Executive Program in International Finance

Prof. Jorge Morán
Credits (ECTS):
Places available:
Open for 2020/2021 academic year
Apply Request information Download brochure

The Executive Program in International Finance is a training program geared towards active professionals (with more than 3 years of work experience) that wish to strengthen and optimize their executive development through continuous improvements in their knowledge and professional competencies in the Finance sector and gain a profound understanding in international finance, International corporate finance, Internationalization and foreign trade management, Financial analysis of multinational companies, International bank management, Global asset management, Emerging markets finance, Global financial regulation,).

The Executive Program – International Finance pursues the following objectives:

  • The participant will obtain a solid understanding of the financial arrangement with an emphasis on the management of the financial markets, international finance markets and banking.
  • Development of the capabilities of analysis and financing of international projects and operations. Risk assessment, value generation and financial decision making under the criteria of efficiency and profitability demanded by the current competitive environment.
  • Participants will increase their knowledge of risk assessment, study and analysis techniques from the perspective of international financial operations.
  • The program aims to enhance the managerial skills of leadership, communication, teamwork, motivation, which is crucial for proper executive performance.
  • During the program, participants become familiar with the decision-making processes in the field of international finance, through analysis and development of a of assumptions and business cases.
  • Finally, the aim is to integrate, as part of the professional performance of the participants, ethical values ​, principles, good corporate practices and social commitment to the demands of stakeholders and society in general.

Key facts: 

Length of Course:1 year, (October to July)
Study Load:30 ECTS.
Teaching language:English.
International week:1 Optional International week held at:

→   London School of Economics

Class size:35 students.
Admission Process:Examination of CV and academic record at university, GMAT or CUNEF Graduate Admission Test (online), and personal interview.
Degree Title:Executive Progam in International Finance.
Study mode: Part time.

CUNEF Campus.

Complementary activities:
  • Professional assessment program “Passport to your future”.
  • Complementary seminars on: negotiation, leadership, ethics and CSR, communication, etc.
  • Conferences and company visits.
  • Employment Office.
  • Alumni Association.
Grants and student aids:CUNEF, with the support of the Spanish Banking Foundation Association offers merit-based grants and student aids to new postgraduate students, designed to reward academic excellence.

The Executive Program in International Finance takes place in a academic course work between October to July with timetabling Friday afternoon (16.00 to 21.00 hours) and Saturday mornings( 9.00 to 14.00 hours), according to the following basic content structure.

Basic outline:

International finance22 ECTS
Development of management skills2 ECTS
Final proyect6 ECTS
Total30 ECTS

In addition, the program includes:

  • Mentoring program
  • Specialized conferences and events on current issues in the financial environment.
  • International week (optional) takes place in the City at London in collaboration with the London School of Economics (LSE), companies, and institutions with which CUNEF maintains a close relationship.
  • Specialist Program in Banking and Financial Advice (20 ECTS) recognized by the CNMV as a certified qualification for professionals who provide investment advice. Optional program not included in the price of the program
  • Complementary training seminar program (60 hours) given by CFA Spain preparatory for Level I of the international accreditation CFA (Chartered Financial Analyst). Optional program not included in the price of the program.
ModuleECTSInternational week



Company valuation.3Emerging markets finance.3
Global asset management.3International bank management.3
Internationalization & Foreign Trade management.3Financial analysis of multinational companies.3
Global financial regulation.2International Corporate Finance.2
Leadership and Negotiation Workshops.2
Final Project and Dissertation.6

Teaching methodology

The apprenticeship in the Executive Programs of CUNEF is based on an eminently practical methodology that covers not only the acquisition of knowledge, but also the development of interpersonal and managerial skills. The main challenges and characteristics of the CUNEF methodology are the following:

  • It is a highly personalized training. The working groups are small, so that a constant exchange of information between the teacher of each subject, and all the participants is encouraged. This continuous flow of information is one of the true keys to the success of executive programs.
  • A strong spirit of cooperation and cohesion develops among all participants. All the participants develop the different training activities moving forward in a synchronized manner, which eases the creation and preservation of an intense group climate and collaboration. The professors, specialized in their different fields, actively work to achieve the learning objectives proposed in each subject. Additionally, they are in charge of ensuring the creation of a true community among the different attendees, encouraging participation and dialogue.
  • An intense planning of the different activities is the main guarantee of the proper learning. Each of the subjects and teachers, plan in advance the different activities scheduled for each week.
  • Individual learning and team work. Not only attendees should take part in weekly individual activities, but they should also participate in other activities (debates, discussions, forums, mini-projects, small research …) that are decisive for learning and creating an intense climate of information exchange and opinions among the different participants.
  • An evaluation system based on effort and dedication. From CUNEF we promote learnings based on a continuous assessment of the performance of the attendees in the different subjects, where participation and teamwork is valued, along with the amount of interventions in the forums, clarity and quality in the exhibition and defense of cases, as well as the knowledge acquired and how it is exposed.

During the program the participants work continuously with the following learning methodologies:

  • Theoretical explanations in the classroom, master-lectures and analysis of technical notes.
  • Teamwork in the resolution of integrated practical analysis.
  • Practical work in the classroom with cases, problems, jurisprudence or legal documentation.
  • Oral presentation in the classroom of the results of the research or personal work.
  • Simulations of trials and procedural acts, simulations of contractual negotiations.
  • Mentoring sessions and professional orientation.
  • Study and personal work, readings and individual investigations.
  • Specialized seminars.

All of the modules listed below provide an example of what is on offer from the current academic year. Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field, therefore to ensure your course is as relevant and up-to-date as possible your module contents may be subject to change.

The following list of modules, according to the planning and shown in the section structure of the program, includes a brief description of the theoretical contents that each module addresses. For more details about the objectives, teachers, methodology, … you can consult the detailed program of the subject.


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.

The excellent faculty at CUNEF is one of our main assets. Expert professors will strive to enhance your performance, knowledge and insight. In addition to their teaching and research vocation, they are active members of the professional and management world in their respective spheres. Besides some of the CUNEF postgraduate degree professors hold management responsibilities in companies and institutions in business world. Teaching is also given by guest and visiting professors from other Spanish and international universities.

Our expert staff have backgrounds in both social science theory and industry practice and excel in areas including: finance and banking; risk management; and international finance.

Prof. Juan Domínguez Jiménez. Holds a Ph. D. in Business Administration (DBA) and a Master in Business Administration (MBA), and BA in Economics. His academic experience is as Professor of Finance and Program Coordinator at CUNEF and associate Professor of Finance at several Business Schools and Universities and visiting Professor of Finance at NEOMA Business School (Paris, France). Currently he also works as an independent business advisor, and he has 20 years of professional experience working as: Head of Carrier Services at Vodafone, Wholesale Business and Interconnection Director at ONO, Director of Business Control at ONO, TV Operations Director at ONO, General Manager (and previously CFO) at (Grupo AUNA), Controller at Uno-e Bank (BBVA group), and Controller and Treasurer at Hewlett-Packard.

Prof. Carlo Chiarella. Assistant Professor of Finance in CUNEF. He holds a Ph. D. in Finance (Bocconi University, Italy), a M. Sc. in Finance (Bocconi University, Italy) and a B.A. in International Economics and Management (Bocconi University, Italy). He has been Visiting Scholar at NYU Stern School of Business (USA).

Prof. Miguel González Sardinero. After a Master Degree in Mathematics and a PHD in Algebra (Cum Laude, July 1991) I moved to finance and got a degree in the CEMFI. Since then, and after an internship period in FEDEA, I have developed my career in the Financial Markets as a risk manager specialized in derivatives. I Started in Argentaria as an OTC equity derivatives trader and I moved to Banco Santander as a deputy director of Market Risk. After two years, I got a post in the front office as an options trader (FX, rates and equity).  Thereafter, I moved to BBVA starting as a manager of the equity exotic derivatives desk. I was adding up responsibilities from this point in time and I became Director in 2005 and Corporate Director in 2009. During certain periods of time I was Head of the FX desk and commodities desk in Europe and I was regional Head of Asia for a two years period. However, my main role in BBVA was Global Head of Interest Rates. Main achievements have been building a solid derivatives business from scratch, being unscathed through Global Financial and Sovereign crisis and building stable and profitable derivatives teams globally (Europe, Latam, USA and Asia).

Prof. Miguel Ángel Iglesias Hernandez. Professor of Finance and Risks at Cunef. Member of the group of Administrators of the FROB; during 2014 he acted as Administrator in NovaCaixaGalicia Banco. Between 2010 and 2014 he was Director of Portfolio Risk Management at the European Bank for Reconstruction and Development (EBRD). Previously, between 2001 and 2010 he worked in the BBVA Group where he was Deputy General Director of Risk in the Market Areas and Deputy General Manager of Global Credit Risk Management. Between 1991 and 2001 he performed various functions in the field of Risk Management and Finance in the Santander Group. Holds a PhD in Business Administration; Universidad Autónoma de Madrid, MBA, University of Chicago, MBA, Instituto de Empresa, DEA, Universidad Autónoma de Madrid, and aBachelor in Business Admnistation, Universidad Pontificia de Comillas.

Prof. José Massa Gutiérrez Álamo. Economista del Estado, PhD in Economics (UNED) and Bachelor in Business Administration by Universidad de Deusto. Currently, José is Senior Adviser at Bolsas y Mercados Españoles (BME). Previously, he has been Member of the Executive Committee of BME, Chairman of Iberclear, CEO of MEFF or Deputy General Manager at the Spanish Finance Ministry. José has been actively involved in the modernization process of the Spanish financial markets, creating the Futures and Options Exchange, developing the IBEX-35 index or, more recently, leading the reform of the settlement and registration system which ended up with the integration of the Spanish market into the pan-European T2S settlement system, managed by the European Central Bank.

Prof. Steven Sitzer. BBVA (1995-2014) – Real Estate Fund Manager, Director Commercial Real Estate Finance, Project Finance Specialist. West Merchant Bank (1994-1995) – Senior Manager, Project Finance Advisory. Bechtel Corporation (1988-1994) – Manager, Treasury and Project Finance. Yale University – MBA – Finance and Marketing. U.C. Berkeley – Bachelor of Arts – Political Economy of Industrialized Societies. Editor-in-Chief of Asset Allocation book to be published shortly by Palgrave Macmillan, New York

Prof. José Ignacio Morales Plaza. Associate professor in Finance at CUNEF. Currently Corporate CFO of Sener Group. With more than 15 years of experience in diverse fields of finance (auditing, corporate finance, equity research and real economy investments) He has been involved in the process of developing and analyzing investment opportunities which required complex modelling exercises. Board member of companies in different industries: Renewable Energy, Aerospace, Industrial Goods, Engineering and Construction. He holds a B. A. in Business Administration, an Executive MBA, and a Ph. D. in Economics.

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

This website uses both its own and third-party cookies to improve the user's experience on the web. The legal basis is the user's consent, except in the case of technical cookies, which are essential for browsing this website. The owner of the website, responsible for the treatment of cookies, and their contact data are accessible in the Legal Notice. You can obtain more information about the use of cookies on this website by clicking here.