MSc in Finance

INVEST IN YOURSELF
Duration: 14 months/evening classes
Application Deadline: July 28, 2017
Start Date: September
Fees: € 12,500

OVERVIEW

The premier academic qualification for those interested in a international career in finance in Greece and abroad. The MSc in Finance prepares aspiring and seasoned finance professionals for a successful career in the areas of banking, corporate finance, investment management, risk management and treasury management. The MSc in Finance is the only CFA Program Partner in Greece and has been included in the Financial Times’ 2007, 2008, 2009 and 2010 Special Report on “Financial Training”, along with the most renowned MSc in Finance programs in Europe, North America and Asia.”

 

Key features of the program

  • Weekday classes between 18:00 – 22:00, twice or three times per week on average
  • A 14-month program
  • 8 core modules and 2 workshops
  • 2 specializations (2 courses each): Corporate treasury management stream or Investments stream
  • Assessment: group reports/presentations, case study analysis, interim tests, final exams
  • Dissertation or Individual Consulting Project or 2 electives.


The MSc in Finance Is Designed for:

  • University graduates with a solid quantitative background wishing to launch a career in finance.
  • Professionals who hold finance related positions and want to enhance their professional status.

You may find here more information about the Program's Intended Learning Outcomes.

 

Current Student Profile

HIGHLIGHTS

International Recognition: Accredited by the New England Association of Schools and Colleges (NEASC) and EPAS (European Foundation for Management Development)

The core segment of the program establishes a solid foundation for finance and the capital markets and provides participants with the necessary financial quantitative skills.

The program is tailored to match participants’ professional needs and aspirations through specialization courses in Investments or Corporate Treasury Management.

Elective courses offer the opportunity for further specialization.

The program culminates with the Security Analysis course, which puts into practice the ideas, concepts and techniques taught throughout the program, for the purpose of analyzing and valuating a company.

The program has an optimal combination of academic fervor and relevant professional knowledge:

Scientific rigor: a broad and deep understanding of finance in global context and a firm grasp of the latest financial theories and techniques.
Applied knowledge: emphasis on the practical applications of finance theories in solving actual problems.

CFA Program Partner: Our MSc in Finance has been awarded a CFA Program Partner status by CFA Institute, being the first MSc in Finance Program in South East Europe to obtain such a status. Benefits include 5 student scholarships to our MSc in Finance students to take level I exams of the CFA (full waiver for program enrollment fees and partly for exam registration fees).

CURRICULUM

MSc in Finance Program Total Year Schedule 2017-2018

The School reserves the right to reexamine the structure of all academic programs and proceed to any necessary changes in the total year schedules.

4th Period: Investments Stream or Corporate Treasury Management Stream

5th Period: 2 of the elective courses OR Individual Consulting Project OR Dissertation.*

 

* Instead of the two elective courses a student has the right to submit an individual consulting project or a dissertation FI9999 (4 credits). 

1 credit = 3 ECTS

1st Period | September – October

Courses Hours | Credits
Quantitative Tools in Finance
28 | 2 Credits
This course teaches how mathematical techniques and econometrics are used in financial research and decision making, and prepares students for many of the core and elective courses that will be available in the program. The emphasis of the course will be on application rather than theory. EXCEL and the econometric package EVIEWS will be used extensively in the applied work. Topics covered include probability, matrix algebra, hypothesis testing, simple linear regression and multivariate regression.
Financial Accounting
28 | 2 Credits
The course explores the ‘art’ of financial accounting / financial reporting.  In particular, the goal of the course is to provide the knowledge and skills required for the understanding and use of financial accounting information for decision making.  Some of the topics covered during the course include: the role and importance of financial reporting, the role of the main players in the accounting communication process, including the management, auditors and stakeholders, the effects of the use of different accounting methods and estimates on the financial statements and the subsequent impact on decision making, ways of analysing, interpreting and evaluating financial statements.  During the course, extensive reference is made to the annual reports of various companies, as well as to accounting scandals (e.g. ENRON), for the facilitation of knowledge and understanding.
Business Writing & Presentation Skills
14 | 1 Credits

2nd Period | November – December

Courses Hours | Credits
Global Economic Environment
28 | 2 Credits
The first part of this course aims at providing good understanding of important macroeconomic issues and problems, and working knowledge of techniques that can be used to study them. Emphasis is given on the interactions between the macroeconomic environment and financial markets, in an effort to provide useful background for students specializing in Finance. Emphasis is also placed on understanding the intuition behind macroeconomic mechanisms and effects, aided by mathematical and graphical analysis. A successful student will have understood basic aspects of the macroeconomic environment within which financial markets operate and will be able to understand (and criticize!) analyses of macroeconomic phenomena and policies in the financial press.
Corporate Finance & Valuation
28 | 2 Credits
This course covers the application of the net present value rule and other criteria for project appraisal, the use of discounted cash flow and other valuation models in making investment decisions, risk, return and capital budgeting under uncertainty, the cost of capital and capital structure, dividend policy and how firms issue securities.

3rd Period | January – February

Courses Hours | Credits
Portfolio Management & Investments
28 | 2 Credits
This course addresses topics in capital asset allocation, the history of risk and return, asset pricing theories (CAPM, APT, Consumption based asset pricing), market efficiency, the predictability of asset returns, the term structure of interest rates and bond portfolio management, futures and options, international portfolio management and performance measurement and evaluation.
Financial Modelling
28 | 2 Credits
This course aims to develop and sharpen students? financial modelling skills. It brings together statistical and decision analytic frameworks suck as regression analysis and optimisation with finance theory and information technology. It helps participants to deepen their understanding of finance concepts through the development of a wide range of financial models in areas such as cash flow modelling, risk analysis, portfolio optimisation, and option pricing. It is a practical course based on instructed computer workshops. These workshops focus on financial modelling with excel, including scenario and sensitivity analysis, risk analysis using @Risk, optimisation with Solver, and the development of VBA functions.

4th Period | March – April

Courses Hours | Credits
Advanced Equity Analysis & Portfolio Management
28 | 2 Credits
This course examines critically the role of modern portfolio theory and asset pricing models in practical equity management. It examines in depth the issue of time series and cross sectional predictability of equity returns and its implications for active and passive equity portfolio management. The course covers equity risk management, active portfolio construction and index fund investment management, tactical and strategic asset allocation strategies, security selection, international portfolio management, hedge funds, performance measurement and attribution.
AND
Fixed Income Analysis & Portfolio Management
28 | 2 Credits
The aim of this course is to provide students with a thorough understanding of fixed income instruments and bond portfolio management. It covers the theories of the term structure, estimation of the term structure of interest rates (spot and forward), passive bond portfolio strategies (immunization, cash flow matching, contingent immunization, bond index funds), active portfolio strategies (interest rate forecasting, bullet, barbell and ladder strategies), bond portfolio risk management (single duration, convexity, and multi-factor models of the term structure of interest rates).
OR
Advanced Corporate Finance
28 | 2 Credits
This course builds on the Corporate Finance and Valuation course to examine the way companies raise debt and equity capital both in private and global capital markets, mergers and acquisitions, and corporate restructuring. The relationships between the interests of corporate managers, shareholders and lenders, as well as issues of corporate governance, are an important part of the course content.
AND
Corporate Treasury Management
28 | 2 Credits
This course applies the modern theory of Finance to the management of the corporation's short-term assets and liabilities. It discusses working capital management, short-term borrowing and investment strategies, as well as corporate risk management. Topics covered under these headings include: optimal inventory management, trade credit and the management of credit risk, optimal cash management, the choice between private and public funding, different forms of bank borrowing sources and their use, the measurement and management of accounting, transactions and economic exposure, multinational working capital management, financing of foreign operations, interest rate and currency swaps, interest rate and currency options, capital budgeting and the cost of capital for multinationals and the measurement and management of political risk.

5th Period | May - June

Courses Hours | Credits
Financial Engineering & Risk Management
28 | 2 Credits
This course aims at demonstrating the practical use of financial derivative products to meet the needs of enterprises. Emphasis is placed on practical examples of transactions that provide students with the knowledge to understand and interpret complex deal structuring and risk management. It also examines the different types of financial risks that financial institutions are exposed to. It covers market risk, liquidity risk, settlement risk, credit risk, model risk and volatility risk. The course provides the student with an appreciation and practical knowledge of risk management techniques such as VAR, dynamic distribution analysis, stress testing and extreme value analysis.
Advanced Financial Accounting
28 | 2 Credits
The aim of the module is to build on the Financial Accounting module by examining some current financial reporting issues is greater depth with reference to IFRS.  IFRS are principles-based standards that require a detailed knowledge of the underlying concepts as well as the application of extensive professional judgment.    The objectives of this module are to provide students with an understanding of the key issues underlying some of today’s problematic financial reporting areas under the IFRS perspective.    On completion of this module students will be able to:  - Understand the dynamic and principles-based character of IFRS.  - Assess the impact of the new measurement and recognition standards on financial reporting.  - Critically evaluate the quality of financial reporting.  - Appreciate how industry-specific circumstances affect the application of IFRS.  
Financial Econometrics & Forecasting
28 | 2 Credits
The aim of this course is to provide the student with a thorough knowledge of modern econometric and time series techniques in forecasting asset returns (equities, bonds and currencies) and risk (volatility). The course covers the topics of multiple regression, maximum likelihood, heteroscedasticity and autocorrelation, the method of moments, dummy variables, specification analysis, bayesian estimation, nonlinear regression models, models that use both time series and cross-sectional data, the seemingly unrelated regression model, co-integration and error correction, ARCH and GARCH models and the use of simulations in finance and financial data analysis.
Management Accounting
28 | 2 Credits
This is a course on cost and management accounting. The course focuses on some of the technical aspects of management accounting as well as on management control issues (the use of accounting information for planning and control). Techniques and issues related to activity based costing, target costing, transfer pricing and strategic management accounting, in their organizational context, will be addressed. Students will be required to read published academic research as well as practice based material. Some of the topics covered during the course include: the meaning and role of management accounting, branches of management accounting, costing terms and purposes, cost-volume-profit analysis, cost allocation, job and product costing, budgeting, standard costing and variance analysis.

6th Period | September – October

Courses Hours | Credits
Security Analysis
28 | 2 Credits
The Program culminates with the Security Analysis course. The purpose of this course is to provide practical valuation tools for valuing and analyzing companies and give students a real world view of the role and activities of an equity security analyst. The course integrates the theoretical knowledge acquired during the course and the practical input from leading financial analysts to understand the process of analyzing companies and the valuation process.     Students will be introduced to the practice of modern financial analysis from leading financial analysts and will be given the opportunity to apply their skills by valuing a company of their choice. Upon completion of the course students are expected to be able to use modern valuation techniques, appreciate the linkage between strategic business analysis, financial accounting, corporate finance and the macroeconomic environment, understand and utilize the information in financial statements and prepare a valuation report in different contexts (security analysis, initial public offerings, credit analysis and mergers and acquisitions).
Business and Financial Ethics & Social Responsibility
14 | 1 Credits
The overall objective of the course is to help us develop business and financial ethics leadership praxis and actionable knowledge, i.e., action that creates wealth in such a way that makes ourselves, our organizations, and the world better. This course takes a management methods approach to business and financial ethics and social responsibility. The course focuses on methods managers can use individually and together in addressing ethics and social responsibility issues and in helping to build and maintain ethical and socially responsible organizations in various types of environments and realities. Methods considered include ethics leadership, change, reasoning, dialogue, persuasion, governance, due process, negotiating, incentive, training, social movement, alternative institution building, top-down and bottom-up compliance code and win-lose forcing methods, and ethics crisis management and turnaround methods. In addition to learning about the methods, students are invited to reflect upon what types of institutional citizens we would like to be and what types of ethical and socially responsible organizations we would like to help create in our various types of environments and realities. Case studies from Europe, Asia, and North America are considered.

FACULTY

The Professors

Academic Director
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Stefanos Zarkos Associate Professor in the Practice of Finance

Dr. Zarkos has teaching and research interests in the areas of Corporate Finance, Financial Management, Capital Budgeting, Real Options, Management Accounting and Strategy. His research focuses on new applications of real options in management decision making and the development of decision techniques in Corporate Finance and Strategy literature.

alba profile link
Course Faculty
Panagiotis Avramidis Academic Director of the MSc in Risk Management
Assistant Professor of Finance and Quantitave Methods view more
Evangelia Baralou Academic Director of the MSc in Tourism Management
Senior Lecturer in Organisation Studies, Open University, UK view more
Assistant Professor of Financial Economics, University of St Andrews view more
Lecturer, DEREE-The American College of Greece view more
Finance Professional view more
Maria Moragianis Director Career and Alumni office
view more
Professor, Boston College view more
Associate Professor in Finance, ICMA Center view more
Professor of Accountancy and Associate Head and KPMG Distinguished Professor of Accountancy, UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN view more
Adjunct Associate Professor of Decision Sciences view more
Lecturer in Finance, Kent Business School view more
Stefanos Zarkos Academic Director of the MSc Programs: MSc in Finance; MSc in International Business & Management; MSc in Business for Lawyers; MSc in Entrepreneurship
Associate Professor in the Practice of Finance view more

CAREER

After completing the program participants should be able to:

  • Comprehend qualitatively and quantitatively the core areas of finance.
  • Understand current trends and practices in the financial industry.
  • Understand and critically evaluate the practical applications of financial theories and techniques and how they are used in the financial industry.
  • Apply the techniques and methods of finance to conduct independent research projects.
  • Display strong analytical and communication skills.
  • Appreciate the importance of business ethics and corporate social responsibility.

SCHOLARSHIPS

Scholarships Scheme

You can secure pre-approval of your scholarship, before you apply for admission to the MBA or MSc program of your choice.

Apply for scholarship

GMAT Scholarships

 Those candidates who bring GMAT score from 700 and above, will be granted a scholarship of 60% of the total tuition fees for all MBA and MSc's (Excluding the Executive MBA, Double Masters for Lawyers and the MSc in ISF Programs). Candidates with high GMAT bellow 700 are also eligible for smaller scholarships.

AHEAD Scholarships for Micro Enterprises

The ALBA Hub for Entrepreneurship and Development (AHEAD) offers one partial scholarship for any of the Academic Programs at ALBA aimed at prospective students from competitive micro enterprises. (Executive MBA, MSc in ISF and Double Masters for Lawyers candidates are not included). Scholarship is  open to entrepreneurs, involved family members and managers from micro businesses with less than 10 employees.

Next Generation Family Business Scholarship

ALBA Graduate Business School offers two partial scholarship  for any of the Academic Programs at ALBA (Executive MBA, MSc in ISF and Double Masters for Lawyers candidates are not included) to a member of the next generation of a family business. It aims to encourage growth and succession in Greek family businesses, and support upcoming business leaders so that they can excel in such a demanding role.

23th Economia Competition

Partial scholarship to all members of the winning team of the “Economia” competition for any of the below stated MSc Programs:

  • MSc in Strategic Human Resources Management
  • MSc in International Business and Management
  • MSc in Finance
  • MSc in Marketing
  • MSc in Business for Lawyers
  • MSc in Shipping Management
  • MSc in Tourism Management
  • MSc in Entrepreneurship

ADMISSION REQUIREMENTS

To be considered for admission, candidates must:

  • Hold a bachelor’s degree; - Provide evidence of excellent command of the English language;
  • Need to be currently employed or self-employed (valid for the part time mode only) GMAT tests are optional unless the Academic Committee requires the applicant to take them: in any case, scores of 550 or more (GRE >155) can strengthen your application and help you secure a scholarship.

Candidates must submit:

  • The completed application form, including one recent photograph in jpeg format;
  • Two letters of recommendation in Greek or in English language.
  • Official Academic Transcripts as well as Certified copies of degrees from each undergraduate, graduate or professional degree earned;
  • Proof of competence in the English language (unless schooled in English), e.g. Proficiency or TOEFL or IELTS.
  • Three Essays, as indicated in the Application form;
  • Receipt of the non-refundable application fee's [€60] deposit

Click here to download the details for admission.

To learn more about academic policy, course credit policy, fees policy and rules for student conduct read the Academic Regulations.

CONTACT

Get in touch with us
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Vicky Moscopoulou Program Manager

We urge applicants to request further information or to come for a meeting at our downtown campus, in order to better understand their profile and motivations.

Just fill out and submit the form below and we will respond to you as quickly as possible.

Tel.: +30 210 89.64.531-8

Fax: +30 210 89.63.302

e-mail: msfinance@alba.edu.gr 

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