This Finance degree gives you a solid foundation in financial analysis with a strong emphasis on real life applications in order to sharpen your business sense.
The Master's degree in hedge funds & private equity thanks to small class sizes is able to ensure a high quality learning process.
This Finance program integrates IUM's network of asset managers and alternative fund managers in the courses conception in order to insure that the curriculum includes the latest developments and expectations of the alternative finance industry. You can tailor your learning in order to suit to your ultimate career objectives.
Building a career in finance is an exciting journey that is pursued by some of the best educated individuals. It requires passion, commitment, strong technical and analytical skills but also the ability to work efficiently in teams and to develop innovative solutions.
Through IUM's Master of Science in Finance program you can develop those qualities and tailor your experience to match your specific career objectives. Our MSc in Finance program exposes you to the reality of financial markets and the best practices of financial institutions.
The Finance program allows you to acquire the necessary technical fundamentals, to work on concrete cases, to use financial softwares (Reuters, Bloomberg) and to interact with industry specialists. Furthermore, you can deepen your knowledge of specific strategies and financial instruments through a wide range of elective courses (Financial Programming in VBA, Mergers & Acquisitions, Venture Capital & Entrepreneurial Finance, etc.).
Our ultimate objective is to provide you with an education, rooted in technical and interpersonal skills, and integrity to meet the industry's high expectations and develop a successful career in Finance.
Please note that this list is not exhaustive and subject to change
This MSc in Finance course focuses on the most basic financial products: stocks and bonds.
You acquire a working knowledge of stock and bonds: the characteristics of the instruments and their markets, the factors affecting the way in which they trade and their uses by different players in the global financial markets. An important part of the course is the mathematics of stocks and bonds, and the implementation of practical tools to compute returns and yields, assess risk, and determine fundamental values.
Main topics for stocks are: equity valuation models (dividend discount and free cash flow models, P/E ratio valuation), risk and risk measurement, macroeconomic and industry analysis.
For bonds: bond prices and yields, the term structure of interest rates, interest rate risk and bond duration and convexity.
This master course focuses on the measurement and management of different types of financial risk such as market risk, credit risk, liquidity risk, and operational risk, and develops a framework for integrated risk management.
This finance course emphasizes the Value-at-Risk (VaR) technique and its applications. You learn and implement quantitative techniques for risk management via Excel spreadsheets and derivatives software.
This master's degree course focuses on "plain vanilla" financial derivatives such as options, futures, and swaps, the markets in which they trade and some of the strategies that can be constructed using these derivative instruments.
Forwards and futures on commodities, stock index futures, stock options, interest rate swaps and credit default are studied in some detail. You will learn the characteristics and specifications of these derivative products, will study their uses for hedging, arbitrage and speculation, various long-short strategies, and will develop an intuition about the factors that affect the way in which they trade.
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.
This course undertakes in-depth study of specific financial decisions and events that are important in the life of a corporation. The course balances theoretical content and practical applications by using several case-studies that are useful for real-life decisions you may need to make.
The core of this course is the event-driven interaction within vestment banks. The basic topics are IPO, SPO, Corporate Bond Issuance and the professional handling of an IB relationship.
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. To achieve its main objective, the course first imparts students with a thorough understanding of the fundamental principles of financial accounting and reporting and exposes them to key accounting measurement topics and issues as they relate to the preparation and analysis of financial statements.
Second, the course discusses conceptual and technical problems in measuring the performance, assets, and liabilities of firms. In particular, the material discussed covers specific accounting issues such as long-lived assets, inventories, and on and off-balance sheet liabilities.
Lastly, the course concludes with a dis-cussion of financial statement analysis techniques and methods, finan-cial forecasting, and valuation of corporations.
This is a graduate level course in International Macroeconomics which aims to enable students to analyze, interpret and understand the forces shaping the current global economy, and to develop forecasting and investing skills. All macroeconomic concepts and tools will be applied to practical "Global Macro" investing decisions.
Accordingly, the course explores macroeconomic themes and macro drivers such as business cycles, national output and growth, national income accounts, consumer spending, productivity, fiscal policy, budget financing, public and private debts' sustainability, inflation, money supply, interest rates, monetary policy, and foreign exchange rates.
This course introduces classical descriptive and inferential statistics with a focus on financial data, including summary measures of data, graphical presentation of data, random variables, common probability distributions, expected values, estimation, confidence intervals, and hypothesis testing.
The course then introduces the use of ordinary least squares (OLS) simple and multiple regression to model relationships amongst financial and economic variables, and a brief introduction to time series.
Statistical properties of financial data will be studied in details. Several quantitative models used in finance will be analyzed and critiqued. The course relies extensively on use of the spreadsheet package Excel.
The students learn how to combine different asset classes into investment portfolios according to modern portfolio theory, with the objective of achieving an optimal risk-return profile. Major topics are the Capital Asset Pricing Model (CAPM), the Arbitrage Pricing Theory (APT) and multifactor models. Different portfolio management techniques are analyzed with respect to empirical evidence of security returns. Using data from Bloomberg and Reuters, the students construct and monitor their own investment portfolios.
This workshop seeks to enhance students' abilities to conduct research and data analysis in finance and convey the outcome to a general audience. Students will learn how to formulate a research topic, pro-duce a relevant literature review, choose and justify a methodological approach.
Please note that this list is not exhaustive and subject to change
This is an introduction to programming in Visual Basic for Applications (VBA) applied to financial modeling. The students learn how to program functions and subroutines using different types of variables, conditional statements, loops, arrays, as well as to the procedure of debugging. The students also learn how to query an external database. Programming assignments are a central requirement of this course: all of these assignments deal with problems in financial modeling.
The course presents Structured Products, their construction, valuation and interest in portfolio construction. It begins by introducing structured products by way of a basic guide. Students will learn interests and limits of Structured Products for investors. They will be able to understand a payoff graphic, read a termsheet or assess a payoff formula, before moving on to the key asset classes and their particularities. Students will enable you to better comprehend the use of structured products in everyday banking, quickly analyzing a product, assessing which of your clients it suits, and recognizing its major pitfalls. They will be able to see the added value versus the cost of a product and if the payoff is compatible with the market expectations.
Floating foreign exchange rates' framework of the International Monetary System create high degree of uncertainty (market risk) for importers and exporters profitability. The purpose of this course is to learn how to identify and evaluate the foreign exchange market risk, and how to manage and choose hedging strategies using plain vanilla financial instruments such as foreign exchange forward outright and buying foreign exchange option.
This course focuses on private equity financing of businesses that are not in an early or start-up phase, assigning particular emphasis to the leveraged buyout process. Students study private equity as an alternative investment class both from the point of view of a private equity analyst or private equity fund manager, and from the perspective of an investor willing to allocate a portion of a portfolio to this asset class. The course examines the different stages of the private equity cycle from fundraising to how funds are deployed by a private equity firm; from deal structure, due diligence, and negotiation to valuation approaches and exit strategies. Finally, the course also analyzes private equity returns and risks, and considers the future outlook for private equity markets.
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 is designed to immerse students in the hedge fund business, and is meant to prepare students to a career in the hedge fund industry (as an investment analyst, researcher, strategist or portfolio manager) or who will work in financial institutions who invest in hedge funds (funds of funds, family offices, pensions funds and other institutional investors). While this is not a course on trading strategies, a comprehensive understanding of several hedge fund strategies is a significant component of the course and its assignments. Other aspects of the hedge fund business that will be covered are hedge funds' objectives, performance evaluation, risks, due diligence, the historical evolution of the hedge fund industry, its outlook in relation to the current financial markets, operational and organizational structures, the regulatory and legal landscape, as well as ethical issues.
This master course explores trading techniques traditionally used by hedge funds. These include long-short equity investing, long-short equity investing, volatility trading, correlation and dispersion trading, and various arbitrage techniques (capital structure arbitrage, convertible arbitrage, merger arbitrage). The lectures will be interactive as much as possible, with great emphasis on practical trading projects.
Besides practicing hedge fund trading strategies, this finance course will increase your awareness and understanding of the main asset classes.
This MSc in Finance course covers the different phases of an acquisition process: screening of targets, valuation, bid tactics (and defense tactics), financing, negotiation, communications, and integration.
A particular emphasis is given to the valuation process and the quantitative tools used by practitioners (such as the cash flow models) in order to value a company.
This graduate course is designed to familiarize you with the issues and practices surrounding venture capital.
It covers everything from the seed funding of a start-up venture to the successful sale of a mature business. The main focus of this finance course is on raising venture capital. This involves learning about the dimensions of risks and expected returns, in a context, which is characterized by incomplete information and lack of liquidity while gaining practical insights into the interaction and relationship between the investor and management. What are their respective interests and strategies? How do they come to a deal? What is the process? How do they create value?
This master course integrates various managerial disciplines and covers the venture capital environment, financial modeling, business plan analysis, investment criteria, delivering pitches and teasers, understanding and negotiating terms and conditions, preparing for due diligence and closing.
The course presents different types of funds (long only, actively managed, trackers, absolute return), their specificities and main characteristics. The course introduces students to the different steps for the analysis of funds from a qualitative and quantitative point of view, in order to select the investment universe of multi-management. The last part of the course concentrates on the construction of a portfolio of funds in order to optimize the risk-adjusted returns. Students learn the analysis and selection of funds, their use in everyday banking and the benefit of their introduction in portfolio management.
This course addresses client relationship managers and also investment managers of institutional investors such as e.g. private banks and fund of hedge funds. The nature of hedge funds and their distinct performance characteristics as well as their organizational setups are explained in contrast to conventional asset classes. The value added of the integration of hedge funds into clients' multi-asset class portfolios is analysed. The students are guided through the investment process starting with the selection of a list of target hedge funds, followed by their combination to optimized robust portfolios and finished by post-investment monitoring and reporting. Lastly, relevant legal and regulatory aspects are touched upon.
The London track allows students to be exposed to the largest financial center of the world and to fine tune their career objectives. They benefit from dedicated elective courses taught by finance professionals with extensive track records in the industry. Specific career development seminars with recruiters and major industry players are also included to provide the perfect London networking experience.
This 3-week track takes place on our London Campus near Green Park and includes the following courses:
At the end of the academic year, the applied research project or the internship gives you the opportunity to apply the theory gained in the MSc in Finance program and to further develop your interests and competencies in a chosen field of specialization.
In your internship search, you are supported by all IUM faculty members and by the IUM Career Office, providing you with information and guidance on the finance job market place, helping you throughout the year to carefully prepare your applications for these competitive markets.
The International University of Monaco has been chosen by the AMAF (Monaco's Finance Association) to develop Monaco's certification for finance professionals.
This certification insures that finance professionals have the technical and deontological standards required by the Principality's finance industry. While studying for your Master of Science in Finance Program, you also have the opportunity to get trained on all aspects of the certification, giving you an additional asset for Monaco's job market.
As part of your MSc in Finance program, you will follow a Career Development Seminar, divided in 3 sequences, to support you in your internship and job search strategies.
Some of the companies where Alumni have interned or are still working are:
- HSBC Monaco,
- Bloomberg London,
- Goldman Sachs Group,
- UBS investment banking,
- KnightVinke Monaco/New York,
- Monaco Asset Management,
- SEAF Macedonia,
- Cathagena Capital Germany,
- Odewald & Cie Germany,
- JP Morgan Chase New York,
- EFG Eurofinanciere d'investissements Monaco/Geneva,
- Amherst Funds US...
I joined the MSc in Finance of IUM after gaining some experience in Private Banking in Monaco. I specialized in Hedge Funds & Private Equity track to reinforce my knowledge of different asset classes and to increase my understanding of the asset management industry as a whole.
The strong technical skills I acquired from the academic courses enhanced my credibility with investment professionals.
After my studies I was accepted into the Young Talent Program at ING Investment Management in the Netherlands. I am currently completing rotations in different departments within the company.
What I liked the most about IUM was the great working atmosphere and I am thankful to my professors and classmates for that. Overall, I feel lucky to have enjoyed such an enriching international experience that has truly prepared me for my professional endeavors.
The MSc in Finance program truly offers a unique international learning experience in one of the most desirable locations in the world. The ability to tailor your program to your interests, the small class sizes and lectures from individuals coming from leading positions in major financial institutions, all set the scene for an unparalleled learning experience.
In addition, IUM offers you the opportunity to personally interact with some of Monaco's most renowned individuals within the finance industry through various events.
IUM also has a very proactive Career Services Department which helped me find my current position as a junior sales trader here in Monaco. Through the knowledge gained at IUM, I am able to trade and add value every day for clients running major Hedge Funds around the world. Before attending IUM, I lived and studied in London and I often had people telling me that London equals finance. Today, I would argue that IUM and Monaco provide you with the ideal tools needed to build a career anywhere.
What I found unique about the MSc in Finance, Hedge Funds & Private Equity program at IUM was the excellent combination of quantitative and qualitative studies. Moreover, the small size of the class enabled us to interact with each other and professors on a completely different level. Each lecture brought new perspectives leading to a tremendously steep learning curve.
Most importantly, what I believe sets this very demanding program apart from its peers is the practical focus; literally every module involved practical work such as advanced valuation modeling on Excel. The Master of Science in Finance program at IUM is in my view the best possible preparation for a challenging and tough career in the financial services industry.
If you enjoy the challenge of predicting financial markets, devising investment strategies, looking for inefficiencies, discovering undervalued securities, testing models and theories, then the Specialization in Hedge Funds and Private Equity of the MSc in Finance program is for you. In this Master of Science program you will have plenty of opportunities to do all of that, and to learn how to think like a fund manager.
You will also be asked to create your own (virtual) hedge fund, complete with its legal structure, service providers, due diligence documents, marketing material, and to present your fund to potential investors.