Executive Program – Corporate Finance

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.

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.