MsC in Financial Institutions and Financial Markets (EN)

Program Director:
Prof. Alfredo Jiménez Fernández and Prof. Rafael Hurtado Coll
Length of Course:
1 year, (September to July)
Study Load:
International week:
International week held at London School of Economics (LSE)

MsC in Financial Institutions and Financial Markets is aimed at training candidates interested in working in the international finance field. The distinctive features of the MSc syllabus stem from the fact that the module syllabi, learning strategy and assessment are designed by members of staff with high academic credentials, a record of research activity and, equally importantly, international finance experience. So, the aim is the challenge of understanding the issues that companies face competing in the global arena.

MsC in Financial Institutions and Financial Markets is designed for participants to acquire a solid knowledge of the basics of business finance, the financial system, the capital markets and, complimentarily, to explore the dynamics of the operation of corporate finance, the working of banking entities and stock exchange operators and the financing and investment alternatives that the capital markets offer to private persons, companies and institutions.

The objective is to benefit participants and the organizations that employ them by improving and strengthening their professional management performance. The academic year at CUNEF provides a solid theoretical and practical grounding in the financial environment and analytical skills and tools are acquired to facilitate, develop and familiarize participants with financial decision making in their respective fields of endeavor.

Who is it aim for: The program is designed for students who have completed an undergraduate program in Business, Economics, Finance or other related disciplines (Engineering, Mathematics…) and desire to specialize in International Finance. Full command of English is required.

Objectives: The objective of the program is to provide pre-experience students with the tools needed to understand financing issues of projects and companies across borders. The program provides students the concepts and practical knowledge required to understand global markets. The innovative curriculum design provides students not only with a wider perspective in addressing international finance issues, but also with the skills and experience required to become an effective leader in today´s world. Students will acquire the following skills:

  • Deep understanding of international finance complexity.
  • Ability to develop and implement international finance planning.
  • Be able to communicate effectively, working in teams, managing time and planning work assignments.
  • Solid theoretical and practical knowledge in international Finance.

Format: The program has a modular format. Modules provide a detailed overview of the core concepts, theories, and tools that future managers will use when dealing with cross-border financing opportunities and challenges.

  • Core modules provide students with a solid applied knowledge of Economics, Corporate Finance, Financial Analysis and Money Markets and Financial Institutions and Markets.
  • While specialization modules permit participants to specialize in International Finance.
  • Besides, students will have the opportunity to complete their postgraduate education through an international additional period held at London School of Economics (LSE).

Key facts:

MsC in Financial Institutions and Financial Markets is held during one academic year from September to July, with timetabling in the afternoons (16:00 to 21:00 hours) from Monday to Friday and on Saturday mornings (9:30 to 14:30 hours) according to the following basic content structure.

Basic Finance18 ECTS
Advanced Finance12 ECTS
International Finance18 ECTS
In Company internships6 ECTS
Dissertation6 ECTS
Total60 ECTS

MsC in Financial Institutions and Financial Markets includes the following complementary activities:

  • Personal assessment programme (Passport to your future)
  • Negotiation workshop
  • Leadership workshop
  • Communication workshop and effective presentations
  • Finance ethics and compliance seminar
  • Enterpreneurship and venture capital seminar
  • Seminar on global financial regulation
  • Seminar on financial analysis of multinational companies
  • Specialised lectures and seminars on topical issues in business and finance
  • International week in the City of London in cooperation with London School of Economics and with companies and institutions with which CUNEF maintains close relationships.
AREAECTS AreaModulesECTS ModuleTermTeaching Guide 
          Basic Finance6Economics and the Financial System

  • Economics (Analysis of Economic Environment) (3 ECTS)
  • Financial System (Spanish and International) (3 ECTS)
6Quantitative Finance and Financial Modelling

  • Quantitative Finance (3 ECTS)
  • Financial Modelling (3 ECTS)
6Financial Markets (I y II)61º y 2ºPDF
      Advanced Finance6Finance and Taxation:

  • Corporate Finance
  • Taxation of Financial Transactions
6Analysis and Financing Instruments:

Advanced Financial Analysis

Business Financing Instruments3PDF
    International Finance 18International Corporate Finance3PDF
Internationalization and foreign trade management3PDF
Company Valuation3PDF
Emerging Markets Finance3PDF
Global Asset Management3PDF
International bank management3PDF
In-company internship6In-company internship6PDF
Final Thesis6Final Thesis & Dissertation6PDF


Our teaching combines academic rigor with the necessary practical approach to management and finance. The methodologies used in the various subjects have been devised and planned so that this theoretical/practical approach is adopted throughout our programs. Groups are small, allowing maximum interaction between instructors and students and among the students themselves. Our teaching methodologies include the following:

  • Lectures and analysis of teaching notes.
  • Analysis and discussion of case studies in small groups as well as in class.
  • Sessions with invited speakers
  • Teamwork and class presentations
  • Financial modeling and simulations
  • Individual reading and research
  • Role-play sessions, etc.

The practical approach adopted for teaching all subjects (reflection, analysis, action and evaluation) aims to help students acquire and consolidate their knowledge, focusing always on decision-making and professional practice.

Everyday classes are complemented by a series of extracurricular activities (lectures, seminars, workshops, visits, practical training, etc.) to help participants expand their knowledge, focus their careers, gain professional experience, and try out initiatives and proposals drawn up by experts in different fields of action.

The evaluation system is based on written tests, role-playing, projects and classroom work. In order to successfully complete the master’s in international finance, participants should meet all School requirements.


You are required to focus your time and intellectual commitment on the Program, and as such there is no time for part-time employment. Attendance is compulsory, and you are required to maintain a high level of attention and involvement in class sessions.


The MsC in Financial Institutions and Financial Markets is aimed at training candidates interested in working in the financial field. Banking and finance are particularly important for any business venture nowadays Working in the finance field is broad, ranging from the obvious investment bank operations, to the treasury or the corporate finance function of a company, to the more alluring, albeit controversial, hedge fund and private equity firms.

The distinctive features of the MSc Programme stem from the fact that the module syllabi, learning strategy and assessment are designed by members of staff with high academic credentials, a record of research activity and equally importantly, banking and financial market experience, so the aim is the synthesis and the challenge of understanding the issues that market practitioners face equipped with the banking and finance theory.

The MSc modules are delivered in combination of formal lectures and interactive seminars with group case studies presentations and essays. This classroom experience is complemented by extracurricular activities of guest lectures from market professionals, bank simulations and specialist conferences. As it is suitable for any postgraduate level of study, a lot of work is expected to be carried outside the classroom by the postgraduate candidates.

The MSc program is designed to:

  • To provide participants with a solid applied knowledge of the Markets and Financial Institutions and Markets:
    • Financial Economics and Financial System
    • Basic Quantitative Finance and Advance Financial Modelling
    • Money Markets and Capital Markets
    • Corporate Finance I and Taxation
    • Financial Analysis and Financial Instruments for Business
  • To permit participants to specialize in International Finance:
    • International Corporate Finance.
    • Global Asset Management.
    • Emerging Markets Finance.
    • Global Financial Regulation.
    • International Bank Management.
    • Internationalization and Foreign Trade Management.
  • To provide participants with applied knowledge and practical experience through practical seminars and activities in financial sector.
  • To foster the management skills of leadership, communication, teamwork, motivation… required for an effective management performance.
  • To familiarize participants with the decision-making process through the analysis of a multitude of circumstances and cases of real-life business situations.
  • 82 students
  • Academic Banckground: BBA / Economics (86%), Engineering (10%), Other (4%)
  • Gender: Male (77%), female (23%)
  • Average Age (24 years old)
  • Previous profesional experience: Yes (92.5%), no (7,5%)

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.

Financial Modelling is a course based on professional experience in different fields of finance, where financial models are required, as complex calculations for company or financial transactions.

The course goal is to provide the student with the tools to be able to understand and build financial models, as those used in our financial experience for Structured Finance, Mergers & Acquisitions, Corporate Finance, Private Banking, Capital Markets…

This course does not have an IT focus, in terms of ability to use a given program, but the aim of helping the student understand the use and potential of spreadsheets for analyzing complex financial transactions. For doing so, real cases are used as in normal work situations, both in Banking or corporate environment.

The course aims to provide students with two capabilities: understanding macroeconomic analysis in a global integrated framework and being able to interpret actual data in order to explain macroeconomics’ variables and their trends. Intermediate Macroeconomics and data analysis techniques are necessary to reach these objectives. Understanding and learning both Macroeconomics and appropriate techniques is impossible without a continuous reference to an actual Economy. This course’s reference is the Spanish economy. But analytical skills acquired can be easily applied to any other economy.

This course is an introduction to financial markets, their instruments and their more usual kind of deals (deposits, bonds, forwards, repo, swaps, futures and other derivatives transactions). During the course, we will: a) review the main participants; b) analyze the financial characteristics of the different traded products; and c) examine the most frequent strategies used in these markets. The course will start presenting the interbank deposit market and the Government Bond Market, as they are the basic building blocks necessary to understand more complex financial markets. We will also study money market derivatives and some of the private fixed income products: Commercial Paper, Senior FRN Debt, Covered Bonds and Securitization Bonds. In the second part, we will move forward to more advanced instruments, like options, structured products or credit default swaps; we will also cover in some detail the Stock Market.

The goal of this course is to understand how Money and Capital Markets work from a very practical point of view. At the end of the course, students should know how to price the main financial instruments and how to use them in the real world.

Our methodology will be very practical, combining theoretical concepts with practical cases and examples. Students are expected to use a financial pocket calculator.

The main goal of this course is to link corporate finance theory to practice, by providing students the theoretical concepts and the analytical and mathematical tools needed to evaluate and analyze the capital structure of the firm; its cost of capital and its valuation. Students will then familiarize with major corporate transactions, such as equity issues, bond issues and mergers and acquisitions, and will understand their importance in the context of today’s corporate world. The course adopts a thoughtful and critical approach to the subject, with a focus on practical applications.

The subject of Financial Analysis and Financing Instruments tries to provide an eminently practical vision of the financial accounting in the company, to show how to use effectively the techniques of diagnosis and analysis of the financial statements, to make an approach to the different views associated with the decision of financing, and to know in depth the different financing instruments available.

The subject is organized into two large content blocks:

  • The objective of the content block of “Financial Accounting and Advanced Financial Analysis” is for the students to know the accounting principles behind the current accounting regulations in the main economies, to understand the accounting interpretation of the most common business operations, and the consequences that the application of accounting principles has in the construction of financial statements. From then on, the course covers, in an eminently practical manner, the most common techniques for the diagnosis and analysis of financial statements, such as financial ratios, decompositions, analysis of standardized financial statements and time series, and use of graphic analysis methods.
  • In relation to the block of “Financing Instruments”, the aim is for students to know and interpret adequately the different derivatives associated with the financing decision, and thus be able to anticipate the impacts that the financing structure adopted by a company may have on the development of the execution of its business strategy. In addition, this block will provide in-depth knowledge of the different financing instruments available, carrying out a theoretical-practical analysis of the main equity financing instruments, banking and non-banking financing instruments, as well as the most specialized financing alternatives at the service of business activity (hybrid financing instruments, financing in currencies or new financing methods).

The aim of this course is that the students know Spanish and international financial institutions and how do they work, taking into account the investors’ and policymakers’ perspective.

The course’s goals are to acquire the necessary knowledge about the tools and quantitative techniques for modeling the behavior of financial variables and the valuation of different types of assets. Technical aspects will be complemented with practical exercises elaborated with real data.

After completing the course, the participant will be able to assess any company, whether listed or not, regardless of its size and financial health, as well as its business divisions. In addition, the participant will also know how to value the synergies and the control premium in an acquisition.

There will be a full comprehension with the cash flow discount methodology, and the participant will be able to analyze and apply any multiple of valuation. Understanding what a strategy is to increase the value of a business. All this from a reasoned and critical perspective, beyond the mechanical application of certain conceptual tools. In the same way, the participant should be able to make complete models of financial projections that serve as the basis for the valuation or any other prediction exercise within the financial function.

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. Miguel Aguirre Uzquiano. PhD in International Economics (UCM) and MBA with more than 25 years of professional experience in areas related to finance and foreign trade. Associate professor in Finance at CUNEF. Currently, since 2008 he is Director of Political Risk Operations at COFACE Iberica S.A.

Prof. Arturo Benito Olalla. Professor of Financial Modeling at CUNEF and fund manager at Alpha Plus Gestora SGIIC since 2012. He started his career in 2006 working for Boston Consulting Group, where he was part of the Energy (Gas and Oil) team. Afterwards, he worked at Morgan Stanley in London as an investment analyst. In 2010, he moved to Cambodia to work as a volunteer for one year. There he founded the Karuna Education Center, an NGO that teaches computers and English to the disadvantaged Cambodian population. Currently, more than 400 students study at the NGO. In 2011, Arturo joined the investment department of Equilibria Capital Management Hedge Funds. He is a Telecommunications Engineer and wrote his final project in statistical modeling of numerical series applied to financial asset returns. His project was honored with an Enrollment of Honor by the court.

Prof. Ocaña, Carlos. Carlos Ocaña is Funcas Director General since 2011. Previously he was the Secretary of State for Finance and the Budget (2006-11), Secretary General of the Budget (2004-6), senior economist of the OECD´s International Energy Agency (1998- 2002) and, during the 1990s, he held other managerial positions in the Competition Defense Tribunal and in the Electricity System Commission. He is a tenured professor on leave of absence from Carlos III University.
He studied economics at the universities of Zaragoza, Autónoma de Barcelona and the Kellogg School of Management at Northwestern University, where he obtained his Ph.D. Fulbright Fellow.
He has been a member of the board of directors of SEPI, RENFE and Expoagua.

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. Juan Domínguez Jiménez. 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. 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. Javier Méndez Llera. Associate Professor of Global Capital Markets at CUNEF. Born in San Juan de Puerto Rico, holds a B.A. in Economics from the Universidad Complutense de Madrid.  He also holds an M.B.A. and Master in Finance from the Instituto de Empresa (Madrid) and London Business School. He was a former Spanish representative to the European Commission´s Working Group for the development of the White Paper on changes to the Collective Investment Schemes Directive. He has also been a member of the Expert Group for Advisory to the European Commission (DG Internal Market) in relation to European Financial Markets. Also, former Spanish rep to the European Federation of Financial Analysts Societies“(EFFAS) Commission on Training & Qualification.  As well, former Member of the Association for Investment Management and Research -AIMR- International Chapter of the USA (today known as CFA institute). He is currently Secretary General of the Spanish Society of Financial Analysts (IEAF) and General Manager of the Foundation for Financial Research (FEF). As a practitioner in the field of finance he was President of Nordland, a private financial advisory company. Before that, he held numerous executive posts at the BBVA Group in Spain such as Executive Director and Member of the Board of BBVA Asset Management, Head of Equities at BBVA Gestión and Head of Institutional Clients at BBVA Pensiones. Previously he was Vice President and Head of Research at the Brokerage Company BBVA Interactivos in Madrid and CEO of the Portuguese broker Midas Investimentos in Lisbon. Prior to that, he was Vice President of the Private Banking unit of BBVA. He started his career at SAFEI, an asset management boutique in Madrid.

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.

Prof. Jose Manuel Ortiz de Juan. Associate Professor of the University College of Financial Studies -CUNEF- (Universidad Complutense, Madrid), where he teaches the subject “Taxation of Financial Operations” of the University Master’s Degree in Financial Markets and of the Executive Online Master’s Degree in Finance and Markets. Holds a Master in Taxation and a Bachelor in Law. Senior Lawyer and Counselor at CUATRECASAS, GONÇALVES PEREIRA (Madrid).

Prof. Ricardo Queralt Sánchez de las Matas, studied economics at UAM, has a Master in Public Finance (Instituto de Estudios Fiscales) and holds his Ph.D. in Quantitative Economics at UAM. He is a currently Professor of Quantitative Methods at CUNEF, and co-directs the CUNEF Master in Data Science for Finance. Ricardo A. Queralt’s broad research interests are in econometrics, time series, finance and statistics, with a focus on financial econometrics, valuation models, sport data and Big Data. He has published academic peer-reviewed articles on applied econometrics and forecasting. He has also developed his professional career as a consultant for companies in the financial sector, specifically in the valuation of structured products and risk modeling. He is member of the Consultative Working Group (CWG) of ESMA’s Investor Protection and Intermediaries Standing Committee (IPISC). He is also required to act in court as an expert on issues related to the analysis and valuation of financial instruments, and he is partner in a data science consultancy covering all the areas of data analytics.

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

MsC in Financial Institutions and Financial Markets 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 in Financial Institutions and Financial Markets graduates are:

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

The MsC in Financial Institutions and Financial Markets admission process is rigorous and designed not only to determine whether candidates are qualified for the program, but also whether the program will meet each candidate’s expectations and career goals. CUNEF welcomes applications from candidates of all nationalities, who are fluent in English and who have a strong quantitative background.

The MsC in Financial Institutions and Financial Markets application review begins in November and ends in July each year. As soon as we receive your application, we carry out a pre-selection process based on the documents sent. Once pre-selection is complete, we let you know if your application is suitable to proceed to the selection process.

The selection is a 2 phase process:

  • A first selection is made based on the evaluation of your application and supporting documents.
  • The pre-selected candidates will then be invited for a face-to-face or Skype interview. After an initial review of your application, a selected number of candidates will be invited for an admissions interview. This will allow you to show that you possess the essential skills, talents and motivations that are essential to getting the most out of our program. The interview may be held:
  • in Madrid at CUNEF Campus.
  • by skype.

Applications are reviewed on a rolling basis and, given the large volume of applications, those received well in advance of the final deadline have a greater chance of being admitted. Therefore, it is in the interest of all candidates to submit their application as early as possible.

Admission Results:

  • Candidates will receive a formal letter informing them of the admission decision as soon as the selection process is completed.
  • If all available places have been filled, the School may decide to place the candidate on a wait list or offer admission for the following year.


  • Admission to the Program is valid for the year the application is submitted. Deferment can be requested for the following year, but approval of deferment is on a case-by-case decision of the Admissions Committee.


  • The candidates not admitted to the program will receive a non-admission letter. While we are aware of the deep commitment all candidates must make to go through the selection process, the School does not provide individual answers to non-admitted candidates.

The application is available exclusively online and must be completed in English. Apply online at:

In order to apply candidates must complete the application form and submit all required documents. Supporting documents to be up-loaded before the application deadline. Candidates are required to fulfill admission form and submit, or complete, the following:

  • Degree certificate, transcript and detailed CV. You must submit a detailed CV and an official degree certificate (in English or Spanish) from the college or University attended. The certificate must show the type of degree, the enrollment dates and the date of graduation. You are also required to submit an original/official or certified original transcript of grades (in English or Spanish) from the college or University attended. This must include grades for individual subjects and the grading scale.
  • Copy of ID or passport.
  • Two letters of reference. Reference letters must be from people who know you well and can comment knowledgeably about your professional and/or academic background and provide a detailed evaluation of your qualifications (at least one should be filled out by a professor). The CUNEF reference form (available online with the application form) must be used.
  • Proficiency in English. All applicants must be highly proficient in written and spoken English. Candidates are required to submit a TOEFL or IELTS or PTE Academic or Cambridge Proficiency (CPE) result. This requirement does not apply to students who are native English speakers or who have completed a University program in English.
  • GMAT or CUNEF Graduate Admission Test (online) is mandatory for all applicants. The GMAT is an internationally recognized test in English that evaluates your quantitative, verbal, and analytical skills. Although there is no required minimum score for admission, a high score is beneficial during the admission process. CUNEF Graduate Admission Test (online) is organized by CUNEF and assesses quantitative, logical and verbal skills. Enrolment for the test is organized directly through the Admissions Office.

To help you choose the master that’s right for you, CUNEF organizes events, meetings and visits. Every year the School presents the Master through a series of public events, both online and offline. This is an opportunity to speak directly with Directors, Faculty, Alumni and Staff.

Admission´s team will be happy to arrange meetings and orientation sessions with you to discuss the program in more detail and give you advice.

You can request to visit the School and attend a class. Contact us for more information or to fix a meeting.

For information about the program do not hesitate to contact us in:

CUNEF- Admissions Service

Campus CUNEF. C/ Leonardo Prieto Castro, 2 (Ciudad Universitaria)

28040 Madrid – Spain

Tel: ++34 91 448 08 92 /++34 902 21 00 91

Fax: ++34 91 447 96 36 / ++34 91 594 13 66

You may also be interested in


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.