Part - Time Specialization in Financial Management

Part Time Course of 24-month duration

The Master’s Program in Financial Management is equal to seventy five (75) ECTS credits (European Credit Transfer and Accumulation System), and includes twelve (12) courses , worth five (5) ECTS credits each, as well as the MSc thesis, worth fifteen (15) ECTS credits.

The program includes four (4) preparatory courses in each specialization a) Financial Management and b) Data Driven Financial Management , which are offered in September each year. Final registration at the program requires successful attendance and examination in all preparatory courses, unless one is exempted upon the approval of the Program's Committee.

The lectures are conducted in the afternoon.

FINANCIAL MANAGEMENT SPECIALIZATION

Preparatory Course - 4 Weeks
Introduction to Financial Accounting

The aim of the course is to introduce students to Financial Reporting. Key components of financial reporting (SFP,OCI,P&L accounts) and accounting record keeping (journal, ledger) are discussed. The knowledge presented is necessary both for students who have not been taught accounting courses at the undergraduate level and for students that need additional knowledge to cover the requirements of the program.

Pass
Introduction to Finance

The aim of the course is to introduce students to the basic concepts of Finance. The course discusses the time value of money, the notion of compound interest, and the basic principles of valuation of the financial instruments in the capital markets. The knowledge presented is necessary both for students that have not been taught finance courses at the undergraduate level and for students that need additional knowledge to cover the requirements of the program.

Pass
Fundamentals of Econometric & Statistical Analysis

This course can be considered as an introduction to Econometrics. Its aim is to present the basic theory of Econometrics and how this can be rigorously applied to a variety of problems arising from Economics, Finance and Business Administration. In this course, econometric theory is combined with econometric practice by showing its use with software package EViews and programming language R.

Pass
Principles of Programming

The aim of the course is to introduce students to the main principles and techniques of programming, and teach them how to design, structure and implement simple programs in Python. The course describes the setup and philosophy of the programming environment and of the different methods of interacting with the language kernel (command windows/scripts/notebooks). It introduces the student to data types, operands, and control flow commands. Functional programming techniques are also presented. Finally, it familiarizes the student with the use of the core Python libraries used for Finance applications (Numpy, Scipy, Pandas).

Pass

1st Year

1st Semester

1st Bimester Period ECTS
Financial Management

The objective of this course is to describe the theory and practice of the main topics in financial management at the postgraduate level. The course is organized into three parts. The course starts with an overview of the time value of money, valuing bonds, equity valuation, and cost of capital. The second part pertains to capital budgeting and the financial criteria used for making investment decisions. Finally, we consider issues related to payout policy, leverage and capital structure.

5
Accounting for Corporations I

The primary objective of the course is to introduce students to the basic concepts of financial accounting based on international financial reporting standards. Upon successful completion of the course, the students will be able to understand the structure and key line items of the main financial statements (balance sheet, income statement, and statement of changes in equity) of the firms. They will also familiarize themselves with the accounting treatment for cash and cash equivalents, accounts receivable, inventories, and non-current assets.

5
2nd Bimester Period ECTS
Accounting for Corporations II

Accounting for Corporations II builds on and extends the contents of Accounting for Corporations I. The course aims to help students develop a strong foundational understanding of financial accounting concepts, methods, and uses. It places a great emphasis on critically analyzing, interpreting, and evaluating corporate financial statements and related disclosures. The students will appreciate how different accounting rules, financial reporting choices and the use of estimates and judgment affect financial statements. The course has a practical orientation and employs “real world” financial statements to apply the knowledge gained from the application of accounting rules.

5
Corporate Finance

The course objective is to develop special issues in the field of corporate financing, covering the recent developments in the field of corporate finance. During the course, certain subjects drawn from corporate finance theory & practice will be analyzed such as, Different types of debt, Private Equity & Venture Capital, Convertible Bonds, Operating and Financing Lease, Mergers and Acquisitions and Securitization.

5
3rd Bimester Period ECTS
Investment Management

This course examines the most important issues in the theory and practice of modern portfolio management. Topics include efficient capital markets, risk and return, asset pricing models, valuation, equity portfolio management strategies, bond portfolio management strategies, the professional asset management industry, evaluation of portfolio performance, main investment decision biases, investor contrarian and momentum strategies, and herd behavior.      

Accounting Measurement of Financial Instruments  (IFRS 9)

This course intends to cover fundamental issues related to accounting treatments for financial instruments and the disclosure requirements for financial instruments. It covers the fundamental differences between equity and financial liabilities, financial assets, and accounting for hedging transactions. Also looks at the characteristics of basic financial instruments and complex financial instruments. Furthermore, addresses issues related to fair value accounting, revenue recognition and accounting for leases. Finally, discusses the underlying conceptual framework. Relevant research papers will be analyzed throughout the course.Accordion content 1.

4th Bimester Period -  (students must select three courses equal to a total of 10 Credit Units)  ECTS
Derivatives Markets and Valuation

The course studies the pricing and use of derivative securities (forward/futures contracts, swaps and options), i.e., financial instruments whose value depends on the price of other basic underlying variables (such as stock prices, indices, foreign currencies, interest rates or commodities). The no-arbitrage pricing principle and its use in pricing forward, futures and swap contracts and in deriving option pricing restrictions is first developed together with the Binomial-tree valuation approach and the Black-Scholes option-pricing model. Then, various extensions of the theoretical option models (adjusted for dividends and early exercise) are presented and various applications are provided, in the pricing of options on stock indices, currencies, or futures and in the risk management (e.g., hedging stock market, foreign currency and interest-rate risk exposure).

Fraud Examination

The course introduces students to the main types of occupational fraud, i.e. asset misappropriation, corruption, and fraudulent financial statement schemes. Through numerous case studies of real firms, students are able to understand the importance of anti-fraud and internal controls for the prevention, detection, and deterrence of fraud. They also familiarize themselves with fraud investigation techniques and anti-money laundering compliance programs.

5
Mergers and Acquisitions

This course aims to provide an integrated, conceptual, current and comprehensive way of analyzing M&As. The course has a very practical emphasis based on a series of contemporary, real business cases involving listed companies. M&As are approached both from a finance and an accounting perspective. Under the finance perspective, we analyze different M&A strategies, the economics of the transaction, the acquisition motives, the deal making process etc. Under the accounting perspective, we focus on the scope and the process of consolidation, the definition of control, the purchase price allocation process, the accounting for goodwill and noncontrolling interest etc.

Financial Planning

The course aims to examine corporate financial needs and ways to cover them. Financial planning is an issue of primary importance when it comes to short-term and long-term business development and sustainability.

2nd Year 

3rd Semester

5th Bimester Period ECTS
Econometric Methods

The past few decades have been characterized by an extraordinary growth in the use of quantitative methods in the analysis of various asset classes; be it equities, fixed income securities, commodities, and derivatives.In addition, both financial economists and practitioners have routinely been using advanced mathematical, statistical, and econometric techniques in a host of applications including, asset pricing, portfolio management, investment decisions, and risk management, among other.This course attempts to provide an introductory-level basis for the learning of such techniques.The purpose is twofold, to provide research tools in financial economics and comprehend investment designs employed by practitioners.

5
6th Bimester Period ECTS
International Finance

The course aims at providing a solid understanding of the global financial environment. Both theoretical and practical aspects are analysed, which are important for comprehending global financial markets, and how these operate under different currency regimes. The goal is to highlight the importance of working an internationalized market for the purposes of financial management and provide specific examples related to the industry.

5

4th Semester

7th Bimester Period ECTS
Fundamental Analysis of Investments

The principal objective of this course is to develop students’ capabilities to efficiently and effectively read, interpret and analyze financial statements. This is a course on fundamental analysis and has a very practical emphasis based on a series of class exercises and cases involving listed companies. Although the primary focus is on equity valuation, lending and other investment decisions are also discussed. Students learn how measurement and reporting rules determine and possibly restrain the information implied in accounting data and how reformulation and adjustments to the financial statements allow for better informed decisions.

8th Bimester Period -  (students must select three courses equal to a total of 5 Credit Units) ECTS
Sustainability Management and Reporting

The aim of the course is to present basic concepts in terms of sustainability principles. In addition, the application of sustainability reporting requirements to corporate financial statements is discussed. Finally, financial reporting management practices related to sustainability issues are presented.

Corporate Financing: Trends and Developments

The course objective is to present many trends and developments in corporate and project financing that have attracted considerable interest and activity in the real economy, in the recent years. The course will examine the main features of financing real economy assets and address the cash-flow modelling steps and methods for project financing. Moreover, different topics of corporate finance which are currently under global consideration will be presented during the course, such as: ESG investment criteria, Responsible Investing, Sustainable Finance, Fintech, Crowdfunding, Peer-to-peer lending, and Microfinancing including Microloans.

5
Commercial and Investment Banking

The course describes the function of banks and the related risk management models, as well as the regulatory environment of financial institutions. Students familiarize with the various models of risk measurement such as interest-rate, market, and credit risk models, and are introduced to stress testing, operational and liquidity risk, economic capital and RAROC.

Taxation Issues

The course introduces the fundamental tax concepts that are necessary for global investment decisions. The evaluation of alternative tax jurisdictions adopts a full-cost approach where both explicit and implicit taxes are considered. Specific tax issues that influence investment decisions are covered, such as: sources of taxable income, residency, permanent establishment, tax treaties, credit system of tax relief, transfer pricing, tax heavens, tax loopholes, controlled entities, and dividends from subsidiaries.All topics are examined with an international perspective but still in line with European Union tax treaties and OECD tax model.

Dissertation   ECTS
Dissertation - Summer Months

Data Collection, Analysis, Writing, and Presentation of Dissertation. Students may undertake their dissertation in pairs or on their own, upon approval of the Steering Committee. Full time (or even part time) students may alternatively substitute the dissertation with an internship, upon approval of the Steering Committee.

15