IE Masters in Finance Brochure PDF

BOOS T
YOU R
POTE NTI A L
MASTERS IN
FINANCE PROGR AMS
A word from our
academic director
Are you considering a career in capital markets or investment banking?

Are you interested in working in hedge funds or as an entrepreneur
with a firm supported by private equity? Or would you like to leverage
opportunities provided by microfinance? Do you see yourself as the
future CFO (Chief Financial Officer) of a company? Do you want to
understand the roots of and the opportunities offered by the current
monetary policy environment? If your answer to any of these questions
is ‘yes’ and you feel prepared to undertake one of the most challenging
and rewarding experiences of your life, you should consider applying
for one of IE Business School’s finance programs.
Now is the best The Master in Advanced Finance is a fourteen

t im e to inve s t month full-time program for professionals
in your financial with at least 2 years of professional experience
education so that in finance or related industries and job
you are well-positioned to reap the benefits positions. Participants undertake a program
provided by an economy which is to be designed to focus their career in the financial
financed by capital markets going forward. world. Whether admitted participants’
academic and professional backgrounds are
The Master in Finance is an eleven month
in finance or not, the program allows them to
full-time program aimed at recent university
prepare an ambitious career in the financial
graduates, with limited or no professional
world by equipping them with an in-depth
experience, who aspire to work in the
understanding of the most advanced fields
finance industry at an analyst level. The
in finance today, including financial stability,
program covers key topics for today’s finance
behavioral finance, fixed income, and equity
industry - including investments, mergers
derivatives.
and acquisitions, and private equity - and
admitted students have the opportunity to The Global Master in Finance is a fourteen
prepare for Level I of the CFA examination. month blended program that combines
face-to-face and online interactive distance
learning periods and is aimed at professionals
3
and executives who wish to gain an in-depth Additionally, IE Business School’s “Titans
and practical knowledge of financial markets of Finance” Conferences offer students the
and corporate finance without giving up opportunity to meet industry experts from
their current activities. The program not only all fields of finance, thereby gaining useful
explores deeply the foundations of finance contacts in the business world.
in areas such as capital markets, valuation,
One of the most rewarding experiences
and derivatives, but also innovative areas
offered by the master in finance programs
of finance such as risk governance and
is the possibility to discover the world of
commodities markets.
microfinance, a tool to eradicate poverty, and
All of our masters in finance programs cover apply your knowledge. It is available as a final
up to the minute knowledge in key areas of exam option and gives students a hands-on
finance that now play a critical role in the experience in a real pro bono consultancy
finance world, such as: risk governance; project for a microfinance institution in
capital markets; current global economic Ghana, making the experience real and
issues; financial entrepreneurship; and how unforgettable.
to invest in current markets using a market
IE also offers another valuable and powerful
simulation. Furthermore our full time
tool: networking with IE’s 4,000 finance
students can specialise in different areas
alumni through our web-based finance
of finance through a pool of 57 different
communities, where current students and
electives, an offer unlike that in any other
alumni can access advanced knowledge in the
master in finance. The master programs also
field of finance, discuss key financial topics
equip students with the practical business
with their colleagues, or share job offers.
skills they will need to succeed as a financier,
including presentation skills and negotiation. If you feel passionate about a career in finance,
These master programs employ a highly and feel ready to undertake this exciting and
practical approach; students can expect to rewarding endeavor among a select group of
not only gain theoretical knowledge but to individuals, we look forward to welcoming you
also learn how to apply it to today’s financial soon to one of IE Business School’s Master
markets, demonstrating their ability to use in Finance programs.
their skills to generate profit. They may also be
required to select investment opportunities
for private equity f irms, analyze these
Ignacio de la Torre
opportunities, value them, and present a
Academic Director,
finance plan to the faculty and to a real private Masters in Finance Programs,
equity investor. IE Business School
1. Masters in Finance Programs at
IE Business School
The Masters in Finance programs take a detailed and disciplined look at the tools,
techniques, theoretical know-how, and practical focus that make it possible to put
these functions into practice. The experience is enhanced by additional studies and
tools that assist decision-making in areas directly or indirectly affected by the financial
manager’s actions.
A highly appealing syllabus designed by Access to employment in capital markets

professionals from investment banking based through a syllabus with a strong foundation
on the needs of financial recruiters. in derivatives, mergers & acquisitions, private
equity, asset management, and financial
World-class faculty with 93% of practitioners statement analysis.
working in top finance sectors and combining
Enormous tool kit and resources to
their teaching functions with professional
manage your future professional career.
activities in the business world. They create
From in-house company presentations to
rich and challenging programs thanks to
personal advisory services from the career
their practical experience and a genuine
management center. A class of proactive
willingness and desire to share their
students as proactiveness is the key to land
knowledge.
your desired job.
Practitioners enable us to have a fluent
dialogue with company requirements, needs Appealing final exam options including
and hiring trends. We understand the main academic case studies or research, CFA
trends in each area of finance and adapt to equity research competition projects;
company needs in a quick fashion so our equity research and IPO valuation projects;
students are attractive to recruiters. valuation of a company owned by a private
equity f irm; academic research; or a
Microfinance Project in Ghana, with a field
trip to that African country.
5
Strong 5,000 alumni network from IE Innovative learning processes using

Business School’s finance programs since multimedia applications, an online
1977 and which is supported by finance- investment role-playing game using the
oriented networking (LinkedIn Finance Blooomberg platform, Matlab (fixed income
Alumni Group, Finance Club, Private Equity programming, financial modeling, and
Club, IE Ambassadors around the globe, analysis) and Factset.
and many other finance communities).
Networking is one of the most powerful
tools our students have to secure an exciting
career post graduation and beyond.
An eminently practical approach; students

will be asked to make interactive and virtual After completing my bachelor in Finance
investments with a portfolio using internet and Economics, I decided that I wanted to
based simulators and Bloomberg, or to focus on finance and applied to various top-ranked
seek real investment opportunities for a business schools. IE was by far the best choice in
leveraged buyout and present these to terms of ranking, reputation of the professors, and
strength of the curriculum. Most of my classmates
private equity investors. Alternative projects
are now my colleagues, and this fact together with
include: the investment game, private equity
the large international IE community makes it the
valuation projects, equity research report best place to build a long-lasting network of world-
projects, company valuation projects, and class finance professionals.
the “Financiers without Borders” initiative,
a real pro bono Microfinance consulting
project in Ghana, among others. Renato Meduri, Italian
Class of Master in Finance 2011
Investment Professional, Distressed Debt,
Oaktree Capital Management, London
2. Academic partners
IE, first Academic CFA Program Partner in Spain

The CFA exams are the most renowned qualifications for finance professionals worldwide.
To achieve CFA partnership status, the CFA conducts in-depth auditing of the program’s
finance contents, as well as of the teaching faculty. Only finance degree programs that are both
rigorous and closely aligned to professional practice receive this distinction. In this way, the
CFA Institute recognizes that professional and academic qualifications are complementary:
both play an important role in ensuring the overall success of the finance industry.
IE Business School’s Master in Finance and Master in Advanced Finance enjoy this status,
thereby ensuring IE Business School’s Masters in Finance a place among the world’s most
prestigious educational programs, and a leading position in terms of ethical and professional
standards. This not only further increases IE Business School’s prestige within the financial
world, but also adds value to the career opportunities of admitted students.
Masters in Finance students have the opportunity to apply for several scholarships each
calendar year, enabling them to take CFA Level I exam. Furthermore, we have an elective course
that prepares them to succeed on the exam.
IE, first Academic CAIA Program Partner in Spain

This academic partnership constitutes a major step in their efforts to promote the common
core mission of contributing to the education of investment professionals in the area of
alternative investments.
IE Business School is also the first business school in the world to offer CAIA members and
candidates that passed Level I scholarships to study a Finance Master at IE. Those profiles who
are granted with admission to the Master in Advanced Finance or Global Master in Finance will
be able to benefit from a 30% scholarship.
Additionally, top students of our Masters in Finance will have access to full scholarships to sit
on the CAIA exams.
Recognition 7
3. Rankings
8th worldwide Master in Finance
8 Worldwide
Financial Times
The Master in Finance has been consistently ranked in the top
5 positions worldwide by the Financial Times in the past years.
Financial Times 2017
Ranked 2nd in 2012, 3rd in 2013, 5th in 2014, 4th in 2015 and 3rd in 2016.
This low volatility indicates how solid our master is over time.
Blended Learning (online with face to face periods)

Financial Times
IE Business School holds the No. 1 position worldwide in the
2016 ranking of online MBA programs drawn up by the Financial
WORLDWIDE Times. IE Business School has retained the leading position in
FINANCIAL TIMES 2017 the world for the second consecutive year with its Global MBA
program, which was ranked the top program in the 2014 ranking.
This latest result serves to further consolidate IE’s position as
the best business school in blended teaching.
IE Business School is certified by the three most important accrediting bodies in the world,
guaranteeing high quality and academic rigor in all our programs.
AACSB International AMBA EQUIS

Association to Advance Association of MBA’s European Quality Improvement System
Collegiate Schools of Business
4. Career Management Center
One of the goals of the IE Career Management Center (CMC) is to help you enhance
your marketability by providing the most effective resources and advising students
to pursue individual career aspirations in a competitive global marketplace. A large
number of companies, executive search firms, and organizations come to IE Business
School year after year in their search for top professionals, attracted by the quality
and diversity of our students and graduates. The three main pillars of the Career
Management Center are the following:
Career Advising:
The Career Management Center counsels students on how to turn their career
ambitions into personal branding expressed in a unique CV, a consistent online presence, and
the right network, which will contribute to the accomplishment of these career pursuits. Students
are assigned to a Career Advisor from the start of the program.
Career Education:
Career Education designs the contents of the “Employability in Finance” syllabus,
bringing talent management experts and recruiting managers to IE to train students
on how to fur ther develop their careers and be successful in their selection
processes.
Recruiter Relations:
The Recruiter Relations area is divided by industries and works closely with recruiters to learn
about the skills and competencies they are seeking. It then puts forward the most suitable
student and alumni candidates based on their interests, experience, and education.
Learning how to manage your career 9
Events and Resources
On-campus or virtual information sessions The Annual Recruitment Fair (in October)
provide students with a clear idea of the is a valuable networking event that
values and the culture of the company gives you the opportunity to interact
and any available job opportunity. A dire c tly with re cruiters from top
presentation can be coupled with a companies. You can contrast and
networking cocktail to interact with the compare, discuss and collect information
participants on a one-to-one basis. all on the same day. While on-campus,
companies may choose to conduct
interviews or presentations to initiate
selection processes.
The IE Career Portal is a web-based platform CV Book: A compilation of resumes per

by which IE students and alumni can access master is prepared in the early stages of the
employment and internship opportunities, program and distributed to our recruiters.
as well as a wide array of career resources. The CV Book enables our recruiters to scan
and access profiles that are in line with the
credentials and experience they seek.
The IE Career Service is a helpful platform to start organizing your career in finance. The helpful and
experienced staff provides you with all the tools and help you need to apply to the Top-Tier Investment
Banks or whichever career path you desire. Additionally, they support you in approaching alumni and help you
to get in touch with potential employers through various company presentations.
Tobias Funke German,

Class of Master in Finance 2014
Investment Banking Analyst, IBD German Coverage, Morgan Stanley Frankfurt
5. Professional Opportunities
The Masters in Finance programs are aimed at people who are working in or who wish to work
in the following fields of finance, amongst others:
Corporate Finance Venture Capital

Equities Private Banking
Fixed Income Financial Consulting
Derivatives Private Equity
Asset Management Public Finance & Microfinance
Leveraged Finance Finance Departments of Large Corporations
Hedge Funds Independent Financial Advisory
Institutional Investments Strategic Consulting
Competitiveness amongst applicants for jobs in the aforementioned list of finance fields is
fierce for both entry level analyst positions for Master in Finance students and associate entry
positions for Master in Advanced Finance students.
Students with more experience from the Global Master in Finance use the program as a
platform to receive the necessary training in order to become Managing Directors in financial
institutions, to access a Chief Financial Officer level position, or to become an entrepreneur
through leveraged finance (e.g. acquiring an existing business).
The usual career advancement of students who graduate from the Business School’s Masters
in Finance programs is summarized below:
+ 10 years:
Top Management - Managing Director
GMIF
5-10 years:
Senior Management - Vice President/Director/Executive Director
GMIF
2-7 years:
Middle Management - Associate
MIAF
0-2 years:
Entry Level - Analyst
MIF
QUICK FACTS 11
A more detailed list of profesional opportunities:
Investment Banking Financial Boutiques

Deutsche Bank, Morgan Stanley, UBS, Rothschild, Lincoln, Jefferies, Perella
JP Morgan, Citigroup, Goldman Sachs, Weinberg Partners, Arcano, etc.
Jefferies, Nomura, BNP Paribas, Credit
Agricole, Société Générale, Credit Suisse,
Renaissance, Barclays, HSBC, Natixis,
BBVA, Santander, Bank of Tokyo, etc.
Asset Management Private Equity

Apollo Global Management, JP Morgan, Cinven, Permira, 3i, Neuberger Berman,
Julius Baer, Morningstar, etc. Bridgepoint, Alana Partners, DN Capital,
Aurelius, etc.
Corporations Hedge Funds

BP, Shell, GE, IBM, Microsoft, Marathon, Oaktree, Tellurian,
General Motors, etc. Mount Kellett, etc.
Rating Agencies Public Financial Institutions

Moody’s, Standard and Poor’s, etc. IFC, EIB, EBRD, Asian Bank of
Development, IDB, ICD, etc.
Private Banking Consulting Firms

UBS, Credit Suisse, Lombard Odier, McKinsey & Co., BCG, AT Kearny, E&Y,
Citigroup, etc. KPMG, PWC, Deloitte, etc.
13
6. Areas covered
STRONG FOCUS ON THE TOP SECTORS OF FINANCE
All the programs cover key financial areas that aim to replicate the same areas and
functions in capital markets and investment banking. These areas are:
Corporate Finance
Financial issues that have a direct impact on

organizations including leverage, dividend
policy, financing or equity valuation, as well as
the implications of mergers and acquisitions
for the investment banking industry.
Investments
The investment management process, from

both a buying and selling perspective, exploring
in depth the tools of portfolio management &
investment selection criteria. Private equity and
financial entrepreneurship will also be covered
as IE Business School has traditionally enjoyed
a reputation as a school for entrepreneurs. In
the context of the masters in finance, students
will see for themselves how private equity and
finance serve as excellent tools to become an
entrepreneur through acquiring an existing
business.
T h e s t r u c t u r e a n d / o r c o n t e n t m a y b e a l t e r e d d e p e n d i n g o n f a c u l t y, m a r k e t d y n a m i c s a n d c o m p a n y
demands. The courses for each area follow a logical progression, starting from the basics and building
up in terms of complexity and sophistication to the most advanced courses, which are taught during the
Third Period. For a complete description of courses, please visit each respective Master in Finance program
website and brochure section.
AREAS COVERED 15
Quantitative Finance
The foundations of risk control in the different

underlying asset classes using derivatives:
fixed income, equities, credits, commodities
and foreign exchange (FX).
General Finance
Financial accounting analysis skills which

any financier should master to excel in his
function. These courses will be biased towards
international accounting, creative accounting
detection and financial analysis. Other areas to
be mastered by students, which are basic tools
for a successful financier include negotiation
and presentation skills and building financial
models. This is what we call applied knowledge
for the financial manager.
Macroeconomics
Practical macro information that is key for

financial markets, including how macro data
should be read in order to have an informed
opinion of where to invest, and recent macro
developments that will shape the world in this
century, such as the rise of China or the impact
of geopolitics.
7. Some of our Faculty
Ana Munera: Head of Global Equity James Macmillan-Scott: 30 years of

Research in BBVA since Nov 2010. banking and capital markets experience
Previously, she was the Director of running investment banking, equity and
Fixed Income and Credit at BBVA and fund management platforms in the US
Senior Strategist at Credit Lyonnais. and Europe. From the 1970´s James
With 15 years’ experience. She has started at Merrill Lynch, London, moving
comprehensive experience not only in advising to New York as CEO of Swiss Bank Savory
institutional and corporate clients (at BBVA, CL, CA, Mill and returning to Merrill Lynch as Head, International
and BCH), but also in developing and implementing Equity Distribution, North America. Then Deutsche Bank
economic and f inancial risk management models as Head of Equity, Americas, Board Member of Deutsche
for corporates and f inancial institutions. She has a Bank Securities, DB’s American Investment Bank, DB’s Global
Master’s degree in Finance at the Centre for Monetary Equity Management board and CEO of DB’s NYSE listed $1bn
and Financial Studies (Bank of Spain Foundation) and a Mutual Funds. He moved to Paris as CEO of technology
M.Sc. from London School of Economics. bank Hambrecht and Quist-later sold to JPMorgan–when
he became CEO of FBR’s European investment bank. After
Ignacio Muñoz Alonso: CEO and September 11 FBR withdrew and James founded Augusta &
Partner of Addax Capital, LLP, a London Co, a mid-market structured finance merchant bank, resigning
based f inancial f irm specialized in as Senior Partner in 2007 to spend more time in Madrid.
M&A and fund management. Prior to Now a Partner at Solchaga Recio Corporate Finance and other
that, Ignacio was Head of Corporate partnerships and a visiting professor at the IE Business School.
& Investment Banking for the EMEA
region at BBVA. He joined BBVA from Raúl Portela: Managing Director at
Rothschild, where he was a Global Partner and CEO of Morgan Stanley Investment Banking
Rothschild in Spain for 7 years. Before that, he spent Division, where he currently heads the
7 years at Lehman Brothers, in London and Madrid, Financial Institutions practice for Iberia.
where he was a senior banker within the European Media Mr. Portela has 15 years of experience in
Team. He has 20 years of investment banking experience, investment banking, and has worked in
having worked mostly in M&A, Debt Financing and more than fifty successfully completed M&A and capital
Structure Finance. He also advised and raised capital markets transactions. Prior to Morgan Stanley, Professor
for a large number of global Corporates and Sovereign Portela worked in Deutsche Bank. He holds and MSc in
clients as well. Economics at ICADE. On the academic front, besides his
relationship with IE, Mr. Portela is also a professor of M&A
Jean-Marc Bonnefous is the in ICADE and a frequent speaker on courses related to the
founder and managing par tner of financial sector at IESE.
Tellurian Capital Management LLP,
an inves tm e nt manage m e nt f ir m Rafael Martins de Lima Ferreira
specialising in energy & commodity Managing Par tner of SAT Capital,
investment strategies. Prior to that where works in M&A, Capital and Debt
he was the Global Head of Commodity Derivatives transactions and Real Estate. In addition
at BNP Paribas until 2006, based in New York and to that, he frequently defends reports at
London. He built and managed the commodit y the International Courts of Arbitrage on
derivative trading business at BNP Paribas across a financial products, investments, valuations
wide range of commodity assets including oil, natural and renewable energy. Prior to that , he has been CEO of
gas, power, emissions, coal, metals and agricultural Hera W2R (Waste to Resource), a company dedicated to
commodities. Mr. Bonnefous has been involved in produce energy or other resources from waste as well as
commodity derivatives trading throughout his career and producing and trading of carbon emission rights. At the same
participated in the development of the OTC derivative time he is a Professor of Finance at IE. Previously, he was the
market in oil, natural gas and base metals from the early Managing Director of Grupo Santander, having worked in
1990’s. fields as corporate finance, capital markets, risk management
and consumer finance for America, North Africa, and
Europe divisions. Previously, he was Business Development
Manager of Amadeus Global Travel Distribution, Consultant
at McKinsey & Co and System Analyst of Procter & Gamble.
our FACULTY 17
José Ignacio Morales: Currently Ignacio de la Torre: Profesor de

the Corporate CFO of Sener Group. la Torre is the Academic Direc tor
With more than 15 years of experience of the Master in Finance Programs
in diverse fields of finance (auditing, at IE Business School and Par tner
corporate finance, equity research and of Arcano as co-head of the capital
real economy investments), Morales markets business. With seventeen
has been involved professionally in years experience in diverse f ields
the process of developing and analyzing investment of investment banking (corporate f inance, equit y
oppor tunities which requires complex modeling research, specialist sales of media stocks, generalist
exercises. He is a board member of companies in the sales of European equities sales at UBS and Deutsche
sectors of renewable energy, aerospace, industrial Bank), de la Torre has been involved as a Professor for
goods, engineering and construction. Dr. Morales holds IE for the last ten years, teaching creative accounting,
a Bachelor in Business Administration, an Executive macroeconomics, finance & valuation courses. Profesor
MBA and a Ph.D. in Economics (thesis on valuation and De la Torre holds an MBA (INSEAD) a Ph. D. in Medieval
financing of renewable energy investments). History (UNED), an MA in L aw (UNED) and a M. Sc.
in Economics (ICADE).
K e v i n S p e l l m a n: B e g a n h i s
i n v e s t m e n t c a r e e r i n 19 9 3 a n d A n to n i o R i ve l a: Cur r e n t l y IE
has taught at the universit y level Business School associate professor, he
since 2000. Spellman’s investment is also CEO and founder of NET VALUE
experience crosses all asset classes, FORENSIC SLP (www.netvalueforensic.
t ypes of analyses, and investment com), a firm that focuses on litigation/
philosophies. He has managed multi- arbitration disputes from a f inancial
billion dollar portfolios for public and private (mutual perspec tive. He has worked as an
fund) institutional firms, led a large analyst team as investment banker and financial consultant since 1996:
director of research, and performed research for Wall mostly on derivatives, fixed income, debt capital markets
Street brokerage firms. Spellman has taught at several and corporate finance.
respected universities and directed several investment
programs. He is currently the director of the Investment Rafael Gonzalo Peces: Launched
Management Certificate Program at the University of in 2003 the Spanish operations of LINK
Wisconsin-Milwaukee, and is a lecturer and director of the Financial where he is Managing Director
Investment Game at IE Business School. Spellman earned and Board Member. LINK is one of the
a PhD in behavioral finance from Durham University in leading funds in Europe investing in
the UK and a MS-Finance degree from the University of distressed consumer receivables. He
Wisconsin-Madison. He is a CFA charterholder. has extensive experience in strategic
and management consulting and in the financial sector,
Milo Jones: Dr. Jones is founder of advising senior management of major Spanish, Latin
Inveniam Strategy, a member of the American and European companies and private equity
private equity network “The Enterprise groups on strategic issues, focusing primarily on M&A,
100”, and a non-Executive Director at competitive dynamics, growth opportunities, and sales
firms in the US and Spain. Milo has and marketing strategies. He is a member of the advisory
worked as a consultant for Accenture board for Spain & Portugal at Wolters Kluwer, member
and Citibank Emerging Markets Group of the academic counsel at FIDE Foundation and advisor
in London, as a broker at Morgan Stanley Dean Witter and board member in different companies.
in New York (NASD licensed Series 7, 31, 63, 65 and Rule
144/Cashless Options Specialist), and served 4 years
as an officer in the US Marines. He is a Fellow of the
Salzburg Global Seminar, a member of the International
Association for Intelligence Education, and a member of
the Association of Former Intelligence Officers. He has a
BA from Northwestern University, an MBA from LBS, and
an MA and PhD from the University of Kent .
8. Additional Activities
I Financieros Sin Fronteras (FsF) “Financiers Without Borders”
This not-for-profit association, product The mission of the association is to conduct

of a collaboration between IE Business research and develop innovative and practical
School’s educators and students, promotes formulas of consultancy and funding to
activities aimed at integrating the most strengthen Microfinance Institutions (MFIs)
disadvantaged sections of society into the and promote areas of development that support
financial circuit. the eradication of poverty by encouraging
entrepreneurship.
FsF wants to help foster the uptake of micro-
productivity activities, supporting companies The Microfinance Consulting Project, one of the
that aim to create sustainable value for different final exam options, is a competitive
both the company and its environment project aimed at involving students in the
through corporate social responsibility process of social change by making them aware
programs. of the meeting points that exist between finance
and everyday life.
The work it demands is entirely practical, with

the main goal being to improve the financial and
operational performance of financial NGO´s in
Ghana and hence contribute to global financial
inclusion. Students will be asked to put into
practice the knowledge acquired in the different
courses of their master programs and to
transmit it in the form of a consultancy project
geared to a developing country.
The goal of the project is two-fold: to provide

students with hands-on (trip to Ghana included)
and innovative learning opportunities that give
them the chance to apply what they learned at IE
Business School and deliver recommendations
that improve the microfinance institutions´
financial performance and social contribution.
www.fsf-ngo.org/en
ADDITIONAL ACTIVITIES 19
In retrospect, I would recommend anyone

to take part in this project since I believe it’s
a once in a lifetime opportunity to not only apply the
knowledge acquired during the Master in Finance, but
also to experience something completely new.
Maximilian Czymoch, German

Dual Degree Master in Management
& Master in Finance 2013
Consultant at McKinsey Berlin
Having the opportunity to couple what we

learned in the classroom with the real thing
is priceless, and gave new depth to how I understood
Microfinance. This trip was a once in a lifetime
opportunity that taught me lessons that will stay with
me for life.
Sebastián Dueñas, Colombian

Master in Advanced Finance 2011
Director at UBS Wealth Management
II Other Social Impact Projects
Students, alumni, and others within the entrepreneurship, and women in business; the
IE Business School community have the mentor program, which provides a link between
possibility to engage in different activities prestigious professionals and IE students;
which relate to social impact management. internships and pro-bono consultancies
in NGOs; career suppor t; and the CR
This allows them to further strengthen their
Community at IE, which provides a platform
education with an action-oriented approach
for lifelong interaction and debate on social
through initiatives which include: the Net
impact issues.
Impact Chapter; clubs dedicated to diversity,
III Center of Islamic Finance: IE and King Abdulaziz University
The Center of Islamic Finance was established in

collaboration with Saudi Arabia’s King Abdulaziz
University (KAU) in order to design and develop
courses on Islamic economics and finance for MBA
and masters in finance programs. The center aims
to leverage the experience of KAU and IE and to
enhance Islamic financial awareness and knowledge
among Spanish and international businesses, state
authorities and other interested parties.
The Center’s objective is to become the leading

Islamic finance center in Europe. It has four main
pillars: Education - courses on Islamic finance;
Research - cases, thesis, papers; Executive
Training - contemporary Islamic finance and
regulatory issues; International Awareness - think
tank on Islamic finance and sustainable finance.
The center is “electronically oriented” in most of
its activities: online training, blogs, e-case studies
etc., with extensive use of IE’s and KAU’s online
education platforms.
IV IE Titans of Finance Conferences and Economic Updates
Held bimonthly, IE Titans of Finance measures of equity valuation are inappropriate;

Conf e re nces are give n by top - leve l current trends in investment management;
professionals from the finance industry on industrializing the f inancial advisor y
the most relevant issues in finance today. Two service through mutual fund portfolios;
examples of the high caliber of our speakers banking sector current trends; distress
are Mr. Robert E. Rubin, Co-Chairman of the Investing; value Investing; shareholder
Council on Foreign Relations and seventieth value etc.
Secretary of the US Treasury (1995 to 1999)
Additionally, Ignacio de la Torre, academic
and Mr. Adair Turner, former Chairman of the
director of the finance programs, gives monthly
United Kingdom’s Financial Services Authority
economic updates on the macroeconomic
and member of the UK’s Financial Policy
situation. A great example of the high caliber
Committee and House of Lords. They are held
research capabilities and the forecasting ability
at IE Business School’s Madrid Campus.
he has are his annual reports, “The Case for
Recent topics include: cross-border M&A Spain”, on Spain´s Macroeconomic situation
transactions; current trends in the wealth and forecast.
management industr y; why traditional
V Optional Field Trips to New York & London
One of the highlights of IE Business School’s In the past, students have had the opportunity
masters in finance programs are the optional to visit top companies in the financial industry
trips to New York and London. Two of the such as institutional investment management
most important financial centers in the world. firms (American Century), brokerage firms
In essence, students visit leading financial (Citigroup, Morgan Stanley and UBS), hedge
players and have the chance to meet top funds (Manikay Partners, SAC), professional
strategists, analysts, portfolio managers, and financial advisory firms (Roundtable Services)
other experts through seminars and talks. and f irms in other areas as corporate
Students learn through discussions on how governance, derivatives, or M&A. In NYC, you
to invest and about the financial industry. often visit Bloomberg HQ´s and take a tour of
Meetings with managers in their environment the New York Stock Exchange.
and experiencing these two financial hubs is
To p s t u d e n t s r e ce i ve sc h o l ar ship s
a great way to learn about the investment
that cover the main expenses of the
business.
trips, as these are not included in the
tuition fees.
VI CFA Preparation Course
A number of extra sessions, available as finance, fixed income, equity investments,

electives from February to May each year, and derivatives.
prepare students for the CFA June examination.
IE Business School’s masters in finance
Members of CFA explore key topics for
students have several scholarships available
the Level I examination, including ethical
each calendar year to enable them to take the
standards, quantitative methods, economics,
CFA Level I exam.
f inancial statement analysis, corporate
VII Trading Room
IE Trading Room is an investment lab equipped

with 28 Bloomberg terminals, Thomson Eikon,
Factset, Matlab and other resources, that has
one of the top collection of analytical tools of
any university investment lab in the world.
Collectively, this software may have an annual
dollar value of over $1,000,000.
At the IE Trading Lab you will have access
to resources ranging from financial, market,
business news, economic, security pricing,
brokerage research, por tfolio risk and
performance analytics, and various analytics
features to analyze securities including, but
not limited to, stocks, bonds, commodities,
options and futures, and currencies.
We currently offer the Bloomberg Assessment
Test in our business school to those students
interested in demonstrating their abilities with
this information platform, which is key for
any professional willing to work in financial
markets.
VIII Employability in Finance Sessions
This course is an essential part of the career counselling consultants, recruitment

full-time master programs. The objective is to professionals, HR managers, and headhunters
help students become aware of the importance from the finance sector. The Career Counsellor
of managing and leading their professional will also work with students in a customized
career with a proactive approach. This is a fashion per the student necessities with
wonderful opportunity for students to develop seminars, mock interviews, analysis of every
management skills and competencies required particular case and enhanced monitoring.
to improve their “employability” as well as Access to a high profile headhunter consultant
“market value”. The course is conducted is possible even after finishing the program, as
by the Career Management Center with the our student´s relations with IE is for a lifelong
collaboration of external partners such as period.
IX IE Business School Finance Research Center
The aim of the Research Center is to produce Among its activities, the center conducts
and disseminate high quality research new research across a wide array of financial
output in the area of financial economics. topics, promotes high profile seminars and
In line with IE Business School’s general workshops for academics, practitioners and
philosophy, the center has a multidisciplinary regulators, and contributes to the diffusion
approach, comprising full-time professors and of cutting-edge knowledge in financial
research fellows across different disciplines economics for the academic community
(strategy, control, economics and finance) and society as a whole.
and schools, with a common and broad
interest in financial economics research
topics.
X Appealing Final Exam Options
The final exam is not just another progress • Equity Research / Private Equity / Hedge
measurement tool; it is an important stage Fund (e.g. Microsoft’s acquisition of Skype):
in the drive towards personal development, This is a group option. You select a proposal
one of the most important aims of the for a company valuation (debt or equity,
program. You are required to synthesize and listed or non-listed) and with the aid of an
consolidate what you have learnt in order to assigned tutor working in equity, research/
prepare and present your recommendations. hedge fund/private equity you do your
Consider this exam as a way to evaluate the recommendations on that company.
personal benefits that this latest work project
• Academic Research Options: This is an
has brought you in terms of action-oriented
individual assignment. You will have to
synthesis, revision, and assimilation of what
choose from 3 alternatives and write a case
you have done through the year.
on finance, accounting or macroeconomics
• Academic Case (e.g. valuation and analysis based on a situation you deem interesting
of contingent convertible capital) to be suitable for a case. (e.g. Pricing Caps:
An Arbitrage-Free Model).
• CFA Institute Research Challenge
• Microfinance Project: Participate in the
“Finanieros Sin Fronteras” (FsF) Ghana
project and do a real case consulting
project for a MFI (Microfinance Institution)
in Ghana, which includes a trip to visit
the institution and its clients. Apply your
knowledge to a real life situation and have
a life changing experience.
XI Fintech
The financial industry is experiencing an He has developed his entire career in the
important moment of disruption. The frontiers fields of economics and finance, where he
between industries have been blurred thanks has held senior positions both in the public
to the use of technology. This has allowed new sector, as advisor to the Minister of Finance
entrants, both start-ups and big technology in Spain, and in the private sector. He also
players to enter into activities which used to has extensive experience in consulting, he
be reserved traditionally to banks. During this was Director of Strategic Consulting for the
course, we will analyze some of the changes Financial Sector at PwC in Spain, as well as in
that are happening in areas such as payments the financial industry. He also has extensive
(with new players like Paypal or Apple), wealth international experience, he worked for five
management (with the introduction of robo- years at the International Monetary Fund (IMF),
advisors) or peer-to-peer lending . We will also in Washington DC, where he held different
analyze how particular technologies, such as positions, such as advisor to the Managing
blockchain (which initially emerged linked to Director and in the Monetary and Financial
Bitcoin) or big data, are reshaping the industry. Markets Department.
Finally, we will pay special attention to two
More recently, he has been Managing Director
key aspects like regulation and security, which
of the PwC-IE Business School Financial Sector
are essential for any player operating in the
Center, where he has done an extensive work
financial sector.
of publishing and business development in
Luis Maldonado: holds a PhD in Economics Spain and Latin America in key strategic areas
Cum Laude from Alcalá University, he is for the financial sector. Some of the key topics
the State Economist for the Government of he has focused on are international regulation,
Spain, and he holds an MA in Law and an banking union, alternative financing, and
MA in Business Administration from ICADE FinTech. Currently, he works as a professor
University. He also has a postdegree in at IE Business School and a consultant. He
Business Administration from Georgetown is also the founding partner of DigitalTakers,
University and a Global Senior Management a consulting firm specialized in Big Data &
Program from the University of Chicago and Analytics.
IE Business School.
full
time Master in Finance
Intake: September A very diverse class with regard to nationalities
and academic backgrounds (Finance, Economics,
Duration: 11 months Management, BA, Engineering, Maths, Architecture,
Language: English Languages, History etc.) but with certain common
denominators. These include strong academic
Location: Madrid. Optional trips record, excellent quantitative skills but above all, a
to London, New York & real passion for finance and a clear goal, to focus
Ghana. their professional career in finance, be it investment
banking, asset management, capital markets, private
equity, consultancy, corporate finance, Islamic
finance or even microfinance to name a few.
International Age Range Av. Professional Full Time Gender

Students (Average) Experience (Range)
94 % 19-25 1 year Female 15%

(23) (0 to 18 months) Male 85%
IE’s Masters in Fi
full
time Master in Advanced Finance
Intake: April A class of strong professionals and academically
proven students (MBAs, candidates and charter
Duration: 14 months holders of CFA, CAIA, FRM, ACCA, etc.) with
Language: English different academic and professional backgrounds,
aiming to acquire up to the minute knowledge in
Location: Madrid. Optional trips the most innovative areas of finance and looking to
to London, New York & accelerate their career in the finance world, seeking
Ghana. new positions and higher level of responsibilities.

95 % 25-35 4,5 years Female 30%

(28) (2 to 10 years) Male 70%
IE’s Masters in finance programs 27
nance programs
part
time Global Master in Finance
Format: Blended. Combines face to face A class of strong professionals and executives
and online periods and academically proven students (MBAs,
candidates and charter holders of CFA,
Intake: October
CAIA, FRM, ACCA, etc.) unable or unwilling
Duration: 15 months to leave their current employment, aiming to
acquire up to the minute knowledge in the
Language: English
most innovative areas of finance and looking
Location: Madrid and Online. to accelerate their career in the finance world,
Optional trips to New York seeking new positions and higher level
and Ghana. of responsibilities.

93% 28-55 11 years Female 45%

(35) (6 to 18) Male 55%
Master in Finance
Format: Full time
Intake: September
Duration: 11 months
Language: English
Location: Madrid. Optional trips to London, New York & Ghana.

94 % 19-25 1 year Female 15%

(23) (0 to 18 months) Male 85%
Intended for:
The Master in Finance is designed for students with a strong academic record and advanced
quantitative skills who have recently completed their undergraduate studies, and young
professionals with up to a maximum of 18-months full-time professional experience who wish
to pursue careers as analysts in finance and related industries; investment banks (corporate
finance, equities, fixed income derivatives, etc.), financial boutiques, hedge funds, private equity,
private banking, asset management, consulting, finance department of a corporation, or as an
entrepreneur with a financial angle. Above all, our students have a passion for the world of finance
and a real desire to outperform in their professional career.
The Master in Finance program equips participants with up-to-the-minute knowledge in key
areas of finance such as leveraged buy-outs, credit derivatives, and mergers and acquisitions.
The program plays a pivotal role in increasing candidate appeal in the recruitment processes for
leading financial institutions. This program is 100% focused on finance in line with the demands
of the financial recruiting market arena.
In addition to finance courses we include workshops to develop soft skills such as presentation or
negotiation skills, fundamental to have a successful career in finance. Students of the Master in
Finance have an elective period, to specialize in the areas they later want to work in. Amongst the
electives they can choose to prepare level I of the CFA charter, the most renowned qualification for
finance professionals worldwide. IE is the first Spanish academic partner of both CFA Institute and
CAIA Association, and our Master in Finance students can be eligible for scholarships to undertake
those exams.
www.ie.edu/mif
This is a Degree from IE Universidad*, and taught in IE Business School.
*(More info in page 54)
Master in Finance 29
Full Time Programs

Master in Finance Faculty
Master in Finance
Henrik Lumholdt is the founding partner of Inside Economics, a top- down financial
consultancy. He was, until recently, the Chief Investment Strategist for Spain’s largest
asset management company, BBVA AM. Previous positions include Chief Economist
for Bank of America Spain, Head of Fixed Income Research at FG/ Merrill Lynch, and
Senior Economist at Nordea Bank. A member of the workgroup for international eco-
nomics of Spain’s think tank, El Real Instituto Elcano, he spends a considerable part
of his professional time focused on international economies and markets. Henrik has
Master in Advanced Finance

been an associate professor of finance and economics at the IE since 2001. He holds a
B.Sc. Econ. and a M.Sc. Econ. from the Copenhagen School of Economics.
William Richards: Professor Richards has been in the hedge fund industry both as
an investor and also as a broker since 1983 when he first met Julian H. Robertson Jr.
Professor Richards began investing in hedge funds in 1983 and over the past 30 years,
his family has invested in over 70 hedge funds. He recently joined the board of a major
hedge fund based in New York and Sydney, Australia. He has lectured on Hedge Funds
at Harvard, Yale, Princeton, University of Virginia, and many other universities in the
United States. His private dinners in New York with hedge fund CIOs have become
legendary and cover a broad range of subjects. Professor Richards came to Wall Street
in 1973 after serving as an Infantry Lieutenant in the Unites States Army in Vietnam in
1969 and 1970. He spoke Vietnamese and was an Advisor to the Vietnamese Military.
He recently retired from UBS Investment Bank where he was Managing Director and
Part Time program

Senior Hedge Fund Relationship Manager. His travels at UBS took him around the
world with hedge funds to China, Brazil, and all of Europe. He has a Bachelor of Arts
in History and minor in Economics from Denison University in 1967. He has been a
guest attendant at both the United States Army War College and the United States
Naval War College. He is considered an expert on long/short equity hedge funds and
knows the Tiger World as well as anyone. This will be the first time he has shared his
experience and connections in an academic course.
Simon Hirst: Specialist in developing bespoke financial models that are used by key
decision makers in some of the largest private equity firms and international corpo-
rations to evaluate multi-billion dollar transactions. Tri-Artisan Partners Europe LLP
Global Master in Finance
- Co-Managing Partner (2006-2013) investment banking advisory and merchant banking

boutique focused on the leading global private equity funds and selected sovereign weal-
th investors, with offices in London and New York. Services included: idea generation,
CEO operating executive input and active financial modelling/deal execution support.
Managing Partner/MD relationships at Apollo Management, Blackstone Group, KKR,
Oaktree Capital, TowerBrook Capital, H.I.G. and Oak Hill.
Master in Finance Structure
The Master in Finance program is divided into three periods. During the first two periods, all
subjects are mandatory. In the third period, students have mandatory subjects and will be able to
choose an electives module or individual electives from a list of 57 different courses, according to
their interests, future professional career path, the current market situation and their company
requirements.
September Sept - Dec
START MODULE FIRST PERIOD
• Pre-program Quantitative Methods • Corporate Finance

(online)
• Financial Accounting & Analysis
• Pre-program Financial Accounting
• Financial Maths Programming
(online)
• Quantitative Finance I
• Trading Room Essentials
• Foundations of Financial Theory
• Excel Basics
• Financial Statement Analysis
• Financial Maths
• Introduction to Capital Markets
• Case Method
• Fixed Income Fundamentals
• Online Tools Workshop
• Portfolio Management Competition
• Introduction to Markets’ Updates
• Presentation Skills
• Ethic Workshop
• Historical Episodes in the Financial Markets
• Negotiation
• Employability in Finance
• International Experiences: Ghana,London & New York
• Economic Updates and IE Titans of Finance Conferences
The structure and/or content and subjects may be altered depending on faculty, market dynamics and company demands.
Master in Finance 31
Full Time Programs

Master in Finance
Jan - April May - Jun
SECOND PERIOD THIRD PERIOD

• Strategic Macro Economics for Investors • ELECTIVES
• Advanced Corporate Finance
• Financial Modelling
• Derivatives & Risk Management
• Quantitative Finance II
FINAL EXAM
• Valuation
• Asset Allocation
• Foundations of Banking
• Risk Governance
Part Time program

• Advanced Topics in the World Economy
• Institutions of International Financial Stability
• Financial Inclusion
• Regulation in Financial Markets
• Ethical Dilemmas in Finance
• International Experiences: Ghana, London & New York
To view a complete list of available electives please go to page 44

Dual Degree MIM + MIF
Master in Management + Master in Finance
The global financial system is providing us with more challenges than ever before. As
a response, the financial sector is increasingly looking for individuals who not only have a
deep understanding of financial markets, new financial products, risk control and the new
financial structures emerging from the credit crisis, but also a competent knowledge in business
management.
However, young professionals with this kind Our Master in Management covers all the core
of expertise are still hard to find. In response fields of business such as entrepreneurship,
to this, IE has launched its Dual Degree strategy and accounting, whereas our Master
Master in Management + Master in Finance. in Finance looks at cutting edge fields such as
corporate social investment, securitization,
This Dual Degree will combine IE’s leveraged buyouts, behavioral f inance
prestigious Master in Management program and Islamic finance. All this is led by our
with the sophisticated and deep financial dedicated faculty, 93% of whom are leading
education provided by the Master in practitioners.
Finance.
Dual degrre MIM+mif 33
Full Time Programs

Dual Degree at-a-glance
Format: Full-time
Age range: 21-25
Average professional experience: 1 year
Language: English or Bilingual (English-Spanish)
Intake: February
Master in Finance
Length: 17 months
Classes: 9 am-3 pm, Monday through Friday
Why the Dual Degree?

The following are just some of the advantages of this unique dual degree:
A unique combination of a top general The Master in Management, an innovative

management program and advanced and international business program for
knowledge in the field of finance centered high performing individuals, help students
on a syllabus designed by professionals from develop an entrepreneurial mindset and a
capital markets and designed to meet the strong foundation of management skills to
needs of financial recruiters. succeed in today’s business environment.
As working across international borders
Opportunity to obtain both degrees in less than increases, so does the demand for capable
Part Time program

1.5 years, ideal for young entrepreneurs leaders with an international perspective.
or professionals who seek analyst level
positions in different areas of finance, The Master in Finance can serve as a platform
including corporate f inance, f inancial for students seeking the CFA designation,
consulting, venture capital and private the most prestigious qualif ication for
e q ui t y, asse t m anag e m e n t , p ub li c finance professionals worldwide. During
finance, and the finance departments of this program, students will have optional
large corporations. CFA level I preparation classes.
Dual Degree MIM + MIF
Program Structure
Dual Degree students will graduate in 17 months and start the Master in Management from
February to July and then, in their 3rd period (September - December), they will join the complete
Master in Finance program from September to June of the following year.
MASTER IN MANAGEMENT
Feb-May May-Jul
Period I Period II
Business Fundamentals Core Management
Dual degrre MIM+mif 35
Full Time Programs

Master in Finance
MASTER IN FINANCE
Sep-Dec Jan-April April-Jun
Period I Period II Period III

Introduction to Applied Finance Electives
Finance
Part Time program

Format: Full-time
Intake: April
Duration: 14 months
Lenguage: English
Location: Madrid. Optional trips to London, New York & Ghana.

95 % 25-37 5,5 years Female 30%

(29) (2-15 years) Male 70%
Intended for:
This program is designed for professionals with more than 2 years of relevant work experience
in the finance sector or related fields who wish to accelerate or focus their career on the financial
world and seek top positions in the finance industry at the associate level.
The main purpose of the Master in Advanced Finance program is to equip participants with an
education that will play a pivotal role in increasing candidate appeal in recruitment processes
for Tier I financial institutions like investment banks, hedge funds, private banking, sovereign
wealth funds, consulting firms and private equity firms.
The program affords up-to-the-minute knowledge in the most innovative areas of finance such
as securitization, swaps, commodities, equity derivatives, leveraged buy-outs, geopolitics,
behavioral finance, value at risk, and Islamic finance.
www.ie.edu/miaf

Master in Advanced Finance 37
Full Time Programs

Master In Advanced Finance Faculty
Juan Antonio Bertrán: Founding partner and CEO of Cartesio Inversiones, an

asset management company. He was previously Managing Director at Morgan
Stanley and Director and Board Member at AB Asesores. He has twenty years
of experience in financial markets specializing in equities and research. Bertrán

started his professional career at the Spanish Ministry of Economy -as Técnico
Comercial y Economista Del Estado- where he was Deputy Director for Economic
and Budgetary Planning and The European Regional Fund.
Sandrine Naslin has 20 years of experience in international capital markets, first
as a top ranked equity research analyst across various European sectors, later as
CEO and head of equities of UBS investment bank in Madrid. Having worked in
London, Paris and Madrid, dealing with institutional clients and companies across
the globe has been the most enriching side of her professional experience. “What
I find particularly attractive about collaborating with IE business school is that
its international programs provide me with the opportunity to share experiences
with students from a wide range of cultures and sectors”.
John Siska advises on wealth management, investment policy, risk governance,
and process design. He has a broad international experience with leading global
Part Time program

financial institutions. On the institutional sell side, Mr. Siska has been Head of
Equities at Instinet in London and Managing Director of ABN AMRO Equities in
Madrid. On the buy side, Mr. Siska has been Chief Investment Officer - Equities in
Santander Asset Management, where he created and ran asset management units
in Luxembourg and Dublin, and earned the “Award to the Financial Innovation”.
He also runs the consulting business of Santander Noble Lowndes in Spain. As
a commercial and investment banker, he has worked in Madrid, Mexico, and
Chicago with Continental Bank and First Chicago. As a NED, he chairs the audit
committee of the BlackRock Absolute Return Strategies Fund, a hedge fund of
funds listed in the London Stock Exchange. Mr. Siska has formerly been Trustee
of the Reuters Pension Fund, member of KPMG´s Investment Management

Advisory Board in Spain, member of the Board of Directors of the International
Society of Financial Analysts, founding member of the Global Council of the
CFA Institute and Founding President of the CFA Institute in Spain. Mr. Siska is
a CFA and holds a MSc from Northern Illinois University and a BA degree from
ICADE in Madrid. Mr. Siska is coauthor of “Investment Securities Program Guide”
published by McGraw Hill in the USA.
Master in Advanced Finance Structure
The program is made up of three periods, the first of which ensures a solid foundation of finance knowledge.
The second period offers mandatory subjects plus a module of electives, which allows students to develop their
career strategy in their area of interest. These elective modules enables the school to offer up-to-the-minute
finance topics and adapt to the requirements of students, markets, and companies.
The electives offered are shared with the Master in Finance students, opportunity to enhance networking
opportunities. Within the electives, you can have prep classes for the CFA level I exam. IE is the first Spanish
academic partner of both CFA Institute and CAIA Association, and our Master in Advance Finance students
can be eligible for scholarships to undertake their exams.
The third period is composed of mandatory subjects and grants students with enough time to prepare for the
final exam. The final exam options are varied so each student can adapt it to their area of expertise and interest.
April May - July
START MODULE Introduction to Finance
• Pre-program Quantitative Methods • Financial Maths Programming
• Pre-program Financial Accounting • Financial Accounting & Analysis
• Trading Room Essentials • Corporate Finance
• Financial Maths • Quantitative Finance I
• Case Method • Strategic Macroeconomic for Investors
• Excel Basics • Foundations of Financial Theory
• Introduction to Economic Updates • Introduction to Capital Markets
• Online Tools Workshop • Fixed Income Fundamentals
• Ethic Workshop

The structure and/or content and subjects may be altered depending on faculty, market dynamics and company demands.
MASTER IN ADVANCED FINANCE STRUCTURE 39
Full Time Programs

October - December January - April May - June
SPECIALITY FINANCE Applied Finance ELECTIVES

• Advanced Corporate Finance • Quantitative Finance II To view a
• Asset Allocation complete list
• Derivatives & Risk
• Foundations of Banking of available
Management
• Risk Governance electives
• Financial Statement Analysis • Advanced Topics in World
please go to
Economy page 44
FINAL EXAM
• Negotiation
• Valuation
• Institutions of International
• Portfolio Management Financial Stability
Competition • Historical Episodes
in the Financial Markets
• Presentation Skills
Part Time program

• Financial Inclusion
in Financial Markets
• Foreign Exchage
• Regulation in Financial Markets
• Ethical Dilemmas in Finance
• Preparation Final Exam

Dual Degree IMBA + MIAF
International MBA + Master In Advanced Finance
There are two things that Walter Bettinger, C. Robert Henrikson, Frederick H. Waddell, and
James E. Rohr have in common - they are some of the highest paid CEOs in Finance and they
hold an MBA. The same applies to Peter Oppenheimer, Keith Sherin, John F. Lundgren and Paul
C. Saville - they are some of the highest paid CFOs in the world and they as well hold an MBA.
Although these professionals have not done a dual degree, something can be said about the tie
between general management and finance.
Based on the dynamic changes that the world In less than two years, by completing the
has seen in recent years, financial markets IMBA + MIAF Dual Degree you are proactively
are demonstrating the need for exceptional positioning yourself to satisfy this need
professionals who not only have either the through combining the highly demanded art
best experience or education regarding new of general management with one of the best
financial products, risk control and new finance educations worldwide. You will not
financial architectures, but also a competitive only be able to better identify with your clients,
understanding of general management; in but also with your company and your function
short: the need to take effective and accurate within this interconnected environment.
financial decisions from a big-picture business
IE’s IMBA + MIAF Dual Degree offers you a
perspective.
competitive differentiation and the opportunity
to become the most active contributor in your
chosen profession.
Dual Degree IMBA + MIAF 41
Full Time Programs

Dual Degree at-a-glance
Format: Full-time
Average age: 33 years
Average professional experience: 7-8 years
Language: English or Bilingual* (English-Spanish)
Intake: September
Length: 22 months
Classes: 9 am-3 pm, Monday through Friday
*A bilingual option is only possible by completing the Core of the IMBA program in Spanish.
Why the Dual Degree?

The following are just some of the advantages Graduating from a Dual Degree can offer
of this unique dual degree: IE offers you you a competitive differentiation and the
the flexibility to customize your education opportunity to display a sharp focus and an
based on your specific interests and career airtight commitment to two fields of study, as
aspirations through a Dual Degree program. well as a clear understanding of your career
With top postgraduate programs across goals and the desire to be one of the leading
several disciplines, Dual Degrees at IE go contributors in your chosen industry and
beyond and prepare you to become a leader function.
who can bring about needed change from
big-picture-perspectives in order to be the
most effective contributor in your chosen
profession.
Part Time program

With a Dual Degree, you are proactively
positioning yourself to stand on the threshold
of two worlds, demonstrating a capacity for
multiple lines of thinking, problem-solving,
and framing that will help you to have a
measurable impact on your ability to make a
contribution in your future profession.
Dual Degree IMBA + MIAF
Program Structure
Through combining the highly demanded training in the art of general management, the diverse network
and international recognition provided by the International MBA program with the sophisticated, up-
to-the-minute financial knowledge and faculty of 93% leading practitioners provided by the Master
in Advanced Finance, the first CFA and CAIA Program Partner in Spain, this dual degree experience
will provide you with the best education in general management. You will also develop a profound
understanding of financial markets, new financial products, risk control, corporate social investment,
securitization, leveraged buyouts, geopolitics, and behavioral finance amongst many other topics.
Students receive both degrees in only 21 months and start the core of their International MBA program
before completing the dual degree with the complete Master in Advanced Finance; both programs
take place in IE´s campus in Madrid, so students can move seamlessly between one and the other
for a more cohesive experience.
International MBA
September - February February - March
Core period LAB Period

LAUNCH
Dual Degree IMBA + MIAF Program Structure 43
Full Time Programs

April - July October - December January - April May - June
Period I Period II Period III Period IV

Introduction to Speciality Applied Electives
Finance Finance Finance FINAL EXAM
Part Time program

Electives Courses: Master in Finance
and Master In Advanced Finance
Our finance full-time students can benefit from one of the biggest pools of finance
electives offered worldwide. This is an essential part of the learning process and
their successful placement, as it allows them to specialize in niche areas of finance,
making them experts and updating them in the latest industry trends and therefore
preparing them efficiently to succeed in their job interviews.
Our students can select individual electives from the 3 blocks or select a specific
number from one of them to achieve a diploma in finance with a specialty on either
Investments or Corporate Finance and Private Equity.
Furthermore, this elective period, which takes place in the spring term brings
together MIF and MIAF students, enhancing their networking opportunities.
The 57 electives offered are divided into the three blocks shown below*:
INVESTMENTS
• Algorithmic Trading • Foreign Exchange

• Analysis & Selections of Funds • Futures Trading
• Arbitrage Strategies • Geopolitics & Investing
• Asset Management Industry • Hedge Funds
• Behavioural Finance • High Yield and Leveraged Finance
• Commodities • Investing in China
• Equity Derivatives & Volatility • Investing in Emerging Markets
• Equity Hedge Funds • Private Banking & Managing of Private
Wealth
• Equity Research
• Equity Strategy • Rating Agencies
• Fixed Income Derivatives • Real Estate Investment
• Technical Analysis
*The list, structure and/or content and subjects may be altered depending on faculty, market dynamics and company demands.
Elective course for MIF and MIAF 45
Full Time Programs

CORPORATE FINANCE & PRIVATE EQUITY
• Advanced Modelling • Inteligence Tool for The Finance

Professional
• Asset Pricing, M&A and Typical
Mistakes • Investment Banking Due Dilligence
• Corporate Equity Derivatives • M&A Negotation

• Creating Value Through Corporate • Private Equity
Change
• Private Equity & Corporate Analytics
• Debt Capital Markets • Project Finance
• Debt Restructuring • Real Options
• Equity Capital Markets • Strategy and Finance
• Financing Entrepreneurial New • Technical Analysis
Ventures
• Financing Instruments for Corporates • Turnaround Strategies
• Holistic Finance • Venture Capital
Part Time program

OTHERS
• Cash Management • Management Control

• Central Banks & Monetary Policy • Microfinance in Ghana
• CFA Level I Exam Preparation • New Trends in Financial Regulation
• Creative Accounting & Advanced • Non Conventional Monetary Policies
Valuation
• Shadow Banking
• Crowdfunding • Visual Basic Financial Modeling
• Islamic Finance • War & Finance
• Knowledge Incubator • Alpha Generation
Format: Blended. Combines face-to-face and online periods

Intake: October
Duration: 15 months
Lenguage: English
Location: Madrid and Online. Optional trips to New York and Ghana.

93% 27-55 11 years Female 45%

(35) (6 to 18) Male 55%
Intended for:
The Global Master in Finance is part of a completely new generation of blended training,
emerging as the most advanced concept in modern business education. It is the newest addition
to IE´s portfolio of finance programs. IE has been ranked No. 1 in the world in Online MBA
programs 2016 by FT. This achievement further consolidates the second position worldwide
attained by IE in the QS Distance Online MBA Ranking 2016.
It is a fifteen-month program that combines face-to-face and online interactive distance learning
periods. Learning via the IE virtual campus (with asynchronous online sessions and live interactive
videos) and three residential periods, in Madrid, (two weeks at the start of the program, one at
the start of the second period and one final week, which ends with the graduation ceremony.)
Residential periods are used for face-to-face learning and development as well as to provide
the opportunity to network with classmates, companies, and professors.
The program´s innovative blended format allows continued learning and connection between
classmates for the duration of the program. Participants are able to follow the program regardles
of their geographic location, travel schedules, and work commitments.
Our courses are taught by an exceptional faculty, who have a combination of exceptional
professional careers in finance with strong academic profiles, to enable a practical and updated
program.
www.ie.edu/gmif
PART TIME PROGRAMS 47
Global Master In Finace Faculty

Juan PÉrez-Campanero is an economist with graduate degrees in Economics from
Universidad Complutense de Madrid and The University of Chicago. For the last
14 years, he has worked at Santander, where he is currently the Managing Director
at Santander Global Banking & Markets Division, acting as chief economist for
developed markets. He has taught at several universities and business schools and
has been a financial instructor for the Bank of Spain internal training program. He
has worked as an economist and consultant for multilateral agencies (The World
Bank, IMF) and acted as director of the research foundation FEDEA. He sits on the
advisory board of the main Spanish financial newspaper and has served in different
capacities at several financial institutions (in economic research at J.P. Morgan, as
head of financial markets for Caixa Galicia, a Spanish S&L).
Richard Horward: Associate Professor at IE and President of Edgewater Advisors

Ltd., a corporate finance and M&A advisory firm based in Canada. Mr. Howard has
over 25 years of experience in corporate finance, banking, wealth management and
brokerage, and has worked in Canada, the U.S. and throughout Latin America. Mr.
Howard holds a bachelor’s degree and a master’s degree in Economics and has an
MBA in Finance. He is a graduate of Wharton’s Advanced Management Program
at the University of Pennsylvania.
Part Time program

Eloy García: As former Treasurer of the Inter-American Development Bank (IADB),
with a long track record in practicing and teaching economics and finance for
several graduate programs in Washington, D.C., Eloy García is in a unique position
to draw on a long and rich experience to teach financial and treasury management
of financial institutions. In his courses, he emphasizes on the practical application
of financial principles in the context of a globalized framework where contemporary
financial executives must operate. The modern CFO, treasurer or finance manager
is expected to make decisions in a fluid and volatile environment that calls for the
utilization of tools that allow for the hedging of foreign exchange, interest, and
market risks, among others. Furthermore, the financial management function of
any public corporation has become one that requires constant vigilance to avoid
conflicts of interest and to provide the greatest transparency in the completing and
reporting of transactions to the outside world. He makes a point of communicating
this very clearly to his students.
Global Master in Finance Structure
PRE-PROGRAM OCT MODULE I
Interactive Distance Learning

• Pre-program Financial • Economics for Markets
Accounting • Introduction to Capital Markets
• Pre-program • Financial Accounting
Madrid (2 weeks)
Quantitative Methods • Quantitative Finance Essentials

• Case Method • Corporate Finance
• Ethic Workshop • Derivatives & Fixed Income Fundamentals

• Team Work
• Advanced Topics in World Economy
• Online Tools Workshop
• Commodities
• Behavioural Finance
• Optional trips to New York and Ghana Microfinance Project

Global Master in Finance Structure 49
JUN MODULE II DEC
Interactive Distance Learning
• Valuation & Equity Research

• Foundations of Banking
Madrid (1 week)
• Advanced Corporate Finance
Madrid (1 week)
• Foreign Echange
• Risk Governance
• Mergers & Acquisitions
Part Time program

• Asset Allocation
• Etrepreneurship through
Acquisitions & Private Equity
• Optional trips to New York and Ghana Microfinance Project


The Blended Format
The program was designed through the awarded IE Blended Methodology that combines
face-to-face periods with online interactive distance learning periods. This innovative way
of stimulating debates, teamwork, and learning among students and professors was also
recognized as the best in the world by The Economist (2010) for business programs. Face-
to-face periods occur just like any other full-time IE program, and take place in classrooms,
meeting rooms and similar learning facilities. The online interactive distance learning periods
take place when students get back to their countries and regular activities, after students and
professors have met in person.
Interactive Distance Learning Virtual Campus

Methodology
The methodology is eminently practical and IE’s virtual campus is the principal tool
based on teamwork and the case method, used by students and professors, and is the
key concepts on both IE’s blended and full- basic web platform which supports all of the
time programs. Topics are analyzed through program’s online activities. Every student has
participants’ discussion of real business cases their own personal access codes to allow them
and simulations under the guidance of the to use the campus whenever they wish.
professor, who leads and focuses the debate.
Once logged in, students have access to
This methodology helps identify the main forums focused on the subjects they are
problems companies have to deal with, and currently studying. In addition to this,
develops participants’ decision-making skills. students can make use of private forums
The interactive distance learning dynamic is for group work, and the virtual café, a space
based on combining live videoconference where all class members can discuss any
sessions and asynchronous discussion topics of interest.
forums. This combination ensures the
It is possible to participate in forum-based
same quality and excellence shared by all IE
activities and videoconferences covering
Business School master programs.
every subject area. Each week, students
participate in a videoconference on Saturday
and two forums from Monday to Thursday.
GLOBAL MASTER IN FINANCE Format 51
Live Videoconferences Forum-Based Debates
Two live videoconferences take place every Between Monday and Thursday, students
Saturday, one at 13.30 and the next at 15:30 participate in sessions which take place on
(Madrid time), each with a duration of 90 the discussion forums. Participants connect
minutes and attendance is mandatory. These to the Virtual Campus in order to access the
sessions allow students and professors to forums, which are active 24 hours a day.
have live interaction via video and audio This allows students to make their written
connections (using webcams provided by contributions at whatever hour best fits their
Part Time program

IE). This format allows class members to schedule. The number of interventions per
maintain weekly face-to-face contact with student is limited to 5 short contributions per
professors and fellow participants. Sessions student in order to encourage a fluid debate.
consist of a mixture of case discussions, This style of debate, where every comment
group presentations, and lectures. is recorded, leads to a highly reflective and
analytical debate.
How does it work?
Preparing forum Preparing videoconference
SATURDAY SUNDAY MONDAY TUESDAY WEDNESDAY
Videoconferences Forum Starts at

Midday
SUNDAY
Professors
publish an
Professors publish an announcement
announcement with annoucing that
the instructions for the the forum has started,
next Forum and giving
instructions for the next
Videoconference
Videoconference Current Forum

GLOBAL MASTER IN FINANCE Format 53
Preparing
videoconference
Preparing forum
THURSDAY FRIDAY SATURDAY SUNDAY MONDAY
Students send
their
Forum ends Forum Starts
presentations Videoconferences
at 6:00 PM at midday
before
6:00 PM
SUNDAY
Professors publish
an announcement
Professors publish an
annoucing that the
announcement with
Conclusions forum has started,
the instructions
of the forum and giving
for the
instructions for
next forum
the next
videoconference
Videoconference Next Forum

Admissions Process
The objective of the admissions process is to select students with the greatest potential who
can make a significant contribution to the learning experience. We seek candidates who are
dynamic, motivated, and creative, who not only have an excellent academic background,
but also offer the interpersonal skills that will enable them to obtain maximum benefit from
the program.
We help you fund your program

In order to find solutions that help candidates who need to cover program costs, the IE Foundation
provides financial aid thanks to contributions from alumni, corporations, and anonymous donors.
For further information about the admissions process or financial aid, please refer to the website www.
ie.edu/masters-finance or send us an e-mail to MIF.admissions@ie.edu
Requirements
Application University degree GMAT score English Language

fee or equivalent (minimum 650pts), certificate2
CAIA, or CFA1
The admission process
1. SUBMIT THE APPLICATION FORM

Necessary documentation: 2. PERSONAL
• 1 page CV INTERVIEW
• 1 photo
• copy of your passport
• 2 letters of recommendation
• 3 essays that should be between 400-600 words in length 3. FINAL DECISION
• Bachelor degree transcripts
COMMUNICATION
• Bachelor degree diploma
We employ a rolling admissions process. However, given the competitive nature and the limited
number of spots in these programs, we advise that you begin the admissions process several months
before the program begins. Admission is valid for two intakes: the initial intake of the application
and the following.
* IE Universidad is a University officially recognized by the Spanish education authorities, allowed to grant official Bachelor and Master’s
degrees. IE Universidad is legally authorized to grant University Degrees, which differ from the official ones in that they are created
and provided by exercising the University’s autonomy conferred by the Spanish regulations. These University Degrees are specifically
directed towards the professional application of such studies and the constant update of higher education, preserving the educational
standards of excellence of IE.
IE Business School is accredited by the following international accreditation bodies: AACSB, AMBA, EQUIS.
1 Compulsory for finance full-time students. Applicants to the GMIF program who have extensive working experience in the finance and
banking sector may apply for an entrance exam waiver.
CFA level I is required for GMIF, CFA level II is required for MIAF.
2 We accept TOEFL, IELTS, Cambridge Advanced, Cambridge Proficiency, and PTE Academic. Those students who studied the bachelor degree
in English or have worked for a minimum of 2 years in an English-speaking country will be considered for an exemption of the English test.
IE Business School Tel.: +34 91 568 96 10 Web: www.ie.edu/masters-finance

Finance Admissions Team MIF.admissions@ie.edu Blog: news.finance-masters.ie.edu
IE’s Global Presence www.ie.edu/offices
Europe latin AMERICA ASIA-PACIFIC

europe@ie.edu latam@ie.edu asia-pacific@ie.edu
France - Paris Argentina & Uruguay - Australia & New Zealand -
france@ie.edu Buenos Aires Sydney
argentina@ie.edu australia@ie.edu
Germany, Switzerland
uruguay@ie.edu
& Austria - Munich China - Shanghai
dach@ie.edu Brazil - Sao Paulo china@ie.edu
brasil@ie.edu
Italy, Croatia & Slovenia - India & South Asia -
Milan Chile - Santiago de Chile Mumbai
italia@ie.edu chile@ie.edu india@ie.edu
Portugal - Lisbon Colombia - Bogota Japan - Tokyo
portugal@ie.edu colombia@ie.edu japan@ie.edu
centroamerica@ie.edu
Eastern Europe Singapore & Southeast Asia
& Central Asia - Moscow Ecuador - Quito - Singapore
eeca@ie.edu ecuador@ie.edu singapore@ie.edu
southeastasia@ie.edu
Spain - Madrid & Segovia Mexico City - Mexico
iespain@ie.edu mexico@ie.edu South Korea - Seoul
korea@ie.edu
Turkey - Istanbul Peru, Bolivia & Paraguay -
turkey@ie.edu Lima MIDDLE EAST/AFRICA
peru@ie.edu mea@ie.edu
UK & Ireland - London
bolivia@ie.edu
uk@ie.edu Saudi Arabia - Riyadh
paraguay@ie.edu
saudi@ie.edu
north america Venezuela - Caracas
northamerica@ie.edu venezuela@ie.edu UAE, Qatar, Bahrain, Kuwait
& Oman - Dubai
West & Midwest USA -
uae@ie.edu
Los Angeles
westcoast@ie.edu West Africa - Lagos
nigeria@ie.edu
South USA & Caribbean -
Miami Southern Africa -
southusa@ie.edu Johannesburg
southernafrica@ie.edu
Northeast USA - New York
northeast@ie.edu
Canada - Toronto
canada@ie.edu
Admissions Department OTHER WAYS

mif.admissions@ie.edu TO GET IN TOUCH:
María de Molina, 11 • Madrid, Spain • T: + 34 915 689 610
August 2017
Please Note: The information contained in this brochure is subject to change. IE reserves the right to modify program content, regulations
and policies when deemed appropriate and in the best interest of the IE community. Please contact the program management team should
you have any queries.

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BOOS T

Are you considering a career in capital markets or investment banking?

Now is the best The Master in Advanced Finance is a fourteen

A highly appealing syllabus designed by Access to employment in capital markets

Strong 5,000 alumni network from IE Innovative learning processes using

An eminently practical approach; students

IE, first Academic CFA Program Partner in Spain

IE, first Academic CAIA Program Partner in Spain

8th worldwide Master in Finance

Blended Learning (online with face to face periods)

AACSB International AMBA EQUIS

Events and Resources

The IE Career Portal is a web-based platform CV Book: A compilation of resumes per

Tobias Funke German,

Corporate Finance Venture Capital

Investment Banking Financial Boutiques

Asset Management Private Equity

Corporations Hedge Funds

Rating Agencies Public Financial Institutions

Private Banking Consulting Firms

STRONG FOCUS ON THE TOP SECTORS OF FINANCE

Financial issues that have a direct impact on

The investment management process, from

The foundations of risk control in the different

Financial accounting analysis skills which

Practical macro information that is key for

Ana Munera: Head of Global Equity James Macmillan-Scott: 30 years of

José Ignacio Morales: Currently Ignacio de la Torre: Profesor de

I Financieros Sin Fronteras (FsF) “Financiers Without Borders”

This not-for-profit association, product The mission of the association is to conduct

The work it demands is entirely practical, with

The goal of the project is two-fold: to provide

In retrospect, I would recommend anyone

Maximilian Czymoch, German

Having the opportunity to couple what we

Sebastián Dueñas, Colombian

III Center of Islamic Finance: IE and King Abdulaziz University

The Center of Islamic Finance was established in

The Center’s objective is to become the leading

IV IE Titans of Finance Conferences and Economic Updates

Held bimonthly, IE Titans of Finance measures of equity valuation are inappropriate;

VI CFA Preparation Course

A number of extra sessions, available as finance, fixed income, equity investments,

VII Trading Room

IE Trading Room is an investment lab equipped

VIII Employability in Finance Sessions

This course is an essential part of the career counselling consultants, recruitment

X Appealing Final Exam Options

International Age Range Av. Professional Full Time Gender

94 % 19-25 1 year Female 15%

International Age Range Av. Professional Full Time Gender

95 % 25-35 4,5 years Female 30%

International Age Range Av. Professional Full Time Gender

93% 28-55 11 years Female 45%

Format: Full time

Location: Madrid. Optional trips to London, New York & Ghana.

International Age Range Av. Professional Full Time Gender

94 % 19-25 1 year Female 15%

Full Time Programs