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MSc in Finance

MSc in Finance

Private Banking &
International Wealth Management
specialization

Acquire the specific skills in Private Banking & Wealth Management to succeed in the Finance Industry


At a Glance:

  • Practical activities include guest seminars, financial conferences, supervised visits and hands-on field projects
  • Renowned lecturers with industry specific backgrounds
  • Real life applications expose students to the challenges and best practices of asset managers and private bankers: Barclays, HSBC, UBS, CMB, CFM, UBP, Bank J.Safra Monaco
  • Intense, collaborative environment that fosters very operational individuals
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Meet the investment and management needs of high-net-worth individuals

IUM has a long tradition of developing multicultural views on business dynamics. The Private Banking & Wealth Management specialization of the MSc in Finance Program exposes you to a cross cultural vision of wealth management needs and solutions, preparing you 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 opportunities in Monaco.

International and local private banks are fully integrated in the courses conception 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.

MSc private banking wealth management

Curriculum

This MSc in Finance has been created in order to fulfill the specific needs of the finance industry.

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.

Finance (Private Banking & Wealth Management)

Some of the Core Courses offered in the Private Banking & Wealth Management specialization

Please note that this list is not exhaustive and subject to change

  • Stock and Bond Valuation

    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.

  • Risk Management

    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.

  • Derivative Products and Strategies

    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.

  • Corporate Finance

    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.

  • Investment Banking

    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.

  • 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. 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.

  • Macroeconomics for Financial Forecasting

    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.

  • Statistics and Financial Data Analysis

    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.

  • Portfolio Theory and Management

    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.

  • Research Methods Workshop

    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.

Some of the Specialization & elective courses offered in the Private Banking & Wealth Management specialization

Please note that this list is not exhaustive and subject to change

  • Financial Programming in VBA

    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.

  • Introduction to International Taxation

    This course provides a broad understanding of the legal and economical aspects of the taxation of income and capital in international setting as well as a demon-stration of how the basic building blocks of most tax systems can generate tax planning opportunities.

    The course is based on general principles of international taxation and uses examples from domestic taxation to illustrate them. The course illustrates these concepts by referring to international instruments and the legis-lation in specific countries.

    In particular, the course will examine key provisions of the OECD Model Convention with respect to Taxes on Income and on Capital (the Model Convention) as the global benchmark for Double Taxation Agree-ments concluded by and applicable to fiscal jurisdictions.

    This Model Convention will be contrasted with the UN Convention.

    Principles of the U.S., French and German International Taxation will be discussed as well. The course introduces the concept of income/capital taxation and focuses on residency, applicable deductions, and anti-avoidance legislation.

    Students will become familiar with tax treaties and other techniques aimed at the avoidance of double taxation.

    Towards this structural background the course aims at raising students' awareness of basic strategies applied in tax optimization schemes.

    In times of evolving attitudes towards some aspects of international taxation the course concludes on the most salient topics in the current discussion.

  • Product Structuring

    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.

  • Wealth Management

    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 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 worth individuals.

    They will master the major concepts of international laws and regulations concerning wealth planning, domestic and international estate tax planning, and how to optimize a client's situation.

  • Managing FX Exposure

    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.

  • 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.

  • Hedge Fund and Fund of Funds Management

    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 will be 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.

  • Fund Analysis

    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.

  • Selling Financial Products

    This course is designed to provide the students from the Master degree in Finance with the skills necessary to sell wealth management 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 selling but emphasis will be put on sales of financial products.

    At the end of the course, students should be able to:
    - Decipher the use of various means of communication including reading body language,
    - 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 and the NEADS methods to identify prospect needs,
    - Practice oral presentation techniques to be used for informative and persuasive presentations,
    - Identify the various negotiation techniques, define their BATNA and practice conflict handling techniques and AFTO in order to "close with a YES",
    - 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 experiences in the field of selling financial products.

LONDON TRACK: end of TERM 3

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:

  • Corporate Restructuring:
  • Institutional Financial Sales
  • Applied International Taxation

Professional Immersion (Internship, Thesis or Applied Project)

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.

Some of the companies where Alumni 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

Certification

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.


Olivier Gillier Olivier Gillier, Managing Partner, GC Group Capital PR, LLC

IUM's international student body is among the most appealing advantage of its Finance Program. In a world where finance is global, international contacts are at the basis of success. IUM manages to bring together some of the brightest international students through its Msc Finance program creating for any IUM graduate an international contact base any professional would envy.

It has been a pleasure as well as inspiring to teach young financiers who aspire to become global citizens.

Career Development

Career Services

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.

  • In Fall
    "Discovering" job markets, companies and career paths
  • In Winter
    "Targeting the institutions"
  • In Spring
    "Making Connections"

Career Fair

Master in Finance – Private Bank & Wealth Management

Career Opportunities

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 Master of Science 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 Alumni 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

Alumni Testimonials

Karen Verzelloni Karen Verzelloni, MSc in Finance (Private Banking and Wealth Management 2012)
Assistant Private Banker, Société Générale, Monaco

The Master in Finance with specialization in Wealth management was a winning choice for my studies. Its key strength is to develop "critical thinking" on a daily basis.

This "full immersion" program combines lectures and applied projects on real case studies but also provides students with access to conferences, professionals and industry mentors that can make the difference for their future.

IUM gave me the opportunity to develop a solid financial background, to build a professional network and life-long friends . This experience is one of the best in my life and I would recommend it to anyone.

Donal Warde Donal Warde, MSc in Finance (Private Banking and Wealth Management 2011)
Senior Analyst, Investment Team of a private equity real estate firm, New York, USA

I chose the MSc in Finance program because I wanted to specialize in finance. It is such a valuable skill set for any business role! The Private Banking and Wealth Management specialization provided me with a base in financial analysis, markets and financial marketing that helped me integrate into an investment management role in New York. I had almost no experience in financial modelling (MS Excel) before IUM and now my role involves teaching it to interns.

I also chose IUM's program because I saw it as a link from Monaco to the world. The networking opportunities were fantastic and the evidence is my current job, which I got through IUM!

Roberta Aldeghi Roberta Aldeghi, MSc in Finance (Private Banking and Wealth Management 2013)
Assistant Private banker at G&G, Monaco

After three years at Bocconi university in Milan, I decided to enroll into the IUM Master of Science in Finance in order to specialize in Private Banking. The different environment and teaching method where challenging at first, but also very rewarding.

I believe this MSc in Finance program is the optimal mix of theory and practice you need before starting your career.

Additionally, IUM gives the students multiple opportunities to get in contact with local and foreign professionals and build their own network. In my case, thanks to my Wealth Management professor, Mr. Thierry Crovetto, I was able to find an internship at a local asset management company, where I am still working today.

Talal Bessa Talal Bessa, MSc in Finance (Private Banking and Wealth Management 2010)
Vice President, Credit Suisse, Monaco

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.

A word from a professional

Thierry Crovetto Thierry Crovetto, Professor of Wealth Management and Independant Fund Analyst, TC Stratégie Financière

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.