Master in International Finance |
Tipo de Curso |
Masters |
Método |
Presenciales |
Categoría |
Finanzas |
Formación Mínima Requerida |
Licenciado |
Idioma |
Inglés |
Centro |
IEB-Instituto de Estudios Bursátiles |
Lugar |
Madrid |
Fecha de Inicio |
Consultar
|
Duración |
800 horas |
Precio |
35000€
|
Nota importante
Cost of Studies
The matriculation costs 35.000 euros also includes all the documentation, bibliography, access to installations and services of the IEB, as well as the travel to and stay in Wharton School (both in Philadelphia and the corresponding trips to New York) and to London School of Economics.
This payment can be made up front or in installments.
These should be made in the following manner:
- 11,000 euros once admission has been notified to reserve a place
- 6,000 euros between 1 and 15 February
- 6,000 euros between 1 and 15 April
- 6,000 euros between 1 and 15 June
- 6,000 euros between 1 and 15 August
Students who require it can benefit from financing through financial entities with which the IEB has special agreements.
Grants and aid have been programmed of which interested parties will be informed.
Objetivos
The globalization set in motion during the last century is consolidating in this 21st century. Social affaires, the world of culture, politics and the economy are breaking national boundaries and jump vertiginously from one continent to another. The world of finance is not outside the globalization we are experiencing; indeed, financial markets are probably the main exponent of the international character of relations between people.
Any professional who aims high, searching for achievement and great success in the financial environment should therefore be thoroughly prepared, both technically and internationally.
The IEB, as leader in financial training in Spain and the Iberoamerican region is promoting this Master in International Finance aimed at those professionals who aspire to elite positions.
Objectives
The globalization set in motion during the last century is consolidating in this 21st century. Social affaires, the world of culture, politics and the economy are breaking national boundaries and jump vertiginously from one continent to another. The world of finance is not outside the globalization we are experiencing; indeed, financial markets are probably the main exponent of the international character of relations between people.
Any professional who aims high, searching for achievement and great success in the financial environment should therefore be thoroughly prepared, both technically and internationally.
The IEB, as leader in financial training in Spain and the Iberoamerican region is promoting this Master in International Finance aimed at those professionals who aspire to elite positions.
The Wharton School Academic Stay
Part of the course of study for the Master in International Finance degree will take place at the Wharton School. Students will attend lectures delivered by both Wharton and IEB faculty on Wharton’s Philadelphia campus.
The week in the U.S. also includes a trip to New York City. Students will visit Wall Street and the NYSE, as well as various firms in Manhattan’s financial district.
While students are in Philadelphia, some of the lectures will be delivered at the Racquet Club of Philadelphia, the oldest and most exclusive club in the city.
The Wharton School was founded in 1881 at the University of Pennsylvania. It is the world’s first collegiate school of business, and is recognized internationally for its global leadership in finance.
Wharton has the largest, most cited business school faculty, with 265 standing faculty and associate members in 11 academic departments. The school is also home to more than 25 research centers and initiatives. More than 12,000 executives attend Wharton’s executive education programs each year, and Wharton has more than 84,000 alumni in 140 countries around the world.
During the period of time in Wharton School, part of the lectures will be given in the Racquet Club of Philadelphia, the oldest and most exclusive club of the capital of Pennsylvania. The program includes a stay in New York visiting Wall Street and other entities in the Financial District.
Students will also have the opportunity of attending, at no additional cost, one of the Specialization Programs given by the IEB during the autumn term, from Monday to Thursday in the afternoon.
The London School of Economics Academic Stay
The Master student will receive classes in the London School of Economics for a week. Lectures will be given by prestigious professionals from the City of London as well as by members of the LSE’s faculty.
The London School of Economics and Political Science (LSE ) is a centre of world renown for teaching and research in all matters related to economic, social and political sciences. There is no other university in the world which is as global in the origin of its students and teachers, or in the focus of its activity. Ever since its foundation, the aim of the LSE has been to convert itself into an authentic laboratory of economic and social sciences, a platform to develop, analyze and assess ideas to be divulged around the world. LSE has over 65,000 registered students in 195 countries.
LSE has, for many years, occupied the first places in the Times Higher Education Supplement rankings, only behind Harvard University and before institutions such as Stanford University or MIT.
Its library is the most extensive social sciences library in the world. Founded in 1896, it is also known as the British Library of Political and Economic Science. Over 95 percent of its funds are available during opening hours. Its 4 million printed volumes are stored on 50 km of shelves. There are over 1,600 study posts with 480 connected PCs and 226 sockets for laptops. Over 8,000 electronic publications are available online.
Located in the heart of London, the school is in the centre of one of the most cosmopolitan cities in the world. At a stone’s throw from the European legal and financial centers, LSE is at the centre of international debate, fundamental for the identity of the School as an outwardly oriented institution with an active participation in British, European and world affaires.
LSE graduates are found in posts of responsibility in economic, business, industrial, political and social sectors and in international organizations around the world. LSE students and teachers include 13 Nobel Prize winners, 28 Heads of State and personalities in government positions around the world.
Students can also enjoy the British tradition of London clubs since during their stay in London they will be invited to a Gala dinner in the Carlton Club.
Fecha
Inicio: 01-02-13
Final: 22-12-13
Requisitos
Admission
All candidates to follow the Master in International Finance should present the duly filled in following form attaching a copy of their academic qualifications, a copy of their identity card or passport, 4 passport size photos and a brief CV.
All candidates will be requested to carry out written access tests to confirm their level of knowledge as well as personal interviews with members of the Admission Committee
Duration, Calendar and Schedule
This program lasts 9 months from February to November, with a total of 800 lecture hours.
Classes are from Monday to Thursday, 9 a.m to 2 p.m. with the exception of those classes that take place during the academic stay at Wharton School and the London School of Economics.
A minimum attendance of 80% of the theoretical and practical classes is required unless justified and approved absence has been granted by the Master’s directorate.
Not complying with this attendance requirement means the qualification cannot be granted although the student might obtain an attendance certificate.
Sistema de Enseñanza
The methodology followed is highly practical, based on rigorous and up-to-date contents to provide professional know-how. Each study module is accompanied by a practical case to be carried out by the students which relates to the covered material.
In addition, the complexity of Financial Economics – mainly due to the abstraction and intangibility of the products handled – means that certain Master subjects need to contain a technical component which will be assessed through appropriate exams, case studies and research papers.
So, theoretical classes alternate with practical ones and with the use of the appropriate IT tools, given that the IEB has an IT room and treasury desk similar to those of any brokerage firm.
The professional market profile of a wide number of teachers and the reduced size of student groups will enable the systematic analysis and study of real experiences and teacher directed presentations by the students in class.
Moreover, the creation of team spirit and group cooperation will be fostered.
Finally, all the students shall complete a Final Project which will require all acquired knowledge to be put into practice.
Students
As concerns the target public that can gain admission to this Master; the places are firstly offered to graduates, either Bachelors or Engineers in any of their specializations.
Those wishing to study this Master should logically both speak and write fluent English.
All candidates will attend several interviews with the members of the Admission Committee before joining the Master. An optional leveler course will take place before the beginning of the program for those students that the Master’s directorate consider should deepen their knowledge of the “basic tools” (computing, math, accounting etc.) that will be used in the Master.
Qualification
The qualification granted at the end of the studies is Master in International Finance, issued by the Academic Board of the IEB as an own degree sponsored by the Bolsa de Madrid (Madrid Stock Exchange).
The IEB, as academic collaborator of CFA Spain, includes within this Master the preparation for the CFA Level 1.
Faculty Staff
The academic staff of the Master program is composed of professionals from the financial sector and markets (directors of securities and brokerage firms, financial institutions, financial analysts, treasury desk managers, portfolio managers, etc).
All of the professors possess high level university training and many of them hold a postgraduate degree (Masters, Doctorates, CFAs, FRM, CAIA, EFA, etc.) issued by prestigious universities throughout the world. Furthermore, their teaching capacity and efficiency in transmitting knowledge have been largely demonstrated.
Director of the Master
Manuel Goudie Pujals
• BA in Business Administration, Universidad Complutense de Madrid
• MBA, University of Miami, Florida
• Country Manager Spain & Portugal, Clayton Euro Risk
• General Manager, Asociación Antares
• Ex Country Risk Manager, Citibank, N.A.
• Ex Treasurer, Asociación Española contra el Cáncer
Deputy Director of the Master
Lorenzo Dávila Cano
• PhD in Economics, Universidad Complutense de Madrid.
• Master in Industrial Economics, Universidad Carlos III.
• BA in Law, Universidad Complutense de Madrid.
• Architect, Universidad Politécnica de Madrid.
• EFA (European Financial Advisor).
• Proffesor of Economics and Finance, Berkeley University
Below is a list of the faculty staff participating in the program, for those subjects taught in the IEB headquarters as well as those taught in Wharton School and the London School of Economics. Assurance of the academic staff of the Master in International Finance is the participation as teachers in the course of Directors and Deputy Directors of other Masters in Finance of the IEB and even the Director of the London School of Economics in person.
Amit, Raffi
Ph.D. in Management, Northwestern University’s J.L. Kellogg Graduate School of Management
M.A. degree in Economics, Northwestern University’s J.L. Kellogg Graduate School of Management
B.A. degree in Economics, Northwestern University’s J.L. Kellogg Graduate School of Management
Academic Director of the Goergen Entrepreneurial Management Programs
Professor of Management at the Wharton School
Amo Fernández de Ávila, Javier
Academic Director Master in Stock Exchange and Financial Markets, IEB
Member of Rectorate IEB Academic Board
Bachelors Degree in Law, Universidad Complutense
Master in European Union Laws, Universidad Carlos III
Managing Director Alpha Plus Gestora SGIIC
Ex- General Manager Barclays PLC
Ex-President BZW, SVB
Ávila Lizeranzu, Gonzalo
Bachelors Degree in Economics, Universidad Autónoma, Madrid
Master in Corporate Finance and Stock Exchange, IEB
Master in Finance, IE
Master in Project Management and Public Services, SEOPAN
Deputy Director Project Finance Department and Director of PPP/PFI Ahorro Corporación
Benzo González-Coloma, Álvaro
Bachelors Degree in Law, Universidad Complutense-IEB
Master in Stock Exchange and Financial Markets, IEB
Credit Bureau Inspector at Bank of Spain
Cerezo Montañez, Sebastián
Bachelors Degree in Bussines Administration and Law, UPC
Expert in M&A and Company Valuation
Vice President 360 Corporate Finance
Cuenca Miranda, Soledad
Bachelors Degree in Economics, UPC
Executive MBA, IE
Management Program "hot top", IESE
Banking and Risk Management Program, Universidad Complutense
Head of Project Finance Spain&Portugal de IKB Deutsche Industriebank AG
Cuesta Diego, Juan
Degree of Science in Road Engineering, Univerdidad Politécnica de Madrid
Bachelors Degree in Engineering, Groupe HF, Paris
Partner. Corpfin Capital
Danielsson, John
Ph.D. in Economics and Reader in Finance at the London School of Economics
Senior Researcher on the FMG’s Risk Management and Fixed Income Markets Programme
Programme Director of the Financial Institutions and Market Microstructure Programme at the LSE’s Financial Market Group (FMG)
Davies, Howard
Director of the London School of Economics and Political Science
MA in History and Modern languages
MSc in Management Sciences at Stanford Graduate School of Business, California
Chairman of the Financial Services Authority
Domínguez Sánchez, José Ignacio
CFA (Chartered Financial Analyst)
EFA (European Financial Analyst)
Bachelors Degree in Economics, Universidad Complutense
Portfolio Manager in Industrial Investments Caja Madrid
Durán Carredano, Borja
CFA (Chartered Financial Analyst)
Bachelors Degree in Business Administration, Tampa University
President CFA Spain
CEO Family Office Solutions
Espí Vilchez, Javier
Deputy Academic Director Master in Corporate Finance, IEB
Bachelors Degree in Business Administration, CUNEF
Master in Portfolio Management, IEB
Executive Director Corporate & Investment Banking Banco Santander
Geczy, Chris
Ph.D. in Finance and Econometrics, The Graduate School of Business, University of Chicago.
B.A. in Economics, University of Pennsylvania.
Academic Directorship of the Wharton Wealth Management Initiative at Wharton Executive Education.
Gil Flores, Oscar
CFA (Chartered Financial Analyst)
FRM (Financial Risk Manager)
Bachelors Degree in Mathematics, Universidad Autónoma, Barcelona
Manager BBVA Trading Department
Guillén, Mauro F.
PhD in Sociology, Yale University
Doctorate in Political Economy, University of Oviedo
Professor of Sociology in the Department of Sociology of the University of Pennsylvania
Dr. Felix Zandman Endowed Professor of International Management at the Wharton School
Guzmán de Lázaro Mateos, Álvaro
CFA (Chartered Financial Analyst)
Bachelors Degree in Business Administration, UPC
Bestinver Gestión Senior Porfolio Manager
Heredia y Díaz del Riguero, Tomás
Academic Director MBA with specialization in Finance, IEB
CFA (Chartered Financial Analyst)
Bachelors Degree in Business Administration, Universidad Complutense
Arcano Corporate Chairman
Knop Muszynski Robert
Bachelors Degree in Economics, Universidad Autónoma de Madrid
Expert in Risk Measurement on Treasury Products
Manager Banesto Stock Exchanges Risk Unit
Lafont Torio, John
CFA (Chartered Financial Analyst)
MSc Industrial Engineering , Universidad Pontificia de Comillas
MBA, Columbia Business School, NY
A.T. Kearney Management Consultants Director
Lizán Fernández, Javier
Bachelors Degree in Business Administration, CUNEF
Executive Director Retail Trade Santander Investment Bolsa SVB
CIIA (Certified International Investment Analyst)
López Fernández, Joaquín
Bachelors Degree in Law, Universidad Complutense
MBA, IE
Director Structure Financing Sabadell Bank
MacKinlay, A. Craig
Ph D in Financial Economics and Statistics from the Graduate School of Business at the University of Chicago
MBA, University of Chicago
MBA, University of Western Ontario Joseph P. Wargrove
Professor of Finance at the Wharton School
Miguez Martín, Sergio
Bachelors Degree in Law, UPC
Bachelors Degree in Business Administration, UPC
CAIA (Chartered Alternative Investment Analyst)
FRM (Financial Risk Management)
CIO Alternative Investments-Hedge Funds, BanSabadell Inversión
Muñoz de Luna González, Miguel Ángel
Bachelor Degree of Science in Civil Engineering, University of Massachusetts (Lowell)
Master of Science in Civil Engineering, The Ohio University
MBA, IESE
Vicepresident Deutsche Bank X-Markets Spain
Percival, John
Ph. D. in Financial Economics, The State University of New York at Buffalo
MBA. The State University of New York at Buffalo
CEO of JRP Associates and an Adjunct Professor of Finance at the Wharton School
Pérez Hernández Ruiz y Falco, Enrique
Bachelors Degree in Law, Universidad Complutense
Board of Directors Member in Endesa Italia
Board of Directors Member in Eurocofin
Pérez Pérez, Jesús
Bachelors Degree in Economics, Universidad Complutense
CIWM (Certified International Wealth Manager)
ACIIA (Association of Certified International Investment Analysts)
Investment Adviser
Pintado,Cristina
Bachelors Degree in Law, Universidad Complutense
Master in Legal Practice, CEF Madrid
Executive Development Program, IESE
Vicepresident North America Cash Management Global, BBVA NY
Ramos Fuentenebro, Miguel
BSc. (Honors) in Economics, Universidad Pontificia Comillas (ICADE)
MSc. in Accounting and Finance from the London School of Economics
CEO GSO Capital Partners Intl. LLP
London School of Economics Guest Lecturer
Revello de Toro, José Maria
Academic Director Master in Corporate Finance, IEB
Bachelors Degree in Industrial Engineering, Universidad Politécnica
MBA, IESE
Comercial Manager BBVA Factoring
Savina Savina, Roberto
Bachelors Degree in Mathematics, Turin University
FRM (Financial Risk Manager)
Risk Manager in Genworth Mortgage Insurance Madrid/London
Stewart, Derek
Director Mellon Global Alternative Investments
Expert in Alternative Investments and Hedge Funds
London School of Economics Guest Lecturer
Utrera Infantes Luis Fernando
Deputy Academic Director Máster in Stock Exchange and Financial Markets, IEB
Bachelors Degree in Geography and History, Universidad Complutense
Member of the board of directors of AIAF and SENAF
Ex-Former Managing Director of Wholesale Banking at Banesto
Vega Gámez, Fernando
Degree in Economics, Universidad Autónoma de Madrid
MBA, INESE
Master in International Management, IE
CEO EDM Services
Ex – Vicepresident Wealth Management of Morgan Stanley
Weitz Schneir, Mario
Ph.D in Economics, American University
Bachelors Degree in Economics, Universidad de Buenos Aires
Manager Consulta Abierta
European Commission Consultant
The World Bank Consultant
Yueh, Linda
D.Phil. in Economics University of Oxford
Juris Doctorate, New York University School of Law
Master in Public Policy, Harvard University
B.A. in Economics/Political Science and Chinese, Yale University
Fellow in Economics, Pembroke College, University of Oxford
M.Sc. Tutor, Department of Economics, LSE
Zamorano Moro, Borja
Bachelors Degree in Economics, UPC
Master in Portfolio Management, IEB
Facilities and Services
Tecnology and IT
The IEB has an IT room with 41 posts for individual use by students. There are also several posts with broadband Wifi internet access in all the common areas. All the lecture and study rooms have Wifi connection, infrastructure to connect computers and latest generation technology such as video projectors, financial information systems etc.
Furthermore, all students will receive a laptop computer in order to be able to comfortably follow the Master program.
At the beginning of the Master each student will be presented with a laptop computer
for their personal use.
Library. Access to Data Bases
The IEB has a Study Room in which the students can consult all the necessary texts and manuals to widen and consolidate covered topics.
The library funds in this room –used exclusively by the students– are considered to be one of the most complete collections in Spain in the areas of Derivatives, Technical and Quantitative Analysis, Portfolio Management, Risk Management, Fixed and Securities Markets, Corporate Finance, Emerging markets and Internet, although it also has specific sections for subjects of general interest such as Law, Economics and Finance. (biographies, statistics, manuals, etc.).
In addition, thanks to the Bolsa de Madrid’s sponsorship, the center’s students have the possibility of gaining access to the more than 11,000 financial, economic and legal volumes of the library at the Palacio de la Bolsa de Madrid.
Treasury Desk
The practical market training room of the IEB is a “treasury or trading desk” similar to those used in Banks and Brokerage firms. It has forty one posts from which the students can access information sources provided by Bloomberg, Bridge, Visual Trader and Infobolsa.
These are economic and financial data and news information services which supply all the necessary information to follow equity, fixed income, derivative, currency and money markets. This information is complemented with other kinds of news coming from the main news agencies. These services, moreover, simulate different market situations: buyers, sellers, intermediaries, etc.
Students, thanks to these technical resources and guided through sessions by professionals from different financial markets, obtain knowhow of these markets.
On-line Simulator
One of the most attractive points of the program is the students’ use of the Portfolio Management Simulator which enables them to manage and control the risk of their positions using real market data.
This simulation provides experience similar to that obtained by those who usually operate in international financial markets.
In order to give maximum benefit to students, the simulation is carried out by internet through the specially designed On-line simulator, under the tutorship of professional managers who assess, through their own simulator, the make-up of the portfolios by the student teams.
Career Counseling Department
The IEB has a career development service which can be used by all the students. The service actively seeks professional openings, especially in those companies with which IEB has signed agreements or which are collaborators or sponsors of our Center. The IEB has a powerful online tool which allows access through the Study Center intranet to all the job offers regularly input into the system and which enables people to express their interest in any selection process. In addition, the system permits the sending of personalized e-mails to any candidates whose profile is especially appropriate for a specific job offer.
Palabras asociadas a este Curso
Temario del Curso
The greatest part of the program is taught in the IEB’s headquarters in Madrid, a city considered, in specialist environments, to be one of the most important financial centers in the world (after New York, London, Paris, Frankfurt and Tokyo). In addition, the Spanish capital, as well as possessing its own enormous intrinsic strength and vitality, has the advantage of being Europe’s door to the Iberoamerican world, many of whose emerging economies will play an important role in International Markets.
Students in the Master in International Finance follow some of their study plan in two of the most prestigious business schools in the world of finance: the London School of Economics in Great Britain and Wharton School in Pennsylvania (USA).
The students’ stay and study periods in these two world references in economic training and research not only provide quality teaching and content but also permit an insight into cities – London, New York and Pennsylvania – in those two countries which are the indisputable references of international financial leadership.
All the teaching is in English, as is communication between the teachers and pupils and any documentation, given that it is the usual language in the financial world.
Quantitative Methods Applied to Finance
1. Foundations of Financial Maths
1.1. Financial Operations. Profitability.
1.2. Capitalization and Discount Laws
1.3. Interest Rates
1.4. Capital Budgeting
1.5. Financial streams
1.6. Applications to the Financial markets.
2..Econometric Foundations Applied to Finance
2.1. Descriptive analysis of financial information
2.2. Univariate analysis
2.3. Two-variate analysis
2.4. Portfolio Correlations
2.5. Probability and random variables
2.6. Single variable probability models
2.7. Multivariate Models
2.8. Estimation
2.9. Hypothesis Testing
3. Econometrics Applied to Finance
3.1. Linear Regression Analysis
3.2. Stochastic Processes
3.3. The parametric VaR
3.4. Monte Carlo Simulations
Case Study: Analysis of the influence of macroeconomic factors on relevant financial variables through the application of linear econometric models.
ECONOMICS I
1. International Capital Markets
1.1. Structure of the International Capital Markets
1.2. Growth of the International Capital Markets
2. Regulating International Banking and Capital Markets
3. Exchange Rates
3.1. Exchange Rates and International Transactions
3.2. The Foreign Exchange Markets
3.3. Money Supply and Exchange Rates in the Short term
3.4. Money, Price Level and Exchange Rate in the Short term
3.5. Price Level and Exchange Rate in the Long term
3.6. International Interest Rate Differentials and the Real Exchange Rate
4. The Balance of Payments Accounts
5. The Standard Trade Model
5.1. Economies of Scale and Market Structure
5.2. External Economies and International Trade
6. International Trade Policy
6.1. Instruments of Trade Policy
6.2. Trade Policy in Developing Countries
7. Theories of Fluctuations
8. Economic Situation
8.1. Basic Indexes
9. Informational Asymmetries
9.1. Adverse Selection
9.2. Moral Hazard
9.3. Signaling and Screening
Case Study: Analysis of the impact of the establishment of barriers on international trade
ECONOMICS II
1. The US Economy and its global impact
2. The European Economy
3. Eastern Europe
4. The Asian Countries
5. Latin America and Africa
6. Historical Facts
6.1. Major international crisis
6.2. Rescue Plans
FINANCE I
1. Fixed Income Products
1.1. Public Debt
1.2. Private Fixed Income
1.3. Credit Risk
1.4. Ratings
2. Equities
2.1. Characteristics of equity shares
2.2. Structure of the Stock Exchange Markets
2.3. Dealing and Stock Exchange operations
2.4. Stock Exchange transactions
2.5. Stock Market Indexes
2.6. Introduction of Fundamental Analysis
Case Study: Cost analysis of trading in the International Stock Markets.
FINANCE II
1. Derivative Products
1.1. Description of the Derivative Products Markets
1.2. Foundations of Derivatives
1.3. Valuation of Plain Vanilla, Interest Rate, and Exotic Options
1.4. Structured Products description
1.5. Construction of Structured Products
2. The Foreign Currency Market
2.1. Main Currencies
2.2. Characteristics of the Foreign Currency markets
2.3. Prices formation
2.4. Operating in the FX Market
2.5. Strategies in the FX Market
3. Commodities Markets
3.1. Foundations of the Commodities Markets
3.2. The Commodities Futures Market
3.3. The Commodities Options Markets
3.4. Agricultural Commodities Markets
3.5. Metals Markets
3.6. Energy Markets
3.7. Other commodities Markets
3.8. Investment Alternatives in Commodities
4. Money Markets and short term interest rate derivatives
4.1. Conventions and basic concepts
4.2. Management Strategies
4.3. Money Markets Derivative Products
5. Swaps
5.1. Interest Rate Swaps
5.2. Valuation of Swaps
5.3. IRS management strategies
5.4. Immunization of a bond portfolio / IRS
5.5. Cross Currency Swaps
6. Long term interest rate derivatives
6.1. Notional Bond Futures
6.2. Bond Portfolio Hedging Strategies using the Notional Futures
6.3. Long term interest rate Options
6.4. OTC Options
6.5. Swaption´s
7. Interest rate management strategies
7.1. Main Management strategies
8. Foundations of Technical Analysis
8.1. Technical Indicators
8.2. Oscillators
8.3. Volatility Indicators
8.4. Automatic trading systems
8.5. Market profile
8.6. Introduction to intraday trading
8.7. Sentiment Indicators and trading psychology
Case Study: Application of Portfolio Hedging Strategies using Derivatives.
FINANCE III
1. Portfolio Management
1.1. Equity Portfolio Management
1.2. Derivative Products and Portfolio Management
1.3. Fixed Income Portfolio Management
1.4. Foreign Currency Portfolio Management
1.5. Institutional Portfolio Management
2. Performance Attribution and Portfolio Risk measures
2.1. The effects of performance Attribution
2.2. Linking performance attribution
2.3. Performance attribution models
2.4. Equity attribution
2.5. Fixed income attribution
2.6. Attribution in derivatives
2.7. Interpretation of an Attribution Report
2.8. Global Portfolio summary
2.9. Risk Attribution
3. Alternative Management
3.1. Legal and Tax situation of Alternative Investment Management
3.2. Hedge Fund Structure
3.3. Income and Cost Structure of Hedge Funds
3.4. Quantitative Tools for the selection and management of Hedge Funds and “FOHF”
3.5. Hedge Funds Strategies
3.6. Fund of Hedge Funds Management
3.7. The “Due Diligence” process and Hedge Funds selection
3.8. Hedge Funds Indexes
4. Investment Funds
4.1. Types of funds and investment companies
4.2. Investment Fund Analysis and Selection
4.3. Fund Selection Indicators
4.4. The investment Fund Selection Process
5. Risk Management
5.1. Introduction
5.2. Market Risk
5.3. Credit Risk
5.4. Liquidity Risk
5.5. Operational Risk
6. Wealth Management
6.1. Real Estate
6.2. Behavioural Finances
6.3. Relationship Management
6.4. Wealth Planning
Case Study: The allocation, security selection, currency and interaction effects on a Global Mixed Portfolio
CORPORATE I
1. The Finance Function
1.1. Basic Considerations
1.2. Evolution
1.3. Goals and Objectives
1.4. The Finance Role
2. Financial Statement Analysis
2.1. Accounting information as a measurement tool of the Firm.
2.2. Financial-Economic Diagnosis of the firm
2.3. Evaluation of the Financial Equilibrium of the Firm
2.4. Forecasting
2.5. The Cost of Capital
2.6. Determination of the optimal Capital Structure
2.7. Dividend and Buy back policies
2.8. Corporate Restructuring
2.9. Creative Accounting
Case Study: Practical application of ratio analysis
CORPORATE II
1. Corporate Finance
1.1. Basic Concepts
1.2. Valuation Methods
1.3. Value Creation and New Valuation Tools
1.4. Alternative Valuation Approaches to Specific Cases
2. Working Capital Management
2.1. The Treasury function
2.2. Operating Cash Flow Management in a firm
2.3. How to manage the liquidity position of a company
3. Capital Budgeting
3.1. Capital budgeting: an overview
3.2. Project cash flows
3.3. Forecasting cash flows: Quantitative/Qualitative/Judgemental
3.4. Project analysis under Certainty/Risk
3.5. International project appraisal
4. The Banking Relationship
4.1. Concept and negotiation planning
4.2. Contribution to financial management improvement
4.3. The negotiation
4.4. Quantification of the Banking business
4.5. Negotiation Objectives setting
4.6. Determination of Negotiation strategy
5. Mergers and Acquisitions
5.1. The Mergers and Acquisition Market:
5.2. Definitions and basic concepts
5.3. Origination/Advisory Mandate
5.4. The Process Design
5.5. Controlled Auction
5.6. M&A Financing Alternatives
5.7. How do finance providers value M&A deals?
5.8. Other M&A issues
5.9. Tax aspects: Maximize profitability for buyer - seller
5.10.The Family company
5.11.Private Equity
Case Study: Practical corporate valuation using the DCF and comparables
CORPORATE III
1. Basic Corporate Financing
1.1. Plain Vanilla and Syndicated Loans
1.2. Bonds and Obligations Issuance
2. Trade & Commodity Finance
2.1. The Financing of International Trade
2.2. Financing Instruments
2.3. Trade & Commodity Finance in Emerging Markets
3. Project Finance
3.1. Introduction and basic concepts
3.2. Project Finance
3.3. International Contracting and Guarantees
3.4. Financial Agreement, supplier contracts and guarantees
3.5. Case Study: Critical issues in the drafting of the International Memorandum
3.6. Internal and External Fiscal implications of Project Finance transactions
3.7. Base SVP project Cash flow
3.8. Available sources of financing
3.9. Project Finance risks
3.10.Governmental subsidies and organisms involved in Project Finance
3.11.Export Credit Agencies (ECAs)
4. Other Structured Financing
4.1. Asset Securitization
4.2. Leveraged Transactions
4.3. Tax leverage Lease
5. Corporate Governance
5.1. The concept of the corporation; key parties and organizational structure; separation of ownership and control
5.2. Roles of shareholders and directors; institutional investors; directors’ remuneration
5.3. Accountability and financial aspects; role of statutory auditors; non-executive directors and audit committees
5.4. Responsibilities, remuneration and rights of employees
5.5. Theories of governance - agency, stewardship, stakeholder theory
5.6. Regulation in major countries
5.7. Globalization; current developments in corporate governance
Case Study: Financing alternatives for a Cross-Border acquisition.
INTERNATIONAL FINANCIAL REGULATION AND TAXES
1. Banking and Securities Regulations
2. Mifid (Markets in Financial Instruments Directive)
2.1. Introduction 2.2. Key aspects
3. Collective Investments Regulations
4. International Accounting Standards
4.1. Introduction
4.2. Impact in the Financial Markets
5. Basle II
5.1. Definitions
5.2. Impact in the Financial Markets
6. Bankruptcy & Corporate Restructuring
7. Corporate Law
8. Mergers & Acquisitions Law
9. Emerging Markets Law
10.Taxation
10.1.Basic Concepts
10.2.Double Taxation Treaties
10.3.Transfer Pricing
Case Study: The impact of Basle II in the international financial crisis
TECHNICAL SKILLS IN FINANCE
1. Excel Applied to Finance
1.1. Basic Commands
1.2. Advanced Commands
1.3. Tables
1.4. Dynamic Tables
1.5. Basic Functions
1.6. Advanced Functions
1.7. Security
1.8. Solver
1.9. Introduction to Visual Basic Applications
2. Financial Information Providers
2.1. Main Suppliers
2.2. How do these systems work
2.3. Type of Financial Information that can be retrieved
2.4. Main functions
2.5. Real Time (RT) Financial information
2.6. How to link between RT information and a spreadsheet
MANAGERIAL SKILLS IN FINANCE
1. Communication
2. Negotiation
2.1. Multicultural Management and negotiation in multicultural environments
2.2. The Chinese market and negotiations with the Chinese
2.3. European Union
2.4. The Asian countries market
2.5. USA
2.6. Latin America
3. Presentation Skills
4. Negotiation Dynamics
5. Consulting skills
ETHICS AND VALUES IN FINANCE
1. Business Ethics: Concept, Need, Effects, Responsibility and Decision-making
2. Compliance
3. Information Barriers
4. Ethical, Social and Environmental Management in businesses
5. Codes of Conducts
6. Business Cases
7. Ethics in Finance
The Wharton School Sessions
1. Vision of the Future for Financial Services
1.1. The new face of the Financial Services Industry
1.2. Implications of the global financial crisis
1.3. Systematic risks during and after the crisis
1.4. Coordination across countries: recent experience and outlook
1.5. Use of Leverage in the "new Economic World"
1.6. The Future of Capitalism
2. Venture Capital and Private Equity
2.1. Overview of the private equity industry
2.2. Main private equity players
2.3. Structure of private equity funds
2.4. Performance of private equity funds
2.5. Future of the industry
3. Private Banking: Asset Allocation and Wealth Management
3.1. High net worth individuals
3.2. Asset allocation:
- 3.2.1. Correlation
- 3.2.2. Efficient frontier and the opportunity set
- 3.2.3. The Risk-free rate
3.3. The power of diversification
3.4. Practical application using software packages to:
- 3.4.1. Estimation of the efficient frontier
- 3.4.2. Monte Carlo simulations
- 3.4.3. Assessment of risk in the long run
4. Using Financial Information Intelligently
4.1. Financial Performance Evaluation Framework
4.2. Deepening the understanding of the three key financial statements
4.3. Role of outside regulatory bodies (FASB and the SEC)
4.4. Use of financial information to assess:
- 4.4.1. Risk/Return implications of various strategies in a range of businesses
- 4.4.2. How the business is managed
4.5. Questions financial statements cannot answer
4.6. Application of main financial ratios to evaluate company’s financial condition and comparisons between companies
4.7. Case Study: Use of GE annual report to analyze its strategy and the challenges in continuing its superior financial
5. International Cash Management
5.1. Introduction to International Cash Management
5.2. International Payment Systems and Instruments
5.3. Organizing a global treasury
5.4. Managing a global treasury
5.5. Selecting a partner bank
5.6. Technology in a treasury
The London School of Economics Sessions
1. International Financial Regulation
1.1. The Objectives of International Financial Regulation and current regulatory system.
1.2. The International Financial Institutions and their Role in Financial Regulation
1.3. Regulatory Structures in Individual Countries. The European Union: A Special Case
1.4. The Debate on Regulatory Structure and Need for Reform
2. Financial Risks
2.1. Global financial risk: Definition and as consequence of liquidity risk
2.2. Securitization and CDO
2.3. Liquidity and capital
2.4. Risk modelling
2.5. Volatility versus risk
2.6. Different models
3. Emerging Markets and the Global Economy
3.1. Economic might of Emerging Markets: The key players
3.2. G7 vs. BRICs ; China vs. OECD (less US and Japan)
3.3. Volatility & Growth
3.4. The BRICs and World GDP (PPP)
3.5. Long-run growth potential and Outlook
4. Risks and rewards of doing business in emerging markets
4.1. The Risks
4.2. The Rewards
5. Business in China: growth and reform
5.1. China’s path to market and Economic development
5.2. China’s potential market and Consumers
5.3. Chinese firms’ evolution
5.4. Implications for financial services
5.5. Multinational corporations and China
5.6. Long-term investment considerations
6. Fundamental to ABS and corporate fixed income: What has changed?
6.1. Subprime and CDOs
6.2. Major changes in mortgage markets and multiplying effects
6.3. Resettings in subprime mortgages
6.4. Rating agencies, ratings, implications, and credit warnings
6.5. Effect on BBB-ABS
6.6. Rating and Credit Warning
6.7. CDO: Only the beginning
6.8. ABCP, Siv, Siv Lite
6.9. Newsflow to date
7. An introduction to hedge funds
7.1. Definition, characteristics, types, and evolution
7.2. The hedge fund food chain
7.3. Strategies and Performance measurement
7.4. Hedge funds: current views and outlook
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