Team and Contact

Jan Wüstenfeld, MSc.
Room: GD 03.319
Tel: +49 234 32-23421
Email: wiwi-international[at]rub.de
Visiting hours: by appointment via email

Application Deadline

30th November 2018

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PHBS-RUB Double Master in Economics and Finance (China)

With the beginning of the winter semester 2015/2016, 10 RUB students admitted to the MSc in Economics in the winter semester are eligible to apply for the PHBS-RUB Double Master in Economics and Finance offered by the Faculty of Management and Economics at RUB and the Peking University HSBC Business School (PHBS) in Shenzhen, China. The Double Master’s Programme is taught in English and starts once a year in the winter semester. It is integrated into the programmes “Master of Science in Economics” offered by the Faculty of Management and Economics at RUB and the “Master in Finance” offered by PHBS.


Programme Structure

For RUB students, the Double Master's Programme lasts two years and consists of 120 ECTS. In each semester 30 ECTS have to be acquired. RUB Double Master’s students spend their first year (1st + 2nd semester) at RUB and their second year (3rd + 4th semester) at PHBS. The first three semesters consist of coursework. The last semester is reserved for the Master’s thesis.

RUB RUB PHBS PHBS
1st semester 2nd semester 3rd semester 4th semester
coursework coursework coursework Master's thesis
30 ECTS 30 ECTS 30 ECTS 30 ECTS
120 ECTS total


From the 90 ECTS which have to be acquired from coursework, 30 ECTS must be taken from the core modules (in bold typeface). You must cover at least 30 ECTS from the core modules at the RUB in the 1st and 2nd semester.

The following table contains the PHBS modules that you can choose in your 3rd semester and their corresponding recognition at the RUB. PHBS modules can only be recognized at the RUB if you have not passed the corresponding module at the RUB.

PHBS* RUB
Advanced Macroeconomics I (3CP) Macroeconomics I (5 ECTS)
(LS Roos)
Advanced Microeconomics I (3 CP) Microeconomics I (5 ECTS)
(LS Robledo)
Advanced Econometrics I (3CP) Econometrics (10 ECTS)
(LS Golosnoy)
Financial Economics II (3 CP) Financial Econometrics (10 ECTS)
(LS Golosnoy)
Corporate Finance (3CP) Advanced Corporate Finance (5 ECTS)
(LS Paul)
Financial Markets (3 CP) Financial Macroeconomics (5 ECTS)
(LS Roos)
Applied Econometrics (3 CP) Microeconometrics (10 ECTS)
(LS Bauer)
Behavioral Finance (3 CP) Behavioral and Complexity Macroeconomics (5 ECTS)
(LS Roos)
Human Resources and Labor Economics (3 CP) Labor Economics (5 ECTS)
(LS Bauer)
Economics of Public Issues (3 CP) Public Economics (10 ECTS)
(LS Riedel)

*Please note: Not all modules will be offered each semester.

The following table includes modules that cannot be recognized at the RUB:

PHBS RUB
Macroeconomics (3 CP) No recognition possible (similar to BSc module Grundlagen der Makroökonomik)
Microeconomics (3 CP) No recognition possible (similar to BSc module Grundlagen der Mikroökonomik)
International Trade (3 CP) No recognition possible (similar to BSc module International Trade, LS Kruse-Becher)
Asset Valuation Theory (3CP) No recognition possible (similar to BSc module Kapitalmarkttheorie, LS Paul)
Advanced Econometrics II (3 CP) No recognition possible (scope smaller than Applied Time Series Analysis, LS Golosnoy)
Financial Economics I (3CP) No recognition possible (no similar module offered)
Stochastic Finance (3 CP) No recognition possible (no similar module offered)

All modules offered at the PHBS count for 3 credits points (CP). Nevertheless, these modules will get transferred to the RUB as a 5 ECTS or 10 ECTS module Also keep in mind that a minimum of 75 ECTS must be earned in economics modules; a maximum of 15 ECTS can be earned through management modules. In order to start your dissertation, you need to have acquired 90 ECTS from coursework.
The thesis has to be written at the PHBS but is jointly supervised by professors from the RUB and the PHBS. Double Master’s students may choose to defend their thesis while at PHBS or after returning back to the RUB. The credits obtained during the stay at the PHBS will be recognized at the RUB. By successfully participating in this programme students will obtain two degrees: Master of Science in Economics (RUB) and Master in Finance (PHBS).



Admission Requirements

You are eligible to apply for the Double Master’s Programme starting in the winter semester 2019/2020 if you are admitted to the MSc in Economics in the winter semester 2019/2020.

1) The first step is to apply for the MSc in Economics.
2) As soon as you have received your admission letter, you then apply for the Double Master’s Programme by filling in and handing in this form.


Admission Deadline

MSc in Economics: 15th July
Double Master's Programme: 5th October