Master in Law and Financial Markets

Numbers don’t speak for themselves


The Master’s in Law and Financial Markets is a product of an innovative partnership bringing together NOVA Information Management School (NOVA IMS) and NOVA School of Law (NOVA Law).

Consistently ranked by Eduniversal among the top masters courses in Western Europe and lectured in English, the Masters in Law and Financial Markets offers students the challenge of an innovative set of courses in law and finance, opportunities to meet and network with leading financial institutions, to gain hands-on experience through an internship in a financial institution and to benefit from an international experience at a top university in Europe or beyond, through NOVA School of Laws membership of the Themis Network.

This master’s is taught in English.


Pedro Simões Coelho

Margarida Lima Rego

Fernando Bação

Joana Farrajota

Scientific Commission

President: Pedro Simões Coelho (IMS) | Board Members: Margarida Lima Rego (non-taught component) | Fernando Bação (taught component IMS) | Joana Farrajota (taught component NOVA School of Law)


This Program aims to deepen law graduate’s mastery of the law, particularly in those fields that have the closest bearing on financial markets and investments, as well as providing an insight into the organization and functioning of the general financial system, and the three main financial markets: banking, insurance and capital markets. The Program offers an opportunity to acquire key financial analysis and evaluation skills of the main financial instruments traded on the capital markets and to identify intervention strategies in capital markets. The Program aims to stimulate a critical and interdisciplinary approach to knowledge, providing lawyers with the necessary tools to solve complex problems or issue judgments on situations of incomplete information.

Target Applicant

Candidates with a background in law will be given preference in admission. However, holders of any bachelor’s degree or equivalent are eligible to apply. We are keen to attract talented current or future professionals with an international focus who wish to prepare for a wide range of careers in the highly competitive finance sector.


Opportunity to benefit from the THEMIS NETWORK international experience. Three core elements: a semester abroad, an international internship and the THEMIS seminar.


This course is taught after working hours*.

*Some Optional Curricular Units may have schedules that do not match the timetable of the course



Study Cycle


A3ES Decision

Number of Years

Publication of the A3ES decision

DGES registration number

Publication in Diário da República

Law and Financial Markets




R/A -Cr 244/2015/AL02

Tuition Fees, Emoluments/Charges and Taxes


Tuition fees are subject to approval of the General Council of NOVA University, Lisbon.

  • Application fee: 51.00€
  • Administrative costs per registration/enrolment (each year): 35.00€
  • Institution insurance (each year): 3.00€
  • Annual fee for the taught component: 4,200.00€
  • Non-taught component (dissertation), 1 year: 2,000.00€
  • Enrolment in additional semester of the non-taught component (dissertation): 1000,00€
  • Extension of the non-taught component: 600.00€

Consult the full documentation regarding fees, emoluments and taxes for the academic year in question.

Tuition fees are annual and due in full upon enrolment in the course. The payment in instalments is allowed for the students’ mere convenience.

In the case of withdrawal from the course, the amounts already paid are not refundable. The remaining tuition fee payments due for the academic year to which the application relates must also be paid.

Only in situations where the applicant does not complete the degree which he/she is applying with (in these cases, the applicant must submit a declaration from the institution of higher education by September 2021), the amounts paid for the tuition fee will be reimbursed (application fee, school insurance and administrative costs are not reimbursed).

The application fee is to be paid by ATM or PayPal. The reference will be given online upon submission of the application form.

Merit Scholarship

  • Students whose final average admission to this Master is equal to or higher than 17 points (on a scale 0-20) benefit from a 50% discount on the total amount of the tuition fee, which cannot be combined with other discounts;
  • Students whose final average admission to this Master is equal to or higher than 16 points (on a scale 0-20) benefit from a 30% discount on the total amount of the tuition fee, which cannot be combined with other discounts;
  • Three merit scholarships will be granted in the non-curricular semester (in either the master’s or specialization area): one corresponding to the total of the tuition fee, which will be awarded to the best grade in the taught component, and the other two merit scholarships will be granted to the second and third best classifications, which will receive a reduction of 50% of the tuition fee. To assess the best classifications in the taught component, only the classifications obtained in the NOVA School of Law will be taken into account. This scholarship assumes the conclusion of the taught component is within the stipulated time limit. 

Alumni Discount

  • Students or ex-students (undergraduate, graduate, master’s and doctoral) with a degree already completed at NOVA School of Law benefit from a 10% discount on the tuition fee, in addition to the financial discount.

Financial Discount

  • Students who choose to pay tuition fees in a single initial payment receive a 5% discount on the amount to be paid.

Current Protocol Discounts

Discount of 25%, which cannot be combined with other discounts, for members of:

  • Association of Portuguese Judges and the Trade Union;
  • Association of Public Prosecution Service Magistrates.

* Discount on the annual fee is only provided if the degree is completed within the stipulated time limit.

* Discounts are applied on the final payment of the tuition fee.

National and International Students

Annual fee for the taught component: 4,200.00€

InstalmentsAmount €Payment deadline
1st payment1 000,00 €From 6 to 12 April 2021
2nd payment355,56 €From 1 to 10 July 2021
3rd payment355,56 €From 1 to 10 September 2021
4th payment355,56 €From 1 to 10 October 2021
5th payment355,56 €From 1 to 10 November 2021
6th payment355,56 €From 1 to 10 January 2022
7th payment355,55 €From 1 to 10 February 2022
8th payment355,55 €From 1 to 10 March 2022
9th payment355,55 €From 1 to 10 April 2022
10th payment355,55 €From 1 to 10 May 2022

Tuition fees are annual and are due in full upon enrolment in the course.

Students may also choose to pay the annual tuition fee in 4 installments, in which case they should select this option during registration.

Annual fee for the research component: 2,000.00€     

InstalmentsAmount €Payment deadline
1st payment500,00 €From 1 to 10 September 2021
2nd payment500,00 €From 1 to 10 October 2021
3rd payment500,00 €From 1 to 10 November 2021
4th payment500,00 €From 1 to 10 January 2022

Tuition fee for the extension of the research component: 600.00€

Request for extension of the dissertation, internship report or work project delivery deadline, (90 days).

InstalmentsAmount €Payment deadline
Single payment600.00 €Before the delivery of the dissertation, internship report or work project

Emoluments/Charges and Taxes

The charges presented in the table below are currently applicable. The publication of the national table of fees and charges of academic acts and services of public university education and polytechnic higher education is still awaited, and consequently charges may change at any time.

DesignationAmount €Payment Deadline
Administrative costs per enrolment/registration35.00€Upon registration/enrolment
Institution Insurance3.00€Upon registration/enrolment
Registration Certificate6.00€At the time of request
Conclusion Certificate50.00€At the time of request
Improvement grade exam15.00€At the time of request

Payments must be made by ATM or PayPal using the references available in the Restricted Area. Failure to make tuition fee payments within the indicated periods may incur an increased charge in the amount to be paid, or the suspension of registration and enrolment, as well as annulment of all acts performed in the academic year to which the non-compliance relates.


The Master’s in Law and Financial Markets has been designed to provide a solid foundation not only in financial law, but also in areas such as finance or data analysis, making it a versatile, demanding and attractive master’s degree for recent graduates and for active professionals. Optional course components within the NOVA Law Masters enable each student to choose their own path. Disciplines related to technological innovation contribute perfectly to preparing students in this area of law. It is a progressive master’s degree, offering students the best of future prospects, immediate insertion into the professional world, and with substantive preparation in the most innovative of subjects.
José Miguel Saraiva
The Program has proven to be a great combination of law, economics and finance, which tested myself intellectually through its outstanding network of international professionals, and by providing an opportunity to enhance competence and expand technical skills. It should be of interest to anyone seeking to invest in education and who requires a profound theoretical base accompanied by comprehensive guidance on current market techniques and demands. The Program establishes a solid career foundation for recent graduates, while those with experience reshape their knowledge and acquire a new perspective on their career path.
Anna Zemskaia

Curricular Plan

The curricular componente corresponds to 60 ECTS and consists of 10 mandatory course units (52 ECTS) The remaining 8 ECTS correspond to electives chosen by the students from a wide range of course units.

1st year – Taught Component

1st SemesterECTS
Banking Law6
Insurance Law4
Financial Instruments Law4
Regulation and Supervision of Financial Markets4
Financial Markets and Investments6
Principles of Corporate Finance6
Legal English4
2nd semesterECTS
Risk Management in Financial Contracts4
Introduction to Data Analysis6
Banking and Insurance Operations6
Introduction to Financial Derivatives and Risk Management6
Optional Curricular Unit*4/8

*Optional Curricular Units

The course units presented as optional course units are suggestions and may be changed. In the free choice course units that are compulsory for other master’s degrees, enrollment and attendance depends on logistical and pedagogical possibilities.

Legal English 4
Fintech 4
Cybercrime 6
Competition Law 6
Data Protection and Management Law 6
Methodology of Legal Research 8
International Commercial Law 6
EU Criminal Law 4
Direito Penal Económico 6

(The above list does not exhaust all options on offer.)

2nd year – Research

Thesis, internship at national or international institution or project work60

This Master offers students the challenge of an innovative set of course units and finance, opportunities to meet and network with leading financial institutions, to gain a hands-on experience through an internship in a financial institution and to benefit from an international experience at a top university in Europe or beyond, through NOVA School of Law’s membership of the Themis Network.

It is ranked among the best in Western Europe in International Business Law by Eduniversal, an international agency that publishes the annual ranking of the best MBA and Master programs in the world.



Length 4 Semesters

120 ECTS

Taught in English

Entries: 40 places 

Applications from students who prove they will be able to complete their bachelor’s degree(licenciatura) by September will be accepted.

1st Phase of Applications:

  • Submission of applications: From 1 to 28 February 2022
  • Announcement of placements: 9 March 2022
  • Complaint about placements: From 9 to 16 March 2022
  • Enrolment: From 16 to 22 March 2022


Holders of a bachelor’s degree (licenciatura) or legal equivalent.

Selection Criteria

  • Hold a bachelor’s degree in a compatible field;
  • Be proficient in English (spoken and written).

Submission of Applications (Online):

  • Completion of the application form (online);
  • Payment of the application fee using the ATM or PayPal reference provided through the submission procedure (51.00€);
  • Online submission of the following documents: motivation letter, curriculum vitae (European model), copy of the course(s) certificate(s); copy of the tax number identification card; copy of the Identification Card;
  • Applicants conditioned upon the conclusion of the bachelor’s degree must submit an interim academic transcript showing the subjects already completed with their final grades, and the degree, the institution, expected average and the conclusion date. In addition, a statement from the institution of higher education where they are attending the degree should be submitted, proving their academic situation;
  • Applicants with foreign qualifications must send an academic transcript or a declaration with the final average of the degree;
  • Applicants who do not report the final grade average, expected or completed will be graded with a minimum score of 10 on the 0-20 scale;
  • During the application, candidates must submit a request for accreditation of academic qualifications and professional experience obtained before entering the study cycle. For this purpose, the applicant must complete the appropriate form and attach all relevant documentation. When the request for accreditation occurs at the time of the application, the accreditation is not a sufficient condition to be accepted into the study cycle and only can be granted after the admission into the study cycle, in the same study cycle only.
  • All documents must be presented in Portuguese, English, French or Spanish, and endorsed by the competent authority of the State where the document originates.

Applications omitting the documents requested or where the application fee has not been paid will be rejected. 

Applications available through the NOVA School of Law applications portal.2


Readmission is the act by which a student, after interruption of studies in an institution/course of higher education, enrols in the same institution and enrols in the same course or in a course which has replaced it.

SCHOOL YEAR 2021/2022


Students who can apply for readmission to any cycle of studies:

  • Must have already been enrolled and enrolled at the NOVA School of Law, in the same course or in a course in which they are already registered, without having completed it
  • Must not have been enrolled in that course in the previous academic year to the one in which they intend to be readmitted to
  • Those students whose registration has lapsed due to the requirements in force may apply for readmission once two school semesters have elapsed since the date of the regulations

The Faculty reserves the right to refuse readmission to applications from students whose curricular record indicates serious difficulties in adapting to the study plan in force and to the type of teaching provided at the NOVA School of Law. Requests from students who are in debt to the Faculty for tuition fees or any other amounts will be rejected, subject to the provisions of Law Nº. 75/2019, of September 2.

Deadlines for submission of applications: –
2nd semester 2021/2022

Submission of the application

From 14 to 23 January 2022

Announcement of placements

28 January 2022

Complaint about placements

28 January to 04 February 2022


07 to 11 February 2022

Instructions for submitting the application (online):

The application is submitted online through the website of NOVA School of Law by filling in a form and uploading the necessary documents, namely:

  • Online submission of a simple photocopy of the citizen card or passport (international applicants)
  • Payment of the application fee through the Multibanco/PayPal references that will appear during the application process 70.00€ (non-refundable)

The student must print proof of the online application, essential for any subsequent steps.

Fees and emoluments:



Administrative cost per enrolment/registration (annual)


School insurance


Registration certificate


Note: to these amounts must be added the annual fees applicable to the study cycle relevant to the academic year 2021/22 (see the relevant notice).

Tuition fees are fixed annually by the General Council of the NOVA University Lisbon.

The reading of this information does not exempt consultation of the relevant legislation and regulations, the public notice of fees, and the table of fees in force of the respective school year.

Applications that are not accompanied by all the documents or whose fee has not been paid will automatically be rejected.

Regulations Applicable: Decree-Law Nº. 36/2014, of March 10th, altered by Decree-Law Nº. 62/2018, of August 6th, and Regulation Nº. 436/2020, of April 28th, of the NOVA School of Law.

Applications through the NOVA School of Law applications portal.