Master 2 Financial Markets – 203 (Master 203)
A market-finance programme combining derivative pricing, quantitative risk, econometrics and trading applications. The M2 includes advanced optional blocks, professional skills and a compulsory internship of at least four months.
What you’ll study
Core
- Soft Skills
- Ethics, Professional Standards and Compliance (mandatory for one-year entrants)
- Internship
Electives
- Derivative Pricing and Stochastic Calculus II
- Risk Management
- Financial Econometrics II
- Applied Time Series
- Intermediate Python
- C++ Programming
- Volatility Trading Strategies
- Credit Risk
- Fixed Income II
- Energy Derivatives
- Machine Learning in Finance
- Exotic Options and Structuring
- Numerical Finance
Source: dauphine.psl.eu ↗
Before you apply
- Background
- A first year of a master in economics, management or mathematics passed in the first session; Dauphine M1 Finance entrants have additional unit and grade conditions.
- Tests
- GMAT or GRE results less than two years old strongly recommended.
- English
- TOEFL iBT less than two years old required except for native English speakers; TOEIC is not accepted. No minimum score stated on this page.
- Other
- All candidates need six months of professional experience in financial markets or quantitative asset management. Selection by file and interview. The Financial Econometrics prerequisite for Dauphine entrants is exceptionally waived for 2026/27.
Source: dauphine.psl.eu ↗
After graduation
- Employment
- 94.1% of 2023 graduates employed in less than one month, as reported on the programme careers page; survey conducted with the Conférence des Grandes Ecoles.
Source: dauphine.psl.eu ↗
Want to see what employers ask for? Browse open quant roles.
What students and graduates say
Threads from QuantNet and other forums where applicants, students and graduates discuss this programme. They’re personal views and may be out of date.
- Liste d’attente Dauphine M1 Master M203 (Reddit)
- De Dauphine à l’ENSAE ? (Reddit)
Current official name is Financial Markets – 203. Advanced courses are labelled optional blocks, not universally compulsory units. The careers page also displays a €100,000 median salary without an explicit salary cohort or pay definition; it is not recorded as a cohort-defined salary outcome. January 2025 internship/graduate-offer statistics cover M1 and M2 together and are not a graduate employment rate.
Checked 6 November 2026 against the sources linked on this page. Fees, units and requirements change each year, so confirm them on the programme’s website before applying.