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Master Finance


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Master Finance

  1. 1. Master Finance
  2. 2. Now one instead of two Masters…• The Master’s program in Finance combines the best of two previous Masters, namely: • Master Financial Management • Master Investment Analysis• Started in September 2010• Related programs • Master Accounting • Research Master Business (Finance orientation, if you want to do a PhD) • Master Quantitative Finance and Actuarial Science (QFAS, very technical)
  3. 3. FM-IA -> MiF • Fields of corporate finance and investment have become increasingly interlinked. • High-level decision making, either as e.g. a Chief Financial Officer or as an equity analyst, requires a sound knowledge of both corporate finance/accounting and asset pricing models. • This Master’s program in Finance accomplishes this by having three compulsory courses that teach the big theories in both corporate finance and investment analysis. • Students can still specialize in either corporate finance or investment analysis through a wide selection of electives, and by their choice of Master’s thesis topic.
  4. 4. Profile of programSpecialized training in Finance • Focus on recent developments in the field • Mix between theory and practice • Many case studies, several guest lectures • Taught by both academics and practitioners • Development of research skills • Many international students • CFA accredited (see further)Taught the Department of Finance • International group of renowned researchers that consistently publish in top finance and economics journal. • Research ranked in top 5 in Europe • Many teachers also part of EBC, Netspar. • Several of our lectures have won teaching awards over the last years.
  5. 5. Layout of study program (1)Semester 1 • Capital Structure • Investment Analysis • Empirical Methods in Finance (topics in CF/IA) • 2 electives • Corporate Governance and Restructuring • Corporate Valuation • Investment Analysis of Aging and Pensions • Financial Statement Analysis • Strategic Management
  6. 6. Layout of study program (2)Semester 2 • 2 electives • Derivative Securities and Risk Management • Financial Markets and Institutions • Treasury Management • Advanced Financial Accounting • Financial Analysis and Investment Behavior. • Entrepreneurial Finance • Master thesis
  7. 7. Master Finance- CFASince September 2009, MiF is a Chartered Financial Analyst (CFA) partner programStudents will have a solid grounding in the CFA Program Candidate Body of Knowledge (CBOK).CBOK is the foundation of the CFA Program curriculum and it represents the knowledge, skills and abilities that practitioners indicate they need to know to do their jobs well.Students that are trained in the CBOK in their academic coursework, should be able to earn their CFA charter with less additional time and effort, and should, in fact have higher success rates on these exams.
  8. 8. Chartered Financial Analyst (CFA) CFA is a plusThe CharteredFinancial Analyst(CFA) designationrequired The Chartered Financial Analyst (CFA) designation strongly preferred 9
  9. 9. Job ads from one day 10
  10. 10. What can I do with my CFA title? Charterholder employment by title
  11. 11. Three exams + 4 years of experience Charterholder employment by title
  12. 12. CFA track: costs and benefitsCosts: • Obligation to follow course in Finance Ethics • Fixed program (no choice in electives)Benefits • Excellent preparation for CFA level 1 exam • Possibility to participate in Global Challenge • Possibility to win one of five scholarships • Admission to Tilburg’s CFA events
  13. 13. CFA trackSemester 1 • Capital Structure • Investment Analysis • Empirical Methods in Finance • Corporate Governance and Restructuring • Financial Statement AnalysisSemester 2 • Financial Analysis and Investor Behavior • Derivative Securities and Risk Management • Master’s thesis
  14. 14. Calendar Master Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Required Course Elective Required Course Required Course Elective Thesis / Internship Elective Thesis Elective
  15. 15. Master Finance: Skills• Link specialized knowledge, often of a technical nature, to practical economic problems.• Perform high-level empirical analysis using relevant econometric methods and software (in Excel, STATA).• Communicate new insights in a clear manner, both in written and oral form.• Critical attitude to work done by others (existing studies, fellow students) and by your own.
  16. 16. Master’s thesisIndependent piece of academic work • Review of literature and own problem analysis, often involving an econometric study.Preparation and writing during second semester • Make sure to start on time! • In first part of second semester you need to work on research proposal. • Optimal path: • Finished research propsal and allocated supervisor by mid- March • Finished thesis + defence by end of summer (but December at the latest)Possibly with an internship (but again: start in time)
  17. 17. Topics of recent Master’s thesis FM• Company performance after a management buyout: the influence of capital and ownership structure• Optimal Dividend Policy of a Private Bank (VLB)• Using real options to value R&D intensive products (Fuji film)• No profit, big bonus: CEO remuneration in the current crisis.• Is there a link between executive cash compensation and firm performance?• Many potential topics related to subprime crisis.
  18. 18. Topics of recent Master’s thesis IA• Socially responsible vs conventional mutual fund investing in the United States: performance, investor behavior and the influence of fund size• Commonality in liquidity: evidence from the Euronext Exchange• What drives the correlation between stock and bond returns?• Evaluation and analysis of mutual fund performance: evidence from U.S. mutual funds• The diversification benefits of investing in emerging markets.• The value of alternative investments (real estate, commodities, wine, art,…)
  19. 19. Relevant Bachelor Courses• Accounting & Finance courses• Mathematics and Statistics• Macro – Micro Economics
  20. 20. TiSEM Career ServicesGuiding you in your career planning process• Career Advice• Career Workshop• Internships• TiSEM Career Mentor ProgramSimone Hofland (K204)Career Services Officer13 466 TiSEM Career Services 21
  21. 21. TiSEM Alumni RelationsAlumni are our most important ambassadors and our goal isto continue to support our alumni to succeed in theirprofessional lives by providing opportunities to - Expand Your Future - Knowledge - Skills - NetworkAs a student, you can benefit from the experiences of thethousands of alumni in the networkPam DupontAlumni Officer013 466 3603alumni-tisem@tilburguniversity.edu TiSEM Alumni Relations 22
  22. 22. Research Master Business or Economics:For top studentsPrepare for PhDGreat RankingsExcellent FundingInternational settingGood Job OpportunitiesTop Scholars Visit us this evening at the Information Market or at the Meet&Greet, 3 December (by invitation) School of Economics and 23 Management
  23. 23. University Teacher DegreeTeacher of Economics or Management & organizationFrom September 2013 3rd years Bachelor’sstudents can start with the first 15 ECTSAs of September 2014 the full program startsMore van Dalen Titelpresentatie in Footer 10-12-2012 24
  24. 24. Questions?Thank you and good luck!