일반대학원 경영학과 재무전공 (석사 · 박사)
자산가격이론과 투자론, 기업재무와 지배구조, 파생상품 및 금융공학, 그리고 보험 및 위험관리에 관한 이론적·실증적 연구를 수행하는 전일제(Full-time) 학술 학위 과정입니다. 대부분의 수업은 영어로 진행됩니다.
자산가격이론 및 투자론
주식, 채권, 선물·옵션 등 파생상품을 포함한 금융자산의 가격결정에 대한 이론과 실증적 증거를 다루며, 자본시장의 효율성, 시장미시구조, 거시·국제금융, 포트폴리오 투자전략 및 성과평가에 대한 이론과 실제를 연구합니다.
기업재무
기업가치 극대화 목표를 달성하기 위한 자금의 조달과 운용, 투자·자본구조·배당정책·IPO·인수합병(M&A)·기업지배구조·ESG 등 기업의 재무적 의사결정과 기업가치 간의 관계를 이론적·실증적으로 연구합니다.
보험 및 리스크관리
보험 및 리스크관리의 경제학, 경영학, 통계학 및 법적 기본원리를 학습하고, 이러한 원리들이 보험계약, 전사적 리스크 관리, 연금시장, 금융·보험기관 운영 및 산업 규제, 재보험 등에 어떻게 적용되고 구현되는지 연구합니다.
지원 전 준비하면 좋은 기초지식
- 재무관리, 재무회계, 미시·거시·계량경제학
- 수학 (미적분학, 선형대수 등) 및 수리통계학
- 통계·계량 분석 프로그래밍 (Python, R, SAS, STATA 등)
- 영문 학술논문 독해 및 영문 작문 (Reading & Writing)
| 학정번호 | 국문 교과목명 | 영문 교과목명 (Course Title) | 이수구분 (내규 기준) | 학점 |
|---|
박사과정 최근 졸업생 현황
| 졸업연도 | 성명 | 학위 | 주요 임용 및 진출처 |
|---|---|---|---|
| 2024년 | 최*호 | 박사 | 국민연금연구원 부연구위원 |
| 2022년 | 하*호 | 박사 | 성균관대학교 초빙교수 |
| 2021년 | 박*영 | 박사 | 한남대학교 전임교원 |
| 2021년 | 조*호 | 박사 | 광운대학교 전임교원 |
| 2018년 | 박*준 | 박사 | 공주대학교 전임교원 |
| 2018년 | 강*주 | 박사 | 캐나다 Thompson Rivers University 전임교원 |
석사과정 최근 졸업생 현황
🎓 국내외 박사과정 진학
- 2026년 | 최*수 (University of Florida 재무 박사과정)
- 2026년 | 이*하 (서울대학교 재무 박사과정)
- 2025년 | 안*정 (University of Florida 회계 박사과정)
- 2024년 | 김*환 (연세대학교 재무 박사과정)
- 2022년 | 오*희 (연세대학교 재무 박사과정)
- 2022년 | 표*민 (연세대학교 재무 박사과정)
- 2021년 | 송*완 (연세대학교 재무 박사과정)
- 2021년 | 신*원 (Penn State University 재무 박사과정)
- 2020년 | Wang J****** (연세대학교 재무 박사과정)
- 2018년 | 박*준 (University of Oklahoma 재무 박사과정)
- 2018년 | 원*성 (City University of New York 재무 박사과정)
- 2017년 | 김*진 (Texas A&M University 재무 박사과정)
🏦 금융기관, 중앙은행 및 공공기관 진출
- 2025년 | 한국은행
- 2025년 | 유안타증권
- 2025년 | 토러스자산운용
- 2024년 | 금융감독원
- 2024년 | IBK기업은행
- 2024년 | 한국전력공사
- 2024년 | China Life Insurance
- 2024년 | Guolian Minsheng Securities
- 2023년 | Venture Capital / Investment
- 2022년 | 한국금융연구원
- 2022년 | 한국토요타쯔우쇼
- 2020년 | 한국투자증권
- 2019년 | 한국은행
- 2017년 | NICE채권평가
연세대학교 일반대학원 입학전형 일정 및 모집요강 확인
일반대학원 경영학과 재무전공은 전일제(Full-time) 과정으로 운영되며, 상세 입학일정은 일반대학원 및 경영대학 MS/Ph.D. 안내 페이지에서 확인하실 수 있습니다.
M.S. & Ph.D. in Finance at Yonsei University (MS Finance Yonsei)
The Graduate Program in Finance at Yonsei School of Business offers rigorous, full-time Master of Science (M.S.), Integrated MS-Ph.D., and Ph.D. degrees in Finance. Our single-track academic curriculum trains students in theoretical and empirical Asset Pricing, Corporate Finance, Derivatives, and Insurance & Risk Management, preparing graduates for top global Ph.D. programs, academic faculty positions, and premier research institutions. Most courses are conducted in English.
M.S. in Finance
- Duration
- 2 Years (4 Semesters)
- Credits
- 30 Credits (Full-time)
- Eligibility
- Bachelor's Degree (Any Major)
- Thesis
- Master's Thesis Required
- Career Path
- Global Ph.D. placement, financial research institutes & quant/research roles
- Intensive training in core financial theory and empirical/econometric methodology
- Coursework exemption available for students with B+ or higher in undergraduate Mathematical Statistics or Econometrics
- Option to transition into the Integrated MS-Ph.D. track before completing the 3rd semester upon faculty approval
Ph.D. in Finance
- Duration
- 4 Years (8 Semesters)
- Credits
- 36 Credits (Minor Waived)
- Eligibility
- Master's Degree Holders
- Dissertation
- Doctoral Dissertation (English)
- Career Path
- Tenure-track university faculty, central banks & global research institutions
- Rigorous doctoral research aimed at publication in premier journals (JF, JFE, RFS, JFQA, Management Science)
- 9-credit minor requirement waived under Finance Division regulations to focus deeply on Finance, Economics & Statistics
- Full-time financial support through RA, TA, Merit Scholarships, and international conference travel grants
Asset Pricing & Investments
Theoretical and empirical research on the pricing of equities, fixed-income securities, and derivatives (futures & options), capital market efficiency, market microstructure, macro-finance, international finance, portfolio strategies, and performance evaluation.
Corporate Finance
Theoretical and empirical analysis of corporate financial decisions aimed at firm value maximization, including capital raising, capital structure, payout policy, corporate investment, IPOs, mergers and acquisitions (M&A), corporate governance, and ESG.
Insurance & Risk Management
Economic, managerial, statistical, and legal principles of insurance and risk management, and their implementation in insurance contract design, enterprise risk management, pension markets, longevity risk, financial regulation, and reinsurance.
Recommended Background
- Financial Management, Financial Accounting, Microeconomics, Macroeconomics & Econometrics
- Mathematics (Calculus, Linear Algebra) and Mathematical Statistics
- Statistical & Econometric Programming (Python, R, SAS, STATA, etc.)
- Proficiency in reading and writing academic research papers in English
| Course Code | Course Title (English) | Korean Title | Requirement Category | Credits |
|---|---|---|---|---|
| BIZ6018 | FINANCIAL ANALYSIS | 재무론 | Core Required (M.S. & Ph.D.) | 3 Credits |
| BIZ7037 | CORPORATE FINANCE THEORY I | 기업재무이론 I | Core Required (M.S. & Ph.D.) | 3 Credits |
| BIZ8016 | CORPORATE FINANCE THEORY II | 기업재무이론 II | Core Required (Ph.D.) | 3 Credits |
| BIZ6020 | ASSET PRICING | 자산가격이론 | Core Required (M.S. & Ph.D.) | 3 Credits |
| BIZ9007 | EMPIRICAL FINANCE | 재무실증연구 | Core Required (M.S. & Ph.D.) | 3 Credits |
| BIZ6029 | MICROECONOMICS FOR FINANCE | 기업경제학 | Methodology Required (M.S. & Ph.D.) | 3 Credits |
| BIZ7018 | FUTURES AND OPTIONS | 파생상품론 | Major Elective | 3 Credits |
| BIZ9019 | SEMINAR ON ASSET PRICING THEORY | 자산가격론세미나 | Major Elective · Division Seminar | 3 Credits |
| BIZ9008 | SEMINAR ON CORPORATE FINANCE | 기업재무 세미나 | Major Elective · Division Seminar | 3 Credits |
| BIZ8019 | INSURANCE | 보험론 | Major Elective | 3 Credits |
| BIZ9012 | SPECIAL TOPICS IN INSURANCE | 보험 특수문제 | Major Elective | 3 Credits |
| ECO/STA | MATHEMATICAL STATISTICS & ECONOMETRICS I·II | 수리통계학 · 계량경제학 I·II | Methodology Required / Elective | 3 Credits |
1. Coursework & Credits (Ph.D.: 36 Credits / Integrated: 54 Credits; 9-Credit Minor Waived)
- Methodology (12 Credits): Microeconomics for Finance, Mathematical Statistics, Econometrics I (9 required credits) + 1 methodology elective (3 credits).
- Core Finance (15 Credits): Financial Analysis, Corporate Finance Theory I·II, Asset Pricing, and Empirical Finance (Qualifying Exam Subjects).
- Major Electives (9 Credits): Graduate finance electives/seminars or approved courses in Economics, Applied Statistics, or Mathematics.
2. Qualifying Examination & Third Year Paper
- Qualifying Exam: 180-minute written examination on the 5 Core Finance courses; 80% passing score (up to 2 attempts allowed).
- Third Year Paper: Completion and successful defense of an independent Working Paper before a 3-faculty committee prior to dissertation proposal.
3. Dissertation Defense & Publication Requirements
- Division Seminar: At least one presentation at the Finance Division Seminar prior to the final defense.
- Research Output (Choose 1): ① International conference presentation (AFA, WFA, EFA, FMA, etc.), ② SSCI journal first-round review decision, or ③ Publication in a leading domestic finance journal.
- Annual Report: Annual Research Progress Report submitted to the Division Chair starting from Year 2 (Ph.D.) or Year 3 (Integrated).
International Conference Travel Grants
Financial support covering airfare, accommodation, and registration fees for graduate students presenting sole- or co-authored papers at major international conferences including AFA, WFA, EFA, FMA, AEA, WEA, CAFM, and APAD.
RA · TA · OA Assistantships & Fellowships
Comprehensive financial aid for full-time graduate students, including Research Assistant (RA) merit scholarships, Teaching Assistant (TA) scholarships, Office Assistant (OA) stipends, and BK21 research fellowships.
Ph.D. Placement (Full-Time Faculty & Research Institutes)
| Year | Name | Degree | Placement / Current Institution |
|---|---|---|---|
| 2024 | Choi, *H. | Ph.D. | National Pension Research Institute (NPS), Associate Research Fellow |
| 2022 | Ha, *H. | Ph.D. | Sungkyunkwan University, Visiting Professor |
| 2021 | Park, *Y. | Ph.D. | Hannam University, Full-Time Faculty |
| 2021 | Cho, *H. | Ph.D. | Kwangwoon University, Full-Time Faculty |
| 2018 | Park, *J. | Ph.D. | Kongju National University, Full-Time Faculty |
| 2018 | Kang, *J. | Ph.D. | Thompson Rivers University (Canada), Full-Time Faculty |
Recent M.S. Placement Highlights
🎓 Ph.D. Program Placements
- 2026 | Choi, *S. (University of Florida, Ph.D. Program)
- 2026 | Lee, *H. (Seoul National University, Ph.D. Program)
- 2025 | Ahn, *J. (University of Florida, Ph.D. Program)
- 2024 | Kim, *H. (Yonsei University, Ph.D. Program)
- 2022 | Oh, *H. (Yonsei University, Ph.D. Program)
- 2022 | Pyo, *M. (Yonsei University, Ph.D. Program)
- 2021 | Song, *W. (Yonsei University, Ph.D. Program)
- 2021 | Shin, *W. (Penn State University, Ph.D. Program)
- 2020 | Wang, J. (Yonsei University, Ph.D. Program)
- 2018 | Park, *J. (University of Oklahoma, Ph.D. Program)
- 2018 | Won, *S. (City University of New York, Ph.D. Program)
- 2017 | Kim, *J. (Texas A&M University, Ph.D. Program)
🏦 Financial Institutions, Central Bank & Industry
- 2025 | Bank of Korea (Yun, *J.)
- 2025 | Yuanta Securities (Sun, *W.)
- 2025 | Taurus Asset Management (Kim, *H.)
- 2024 | Financial Supervisory Service (Jeong, *J.)
- 2024 | Industrial Bank of Korea (IBK) (Kim, *H.)
- 2024 | Korea Electric Power Corporation (KEPCO) (Yoo, *H.)
- 2024 | China Life Insurance (NIU, W.)
- 2024 | Guolian Minsheng Securities (JIANG, M.)
- 2023 | Venture Capital / Investment (YUZI, Z.)
- 2022 | Korea Institute of Finance (KIF) (Pyo, *M.)
- 2022 | Toyota Tsusho Korea (Hwang, *T.)
- 2020 | Korea Investment & Securities (Kim, *C.)
- 2019 | Bank of Korea (Han, *C.)
- 2017 | NICE Pricing & Information (Kim, *H.)
Admissions & Application Guide (Yonsei Graduate School)
The M.S. and Ph.D. in Finance at Yonsei School of Business is a full-time program. Official admission timelines are available at the Yonsei University Graduate School website.