Executive Program – Corporate Finance

DIRECTOR:
Prof. Jorge Morán
PROGRAM:
Executive
FORMAT:
Part-time
LANGUAGE:
Spanish
CREDITS:
30
EXPERIENCE:
> 3 years
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The Executive Program in Corporate Finance is a program aimed at active professionals (with at least three years’ professional experience) wishing to reinforce and strengthen their professional development by improving their knowledge and professional skills in the corporate finance area. The program is designed so that participants specialise in the dynamics of how corporate finance works (valuation of companies, management control and reporting, analysis of risk in financial operations, corporate & project finance, mergers and acquisitions, internal and external auditing, finance and foreign trade, etc.). The teaching sessions will be held together with the participants on the finance programs (full-time version).

The Executive Program in Corporate Finance has the following objectives:

  • Participants will develop their skills in analysis, risk evaluation, generation of value and making financial decisions using the criteria of efficiency and profitability, as demanded by today’s competitive environment.
  • The program also addresses the development of management skills such as leadership, communication, team work, motivation, etc.; necessary for the professional execution of their duties.
  • It will also familiarise the participants with corporate finance decision-making processes through the analysis of a multitude of business cases and scenarios.
  • The program also integrates the values and ethical principles, good corporate practices that are socially committed to the demands of the stakeholders and society in general to form an essential element of the participants’ professional performance.
  • Participants will also develop their capacity for analysis, entrepreneurship and the improvement of their companies through the performance of the project of the end of program project.

Technical Sheet

Length of Course 1 academic year (October to July) part-time version
Study load 32 credits, including 6 credits for the end of program project
Aimed at Active professionals with at least three years’ professional experience wishing to specialise and reinforce their executive performance in the area of corporate finance
Dedication Compatible with professional commitments
Class times Friday afternoons (4.00 pm to 9.00 pm) and Saturday mornings (9.30 am to 2.30 pm).
Complementary activities can be scheduled on Thursday evenings
Teaching language Spanish
Working languages Spanish and English (Participants must be able to actively read and work with documentation written in English)
Admissions process Analysis of CV, in-house selection tests and personal interview.
Credits (ECTS) 30
Complementary activities
  • Personalised mentoring program
  • Specialised seminars
  • International Week (optional) in London (not included in the price of the program).
  • Complementary training program to prepare for CFA (Chartered Financial Analyst) Level I accreditation (not included in the price of the program).
  • Complementary training program in preparation for EFA (European Financial Advisor) certification (not included in the price of the program).
  • Alumni Association

The Executive Program in Corporate Finance is delivered during the academic year from October to July, with classes on Thursday and Friday evenings from 4.30 pm to 9.30 pm (teaching sessions can be arranged for Saturday mornings on an exceptional basis) and has the following content structure:

Content structure

Basic content schema Credits
Corporate financial management 22 credits
Development of managerial skills 2 credits
End of program project 6 credits
Total 30 credits

Complementary activities include:

  • Mentoring program
  • Conferences and events specialising in the current topics of the financial environment.
  • International week (optional) held in the City of London in conjunction with the London School of Economics (LSE), companies, and institutions with which CUNEF has a close relationship.
  • Specialist Program in Banking and Financial Consultancy (20 ECTS) recognised by the CNMV as a required qualification for professionals providing advice in investment matters. Optional program not included in the price of the program.
  • Complementary training seminar (60 hours) delivered by CFA Spain to prepare for CFA (Chartered Financial Analyst) Level I. Optional program not included in the price of the program.
1st term (October – February) Corporate financial management:

  • Company valuation (3 cr.)
  • Investment Portfolio Management (I) (3 cr.)
  • Management control and reporting (3 cr.)
  • Seminar on Internal and External Auditing (2 cr.)
  • Leadership and negotiation (2 cr.)
February Assessment period
February International week (optional)
2nd term (February – May) Corporate financial management:

  • Corporate Finance and Project Finance (3 cr.)
  • Risk Analysis in Financial Operations (3 cr.)
  • Mergers and Acquisitions (3 cr.)
  • Seminar on Finance and Foreign Trade (2 cr.)
June Assessment period
July Presentation of Project

  • End of Program Project (6 cr.)

End of Program

The programs are highly interactive and combine academic rigour with the necessary practical approach for business and financial behaviour. The different methodologies used during the program are designed so that this theoretical-practical approach is a constant reality in the learning model of all the subjects.

During the course of the program, participants will successively work in the following learning methodologies:

  • Lectures and analysis of technical notes
  • Analysis and discussion of practical cases
  • Sessions with guest speakers
  • Teamwork and presentations
  • Financial modelling and simulations
  • Readings and individual research
  • End of program project
  • Mentoring and professional guidance sessions

The grading system for the different modules is based on the continued assessment carried out throughout the subject, which takes into account active participation in class, practical tasks, suppositions, etc. The lecturers grade the participant according to the different learning tasks and the final test of each module. Attendance of all subjects is obligatory with the unjustifiable absence of more than 10% of the sessions of a single subject may result in no grade being given for that subject. All participants must successfully pass all subjects as well as the end of program project.

The participants must be familiar with the use of information technologies, particularly in the use of Excel (or any other similar spread sheet software). CUNEF will provide a laptop to any student who requires one (subject to a deposit during the course) to be used for the tasks, studies and analysis set by the lecturers for each subject.

The following list of modules, ordered according to the planning detailed in the program structure section, includes a short description of the theoretical contents covered by each module. For more detailed information on the objectives, faculty, methodology, etc., you can consult the detailed program for that subject.

At the end of this module, participants will be capable of valuing any company, listed or not, regardless of its size and financial health, as well as its business divisions. They will also know how to value the synergies and the control premium of an acquisition. To do so, they will be familiar with the cash flow discount methodology and be capable of analysing and applying any valuation multiple. They will understand what is involved in a strategy to increase the value of a business. All based on a reasoned and critical perspective, going beyond the mechanical application of certain conceptual tools. They will also be capable of creating complete financial projection models that will serve as a basis for the valuation or any other forecasting exercise within the financial function. 3 ECTS.

In the Management Control and Report module a review is carried out of the tools normally used in business management control systems. In particular, the areas covered by the module are:

  • Definitions of costs
  • Strategic management of costs
  • Accounting models for cost accounting
  • Accounting models for advanced management in different business environments
  • Business management control tools
  • Control of business activities by functions (commercial activity, operations, investments, control of financial management, etc.)
  • Financial management and budget management
  • Reporting: presentation of results, analysis of deviations, and balanced scorecard. 3 ECTS.

Theoretical and practical analysis of the rules, methodologies and procedures of the internal and external audit systems. The subject has been designed from a Financial Management perspective with regards to the external audit function, including aspects relating to the auditing of information systems, the work of the Audit Committees and the interpretation of the Audit Report. Another objective of this subject is the analysis of the characteristics of the internal audit departments. Thus, within a context of significant regulatory changes concerning auditing and corporate governance, the Financial Manager must be adequately aware of the internal and external audit process, and the interaction, where relevant, with the Audit Committee. The aim is for the participant to acquire a knowledge of the financial audit process, particularly with regard to the use of technology, the involvement of specialists, the assessment of the internal control environment and in general terms, their objectives, the profits reported to the financial and investor community, specific regulations, the limitations to which it is subject and the differences between internal and external auditing. There will also be an overview of the main aspects of corporate governance in relation to accounts auditing, specifically in relation to the functioning of the Audit Committee. 2 ECTS.

Theoretical-practical workshops aimed at encouraging the development of managerial and executive skills necessary for the professional execution of their duties: Leadership and motivation workshop and negotiation workshop. 2 ECTS.

The purpose of this module is two-fold: firstly, to go into greater detail concerning the size and composition of the capital structure and the knowledge of certain off balance sheet structures, all key to the creation of value.

Secondly, understand other financing models and expand on the risk concepts applicable to the investment projects. The second part is a complete in-depth look into everything relating to Project Finance. The module is approached from a reasoned and critical perspective, based on the practical application of the subject. 3 ECTS.

This module analyses the financial risk of companies. It begins by describing the main methods used to quantify risk, followed by a detailed look at the different risks faced by a company, and lastly, it covers the subject of hedging. The main objective of this module is for the student to obtain an overview of the risks faced by a company and to know the main tools that exist for their measurement and mitigation. To obtain this objective, theoretical classes are combined with the resolution of exercises and the analysis, in groups, of practical cases that are debated in public. 3 ECTS.

Through the study of corporate operations, the participant will become familiarised with the more common decisions in corporate finance and the tools used as a basis for their analysis. They will also study the methodology to be used in the valuation of projects in great detail by using practical cases. In order to put the abovementioned objectives into context, the participant will study the trend in the type of corporate operations mentioned and the impact on financial innovation. They will also review the regulatory changes experienced. They will then carry out an in-depth review of the main motivations, identification of the company to be acquired and the objectives of the corporate operations, with particular emphasis on the generation of value for the shareholder. Given the importance of the leveraged buyouts (LBOs), this type of operation will be examined in detailed. The module will conclude with the study of the restructuring of the Spanish financial system and an in-depth analysis of some of the most significant corporate operations to take place in recent years in Spain. 3 ECTS.

This module analyses the financial instruments that are within the reach of the exporting company, distinguishing between the needs for financing in exports in the short-term and those for the long-term. The possible risks that may arise in foreign trade sales, in export projects and in investments are also studied, as well as how to cover them depending on their nature. The students will be introduced to the instruments that the Spanish State makes available to companies to finance their international activities. There will be an introduction to the Spanish financing system with official support and the different official mechanisms for supporting exports. Analysis of the mercantile instruments for financing foreign trade operations: documentary credits, guarantees, bonds, official export grants, specialised financing, currency markets, etc. 2 ECTS.

Performed individually or as a group, through an in-depth analysis of the specific problem of a company or industrial sector, it addresses the analysis of the performance of a financial product or service, the launch of a new company or business line, etc. It is a rigorous task tutored by a CUNEF lecturer in which the participant must demonstrate their capacities for analysis and conceptualisation and the ability to put ideas, projects or business acquired during the program into action. The project must be associated with the speciality studied by the participants and be defended before a panel. 6 ECTS.

CUNEF maintains a very close and active relationship with the business and professional environment. The Careers Service actively manages the company work experience programs, job offers, as well as the organisation of complementary seminars and activities, the main aim of which is to provide CUNEF students with all the necessary tools and skills, and also the best possible opportunities, to facilitate their incorporation into their first job and improve their professional development.

CUNEF students have the option to participate in some of the following professional training activities:

  • Company presentations and on-campus selection processes.
  • Companies from the legal, financial, consultancy, auditing and investment banking sectors frequently carry out election processes, presentations, specific seminars, etc., all developed in conjunction with the Careers Service and specially aimed at CUNEF graduates and postgraduates.
  • Practical Seminars and Activities for professional purposes. Participants will also be able to participate in a variety of seminars and workshops aimed at improving their specialised knowledge and competences for their professional life.
  • Job Bank. Together with the CUNEF Alumni Association, CUNEF manages the offers of employment that are regularly issued by companies and institutions.

During the year of the Master’s, the day to day teaching activities are complemented with another series of activities so that the participants expand their knowledge, reinforce their professional direction, experiment in the professional environment or, gauge initiatives and proposals developed by the leading experts in the professional world of finance. The Program also includes the following complementary activities:

  • The “Passport to your future” Professional Guidance Program:  a program where consultants with extensive experience in selection processes, accompany and help participants on the Master’s in finance programs strengthen their professional performance. The program includes three types of activities:
    • Practical Workshops during which the participants have the opportunity to know first hand from the experts in selection processes key aspects such as: the guidelines for writing and presenting your CV and the Presentation Letter, where and how to look for employment opportunities, how to tackle the different selection processes that companies carry out and how to know your strengths and your areas for improvement, all with the aim of demonstrating a competitive advantage in the market, etc.
    • Meetings with professionals of recognised prestige in their respective areas, who will first hand present the market where the participants will perform their professional activity, as well as the most sought after professional profiles, for which positions and the different alternatives that the companies in their sector offer.
    • Mentoring sessions in which the mentors offer the participants their knowledge in order to contribute to the future professional achievement of the participants on the CUNEF Master programs.
  • Seminars – Practical Workshops and Conferences: during the master’s course a variety of specialisation seminars and practical workshops will be organised, as well as conferences, working breakfasts, presentations, etc., which aim to provide participants with access to specialised knowledge, experiences, initiatives and new projects presented by professional experts, who are leaders in their respective fields.

CUNEF’s executive programs are designed to help participants confidently face the new challenges and demands of the current professional environment, characterised by change and continuous innovation, the inevitable presence of new technologies, and global competition. The current managerial setting requires specially trained professionals, with solid capacities for economic, financial and strategic analysis, with the wisdom to measure, analyse, forecast and control risk in its infinite manifestations. With an international outlook and focus, versatile and with leadership and communication skills to mobilise and form multidisciplinary teams. Committed to the generation of economic value, while remaining involved in satisfying the expectations of their stakeholders. And lastly, with values and principles that are simple, but not always frequent: transparency, honesty, professionalism, dedication, commitment, etc.

The knowledge and skills that Executive Program participants will develop include:

  • The development of a global mentality that allows participants to dominate and integrate all functional and strategic aspects of their managerial performance, with a special emphasis on the technological and economic-financial aspects.
  • Reinforcement of the capacity for analysis, planning and solving the main challenges faced by managers and professionals in the corporate and financial sector.
  • Consolidation and development of managerial leadership capabilities, efficiency in organisational actions and in the implementation of complex, multidisciplinary and demanding projects and initiatives.
  • Reinforcement of the capacity for professional performance in work teams comprising people with different academic, geographic, professional and cultural backgrounds.
  • Increased communication, presentation and persuasion skills before different audiences and audits.
  • Development of knowledge and skills for the development of projects and decision-making.
  • Consolidation of the capacity for professional progress and development, as well as versatility and adaptation to new environments, new projects and new challenges.

The aim of the Executive Program in Corporate Finance delivered by CUNEF is to help the participants, and the organisations employing them, to improve their executive and professional performance within a corporate financial management environment. During the training period at CUNEF, a solid theoretical and practical base in the financial environment will be acquired, as well as the analytical tools and aptitudes necessary to facilitate, develop and familiarise the participants with decision-making in their respective fields.

The program is aimed at active professionals with at least three years of professional experience wishing to reinforce their knowledge and professional skills through an intensive program in executive training, specialisation and education, compatible with their professional obligations.

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