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 be familiar with the subjects, we offer a matriculation program of 4-6 weeks before the commencement. This program is also an opportunity for you to be considered to receive partial scholarship based on the ranking evaluation of matriculation program.

Required courses:
Fundamentals of Accounting
Fundamentals of Business Statistics
Fundamentals of Corporate Finance
Fundamentals of Financial Knowledge
Fundamentals of Mathematical Finance

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 encourages 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 Young Professional 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)
  • Colloquium and International Conference (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


Admission Qualifications

  1. Bachelor degree from accredited universities (minimum B).
  2. Academic Potential Test (TPA) from OTO Bappenas or a GRE/GMAT certificate with a minimum score of 525.
  3. English Language Proficiency Test (ELPT) ITB with a minimum score of 101 or TOEFL ITP from with a minimum score of 525 (pBT) / 213 (cBT) / 71 (iBT) or IELTS 6.0.
  4. Passing the Academic Interview held by Admission SBM ITB.

Admission Procedure

  1. Register online at: Complete and upload the application documents required for ITB Master Program
  2. Submit the hard copies of the following documents:
    1. Original certified and legalized copy of undergraduate academic certificate (1 copy). Overseas undergraduate applicants must submit statement of recognition from the Ministry of Research, Technology and Higher Education (Kemenristekdikti).
    2. Original certified and legalized copy of undergraduate academic transcript (1 copy)
    3. A recent color photograph sized 4×6 cm (1 sheet)
    4. Proof of health insurance membership
    5. Original TOEFL ITP/IELTS certificate (if any) as a substitute of ELPT result held by UPT Bahasa ITB*
    6. Indonesian citizen applicants only: submit original TPA BAPPENAS certificate held by OTO Bappenas*
    7. International applicants only: submit original GMAT certificate
    8. A copy of admission fee payment receipt
  3. Send the documents to:

    Admission for MSM Program 
    SBM ITB Building
    Jl. Ganesha No. 10
    Bandung 40312 
    +62 22 2531923 
    or you can send the documents to: [email protected]  with subject: Register Admission Test MSM ITB.

  4. Once these documents are completed, your enrollment application will be reviewed by our Admission officers for completeness. As soon as this is completed, we will contact you through email with further instructions.

*SBM ITB is regularly hosting the TPA and ELPT test. Schedule can be found in the Admission Deadline.

Admission Deadline for August 2018 Intake

Online registration period Deadline of document submission to SBM ITB Admission Office
(before 12.00 pm)
ELPT Selection Date TPA Selection Date
Round 1 4 February—24 March 2018 7 February 2018
28 February 2018
4 April 2018
18 April 2018
9 February 2018
2 March 2018
6 April 2018
20 April 2018
10 February 2018
3 March 2018
7 April 2018
21 April 2018
Round 2 8 April—26 May 2018 2 May 2018

9 May 2018

4 May 2018

11 May 2018

5 May 2018

12 May 2018

Round 3 3 June—9 July 2018 Open if seats are still available

Only those who do not hold TPA and ELPT/TOEFL/IELTS score should undertake the written test organized by Admission Office SBM ITB on the schedule as described above.

Admission Fee

Candidates should be aware that there are some costs applied in the admission.

Registration fee: IDR 600,000
Pay via transfer to:
Bank: BNI
Account Number: 988 00211 97000201
Beneficiary: Pendaftaran Program Magister ITB

Pay only if you wish to join the test arranged by SBM ITB Admission office:
ELPT Fee held by SBM ITB Bandung Campus: IDR 75,000
Pay via bank transfer to:
Bank BNI Cabang ITB
Account Number: 900004025
Beneficiary: Institut Teknologi Bandung

TPA Bappenas Fee held by SBM ITB Bandung Campus: IDR 325,000
Pay via bank transfer to:
Bank BNI Cabang ITB
Account Number: 0900001046
Beneficiary: Penampungan BPP SBM ITB

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:

  • Partial Tuition 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. This scholarship is awarded in the form of partial tuition. Each year, this scholarship is provided to five MSM students who 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 Fund Assistance Scholarship

    MSM and ITB Graduate Schools annually provide financial assistance for students who present their research at international conferences both within and outside the country.