Master of Science (M.Sc.) in Controlling & Risk Management

The Master's program in Controlling and Risk Management provides you with the ideal preparation for a career in financial and risk management or corporate controlling, or in the financial industry.

Detailed information about the program:

Risk Management:

In a constantly changing world, identifying, analyzing, and managing risks that could threaten a company’s business model or even its very existence plays a crucial role. In the risk management track, you will learn about the various types of risks to which companies—and banks in particular—are exposed. You will also learn about the methods used to measure and manage these risks. In addition, you will gain insight into the current challenges in risk management for companies and banks. The various modules will cover topics such as digitalization, sustainability, as well as new accounting and regulatory requirements.

Controlling:

In many organizations today, controllers serve as the business conscience and business partners. At the same time, the controlling function is becoming increasingly digitized. To be as well-prepared as possible for the associated requirements, in the Controlling track of our program you will learn, on the one hand, how controlling can support strategy development and implementation. On the other hand, you will gain in-depth knowledge of the operational management of organizations. The learning experience is designed to be interactive and practice-oriented through a high degree of application-oriented content, including case studies, guest lectures, and accompanying workshops (e.g., on common software solutions).

Program Overview:

Prospective students

Degree:	Master of Science (M.Sc.)
Department:	Economics
Program type:	Full-time
Possible start dates:	Summer semester: April 1 Winter semester: October 1
Lecture period:	Summer semester: April 13 – July 24 Winter semester: October 12 – February 5
Application period:	April 1 – September 30 (Winter Semester 26/27)
Standard duration of study:	4 semesters
Language of instruction:	German (partly in English; see module descriptions)
Course structure:	Elective
Location:	(primarily) Lower Castle
Credit Points:	120 CP
Tuition:	€365.80 (Winter Semester 25/26)

Pre-internship:	No
Required degree (either one is sufficient)	Bachelor’s degree in Business Administration from a university within the scope of the German Basic Law Comparable bachelor’s degree with a component in economics comprising at least 90 credit points
Language skills:	English language proficiency: at least B2 German Language proficiency: DSH Level 2 or a comparable exam (required only if the first university entrance qualification—comparable to the Abitur or Fachhochschulreife—was obtained at a non-German school!)
Additional requirements:	At least 10 credit points in mathematics/statistics or a bachelor’s degree in business mathematics The 10 credit hours in mathematics/statistics must be noted on the bachelor’s degree certificate Note: The 10 credit points in mathematics/statistics cannot be made up at the University of Siegen and cannot be substituted with practical experience

To apply:	CLICK HERE
Application period:	April 1 – September 30 (Winter Semester 26/27)
Selection criteria for the ranking:	allg_awo.pdf
Applicants who have completed their bachelor’s degree but have not yet received their bachelor’s transcript:	Current provisional overall grade replaces the (final) overall grade Current transcript must be attached to the application in lieu of the final diploma Note: Click HEREfor more information
Application with an uncompleted bachelor’s degree:	If, at the time of application, more than 40 ECTS credits are missing to complete the degree, a forecast from the home university must be attached to the application. Note: Click HEREfor more information

The rapidly changing operating environment for banks and companies in the wake of the global economic crisis is driving the evolution of business management. Under the new requirements of "Basel III," there is a growing emphasis on and focus on risk management, particularly in the banking sector. In this context, the fields of controlling and risk management in both companies and banks will work together to identify, manage, and control potential risks in a forward-looking manner. This approach also takes into account the increased importance of financial metrics and corresponding management tools.

The master’s program in “Controlling and Risk Management” responds to the changing demands of the job market and offers students a customizable curriculum. Graduates gain a broad range of knowledge for careers in finance and controlling as well as for specialized roles in financial consulting itself. Through the research projects offered, the knowledge gained can be applied in a practical manner and deepened even while still in school.

With a Master’s in Controlling and Risk Management, careers in the following fields are open to you, for example:

Industries	Jobs in the respective industry
Companies	• Enterprise Risk Analyst • Sales Controlling • Investment Controlling • Financial Analyst, Accountant • Business Controlling • Performance Management • Sustainability Controlling • Investment Controlling
Banking/Insurance	• Capital Markets Sales Specialist • Strategy and Risk Reporting Specialist • Risk Controlling • Treasury, Cash Manager • Bank Calculation and Controlling • Private Banker • ESG Risk Management
Consulting Firms	• Business Consulting/Enterprise Risk Management • Associate Financial Services Risk & Treasury • Mergers & Acquisitions Analyst • Risk Management Consultant

Contemporary course content:

Courses cover contemporary topics such as “Sustainability Management” and “Fundamentals of Digital Financial Markets.” These modules give you the opportunity to explore relevant issues of today.

Individual course options:

You can tailor your program to your own interests and strengths.
You have the option to choose your modules individually, both in the area of Controlling and in the area of Risk Management (4 modules out of 10).

Practical relevance:

There is a balanced mix of theory and practice in the respective modules.
Industry partners provide insights into everyday work life through guest lectures, illustrating the relevance of the course content (e.g., Krombacher, Sparkasse, Friedhelm Loh Group, BIKAR-Metalle).

Diverse career opportunities:

Upon completion of the master’s program, you will have many different career options. Entry-level positions are available in banks or insurance companies, in corporations, or in consulting firms.

Excellent faculty:

You will have access to qualified faculty members who possess extensive theoretical knowledge and practical experience.

Working with IT solutions:

Comprehensive application-based skills in Excel are taught.
Workshops in controlling are offered (e.g., Microsoft Power BI and Jedox).
You have access to financial databases (Refinitiv).

Matthias Frommelt– Graduating in 2023 – Associate, Liquidity & Risk Control

"The program provides a solid theoretical foundation. At the same time, it is application-oriented thanks to the integration of MS Excel into lectures, exercises, and tutorials, as well as the many guest lecturers and industry partners. Current developments and trends are always incorporated into the lectures and seminars.

The Controlling and Risk Management block, as well as the elective modules, offer excellent opportunities for specialization. Students have a great deal of freedom in choosing a topic for their master’s thesis.

Particularly noteworthy is the excellent support provided throughout the entire program. In addition, the program’s faculty members in the field of risk governance actively contribute to research that is highly relevant to controlling and risk management.

As a result, the program offers excellent career prospects both in the banking sector and at the corporate level, ranging from (family-run) small and medium-sized enterprises to large international corporations. Immediately after graduating, I was able to start my professional career as an Associate Liquidity & Risk Control at the REWE Group."

Niklas Dörnemann– Graduating in 2022 – Risk & Treasury Associate

"In my case, what stands out in particular is the excellent preparation for the day-to-day work of risk management and treasury consulting, both for companies in the financial sector and in industry. In particular, the modules on the risk management side provide a solid introduction to the activities and content that are relevant in later professional life as a risk management/treasury consultant. The content is taught in a very practical manner—whether through a seminar in cooperation with a renowned state bank, lectures by instructors with real-world experience, or the application of exercises in Excel. All of this helps ensure that, on the one hand, the necessary technical knowledge is imparted, while on the other hand, personal soft skills and technical abilities are also developed.

By dividing the master’s program into two tracks (Controlling & Risk Management), students are offered opportunities for specialization even within the program itself, allowing them to pursue individual interests. This enables optimal, personalized preparation for their future career entry in their desired field.”

Fabio Sauter– Graduating in 2022 – Mergers & Acquisitions Analyst

"The master’s program offers a wide selection of modules, allowing individual interests to be optimally addressed. In my case, the course ‘Special Situations in Business’ is particularly noteworthy. The course provides a practical insight into the entire M&A process. Also worth highlighting is the integration of the practical exercises from the risk management modules into Excel, which helps develop important technical skills. Individual areas of interest can be further explored through the range of up-to-date seminar topics.

Overall, the master’s program offers graduates optimal preparation for the challenges of everyday professional life."

Luca Bröhl– Class of 2021 – Enterprise Risk Analyst

"The elective options in the areas of controlling and risk management are particularly noteworthy. The program can be tailored to individual strengths. This provided me with excellent preparation for my career entry, particularly in risk management. I was able to fully apply the knowledge gained from the program in my job and make well-informed decisions based on it.

The combination of lectures, exercises, and tutorials deepens knowledge in a targeted way and helps apply what you’ve learned. Additionally, practical case studies and events hosted by external, renowned companies are worth mentioning. Despite the unique circumstances surrounding COVID-19, competent professors and academic staff made it possible for me to complete my studies, which I can recommend without hesitation."

Ann-Kathrin Schäfer – Class of 2020 – Capital Markets Sales Specialist, Wealth Management

"Should I pursue a master’s degree or enter the workforce right after my bachelor’s? That’s a question many students ask themselves. Having started as a trainee at Deutsche Bank after my master’s, I can only say for my part: It was worth it, and I would make the same decision every time! The risk management modules, in particular, covered a lot of material that really helped me in my banking practice and allowed me to stand out from other trainees.

In addition to the theoretical content, the master’s program also stands out for its numerous practical opportunities. In particular, the practical seminar project in collaboration with Helaba on the topic of risk management in small and medium-sized enterprises was an exciting and formative experience for me. I not only learned to apply theoretical knowledge in practice but also made valuable contacts in the banking industry.

If, at the end of your studies, you decide to write your thesis under Professor Wiedemann’s supervision, you are not assigned a predefined topic but can propose your own. Your personal interests thus influence the topic selection, and I personally found that fantastic. You receive full support from the department at all times and feel very well looked after, not only during your thesis but also in the lectures and exercises/tutorials. This, of course, applies equally to the controlling modules. I’m glad I chose this master’s program back then and can recommend it to any student without hesitation!"

Christian Asche– Graduated in 2020 – Group Controller

"The master’s program offers a unique combination of the two financial disciplines of Controlling and Risk Management. The theoretical and practical skills taught enable students to work successfully in various companies, industries, and economic sectors. In particular, it is the wide range of elective options that allows for an individualized focus. Furthermore, for me, the diversity of the student body and the interaction among peers make up the bulk of the program.

Furthermore, during the program, you learn not only how to obtain relevant financial information but also how to process, analyze, and present it in a way that is tailored to the audience, so that it can be used for important decisions within the company. Personally, it helps me a great deal in my day-to-day work today that my studies equipped me with both the necessary financial-mathematical tools and the knowledge and mastery of various methods for corporate management."

Maximilian Müller – Class of 2020 – Strategy and Risk Reporting Specialist in the Integrated Risk Management division at ERGO

"The course content, particularly from the risk management modules, is very well structured as a whole and builds conceptually upon itself. In addition to the lectures, the course content is specifically reinforced through case studies during the exercises and tutorials offered, with the tutors addressing individual strengths and weaknesses. The numerous elective options also allow for a personalized and interest-driven design of the program.

Thanks to the program’s practical focus, I was able to apply much of what I learned directly as I began my career as a risk manager. In particular, the Excel skills I acquired and the various methods for risk quantification deserve special mention."

Jens Evers – Assistant Auditor in the Alternative Investments Division

"The lectures and course content served as a solid foundation for my career start. The learning methods I acquired can be applied daily in my professional life and play a crucial role in mastering the process of continuous learning."

Rahel Sehmsdorf – Risk Management Trainee – Focus on Personal Loans

"The integration of application-based Excel exercises into individual risk modules helped me in practice to generate complex data in a clear, fast, and structured manner.

Thanks to the wide range of options within the risk and controlling modules, I was able to tailor the master’s program specifically to my personal interests.

The majority of the course content has practical relevance, such as the analysis of IFRS financial statements or an understanding of risk-based management at the bank-wide level."

Matthias Vogel – Controller in Accounting

"Both the departments in the areas of Controlling and Risk Management are very well staffed to convey the respective technical requirements. The theoretical knowledge gained is deepened and reinforced in an engaging way during exercises through the active involvement of students.

Thanks to the wide range of practice-oriented projects, I also had the opportunity to connect with regional and national companies. Furthermore, by participating in one such research project, I got to know my current employer and thus had a smooth start to my professional career. In my case, the bridge between theory and practice was therefore very successful."