Prof. Gaëlle Le Fol Secrétariat:
Pauline de Saint

Université Paris- Dauphine

Place du Mal de Lattre de Tassigny
75775 Paris cedex 16

Bureau P425

+33 (0)1 72 60 52 34


Course objectives

The MSc 203 is a global market finance program designed to train specialists in financial markets for front office employees in investment banks, investment and asset management firms, consultancies and insurance companies.

Targeting the most prominent financial firms in the world, we provide our students with an in-depth knowledge of the financial markets. An atypical skill set that is theoretical, quantitative and operational, which covers all existing products traded on these markets as of today: shares, interest rate instruments, exchange rates, raw materials… with a special focus on derivatives markets.

The heart of this international program (entirely taught in English) focuses on specific valuation and negotiation techniques, as well as practical investment strategies, arbitrage, hedging and risk management duties. Therefore, the MSc 203 emphasizes a high-level of financial training, which leads our students to be prepared for any profession linked to investments and financial instruments markets.

Targeted jobs

Front office

Trading, sales and structuring of financial instruments

Middle office and front office support services

Quantitative finance, pricing of financial assets and derivatives, development of financial business software, risk management, financial modelling for algorithmic trading


Origination, syndication, IPOs, structured finance, trade finance

Financial intermediation

Brokerage, sell-side financial analysis

Asset management

Investment fund management, alternative management (arbitrage funds, raw materials investments, investments in unquoted shares), technical analysis, buy-side financial analysis


Risk analysis and management, asset management


Consulting in risk management, consulting for corporate and investment banks, development of information systems

Program organization

Students admitted after a French licence, a Bachelor's degree, an engineering school, a business school, or a Master 1 completed in another university than Paris-Dauphine take the 2-year programme organised in 3 semesters of courses and 1 semester dedicated to the Master thesis and an internship. Professional integration can occur after completion of the 3rd semester.

Students admitted after completing the Finance major of the M1 in Management, an M1 in Economics or Mathematics take the 1-year programme organised in 2 semesters of courses. Professional integration can occur in May.

Graduates from a French Grande Ecole may be given access to the 1-year programme. This authorisation is granted by the Master's director during the admission process according to the student's profile.

The program's organization

The 2-year programme :

  • Regular track: 1 class semester + 1 internship + 1 master thesis + 2 class semesters + 1 internship
  • QTEM track: 1 class semester + 1 QTEM semester abroad + gap year + 2 class semesters + 1 internship

The 1-year programme : 2 class semesters + 1 internship

Tuition fees

The Master 203 is what we call a "Grand EtablissementMaster program" (DGE) of the Université Paris - Dauphine. As such, tuition varies according to an income-based scale. Get more details (in French).

For 2020-2021, students whose tax residence or whose parents' tax residence is outside of the European Union and who provide a tax certificate to that effect, were paying a flat tuition of 6,500 Euros and are not eligible for any reductions.

Fees for continuing education are : 9270 euros with an individual funding and 12360 euros with an institutional funding.

Complementary information: see pdf files below