person?
  • We would be delighted to meet you!
• Can I attend one of your classes without being registered?
  • Visitors are welcomed. Please contact the professor ahead of time and be respectful.
• When do I need to sign the contract?
  • Contracts are made and need to be signed in the first 3 weeks after the start of the year. If you still have questions, contact us.
• How to obtain the bibliography ?
  • The ASE Library provides digital bibliographic material for the admission exam to the Master’s programs, following the topics and competition bibliography, for publications and resources available in the library’s collections. Candidates can request the bibliography from the library specifying their faculty and the master’s program code. Additional details can be obtained from the ASE Library, Permit Office (room 0216), at the phone number 021 319 19 00/01, extension 226, or visiting their website at www.biblioteca.ase.ro or https://library.ase.ro. For further inquiries, you can contact them at contact@biblioteca.ase.ro.