09 abril 2019
Sociedad de 1E, ganadores del Business Case 2019
Claudia Corbella, Manuel Ramírez, Damián Barrio y Javier Tauroni, alumnos de primero de ADE, han sido los ganadores de esta edición.
The Executive Program in International Finance is a training program geared towards active professionals (with more than 3 years of work experience) that wish to strengthen and optimize their executive development through continuous improvements in their knowledge and professional competencies in the Finance sector and gain a profound understanding in international finance, International corporate finance, Internationalization and foreign trade management, Financial analysis of multinational companies, International bank management, Global asset management, Emerging markets finance, Global financial regulation,).
The Executive Program – International Finance pursues the following objectives:
|Length of Course:||1 year, (October to July)|
|Study Load:||30 ECTS.|
|International week:||1 Optional International week held at:
→ London School of Economics
|Class size:||35 students.|
|Admission Process:||Examination of CV and academic record at university, GMAT or CUNEF Graduate Admission Test (online), and personal interview.|
|Degree Title:||Executive Progam in International Finance.|
|Study mode:||Part time.|
|Grants and student aids:||CUNEF, with the support of the Spanish Banking Foundation Association offers merit-based grants and student aids to new postgraduate students, designed to reward academic excellence.|
|CUNEF Tuition:||9.800 €
The Executive Program in International Finance takes place in an academic course work between the months of October to July, in the afternoon from 16.30 to 21.30 hours, from Thursday to Friday (exceptionally it is possible to plan teaching sessions on Saturdays during the morning), according to the following basic content structure:
|International finance||22 ECTS|
|Development of management skills||2 ECTS|
|Final proyect||6 ECTS|
In addition, the program includes:
|1ST TERM||2ND TERM|
|Company valuation.||3||Emerging markets finance.||3|
|Global asset management.||3||International bank management.||3|
|Internationalization & Foreign Trade management.||3||Financial analysis of multinational companies.||3|
|Global financial regulation.||2||International Corporate Finance.||2|
|Leadership and Negotiation Workshops.||2|
|Final Project and Dissertation.||6|
The apprenticeship in the Executive Programs of CUNEF is based on an eminently practical methodology that covers not only the acquisition of knowledge, but also the development of interpersonal and managerial skills. The main challenges and characteristics of the CUNEF methodology are the following:
All of the modules listed below provide an example of what is on offer from the current academic year. Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field, therefore to ensure your course is as relevant and up-to-date as possible your module contents may be subject to change.
The following list of modules, according to the planning and shown in the section structure of the program, includes a brief description of the theoretical contents that each module addresses. For more details about the objectives, teachers, methodology, … you can consult the detailed program of the subject.
The course will develop all the major aspects relating to Asset Management in a much practical approach as possible. The participant will be introduced to the world of A.M. always from a global perspective, covering a wide range of topics such as the structure of the different markets in which A.M. companies do business, the major products that the companies manage in those markets and the way to combine different products through an investment management process. To achieve this practical approach, the student will be introduced to different “real life” cases relating to the specific subjects; ranging from how a mutual fund is created, how to “pitch” for a pension fund mandate or the stories of important mergers and acquisition processes in the industry. As a matter of fact, this objective is so embedded in the course that the last two sessions will be purely devoted to the creation of their (students´) own asset management company, dividing the class into different groups for this purpose. Also, a portfolio construction and follow up exercise will be part of a few sessions. Additionally, the students will be required to prepare practical cases on certain issues, as well as additional readings for class discussion, that, on average, will take around 40/50% of the session. Although participants are expected to be well acquainted beforehand with financial products, the course, at some point in time, will dig thoroughly in asset classes such as stocks, bonds, derivative products, currencies, commodities, real estate, hedge funds or private equity, as well as byproducts such as preferred stock, convertibles, corporate bonds, asset backed securities, etc. This is paramount to get a real in‐depth knowledge on the way portfolios are bundled to be efficient (and effective) in terms of the product´ s underlying investment philosophy. But a “step by step” approach is needed to inter‐connect individual products and the way they are managed for clients. For this reason, the course will basically be defined along four major themes. First, an introduction to the players in the industry; to which clients they cater for and which are the final products that will be sold in the markets. This is complemented with a most important review of the ethical and regulation background the asset manager is and will be confronted in the future. It is quite straightforward that big economic, institutional and regulatory changes will transform the shape of the industry as we know it today. All of this is comprised in the first General Theme: “The Structure of Global Asset Management”. The second step should now address directly the different approaches to the investment process, being it an active management strategy or a passive procedure. That is, “The Investment Approach” as the second General Theme. The third building block of the syllabus should now concentrate on how portfolios are managed according to the underlying asset classes, be it equity, fixed income or balanced / alternative investments structures. This theme is referred to as “Portfolio Construction”. Finally, the rest of the syllabus will go over the different vehicles as such (Mutual Funds, Pension Funds, Financial Advisory Specialists) analyzing how they are structured in the different parts of the world, with a final analysis of the “administration” issues; normally common to all corporate structures and geographical locations. This group of sessions tries to explain “How the Industry Works.
In an increasingly interdependent world countries have been following different economic and political strategies in their search for increased welfare. These different approaches have important implications for businesses, either when thinking of investing in a foreign country or when attempting to carry out export‐import activities. The course will analyze the basic tools in legal, financing and risk areas to achieve an international project with the maximum percentage of success. The student will gain a greater understanding of the international trade and, by extension, of the situation of world markets during the course. The ultimate objective is to equip students with a set of tools that will allow them to better analyze in their future professional life the social, economic and political characteristics of different countries, and how to approach them to make adequate business decisions.
When finished this subject, the student must be able to value any given company, publicly traded or privately owned, regardless of its size, recent financial performance or the number of business divisions. In order to fulfill this goal, the student will understand in depth the discounting of cash flows, free cash flows, dividends, cash flows to debt and cash flows to shareholders. The student will be able as well to perform a valuation using peer company ratios. The student will be able to identify the sources of value creation in a company in a well-reasoned way and will be able to identify the key levers in the valuation of the corporation. In order to do that, the student will be able to create complex financial models as the basis for any given exercise of sensitivity or simulation in corporate finance.
The goal of the course is to prepare our future executives’ generations to be successful when doing business in emerging markets and have a good understanding of the risks they are incurring alike. Emerging economies have experimented tremendous growth in the last decades and they represent a big part of the current world GDP and even bigger piece of its present and future growth. But the risks of investing in these economies are not only substantial but also different from those present in developed economies. In this course, we introduce a set of tools and models that intend to help future financial managers to make better investment decisions in emerging markets. We will analyze in depth what makes and emerging market an attractive investment opportunity and what instruments we hold to limit our exposure to the risks inherent to these markets. The course content will cover both theoretical and practical sides of the emerging market story. We will review all the necessary macroeconomic concepts as well as financial instruments to help us as an auxiliary background and we will tackle the practical side through cases, economic and market-oriented reports, articles and homework exercises.
The International Bank Management course provides students with the basic concepts of international banks management, main risks faced by banks, bank regulation and understanding of the recent banking crisis. The course includes an introduction to the main current business models, based on the existing regulatory environments. Students will gain knowledge of the main risks based by banks and how risks have evolved over time. The course also includes the funding strategies of banks and how they manage liquidity risk, and the causes and solutions for bank runs. It will also provide knowledge of credit risk and how to manage it, study of credit risk models from a practical point of view and the main regulation that affect international banks, specially regulation of capital. The course finalizes with the study of a new form of risk in global banks, systemic risk, and the understanding of the recent crisis and solutions provided from international regulation and supervision. The professor will provide materials and/or presentation in advance with time enough for
students to review it. At class, the professor will make the presentation on the subject of the day and will invite students to participate with questions and debate. Professor will provide with actual articles, reports and other materials relevant for the course. In addition, students will have to do some homework, individually and in teams, and later present to the rest of the class. The students will also discuss in class articles from newspapers such as the Financial Times, Wall Street Journal and magazines such as The Economist. They will also be given academic papers on relevant topics of the subject that will be commented in class.
As product, services and capital markets of the world are becoming more integrated, a solid understanding of international finance implications has become essential for multinational corporations’ decision making. This course covers financial management at multinational corporations (MNCs), companies that operate businesses in international environments and markets, and that use international financial markets. Foreign operations and international financial markets provide MNCs management with new opportunities and new constrains. Corporate goal at MNCs continues being to maximize the value of the firm, but MNCs financial management requires additional analysis and techniques to manage these new business opportunities and risks. Course topics will include:
This course focuses on the evaluation of multinational companies based on publicly available date. The course will focus on the work of the financial analyst and the relationship between accounting numbers and stock market prices and in evaluating the financial performance of companies in general.
This course combines conceptual analysis and practical aspects of financial crises, financial regulation policy and international aspects of financial regulation. The module covers:
The course´s goals are to assimilate how and why international financial crises are set in motion; their effects; whether preventing them is possible or not, or at least to remedy them through financial regulation or other political-economic instruments; what effects national and global financial regulation have; how current global financial regulation is articulated; and how regulation in new areas of finance may protect consumers.
The excellent faculty at CUNEF is one of our main assets. Expert professors will strive to enhance your performance, knowledge and insight. In addition to their teaching and research vocation, they are active members of the professional and management world in their respective spheres. Besides some of the CUNEF postgraduate degree professors hold management responsibilities in companies and institutions in business world. Teaching is also given by guest and visiting professors from other Spanish and international universities.
Our expert staff have backgrounds in both social science theory and industry practice and excel in areas including: finance and banking; risk management; and international finance.
Prof. Miguel Aguirre Uzquiano. PhD in International Economics (UCM) and MBA with more than 25 years of professional experience in areas related to finance and foreign trade. Associate professor in Finance at CUNEF. Currently, since 2008 he is Director of Political Risk Operations at COFACE Iberica S.A.
Prof. Carlo Chiarella. Assistant Professor of Finance in CUNEF. He holds a Ph. D. in Finance (Bocconi University, Italy), a M. Sc. in Finance (Bocconi University, Italy) and a B.A. in International Economics and Management (Bocconi University, Italy). He has been Visiting Scholar at NYU Stern School of Business (USA).
Prof. Juan Domínguez Jiménez. Holds a Ph. D. in Business Administration (DBA) and a Master in Business Administration (MBA), and BA in Economics. His academic experience is as Professor of Finance and Program Coordinator at CUNEF and associate Professor of Finance at several Business Schools and Universities and visiting Professor of Finance at NEOMA Business School (Paris, France). Currently he also works as an independent business advisor, and he has 20 years of professional experience working as: Head of Carrier Services at Vodafone, Wholesale Business and Interconnection Director at ONO, Director of Business Control at ONO, TV Operations Director at ONO, General Manager (and previously CFO) at (Grupo AUNA), Controller at Uno-e Bank (BBVA group), and Controller and Treasurer at Hewlett-Packard.
Prof. Miguel González Sardinero. After a Master Degree in Mathematics and a PHD in Algebra (Cum Laude, July 1991) I moved to finance and got a degree in the CEMFI. Since then, and after an internship period in FEDEA, I have developed my career in the Financial Markets as a risk manager specialized in derivatives. I Started in Argentaria as an OTC equity derivatives trader and I moved to Banco Santander as a deputy director of Market Risk. After two years, I got a post in the front office as an options trader (FX, rates and equity). Thereafter, I moved to BBVA starting as a manager of the equity exotic derivatives desk. I was adding up responsibilities from this point in time and I became Director in 2005 and Corporate Director in 2009. During certain periods of time I was Head of the FX desk and commodities desk in Europe and I was regional Head of Asia for a two years period. However, my main role in BBVA was Global Head of Interest Rates. Main achievements have been building a solid derivatives business from scratch, being unscathed through Global Financial and Sovereign crisis and building stable and profitable derivatives teams globally (Europe, Latam, USA and Asia).
Prof. Miguel Ángel Iglesias Hernandez. Professor of Finance and Risks at Cunef. Member of the group of Administrators of the FROB; during 2014 he acted as Administrator in NovaCaixaGalicia Banco. Between 2010 and 2014 he was Director of Portfolio Risk Management at the European Bank for Reconstruction and Development (EBRD). Previously, between 2001 and 2010 he worked in the BBVA Group where he was Deputy General Director of Risk in the Market Areas and Deputy General Manager of Global Credit Risk Management. Between 1991 and 2001 he performed various functions in the field of Risk Management and Finance in the Santander Group. Holds a PhD in Business Administration; Universidad Autónoma de Madrid, MBA, University of Chicago, MBA, Instituto de Empresa, DEA, Universidad Autónoma de Madrid, and aBachelor in Business Admnistation, Universidad Pontificia de Comillas.
Prof. José Massa Gutiérrez Álamo. Economista del Estado, PhD in Economics (UNED) and Bachelor in Business Administration by Universidad de Deusto. Currently, José is Senior Adviser at Bolsas y Mercados Españoles (BME). Previously, he has been Member of the Executive Committee of BME, Chairman of Iberclear, CEO of MEFF or Deputy General Manager at the Spanish Finance Ministry. José has been actively involved in the modernization process of the Spanish financial markets, creating the Futures and Options Exchange, developing the IBEX-35 index or, more recently, leading the reform of the settlement and registration system which ended up with the integration of the Spanish market into the pan-European T2S settlement system, managed by the European Central Bank.
Prof. Javier Méndez Llera. Associate Professor of Global Capital Markets at CUNEF. Born in San Juan de Puerto Rico, holds a B.A. in Economics from the Universidad Complutense de Madrid. He also holds an M.B.A. and Master in Finance from the Instituto de Empresa (Madrid) and London Business School. He was a former Spanish representative to the European Commission´s Working Group for the development of the White Paper on changes to the Collective Investment Schemes Directive. He has also been a member of the Expert Group for Advisory to the European Commission (DG Internal Market) in relation to European Financial Markets. Also, former Spanish rep to the European Federation of Financial Analysts Societies“(EFFAS) Commission on Training & Qualification. As well, former Member of the Association for Investment Management and Research -AIMR- International Chapter of the USA (today known as CFA institute). He is currently Secretary General of the Spanish Society of Financial Analysts (IEAF) and General Manager of the Foundation for Financial Research (FEF). As a practitioner in the field of finance he was President of Nordland, a private financial advisory company. Before that, he held numerous executive posts at the BBVA Group in Spain such as Executive Director and Member of the Board of BBVA Asset Management, Head of Equities at BBVA Gestión and Head of Institutional Clients at BBVA Pensiones. Previously he was Vice President and Head of Research at the Brokerage Company BBVA Interactivos in Madrid and CEO of the Portuguese broker Midas Investimentos in Lisbon. Prior to that, he was Vice President of the Private Banking unit of BBVA. He started his career at SAFEI, an asset management boutique in Madrid.
Prof. José Ignacio Morales Plaza. Associate professor in Finance at CUNEF. Currently Corporate CFO of Sener Group. With more than 15 years of experience in diverse fields of finance (auditing, corporate finance, equity research and real economy investments) He has been involved in the process of developing and analyzing investment opportunities which required complex modelling exercises. Board member of companies in different industries: Renewable Energy, Aerospace, Industrial Goods, Engineering and Construction. He holds a B. A. in Business Administration, an Executive MBA, and a Ph. D. in Economics.
Prof. Steven Sitzer. BBVA (1995-2014) – Real Estate Fund Manager, Director Commercial Real Estate Finance, Project Finance Specialist. West Merchant Bank (1994-1995) – Senior Manager, Project Finance Advisory. Bechtel Corporation (1988-1994) – Manager, Treasury and Project Finance. Yale University – MBA – Finance and Marketing. U.C. Berkeley – Bachelor of Arts – Political Economy of Industrialized Societies. Editor-in-Chief of Asset Allocation book to be published shortly by Palgrave Macmillan, New York
MSc International Finance is housed in CUNEF Campus, which includes classrooms equipped with multimedia stations, areas for group work and a dedicated wireless system. The CUNEF Campus is within the Complutense University Campus in Madrid, in an academic setting surrounded by green spaces and just a few minutes from the city center. The Campus has 5 fully-renovated buildings with the latest teaching technology in the classrooms: 3 for classrooms, faculty offices, administration and services; 1 housing the Library, Lecture Hall and Auditorium; and another for the Work-Café. All the buildings are inside a closed campus surrounded by gardens and with parking space for 260 vehicles. A flexible and intelligent space that promotes practical learning, debate, initiative…We recommend students bring their own laptops to the program.
For its teaching activity, CUNEF has:
CUNEF is a University College, founded in 1973 by the Spanish Banking Association and affiliated to Complutense University of Madrid, comprising undergraduate and graduate programs in Business Administration, Economics, Law and Finance.
With our talented and motivated student body and accomplished faculty, CUNEF is a leading research university that maintains a particular commitment to a practical, high quality instruction.
CUNEF’s vibrant community consists of about 1,200 undergraduates, 600 postgraduate students, more than 1,000 summer, visiting, and online students, over 200 faculty members and more than 6,000 alumni.
Madrid is the capital and the largest city of Spain. Cultural heritage, weather and gastronomy are just a few of the reasons which make visitors come to Madrid. As it is well connected by public transport, visitors are able to visit the surrounding neighborhoods, villages and towns which some of them are among the cultural heritage UNESCO towns.
You may find information about current affairs, mobility and transport, sports and culture for each district or neighbourhood in your council’s web site. Parks, concert halls, museums and squares that are bustling with activity. It is said that Madrid is the city that never sleeps because there are always things to do and places to discover.
Although there are as many different “Madrids” as experiences and visitors, we would like to share some of its unmissable locations with you. Our job is to place them on the map, while you will be in charge of filling them with memories and discovering them according to your interests.
The Career Service aims to actively facilitate direct contact between CUNEF graduate students and partner companies and institutions. Our main mission is to help all students during their practical training and subsequent entry into the labor market by organizing internships, or practical training programs (based on educational cooperation agreements), and by updating the job center for new graduates. This center helps companies fill their vacancies by placing them in direct contact with the students that best meet their requirements. Amongst other activities, the Department draws up a program of presentations, seminars, workshops, working breakfasts, etc. Such activities allow companies to make themselves known – their activity, culture, values, recruitment processes, etc. Companies have the opportunity to make their selection processes known to students with the right skills who are prepared for a successful career. The following types of activity are organized:
The most popular job opportunities for young MSc International Finance graduates are:
09 abril 2019
Claudia Corbella, Manuel Ramírez, Damián Barrio y Javier Tauroni, alumnos de primero de ADE, han sido los ganadores de esta edición.