Master's thesis award

The NFI Master's Thesis Award is an incentive for students to write outstanding Master's theses in financial economics. Eligible theses must be submitted to a university, business school and equivalent institution in Norway.

The Thesis Award may be up to NOK 25 000 per student.

The winner(s) of the Thesis Award have the opportunity to present their thesis at one of Norges Bank Investment Management’s international offices.


Eligible Master’s theses must be within the field of financial economics. Students must apply by submitting the thesis together with a letter of recommendation from the thesis supervisor to the NFI Administration by 30 June each year. NB: The application deadline has been moved to 1 October 2020. The thesis must have been submitted to the academic institution for final evaluation between last July and the application deadline.

Incomplete applications will normally not be considered. The NFI may, at its sole discretion, allow the applicant to re-submit a thesis by a deadline determined by the NFI. If the re-submitted application is incomplete, the NFI may, at its sole discretion, reject the application.

Assessment of applications

The NFI’s assessment of individual theses submitted for the award will be based on the recommendations of the NFI Master's Thesis Award Committee.

In its selection, the committee will attach importance to whether the student's thesis demonstrates potential for PhD studies in financial economics.

The NFI Master's Thesis Award Committee will normally consist of five members. In addition to one member from Norges Bank Investment Management, the Norwegian Business School (BI), the Norwegian School of Economics (NHH), the Norwegian University of Science and Technology (NTNU), the University of Oslo (UiO) and the University of Stavanger (UiS) each appoint one member. Norges Bank Investment Management will appoint the leader of the committee, and it is left to the committee to decide the most efficient way to organise the committee's assessment of submitted theses.

The NFI's discretionary assessment of applications

Submissions will be handled by the NFI administration.

The NFI's assessment of individual theses and selection of the winner(s) of the annual thesis award will be based on the recommendations of the NFI Master’s Thesis Award Committee.

The NFI has full discretion each year to decide whether or not to grant an award to any of the applicants or to grant several awards.

Apply for the Master's thesis award

The award covers theses submitted in the previous year (between 1 July previous year and 1 June current year). 

Applications must be sent to the NFI administration by 1 October for theses submitted to the academic institution the previous calendar year. Late or incomplete applications will normally not be considered. However, in special cases in order to pursue the objective of the programme, the NFI administration may at its sole discretion allow the applicants to re-submit complete applications by a deadline determined by the NFI administration, or determine to postpone the deadline for applications.

Please send your thesis, a letter of recommendation from the thesis supervisor in addition to relevant contact information in an E-mail to the NFI administration at [email protected].

Please use the following format:

1. Subject line: “NFI Thesis Award"

2. Email body:

  • Your name
  • E-mail address
  • Academic institution
  • Expected date of graduation
  • Title of thesis
  • Thesis abstract

3. Two attachments in pdf format: Your thesis and short letter of recommendation from your thesis advisor.

For more information please contact:
E-mail: [email protected]


Master's Thesis Award 2020

Asja Bosnic and Nicoleta Ionita (BI) are the winners of the 2020 NFI Master`s Thesis Award, for their thesis "The Cost to Carry: Investor Uncertainty and the Currency Risk Premia". The authors explore a risk-based explanation of carry trade returns in currency markets. The 2020 NFI Master’s Thesis Award Committee consisted of Bruno Gerard (BI), Frode Kjærland (NTNU), Francisco Santos (NHH), Michael Chin (NBIM), and Bernt Arne Ødegaard (UiS) (chair).

Last saved: 15/03/2021

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