Why a MSc in Finance (Private Banking & International Wealth Management)?
Meeting the investments and management needs of high net worth individuals
IUM has a long tradition of developing multicultural views on business dynamics. This specialization in Private Banking & International Wealth Management exposes students to a cross
cultural vision of wealth management needs and solutions, preparing them for international careers. This Master's degree, based in
one of the most active hubs for private banking & wealth management services, offers unparalleled networking and career
International and local private banks are fully integrated in the courses conception in order to ensure that the curriculum meets the most current standards and expectations of the financial industry. This program in Finance integrates project-based and practical learning, including guest seminars, financial conferences, supervised visits and hands-on field projects.
Thierry Crovetto, Professor of Wealth Management and Head of Investment Strategy, G&G Private Finance
Market News from G&G Private Finance, October 2012
"The Wealth Management industry is facing a lot of pressure worldwide as a consequence of the global financial crisis. Not only clients’ behavior has changed, but also the regulatory framework has become increasingly challenging. As a result a demand for young professionals, with both a strong technical background and a better understanding of clients’ needs, is rising fast.
The International University of Monaco has been a first mover in offering a Master in Finance with a focus on this peculiar segment of the financial industry. The MSc in Finance (Private Banking and International Wealth Management) provides students with a deep insight into the latest trends of this business. In addition, several conferences and guest seminars are organized in order to help students build their own network and think about their future careers plans.
My course in Wealth Management particularly focuses on the most relevant aspects of the industry. I put a special emphasis on the financial products and strategies I use every day at work. As a professional, I try to give my student a concrete feel of what they are likely to face once employed. I strongly believe this brings an added value to their learning experience.
The specialization in Private Banking & International Wealth Management at a glance
Average class size of 23 participants from 16 different nationalities
Practical activities include guest seminars, financial conferences, supervised visits and hands-on field projects
Unparalleled networking and career opportunities in Monaco
Renowned lecturers with industry specific backgrounds
Program description of the Masterof Science in Finance (Private Banking & International Wealth Management)
The specialization in Private Banking and International Wealth Management has been devised to
address the evolution of the wealth management industry. Most private banks are moving away from
a product placement approach to tailor made solutions in order to address their clients’ needs. They
seek well educated advisors with the ability to understand complex markets dynamics and to master
the full spectrum of financial services and instruments.
The MSc in Finance is designed to prepare highly skilled
professionals with a strong business sense and work ethic who will make a positive contribution to the finance industry,
making them desirable candidates for positions within private banks, asset management firms or family offices.
Marco Casella, Managing Partner, International Financial Advisor GC Group Capital, LL C
"I like IUM for its international student base and its practical approach. I enjoy sharing my professional experience with the students, getting their feedback and points of view.
I have been having an open dialogue with students helping them find professional opportunities based on their passions and skills. I particularly enjoy this open dialogue."
Some of the courses offered in the MSc in Finance
Macroeconomics for Financial Forecasting
This graduate‐level course in international macroeconomics
aims to help students understand the forces shaping the current
global economy, and to develop forecasting and investing skills.
Macroeconomic concepts and tools are applied to practical
“global macro” investing decisions.
Thus, the course explores macroeconomic themes and macro
drivers such as business cycles, national output and growth,
productivity, globalization, inflation, money supply, national
income accounts, consumer spending, interest rates, monetary
policy, and foreign exchange rates.
Ethics in Finance
The course is designed to provide a solid theoretical and practical
basis for ethical behavior in the global financial services industry.
The course commences with conceptual definitions, typology,
and the theoretical framework of ethics in finance. It then helps
categorize ethical challenges endemic to the state‐of‐the‐art
financial marketplace, common decision making constraints,
and financial management practices whose ethical perception
is often deemed controversial (e.g. bankruptcies, hostile takeovers,
offshore tax planning, government bailouts).
The course further describes corporate theory evolution and
its bearing on ethical behavior (with particular emphasis on
phenomena that have come to light during the global financial
crisis of 2007‐2009). Finally, course content goes on to outline
ethics modules of three globally recognized financial designations
(CFA, ACCA, and PRMIA) and is accompanied by a series
of explanatory case studies on spectacular corporate failures
over recent decades. The course culminates by presenting the
instructor’s hands‐on experience of ethical predicaments faced
by a present‐day financial sector executive.
Financial Accounting for Investments
This course explores the subtleties and complications that arise
in applying financial accounting standards to investments in
equity and debt securities.
Students will analyze the financial information – in particular,
financial statements – in quarterly and annual reports of publicly
traded corporations to gain insight in the valuation of securities
issued by them. Besides focusing on the key issues of
profitability, growth, cash flow generation, liquidity and credit
worthiness, students will learn to critically evaluate financial
disclosures to identify value drivers, as well as unrealistic or
Statistics and Financial Data Analysis
This course introduces financial data analysis and the basics of
statistical inference. The course also introduces the use of ordinary
least squares (OLS) simple and multiple regression to model
relationships amongst financial and economic variables.
Students study statistical properties of financial data, analyze
them using Excel data analysis tools, and learn to interpret and
clearly present results.
Corporate Governance and Market Regulations
This course surveys worldwide corporate governance from
the investor’s point of view. It focuses on the importance of
corporate governance for the investor.
The course begins with a discussion of the basic corporate
governance problem and the major issues related to it, prominent
proposed solutions to the problem, the different ways it
is addressed in various companies, and the positives or drawbacks
of various solutions. The course continues with a broad
overview of current issues in market regulation focusing on
the role and evolving responsibilities of order entry firms,
market makers, and other participants in the market.
The course highlights preventive compliance tools and methods
through case studies and interactive discussion; and
explores areas related to compliance, surveillance, examinations,
trading, enforcement, and other areas of interest
in market regulation. Topics include raising capital from the
public and issues arising in the subsequent trading of publicly
listed securities, insider trading and market manipulation,
and key concepts in the Takeovers Act.
Students will learn how corporate governance has an important
influence on a society’s economic productivity.
This course introduces the theory and practice of the financial
management of companies.
Topics include cost of capital and optimal capital structure,
capital budgeting, working capital management, long term
debt financing, common and preferred stock financing, dividend
policy, share buybacks, and corporate governance.
Students will develop an understanding of companies’ behavior
and needs by learning how firms raise and allocate capital,
and by studying ethical issues linked to this decision process.
Stock and Bond Valuation
This course focuses on stocks and bonds. It discusses the
mathematics of these basic financial products; and the implementation
of practical tools to compute returns and yields,
assess risk, and determine fundamental values.
Topics include equity valuation models (dividend discount
and free cash flow models, and P/E ratio valuation), risk and
risk measurement, macroeconomic and industry analysis,
bond prices and yields, the term structure of interest rates,
interest rate risk and bond duration and convexity, and bond
Students acquire a working knowledge of stock and bonds including
the characteristics of the instruments and their markets,
the factors affecting the way in which they trade, and
their uses by different players in global financial markets.
Asset Management and Investment Banking
This course provides a broad overview of asset management
practices. It presents various strategies, financial instruments,
and investment vehicles through the analysis of real investment
Beginning with a presentation of the different key players
of investment banking and asset management, the course
describes the different asset classes (stocks, bonds, HF, commodities,
volatility, etc.) and focuses on the underlying principles
and strategies (passive, active, total return, and absolute
return) used in the financial industry.
Derivative Products and Strategies
This course focuses on “plain vanilla” financial derivatives such as
options, futures, and swaps; the markets in which they trade; and
the strategies that can be constructed using these derivative instruments.
The course provides a detailed study of equity and currency options,
forwards and futures on stock indices, currencies and commodities,
and currency, interest rate, and equity swaps.
Students will learn the characteristics and specifications of these
derivative products, the trading strategies that can be implemented
using them (such as stock‐index arbitrage, fixed income
arbitrage, various options strategies like strangles, and straddles),
and how to develop an intuition about the factors that affect the
way in which they trade.
Portfolio Theory and Management
This course analyzes different portfolio management techniques
with respect to empirical evidence of security returns. Major topics
include discussion of the Capital Asset Pricing Model (CAPM),
the Arbitrage Pricing Theory (APT), and multifactor models.
Students construct and monitor their own investment portfolios
using data from Bloomberg. They learn how to combine different
asset classes into investment portfolios according to modern
portfolio theory with the objective of achieving an optimal riskreturn
Real Estate Investing
This course seeks to impart an understanding of commercial real
estate as an income producing investment. It explains real estate
syndications as an ownership form, financing alternatives, and
the use of financial leverage. Students will learn the techniques
used to valuate commercial properties, how to prepare an investment
analysis, and how to identify the risks of development
projects. They will develop an in-depth understanding of the
mortgage market with its several sources of financing.
This course focuses on the measurement and management of
different types of financial risk such as market risk, liquidity risk,
and operational risk; and develops a framework for integrated risk
management. The course emphasizes the Value at Risk (VaR) technique
and its applications. Students will learn and implement quantitative
techniques for risk management using Excel spreadsheets.
Hedge Fund and Fund of Funds Management
This course is designed to expose students to various characteristics
of hedge funds – their classification in terms of the strategies
employed and risk‐adjusted performance evaluation, and their
organizational structure as well as their objectives, risks, and disclosure
practices. The course introduces legal issues concerning
the formation of a hedge fund and their business practices such
as management and incentive fees structure. The “hedge fund
universe,” its historical and current evolution, and its ethical issues
is presented from a variety of perspectives, from managers to private
and institutional investors. Several classes in this course are
taught by market professionals.
Capstone Applied Project
This course requires students to develop an applied project to facilitate
the application of theory, skills, and knowledge acquired
over the course of the MFIN program. The capstone applied
project may take the form of a thesis or a project‐based learning
exercise. The thesis is completed in collaboration with a faculty
expert and investigates industry, market, and a topical issues or
opportunities related to a specific area of interest. Any problems
investigated must have current and ongoing relevance. The project‐
based learning exercise requires students to work with their
faculty mentor on a sustained basis that will involve both direct
contact hours and research/lab hours. The final deliverable is the
project white paper. Students will learn how to work under pressure
and apply what they have learned in the MFIN program.
The course presents all aspects of wealth management for
high net worth individuals. It seeks to develop a profound understanding
of issues such as suitable asset allocation from
an integrated prospective, behavioral investing, risk appetite,
lifestyle, life cycle, and estate planning.
Topics include international wealth planning and financial
planning and life cycle for high net worth individuals; trusts,
foundations, and estate planning; tax laws, residence, and
family office description and structure; and integrated asset
allocation, risk tolerance, and behavioral investing.
Students will learn to liaise effectively with a specialist, and
assess and integrate the advice to create an optimal solution
to the often complex wealth planning situations of high net
They will master the major concepts of international laws and
regulations concerning wealth planning, domestic and international
estate and tax planning, and how to optimize a client’s
This course provides a broad understanding of the legal and
financial aspects of income taxation, as well as a demonstration
of how the basic building blocks of most tax systems can
generate tax planning opportunities. The course illustrates
these concepts by referring to legislation in specific countries;
introduces corporate income taxation; and focuses on residency,
interest deductions, and anti‐avoidance legislation. It
then addresses international tax issues.
Students will learn the financial aspects of tax and how to
value alternative tax planning techniques. They will become
familiar with tax treaties and other techniques for the avoidance
of double taxation.
Client Relationship Management
This course presents an overview of integrated services for
private clients and how to implement appropriate client segmentation.
It focuses on applying modern customer relationship
management systems and data‐mining techniques to
high net worth individuals.
Topics include customer behavior and client segmentation,
private client behavior and total quality management, acquisition
and retention of high net worth individuals, image
creation, branding and communication strategies, and integrated
services and pricing strategies.
Students will learn pricing strategies and how to build long
term customer loyalty with private clients by adding value
to private banking services. They will grow to appreciate the
importance of each service while understanding the critical
nature of creating synergies between different segments of
Selling Financial Products
This course is designed to provide students with the skills necessary
to sell financial products and services either in a B2B or
a B2C environment. Most of the selling techniques are comparable
to the ones used in other fields of services sales. Students
learn how to decipher the use of various means of communication
with an emphasis on Non Verbal communication, identify
the social style of the counterpart based on Manning and Reese
typology, understand the buying process, implement prospecting
techniques, namely through cold calling, use the SPIN method
to identify prospect needs, practice oral presentation techniques
by means of informative and persuasive presentations,
identify the various negotiation techniques, define their BATNA
and practice conflict handling techniques and have general ideas
of the main negotiation styles as related to local culture.
The course will use practical communication exercises, sales
role plays and students oral presentations. Outside guest
speakers will bring their specific experience in the field of selling
The Green Finance course addresses the organization and dynamics of the financial system in dealing with climate change and ensuring a sustainable development.
There is now clear scientific evidence that emissions from economic activity, particularly the burning of fossil fuels for energy, are causing changes to the Earth's climate. In order to underpin an effective global response to this challenge Green Finance involves a new organization, measures, policies, instruments and innovations for the financial system.
The ‘Green Finance’ course provides students with an independent, rigorous and comprehensive analysis of the financial aspects of this crucial issue. Main topics of the course are the challenges, strategic implications and business impact for the financial industry.
Please note that this list is not exhaustive and subject to change
At the end of the academic year, the applied research project or the internship offer students the opportunity to apply the theory gained in the courses and to further develop their interests and competencies in a chosen field of specialization.
In their internship search, Master in Finance, Private Banking & International Wealth Management students are supported by all IUM faculty members and by the IUM Career Office, that provide them with information and guidance on the finance job market places and help them throughout the year to carefully prepare their applications in these competitive markets.
Senior Private Bankers or wealth Management Advisors have undoubtedly various backgrounds, profiles and various ways to develop and manage their portfolio of clients. This exclusive relationship with high end and "exceptional" clients means to combine a strong rigorous mindset with outstanding empathy skills that are not easily acquirable in a typical academic program.
For this reason, this master's degree in Finance has a strong focus on practical experience
thanks to the interaction and participation of senior private bankers and wealth managers
. Invited to present their selling methodologies and investment approaches during courses, those professionals are also keen on fostering students soft skills and guiding them in their career choice.
At the end of the academic year, the applied research project or the internship offer students the opportunity to apply the theory gained in courses and to further develop their interests and competencies in a chosen field of specialization.
Career opportunities for the MSc in Finance (Private Banking & International Wealth Management)
Careers combining people skills and a solid knowledge of complex markets dynamics.
The last financial crisis, the fast growing emerging markets and the permanent search for secure and innovative solutions
have profoundly changed the wealth management industry. Developed in partnerships with well established institutions,
the IUM Master in Private Banking & International Wealth Management is designed to fit their new needs for key competencies, combining a thorough understanding of complex financial schemes and strong relationship management skills
IUM MSc in Finance alumni are now working in famous Private Banks, wealth management boutiques and family offices, financial advisory companies, asset management / investment firms. The broad range of skills they acquired during this intensive and practical program enabled them to apply for positions as: Junior Private Banker, Real Estate investment manager, funds/ porfolio manager, financial advisor, tax planning officer...
Some of the companies where they have interned or are still working are:
American Express Bank Paris, Bank Julius Baer Switzerland, Bank J.Safra Monaco, Banque Populaire du Luxembourg, Barclays Wealth Geneva, Ing Bank Amsterdam, Merrill Lynch Monaco, BNP Paribas Private Bank , SocGen Private Banking Monaco, Credit Foncier Monaco, PriceWaterhouse coopers Brussels...
Talal Bessa, Master in Finance (Private Banking and Wealth Management 2010)
Junior Private Banker, Bank J. Safra
"When we enroll, we all know that we’ll end up in a group of students with diverse educational and business backgrounds, but the richness of cultures, nationalities, and personal wealth in any given class is truly unique. In 2010, the five continents were represented in our class, students were coming from Colombia, Nigeria, China, the UK, Germany, Lithuania, Russia, Italy, Portugal, Canada, the USA to name a few countries. We exchanged on our experiences and future strategies, our respective political and cultural background, and received valuable insight on one another’s field of expertise.
Some people consider the small size of a university a handicap, I consider it a gift. When we study a technical field like finance, we sometimes need personal assistance and that is not possible in a class of 150 students. This Master of Finance at IUM is very challenging; so having highly knowledgeable professionals at our disposal was a gift."