Master (MSc)


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6 Years
30 Jul 2020
Accreditation DGES
Initial registry R/A-Ef 1053/2011 de 18-03-2011
Update registry R/A-Ef 1053/2011/AL01 de 04-03-2016 | R/A-Ef 1053/2011/AL02 de 05-05-2017 | R/A-Ef 1053/2011/AL03 de 17/12/2020
School of Social Sciences
Sedas Nunes Building (Building I), room 1E05
(+351) 210 464 016
9:30 - 18:00

Tuition fee EU nationals (2024/2025)

1.stYear 2900.00 €
2.rdYear 1600.00 €
Lectured in Portuguese
Teaching Type In person

The MSc in Monetary and Financial Economics is two years long, and requires the completion of 120 ECTS credits, which are divided between 66 credits in mandatory curricular units, 6 credits in optional modules and 48 in the dissertation or final project.

For students with weaker backgrounds in economics, we offer two introductory and optional modules in “Introduction to Monetary and Financial Economics” and “Introduction to Econometrics”, before the start of the main modules.

Studying Abroad

Students have the option of doing the second semester of the first or second year in a foreign university through the Erasmus+ programme or the bilateral agreements which Iscte has with foreign universities.

Iscte has bilateral agreements with more than 150 universities across the world. Some with programmes relevant to the area of this master's are highlighted here: Berlin School of Economics and Business, Technische Universität Dresden  (TU Dresden) – Alemanha, University of Applied Sciences BFI Vienna (Austria), Vrij University Bruxelles, Universidade Gustave Eiffel (França), Catholic University of Vendée (ICES) -França, University of Ljubljana (Slovenia), Fundação Getúlio Vargas (Brazil), Pontifícia Universidade Católica de São Paulo (Brazil), Universidade de São Paulo (Brazil), Universidade Federal do Rio de Janeiro (Brazil), Universidade Federal do Rio Grande do Sul (Brazil), University of Massachussetts (Boston, USA), Ryerson University (Canada), and Lingnan University (Hong Kong).

More information can be obtained here.

Programme Structure for 2024/2025

1st Year
Advanced International Monetary Economics
6.0 ECTS
Corporate Finance
6.0 ECTS
Macro-Econometrics I
6.0 ECTS
Macroeconomics and Business Cycle Analysis
6.0 ECTS
Monetary Policy and the Financial Markets
6.0 ECTS
Banks and Other Financial Institutions
6.0 ECTS
Industrial Dynamics and Capital Markets
6.0 ECTS
Macro-Econometrics II
6.0 ECTS
Financial Derivatives
6.0 ECTS
2nd Cycle Internship
6.0 ECTS
2nd Year
Master Dissertation on Monetary and Financial Economics
48.0 ECTS
Research Seminar in Monetary and Financial Economics I
6.0 ECTS
Research Seminar in Monetary and Financial Economics II
6.0 ECTS

Recommended optative

Recomended optional course:

2nd semester 

•  02125 | Economic Fundamentals in Financial Markets (ECSH | EconP) - In Portuguese

04657 | Emerging Topics in the Financial System – (ECSH | EconP) in  English

Besides the optional module recommended for this master's, students can choose any optional module offered in Iscte’s master's programmes. As an example, other optional modules in the scientific area of this master are:

03322 - Economics of Banking and Financial Markets (EG | Economics – Econ)

01928 - Monetary Theory and Policy (EG | Econ)

01917 - Corporate Finance Strategy (EG | Fin)

M8139 - Portfolio Management (EG | Fin)

00563 - Risk Management (EG | Fin)

M8139 - Portfolio Management

M1631 - Entrepreneurship and Venture Creation (EG | General Management – GG)

03178 - Applied Economic Modelling

03875 - Computing for Economics and Business

03648 - Political Economy of Financialization

03647 - Political Economy and Development

Optional courses will only be held if they achieve a minimum number of enrollments.


The master's aims to foster the development of the following competencies in students:

  • knowledge and comprehension of the principal concepts and ideas of macroeconomic theory and its importance in analyzing the evolution of economics and financial markets;
  • knowledge and comprehension of the Portuguese banking sector;
  • knowledge and comprehension of the principal strategies of monetary policy;
  • knowledge and comprehension of the relationship between sectoral dynamics and financial markets;
  • knowledge and comprehension of the functioning of financial markets, financial institutions, and the principal techniques of evaluating financial assets (including derivatives);
  • knowledge and comprehension of the data sources and relevant indicators in this disciplinary domain, as well as the principal statistical and econometric techniques available;
  • the ability to utilize theoretical knowledge, statistical sources and empirical methods in new contexts, specifically in defining financial investment and action strategies in the face of the risks arising from sectoral and macroeconomic evolution;
  • the ability to utilize acquired knowledge to make proposals about financial structures desirable for companies and evaluate the economic viability of these projects in the face of current financial and economic fluctuations;
  • the ability to evaluate the impact of monetary policy measures on financial markets and the economy in general,
  • the practical capacity of using specialized bibliographic sources (books and journals) rigorously;
  • the ability to work in groups towards the collective resolution of problems and develop logical and factual arguments based in theory;
  • the ability to communicate their analyses and conclusions, as well as their knowledge and its accompanying reasoning, clearly and without ambiguity to individuals both within and outside the field;
  • the ability to pursue learning throughout life in an independent and self-driven manner.

These skills are developed in the various course modules that compose the Master's. Each one of the skills described above corresponds to a learning goal in one or more of the course modules. These learning goals are listed in the Ficha de Unidade Curricular for each class, as should be the correspondance of each goal with one of the larger objectives of the course. The materials described in the syllabus of each class will be evaluated in individual work, group projects, tests and exams. The dissertation also constitutes a tool of evaluation.

Thesis / Final work

The attribution of the Master's degree requires the completion of a dissertation in the scope of the discipline; this work corresponds to 54 credits. The dissertation will be supervised by a professor specialized in the area, and will be the object of public evaluation and discussion before a jury named for this purpose.

For example, we present the following dissertations completed as part of the Master's:

School of Social Sciences
Sedas Nunes Building (Building I), room 1E05
(+351) 210 464 016
9:30 - 18:00
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