OECON - Master of Science (MSc) in Advanced Economics and Finance

Preamble

Pursuant to section 33 of Ministerial Order no. 1061 of 30 June 2016 on Bachelor and Master Programmes at Universities (the University Programme Order); section 2(2) of Ministerial Order no. 111 of 30 January 2017 on Admission and Enrolment on Master’s (Candidatus) Programmes at Universities (Kandidatadgangsbekendtgørelsen); section 29 of Ministerial Order no. 1062 of 30 June 2016 on University Examinations and Grading (the Examination Order); and section 20 of Ministerial Order no. 114 of 3 February 2015 on the Grading Scale and other forms of assessment of educations within the sphere of the Ministry of Higher Education and Science (the Grading Scale Order), the Dean of Education, acting on a proposal prepared by the study board, has approved the following programme regulations.       

Part 1: Programme specific regulations

Degree title and duration

1. Students who successfully complete the programme earn the degree Master of Science (MSc) in  Advanced Economics and Finance, in Danish cand.oecon.i avanceret økonomi og finansiering (candidatus/candidata oeconomices), abbreviated cand.oecon.

(2) This programme is governed by The Study Board for  Advanced Economics and Finance.

(3) The master's (candidatus) programme is a two-year full-time programme, corresponding to 120 ECTS credits. The deadline for completing the programme is the rated time of study + one year after the student commenced the programme. Leave periods, if any, are not included in this time frame.

(4) The programme duration refers to the number of student full-time equivalents according to which the programme is structured. A full-time equivalent corresponds to one year of work by a full-time student and corresponds to an annual workload of 1650 working hours corresponding to 60 ECTS credits (European Credit Transfer System). The workload includes scheduled classes, preparation for classes, completion of written assignments, other teaching activities, independent study as well as preparation for, and participation in examinations.

Admission requirements and qualifying degrees

1A. No bachelor degree gives the right to admission to the MSc in Advanced Economics and Finance programme.

(2) The following bachelor degrees give access to admission to this programme, see however subsections (4) and (6):

From CBS:

• HA (mat.)
• HA Almen
• BSc in International Business (regular programme, EngAGE and GLOBE)
• BSc in International Business and Politics
• BSc in Business Administration and Service Management
• BSc in International Shipping and Trade (regular programme).

From other educational institutions:

• BA oecon. - Aarhus University
• BA scient.oecon. - Aarhus University
• BA scient.oecon. - SDU
• BA scient.oecon. - Aalborg University
• BA scient.oecon. - University of Copenhagen
• BA polit. - University of Copenhagen

(3) Admission to the MSc in Advanced Economics and Finance programme requires a relevant bachelor degree or other relevant Danish or foreign degree at the same level. During the education the applicant must have covered the following academic disciplines to a sufficient degree on an overall, individual assessment:

The specific entry requirements are minimum 30 ECTS-points within one or more of the following areas:

• Economics (e.g. economic theory, microeconomics, macroeconomics, international economics, monetary economics)
• Finance (e.g. corporate finance, investment analysis, managerial finance, international finance, derivatives)
• Quantitative methods (e.g. statistics, econometrics, mathematics).

(4) The requirements for language skills are available on CBS’ homepage: cbs.dk/graduateadmission.

(5) Standard assessments of a number of degrees from CBS or other universities are available on cbs.dk/graduateadmission.

(6) In the event that there are more applicants who fulfil the admission requirements than there are places offered at this programme, the selection shall be made according to criteria laid down in advance and published on cbs.dk/graduateadmission.

(7) Available at cbs.dk/graduateadmission are the application and admission procedures, including deadlines, as well as information about the date when the offer or the rejection of a place of study is made and about the requirement to accept a place of study.

Purpose

2. The MSc in Economics (Advanced Economics and Finance) is an analytically based programme at the master’s level with a focus on theoretical relationships and empirical applications.

(2) The programme builds on the students’ solid quantitative competencies in economics, finance and statistics. Students learn to work independently with economic and/or financial problems and thus obtain qualifications to work as specialized analysts in particular in financial institutions but also in the business community in general wherever strong, quantitative financial and economic skills are needed.

Competency profile

3. The Study Board has developed a competency profile, which describes the expected learning outcomes of this degree programme. It is available on CBS’ website, more specifically here.

Content and structure

4. The program is designed for BSc’s who have demonstrated particular skills and interests in analytical and quantitative economics and finance. The program ensures that the students further deepen their scientific understanding and at the same time learn how to apply state-of-the-art methods to actual businesses.  All courses are taught by faculty with strong research records and experience in the application of recent theoretical developments. The applied relevance and academic level of the program is continuously developed by the program’s own dedicated study board in close collaboration with the program’s business contacts and its academic advisory board.  The program provides students with analytical and problem-solving competencies. The students attain an understanding of the opportunities and risks in the economy. They are trained to apply theory to practical solutions. In an international study environment they learn to work with people from other countries and to express themselves effectively in written and oral English. 

(2) The program consists of a structured first year with eight advanced mandatory traditional and discipline oriented courses in economics and finance (60 ECTS points) where the students get a deep insight into the underlying theories and methods and are trained to use these on specific cases and data sets. Each of these eight courses combine lectures and exercise sessions and have a number of contact hours exceeding other courses at CBS and with ambitious PhD level learning goals. The third semester consists of electives (30 ECTS points). All electives must be within the fields of economics and finance and courses corresponding to 15 ECTS points have to be progressive relative to the first year courses. Each student’s elective course program is approved course by course and also as a whole on an individual basis. All or part of the electives may be taken at one of the leading international business schools CBS collaborates with. The fourth semester (30 ECTS points) completes the program through a traditional Master’s thesis or a combination of a business project and a shorter Master’s thesis paper. The subject of the Master’s thesis study has to be within the fields of economics and finance. “

(3) The below table lists the structure of the programme and the ECTS credits of the individual courses (30 ECTS per semester). The course descriptions are available in the online course catalogue. Direct links are inserted in the table below.

1st Semester

Course	ECTS
Contract, Agency and Game Theory	7.5
Asset Pricing	7.5
Corporate Finance	7.5
Econometrics	7.5

2nd semester

Course	ECTS
Advanced Industrial Organization	7.5
Derivatives and Risk Management	7.5
Macroeconomics - The Global Economy	7.5
Financial Econometrics	7.5

3rd semester

Course	ECTS
Progression electives	15
Electives	15

4th semester

Course	ECTS
Master's Thesis	30

Total: 120 ECTS

Elective courses
(4) During the third semester it is expected that the students take the equivalent of four 7.5 ECTS electives.The electives can be taken at a university abroad or by following courses at a Danish university.

(5) All of the electives must fall within the programme’s area of quantitative economics or finance.

(6) Two of these electives (corresponding to 15 ECTS) must represent progression compared with the courses at the first structured year.

(7) Maximum one of the electives (corresponding to 7.5 ECTS) can be of an applied nature (e.g. be highly applied in its nature – as opposed to theoretical, and/or lie somewhat outside the immediate field of study that characterizes the programme).

(8) With pre-approval in view, the study board offers to evaluate the elective courses before the study abroad.

Master’s thesis

4A. The master's (candidatus) thesis must document skills in applying scientific theories and methodologies to a clearly defined academic topic. As of 1 September 2016, the master’s thesis must be written in groups. The thesis must be placed at the second year of study of the master’s candidatus programme.

(2) The Programme Director, or the person the Programme Director has empowered to do so, approves the research question of the master’s thesis and at the same time determines a submission deadline for the thesis and a plan for the thesis supervision. The deadline for submitting the thesis contract is 15 November in the student’s 3^rd semester – by submission of the thesis contract.

(3) The deadline for submitting the thesis is 15 May in the student’s 4th semester, and it is not possible to withdraw from the exam once the thesis contract has been approved. If the student does not submit within the deadline, the student has used one examination attempt, unless a dispensation has been granted under section 14(8).

(4) If the student does not submit the thesis within the time frame specified in subsection (3), the Programme Director, or the person the Programme Director has empowered to do so, approves a modified problem formulation within the same field and lays down a new three-month deadline for submission at the same time. If the student does not submit the thesis by the new deadline, the student may be granted a third examination attempt, see the Examination Order, in accordance with the same rules which applied to the second examination attempt.

(5) The rules in subsection (4) also apply for a master’s thesis for which the student has not obtained at least the grade 02, see the Grading Scale Order.

(6) The student may choose either to write a (traditional) master’s thesis or to write a business project and a shorter master’s thesis.

(7) The traditional master’s thesis serves as a test of the student’s ability to engage in in-depth study and independently describe, analyse and process a complex issue within economics and finance at the master’s level. The thesis is supervised by CBS faculty.

(8) The Business Project is a consultancy report supervised both by a corporate advisor and a faculty member and aims to solve a concrete problem for a given firm. The consultancy aspect will be part of the evaluation, including issues like relevance of the problem for the firm, choice of methods, the ability to apply relevant economics and finance, and the actual solution proposed.

(9) The short master’s thesis takes the form of an academic, scientific article and is supervised by CBS faculty.

(10) The topic of the master’s thesis and/or the business project must fall within the academic profile of the MSc in Economics (Advanced Economics and Finance).

(11) Details concerning e.g. supervision and of the two types of theses and the Business Project report are stipulated in the course description, see link in section 5.

Examinations

5. The programme consists of the examinations listed below. The learning objectives and the regulations of the individual examinations are prescribed in the online course catalogue. Direct links to the individual examinations are inserted in the table below.

1st Semester

Exam name	Exam form	Gradingscale	Internal/external exam	ECTS	Weight
Contract, Agency and Game Theory	Home assignment - written product 25%	7-step scale	Internal exam	7.5
	Written sit-in exam on CBS' computers 75%	7-step scale	Internal exam
Asset Pricing	Written sit-in exam on CBS' computers	7-step scale	Internal exam	7.5	7.5
Corporate Finance	Written sit-in exam on CBS' computers 30%	7-step scale	Internal exam	7.5
	Oral exam 70%	7-step scale	External exam
Econometrics	Written sit-in exam on CBS' computers 50%	7-step scale	Internal exam	7.5
	Written sit-in exam on CBS' computers 50%	7-step scale	Internal exam

2nd Semester

Exam name	Exam form	Gradingscale	Internal/external exam	ECTS	Weight
Advanced Industrial Organization	Written sit-in exam on CBS' computers	7-step scale	Internal exam	7.5	7.5
Derivatives and Risk Management	Oral exam	7-step scale	External exam	7.5	7.5
Macroeconomics - The Global Economy	Written sit-in exam on CBS' computers	7-step scale	Internal exam	7.5	7.5
Financial Econometrics	Written sit-in exam on CBS' computers 50%	7-step scale	Internal exam	7.5
	Written sit-in exam on CBS' computers 50%	7-step scale	Internal exam

3rd Semester

Exam name	Exam form	Gradingscale	Internal/external exam	ECTS	Weight
Electives	See the individual course description	See the individual course description	See the individual course description	15	15
Progression electives	See the individual course description	See the individual course description	See the individual course description	15	15

4th Semester

Exam name	Exam form	Gradingscale	Internal/external exam	ECTS	Weight
Master's Thesis defence	Oral exam based on written product	7-step scale	External exam	30	30

Total: 120 ECTS

Prerequisites for registering for the exam – compulsory activities

5A. The following courses have compulsory assignments or requirements about active class participation, see section 13. Further specifications and regulations are listed in the relevant course description in the online course catalogue, see the below link(s).
 

Course	Number of mandatory activities
Asset Pricing	2
Advanced Industrial Organization	2
Derivatives and Risk Management	2
Macroeconomics - The Global Economy	3

Body of external examiners

6. This degree programme is covered by the body of external examiners for the business administration programmes.

Pass requirements

7. The general pass requirements are stipulated in section 26.

(2) In order to pass a combined examination consisting of several partial examinations, the grade of the individual partial examinations must be ‘02’ as a minimum.

Teaching formats

8. All courses are taught in English. The study programme has a high amount of lectures as well as a high percentage of exercise sessions.

9.-10. (Not in use.)

Part 2: General regulations for master's (candidatus) programmes

11. The teaching is organised in a collaboration between the Programme Director, the course coordinators and the teachers. The Study Board approves the organisation of the teaching.

Examination language

12. Examinations are conducted in English; see however subsection (2).

Prerequisites for participating in the exam: compulsory assignments and requirements about active class participation

13. Besides the examinations listed in section 5, which are included in the final grade point average, on some courses it is a requirement that one or more assignments are submitted, as part of the teaching (so-called compulsory assignments). In order for students to participate in the final examination of the course in question, it is a condition that, within a set deadline, the required number of compulsory assignments have been submitted and that the assessment  ‘Approved’ has been achieved. Further specifications regarding the number of compulsory assignments, format etc. are stipulated in the examination regulations of the individual courses.

(2) If a student does not, within the set deadline, fulfil the requirement of achieving the result ‘Approved’ for the required number of compulsory assignments for a specific course, the student has the right to submit extra assignments. However, it is a condition that the student has submitted all set assignments, unless failure to submit was caused by illness or a condition equalled with illness.

(3) Besides the examinations listed in section 5, which are included in the final grade point average, on some courses there is a requirement of class participation in order to participate in the exam in the course; it must be a well-defined part of the teaching (e.g. presentation seminars, case projects etc.). Further specifications are stipulated in the examination regulations of the individual courses, see also section 27(3).

Registration for and withdrawal from courses and exams

14. The student is obliged to make the annual registration for the coming year of study, see section 7(1) in the University Programme Order. For students enrolled in September, this must be done during the registration period which is placed in April; and for students enrolled in February, this must be done during the registration period which is placed in November.On the basis of this registration, CBS will register the student for the 60 ECTS comprising this year of study, and in addition to this CBS will make a semestrial registration for the student to any not completed courses from previous years of study.

(2) The students register for electives via the Self Service. Students not registered for mandatory courses and electives for a total of minimum 60 ECTS in a year of study, must register for electives, including summer school courses, corresponding to the lacking ECTS in the coming year of study, resulting in the student being registered for a minimum of 60 ECTS in the coming year of study.

(3) In a withdrawal period, the students can withdraw from courses they are registered for if the registration made under subsection (1) is more than 60 ECTS for a year of study/ 30 ECTS for a semester, so that the individual student is registered for a total of 60 ECTS for a year of study/30 ECTS for a semester. There is a withdrawal period before both the spring semester and the autumn semester.

(4) Failure to make the annual registration, see subsection (1), will result in the student being deregistered from the programme, under section 18(5) of Ministerial Order no. 111 of 30 January 2017 on Admission and Enrolment on Master’s (Candidatus) Programmes at Universities (Kandidatadgangsbekendtgørelsen).

(5) The student can be deregistered from one or more courses or course elements where 1) the students is an elite athlete, or where 2) there are extraordinary circumstances, including impairment, and where the student will be unable to fulfil the registration requirement, or where 3) the student is an entrepreneur, see section 18, or where 4) the student is the chairperson of a voluntary organisation under Dansk Ungdoms Fællesråd (DUF) and where the student will be unable to fulfil the registration requirement. Deadlines for submitting dispensation applications are determined on the student intranet.

(6) When selecting students for elective courses, a draw is made among the students who fulfil the conditions for taking the elective course in question if there are more applicants for the course than there are available places. For certain electives the selection is not made by lot, but on the basis of a motivational essay; this will be stated on the list with the offered electives on cbs.dk.

(7) Students are automatically registered for an examination or examinations when they are registered for a course or course element with which one or more examinations are associated. Withdrawal from the ordinary exam (1^st examination attempt) is not possible, and students have used an examination attempt, see section 27(1), unless an exemption has been granted pursuant to subsection (8).  Students who do not fulfil the requirements for participating in the examination as laid down by the university, see section 13(1) and (3) have used an examination attempt, see section 27(1), unless an exemption has been granted pursuant to subsection (8).

(8) The university may grant exemptions from the rules set out in subsection (7) where 1) the students is an elite athlete, or where 2) there are extraordinary circumstances, including impairment, or where 3) the student is an entrepreneur, see section 18, or where 4) the student is the chairperson of a voluntary organisation under Dansk Ungdoms Fællesråd (DUF), see the University Programme Order. Deadlines for submitting dispensation applications are determined on the student intranet.

Re-exams

15. Students are automatically registered for the re-exam (2^nd and 3^rd examination attempt) when the student has not passed the exam in question. Within a deadline, the student can withdraw from a re-exam (2^nd and 3^rd examination attempt), see subsection (5). However, it is not possible to withdraw from the 2^nd and 3^rd examination attempt as regards the master’s thesis. If the student has not withdrawn within the deadline, the student has used and examination attempt, see section 27(1).

(2) On programmes with two annual examination periods (semester examinations), students who have not passed an ordinary examination are automatically registered for the re-exam (2^nd examination attempt) in the same examination period or immediately thereafter.

(3) On programmes with more examination periods than in subsection (2), students who have not passed an ordinary examination are automatically registered for the re-exam (2^nd examination attempt), which will be held as soon as possible; however, no later than six months after the ordinary examination.

(4) The rules on automatic registration for a re-exam (2^nd examination attempt) are dispensed with if the student is not offered the opportunity to fulfil the requirements laid down pursuant to section 13(1) and (3) before the second examination attempt is held. The student is registered for the next examination attempt as soon as possible.

(5) The deadline for withdrawal from an examination is 1 month before the start of the examination in question. However, a student who awaits an assessment is exempt from this deadline as regards the re-exam of the course in question.

(6) For the requirements regarding documentation etc. concerning illness during an examination are laid down reference is made to CBS’ rules regarding illness in connection with an examination. Attention must be paid to the documentation deadline stated in those rules.

(7) Re-exams are subject to the learning objectives of the ordinary examination of the examination in question.

(8) Re-exams are conducted according to the examination regulations of the ordinary examination of the examination in question, except when:

1. the examination regulations for the examination in question explicitly contain differing provisions for the re-exam, or
2. it is a written examination and the number of registered candidates for the re-exam warrants that it may most appropriately be held as an oral examination.

(9) It is not possible to determine another examination form for the re-exam of the master’s thesis.

Study activity requirement

16. The student must pass minimum 30 ECTS each year of study in order to be able to continue the programme (study activity requirement). The student must have three examination attempts, see section 27(1), in the courses or course elements that are included in the study activity requirement.

(2) The university may grant an exemption from the study activity requirement, see subsection (1), if the student is an elite athlete or if there are extraordinary circumstances, including impairment.

Extraordinary re-exams and offers of re-assessment/re-exam

17. If an extraordinary re-examination is arranged or offered in accordance with section 21 of the Examination Order (regarding examination irregularities) or the offer of a re-evaluation/re-examination is given in accordance with section 36 or 41 of the Examination Order (regarding complaints about the exam), the re-examination is subject to the learning objectives of the ordinary examination of the examination in question.

(2) Examinations under subsection 1 can be conducted in accordance with the regulations of the re-exam if the examination is an offer of an extraordinary re-exam.

Entrepreneurs

18. Students who are entrepreneurs in parallel with their studies must document that they are either self-employed with a turnover and productive assets or are part of an entrepreneurial environment, e.g. university incubators and regional growth environments, cf. section 8 (2) of the University Programme Order.

(2) Students who have a registered CVR number or are able to document that they have been enrolled in one of the programmes who are offered by Copenhagen School of Entrepreneurship (CSE) or the like are considered entrepreneurs in pursuance of subsection (1). The student must follow the registered entrepreneurship programme in accordance with the continuous requirements of the programme.

Examination forms

19. Examinations are organised as individual examinations or as group examinations. The specific examination form of a given examination, including whether it is an individual or a group examination, or a mixture of the two, is stated in the relevant course description, see links in section 5.

(2) At both individual and group examinations the student’s individual performance must be assessed, and grading must be individual, see subsections (3)-(4).

(3) At oral group examinations the individual student must be examined in such a way that it is ensured that the student’s individual performance is assessed.

(4) If a written product is produced by more than one student, and if there is no oral defence of the product, the students must show what their individual contributions are, and in such a way that it is ensured that individual assessment is possible. See ‘Individualisation of group papers etc.’ in the study administrative rules (SAR).

(5) For group examinations, see subsection (1), rules about those of the following factors that are relevant for the examination form in question must be stated in the regulations of the individual examination:

1. maximum group size
2. the allotted time at the oral examination – see subsection (3)
3. requirements regarding individual contributions – see subsection (4).

(6) Where it is stipulated in the regulations of a given examination that it is a group examination, it is stated in the course description if the students can choose to take the examination as an individual examination instead. When the examination in question contains both a written and an oral part, both parts must then be taken as an individual examination.

(7) When it is an oral exam based on a written product, the following applies to all variations:

1. Submission of the written product is a requirement to be able to attend the oral examination.
2. Both the written product and the oral presentation count in the assessment.
3. The assessment is an overall evaluation of the written product and the oral presentation.

Examination rules

20. All students have an obligation to familiarise themselves with and to observe the examination rules of the examinations which they participate in, including the general rules that apply to the individual examination. Those rules are in particular:

• The examination rules, as stipulated in the relevant course description, see links in section 5.
• Rules about written sit-in examinations at CBS, including rules about electronic aids, see section 21(3).
• Rules on good academic conduct, see section 4 of Copenhagen Business School’s rules and regulations on academic conduct, including penalties.

(2) Students are not permitted to make audio and/or picture recordings during an examination or the examiners’ discussion of a student’s performance.

(3) It is stipulated in the examination regulations of the individual examination what the maximum number of pages is for a given written product. In addition, the following applies:

1. In the page count the front page, the bibliography and any appendices are not included. Appendices are not part of the assessment.
2. All pages must have a margin of min. 3 cm in top and bottom and min. 2 cm to each of the sides. The font must be minimum 11 points.
3. Tables, diagrams, illustrations etc. are not included in the number of characters, but will not justify exceeding the maximum number of pages.
4. On average, one page must not contain more than 2,275 characters (including spaces).

(4) Upon digital submission the student declares that the submitted product complies with the rules for good academic conduct, form requirements and maximum size, via a digital declaration of authorship.

(5) Any violation of rules and regulations under subsections (1)-(2) will be sanctioned in accordance with  Copenhagen Business School’s rules and regulations on academic conduct, including penalties.

(6) Violation of form or layout requirements stipulated in subsection (3)-(4) or form requirements laid down under section 19(4) may result in a rejection of the exam paper, see section 24(3) of the Examination Order. If the exam paper is rejected, it will not be assessed, and the student will have used an exam attempt.

Examination aids

21. The examination aids that students are allowed to bring with them to written sit-in examinations are specified in the examination regulations of the individual examination/course.

(2) Unless otherwise stated in the examination regulations, see subsection (1), no examination aids, whether written or technical, are allowed in the examination room, except simple writing and drawing utensils.

(3) In cases where the examination regulations, see subsection (1), stipulate that electronic aids can be brought to the examination room, the provisions stipulated in Rules about written sit-in examinations at CBS, including rules about electronic aids apply.

Examinations under special circumstances

22. The Study Board may decide to deviate from the examination regulations stipulated for the individual examination with the purpose of allowing students with special needs to sit examinations under special circumstances. Such exemption can be granted to students who are physically or mentally disabled, to students whose mother tongue is not Danish, and to students who have similar difficulties when this is considered necessary in order to place them on even terms with their fellow students in the examination situation. It is a condition that it does not change the academic level of the examination.

(2) When it is stipulated in the objectives of the examination in question that the student’s spelling and writing skills are included in the assessment, the Study Board may grant exemption from this to a student who is able to document a relevant and specific impairment.

(3) Students who wish to apply for permission to sit an exam under special circumstances according to subsection (1) or apply for an exemption according to subsection (2) must submit an application, including the necessary documentation, to the Programme Office no later than 2 months before the exam is to take place.

Sitting examinations abroad

23. The university may conduct examinations at a Danish representation or at other locations abroad, provided the reason for doing so is that the student is unable to participate in the university's examinations in Denmark for practical or financial reasons and if the student and the exam location reach an appropriate agreement. Danish examinations held abroad must comply with all the other rules laid down in the Examination Order.

(2) The Programme Director decides whether the examination can be conducted abroad and appoints or approves invigilators and other persons to organise the practical aspects of conducting the examination abroad.

(3) The university defrays the special costs associated with conducting examinations abroad.

(4) The Ministerial Order on Payment for the Services of Civil Servants Serving Abroad (Bekendtgørelse om betaling for tjenestehandlinger i udenrigstjenesten) applies to conducting examinations at Danish representations abroad.

(5) The university may ask the student to pay part or all of the costs incurred by the university to conduct the examination abroad. However, it is a condition that the student confirms in writing in advance his or her willingness to pay the costs in question, on the basis of an estimate made by the university of the expected costs. The university may make it a condition for conducting the examination that the amount is paid in advance.

(6) When an examination is conducted abroad, the conditions and regulations in CBS’ guidelines for examinations conducted abroad apply.

Assessment

24. Examinations are either internal or external:

• Internal examinations are assessed by one or more teachers (internal examiners) appointed by CBS from among the teachers at the university or from other universities that offer the same or similar study programmes.
• External examinations are assessed by one or more internal examiners and one external examiner (in Danish: censor) appointed by the Danish Agency for Science and Higher Education.

(2) It is stipulated in the exam regulations of the individual examination whether it is an internal or an external examination, see link in section 5.

(3) Assessment of the examinations is carried out in accordance with the Grading Scale Order.

(4) Compulsory assignments and class participation, see section 13, are assessed by the teacher(s) of the specific course. The assessment type ‘Approved/Not approved’ is used.

Announcement of results

25. In connection with examinations where the result is not announced immediately after the examination, the result must be announced within 4 weeks after the examination has been held, see however subsection (2). The month of July is not included in the calculation of these 4 weeks.

(2) In connection with bachelor projects, master’s (candidatus) theses and master’s projects, the result must be announced no later than 6 weeks after the project/thesis has been submitted.

(3) When special circumstances warrant it, the Programme Director can set aside the deadlines stipulated in subsections (1) and (2). If the assessment cannot be completed by the fixed deadline, the student(s) must be notified as soon as possible and be informed about the reason for the delay and when the result will be announced.

Pass requirements

26. Each examination must be passed separately. An examination shall be passed when the student achieves a grade of at least 02 or the assessment ‘Pass’.

(2) Each examination can be retaken separately. However, passed examinations cannot be retaken.

(3) If a grade consists of several partial grades for various categories of performance (partial examinations), the grade shall be the average of the partial grades, rounded off to the nearest grade on the grading scale, see however subsection (4). The grade shall be rounded up if the average is half-way between two grades.

(4) If the partial grades are given different weights when the combined grade is to be calculated, this is stipulated in the exam overview in section 5. If so, the grade shall be the sum of the individual grades, each multiplied by the weighting of the grade, divided by the sum of the weightings and then rounded off to the nearest grade on the grading scale. The grade shall be rounded up if the average is half-way between two grades.

(5) If an examination consists of partial examinations, each partial examination can be retaken separately. However, passed partial examinations and not-passed partial examinations that are part of a passed examination cannot be retaken.

(6) Any requirements about a certain grade on the grading scale being required as achieved in one or more partial examinations are stipulated in section7.

(7) The calculation of the overall grade point average is based on the weights of the individual grades, which are listed in the table in section 5.

(8) If a student retakes an examination or another type of assessment, the highest grade applies – see however section 37(4) of the Examination Order.

27. Students have a maximum of three attempts in passing each examination, see however subsection (2). The Study Board may grant more attempts, if warranted by extraordinary circumstances. The question of academic aptitude may not be included when assessing whether extraordinary circumstances apply.

(2) No later than 16 months after the end of the teaching of the course, the student must participate in the third examination attempt if the course is no longer offered.

(3) Students who are to have their class participation assessed a second time may require an examination instead. However, where class participation includes practical exercises, it cannot be replaced by an examination.

Diploma

28. CBS issues a diploma to students who have completed their study programme, in accordance with the requirements stipulated in section 31 of the Examination Order. The diploma is issued to the graduate no later than 2 months after the announcement of the result of the final examination. July is not included in the calculation of these 2 months.

(2) Students who leave the programme without having completed it are entitled to receive a transcript documenting the completed parts of the programme, with the relevant number of ECTS credits stated.

Leave

29. A student may be granted leave from the programme on personal grounds. The specific rules for obtaining leave and the provisions that apply to students while on leave are stipulated in CBS’ Rules regarding leave on bachelor and master programmes at CBS.

Programme regulations

30.The programme regulations and various regulations etc. referred to in this document are publicly available on CBS’ website, more specifically onstudieordninger.cbs.dk and in the study administrative rules (SAR).

Exemption from the programme regulations

31. The university may, when warranted by extraordinary circumstances, grant exemptions from those rules in the programme regulations which are solely laid down by the university.

(2) An exemption from the programme regulations that requires an exemption from a ministerial order may be brought before the Danish Agency for Science and Higher Education.

Credit transfer

32.Programme elements passed at another university are regarded as equivalent to corresponding programme elements covered by these study regulations.

(2) The Study Board may grant approval for students to substitute passed programme elements from another Danish or foreign programme of the same level, for programme elements covered by these regulations.

(3) Decisions under subsections (1) and (2) are made on the basis of a professional assessment.

33. Students who, as part of their studies, wish to complete programme elements at another university or another institution of higher education in Denmark or abroad may apply to their home university for pre-approved credit transfer for planned programme elements.

(2) Approval of pre-approved credit transfer pursuant to subsection (1) may only be granted if, in connection with the application for preapproved credit transfer, the student undertakes to submit to the home university the necessary documentation to show whether the programme elements have been passed or failed upon completion of the programme elements for which pre-approved credit transfer has been granted. Students must also consent to the home university requesting the necessary information from the host institution if students are unable to procure the documentation themselves.

(3) Once documentation is available that the student has passed the programme elements for which pre-approved credit transfer has been granted, the home university administratively approves the transfer of the credit to the relevant programme at the university.

(4) In cases where the programme elements for which pre-approved credit transfer has been granted are, for example, not offered by the host institution, the university may, upon the student's request, change the approval of pre-approved credit transfer pursuant to subsection (1). The student is responsible for and is obliged to take the initiative to compose a proposal for a study plan. The university offers academic support if requested by the student. In special cases, the chair of the study board may approve changes to the study board’s decisions about pre-approved credit transfer.

(5) Decisions under subsections (1) and (4) are made on the basis of a professional assessment.

(6) Credit transfer of Master theses is not possible when the thesis is the basis of the awarding of a different title in another Master programme.

34.Programme elements which students wish to have transferred from other programmes will be transferred on the basis of the normalised workload specified in ECTS points and stipulated in the relevant degree regulations. Due to the structure of the programme, discrepancies may occur between the equivalent number of ECTS credits and the actual amount of ECTS transferred, as the number of ECTS credits for the programme must total the number of ECTS credits stated in section 1(1).

(2) If the programme element in question is assessed according to the 7-point grading scale or the 13-point grading scale at the academic institution at which the examination was taken, and if this programme element equates or replaces a programme element which according to the exam regulations of these study regulations is assessed according to the 7-point scale or the 13-point scale, the grade will be transferable, but converted into the 7-point scale if assessed according to the 13-point scale. In all other cases, the assessment will be transferred as ‘Pass’. Examinations transferred as ‘Pass’ are not included in the calculation of the final grade point average.

35.Applications for pre-approval or credit transfer must be sent to the Programme Office, addressed to the Study Board, on a special form and with the necessary documentation enclosed. See guidance on credit transfer applications on the student intranet.

(2) Concerning complaints about credit transfer decisions, see part 3.

Part 3: Complaints

Complaints about examinations etc.

36. A student is entitled to file a complaint about an examination or other assessment. Concerning the specific rules and procedures, including deadlines, for filing written and reasoned complaints reference is made to the rules in part 7 of the Examination Order and to CBS’ guidelines on CBS' student intranet.

Complaints about decisions concerning credit transfer

37. Complaints about decisions made by the Study Board on whether education qualifications acquired at another Danish University may replace parts of the programme (credit transfer) as well as complaints about the decisions made by the Study Board on whether Danish or foreign education qualifications, not yet passed, may replace parts of the programme (pre-approval of credit transfer), may be brought before the Appeals Board for decisions on credit transfer, see Ministerial Order no. 1517 of 16 December 2013 on the Appeals Board for decisions on credit transfer in university study programmes.

(2) The deadline for filing a complaint is 2 weeks from the date when the complainant was informed of the decision. The complaint must be addressed to the Appeals Board for decisions on credit transfer but sent to the President of CBS; the reasoned complaint should be sent to CBS Legal, Solbjerg Plads 3, 2000 Frederiksberg. It is also possible to send the complaint to: legal@cbs.dk. CBS has the option to process the application again. If the decision is upheld, CBS will forward the complaint to the Appeals Board, accompanied by a statement. CBS will give the complainant the opportunity to comment on the statement within a time limit of 1 week. The complainant’s comments, if any, will be enclosed when the complaint is forwarded to the Appeals Board. The Appeals Board will make the final administrative decision.

38. Complaints about decisions made by the Study Board on whether education qualifications acquired abroad may replace parts of the programme (credit transfer) may be brought before the Qualifications Board, see Assessment of Foreign Qualifications etc. Act.

(2) The deadline for filing a complaint is 4 weeks from the date when the complainant was informed of the decision. The complaint must be addressed to the Appeals Board for decisions on credit transfer but sent to the President of CBS; the reasoned complaint should be sent to CBS Legal, Solbjerg Plads 3, 2000 Frederiksberg. It is also possible to send the complaint to: legal@cbs.dk.. CBS has the option to process the application again. If the decision is upheld, CBS will forward the complaint to the Qualifications Board, accompanied by a statement. CBS will give the complainant the opportunity to comment on the statement, within a time limit of 1 week. The complainant’s comments, if any, will be enclosed when the complaint is forwarded to the Qualifications Board. The Qualifications Board will make the final administrative decision.

Complaints about other decisions

39. Complaints about decisions made by the Study Board or the Programme Director according to these study regulations have to be filed with the President of CBS. The deadline for filing a complaint is 2 weeks from the date when the complainant was informed of the decision.

(2) A decision made by CBS according to subsection (1) may be appealed by the complainant to the Danish Agency for Science and Higher Education when the complaint is concerned with an error of law or procedure. The deadline for lodging an appeal is 2 weeks from the date when the complainant was informed of the decision. The reasoned appeal should be addressed to the agency but sent to CBS Legal, Solbjerg Plads 3, 2000 Frederiksberg. It is also possible to send the complaint to: legal@cbs.dk. CBS will forward the appeal to the agency, accompanied by a statement. CBS will give the complainant the opportunity to comment on the statement, with a time limit of at least 1 week. The complainant’s comments, if any, will be enclosed with the other case files when the appeal is forwarded to the agency. 

(3) Moreover, students are referred to CBS’ Guidelines regarding students' right to file a complaint about decisions made by study boards, programme directors and programme administration.

Complaints about the teaching etc.

40. Complaints about the teaching, academic supervision or other issues concerning the organisation of the degree programme can be brought before the Study Board.

Commencement and transition regulations

41. These Programme Regulations are effective for students enrolled on the programme in September 2017 or later, and for students who are transferred to these Programme Regulations, see section 42.

(2) The 2016 Programme Regulations are repealed as of 1 September 2017.

42. Students who began their studies under the 2016 Programme Regulations or according to the transition regulations in those regulations were transferred to the 2016 regulations are transferred to these 2017 Programme Regulations, so that these are effective for the remainder of the programme, see however subsection (2).

(2) The deadline for completing the programme stated in section 1(3) only extends to students enrolled on 1 September 2014 or later. For students enrolled before 1 September 2014, section 1(3) of the 2013 Programme Regulations applies.