Master of Science (MSc) in Economics and Business Administration in Finance and Investments
Pursuant to section 45 of Ministerial Order no. 2285 of 1 December 2021 on Full-time Programmes at Universities (the University Programme Order); section 28(3) and section 30(1) of Ministerial Order no. 69 of 26 January 2023 on Admission and Enrolment on Full-time Programmes at Universities (the Admission Order); Ministerial Order no. 2271 of 1 December 2021 on University Examinations and Grading (the Examination Order) and Ministerial Order no. 1125 of 4 July 2022 on the Grading Scale 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
Part 2: General regulations for master's (candidatus) programmes
12. Teaching and examination language
13. Prerequisites for participating in the exam: compulsory activities
14. Registration for and withdrawal from courses and exams
16. Study start test
17. Extraordinary re-exams and offers of re-assessment / re-exam
19. Examination forms
20. Examination rules
21. Examination aids
22. Examinations under special circumstances
23. Sitting examinations abroad
25. Announcement of results
26.-27. Pass requirements and exam attempts
30. Programme regulations
31. Exemption from the programme regulations
32.-35. Credit transfer
Part 3: Complaints
Commencement and transition regulations
Appendix: Competency profile
Part 1: Programme specific regulations
Degree title and duration
1. Students who successfully complete the programme earn the degree in Master of Science (MSc) Degree Programme in Economics and Business Administration in Finance and Investments, in Danish cand.merc i erhvervsøkonomi finansiering og investering.
(2) The programme is governed by the Study Board for MSc in Economics and Business Administration.
(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 rate of study + one year after the student commenced the programme. Leave periods, if any, are not included in this time frame. Level of qualification: Master’s degree at NQF/EQF Level 7 referring to Second Cycle in the Bologna QF.
(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 150 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, independt 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 Master of Science (MSc) Degree Programme in Economics and Business Administration in Finance and Investments, in Danish cand.merc i erhvervsøkonomi finansiering og investering.
(2) The following bachelor degrees give access to admission to this programme, see however subsections (4) and (6):
- BSc in Economics and Business Administration (HA),
- BSc in International Business,
- BSc in Business Administration and Service Management,
- BSc in Business Administration and Project Management,
- BSc in International Shipping and Trade,
- BSc in European Business,
(2) The following bachelor degrees also give access to admission to this programme, see however subsection (4) and (6):
- Erhvervsøkonomi (HA)(SDU)
- Erhvervsøkonomi (HA)HA Almen (RUC)
- BSc in Business Administration (RUC)
- Erhvervsøkonomi (HA)(AU)
- BSc in Economics & Business Administration (AU)
- Erhvervsøkonomi (HA)(AAU)
- BSc in Economics and Business Administration (AAU).
(3) Admission to the MSc in Economics and Business Administration programme requires that the applicant has completed a qualifying bachelor degree, among these a professional bachelor degree, or other 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:
- 45 ECTS-points in Business Administration/Economics
- 45 ECTS-points in the following core academic areas, with a minimum of 5 ECTS-points within each: Microeconomics, Organisation, Marketing, Quantitative Methods/Statistics, Accounting, Finance.
(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.
2. The Master of Science (MSc) Degree Programme in Economics and Business Administration in Finance and Investments, (cand.merc i erhvervsøkonomi i finansiering og investering) is a graduate-level, theoretical programme that research-based programme that serves as a continuation and builds upon the business economics foundations from the BSc Programme in Economics and Business Administration (HA) and equivalent programmes (please see section 1A, subsection (1) and (2) for the full list.
(2) The objective of the MSc Programme in Economics and Business Administration in Finance & Investments is that students should acquire the scientific skills and competencies to identify and develop solutions to business economics issues in private and public enterprises and organisations.
(3) The programme will help students acquire these skills and competencies by providing them with both a general understanding and specialised knowledge, to the effect that the graduate in the solving of problems pertaining to business economics may employ in-depth knowledge of the field as well as independently acquire, produce and utilise new knowledge.
(4) Through participation in the programme, students should also acquire the ability to collaborate with people having the same or another academic background in working with and solving problems that involve a variety of fields.
Purpose and academic profile
3. MSc. in Economics and Business Administration (EBA) in Finance & Investments is a research-based graduate level program in business economics. It has an overall focus on the structure of financial markets, the securities traded in financial markets, and the different players who are active in these markets. As finance to a large extent is a quantitative discipline both mathematics, statistics, and IT tools are used extensively in the courses, but always with a focus on finding solutions to specific problems and also on developing economic intuition of the derived results. as well as business economic theory and methods. The program focuses particularly on how business enterprises can make economic decisions under uncertainty, and hence make the best use of limited, or scarce, resources, while taking into account an economically, socially and environmentally sustainable development of society.
The specific competency profile is obtained through the combination of core business economics and methodology courses within the programme and the Master’s degree thesis, which – unless the student decides to complete a minor - must be written within the specific focus of the programme. The programme provides graduates with long-term thinking and the competencies to handle change and complexity towards sustainable development.
Upon completion of the program, the student:
- Has research-based knowledge at the highest international level within business economics
- Can understand and on a scientific basis reflect on the field’s knowledge and characterize its practical relevance in a relevant organizational and societal context
- Masters the theories, scientific methods and tools of business economics as well as the general skills linked to employment in broader business contexts
- Can assess and choose among the business economic theories, methods, tools and general skills to solve economic and business problems and ethical dilemmas, and on a scientific basis develop new analytical models and new options
- Can communicate research-based knowledge and discuss professional and scientific issues in a way that make them relevant and comprehensible to peers and non-specialists alike
- Can manage work and development situations that are complex, ambiguous, and unpredictable and that require continuous learning and sometimes new solutions
- Can independently initiate and complete professional and cross-disciplinary collaboration and assume professional responsibility
- Can create value from global connections for local communities
- Can independently assume responsibility for own professional development and specialization
- Understands the structure and workings of financial markets and financial institutions
- Understands and apply modern models of investment decisions and of financial asset pricing
- Analyse markets for stocks, bonds, and derivative securities applying state-of-the-art empirical and theoretical methods and models for pricing and risk management
- Understands how corporate decisions influence and are influenced by financial markets
- Understands and analyse financial statements and their use in company valuation
- Understandss the role of banks and other financial intermediaries in the general economy
- Understand how and why financial intermediaries are regulated
- Can apply relevant mathematical, statistical, and IT skills in financial analyses
- Can nalyse and solve practical problems related to the topics listed above
- Can clearly communicate, both orally and in writing, their general knowledge and their own analyses of questions related to the topics listed above
- Has deep knowledge about financial markets and institutions and their role and importance for corporations, households, and the general society
- Has an analytical approach to problems and their solutions; you can apply state-of-the-art empirical and theoretical methods, models, and IT tools to solve problems related to financial decisions, asset pricing, and risk management
Content and structure
4. The MSc. in Economics and Business Administration (EBA) in Finance and Investments is a two-years master’s programme that is divided into four semesters. There are eight mandatory courses during the first year, and elective courses followed by a master’s thesis in the second year. The programme will also give access to take electives, enabling you to go even further into specific areas.
(2) As a rule, the language of instruction and exam will be English.
(3) The programme comprises four blocks, each constituting 25% of the programme:
- The programme-specific block
- The methodological block
- The elective block
- The thesis block
The first two blocks are taught as far as possible as a coherent and integrated whole.
(4) The programme-specific block comprises related scientific areas that together with the Master’s thesis reflect the academic profile of the programme.
(5) The methodological block comprises disciplines that students need to be able to use in the course work of the programme-specific block and which are important for solving business economics issues or for further developing business economic and cross-disciplinary models.
(6) The courses in the programme-specific block and the methodological block, totalling 60 ECTS, are taken in the 1st and 2nd semesters.The elective courses, totalling 30 ECTS, are taken in the 3rd semester. The Master’s thesis, which carries 30 ECTS, is the final component of the programme and is written during the 4th semester.
(7) The table below 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:
|Financial statement Analysis||7.5|
|Derivatives and Fixed Income||7.5|
4A. The master's (candidatus) thesis must document skills in applying scientific theories and methodologies to a clearly defined academic topic. 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, see subsection (3), and a plan for the thesis supervision. The deadline for submitting the thesis contract is 15 November in the student’s 3rd semester, by submission of the thesis contract; see however section 14(3). See also section 19(7).
(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(7).
(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 thesis block comprises the preparation of a written thesis (the Master´s thesis), which serves as a test of the student´s ability to engage in an in-depth study and independently describe, analyze and process a complex issue at Master's level.
(7) The topic delimitation of the Master’s thesis must be approved prior to the start of thesis supervision. At the time of approval, a deadline for submission of the thesis is also determined.
(8) The student chooses the subject of the thesis from within the programme’s overall theme and academic profile or within the theme of any minor taken offered by the Cand.merc. study board (see section 4B(2) and (4)). Under special circumstances, the Study Board may approve an exemption from this provision.
(9) Students may choose, without requiring an exemption, to write their master's thesis with fellow students from the Cand. Merc. / MSc EBA programmes. For a list of eligible programs, please refer to the student intranet for further information.
(10) While working on the thesis, students are entitled to receive a pre-determined amount of guidance from their supervisor.
4B. The elective block comprises 30 ECTS within the academic field of the Cand.merc./EBA programmes. There are two types of elective course:
a. Elective courses that include exams taken as part of the MSc Programme in Economics and Business Administration at CBS: These elective courses can either be progression courses that build on the specific mandatory courses, thus allowing students an opportunity for further in-depth study of the programme’s overall theme (which may only be taken by the programme’s own students), or standard elective courses that allows students to broaden their understanding within the field of economics and business administration.
b. Elective courses that are eligible for credit transfer on the basis of an exam taken as part of another CBS Master’s programme or at another higher education institution in Denmark or abroad: Credit transfers are approved by the Study Board taking into regard the level, content and nature of the programme. The Study Board draws up specific rules regarding procedures for prior approval of elective courses. Elective courses must be transferred if they can be approved by the Study Board. See guidelines on credit transfer and exchange on the student intranet.
(2) The Study Board semiannually publishes on the website a catalogue of the elective courses mentioned and minors offered in (4). The following information is provided in the description of each course:
- The course coordinator and course instructors
- The objective, scope and academic content of the course
- An indicative reading list
- Any requirements regarding academic qualifications or recommended level of knowledge
- Objectives and examination regulations
Annually, the Study Board decides which of the electives and minors mentioned (4) respectively will be taught. Decisions about which courses to run are based on the academic profile of the MSc EBA programmes, the allocated teaching resources and the number of enrolled students. The Study Board determines the number of class hours for each course run. It is the student’s responsibility that the chosen electives do not overlap with previously completed courses.
(3) Subject to the rules laid down by the Study Board, the elective courses specified in (1)a. may be taken as a package of elective courses (Minors), which if taken together give students the option of writing their master’s thesis within the minor’s theme. Minors taken from other universities or programmes from CBS do not automatically give the students the option of writing there master’s thesis within the minor’s theme. The student must be registered for all the courses in the same semester to be awarded a minor and receive a separate minor diploma. If only one or more, but not all of the courses are taken, they will count as regular elective courses.
(4 The elective courses specified in (1)a. are usually offered by the departments at CBS. In addition, elective courses may be established on the initiative of a group of students (so-called tutorials). The establishment of a tutorial must be approved by the Study Board, whose approval is subject to a reasonable number of students wishing to participate in the tutorial, an instructor being willing to take responsibility for conducting the tutorial, and the study programme having the resources to offer it. Tutorials may be approved with a reduced allocation of funds.
(5) Instead of the examination in elective courses specified in (1)a, students can choose to submit an individual take-home written assignment (a term paper) - unless it specifically states in the course description that a term paper is not possible. However, students may only submit one term paper during their masters’ programme. Students can choose to write a term paper to substitute either one or two elective courses, a maximum of 15 ECTS. If the term paper substitutes two courses (a double term paper), the grade awarded will count as the same grade for both courses and therefore be counted twice when calculating the grade point average.
- Term papers can only be written individually.
- The topic of the term paper must be approved by the instructor in charge of the course(s) for which the paper is written.
- Term papers are max 20 pages when substituting an elective of 7.5 ECTS credits and max 30 pages when substituting an elective of 15 ECTS credits. The guidelines can be found on the student intranet.
- Term papers are only graded by an instructor of the elective.
In the event a term paper needs to be retaken, the student can, subject to prior consultation with the course coordinator, submit a revised version or a new version of the paper.
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 tabel below:
|Exam name||Exam form||Gradingscale||Internal/external exam||ECTS|
|Quantitative Methods||Written sit-in exam on CBS' computers||7-point grading scale||Internal exam||7.5|
|Corporate Finance||Written sit-in exam on CBS' computers||7-point grading scale||Internal exam||7.5|
|Investments||Written sit-in exam on CBS' computers||7-point grading scale||External exam||7.5|
|Financial Statement Analysis||Written sit-in exam on CBS' computers||7-point grading scale||Internal exam||7.5|
|Empirical Finance||Oral exam based on written product||7-point grading scale||External exam||7.5|
|Financial Intermediation||Written sit-in exam on CBS' computers||7-point grading scale||Internal exam||7.5|
|Derivatives and Fixed Income||Written sit-in exam on CBS' computers||7-point grading scale||Internal exam||7.5|
|Business Project||Home assignment - written product||7-point grading scale||Internal exam||7.5|
|Electives||Please refer the Course descriptions||30|
|Master's Thesis||Oral exam based on written product||7-point grading scale||External exam||30|
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|
Body of external examiners6. This programme is coverede by the body of external examiners for the business administration programmes.
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 ‘00’ as a minimum.
Additional programme-specific regulations
CEMS Master’s in International Management (MIM)
8. CEMS MIM is a double degree programme you are eligible to apply for as a student in the MSc in Economics and Business Administration / cand.merc. programme. The aim of the CEMS MIM programme is to increase your knowledge and understanding of fundamental issues within international management. The programme is designed to build a bridge between theory and practice. CEMS MIM enables you to study international management in an international and intercultural environment, as the CEMS student cohort is a mix of CBS students, as well as exchange students from the CEMS partner schools.
(2) CEMS MIM is a one year programme which you study in combination with your MSc degree from CBS - if you are selected. The CEMS Master takes place in the second year of your studies in your third and fourth semester. The programme is flexible in relation to course selection as CEMS MIM offers you a range of electives in a number of different areas. At the end of your studies, you will obtain a MSc degree from Copenhagen Business School as well as the CEMS Master's in International Management degree.
(3) For more information, see the CEMS pages on cbs.dk. Information about the application procedure, including the deadline and the selection criteria, is available on the CEMS admission page.
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 language12. Examinations are conducted in English; see however subsection (2).
(2) If a course has been taught in a language other than English, the examination is conducted in that language.
(3) The Study Board may decide to deviate from the rules stipulated in subsections (1)-(2), except when documenting the student’s skills in a specific other language is part of the objective of the examination.
Prerequisites for participating in the exam: compulsory activities
13. Besides the examinations listed in section 5, which are included in the final grade point average, on some courses there are one or more compulsory activities. That means that as part of the teaching, one or more written assignments must be submitted and/or one or more oral presentations or other compulsory activities must be carried out. 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 activities have been submitted/carried out and have been approved by the teacher. What is evaluated is the student’s effort; i.e. whether the student has made a try at solving/answering the assignment or has participated in the activity. A blank or irrelevant submission is not regarded as having participated in the activity. Students who do not fulfil the requirements for participating in the examination have used an examination attempt, see section 14(6). Further specifications regarding the number of compulsory activities, format etc. are stated in the course description of the individual course.
(2) A student who, within the deadline determined under subsection (1), is short on having one or more activities approved as regards the required number of approved activities in the course may, to a reasonable extent, be given one or more extra assignments/participate in one or more extra activities, prior to the ordinary examination (1st examination attempt) in the final examination in the course, see however subsection (3). However, it is a precondition that the student has participated in all set activities, unless it can be documented that lack of submission/participation was caused by illness or similar circumstances. If necessary for practical reasons, a different type of activity may be decided.
(3) In courses where the number of set activities during the teaching period is higher than the number of activities that are required to be approved (x number of y number set activities must be approved), the student may not be given extra assignments/participate in extra activities prior to the ordinary examination in the final examination in the course; this also applies in cases of illness or similar circumstances.
(4) A student who, prior to the re-exam (2nd examination attempt) in the final examination in the course, is still short on having one or more activities approved as regards the required number of approved activities in the course may, to a reasonable extent, be given extra assignments/participate in extra activities prior to the re-take examination. However, it is a precondition that the student has participated in all set activities, unless it can be documented that lack of submission/participation was caused by illness or similar circumstances. Further specifications regarding the number of compulsory activities, format etc. are stated in the course description of the individual course.
(5) For a student who is to participate in a re-exam under programme regulations which are entered into force after the first time the student was registered for the course in question, the student shall not be subject to any new requirements about compulsory activites resulting from the newer programme regulations.
Registration for and withdrawal from courses and exams
14. CBS registers the student for the 60 ECTS comprising the coming year of study, and in addition CBS makes 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) If the registration made under subsection (1) is more than 60 ECTS for the student’s second year of study, the student may withdraw from elective courses, so that the student is registered for no more than a total of 60 ECTS, or the student may apply for an individual study plan.
(4) 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.
(5) 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.
(6) 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 (1st 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 (7). Students who do not fulfil the requirements for participating in the examination as laid down by the university, see section 13(1), have used an examination attempt, see section 27(1), unless an exemption has been granted pursuant to subsection (7).
(7) The university may grant exemptions from the rules set out in subsection (6) 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.
(8) When a student has used one or more exam attempts in a mandatory course, the student cannot deregister from the course, see s. 12() of the University Programme Order.
(9) The university may grant an exemption to the rule stipulated in subsection (8) if warranted by extraordinary circumstances. When assessing whether extraordinary circumstances apply, none of these circumstances can be taken into consideration: prolongation of the period of study; academic aptitude; and the student’s desires as regards the academic content of the degree programme. In addition, in order for an exemption to be granted, the extraordinary circumstance must be both directly linked to the course in question and, over a longer period of time, be preventing the student from completing the mandatory course.
(10) When a student has used one or more exam attempts in an elective course, the student cannot deregister from the course, see s. 13(1) of the University Programme Order.
(11) The university may grant an exemption to the rule stipulated in subsection (10) if warranted by extraordinary circumstances. When assessing whether extraordinary circumstances apply, none of these circumstances can be taken into consideration: prolongation of the period of study; academic aptitude; and the student’s desires as regards the academic content of the degree programme. In addition, in order for an exemption to be granted, the extraordinary circumstance must be both directly linked to the course in question and, over a longer period of time, be preventing the student from completing the elective course.
15. Students are automatically registered for the re-exam (2nd and 3rd examination attempt) when the student has not passed the exam in question. Within a deadline, the student can withdraw from a re-exam (2nd and 3rd examination attempt), see subsection (5). However, it is not possible to withdraw from the 2nd and 3rd 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 (2nd 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 (2nd 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 (2nd 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, 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:
- the examination regulations for the examination in question explicitly contain differing provisions for the re-exam, or
- 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 start test
16. The student must pass the study start test in order to continue on the programme. An online-course will be available prior to the study start test, and the student will be able to take the online-course as many times as needed. The purpose of the study start test and the online course is to make the students acquainted with academic integrity and provide them with an introduction to source management and correct referencing. In order to pass the study start test, the student must show that he/she knows the rules on academic conduct.
(2) The study start test is held within the first to 2 months from the beginning of the programme. The study start test is a multiple-choice test, and the student has 2 attempts to pass the exam. The re-take will be held within the first 3 months from the beginning of the programme and is also a multiple-choice test.
(3) The student is automatically registered for the study start test. If the student does not participate in the exam, he/she fails the exam and has used one attempt. If a student fails the study start test, he/she will be able to participate in the re-take. If the student does not participate in the re-take, he/she has used one attempt. If the study start test is not passed after 2 attempts, the university will cancel the student’s enrolment.
(4) The university may grant exemptions from subsection (1) and (2) when warranted by extraordinay circumstances.
Extraordinary re-exams and offers of re-assessment/re-exam
17. If an extraordinary re-examination is arranged or offered in accordance with section 30 of the Examination Order (regarding examination irregularities) or the offer of a re-evaluation/re-examination is given in accordance with section 38 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.
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 14 (2) of the University Programme Order.
(2) A student who has a registered CVR number in a start-up company with relevance for the student’s studies or is able to document that he/she has been enrolled in one of the programmes which are offered by Copenhagen School of Entrepreneurship (CSE) or the like is considered an entrepreneur under subsection (1). The student must follow the registered entrepreneurship programme in accordance with the continuous requirements of the programme.
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, it must be stated in the group product which parts of the product the individual student has written, so that individual assessments can be made of the individual students’ performances. It must be stated both in the table of contents and at the introduction of the parts of the product which the individual student is responsible for. The individual student’s student number is to be noted, not the student’s name. The introduction, the problem statement, methodology sections, and the conclusion – including any subconclusions – can be written jointly. If it within the given exam format makes sense to write other relevant sub-elements of the assignment jointly, it must be described in the exam regulations in the course description for the course.
(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:
- maximum group size
- the allotted time at the oral examination – see subsection (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, see however subsection (7). When the examination in question contains both a written and an oral part, both parts must then be taken as an individual examination.
(7) The student can choose to write the master's thesis individually. When the master's thesis has been made by a group, the student can choose to have an individual oral exam.
(8) When it is an oral exam based on a written product, the following applies to all variations:
- Submission of the written product is a requirement to be able to attend the oral examination.
- Both the written product and the oral presentation count in the assessment.
- The assessment is an overall evaluation of the written product and the oral presentation.
(9) If the written element is of a limited extent and only serves as a basis for a broader oral examination in the syllabus (e.g. as at an oral exam based on a synopsis) it will usually be the oral element that constitutes the central basis of the evaluation. The written element will usually only have a marginal effect on the grade.
(10) If the written element clearly constitutes a greater part of the effort, and is therefore the element most central in achieving the learning objectives for this exam (e.g. as a final written exam with oral defense), it will usually be this element that constitutes the central basis of the evaluation. The oral element will usually only have a marginal effect on the grade.
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 about online oral exams
- Rules on good academic conduct, see section 4 of Copenhagen Business School’s rules and regulations on academic conduct, including penalties.
(2) Audio and video recordings of an examination or of the examiners’ discussion of a student’s performance are not allowed, unless such recordings are considered an integral part of the examination process. Such recordings will then be made by CBS.
(3) It is stipulated in the examination regulations of the individual examination what the maximum number of pages is for a given written product. This pertains to the examination forms written home assignment and oral exam based on a written product. In addition, the following applies for the written product with these two examination forms:
- In the page count the front page, the bibliography and any appendices are not included. Appendices are not part of the assessment.
- 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.
- The table of contents, tables, diagrams, illustrations etc. are not included in the number of characters, but will not justify exceeding the maximum number of pages.
- 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 22 of the Examination Order. If the exam paper is rejected, it will not be assessed, and the student will have used an exam attempt.
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 via dispensation.cbs.dk. no later than 2 months before the exam is to take place.
Conducting virtual examinations and examinations abroad
23. The university may conduct oral exams as virtual examinations.
(2) The Programme Director decides, when warranted by special extraordinary circumstances, whether - an oral exam can be conducted as an online oral exam.
(3) When an examination is conducted as a virtual exam CBS’ rules about online oral exams apply.
23a. 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 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.
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 Higher Education and Science.
(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.
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) If an elective course has partial exams, the pass requirements for the specific elective course apply.
(8) 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.
(9) If a student retakes an examination or another type of assessment, the highest grade applies – see however section 42 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. If the course is offered each semester, the deadline for completing the course is 10 months after the end of the teaching of the course.
(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.
28. CBS issues a diploma to students who have completed their study programme, in accordance with the requirements stipulated in section 51 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.
Leave29. 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.
30. The programme regulations and various regulations etc. referred to in this document are publicly available on CBS’ website, more specifically on studieordninger.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 Higher Education and Science.
32. Programme elements passed at another university are regarded as equivalent to corresponding programme elements covered by these programme 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 Study Board via credit.cbs.dk. 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 9 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. 826 of 16 Juner 2023 on credit transfer in university study programmes (meritbekendtgørelsen).
(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: firstname.lastname@example.org. 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: email@example.com. 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 programme 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 Higher Education and Science 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: firstname.lastname@example.org. 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 2023.