degree programs

ExMaster in Finance

A specialization designed to develop in its participants a solid knowledge of business finances. You will understand how regional and international capital markets operate through company valuation methodologies. You will be able to execute successful mergers and acquisitions processes, implementing modern techniques for project analysis and financing structuring.

International modules

Your executive master's degree with international experience

You will have the opción to add additional modules to your master's degree that will be included in your academic record at the end of your studies.

National University of Singapore

Doing Business in Asia

Designed and taught in conjunction with the National University of Singapore, it will allow you to delve into the way of doing business in Asia and the success of Singapore as an ecosystem of innovation and high technology, which has included sustainability as a fundamental axis.

Esade Business School

Strategic Talent Management

Lead a strategic vision of talent, aligning your company's objectives with its organizational culture, even in uncertain environments, with the "Strategic Talent Management" module in collaboration with ESADE Business School, the eighth executive education school in the world, position recognized for more than a decade by the Financial Times.

Darden School of Business

Investment Banking & Financial Engineering

This international module provides an overview of various financial tools and emerging technologies that are relevant in the business world. Topics covered include Embedded options (preferred titles with built-in conversion and participation options) and Warrants and restricted stock. In addition, the private equity/venture capital industries as well as Pre-money valuation and Post-money valuation are examined. An introduction to cryptography, bitcoin, blockchain and their applications is also presented, as well as the importance of Big Data, artificial intelligence and machine learning in business management.

ESCP Business School

Big Data Applications

In this module, you will have an emphasis on exploiting Big Data techniques to manage and use data sets that are too large and complex to be processed using conventional methods. We know that today, organizations need to be able to manage, process and use massive heterogeneous data sets in a fast and robust way for successful management.

American University in Dubai

Luxury Real Estate

This module offers a unique opportunity for students to explore the booming luxury and real estate market in the United Arab Emirates. At the same time, they will be able to get to know the vibrant and multicultural city of Dubai. The module will be taught by leading experts in the core themes of the program such as luxury brand management, real estate development and real estate investment taught by leading experts. Students will also have the opportunity to visit some of the region's most iconic luxury properties and network with industry professionals. This international module is an excellent opportunity for participants to broaden their knowledge and gain valuable experience in the luxury and real estate industry while building their professional network and cultural awareness. 

Participant profile

Aimed at professionals with more than 5 years of work experience, interested in learning in depth the area of finance

  • Financial and banking executives.
  • Business advisors and consultants.
  • Investors
  • Investment fund managers.
  • Individuals in a personal capacity, among others. 

The best Faculty in the region, made up of professors with doctoral degrees from the best universities in North America and Europe

Why this program?


Choose to earn a master's or postgraduate degree

INCAE renewed its executive master's degrees in a modular and flexible format, designed to meet the needs of today's Latin American leaders. Now, you can choose between pursuing a graduate degree or completing a master's degree in the specialization that best suits you.
suits your professional career. For your convenience, the contents are taught in hybrid mode: 50% in person 50% online.

Postgraduate: Complete the modules of the specialization of your choice. (9 months).
• ExMaster in Finance
• ExMaster in Business Analytics
• ExMaster in Marketing and Sales

Master's degree: conclude the specialization and add the General Management courses.
(13 months in total: 9 of specialization and 4 months of General Management).

Specialized academic content

An master's degree designed to provide technical, analytical, business and leadership skills to executives who wish to implement strategic initiatives in the financial area. Our curriculum covers cutting-edge topics such as: finance corporations, global economy, investments and capital markets among others.

Prestigious management education

The best Faculty in Latin America, made up of 100% by professors with doctoral degrees from the most prestigious universities in the world, will give you tools to improve decision-making and face the challenges of a changing business world.

High level networking

The program will allow you to learn from and work alongside a group of experienced professionals from over 10 countries. You will also exchange ideas with world-class experts, entrepreneurs and guests and have access to the Inca network that includes more than 16.000 graduates from all over Latin America.

Executive Master in Finance

Academic content

1. Pre-Program (Online)

(*) The pre-program is taken only once, either at the beginning of the master's or postgraduate degree.
(**) General Management courses must be completed to obtain the master's degree, after completing the
(***) Courses that must be completed to obtain the postgraduate degree only.
INCAE reserves the right to make changes in the content, schedules and modality of the program.

2. Modules

Pre-program (*)


• Quantitative methods
• Critical thinking and decision making

General Management (**)


Module 1
• General Management (Leadership and Strategy)

Module 2
• Financial Accounting and Value Creation
• Economy and Environment

Module 3
• Digital Transformation
• Sustainable Strategy

Postgraduate (***)


Module 4
• Currency and Banking
• Advanced Corporate Finance

Module 5
• Currency and Banking
• Advanced Corporate Finance

Module 6
• Financial derivatives
• Valuation of Companies, Mergers and Acquisitions

Module 7
• Financial derivatives
• Valuation of Companies, Mergers and Acquisitions

Module 8
• Capital Market
• Fintech and Financial Innovation

Module 9
• Investment Portfolios and Investment Portfolio Management
• International Corporate Finance

Module 10
• Investment portfolios and investment portfolio management
• International Corporate Finance

  • Aimed at professionals with a minimum of 5 years of relevant work experience, who aspire to deepen in the area of finance.
  • Curriculum vitae.
  • Interview with the Admissions Manager.
  • Complete the application for admission.
  • Cancellation of with 150% of discount by admission and examination process.
  • Pass the entrance exam.
  • Letter from the company where you work, committing to free the participant the time required to carry out the program.
  • Certificate of grades (sent by University).
  • Graduation Certificate (Submitted by University).
  • Two recommendations in the INCAE format.


Is it possible to do the Executive Master in Finance without sacrificing quality and dedication at work?
It is entirely possible and in fact, it is the reason why the format is modular (1 week per month), to ensure that students can work without interrupting their professional career. In addition, this format allows you to apply what you have learned faster, thus offering a clear benefit to your employer. 

Tips to improve your CV

Doing an executive master's degree means embarking on an exciting but also demanding life project, whose success depends on the interrelationship between work, study and personal life

Our teachers

  • Maurice Jenkins
    Academic director

    He is a Full Professor at INCAE Business School where he teaches courses in the areas of finance and international business. He earned a Ph.D. with a specialty in International Economics and Finance, and a Master's in International Economics and Finance from Brandeis University. In addition, he obtained a Master of Business Administration with distinction from INCAE Business School and a Bachelor of Civil Engineering from the University of Costa Rica.

  • Carlos Quintanilla placeholder image

    He is an Associate Professor at INCAE Business School, where he teaches courses in Macroeconomics, International Trade, Econometrics and Statistics. He earned his Ph.D. in Economics from the University of Michigan, as well as an MS in Statistics and an MS in Economics.

  • Florian M. Federspiel

    He is an Assistant Professor at INCAE Business School where he focuses on Management Decision Sciences. He earned his PhD in Management Decision Sciences from IE Business School and an MSc. in International Management from the same school. He is also an Adjunct Professor in the area of ​​Operations and Technology at IE Business School, and a member of the Decision Analysis Society (INFORMS).

  • Camelia Ilie

    Dean of Strategy and Institutional Affairs, Chair from the Center for Inclusive and Sustainable Leadership, and Professor at INCAE, a leading business school in Latin America. Over the past decade she has transformed the Executive Education business to position it in the Top 25 of the Financial Times global rankings. In addition to transforming the core business, she also created a new online business, a start-up in alliance with Emeritus, a world leader in educational technology. Up to more than 6,500 participants from more than 15 countries studied annually in the areas under his leadership. Camelia Ilie is an entrepreneurial leader, advisor and board member with more than 25 years of experience in value creation, strategy, innovation and profit and loss management in organizations in Europe, Latin America and the US.

  • Stephen R. Brenes
    Stephen R. Brenes

    He is a Full Professor at INCAE Business School, specializing in the areas of Strategy and Entrepreneurship, and was Dean of INCAE Business School from 2001 to 2007. He is currently the Academic Director of the Executive MBA (EMBA) and the Senior Management Program.

  • Arnoldo Rodriguez

    Associate Professor at INCAE Business School, where he teaches in the areas of Financial Accounting, Management Accounting and Control. He earned his doctorate from the Carlson School of Management at the University of Minnesota. Likewise, he is a graduate of the INCAE MBA. Professor Rodríguez is the Director of the Master's program in Analytics, Innovation and Technology (MAIT) at INCAE.

  • Alberto Trejos placeholder image

    Full Professor at INCAE Business School. He earned his PhD in Economics from the University of Pennsylvania. As an academic, he has been a member of the Faculty of Northwestern University and INCAE, where he also served as Dean and as director of INCAE's Latin American Center for Competitiveness and Sustainable Development (CLACDS). 

  • Carla Fernandez Corrales

    She is an Assistant Professor and Academic Director of the MBA and Global MBA programs at INCAE Business School. She also serves as the Director of Learning Innovation at INCAE Executive Education. She earned her Ph.D. in Business Administration with a concentration in Information Systems from the University of Illinois at Urbana-Champaign. In addition, she completed undergraduate studies in Industrial Engineering and obtained with honors an Academic Master's Degree in Computing and Informatics, both from the University of Costa Rica. She was distinguished with the Fulbright scholarship from the Department of State of the United States of America. 

  • Urs P. Jäger

    Associate Professor at INCAE Business School. He holds a PhD in Strategic Change Management (Habilitation / tenured) from the University of St.Gallen (HSG), a PhD in Leadership and Business Ethics from the University of St.Gallen (HSG), and a Bachelor's degree in Business Administration from the University of St.Gallen (HSG). He has oriented his work towards the area of ​​General Management and Strategic Change in emerging countries with a focus on the inclusion of formal and informal markets, creating concepts based on the philosophy of processes, to generate a sustainable economic and social impact.

  • Jaime Garcia

    Senior Researcher and Director of IPS Projects of the Latin American Center for Competitiveness and Sustainable Development (CLACDS) of INCAE Business School, and expert in methodology of The Social Progress Imperative, where he participates in the design and implementation of sub-national projects of the Social Progress Network. Teacher in the methodological trainings for the measurement of Social Progress carried out at the Massachusetts Institute of Technology (MIT), INCAE and the conference What Works in Social Progress 2017 in Iceland. Economist from the Autonomous Technological Institute of Mexico (ITAM), with two master's degrees from the London School of Economics (LSE), in Social Policy, and Population and Development.  

  • Arnold Camacho

    He is a Full Professor at INCAE Business School, in the area of ​​Currency, Banking and Finance, Financial Institutions and Capital Markets, Portfolio Management, Evaluation and Risk Management. He got a Ph.D. in Finance and Development, and an MA in International Economics from Ohio State University, as well as a Bachelor's Degree in Civil Engineering from the University of Costa Rica, with Graduation with Honors.

  • Pedro Raventos

    Full Professor at INCAE Business School, where he teaches Industrial Organization, eBusiness and International Finance. He holds a master's degree and a doctorate from Harvard University.

  • Eduardo Luis Montiel

    Dr. Montiel is an emeritus professor at INCAE. He earned his DBA from Harvard University as well as an MBA from the Massachusetts Institute of Technology's Sloan School of Management. He graduated with a Bachelor of Science in Industrial Engineering, Cum Laude, from the University of Michigan. He also studied Liberal Arts at Williams College with a concentration in Mathematics.

  • Maurice Jenkins
    Academic director
  • Carlos Quintanilla placeholder image
  • Florian M. Federspiel
  • Camelia Ilie
  • Stephen R. Brenes
    Stephen R. Brenes
  • Arnoldo Rodriguez
  • Alberto Trejos placeholder image
  • Carla Fernandez Corrales
  • Urs P. Jäger
  • Jaime Garcia
  • Arnold Camacho
  • Pedro Raventos
  • Eduardo Luis Montiel

The investment for our next edition is

The investment for our next edition is: 
with 24.500% of discount


April 2024

Quota return policy:

The space reservation is non-refundable. You may freeze your reservation, to be used within a calendar year, from the start date of the program for which you originally applied.

This request must be made at least 30 calendar days before the start of the program to which it applies.

If the request is received within 30 days before the start of the program or after having received access to the pre-program, it cannot be used for another program. In the event that the registration for the edition to which it is transferred is greater than the amount paid, the participant must cover the difference.

This reservation is not transferable and may only be used in INCAE academic programs and only during the aforementioned period.

Payment structure

Once the candidate has been accepted into the program, an initial payment of USD $2,000 will be required to reserve a place (5 days after admission).

Subsequently, you must pay the rest of the amount in 12 installments, as follows:

* The investment for the master's degree will be automatically debited through the credit/debit card of each participant.
*The amount of accommodation may vary depending on the weeks that are in person.
*The academic investment includes lunches, snacks and dinners for the weeks in Costa Rica.

2025 edition
Share Date
Quota 1: with 1.875% of discount March 5 2024
Quota 2: with 1.875% of discount April 5 2024
Quota 3: with 1.875% of discount May 5 2024
Quota 4: with 1.875% of discount 5 2024 June
Quota 5: with 1.875% of discount July 5 2024
Quota 6: with 1.875% of discount August 5 2024
Quota 7: with 1.875% of discount 5 September 2024
Quota 8: with 1.875% of discount 5 October 2024
Quota 9: with 1.875% of discount 5 November 2024
Quota 10: with 1.875% of discount December 5 2024
Quota 11: with 1.875% of discount January 5 2025
Quota 12: with 1.875% of discount February 5 2025

Financing options

Once admission has been received, there are several financing options, scholarships and other resources that INCAE makes available to applicants to cover the costs of the executive master's degree.

Because the institution receives students of various nationalities, it is recommended in the first instance to visit the local Ministry of Foreign Affairs of your country, as well as scholarship offices of higher education institutions, which can provide specific information to the particularities of each applicant.

Some financing options:


  • Costa Rica: BAC Credomatic, Banco Nacional, Banco Popular, CONAPE, COOPENAE, COOPESERVIDORES.
  • Nicaragua: Banpro, BDF and BAC Credomatic
  • Guatemala: G&T Continental, BAC Credomatic and Banco Industrial.
  • Honduras: Banco Lafise, BAC Credomatic and Ficohsa
  • El Salvador: Davivienda, Banco Agrícola and Banco Industrial.
  • Panama: IFARHU.
  • Peru: BCP and BBVA
  • Paraguay: Banco Vision and Banco Atlas
  • Bolivia: Banco BISA SA, Banco Crecer, Banco Ganadero
  • Ecuador: Bank of Guayaquil and Banco Pichincha.
  • Dominican Republic: Fundapec
  • Colombia: Bancolombia

INCAE reserves the right to change the programming and the assignment of Faculty