Executive Program in International Finance

The course will develop all the major aspects relating to Asset Management in a much practical approach as possible. The participant will be introduced to the world of A.M. always from a global perspective, covering a wide range of topics such as the structure of the different markets in which A.M. companies do business, the major products that the companies manage in those markets and the way to combine different products through an investment management process. To achieve this practical approach, the student will be introduced to different “real life” cases relating to the specific subjects; ranging from how a mutual fund is created, how to “pitch” for a pension fund mandate or the stories of important mergers and acquisition processes in the industry. As a matter of fact, this objective is so embedded in the course that the last two sessions will be purely devoted to the creation of their (students´) own asset management company, dividing the class into different groups for this purpose. Also, a portfolio construction and follow up exercise will be part of a few sessions. Additionally, the students will be required to prepare practical cases on certain issues, as well as additional readings for class discussion, that, on average, will take around 40/50% of the session. Although participants are expected to be well acquainted beforehand with financial products, the course, at some point in time, will dig thoroughly in asset classes such as stocks, bonds, derivative products, currencies, commodities, real estate, hedge funds or private equity, as well as byproducts such as preferred stock, convertibles, corporate bonds, asset backed securities, etc. This is paramount to get a real in‐depth knowledge on the way portfolios are bundled to be efficient (and effective) in terms of the product´ s underlying investment philosophy. But a “step by step” approach is needed to inter‐connect individual products and the way they are managed for clients. For this reason, the course will basically be defined along four major themes. First, an introduction to the players in the industry; to which clients they cater for and which are the final products that will be sold in the markets. This is complemented with a most important review of the ethical and regulation background the asset manager is and will be confronted in the future. It is quite straightforward that big economic, institutional and regulatory changes will transform the shape of the industry as we know it today. All of this is comprised in the first General Theme: “The Structure of Global Asset Management”. The second step should now address directly the different approaches to the investment process, being it an active management strategy or a passive procedure. That is, “The Investment Approach” as the second General Theme. The third building block of the syllabus should now concentrate on how portfolios are managed according to the underlying asset classes, be it equity, fixed income or balanced / alternative investments structures. This theme is referred to as “Portfolio Construction”. Finally, the rest of the syllabus will go over the different vehicles as such (Mutual Funds, Pension Funds, Financial Advisory Specialists) analyzing how they are structured in the different parts of the world, with a final analysis of the “administration” issues; normally common to all corporate structures and geographical locations. This group of sessions tries to explain “How the Industry Works.

In an increasingly interdependent world countries have been following different economic and political strategies in their search for increased welfare. These different approaches have important implications for businesses, either when thinking of investing in a foreign country or when attempting to carry out export‐import activities. The course will analyze the basic tools in legal, financing and risk areas to achieve an international project with the maximum percentage of success. The student will gain a greater understanding of the international trade and, by extension, of the situation of world markets during the course. The ultimate objective is to equip students with a set of tools that will allow them to better analyze in their future professional life the social, economic and political characteristics of different countries, and how to approach them to make adequate business decisions.

When finished this subject, the student must be able to value any given company, publicly traded or privately owned, regardless of its size, recent financial performance or the number of business divisions. In order to fulfill this goal, the student will understand in depth the discounting of cash flows, free cash flows, dividends, cash flows to debt and cash flows to shareholders. The student will be able as well to perform a valuation using peer company ratios. The student will be able to identify the sources of value creation in a company in a well-reasoned way and will be able to identify the key levers in the valuation of the corporation. In order to do that, the student will be able to create complex financial models as the basis for any given exercise of sensitivity or simulation in corporate finance.

The goal of the course is to prepare our future executives’ generations to be successful when doing business in emerging markets and have a good understanding of the risks they are incurring alike. Emerging economies have experimented tremendous growth in the last decades and they represent a big part of the current world GDP and even bigger piece of its present and future growth. But the risks of investing in these economies are not only substantial but also different from those present in developed economies. In this course, we introduce a set of tools and models that intend to help future financial managers to make better investment decisions in emerging markets. We will analyze in depth what makes and emerging market an attractive investment opportunity and what instruments we hold to limit our exposure to the risks inherent to these markets. The course content will cover both theoretical and practical sides of the emerging market story. We will review all the necessary macroeconomic concepts as well as financial instruments to help us as an auxiliary background and we will tackle the practical side through cases, economic and market-oriented reports, articles and homework exercises.

The International Bank Management course provides students with the basic concepts of international banks management, main risks faced by banks, bank regulation and understanding of the recent banking crisis. The course includes an introduction to the main current business models, based on the existing regulatory environments. Students will gain knowledge of the main risks based by banks and how risks have evolved over time. The course also includes the funding strategies of banks and how they manage liquidity risk, and the causes and solutions for bank runs. It will also provide knowledge of credit risk and how to manage it, study of credit risk models from a practical point of view and the main regulation that affect international banks, specially regulation of capital. The course finalizes with the study of a new form of risk in global banks, systemic risk, and the understanding of the recent crisis and solutions provided from international regulation and supervision. The professor will provide materials and/or presentation in advance with time enough for

students to review it. At class, the professor will make the presentation on the subject of the day and will invite students to participate with questions and debate. Professor will provide with actual articles, reports and other materials relevant for the course. In addition, students will have to do some homework, individually and in teams, and later present to the rest of the class. The students will also discuss in class articles from newspapers such as the Financial Times, Wall Street Journal and magazines such as The Economist. They will also be given academic papers on relevant topics of the subject that will be commented in class.

As product, services and capital markets of the world are becoming more integrated, a solid understanding of international finance implications has become essential for multinational corporations’ decision making. This course covers financial management at multinational corporations (MNCs), companies that operate businesses in international environments and markets, and that use international financial markets. Foreign operations and international financial markets provide MNCs management with new opportunities and new constrains. Corporate goal at MNCs continues being to maximize the value of the firm, but MNCs financial management requires additional analysis and techniques to manage these new business opportunities and risks. Course topics will include:

1. Understanding financial management in international business
2. International accounting, disclosure and financial analysis
3. Foreign exchange risk: measurement and management of FX exposure
4. International investment decisions: capital budget, greenfield investment, cross‐border M&A
5. International financing decisions: MNCs capital structure, MNCs WACC, subsidies funding
6. International cash management: TSC, cash pooling, international netting, global banking
7. Management control and reporting at MNCs
8. International transfer pricing policy and tax exposure.

This course focuses on the evaluation of multinational companies based on publicly available date. The course will focus on the work of the financial analyst and the relationship between accounting numbers and stock market prices and in evaluating the financial performance of companies in general.

This course combines conceptual analysis and practical aspects of financial crises, financial regulation policy and international aspects of financial regulation. The module covers:

1. Analysis of national and global financial crises;
2. Fundamentals of theory and policies of financial regulation, both national and international; and
3. Structures of global financial regulation.

The course´s goals are to assimilate how and why international financial crises are set in motion; their effects; whether preventing them is possible or not, or at least to remedy them through financial regulation or other political-economic instruments; what effects national and global financial regulation have; how current global financial regulation is articulated; and how regulation in new areas of finance may protect consumers.

MSc International Finance is housed in CUNEF Campus, which includes classrooms equipped with multimedia stations, areas for group work and a dedicated wireless system. The CUNEF Campus is within the Complutense University Campus in Madrid, in an academic setting surrounded by green spaces and just a few minutes from the city center. The Campus has 5 fully-renovated buildings with the latest teaching technology in the classrooms: 3 for classrooms, faculty offices, administration and services; 1 housing the Library, Lecture Hall and Auditorium; and another for the Work-Café. All the buildings are inside a closed campus surrounded by gardens and with parking space for 260 vehicles. A flexible and intelligent space that promotes practical learning, debate, initiative…We recommend students bring their own laptops to the program.

For its teaching activity, CUNEF has:

• 26 classrooms, all equipped with the latest-generation multimedia systems (projectors, digital whiteboards, Internet connection, Intranet, etc.)
• 6 seminar rooms also with latest-generation multimedia systems.
• 3 computer rooms.
• 1 Bloomberg Lab.

CUNEF is a University College, founded in 1973 by the Spanish Banking Association and affiliated to Complutense University of Madrid, comprising undergraduate and graduate programs in Business Administration, Economics, Law and Finance.

With our talented and motivated student body and accomplished faculty, CUNEF is a leading research university that maintains a particular commitment to a practical, high quality instruction.

CUNEF’s vibrant community consists of about 1,200 undergraduates, 600 postgraduate students, more than 1,000 summer, visiting, and online students, over 200 faculty members and more than 6,000 alumni.

• CUNEF is affiliated with the Complutense University of Madrid (UCM), so undergraduate and graduate official degrees have the academic backing of UCM.
• With the aim of facilitating access to the university education imparted by CUNEF, the Spanish Banking Association Foundation (FAEB) runs the CUNEF Program of Scholarships for Excellence.
• CUNEF is a full member of EFMD (European Foundation for Management Development), AACSB (The Association to Advance Collegiate of Business Schools) and CLADEA (“Consejo Latinoamericano de Escuelas de Administración”).
• CUNEF runs international cooperation programs that allow undergraduate and graduate students to undertake a period of international training through a range of more than 70 partnership agreements in Europe, Asia, America and Oceania.

Madrid is the capital and the largest city of Spain. Cultural heritage, weather and gastronomy are just a few of the reasons which make visitors come to Madrid. As it is well connected by public transport, visitors are able to visit the surrounding neighborhoods, villages and towns which some of them are among the cultural heritage UNESCO towns.

You may find information about current affairs, mobility and transport, sports and culture for each district or neighbourhood in your council’s web site. Parks, concert halls, museums and squares that are bustling with activity. It is said that Madrid is the city that never sleeps because there are always things to do and places to discover.

Although there are as many different “Madrids” as experiences and visitors, we would like to share some of its unmissable locations with you. Our job is to place them on the map, while you will be in charge of filling them with memories and discovering them according to your interests.

The Career Service aims to actively facilitate direct contact between CUNEF graduate students and partner companies and institutions. Our main mission is to help all students during their practical training and subsequent entry into the labor market by organizing internships, or practical training programs (based on educational cooperation agreements), and by updating the job center for new graduates. This center helps companies fill their vacancies by placing them in direct contact with the students that best meet their requirements. Amongst other activities, the Department draws up a program of presentations, seminars, workshops, working breakfasts, etc. Such activities allow companies to make themselves known – their activity, culture, values, recruitment processes, etc. Companies have the opportunity to make their selection processes known to students with the right skills who are prepared for a successful career. The following types of activity are organized:

• Jobs forum. CUNEF Contact Week. Every year, companies and institutions from different sectors of economic and business activity participate in this jobs forum organized by CUNEF, an ideal framework for sharing experiences and for young graduates and postgraduates to find the key to their first job.
• Company presentations and on-campus selection processes. Companies from the financial sector, consultancies, audit firms and investment banks often carry out selection processes, give presentations, and hold specific seminars, etc. in collaboration with the Career Guidance Department, targeting CUNEF undergraduate and graduate students.
• We have a large number of partner companies which every year offer internships for students coming to the end of their studies. These amount to an excellent opportunity to strengthen the training received at CUNEF and are often the first step on a career path for participants.
• Job center. In collaboration with the Alumni Association, CUNEF maintains a job center which regularly offers vacancies in companies and institutions.
• Mentoring program (“Passport to Your Future”). This is a professional advisory program set up in collaboration with a leading Spanish executive search company. Consultants with extensive selection experience accompany and assist participants on Master’s programs in finance to strengthen their careers. The program includes two types of activities:
  • Practical workshops in which participants have the opportunity to learn from experts in selection about how to draw up and present their résumés and letters of introduction, how and where to seek jobs, how to cope with different types of selection process and how to offer a competitive advantage in the market by knowing their strengths and weaknesses.
  • Individual advisory sessions (mentoring) in which consultants from head-hunting offer all their knowledge to help focus the future career of participants on Master’s programs at CUNEF.

The most popular job opportunities for young MSc International Finance graduates are:

• Asset Management
• Equity Research
• M&A and Private Equity
• Sales
• Strategic Consulting
• Structured Finance
• Structuring