How much should I budget for studying investment banking or finance in Germany, including both tuition and living expenses?
A 2 year finance or investment banking masters at a German public university typically costs 24,000 to 35,000 euros total, since tuition is often free or 1,500 euros a semester in Baden-Wurttemberg, living costs run 900 to 1,200 euros monthly, and private universities can run 40,000 euros or more.
You should plan for roughly 24,000 to 35,000 euros in total for a 2 year finance or investment banking masters at a German public university, with private universities running considerably higher. Your biggest variable is tuition, which differs sharply by state and institution.
Estimated 2 Year Total Cost by University Type
| University Type | Approx. Total 2 Year Cost |
|---|---|
| Public, tuition-free program | 24,000 to 30,000 euros |
| Public, with non-EU tuition of 1,500 euros per semester | 30,000 to 38,000 euros |
| Private university | 40,000 to 60,000 euros or more |
What Makes Up the Budget
- Living costs: about 900 to 1,200 euros a month, higher in Frankfurt or Munich.
- Semester contribution: roughly 70 to 900 euros per semester at most public universities.
- Blocked account for your visa: 11,904 euros for one year, released to you in monthly installments.
- Setup costs: flights, visa fees, and initial accommodation deposits on top of the figures above.
My Advice
Budget on the higher end of the range if you are targeting Frankfurt or Munich, since both cities concentrate Germany's finance industry but also carry higher rents. Check whether your specific program charges non-EU tuition before finalizing your budget, since this single factor can shift your total cost by several thousand euros a year.
Got a budget of 40 to 50 lakhs? See what Germany costs.
Full tuition and living breakdown, plus universities that fit your number.
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