master in international finance

MASTER IN
INTERNATIONAL
FINANCE
Academic
Stay at
The Wharton
School
Academic
Stay at
The London School
of Economics
1
Academic
Academic
Stay
Stay at
at
The
The Chinese
Chinese University
of
of Hong
Hong Kong
Kong
2
MASTER IN
INTERNATIONAL FINANCE
3
4
Welcome to the IEB, a Higher Education Institution affiliated with two iconic universities, Complutense
University and Rey Juan Carlos University, and sponsored by the Bolsa de Madrid (Madrid Stock
Exchange).
The IEB was created in 1989 with the launch of the first Spanish Master in Stock Exchanges and
Financial Markets.
Having trained since then a large number of undergraduate and post-graduate students as well as
professionals, the IEB has gained the indisputable position of leading Financial Education Center in
Spain and the Spanish speaking world.
Our Institution has been entrusted with preparing and training managers and other professionals from
the main Spanish and Global companies operating worldwide in the field of International Finance.
Our faculty of experienced professors covers a wide variety of subjects in the economic, legal and
financial fields. Our students receive their academically demanding training and personalized attention
with the aim also to inspire a professional attitude based on solid moral principles.
All of this enables the rapid insertion of our graduates into the work place, and the brilliant professional
development of those who pass through our lecture rooms, consolidating daily the prestige of our
institution.
Anybody aiming to acquire the highest level of economic, legal and financial training will find at the IEB
all the human and technical resources required to satisfy their intellectual needs.
Best regards
Welcome
Álvaro Martínez-Echevarría y García de Dueñas
IEB Director
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6
1. Objectives
2. Structure
3. Methodology
4. Students
5. Qualification
6. Syllabus
7. Faculty
8. Facilities and Services
8.1. Technology and IT
8.2. Library and Study room
8.3. Treasury Desk
8.4. On-line Simulator
8.5. Career Development Department
9. Admission
10. Schedule
11.The London School of Economics Academic Stay
12.The Wharton School Academic Stay
13.The Chinese University of Hong Kong Academic Stay
14.Tuition Fees, Financial Aid and Scholarships
15. Rectorate and Academic Board
Index
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8
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10
12
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15
33
41
43
44
46
47
48
50
51
53
57
61
65
66
OBJECTIVES
1
Our raison
d’être
The globalization set in motion during the last century is consolidating
in this 21st century. Social affairs, the world of culture, politics and the
economy are breaking national boundaries and jumping vertiginously
from one continent to another. The world of finance is not exempt
from the globalization we are experiencing; indeed, financial markets
are probably one of the catalysts of this movement and those who
work in or with them can vouch for the international and global
nature of their work environment.
Any professional who looks for achievement and great success in the
financial world should, therefore, not only have technical skills, but also
a set of skills that can be applied internationally.
The IEB, as leader in financial education in Spain and the Ibero-American
region, offers this Master in International Finance to those individuals
aiming to become international financial leaders in their respective
fields. More specifically, the objectives of the Master’s degree are:
• To give students a broad and professional knowledge of all areas of
finance from top business schools.
• To offer through examples of how to apply the theoretical concepts
to the day-to-day financial world, and through exercises, case
studies, and real-time trading on an online portfolio simulation
platform, a practical and up-to-date point of view for the topics
covered in the course.
• To prepare students to the working environment through the use of
Bloomberg as a primary teaching tool and numerous presentations
throughout the degree.
• To encourage personal development and teamwork through in
class team case studies and presentations.
• To offer a challenging and rewarding training programme for current
and future international finance professionals
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STRUCTURE
2
International
Excellence
The majority of the programme is taught at IEB’s headquarters in Madrid,
a city considered to be one of the key financial centers in Europe.The
Spanish capital, as well as having its own enormous intrinsic strength
and vitality, has the advantage of being Europe’s gateway to the IberoAmerican world.Today, many of these emerging economies are playing
an important role in the International Financial Markets.
In addition, students in the Master in International Finance follow part of
their study plan in three of the most prestigious business schools in the
world of finance: the London School of Economics (United Kingdom),
the Wharton School (USA) and the Chinese University of Hong Kong
(China).
The Academic stays in these three world references in financial
education and research not only provide the highest standard of
teaching and content but also give an insight into key financial centers,
such as London, New York, Philadelphia and Hong Kong- cities that are
worldwide references in international financial leadership.
Celina Sonnie
USA
The Master is a fully English-based programme and, as such, all lectures,
class discussions, presentations, student-faculty communications, and
documentation are in English. This is important as English is the main
language used in the financial world.
The Master in International Finance is the best and most complete
“The opportunity to study here at IEB has been
a very rewarding and valuable experience. It is
a combination of the caliber of the professors,
students and interactive class sessions and case
studies.The professors are highly knowledgeable
and experts in their field.
I have also been fortunate to develop strong
friendships with classmates while studying
which I will continue to value in the future. I
have thoroughly enjoyed learning more in
depth about the financial markets as well as the
business culture of Spain.”
Finance Programme in Spain.The Programme includes in depth coverage
of all fields of finance relevant to today’s financial world. The subjects
range from corporate finance and treasury to all financial markets.
It also includes important subjects today, such as risk management,
regulation and ethics.
By covering all fields of finance, students are then able to choose
their preferred area, in which they can then specialize and develop a
professional financial career.
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METHODOLOGY
3
The Best Way
of Learning
The methodology followed is highly practical, based on rigorous and upto-date contents. Throughout the Master, students are offered examples
of how to apply the theoretical concepts seen in class to the day- to-day
financial world. In addition, for each study module, students have to carry
out exercises, case studies and a group case presentation relating to the
material covered.
Therefore, the theoretical classes will alternate with practical ones in
which the students will also use the appropriate IT tools. IEB’s IT room
and treasury desk, very similar to those found in any brokerage firm, allows
students to put into practice their theoretical knowledge through the use
of Bloomberg and real-time trading on IEB’s online portfolio simulation
trading platform. Bloomberg is also proactively used by the teachers in
class to show examples of the concepts taught.
Another factor that contributes to the practical nature of the Master is the
fact that most of the professors are themselves highly respected financial
Salma Benabdallah
professionals in their area of expertise.
MOROCCO
Moreover, the Master aims to promote personal development and
teamwork through group exercises, case studies and presentations.
Finally, the technical knowledge required from the students will also
be tested throughout the Master via exams, exercises, case studies and
“Throughout the Master we were taught
how to use Bloomberg. It has been a
key tool to develop skills and knowledge
in order to gain a better understanding
of financial markets and provided us
with access to an unlimited amount of
information to carry out our assignments.”
research papers. All students are required to complete a compulsory
Final Project, which they will be presenting in front of a jury panel, and in
which they are expected to put into practice all the knowledge acquired
throughout the programme.
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STUDENTS
4
The Heart of
our Institution
The Master is aimed at undergraduate students from all fields of study
with a good level of English, as well as professionals with no more than
four years working experience in finance or looking to change from their
current field of work to the world of finance.
All candidates go through several interviews with the members of the
Juan José Sanchís
Admissions Committee, as well as carrying out several online tests, before
SPAIN
joining the programme. The Master starts with a foundation course
covering areas such as accounting, excel and Bloomberg in order to refresh
and level student’s knowledge in these areas before starting the first term’s
corresponding modules.
Master in International Finance students come from all over the world
and all types of academic background. They reflect the very international
“This Master provides a wide and powerful
financial knowledge which fuelled my
professional career since the very first day.
The full time approach submerges the
alumni into a hard work high intelligence
environment preparing yourself for the real
finance world.”
nature of the Programme. Students will have access to a network of exalumni now working and based all over the world. It will also allow them
to acquire an international profile through, amongst other things, the
academic stays, and to gain the opportunity to work abroad.
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QUALIFICATION
5
An Outstanding
Degree
The qualification obtained at the end of the programme is the Master
in International Finance Degree. It is issued by the Academic Board of
the IEB, sponsored by the Bolsa de Madrid (Madrid Stock Exchange).
A diploma will also be issued by IEB´s Partners for each academic stay.
The London School of
Economics
The Wharton School
The Chinese University of
Hong Kong
The IEB, in collaboration with CFA Spain, includes within this Master
the preparation for the CFA Level I.
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SYLLABUS
A Leading
Programme
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Module I
FOUNDATION COURSE
1.1.
1.2.
1.3.
1.4.
1.5.
Module II
Introduction to Financial Markets
Introduction to Corporate Finance
Bloomberg Basics
Introduction to Excel
Principles of Financial Statement Analysis
QUANTITATIVE METHODS APPLIED TO FINANCE
2.1. Financial Maths
2.1.1.Time Value of Money
2.1.2. Discounted Cash Flow Applications
2.1.3. Financial Mathematics in Excel
2.2. Statistics
2.2.1. Univariate frequency distributions
2.2.2. Measures of Central Tendency and Variability
2.2.3. Bi-dimensional frequency distributions
2.2.4. Probability and Statistical Inference
2.2.5. Introduction to the R Software
2.2.6. Exercises and Practical Examples
2.3. Statistics Applied to Finance
2.3.1. Financial Market Returns
2.3.2.The Markowitz Model
2.4. Econometrics
2.4.1. Introduction
2.4.2. Simple and Multiple Linear Regression
2.4.3. Univariate Time Series Models
2.4.4. Non Linear Univariate Time Series Analysis: Modelling Volatility and
Correlation
2.4.5. Exercises and Practical Examples with E-Views
2.4.6. Introduction to Simulation Methods
Module III
ECONOMICS
3.1. Economics
3.1.1. Key Country Economic Indicators
3.1.2. Fiscal Policy
3.1.3. Money and the Determination of Interest Rates
3.1.4.The Banking System and the Money Supply Process
3.1.5. Monetary Policy
3.1.6. International Trade and Migration
3.1.7.The World Economy - World Economic Outlook
3.1.8.The role of International Organizations
3.1.9. Economics Case Study
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Module IV
CORPORATE I
4.1. Accounting Review
4.1.1. International Financial Reporting Standards - IFRS
4.1.2. Accounting information into Financial information
4.1.3. Financial Statements
4.2. Capital Budgeting
4.2.1. Project Evaluation and Selection Methods
4.2.2. Cash Flow Estimation
4.2.3. Sensitivity and Real Options Analysis
4.2.4. International Capital Budgeting
4.2.5. Capital Budgeting Cases
4.3. Capital Structure
4.3.1. Capital Structure Theory
4.3.2. Optimal Capital Structure
4.3.3. Capital Structure in Practice
4.4. Cost of Capital
4.4.1. The Cost of Capital
4.4.2. Weighted Average Cost of Capital (WACC)
4.4.3. Capital Structure case
4.5. Creative Accounting
4.5.1. Methods
4.5.2. Financial Shenanigans
4.5.3. Accounting Scandals / Enron
4.6. Fundamental Analysis
4.6.1. Concept & Purpose
4.6.2. Techniques and Tools
4.6.3. The Dupont Model
4.6.4. Economic Value Added
4.7. International Financial Reporting Standards (IFRS)
4.7.1. The Balance Sheet
4.7.2. The Income Statement
4.7.3. The Cash Flow Statement
4.7.4. Other IFRS Topics
Ana Sofía Duarte
PORTUGAL
“Having analyzed different Masters related to securities
markets I have finally chosen the IEB since their study plans
are highly attractive and very thorough. In the IEB not only
did I acquire theoretical knowledge but I was delighted by
the wide variety of practical cases which the teachers sent
us each week and which greatly enlightened me, as thanks
to these cases I realized the importance of interiorizing this
theoretical knowledge in this world where everything is
result driven”.
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Module V
CORPORATE II
5.1. Banking Relationships
5.1.1. Concept and Introduction To The Management of a Banking Relationship
5.1.2. Banking Relationship Versus Product Relationship
5.1.3. Client Segmentation
5.1.4. Commercial Strategy: planning the agenda and commercial activity
5.2. Behavioral Finance
5.2.1. Understanding Behavioral Finance
5.2.2. Behavioral Finance in the real world
5.2.3. Common Biases and its Implications for Asset Management
5.3. Credit Risk
5.3.1. Credit Basics
5.3.2. Causes of Credit Risk Issues
5.3.3. Measuring Credit Risk
5.4. Credit Risk Analysis
5.4.1. Credit Risk Definition
5.4.2.The Indenture and Covenants
5.4.3. Default Triggers
5.4.4. Credit Ratings
5.4.5. Credit Risk Analysis
5.5. Corporate Valuation
5.5.1. Valuation Methodologies Classification
5.5.2. The Difference between Value and Price
5.5.3. Synergy Analysis and Impact on EPS
5.5.4. The Dividend Discount Models
5.5.5. Discounted Cash Flow Valuation
5.5.6. Sum of the Parts Methodology
5.5.7. Case studies
5.6. Financial Forecasting and Planning
5.6.1. Short Term Planning
5.6.2.The Master Budget
5.6.3. Long Term Planning
5.6.4. Master Budget and Long Term Planning Cases
5.7. Working Capital Management
5.7.1. Operating and Cash Cycles
5.7.2. Cash, Inventory, Receivables, and Liability Management
5.7.3. International Working Capital Management issues
5.7.4. Working Capital Management case studies
Module VI
CORPORATE III
6.1. Basic Finance Syndications
6.1.1.The Syndicated Loan Market
6.1.2.The Syndication Process and Strategies
6.1.3. Loan Documentation, Special Clauses, and Pricing Factors
6.1.4.The Bond Issuance Process: MTN Programs, Covered Bonds
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6.2. Business International Law
6.2.1. Different Legal Systems and Differences in Contract Law
6.2.2. Property Rights
6.2.3. Protection of Intellectual Property
6.2.4. Product Safety and Product Liability
6.2.5.The Multilateral Investment Guarantee Agency
6.2.6. Settlement of Disputes
6.3.Corporate Governance
6.3.1. Fundamentals of Corporate Governance
6.3.2. International Evolution
6.3.3. Principles and Topics of Corporate Governance
6.4. Corporate Restructuring
6.4.1. Framework
6.4.2. Financial Restructuring: decision and management
6.4.3.Types of Restructuring
6.4.4. Restructuring Case Studies
6.5. Mergers & Acquisitions
6.5.1. The M&A Process
6.5.2. M&A Basic Tools and tasks
6.5.3. The Due-Diligence Checklist
6.5.4. The Controlled Auction
6.5.5. M&A Deal Structuring Simulation
6.5.6. Pitching Session exercise
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6.6. Mergers & Acquisitions Legal Aspects
6.6.1. Structuring an M&A Deal: main considerations
6.6.2.Types of Process for Selling/Acquiring a Business
6.6.3. Due Diligence
6.6.4. Main M&A Documentation
6.7.Takeovers
6.7.1. Public vs. Private Takeovers: definitions and main differences
6.7.2. EU Directives and EU Regulations
6.7.3. Defensive Strategies against Hostile Takeovers
6.7.4. Recent Cases of Hostile Takeovers
6.8. Private Equity
6.8.1.Type of Transactions
6.8.2. Private Equity Players
6.8.3. Venture Capital
6.8.4. Expansion Capital
6.8.5. Leveraged Transactions
6.8.6. Case Study
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6.9. Project Finance
6.9.1. Introduction and Rationale of Project Financing
6.9.2. Project Finance Modeling & Feasibility Study
6.9.3. Deal Structuring: key aspects
6.9.4. Future of Project Financing
6.9.5. Case Study: Approach to PF Modeling (Excel)
6.10. Securitization
6.10.1. Origin and Aftermath of the Financial Crisis
6.10.2. Definition of Securitization and Types of Securitized Instruments
6.10.3.The Securitization Process
6.10.4. Credit Enhancements and Main Risks
6.11.Trade Finance
6.11.1. Basic Concepts
6.11.2. International Trade Payments Instruments
6.11.3. Sources of Finance
6.11.4. Other Trade Financing Methods
6.11.5. Structured Trade Finance
6.11.6. Export Credit Agencies (ECA)
6.11.7. Export Credit Financing
Module VII
FINANCE I
7.1. Money Markets
7.1.1. Money Market Rates
7.1.2. Money Market Instruments
7.1.3. Market Making Simulation
7.2. Foreign Exchange
7.2.1. Economics & FX
7.2.2. Spot & Crosses
7.2.3. Forwards & Swaps
7.2.4. Emerging Markets & Non-Deliverable Forwards
7.2.5. Spot FX Trading Games
7.3. Equity Markets
7.3.1.The Equity Markets
7.3.2. Operating in the Market
7.3.3. Supervision and Market Bad Practices
7.3.4. Case Study
7.4. Fixed Income Products
7.4.1.Types of Bonds
7.4.2. Spot and Forward Rates
7.4.3. Sensitivity of Bond Prices Practical Session with Excel
7.4.4. Yield Curve and Yield Curve Risk
7.4.5. Valuing Bonds with Embedded Options
7.4.6. Actively Trading Fixed Income
7.5. Introduction to Derivatives
7.5.1. Futures and Forwards
7.5.2. Options
7.5.3. Swaps
7.6. FX Derivatives
7.6.1. FX Options: Definitions,Terminology, Uses, and Pricing
7.6.2. Cross Currency Forwards
7.6.3. Currency Futures
7.6.4. Business Hedging Cases
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7.7. Equity Derivatives
7.7.1. Definition and Classification
7.7.2. Contracts for Differences
7.7.3. Other Ttypes of Equity Derivatives
7.8. Fixed Income Derivatives
7.8.1.Types of Fixed Income Derivatives
7.8.2. Pricing & Valuation
7.8.3. Portfolio Hedging
7.9. Credit Derivatives
7.9.1. Credit Default Swaps – Definitions
7.9.2. Pricing and Uses of CDS and CDS Indices
7.9.3. Other Credit Derivatives
7.10. Exotic Options
7.10.1. Definition and Classification
7.10.2. Principles of Valuation
7.10.3.Types of Exotic Options
7.11.Technical Analysis
7.11.1. Introduction to Technical Analysis
7.11.2. Key Chart Patterns
7.11.3. Quantitative Technical Indicators
7.12. Portfolio Management
7.12.1. Portfolio Management Theory
7.12.2.Types of Clients and Funds
7.12.3.The Portfolio Management Process
7.12.4. Fixed Income Fund Management
7.12.5. Equity Fund Management
7.12.6. Derivatives in Fund Management
7.13. Performance Measurement
7.13.1. Performance Measurement and Performance Attribution
7.13.2. Risk Adjusted Performance Measures
7.13.3. Value at Risk
7.13.4. Performance Attribution case study
Module VIII
FINANCE II
8.1. Geopolitical Risk and Financial Markets
8.1.1. Geopolitical Frameworks for Financial Markets
8.1.2. Nature of Geopolitical Risk
8.1.3. Alternative Approaches to Geopolitical Risk Modelling
8.1.4. Geopolitical Risk Management: Business Diplomacy
8.2. Hedge Funds
8.2.1. What is an Alternative Asset Class?
8.2.2.Types of Alternative Investment Strategies
8.2.3. Establishing a Hedge Fund Investment Program
8.2.4. Characteristics of Hedge Funds (Returns, risks, net asset value)
8.2.5. Introduction to Convertible Arbitrage
8.3. Regulation
8.3.1. Banking regulation – Capital
8.3.2. Credit Rating Agencies: Implications in the Financial Crisis.
8.3.3. Crisis Management
8.3.4. Regulatory Framework for Derivative Contracts
8.3.5. EU Financial Stability Mechanisms
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8.4. Risk Management
8.4.1.The Nature of Risk
8.4.2. Risk Management Failures
8.4.3.The Risk Management Process
8.4.4. Enterprise Risk Management
8.4.5. Practical Cases
8.5. Structured Products
8.5.1. Definition,Types and Pros & Cons of Structured Products
8.5.2. Risks and Downsides
8.5.3. Real Case & Role Play
8.6.Taxation
8.6.1. Introduction to International Taxation
8.6.2.Tax issues in M&A Transactions and Business Restructuring
8.6.3.Tax Aspects in the Frame of Related Entities
8.6.4. Asset Finance Schemes & Practical Case
8.7.Wealth Management
8.7.1. World Wealth Distribution
8.7.2.The Investor and Investor Profile
8.7.3. Role Play Exercises – interviews with prospect clients
8.7.4. Private Banking Business Models
8.7.5. Services Proposals & Investment Products
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Module IX
SKILLS
9.1. Advanced Excel
9.1.1. Advanced Excel Data Analysis
9.1.2. Introducing Macros and Visual Basic for Applications
9.1.3. Financial Modeling
9.2. Ethics
9.2.1. Business Ethics Theory
9.2.2. Corporate Social Responsibility & Stakeholders
9.2.3. Guiding Principles of Business Ethics
9.2.4. Managing Business Ethics & Whistleblowers
9.2.5. Ethics of Banking
9.3. International Negotiation Skills I
9.3.1.The Negotiation Steps
9.3.2.Types of Negotiations
9.3.3. Finding your Negotiators Profile
9.3.4.The Cultural Adaptation
9.3.5. Cultural Intelligence
9.4. International Negotiation Skills II
9.4.1.The Negotiation Method
9.4.2. People, Problems and Processes
9.4.3. Salary Negotiations Case Study
9.4.4. Negotiation Skills Workshop
9.4.5. Communicating, Persuading, Influencing and Negotiating
9.5. Presentation Skills
9.5.1.The Presenter’s Profile
9.5.2. Preparation Phases
9.5.3. Stage Fright, Communication and Attitude
9.5.4. Audience, Questions and Management of Difficult People and Situations
9.5.5. Feedback Session: Observation and Group/Individual Feedback
Jae Wha Jeong
KOREA
“What I would highlight about this Master is the hard work. It is
based on daily challenges in which we face new circumstances
and have to deal with them. It reflects real life in which we must
work hard and face different problems, not just academic, but
also dealing and working with other people, or even handling
new IT programs that are fundamental in finance, such as
Bloomberg, Excel, R-Studio, Eviews and even a real life investing
portfolio simulator.
I think the main objective of this Master is to prepare us for the
real financial world.”
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THE LONDON SCHOOL OF ECONOMICS SESSIONS
1.INTERNATIONAL FINANCIAL REGULATION
1.1. International Financial Regulations: Objectives and current regulatory systems
1.2.The International Financial Institutions and their Role in Financial Regulation
1.3. Regulatory Structures in individual Countries.The European Union
1.4.The debate on Regulatory Structure and Need for Reform
2.FINANCIAL RISKS
2.1. Global financial risk: Definition and 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
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4.RISKS AND REWARDS OF DOING BUSINESS IN EMERGING
MARKETS
4.1.The Risks
4.2.The Rewards
5. PRIVATE EQUITY
5.1. Private Equity as an Asset Class
5.2. Running a Private Equity Firm
5.3. Acquiring Portfolio Companies
5.4. Case Studies
6. MERGERS AND ACQUISITIONS
6.1. Current M&A Backdrop
6.2.The Global M&A Market
6.3. Main Challenges Ahead
7.FUNDAMENTAL TO ABS AND CORPORATE FIXED INCOME:
WHAT HAS CHANGED?
7.1. Subprime and CDOs
7.2. Major changes in mortgage markets and multiplying effects
7.3. Resettings in subprime mortgages
7.4. Ratings agencies, ratings, implications, and credit warnings
8. THE HEDGE FUND INDUSTRY
8.1. Definition, characteristics, types, and evolution
8.2.The hedge fund food chain
8.3. Strategies and Performance measurement
8.4. Hedge Funds: current views and outloook
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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
3.3.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 simulation
Omar Fahmy
EGYPT
“The program structure is excellent as it covers various
topics in finance which makes it both very interesting and
demanding. The diversity of its students as well as the high
quality of its tutors are a huge added value. The program
helps open up a wide range of opportunities in the future.”
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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
4.4. Use of financial information to assess how the business is managed
4.5. Questions Financial Statements cannot answer
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
6.INSTITUTIONAL VISITS IN NEW YORK CITY
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THE CHINESE UNIVERSITY OF HONG KONG
SESSIONS
1. CHINA’S ECONOMY IN THE NEXT DECADE: CHALLENGES AND OPPORTUNITIES
1.1. What challenges is China likely to face over the next 5-10 years?
1.2. What will China need to do over the next five years?
1.3. What will China look like in the next decade?
2. CURRENT ISSUES IN BANKING
2.1. Recent developments in the Chinese banking sector
2.2. Regulatory stance and initiatives of the Bank of China and the China Bank
Regulatory Commission
2.3. Current strategies adopted by Chinese banks
2.4.The history of foreign banks in China
2.5. Case discussions
3. SHADOW BANKING
3.1. Definition and background of shadow banking in China
3.2. Bank wealth management products in China(WMP)
3.3. Scenario analysis
3.4. Government measures
4. INVESTMENT BANKING LANDSCAPE IN ASIA
4.1. Fragmentation of Asia´s IBD market
4.2. Asian IB product ranges
4.3. Use of M&A and JV for market entry into Asian countries
4.4. Case studies of selected Asian ECM, DCM and M&A deals
5. COMPARISON OF CHINA’S EQUITY MARKETS: HONG KONG,
SHANGHAI & SHENZHEN
5.1. Structure, characteristics and equity valuations relevant to the three markets:
Hong Kong, Shanghai and Shenzhen
5.2. Overview of issuers and investors: Hong Kong versus Shenzhen
5.3.Types of Chinese issuers listed on the Hong Kong Exchange (HKEx)
5.4. Case Study of the major listed securities on the HKEx:
5.5. Major developments in HK’s equity markets and in Shanghai’s equity markets
6. ASIA’S FINANCIAL SECTOR
6.1. A retrospective view: the Asian financial crisis
6.2. Main characteristics of the current financial sector in Asia
6.3. Shortcomings and challenges
6.4. China:The giant going through a big change.
30
7. PROJECT FINANCE AND INFRASTRUCTURE INVESTMENT IN
ASIA
7.1. General overview
7.2. The special case of China
7.3. The local government financing vehicles (LGFV’s): major threats
7.4. Australia and India, two successful examples
7.5. The future of Project Finance in the region
8. EMERGING ASIA:
Economic Reality and Outlook of 12 Asian Economies: China, Hong
Kong,Taiwan, Macao, Korea, India, Singapore, Indonesia,Thailand,
Malaysia, Philippines And Vietnam
8.1. Definition and significance of Emerging Asia
8.2. Economic position of Emerging Asia in the world
8.3. Economic structure within Emerging Asia
8.4. Strengths and weaknesses of Emerging Asian economies
8.5. Trade and investment ties among Emerging Asian economies
8.6. Review of the Emerging Asian economies
8.7. Outlook for the Emerging Asian economies
9. MORE THAN 30 YEARS DOING BUSINESS IN CHINA
9.1. Characteristics of emerging markets (Pros & Cons)
9.2. Strategic challenges
9.3. Outlook for China
9.4. Strategic Issues in China today
31
32
7
FACULTY
An Experienced
Team
33
Sofía Cedeño López
All of the professors of the Master are highly qualified both
USA
professionally and academically. They are high level professionals
from the financial sector (directors of securities and brokerage
firms, and financial institutions, financial analysts, treasury desk
managers, portfolio managers, etc) and they all have hands on
experience in their areas of expertise.
“The experience during the Masters in
International Finance in the IEB has been
really enriching. This Masters programme
has increased my self-confidence and
improved my leadership and teamwork
skills. Also, this has helped me obtain a
global vision of finance that enhances
my understanding of the markets, the
economy, the banking system and the
stock market’s movements.
IEB is without doubt a good business
school with long standing, reputation and
Prestige, ideal for someone who desires
to continue their academic training, and to
obtain a first-class Masters.”
All of the professors are also highly qualified academically, many
of them hold postgraduate or professional degrees (Masters,
Doctorates, CFA, FRM, CAIA, EFA, etc) issued by prestigious
universities and / or institutions from around the world.
Furthermore, their teaching capacity and ability to transmit
knowledge efficiently has been largely proven over the years.
34
DIRECTOR OF THE MASTER
Manuel Goudie Pujals
• BA in Business Administration, Universidad Complutense de Madrid
• MBA, University of Miami, Florida
• Independent Consultant
• Ex Country Risk Manager, Citibank, Spain and Portugal
• Ex General Manager, Asociación Antares
• Ex Treasurer, Asociación Española contra el Cáncer
DEPUTY DIRECTOR OF THE MASTER
Katia Velasco Antón, CFA
• Msc In International Economics, Banking and Finance,
Cardiff Business School, University of Wales, UK
• CFA (Chartered Financial Analyst)
• Managing Director of K4K Training & Advisory
• Ex Head of Global Credit, HSBC Asset Management
• Ex Senior Fund Manager Henderson Global Investors
35
You will find below a list of the professors participating in the Master
Programme.The list includes lecturers from the IEB,The London School
of Economics, The Wharton School and The Chinese University of
Hong Kong. The faculty of the Master in International Finance includes
Directors and Deputy Directors of other Masters at the IEB.
Amo Fernández de Ávila, Javier
· Vice-President and Founding Partner of Alpha Plus Gestora SGIIC
· Chief Executive Officer of Iberia Card
· Former President BZW, SVB and General Manager Barclays PLC
· Member of Academic Board and Director Master in Stock
Exchange and Financial Markets, IEB
· Master in European Union Laws, Universidad Carlos III
· Bachelor Degree in Law, Universidad Complutense
Ávila Lizeranzu, Gonzalo
· Partner Director, Equity and Debt
· Deputy Director Project Finance Department and Director
of PPP/PFI Ahorro Corporación
· Master in Project Management and Public Services, SEOPAN
· Master in Finance, Instituto de Empresa IE, Madrid
· Master in Corporate Finance and Stock Exchange, IEB
· Bachelors Degree in Economics, Universidad Autónoma
Armero Montes, Coloma
· Independent Director of the Board of Directors of Cemex
Latam Holdings, S.A.
· Independent Director of the Board of Directors of Mutua
Madrileña
· Master in European Studies, College d’Europe, Belgium
· Bachelor’s Degree in Law, Universidad Complutense
Azcoiti, Jaime
· Chief Risk Officer for Asia at BBVA
· Director of the Hong Kong Chapter of the Risk Management
Association
· Non-executive Director of CIFH
· Double degree in Business Administration and in Law
Cabello Esteban, Paloma
· Investments Sr. Advisor Castlelake (formerly TPG Credit)
· Partner, Calligram and Shodo
· Global Advisory Board Member, MIT Enterprise Forum.
· Member of the Executive Committee, IEAF (Instituto Español
de Analistas Financieros).
· ITP Westinghouse Nuclear (Madrid-Pennsylvania), Finance,
Control
· Hedge Funds and CEVE (Certificado de Experto en
Valoración de Empresas), IEAF
Cox, Michael
· Associate research fellow at Chatham House, London
· Co-Director of IDEAS at the LSE Centre for the Study of
Diplomacy and Strategy
· Appointed to a Chair in International Relations at the LSE in
2003
· Chair of the European Consortium for Political Research
(ECPR)
· Executive Committee, British International Studies
Association and Irish Committee/Study of International
Affairs
Cuadrado Arévalo, Jacobo
· Financial Advice Director,VISAN
· Former Corporate Finance Manager and Controller,
Telefónica S.A.
· EFA (European Financial Advisor)
· Master in Banking and Finance, AFI
· Bachelor´s Degree in Economics, Universidad de Valladolid
Cuesta Diego, Juan
· Partner at MBO Partenaires
· Former Partner, CorpFin Capital
· Master in Management, HEC Business School, Paris
· B Sc. in Civil Engineering, Universidad Politécnica
Benzo González-Coloma, Álvaro
· Partner, Financial Regulation, PwC
· Master in Stock Exchange and Financial Markets, IEB
· Bachelor’s Degree in Law, IEB
Danielsson, John
· Reader in Finance at the London School of Economics and
Political Science
· Director of the Financial Institutions and Market
Microstructure Programme at LSE’s Financial Market Group
· Senior researcher on the FMG’s Risk Management and Fixed
Income Markets Programme
Beunza, Daniel
· LSE research centres on financial exchanges and socially
responsible investment
· Ph.D. from New York University
· Lecturer in Management at LSE
· Lecturer in Columbia Business School in New York City
· Taught at Universitat Pompeu Fabra, Barcelona
Buss,Tim
· Chartered Accountant (ACA) at PwC
· CFA- Chartered Financial Analyst
· Merrill Lynch within their Global Equity Derivatives team
· First Class degree in Economics and Management, University
of Oxford
36
Fernández González, Javier
· Spain and Portugal Sales Manager, Julius Baer
· CFA - Chartered Financial Analyst
· MBA, IESE, Barcelona, 1998
· BBA, College of William and Mary Williamsburg,Virginia, USA
Fernández Guerra, Pablo
· Director PwC Tax & Legal Services (Madrid)
· Executive LLM Northwestern University, Chicago
· Master in Business Law (LLM), Instituto de Empresa IE
· Bachelor’s Degree in Law, Universidad de Salamanca
Flemington, Simon
· Chief Executive Officer of Enterprise LSE Ltd
· Head of education businesses at BBC Worldwide
· Chartered Member of the Chartered Institute of Personnel
and Development
· BA (Hons) in Politics and Economic History
Fúster Garaizábal, Juan
· Ex Citibank Madrid FX, Derivatives and Volatility Head
· MBA Columbia University
· BA in Economics, Duke University
Geczy, Christopher
· Academic Directorship of the Wharton Wealth Management
Initiative at Wharton Executive Education
· PhD in Finance and Econometrics, the Graduate School of
Business, University of Chicago
· BA in Economics, University of Pennsylvania
K.Yam, Peter
· Adjunct Professor, Department of Management CUHK
· Former member of the Suzhou Industrial Park International
Advisory Committee
· Former director of the Executive Committee of Foreign
Investment Companies in Beijing
· Former member of the Board of Directors of the Hong Kong
Science & Technology Parks Corporation
· Advisor, Emerson
· Retired President, Emerson Greater China and Chairman,
Emerson Electric (China) Holdings Co
· Non-executive director of Sun Life Hong Kong Limited
· Executive MBA, University of Chicago
· Bachelor’s Degree in electrical engineering, University of HK
Klingler-Vidra, Robyn
· Professor of Foreign Relations Politics undergraduate course
at LSE
· Coordinator of the World Economic Forum’s UK Executive
Opinion Survey on global competitiveness
· Senior Research Fellow at the Coller Institute of Venture at Tel
Aviv University
· PhD at the London School of Economics & Political Science, LSE
Knop Muszynski, Roberto
· Chief Risk Officer, Sareb
· Manager Stock Exchanges Risk Unit, Banesto
· Expert in Risk Measurement on Treasury Products
· Bachelor’s Degree in Economics, Universidad Autónoma
Gil Flores, Óscar
· Executive Director in Global Markets Risk Unit, BBVA
· CFA (Chartered Financial Analyst)
· FRM (Financial Risk Manager)
· Bachelor’s Degree in Mathematics, Universidad Autónoma,
Barcelona
Laborda, Juan
· Head of Razona Estudio de Economía y Finanzas
· Global Macro strategist at BBVA Hedge Fund & Partners
· Chief Economist, Chemical Bank & the Chase Manhattan Bank
· Master’s Programme in Organizations’ Management
· Post-graduate programme in Financial Economy, CEMFI Banco
de España
· Bachelor’s Degree in Business Administration, Universidad de
Zaragoza
Guillén, Mauro F.
· Professor of Sociology in the Department of Sociology of the
University of Pennsylvania
· Dr. Félix Zandman Endowed Professor of International
Management at the Wharton School
· PhD in Sociology,Yale University
· Doctorate in Political Economy, University of Oviedo
Liao, Qun
· General Manager & Chief Economist, Research Department,
China Citic Bank International Limited
· Senior Economist and Chief of Economic Forecasting Division
for the State Planning Commission of China
· Senior Economist of Standard Chartered Bank
· PhD Degree in Economics, University of Oxford, UK
Hugas, Jaime Enrique
· Co-Founder and Managing Partner, BLUMEDA Asset
Management
· Iberia Head, Palamon Capital Partners
· Investment banker at Morgan Stanley and at JP Morgan
· BA and MBA in Business and Economics from ESADE, Barcelona
· BA in Law from the Law School, Universidad de Barcelona
Llamazares Esteban, José Antonio
· Associate/Manager Torlo SL
· CAIA (Chartered Alternative Investment Analyst)
· Executive MBA, Instituto de Empresa-IE
· Master in Finance, ICADE
· Bachelor’s Degree in Business & Administration, Major in
Finance, Saint Louis University, USA
Ho Ho Ming, Stan
· Global Chief Analyst, Universal Credit Rating Group (UCRG)
· Adjunct Professor at the School of Accounting and Finance at
Hong Kong Polytechnic University
· MBA, University of Cambridge
· BBA in Information and System Management, Hong Kong
University of Science and Technology
Lizarralde Toranzo, Aitor
· Corporate Finance Director, Norgestion
· Executive MBA, Instituto de Empresa-IE
· Bachelor’s Degree in Business Administration, Deusto
University
37
MacKinlay, A.Craig
· Joseph P. Wargrove Professor of Finance at the Wharton School
· PhD in Financial Economics and Statistics, University of Chicago
· MBA, University of Chicago
· MBA, University of Western Ontario
McGuinness, Paul
· Professor in the Department of Finance at the Chinese
University of Hong Kong
· Head of Research at the Hong Kong Securities and Futures
Commission
· Doctor of Philosophy, University of Leeds, U.K
· Master of Philosophy Degree, University of Cambridge, U.K
· B.A Honours Degree, University of Newcastle, U.K
Medina Aznar, Jorge
· Member of the Operations Committee at Deutsche Bank
and Board member of DWS Investments, Spain
· Director of the Executive Master in Responsible Banking,
IEB & WSBI, in Association with LSE
· Executive MBA at Instituto de Empresa-IE
· Bachelor’s Degree in Economics, Zaragoza University
· Degree in Finance, Edinburgh University
Mínguez, Román
· Professor of Statistics and Econometrics at San Pablo CEU,
ESIC, Universidad de Castilla- La Mancha, FEF and IEB
· MSc in Mathematical Engineering, Universidad Complutense
· PhD in Economics, Universidad San Pablo CEU
· Degree in Quantitative Economics, Universidad Complutense
Montero Lorenzo, José María
· Full Professor of Statistics, Universidad de Castilla-La Mancha
· Editor in chief of AESTIMATIO, the IEB International Journal of
Finance
· Executive Committee Member, Int´l Atlantic Economic Society
(IAES) and Int´l Association of Applied Economics
· PhD in Economics and Business Administration, Universidad
Autónoma
· Bachelor’s Degree in Economics, Complutense University
Montoya Guerrero, Javier
· Founding partner and Senior Portfolio Manager at Alpha
Plus Gestora SGIIC
· CFA - Chartered Financial Analyst, AIMR Institute
· Master Programme in Derivatives Management, MEFF
· Bachelor’s Degree in European Business Administration,
UEM, Madrid and Anglya Polytechnic, Cambridge
Nichols, Philip M.
· Associate Professor of Legal Studies and Business Ethics at
the Wharton School of the University of Pennsylvania
· A.B, Harvard University
· J.D. and LL.M. (International law), Duke University
Nistal, José
· Head of Research Europe Event Driven, Cygnus Asset
Management SGIIC
· Principal, Dinamia- N+1 Private Equity
· Senior Associate, Lehman Brothers
· MBA, major in Finance and Entrepreneurial Management,
Wharton School
· Bachelor´s Degree in Business Administration, ICADE
Núñez Fernández, Gabriel
· Partner at Uría Menéndez
· Director and lecturer on specialized courses at IEB, IE,
ICADE, Instituto de Estudios Cajasol and ESADE
· Bachelor’s Degree in Law, Universidad Complutense
Oliveira de Miguel, Eduardo
· CEO at HOMT España SA
· Bachelor of Science in Civil Engineering, Universidad
Politécnica de Madrid
Percival, John
· CEO of JRP Associates and an Adjunct Professor of Finance
at the Wharton School
· PhD in Financial Economics, State University of New York at
Buffalo
· MBA, State University of New York at Buffalo
Pérez-Hernández Ruiz-Falco, Enrique
· Member of the Board of Directors at Endesa
· Board of Directors Member. Globalfinanzas AV Madrid
· Advisory Board Member, Sodali Rome
· Chairman, Greentech Energy Systems Spain and Eurocofin
· Bachelor’s Degree in Law, Universidad Complutense Madrid
Muñoz de Luna González, Miguel Angel
· Vice president Deutsche Bank Private Banking
· MBA, IESE - Universidad de Navarra
· Master of Science in Civil Engineering, Ohio State University
· B Sc. in Civil Engineering, University of Massachusetts
38
Pin, Jose Ramón
· Professor of Managing People in Organizations and Business
Ethics
· PhD in Political Science and Sociology, Universidad Pontificia
de Salamanca
· Master in Business Administration, IESE, University of Navarra
· B. Sc. In Agricultural Engineering, Universidad Politécnica de
Valencia
· BA in Economics, Universitat de Valencia
Savina, Roberto
· Head of Risk Governance and ERM, Genworth Mortgage
Insurance, Madrid/London
· FRM Certification, GARP (Global Association of Risk
Professionals)
· Bachelor’s Degree in Mathematics, Turin University
Sen, Julius
· Academic Director and Senior Programme Adviser at LSE
Enterprise
· Special adviser to the professional public affairs body FIPRA
International
· Professor at Birkbeck College on WTO and on the political
economy of developing countries
· Professor of Public Administration by the Academy of Public
Administration under the President of Kazakhstan
Sun, Mingchun
· Honorary Institute Fellow, the Asia- Pacific Institute of
Business, CUHK
· Senior Partner & Chief Economist, China Broad Capital Co., Ltd
· Chief Economist and Head of China Equity Research at Daiwa
Capital Markets, and Nomura
· PhD Degree in management science and engineering, Stanford
University
· Master of Science Degree in engineering-economic systems,
Stanford University
· Bachelor of Economics Degree, Fudan University, China
Swedberg, Pablo
· Professor of Economics at SLU, IE, ICADE and IEB
· PhD in Economics and Education, Columbia University
· Master in Quantitative Economics, Universidad de Alicante
Thomas, Hugh
· Associate Director of Center for Entrepreneurship CUHK
Business School
· PhD in International Business and Finance, New York
University
· MBA, Chinese University of Hong Kong
· Post graduate diplomas, Nanjing University and the Beijing
Languages Institute
· Honors BA degree in History, University of Alberta, Canada
Weitz Schneir, Mario
· Consultant, the World Bank
· Former Member of the Board at the International Monetary
Fund
· General Manager of “Consulta Abierta”
· PhD in Economics and Master in Applied Economics,
American University (USA)
· Honours Degree in Economics, Universidad de Buenos Aires
Zamorano Moro, Borja
· Managing Director of EMEA Primary Debt Markets, Mizuho
International plc
· Master in Portfolio Management, IEB, Madrid
· Bachelor´s Degree in Business Administration and Law, ICADE
Zarzalejos, Jose Antonio
· Corporate Finance Director at PwC
· IEB Alumni Chairman
· Executive MBA, Instituto de Empresa IE
· Master in Stock and Financial Markets, IEB
· Bachelor’s Degree in Law, Universidad Complutense
Teissier Zavala, Carlos Ernesto
· Director and Founding Partner of “Global Cultural Dynamics”
Consulting Firm
· Professor at Business School of in different Universities in 5
countries
· Doctorate in Business Administration / Intercultural
Negotiations.- Kennedy College Switzerland
· Master in Global Management, University of Pennsylvania
· Management and Leadership Specialization Program, Harvard
University
· Production Engineer, ITESM
39
40
8
FACILITIES AND
SERVICES
Highest
Standard
41
42
Technology and IT
8.1
The IEB has an IT room and Treasury Desk with 41 computers, of
Vivek Belani
which 14 are Bloomberg Terminals.
INDIA
There are also several IT posts with broadband WIFI Internet Access
and one Bloomberg Terminal in the common areas. All lecture and
study rooms have WIFI connection, infrastructure to connect
computers and latest generation technology such as video projectors
and financial information systems.
“The Master in international Finance has been
the most enriching educational program I
have done so far. It has offered me the highest
teaching standards through a broad range
of professionals from the finance world that
have provided me with not only a very strong
theoretical basis, but also have transmitted me
all their experience, in order to enhance my
skills to be highly competitive in the finance
area. Another very remarkable fact is the
efficiency and helpfulness of the staff.”
Furthermore, students will receive their own personal laptop
computer or tablet PC to keep and to use throughout the programme.
At the beginning of the Master each
student will receive their own personal laptop computer.
43
8.2
Library and Study Room
The IEB has a Library and Study Room, where students can consult
the relevant manuals to widen and consolidate the knowledge gained
in class.
The textbooks, found in the library and available exclusively for the
students, cover a wide range of topics including Derivatives, Technical
and Quantitative Analysis, Portfolio Management, Risk Management,
Securities Markets, Corporate Finance, Economics, Law and Emerging
Markets. They also cover subjects of general interest within Law and
Economics, such as Biographies and Statistics.
In addition, as the IEB is sponsored by the Bolsa de Madrid (Madrid
Stock Exchange), IEB’s students have access to the more than 11.000
financial, economic and legal manuals and documents that can be found
at the library of the Palacio de la Bolsa of Madrid (Stock Exchange
headquarters).
44
45
8.3
Treasury Desk
IEB has an IT room and Treasury Desk, similar to those found in Banks
and Brokerage firms.The room has forty one computers and fourteen
Bloomberg Terminals, through which students can access real time
data and information provided by Bloomberg, Bridge,Visual Trader and
Infobolsa.
Through these computers and Bloomberg Terminals students can
access all the economic and financial data, as well as news, they need in
order to follow financial markets daily, including, equity, fixed income,
derivative, currency and money markets.
Many lectures throughout the Master also take place in this room.
Professors like to use real-life up-to-date examples in their lectures, to
illustrate the theoretical concepts, and to do so they use Bloomberg.
Finally, thanks to this access to real-time data and information, students
not only are able to use the latest key information and knowledge for
their practical coursework, but also, for the job interviews they start
attending towards the end of the Master.
46
On-line Simulator
8.4
Another very attractive aspect of the programme is the ability for the
students to use IEB’s Portfolio Management Simulator. The Simulator
has access to real-time market data, as it is directly linked to this data
via internet.This enables the students to manage and control the risk
of the positions within their portfolio in a “real life” setting.
This simulation allows the students to experience hands on what it is
like to invest and operate in international financial markets. In order
for the students to really benefit and learn from this experience, the
simulation is monitored and tutored by professional managers who
help students along the way as well as assess their ability to manage
the portfolio.
Sylwia Hadaj
POLAND
“I had been working in the finance sector
for four years before I joined IEB’s Master in
International Finance program, with the goal to
refresh my knowledge and advance my career.
And I must say that it was one of my best
investments so far.The Master curriculum had a
very good balance between theory and practice
and covered a broad spectrum of financial
topics giving a holistic view of the industry. At
the same time, and via the case studies and the
development of the final project, the program
gave students the opportunity to improve the
practical skills that were of interests to them, in
my case it was in the area of financial modelling.
Overall it was a great experience that gave me
fresh ideas and broadened my perspective. I
strongly recommend it for both newly grads
as well as professionals with some years of
working experience.”
47
Career Development
Department
8.5
The IEB has a career development service which is available to all the
students.The service actively seeks job offers, especially from companies
Martina Akesson
with which IEB has signed cooperation agreements or that are partners
SWEDEN
or sponsors of our Institution.
The IEB has a powerful online tool which allows access through the
Institution’s intranet to all the job offers that are regularly input into the
system.
“The IEB is widely recognized in the job market
and the job offers I received during my training
boosted my career”.
This tool also allows users to express their interest in any particular
selection process. In addition, the system allows IEB staff to send
personalized e-mails to any candidate whose profile matches a specific
job offer.
48
The IEB has a career development service which is
available to all the students. The service actively seeks
job offers from companies with which IEB has signed
cooperation agreements or that are partners or
sponsors of our Institution.
A&G; A. Enseñat Abogados; Abaco Capital; Abante Asesores
Distribución AV SA; Abante Asesores Gestión SGIIC SA;
Abengoa; ABN Amro Bank; Abogada Irene Ron; Accenture;
Acciona; ACE Group; Afina Gestión SGIIC; Afirma GI;
Ahorro Corporación; Alana Partners; Alcampo; ALD
Abogados; Alegria Activity; Alemany, Escalona & Escalante;
Allfunds Bank; Allianz Compañía de Seguros y Reaseguros;
Amadeus; Ambar Medline (Nuez Seguros); Amper; AnyHelp
International; Aon Gil y Carvajal; APM Global logistic Spain;
Arias Pinillos; Asociación de Abogados del Estado; Aspain
11; AT Kearney; ATL Capital; Atom; AUDEA Seguridad de la
Información; Auxadi ; Avon Cosmetics; Axa; Azkar; Azucarera
Ebro; Baker & McKenzie; Balear Oil; Banca March; Banco
Caminos; Banco Castilla La Mancha; Banco Espirito Santo;
Banco Finantia Sofinloc; Banco Madrid; Banco Pichincha;
Banco Popular; Banco Sabadell; Banco Santander; Banco
Sygma; Bankia; Bankinter; Barclays; BBVA; BDO ; Berguer
Abogados; Bestinver; BME; BME Innova; BMGA; BMW
Ibérica; BNP Paribas; Broseta Abogados; BK; Caixa Geral;
Canyon Invest; Capitalia Familiar EAFI; Carrefour; Caser;
CB Richard Ellis; CECA; Cecofar; Cemex; Cepsa; Cetelem;
Cintra; Citi; Clifford Chance Abogados; CMC Markets;
CMS Albiñana & Suárez de Lezo; CNMV; Coface Ibérica;
Cohen & Company; Commerzbank; Condenast; Consulnor;
Consultrans; Cortal Consors; Cortefiel; Credit Agricole;
Credit Suisse; Cremades y Calvo-Sotelo; CRF Consultora de
Riesgos Financieros; Crowe Horwath; Cuatrecasas; Cumbria;
DAE Estudio Jurídico; Danco; De la Rue; De Lage Landen;
Dell; Deutsche Bank; DEVA Comunicación Financiera;
Difusión Jurídica; Digitex; DLA Piper; Domecq Bodegas;
DPM Finanzas EAFI SL; Dracon Partners EAFI; Draft
Promoción de Mercados; EBN Banco; Ebro Foods; Edmond
de Rothschild Europe; EFG Bank Luxembourg; EGA (Estudio
Jurídico Almagro); E-Logos; Elsamex; EMC; ENCE; Enel
Unión Fenosa; Equipo Económico; Ernst & Young; Espírito
Santo Gestión; Espírito Santo Investimento; Estudio Juridico
AVH&ASOCIADOS; EURO6000; Eurohypo; Europraxis
Consulting; Europrop Training Spain; Eurosolutions; E-Valora;
Eversheeds; Family Office Solution; FAY & Co. Auditores
Consultores; FCE Bank; FCS Asset Management; Ferrovial;
Finanduero; Fisa Auditores; Fisco Systems Cetelem; Forbes
Sinclair; Ford España; Fransalipp; Freshfields; Fujitsu;
Fundación Acciona Microenergía; Fundación Cuatrecasas;
Fundación Focus Abengoa; Fundación Promoción Social
de la Cultura; Fundación Unión Solidaria Europea (FUSE);
Fundación Universidad Empresa; Garrigues; GBS Finanzas;
Gefco España; Generali Seguros; Genova Capital; Germelkart
Trading; Ges Seguros; Gestifonsa; Global Myner Advisor;
Globalcaja; GMA Advisor; Gomez Acebo & Pombo; Gran
Thorton; Grupo Atento; Grupo Bassat Ogilvy; Grupo CIMD;
Grupo Condenast; Grupo Financiero Almagro; Grupo
Quabit; Grupo Santillana; Guerra Abogados Asociados;
GVA Atencia; Havi Logistics; HDI Hannover; Herbert Smith;
Hewlett-Packard; HSBC; Hutchinson; Ibercaja; Iberdrola;
Iberia; IBM; Icis Group; Ilustre Colegio de Abogados de
Madrid; ING; Integra Capital Partners; Interdin; Intermoney;
Interoute; Inverseguros; Inversis Banco; Inversora San Clodio;
IPSA; J&T; Jazztel; JLT Siaci España; Jones Lang Lasalle; JP
Morgan; Key Capital Partners; KPMG; La Caixa; Laes Nexia;
Landwell; Lazard; LeasePlan; Leroy Merlin; LG Electronics;
LiberBank; Linares Abogados; Linklaters; Lloyds TSB; LVMH;
M&G Valores; M2C Consulting; Macadam Capital Partners;
Malibran Abogados; Mantrac and Bus Iberia SAU; MAPFRE;
MAPFRE VIDA; Marsh; MBNA; Mediata Soluciones; Medina
& Maza; Memco; Mercamadrid Internacional; Mercapital
Private Equity SGECR SAU; Mercer; Merrill Lynch; MFO; MG
Valores; MGI; Miana Abogados; Monereo Meyers Marinel-lo
Abogados; Morgan Stanley; Morningstar; Motiva Consulting;
Movistar; MPG; Mutua Madrileña; N+1; N2S Group; Neoris;
Netco; New Broadmand Network Solutions; Nfoque
Advisory Services; NH Hoteles; Noesis Análisis Financiero;
Norconsult; Nordkapp; Notaría Urbano; NV Sucursal
España-ING Direct; Obralia; Occidental Hoteles; Oesia;
OHL; Olleros Abogados; One to One; Openbank; Optimissa;
Options & Futures Institute; Oracle; Orange; Osborne
Distribuidora; Otis; Panda Security; PC City; Peoplematters;
Peugeot; PFS Group; Pipe Consult; Piriclatos; Plaza Abogados;
Pool CP; Popular Banca Privada; Previsión Sanitaria Nacional;
Principia Tech Group; Prinzipal Partners; Private Equity Seek;
Propuestas Jazul; Punto Norte Inversiones; PwC; Quecedo
Abogados; R&B Prop Traders; Rabobank; Ramón y Cajal
Abogados; RBC Dexia Investors Services; Red Eléctrica de
España; Refractarios y Antiácidos Garcés; Registro Mercantil
de Madrid; Renault; Renfe; Renta 4; Renta Markets; Repsol;
Right Management Spain; Ruralvía; SACYR; Sagardoy;
Salans; SAVIA Capital; Seguros Bilbao; Selfbank; Sepides;
Servigas Siglo XXI; Siebiera; Sistemas Técnicos de Loterías
del Estado; Skandia; Sociedad de Bolsas; Sony Pictures
Releasing; Sotheby´s y Asociados; Squire Sanders; Standar &
Poor’s; Steria; Tandem Escuela Internacional; Techrules, S.A.;
Técnicas Reunidas; Torrblas; Tressis; T-Systems; UBS Bank;
Unicaja; Unicorp; Unidad Editorial; Unique; Univar Iberia;
Universia; Uría Menéndez; VA Abogados; Valia Invest Family
Office; Valor Absoluto Gestión; Valverde Abogados; Vector
4; Ventura Garcés y López Ibor; VIA Abogados; Vitalia; VS
Servicios Jurídicos; Way to Blue; Wealth Solutions Eafi; Welzia
Management; Willis; Wind to Market; WoldSpreads; X-Novo
Derecho Tecnologico; Yelmo Films.
49
ADMISSION
9
Train with
the Leader
Robert Pongrantz
GERMANY
All candidates applying for the Master in International Finance should
submit to the Admissions Department a duly filled in application form
as well as provide a copy of their academic qualifications, their identity
card or Passport, 4 passport size photos and a brief CV.
All candidates will have to take online tests to determine their level of
English and other relevant knowledge as well as undertake personal
“My passage through the IEB was a great
success, both for my personal and my
professional development. It provided me with
in depth knowledge of the subjects I studied
there. One surprising factor is the faculty the
School counts on as all the lecturers are widely
recognized professionals in their fields, who are,
furthermore, very caring people”.
interviews with members of the Admissions Committee.
SCHEDULE
10
Designed
to Fit You
The programme starts in September and last 16 months (10 months
Hong Kong, as these classes usually take place all week, and during
of classes and 6 additional months for the dissertation) and includes
the last four months of the programme, in which the students will be
a total of 600 lecture hours.
preparing their Master’s Dissertation.
Classes take place from Monday to Thursday, 9:00 a.m to 2.00
A minimum attendance of 80% of all classes is required in order to
p.m, except during the academic stays at The London School of
obtain the Master in International Finance Degree. Some exceptions
Economics, The Wharton School and The Chinese University of.
can be accepted if properly justified and approved by the Master’s
Academic Committee.
Students will also have the opportunity to
attend, at no additional cost, one of IEB´s
Students that don’t comply with this minimum attendance requirement
Specialization Programmes. These take
will not obtain the Master in International Finance Degree. These
place during the autumn term, Monday to
students will instead receive a Certificate of Participation.
Thursday in the evenings.
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52
11
THE LONDON
SCHOOL
OF ECONOMICS (LSE)
ACADEMIC STAY
53
In the Picture, The President of LSE Executive Education, Roger Mountford, can be seen with the Director
of IEB, during a lecture for IEB students
The Master in International Finance includes an academic stay at the London School of Economics, United Kingdom. Lectures
will be delivered by prestigious professionals from the City of London as well as by members of LSE’s faculty.
IEB has maintained for many years a close alliance with the London School of Economics (LSE), one of the most prestigious
Anglo-Saxon universities in the world. This academic collaboration allows Master in International Finance students to study
part of their programme at the LSE, reinforcing the international element of their training.
More specifically, IEB students will spend one week at LSE’s headquarters where they will be attending lectures on economic
and financial issues, enabling them to also experience the reality of one of the main international financial centres in the world.
Participants in this Academic Stay will live alongside and form new relationships, both personal and professional, with students
from all over the world. Many of which will then be called on to occupy high profile positions in their respective countries.
In addition, during their stay at the LSE, IEB’s students will visit various UK financial institutions enhancing their international
immersion.
Students can also enjoy the British tradition of dining in London clubs as they will be
invited to a Gala dinner at the Carlton Club.
54
The London School of Economics and Political Science (LSE) is a world leader for education
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
become a research center for economic and social sciences, a platform to develop, analyze
and assess ideas to be shared with the rest of the world. LSE has over 65,000 registered
students in 195 countries.
Among LSE’s Alumni and professors are 16 Nobel Prize winners, 28 Heads of State
and many government officials from the five continents. As such, the London School of
Economics has for years occupied one of the top positions in the Times Higher Education
Supplement, alongside Harvard University and in front of Stanford University and MIT. The
privileged academic relationship between IEB and the LSE gives Master in International
Finance students an unrivalled training opportunity.
55
56
12
THE WHARTON
SCHOOL
ACADEMIC STAY
57
During the Wharton Stay, the students will also spend several days in New York visiting the NYSE and other
well-known global institutions in the Financial District, and attending lectures on relevant, current financial
topics
The Master in International Finance includes an academic stay in the United States, with the highlight being the
participation in the IEB- Wharton School Programme. Students will attend lectures delivered by Wharton faculty on
Wharton’s Philadelphia campus.
The stay in the United States also includes a trip to New York City. Students will attend sessions on current financial
topics given by guest practitioners, and visit Wall Street, the NYSE, and several global financial institutions headquartered
in Manhattan.
In addition, part of the lectures will take place at the Racquet Club of Philadelphia, the oldest and most exclusive club
of the capital of Pennsylvania. After a tour of the club and a morning session of lectures, the students will attend a gala
lunch where they will receive their diplomas as part of the closing ceremony.
While students are in Philadelphia, some of the lectures will take place at the
Racquet Club of Philadelphia, the oldest and most exclusive club in the City.
58
The objective of IEB´s partnership with Wharton School is to give students the
opportunity to expand their international experience. As a result of this understanding,
IEB students will have the chance to enrich their knowledge by attending lectures at
one of the most outstanding and prestigious Business Schools in the world and hence
gain an unparalleled training opportunity.
The Wharton School was founded in 1881, as part of the University of Pennsylvania
(member of the famous “Ivy League” together with Harvard,Yale, and Columbia among
others), and became the first collegiate business school in the world. Wharton has
5,000 undergraduate, MBA, executive MBA, and doctoral students; more than 9,000
annual participants in executive education programmes; and, a powerful alumni network
of 92,000 graduates (including participants in this programme).
Moreover, IEB students will be taught by and be able to interact with members of
Wharton faculty; some of which, as the trusted advisors of corporations and
governments worldwide, have a profound influence on global business.
The programme aims to further develop students financial knowledge in an international
environment and allow IEB students to experience a magnificent immersion in the
heart of one of the most important financial centers in the world.
59
60
13
THE CHINESE
UNIVERSITY OF
HONG KONG
ACADEMIC STAY
61
The Master in International Finance includes an academic stay at The Chinese University of
Hong Kong. Students will attend lectures taught by a group of professors from both The Chinese
University of Hong Kong and IEB.
The IEB has signed and academic agreement with The Chinese University of Hong Kong.
Founded in 1963, The Chinese University of Hong Kong (CUHK), a leading business school and
a pioneer in business education in Hong Kong, is a comprehensive research university with a
global vision and a mission to combine tradition with modernity, and to bring together the East
and the West. The CUHK Business School has over 3,800 full-time and part-time students and
has the largest business school alumni network in Hong Kong with over 24,000 members.
The academic alliance between IEB and CUHK allows the Master in International Finance
students to complement and enrich their knowledge in international finance. Such a relationship
also provides an invaluable opportunity for IEB students to remain abreast of the leading
developments in the Chinese business world, and to form links that will be valuable in their
future careers.
The Programme has been designed with a global scope. It will include an overview of the
Chinese economy and its financial sector and will also cover a group of other countries such as
South Korea, Singapore and Malaysia.
62
IEB students will also have the opportunity to participate in local institutional visits, such as
the Hong Kong Stock Exchange. Furthermore, students will be invited to a special dinner
at the races in the famous Happy Valley Racecourse in Hong Kong, one of the most famous
Hippodromes in the world.
It is an outstanding opportunity to participate in a cultural exchange and immersion in an area
where business development (specially in cities such as Hong Kong, Beijing, Shanghai, Taiwan or
Seoul) is leading the world economic growth.
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64
TUITION FEES, FINANCIAL
AID AND SCHOLARSHIPS
14
Master and
Academic Stays
The Master’s tuition fees are 25.000 Euros. They include IEB, CUHK,
WHARTON and LSE’s tuition fees, all the documentation, access to all
facilities, as well as a Personal Laptop computer or tablet PC.
IEB may grant students with an outstanding academic record a
scholarship after due consideration of their scholarship application.
There are 3 types of scholarships: Academic Excellence Scholarship,
designed for students who have received an Honorable Mention,
Mobility Scholarship, designed for Students with travel and initial
moving costs and Financial Aid Scholarship, for outstanding students in
financial need.
These scholarships could amount to up to 25% of the Programme’s
tuition fees. The final decision regarding whether or not to grant
a scholarship as well as its amount rests with IEB’s Admissions
Committee.
In addition to the Master´s tuition fees, there is an Academic Stay fee of
6.000 Euros. This fee covers the transportation and accommodation
costs of the three academic stays that IEB organises. The fee is a
total amount for all three stays and cannot be split into individual
stays. Students, however, can decide to organise their own travel and
accommodation, at their own expense, and, therefore, not pay the
Academic Stay fee.
The Master’s tuition fee and the Academic stay expenses fee can be
paid as a lump sum or in instalments. All payments made by instalment
will need to follow a predetermined calendar that will be pre-agreed
and specified on the Admission Certificate.
Applicants can also benefit from special conditions offered by several
financial institutions to IEB students. Students interested in taking
advantage of these special financial conditions can ask for additional
information after completing the admissions process.
65
RECTORATE AND
ACADEMIC BOARD
In the picture, His Royal Majesty the King of Spain can be seen with
the President of the Academic Board, the Marquis of Mondejar
(+6-III-1996), founding member of the IEB, and the President of
Bolsa de Madrid (the Madrid Stock Exchange), member of the
Rectorate.
66
15
Founder and first director of the IEB
Benito Martínez-Echevarría y Ortega ( 19.III.1995)
PRESIDENT
Rectorate
Francisco Javier Ramos Gascón
VICE-PRESIDENTS
Emilio Recorder de Casso
Blas Calzada Terrados
BOARD MEMBERS
President of The Madrid Stock Exchange: Antonio Zoido Martínez
José Ramón Álvarez Rendueles (Honorary President)
Antonio Barrera de Irimo (Honorary President)
Ángel Corcóstegui Guraya
José Ángel Sánchez Asiaín
PRESIDENT
Academic Board
Raúl Canosa Usera. Dean of the UCM Law Faculty
VICE-PRESIDENTS
José Miguel Serrano Ruiz-Calderón. Academic Director of the IEB
Javier Amo Fernández de Ávila. Director of IEB´s Master in Stock Exchange and Financial Markets
BOARD MEMBERS
Jaime Aguilar Fernández-Hontoria. Legal Affairs Director of the Madrid Stock Exchange
José Ramón Álvarez Rendueles. Professor of Public Taxes
Blas Calzada Terrados. Advisor of the International Monetary Fund,
Former President of the CNMV (The Spanish Securities and Exchange Commission)
Ángel Corcóstegui Guraya. Member of the Board of Governors of the Lauder Institute
at the Wharton School
Isabel Estapé Tous. Notary, Former Stockbroker
Jesús González Nieto-Márquez. Market Development Director of the Madrid Stock Exchange
José Iturmendi Morales. Professor of Applied Legal Philosophy
Emilio Recoder de Casso. Notary, Former Stockbroker
67
The IEB is located in the center of Madrid, a privileged location in the financial heart of the capital which
it shares with the Bank of Spain, the Palacio de la Bolsa de Madrid (Stock Exchange Headquarters),
the College of Notaries and the College of Lawyers.
IEB´s location – right next to the Plaza de la Independencia and the Retiro Park – highlights its closeness
to emblematic places such as the Prado Museum, the Thyssen-Bornemisza and the Congress.
IEB LOCATION MAP
68
MASTER IN
INTERNATIONAL
FINANCE
Photo
IEB
C/ Alfonso XI nº6 · 28014 Madrid
T. +34 91 524 06 15 · F. +34 902 190 200 ·
[email protected] · www.ieb.es
PERSONAL DATA
Surname ............................................................................................................................................................... Name..............................................................
ID or Passport nº............................................................................................................................................... Nationality.....................................................
Date and place of birth...............................................................................................................................................................................................................
Personal address ................................................................................................................................................ Zip Code........................................................
Town..................................................................................................................................................................... Country .........................................................
Personal E-mail .................................................................................................................................................. Telephone Number.....................................
Professional E-mail ........................................................................................................................................... Mobile Phone Number...............................
ACADEMIC DATA AND PROFESSIONAL EXPERIENCE
UNDERGRADUATE STUDIES
Degree
University
Years
Grades
POSTGRADUATE STUDIES
Post
Company
From (year and month)
To (year and month)
LANGUAGES
Written
High
Medium
Read
Low
High
Medium
English
69
Spoken
Low
High
Medium
Low
Language qualifications
First Certificate
Cambridge Proficiency
TOEFL
Other (indicate):....................................................................
COMPUTER SKILLS
Basic user
Proficient user
Advanced user
FINANCIAL AID
Would you need Financial Aid to enrol in the Programme?
YES
NO
Would you be interested in receiving a Scholarship or Grant?
YES
NO
Observations ...............................................................................................................................................................................................................................
.........................................................................................................................................................................................................................................................
HOW DID YOU HEAR ABOUT THE MASTER?
PRESS
RADIO
INTERNET
FORMER STUDENT
FAIR
POSTERS
DOCUMENTATION ATTACHED TO THE APPLICATION
Academic qualification: degree document and school certificate
Photocopy ID or passport
4 passport photos (including that stuck to the application)
Brief CV
All the information provided by the applicant will be treated in accordance with the Law for Data Protection and will only be used for
academic purposes, no other use will be given to this information without prior and explicit consent by the applicant.
Date:
Signature:
Interviewed by:...................................................................................................................................................................................................................
Observations:
Date:
..................................................................
Signature,
(Reserved for the IEB STAFF)
70
c/ Alfonso XI nº6 · 28014 Madrid
Phone +34 91 524 06 15 · Fax +34 902 190 200 · +34 91 521 04 52
[email protected] · www.ieb.es
THE IEB IS A MEMBER OF: