Master in International Finance

Awarded first place in leading El Mundo newspaper’s guide to the 250 best masters in Spain (2016) The Master in International Finance is the best and most complete full-time Finance Programme in Spain. All class sessions are held in English. The main objective of the Master is to give students a broad and professional knowledge of all areas of international finance at the same time as preparing them for the working environment through numerous lectures, cases, presentations, the use of Bloomberg and trading simulators throughout the degree. In order to achieve this goal, the Master is supported by three prestigious academic institutions: The London School of Economics and Political Science, Wharton School and The Chinese University of Hong Kong. Students attending the Master will take part in academic stays in Hong Kong, Philadelphia and London. The Programme includes subjects ranging from corporate finance to financial markets, but also includes important subjects today such as risk management, regulations and ethics. The Master aims to be highly practical and is taught by highly recognized and experienced professionals. 

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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

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 Ibero-American 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. 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 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.

The methodology followed is highly practical, based on rigorous and up-to-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 professionals in their area of expertise. 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 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.
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 Admissions Committee, as well as carrying out several online tests, before 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 nature of the Programme. Students will have access to a network of ex-alumni 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.
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 IEB, as academic collaborator of CFA Spain, includes within this Master the preparation for the CFA Level 1

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 Markets3.1. 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
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 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
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 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 outlook
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.
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
All of the professors of the Master are highly qualified both 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. 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. 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 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 Benzo González-Coloma, Álvaro · Partner, Financial Regulation, PwC · Master in Stock Exchange and Financial Markets, IEB · Bachelor’s Degree in Law, IEB 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 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 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 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 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 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 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 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 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 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 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 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 Lizarralde Toranzo, Aitor · Corporate Finance Director, Norgestion · Executive MBA, Instituto de Empresa-IE · Bachelor’s Degree in Business Administration, Deusto University 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 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 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 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 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 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

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.
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.
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.
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.
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.

Admission tests: April 5th and 26th

Download here your application form for admission

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 interviews with members of the Admissions Committee.

The programme starts in September and lasts 16 months (10 months of classes and 6 additional months for the dissertation) and includes a total of 600 lecture hours.Classes take place from Monday to Thursday, 9 a.m to 2 p.m, except during the academic stays at The London School of Economics, The Wharton School and The Chinese University of Hong Kong, as these classes usually take place all week, and during the last four months of the programme, in which the students will be preparing their Master’s Dissertation. A minimum attendance of 80% of all classes is required in order to obtain the Master in International Finance Degree. Some exceptions can be accepted if properly justified and approved by the Master’s Academic Committee. Students that don’t comply with this minimum attendance requirement will not obtain the Master in International Finance Degree. These students will instead receive a Certificate of Participation. Students will also have the opportunity to attend, at no additional cost, one of IEB´s Specialization Programmes. These take place during the autumn term, Monday to Thursday in the evenings.

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.

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.

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.

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.

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.

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.

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. 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.

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.

PURPOSE OF CALL This announcement has the preferred objective of promoting and facilitating the orientation of graduates to financial work. With this grants, the IEB wants to help those who have the ability and dedication to devote to financial work CHARACTER AND CONDITIONS OF GRANTS Grants are awarded regardless of other scholarships or similar aid from the State or public or private entities. Therefore, the concessions shall be final and are compatible with other scholarships and grants The granting of aid does not imply its renewal for successive courses, which, if any, is requested according to the rules of each annual edition REQUIREMENTS Being a graduate, engineer, architect or master without having more than 5 years since obtaining the last degree EXECUTION AND PROCESSING OF APPLICATIONS The new grant applications must be signed necessarily sending the form you can download by clicking here
info admisiones

  • Fecha inicio: 18/09/2017
  • Horario: Mon-Thurs, 9am to 2pm
  • Duración: 600 horas (16 meses)
  • Idioma: Inglés


may 2017

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