Masters in Finance

Masters in Finance
Master in Finance
Master in Advanced Finance
www.ie.edu/business
2
ie Business School
Index
Letter from the Dean 4
Excellence 6
International 8
Madrid 10
Entrepreneurship 12
Innovation 16
Network 18
Responsibility 20
Community 24
Masters in Finance 26
1 Master in Finance 34
2 Master in Advanced Finance 46
Dual Degree: International MBA +

3 Master in Advanced Finance 60
Admission Process 72
Alumni 74
Careers 76
Comparative Program Table 78

At IE Business School, innovation has been a way of life since 1973, moulding cosmopolitan directors and
entrepreneurs that embrace change and lead with humanity to generate employment, sustainable value, and
social well-being.
Since IE Business School first embarked on this undertaking over three decades ago, continuous changes
have left their mark on the corporate world, making our mission an even more exciting project. In order to
achieve our objectives, we have a 400-strong faculty, comprised of professors who teach students from
over 80 countries on our master, doctorate, and executive education programs. They all share the same
objective, namely to shape business leaders that contribute to the creation of value through competitive,
innovative, and socially responsible business initiatives. This commitment is evidenced by our 40,000-strong
alumni network that hold management positions in over 100 countries, serving as IE ambassadors worldwide.
If I had to state what differentiates IE Business School, I would doubtless say that it is how we bring together
incredibly diverse groups of students and faculty in an intensive learning experience, against a backdrop of
a major European capital city. The student-centric learning model means that active participation plays a
pivotal role in IE programs, fostering debate and teamwork that culminate in highly practical, interactive classes,
led by outstanding professors, holding many doctorates form leading European and US universities. Moreover,
IE gleans great advantage from its valuable international contact network, which provides a privileged insight
into the corporate community that IE serves and equipping IE students with essential knowledge and skills.
Students and alumni also maintain and build on contacts through the IE communities platform
(communities.ie.edu). This pioneering initiative provides students, alumni, professors, and associate professionals
with an interface whereby they can share theoretical and practical knowledge about sectors, functional areas
or geographic regions regardless of their geographic location.
This is how we recreate the IE experience each day, with the work and enthusiasm of all those who form
part of the IE Business School community. It's an experience that has positioned us as an innovative and
entrepreneurial school. A school that forms opinions. A school that makes a difference.
Santiago Iñiguez
IE Business School Dean
6
IE is Excellence
ie Business School
Rankings
IE Business School is recognized by the international press, who rank IE as a leading international business
school.
European Business Schools - 5th in Europe December 2009
MBA ranking - 6th worldwide. 3rd in Europe January 2010
Executive MBA - 7th worldwide. 2nd in Europe October 2009
Distance Learning MBA ranking - 2nd worldwide. 1st in Europe January 2008
th th
MBA - 16 worldwide. 7 in Europe October 2009
rd
MBA ranking - 3 worldwide September 2009
Executive MBA - 6th worldwide. 1st in Europe November 2009
Open Programs - 14th worldwide. 6th in Europe November 2009
Custom Programs - 8th worldwide. 5th in Europe November 2009
st
MBAs - 1 worldwide September 2009
CSR - 9th worldwide. 2nd in Europe October 2009
“With the highest student satisfaction rating of all of BusinessWeek's ranked schools, U.S. and international, IE's student
body is among the most diverse in the world.” From the BusinessWeek article about the rankings. November 2008.
Accreditation
IE is accredited by the
world's three leading AACSB International EQUIS AMBA
Association to Advance European Quality Association of MBA´s
accreditation bodies. Collegiate Schools of Business Improvement System
Prestigious academic partners
IE is a founding member of the Sumaq Alliance, a network of leading business schools in Spain and Latin
America; EGADE; Tecnológico de Monterrey, Mexico; EAESP - Getulio Vargas Foundation, Brazil; INCAE Business
School; IE Business School; IESA, Venezuela; Catholic University of Chile; University of Los Andes, Colombia;
University of San Andres, Argentina.
Partnership with the University of Chicago Graduate School of Business, offering executive training and the
GSMP (Global Senior Management Program).
Agreement to offer joint degrees with:

Northwestern University School of Law, Tufts University (The Fletcher School), MIT
Excellence
IE Faculty and Research Centers Publications

IE´s faculty is made up of nearly 100 in-house and more than 300 external professors, all
experts in different fields of business management, who balance applied research projects
with consulting for multinationals. IE also has numerous research centers dedicated to developing
various areas of management.
IE Business School Faculty Profile

96 full-time professors, who maintain strong 89% Doctors
links to the corporate world through research
and consultancy.
33% Women
350 Part-time professors
30 Guest professors
100 conferences with guest companies 75% Bilingual Spanish/English
500 professors through The Sumaq Alliance
Excellence Awards IE Honoris Causa have been awarded to
Just some of the international prizes won by • Luciano Benetton, President of the Benetton Group.
our students and professors: • William Gates, President of Microsoft.
• Reuben Mark, President of Colgate-Palmolive.
• EFMD, European Case Writting Competition, • Michael Treschow, President of Atlas Copco.
Innovation Challenge. • Romano Prodi, Former President of Italy.
• EFMD Multimedia Case Award. • Sergey Brin and Larry Page, founders of Google.
• Freshfield, European Best Lawyer. • Craig R. Barret, CEO of Intel.
• Best MBA Student. AMBA.
• Beta Gamma Sigma. The International
Honor Society.
• Brandon-Hall, Execllence in E-learning
Awards.
8
IE is International
ie Business School
Actual Current Student Nationalities Faculty Nationalities

Andorra, Argentina, Australia, Austria, Azerbeyan, 58% Spain
Barbados, Belgium, Bolivia, Brazil, Bulgaria, Canada, 16% Latin America
Chile, China, Colombia, Congo, Costa Rica, Cote 13% North America
d'Ivoire, Croatia, Czech Republic, Denmark, 9% Western Europe
Dominican Republic, Ecuador, Egypt, El Salvador, 4% CEE Central and Eastern Europe
Finland, France, Georgia, Germany, Greece,
Guatemala, Honduras, Hungary, India, Indonesia, Iran,
Ireland, Israel, Italy, Jamaica, Japan, Jordan,
Kazakhstan, Lebanon, Liechtenstein, Lithuania,
Luxemburg, Mexico, Mongolia, Morocco, Netherlands,
New Zealand, Nicaragua, Nigeria, Panama, Paraguay,
Peru, Philippines, Poland, Portugal, Puerto Rico,
Rumania, Russia, Serbia, Singapore, Slovakia, South
Africa, South Korea, Spain, Sri Lanka, Sweden,
Switzerland, Syria, Taiwan, Turkey, UAE, Ukraine, United
Kingdom, Uruguay, USA, Venezuela, Vietnam.
International
Alumni Nationalities IE Business School Offices Worldwide

Andorra, Angola, Argentina, Armenia, Australia, Austria, Belarus, Argentina-Buenos Aires
Belgium, Bolivia, Brazil, Bulgaria, Cameroon, Canada, Chile, China, Brazil-São Paulo
Colombia, Congo, Costa Rica, Croatia, Cuba, Cyprus, Czech Chile-Santiago de Chile
Republic, Denmark, Dominican Republic, Ecuador, Egypt, El China-Shangai
Salvador, Finland, France, Georgia, Germany, Greece, Guatemala, Colombia/Central America-Bogota
Honduras, Hungary, Iceland, India, Indonesia, Iran, Iraq, Ireland, Ecuador-Quito
Israel, Italy, Ivory Coast, Japan, Jordan, Kazakhstan, Kenya, Kuwait, Germany-Munich
Latvia, Lebanon, Liechtenstein, Lithuania, Macedonia, Malaysia, India-Mumbai
Mexico, Moldova, Morocco, Nepal, The Netherlands, New Zealand, Italy-Milan
Nicaragua, Nigeria, Norway, Pakistan, Panama, Paraguay, Peru, Japan-Tokyo
The Philippines, Poland, Portugal, Puerto Rico, Romania, Russia, Mexico-Mexico City
Saudi Arabia, Serbia, Sierra Leona, Singapore, Slovakia, South Peru-Lima
Africa,South Korea, Spain, Sweden, Switzerland, Syria, Portugal-Lisbon
Taiwan,Thailand, Trinidad and Tobago, Turkey, Ukraine, The Russia-Moscow
United Kingdom, Uruguay, The United States of America, Singapore
Venezuela South Korea- Seoul
United Arab Emirates- Dubai
United States-New York, Miami, Los Angeles
Venezuela-Caracas
ie Business School
10
IE in Madrid
Madrid
IE Business School is an urban

campus and it is situated in the
financial heart of Madrid
IE´s campus is situated in the heart of the vibrant city of Madrid, which means that IE students
can experience in full everything it has to offer, including the official language of Madrid, Castilian
Spanish, native language to 500 million people worldwide and the world's second business
language.
Madrid is the capital of Spain and Europe's fourth largest city. Its geographic location makes it
a cultural crossroads, offering a wealth of history in its architecture and traditions, as well as
breathtaking modernity. Its offerings include a world-class cultural heritage, including extraordinary
artistic riches of the so called 'Golden Triangle', comprised of the Prado, Reina Sofia and Thyssen
museums. Visitors also enjoy a vast range of tourist activities and sports facilities both in the city
and surrounding areas.
The people of Madrid are known for their zest for life. The city's restaurants, cafes and theaters,
coupled with major shopping areas and malls that host everything from top international
designers to exquisite local specialities make the city a hub of activity both day and night.
Madrid is Spain's financial and business center and home to the Spanish Parliament, the
head quarters of all spains top companies, and those of the multinationals operating in
Spain. This Spanish and cosmopolitan environment, together with a lively cultural and
social scene, puts Madrid in a league of its own and provides the perfect backdrop for
rounding off a unique educational experience.
12
IE is Entrepreneurship
ie Business School
Entrepreneurship
At IE Business School we are convinced that

entrepreneurship is the main drive behind growth and
the generation of collective wealth, employment, and
social well-being.
• IE Business School was among the vanguard IE Business School was founded by
when, in 1983, it created a department entrepreneurs for entrepreneurs. Since its
exclusively dedicated to the promotion of inception, we have worked to support new
entrepreneurship. initiatives and to promote entrepreneurship in
the business world.
• 14% of IE graduates start up their own
ventures over the course of their careers. The following are the main initiatives launched
by the department for Entrepreneurial
• Under the guidance of the professors from the Management:
Department for Entrepreneurial Management
and with the support of over 100 external Venture Lab ( V-Lab), the center for
professors, alumni entrepreneurs, and entrepreneurs par excellence. Venture Lab brings
professionals from the world of business start- together all forms of entrepreneurial ventures:
ups, all IE students work in groups to draw up new business projects, family business projects,
their own business plan as part of their program. corporate projects and social projects. V-Lab,
14
IE is Entrepreneurship
ie Business School
with the support of Caja Madrid, promotes IE Business Plan Competition encourages the
entrepreneurial development through a series development of high potential projects. A
of annual activities which stimulate the competitive dynamic (there are various
development of innovative projects and bring committees to follow the projects' progress),
together financing sources and Master students the spirit of cooperation, support, conferences,
as well as the alumni community. and a privileged network come together to
make the entrepreneurial experience offered
Venture Day (V-Day) ends a year of hard work by IE a unique opportunity to shape
and intense entrepreneurial activity with a entrepreneurial initiative.
flourish. Students with projects of clear
entrepreneurial merit but with a lack of funding Iceved (International Center for Entrepreneurship
have the opportunity to present their ideas to and Ventures Development), a platform that
over 100 investors on a designated day, on links 25 business schools from across the world
which the school is imbued with the spirit of and which develops various research projects,
entrepreneurship. facilitates networking, and training in the field
of business start-ups. www.iceved.com
Entrepreneurship
Proyecto Banespyme-Orange, an annual

competition coordinated by IE Business School,
Orange and Banspyme School, which aims to
promote the creation of technological
businesses. The previous Banespyme-Orange
projects have, over six years, created 1,100 jobs
directly and indirectly and have received more scale which, in its eight years, has become an
than 20 million Euros from private investors. important international reference on the
Business Angels School, IE Business School condition of global business creation. The
benefits from a Business Angels School, a Spanish team from IE Business School is one of
private investors training center which offers the most advanced of the 45 countries that
specific training in the financing of start-ups carry out the report. www.ie.edu/GEM
and business plan analysis.
Other activities include entrepreneurial training,
Entrepreneurship Summer School, as part of research, production of our own learning
the IE led Sumaq Alliance, the Department for resources, organization of entrepreneurship
Entrepreneurial Management offers (through clubs for current students and the Entrepreneur
ICEVED) an intensive summer school in Circle for alumni entrepreneurs and our
entrepreneurial training in conjunction with Latin- professors work with top international business
American universities and business schools. schools and universities all come together to
assure the best training and the most complete
GEM Report (Global Entrepreneurship experience for students who want to develop
Monitor) leads investigative study on a global their entrepreneurial interests.
16
IE is Innovation
ie Business School
“Immediate response to the

changing needs and opportunities
of the business world”
Innovation
The innovative spirit of IE Business School permeates the whole organization. We

are specialists in detecting the latest trends and quickly responding to the
changing needs of the business world by means of:
• Technological innovation incorporated into teaching techniques.
• Renewal of course content every year in order to incorporate the latest trends
in management tools and models.
One of IE’s proposals to optimize the use of new technology is the Online Education
Department.
We apply innovation both to the pedagogical methodology through the design

of online programs and modules, and to the course content. Every year we also
develop new resources such as interactive exercises and games, simulations,
multimedia case studies, and technical notes that are used in both presential and
online programs, helping to attain excellence in business education.
Some of our programs are followed by students who work in 20 different countries
who study over the Internet. These courses include presential periods in different
cities across the world and as well as online training stages. During the online
periods, participants work on the material in teams by using time-delayed debate
forums and video-conferences. This blended format means that many executives
can take part in our executive training programs without neglecting their
professional responsibilities.
As well as IE's Master programs, we offer executive education programs to keep

up to date with the necessary knowledge and developments in our new business
world.
18
IE is Network
ie Business School
Alumni Association
The Alumni Association promotes relations
between IE Business School graduates and
acts as a platform for networking for its
40,000 alumni members in over 100
different countries.
Through the Association, we promote the
continuous training of our graduates and
provide assistance in their professional
development.
The Annual Alumni Conference has
become the flagship event and the main
networking event in the alumni calendars.
This important event, which brings
together over 1500 alumni, coming from
more than 60 countries across the globe,
alumni best reflects the spirit in which
the Association was created: to develop a Annual Alumni Conference, 2004
network uniting graduates and to promote Dr. Muhammad Yunus
their continuous training. Nobel Peace Prize 2006
alumni.ie.edu
Network
IE Communities Careers Management Center

Based on the new paradigm of multi-origin A large number of businesses, consulting
knowledge, the ieCommunities Network is firms and headhunters look to IE Business
structured around three axes-geographical, School year after year in their search for top
sectoral, and functional. The result is a professionals, attracted by the quality of our
formidable resource that pools the expertise students and alumni. The Careers
and networking capabilities of some 40,000 Management Center handles over 6,000 job
IE alumni, professors, and distinguished offers each year as well as organizing a
professionals worldwide. Members of the number of activities to further increase the
communities use them to debate on career prospects of IE graduates. The key
managerial trends, build on and strengthen event in the Careers Management Center
contacts with other alumni, professors, and calendar is the Annual Careers Fair, which
executives, exchange experiences, participate serves as an interface for students and
in private forums, or post articles on public recruiters to get to know each other.
blogs.
The mission of the Careers Management
communities.ie.edu Center is to expand on job opportunities for
IE Business School students and alumni. It
serves as an active partner for all students
as they map a career path, educating and
training them to compound on the skills they
have acquired to meet the challenges of the
labour market. The Careers Management
Center also offers each student individual
career planning and networking sessions as
part of their program.
careers.ie.edu
20
IE is Responsibility
ie Business School
IE is recognized for its commitment to social

responsibility, ranking 1st in Europe and 10th in the
world in the Aspen Institute Social Responsibility
ranking.
Other consolidated initiatives include the IE addresses Social Impact Management from
Chair in Corporate Ethics funded by the IE 3 essential angles: knowledge, generated by
Alumni Association, or the IE code of research, and transferred through teaching
professional conduct, the result of a joint and events; the engagement of IE students,
effort by professors, students and alumni. This alumni, established professionals, and other
commitment culminated in the creation of a members of the IE community to implement
dedicated depar tment, Social Impact knowledge; and outreach, via strategic
Management at IE, which now plays a pivotal collaborations and social entrepreneurial
role in the day-to-day fabric of the school. alliances and initiatives whereby IE members
interact with the community.
IE Business School’s commitment to society has

permeated every aspect of the school, as reflected
by core program content and electives specialized
in the field of corporate responsibility (CR).
Finance Club Event. Photo by Otmar Winterleitner. IE student ´06. Responsibility
Photography Club.
Knowledge Outreach
Research is powered by social impact Outreach takes many forms, including alliances
management centres at IE, like with organizations like the Global Compact
• The PwC/IE Center for Corporate Responsibility with IE forming part of the GC Principles for
• PwC/IE Public Sector Center Responsible Management Education
• The IE Center for Diversity workgroup. It also includes events, such as the
• The IE Center for Eco-Intelligent Management organization by IE of the Sumaq-led 1 st
European-Ibero American Congress on
IE Business School is including the Social Impact Corporate Responsibility, and dedicated
Management in all academic areas. support, like IE’s sponsorship of the EFMD CSR
case study award. The different IE research
Engagement centers organize their own activities and
Engagement of students and alumni in CR events in their fields to bring further impetus
activities starts with the admissions process and to their work. Conference cycles run by the IE
continues through numerous initiatives, Center for Eco-intelligent Management, for
including: the Net Impact Chapter, a speaker example, take innovation beyond the
series led by IE students covering topics standard improvements required by law. They
related to corporate responsibility and examine how eco-intelligence requires the
sustainability; EcologIE, platform which addresses alteration of product design criteria, the
environmental challenges at IE; student clubs development of new human resource skills and
dedicated to Diversity, Entrepreneurship, and new approaches to manufacturing processes
Women in Business; the Mentor Program, which and customer relationships. In short, IE
provides a link between prestigious professionals Business School’s drive to address social and
and IE students; internships and pro bono environmental issues as one of the major
consultancies in NGOs; and career support in challenges facing business organizations in the
the form of corporate presentations by NGOs 21st century forms an integral part of the
and international bodies like the World Bank or school´s strategic vision and future roadmap.
the International Committee of the Red Cross.
Knowledge Engagement
Research IE Students
Teaching IE Alumni
Forums Professionals
IE Community
Outreach
Strategic Collaborations
Social Entrepreneurship
Alliances www.ie.edu/sim
22
IE is Responsibility
ie Business School
Credit Penetration in Cambodia

Loans as a % of GDP
14%
Have you ever thought about how
2%
many people would get out of poverty
2008 2013
if we make this graph happen?
Other related CSR Projects for the Masters
in Finance
FINANCIERS WITHOUT BORDERS Next Steps

Using microfinance to fight poverty We have received around 25 business plans
Our objective is to make credit available to from entrepreneurs in various African countries
entrepreneurs in economically depressed areas. and in the Dominican Republic through two
We will act as a microfinance intermediary in NGOs, FAS and Lánzate. We are in the process
two ways: of assigning the business plans to volunteering
• By evaluating selected business plans from MIF students, who will evaluate them. We will
economically disadvantaged entrepreneurs seek financing for a select number of business
and seeking funding for them from financial plans, but all the entrepreneurs will receive
institutions in the developed world, be it in feedback and guidance from our students and
the form of debt finance or equity finance. the progress of all the business plans will be
• By working with MFIs in the developing world followed up.
and helping them expand their capacity to
serve their clients by connecting them with Participants
funds from international institutions. Volunteering IE students and professors, IE
alumni, and a network of individuals with a
The environment wide range of experience working in finance
With CSR gaining momentum, the possibility and development institutions such as the World
to combat poverty in developing countries and Bank, the Grameen Foundation, and the Inter-
to offer people with low incomes the American Development Bank. Their expertise
opportunity to receive financial services, is now will greatly enrich our project.
viable. Corporate Social Responsibility also
offers a tremendous opportunity to potential The World Bank estimates that around 3 billion
players in this arena, such as banks and financial people would benefit from banking services
institutions, to improve their image and but do not yet have access to them. FSF has
reputation in terms of solidarity by investing been created to connect these people to the
in socially responsible projects, and to financial services that they need, to connect
participate in a joint initiative. MFIs to the funding they need, and to give
organizations and IE students the opportunity
to contribute in a tangible way to improving
the lives of people in developing countries.
On both the Master in Finance and the Master in Advanced

Finance you will have the opportunity to deepen your
knowledge of CSR applied to finance through the SRI &
Microfinance course. For further information, please go to
page 45 and 59.
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IE is Community
ie Business School
Adidas Event. Marketing Club. Photo by Otmar Winterleitner. IE Student´06. Photgraphy Club
Community Finance Club Event. Photo by Otmar Winterleitner.
IE student ´06. Photography Club
Learning beyond the classroom is a vital part of the IE Experience. FamilIE facilitates, coordinates,
and encourages a rich and varied range of student-run clubs and activities, creating great social
and professional opportunities that complement academic life. Academic, sporting, regional, and
social clubs to match every interest, whether you are looking to balance the rigours of the academic
program or to gain leadership experience and skills in specific fields or industries.
Through nearly 25 clubs, you will find chances to meet and interact with other students, faculty,
alumni, leading figures in the business community who visit campus. You may network, learn,
gain management skills, and enhance your personal and professional growth. Since new clubs
may be founded every year at students' initiative and demands, you are encouraged to start a
new club, wherever you see fit!
Families and partners are welcome at all clubs and activities.
Currently active Clubs include:
Academic Clubs: Regional Clubs:

Entrepreneurs´ Club Alliance Francophone de l´IE
Marketing Innovations Club Asian Family Club
Finance Club Club of India
Consulting Club Club de México
IE Net Impact Chapter Club de Amigos de Colombia
TechIE Club Club de Venezolanos
Women in Business Club Club DOM (Club of Dominicans)
Asia Business Club Japan Club
Sporting Clubs: Social/Special Interest Clubs:

Football League Partners Club
Basketball Club Gourmet Club
Paddle Club Bar of the Week
Tennis Club Salsa Club
Volleyball Club Photography Club
Martial Arts Club Music Club
Sailing Club
SpringFling 2006
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Masters in Finance
ie Business School
Why study the Masters in Finance at IE?

Thinking about working in capital markets? A career in investment banking?
A future as chief financial officer of a company? Do you see yourself working
in the Islamic Finance industry? Or as an entrepreneur with a firm supported
by private equity? Leveraging on the opportunities provided by Microfinance?
Do you want to understand the roots of the current turbulences? If your
answer to any of these questions is yes, you should consider applying for
IE Business School's Master in Finance or for the Master in Advanced Finance.
We think that now is the best time to invest in your financial education, in
order to obtain the benefits once markets turn.
The Master in Finance is a 10-month program aimed at recent university graduates with limited or
no professional experience who aspire to work in the finance industry at an analyst level. The course
will be able to cover key fields in today finance including derivatives, mergers and acquisitions or
private equity, and participants will be able to prepare level I of the CFA examination.
The Master in Advanced Finance is a 12-month program that targets professionals with 2-5 years
of experience in finance or other professional fields such as engineering, law or business administration.
Participants will undertake a one-year full-time program designed to refocus their career on the
financial world and who aspire to work in the finance industry at an associate level. Either if your
background is finance or not, the Master in Advanced Finance will allow you to embark an ambitious
career in the financial world by equipping you with a deep understanding of the most advanced fields
in finance today, including commodities, behavioral finance or fixed income and equity derivatives.
Both masters will cover up-to-the-minute fields that now play a critical role in the finance world, such
as risk control, emerging markets, current global economic issues, financial entrepreneurship and how
to invest in markets. The masters will also furnish you with the practical applied knowledge you will
need to succeed as a financier, including presentation skills, ethical dilemmas or negotiation.
These masters employ a highly practical approach.You will not only be asked to assimilate knowledge,
but also to apply it to financial markets, demonstrating your capacity to generate profits using your
skills. You could also be required to select investment opportunities for private equity firms, analyze
these opportunities, value them, and present a finance plan to the faculty and to a real private equity
investor. Additionally, our “open sessions” will bring the opportunity to meet industry experts from all
the fields of finance, affording relevant contact with the business world.
IE also offers a valuable and powerful tool: networking with IE's 3,700 finance alumni through IE's web-
based finance communities, where you can access advanced knowledge in the field of
finance, discuss key financial topics with your colleagues or share job offers.
We look forward to seeing you on the Masters in Finance!

Ignacio de la Torre
Academic Director
FIRST CFA PROGRAM PARTNER IN SPAIN
CFA exams are the most renowned qualifications for finance professionals worldwide, which
guarantees IE Masters in Finance a place among the world’s most prestigious educational
programs and a leading position in ethical and professional standards.
IE Masters in Finance students have several scholarships available per calendar year to enable
them to take CFA level I.
Find out more at: www.cfainstitute.org/cfaprog/university/faq.html

Master in Finance
The Programs Index 1 Concept
2 Aimed at
3 Masters Structure
The Programs Dean

Francisco Navarro
Vice Dean
Concept
The financier of the future is a sophisticated professional who interacts with many parties in a
complex world.
The program provides a fine-tuned financial education in an environment that encourages you
to extend your leadership capabilities while developing specialized expertise in this discipline.
Building a solid understanding of financial principles, these programs impart detailed knowledge
of the operations and activities of financial markets and provide a comprehensive view of the
international world economy.
The Masters in Finance will equip you with the understanding and know-how you need to
undertake the functions of finance with maximum effectiveness, efficiency and professionalism,
International MBA + Master in Advanced Finance
preparing you to apply the functions of finance to create value both in investment banking, other
financial companies, the industry and greater society.
Master in Finance Master in Advanced Finance Dual Degree (International MBA

+ Master in Advanced Finance)
(further info on pg. 34) (further info on pg. 46) (further info on pg. 60)
Format Full-time
Schedule 9 am-3 pm* (Monay-Friday)
Dual Degree
Language English
Student profile Recent graduates or Professionals who wish to Entrepreneurs or professionals
young professionals accelerate or switch their who seek top positions in finance
careers industry
Age range 22-24 25-31 25-35
Average professional 0-18 months 2-5 years 5 years
experience
Program length 10 months 12 months 21 months
Calendar September-June (following year) January-December April-December (following year)
*A small no. of specialized courses may be taught in the afternoon, to allow for the work schedules of professors
who are practitioners.
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Why the Masters in Finance?

ie Business School
My year at IE was the hardest and at the same time the most
amazing of my life. Professors and students from all over the
world don't just teach what you can find in books, they teach you
about life, culture and how to survive in this hectic modern world.
I made friends for life and many
professors' comments and observations will remain with me
forever. In addition, it opened doors when it came to finding a
job, which in the endis one of our biggest concerns.
Maria Paiva
Master in Finance 2007
BBVA Debt Capital Markets, Spain
Master in Finance
The Masters in Finance takes a detailed and disciplined look at the tools, techniques, theoretical
know-how, and practical focus that makes it possible to put these functions into practice. The
experience is enhanced by additional studies and tools that assist decision making in areas
directly or indirectly affected by the financial manager's reactions.
Why the Masters in Finance at IE?
• The most appealing syllabus designed by professionals from the capital markets based on
the needs of the financial recruiters
• Strong faculty with a sizeable percentage of practitioners from the finance industry

• Access to employment in capital markets through a syllabus with strong foundations on
derivatives, mergers & acquisitions, private equity, asset management & financial statement
analysis
• IE is the first school in Spain to be awarded the status of CFA Institute Program Partner.
The CFA Institute is one of the most internationally renowned bodies in the field of finance
deeming us ready to form part of the most prestigious educational institutions. We are confident
that this will not only further increase IE’s prestige within the financial world but that this
recognition of the program will also have many benefits for our students with regards to career
opportunities
• Strong 3,700 alumni network from IE's finance programs since 1977, supported by on-site
finance oriented networking (Finance Club & Financial Community)
• An eminent practical approach: investment game, private equity valuation project, equity
research report project, company valuation project
Aimed at:
People who work or are planning to work in:
• Corporate finance
• Sovereign wealth funds
• Venture capital and private equity
• Equities
• Fixed income
Dual Degree
• Derivatives
• Asset management
• Hedge funds
• Private banking
• Financial consulting
• Auditing
• Public finance
• Finance departments of large corporations
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Masters in Finance Structure*

ie Business School
Both programs will cover key financial areas that aim to replicate the same areas and functions in capital
markets and investment banking. These areas, which are letter-coded, are:
Areas Subjects
Corporate Finance (CFI) Financial issues that have a direct impact on business
organisations including leverage, dividend policy, financing
or equity valuation, as well as the implications of mergers
and acquisitions for the investment banking industry.
Investments (INV) The investment management process, from both a buying

and selling perspective, exploring in depth the tools of
portfolio management & investment selection criteria.
Derivatives (DRV) The foundations of risk control in the different underlying

asset classes: fixed income, equities, credits, commodities
and foreign exchange (FX).
Financial Accounting Analysis (FAA) Accounting analysis skills which any financier should master
to excel in his/her function. These courses will be biased
towards international accounting, creative accounting
detection and financial analysis.
Private Equity and IE has traditionally enjoyed a reputation as a school for

Financial Entrepreneurship (PEF) entrepreneurs. In the context of the Masters in Finance,
students will see for themselves how private equity and
finance serve as excellent tools to become an entrepreneur
through acquiring an existing business.
Applied Knowledge for the Different key concepts that serve as basic tools for the
Financial Manager (APP) successful financier, including negotiation, presentation
skills or building of financial models using excel.
Economics for Markets (ECO) Practical macro information that is key for financial markets,
including how macro data should be read in order to have
an informed opinion of where to invest, and recent macro
developments that will shape the world in this century,
such as the rise of China or the impact of geopolitics.
Master in Finance
The courses for each area will follow a progressive approach, starting from the basics and building
up in terms of complexity and sophistication to reach the most advanced courses taught during
the third period. The structure has also been designed to enable participants to prepare for
interviews with recruiters, which could start as early as autumn.
Additionally, students will attend:

• Open sessions (OPE) trading and portfolio management) or
1.5 hour conferences given by top level Governance Metrics (corporate governance
professionals from the finance industry on the evaluation for investment managers). Students
most relevant issues in finance today. Past will visit leading financial players and will have
speakers include three managing directors from the opportunity to meet top strategists and

UBS, an executive director of Lehman Brothers, experts, through seminars and conferences.
the director of IE's Centre for Advanced Finance,
or the chief investment strategist of BBVA's • CFA preparation courses (CFA)
pension funds. Open sessions include fields A relevant number of extra sessions from
like weather derivatives, private equity, the January to May will prepare you for the CFA
future of the M&A market or financial examination. Members of CFA will explore key
engineering. IE alumni working in the field of topics for the level I examination, including
finance are invited to these sessions to foster ethical standards, quantitative methods,
networking. economics, financial statement analysis,
corporate finance, fixed income, equity
• Optional winter field-trip to New York: investments, derivatives and alternative
The Masters in Finance programs are highlighted investments.
by the optional winter trip to New York, one of
the most important financial centers worldwide. IE Masters in Finance students have several
Students have the opportunity to visit the most scholarships available per calendar year to
notable companies in the financial industry such enable them to take CFA level I.
as Credit Suisse, Calyon Securities, NYSE Stock
Exchange, UBS, New Amsterdam Partners (asset
management), Miller Tabak (derivatives trading
& research), Citigroup, SAC (very successful hedge Find out more at:
fund), ISI group (investment research, sales, www.cfainstitute.org/cfaprog/university/faq.html
*The structure may be altered depending on market dynamics and company demands.
Dual Degree
Masters in Finance
1 Master in Finance
Master in Finance
pag 34
Concept 35
Intended for 35
Structure 36
Program Content 40

2 Master in
Advanced Finance
pag 46
Concept 47
Intended for 47
Structure 48
Program Content 52
3 Dual Degree
International MBA +
Dual Degree
Master in Advanced
Finance
pag 60
Concept 61
Intended for 61
Structure 62
4 Faculty 64
34
1
Master in Finance
ie Business School
1st place CFA
(Chartered Financial Analyst)
Competition 2009
CFA Investment Challenge
Master in Finance
Sebastian Mentzen (Germany)
Naz Okten (Turkey)
Andres Dobles (Costa Rica)
Jonas Aita (Germany)
Sakhee Joisher (Great Britain)
The Master in Finance equips participants with up-to-the minute knowledge in key areas of
finance such as leveraged buy-outs, credit derivatives or mergers and acquisitions. The program
will play a pivotal role in increasing candidate appeal in recruitment processes for leading financial
institutions such as investment banks private equity or asset management. This is a program
centred around finance, in line with the demand of the recruiting market in the financial arena.
Further areas covered include macroeconomics, financial accounting, financial entrepreneurship,
presentation skills and negotiation. In addition to finance courses, students will be required to undertake
level I of the CFA Charter, a highly respected international degree within the finance industry.
Intended for:
Students with an outstanding academic record who have just completed their undergraduate
studies, with limited or no professional experience and who aim to pursue a career as analyst in
investment banking (corporate finance, equities, fixed income derivatives, etc.), financial boutiques,
hedge funds, private equity, private banking, asset management on the finance area of a corporation,
or as an entrepreneur with a financial angle.
First CFA Partner Business School in Spain

The Master in Finance at IE Business School has been recognized as
a CFA Program Partner since June 2009. This recognition will both
increase IE´s prestige within the financial world and equip our students
with a clear competitive advantage when seeking to enter or enhance
careers in the financial industry, being considered the “global key” for
those who want to enter the investment banking industry.
The three part CFA exam, when passed entitles a person to become
a “CFA Charterholder”. The program can be pursued using a strategy
to support a student seeking the CFA designation. During this year,
students will be required to prepare the CFA I exam and take it at the
end of the program. Exam is optional and therefore, examination fees
are not included, although IE Master in Finance students have five
scholarships available per calendar year to take it.
At-a-glance Format: Full-time

Age range upon graduation: 22-24
Average professional experience: 0-18 months
Program length: 10 months
Calendar: September - June (following year)
Schedule: 9 am - 3 pm * (Monday through Friday)
Language: English
*A small no. of specialized courses may be taught in the afternoon, to allow for the work schedules of professors who are practitioners.
36
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Master in Finance Structure
ie Business School
PERIOD I (September-December) PERIOD II (January-April)

Induction to Finance Specialty Finance
Corporate Finance Advanced Corporate Finance

Derivatives & Risk Control Advanced Topics in World Economy
Financial Accounting & Analysis Auditing & Derivatives Accounting

Financial Math Programming Banking & Insurance
Financial Modeling Historical Episodes in the Financial Markets

Fixed Income, Credits & Hybrid Markets Investing in Emerging Markets
Introduction to Capital Markets Investment Game - Period II
Investment Game - Period I Negotiation

Quantitative Finance I Portfolio Management
Strategic Macroeconomics for Investors Quantitative Finance II

Valuation & Equity Research Securitization & Fixed Income Derivatives
CFA Preparation
The structure may be altered depending on market dynamics and company demands
Master in Finance
PERIOD III (April-June)
Applied Finance
Arbitrage Strategies
Behavioral Finance
Commodities Markets
Creating Value through Corporate Change
Creative Accounting
Equity Derivatives & Volatility
Financing Entrepreneurial New Ventures
Hedge Funds
Investment Game - Period III
Islamic Finance
Macroeconomics & Asset Allocation
Mergers & Acquisitions
Multinational Finance, FX* Markets & FX* Derivatives

Presentation Skills
Private Equity
SRI & Microfinance
CFA I Preparation
*Foreign exchange
38
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Master in Finance Class Profile 2009
ie Business School
My decision to go to IE was influenced by the school’s excellent

reputation and the diverse student body that I had the chance to
experience first-hand. I learned a lot from my fellow students who
had highly diverse cultural and educational backgrounds. Talking
about the program structure, it is very advanced and the intense
curriculum offers students many challenges. All in all, I can say
that I learned a great deal during my time at IE not only in academic
terms but also on a personal level.
Sebastian Mentzen, Master in Finance 2009
Barclays Capital, UK
Master in Finance
Gender Class Size 35
Nationalities 26
14% 86%
Female Male Belgium, Brazil, China, Colombia, France, Georgia,
Germany, Greece, India, Indonesia, Italy, Jordan,
Kazakhstan, Kuwait, Lebanon, Mexico, Nigeria, Norway,
Peru, Portugal, Romania, Spain, Sweden, Switzerland,
USA, Venezuela
Sectors
Age (Average: 23,5. Range: 20-26) Consulting 9%
Entertainment /Hospitality Management 6%
20% 80%
24-26 years 20-24 years Finance/Banking 40%
High Tech/E-commerce/IT 6%
Industrial Productions/Energy and
Mining/Construction 6%
Law/Auditing/Tax 11%
Others 9%
Recent-graduate 14%
Geographic Distribution
Undergraduate Degrees
9% 39%
Spain Other Western Business/ Commerce 43%
Europe Economics 23%
13%
Africa & Middle East 9% Engineering 17%
4% Eastern Law 9%
North America Europe
Others 6%
13% 14% Social Sciences 3%
Asia Latin America
Average GMAT 665

Work Experience
Average 1,5 years
Work experience range 0-6 years
40
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Program Content
ie Business School
Master in Finance Syllabus

PERIOD I (September-December)
Induction to Finance
• Corporate Finance (CFI)

This course explores the foundations of All sessions will take place in a computer
financial theory through of the analysis of the laboratory. Specific areas like random number
financial situation of a business and drivers of generation, MonteCarlo simulation, matrices,
the cost of capital, the evaluation of capital correlation calculations, efficient portfolio
investment decisions, and the determination theory and derivatives programming will be
of the optimal capital structure. The student covered.
will also cover advanced corporate finance
topics like dividend and buy back policy, • Financial Modeling (APP)
corporate restructuring, issuance of securities, The financial modeling course will deal with
agency problems, asymmetric information, or the effective use of the spreadsheet as a basic
executive compensation policies. tool for financial analysis, data modeling,
construction of financial models and specific
• Derivatives & Risk Control (DRV) tools oriented to financial analysis. The course
This course will analyze the foundations of will equip students with a solid understanding
derivatives, their valuation, and how they are of the modeling process.
used to manage risk and for investment
decisions. The student will learn the • Fixed Income, Credits & Hybrid Markets (INV)
management of financial risk as well as the This course is a practical analysis of how bonds
different techniques available to measure said are traded in financial markets and the key
risk. The course will also cover the evaluation of determining factors of their performance and
financial risks both in financial and non financial valuation. The course will also cover key aspects
institutions and the role of risk management of hybrid markets.
within the overall corporate strategy.
• Introduction to Capital Markets (INV)
• Financial Accounting and Analysis (FAA) This course will examine the foundations of the
This course will explore the main items within investment banking industry and the capital
corporations' financial statements and how markets where it operates. The new participant
financial information is communicated to will be introduced to the world of finance by
external parties. It will look at financial covering a broad range of topics such as the
accounting from an international accounting structure & divisions of investment banks, the
perspective. Additionally, the course will main role each division performs and their links
examine consolidation policies and accounting with the different capital markets. This course
for international corporations. furnishes students with the basic knowledge
and skills they need to participate in interview
• Financial Math Programming (APP) processes at investment banks. Students will
Financial math programming introduces also attend practical sessions aimed at further
numerical methodologies and computer preparation for interview processes at
programming as a means to solve complex investment banks.
financial problems. At the end of this course
students will be proficient in Visual Basic (Excel)
and MatLab software.
Master in Finance
• Investment Game - Period I
The purpose of this course is to provide all business forecasts; market structure will affect
students with an analytical background and profitability: fluctuating exchange rates will
practical experience in the designing and have an impact on costs, sales, risk perceptions
managing of investment portfolios. During the and debt levels; the state of the national budget
course the student will have to build equity, or interest-rate decisions can color a company's
bonds and currency portfolios simulating real future; and the overall state of the economy
life experiences and using live market data. The and its future prospects are the key elements
students will have to make presentations in overseas investment, production or sales
justifying the rationale behind their portfolios decisions and strategies.
and their security selection. The grading of the
course will be based on both the return of the This course will provide students with a
portfolios and the quality of the analytical framework to understand how macroeconomic
reasoning underlying their investments. variables and government actions affect
business activity and investment decisions.
• Quantitative Finance I (APP)
This course will provide students with a working • Valuation & Equity Research (INV)
methodology and a solid knowledge base for The equity research course will explain the
the use of statistical and econometrical tools foundations of the sell side process within the
in finance. Through case analyses and problem- equities world by focusing on how analysts look
solving in class, students will gradually feel at listed companies, build their valuation models
comfortable with the most common statistical and issue investment recommendations
and econometric techniques used in finances. interacting with the buy side. This course will
include practical approaches to the most
• Strategic Macroeconomics for Investors (ECO) common valuation methods employed by
The economic environment provides many of equity analysts, the production of financial
the critical parameters for companies and forecast models, the drafting of research notes
investors in an increasingly integrated world. and how these influence investors' attitudes.
Economic expansion or recession will change
After four years of experience in Investment Banking it was about time to

broaden my knowledge not only in Capital Markets but also in Management
and Corporate Finance. The Master in Finance of IE covers thoroughly
these key fields to speed up a global career in finance. And this experience
becomes even richer due to the unique international environment that IE
provides you. The network you establish during the program is one of the
most valuable assets to carry on for your life time.
Mariana Montalvao
Global Market Control Associate -Deutsche Bank, London
42
ie Business School
PERIOD II (January-April) commercial bank and will emphasize the

Specialty Finance international dimension of banking in the
context of ongoing financial globalization.
• Advanced Corporate Finance
A critical analysis of the different equity valuation • Historical Episodes in the Financial Markets (INV)
methodologies, with their advantages and Any equity research analyst working during
disadvantages in different scenarios and contexts the dot com bubble had never experienced a
within the capital markets. Specifically, the course prolonged equity crash. As most market
will cover the main valuation methodologies professionals tend to be young, it is commonly
applied in finance (discounted capital cash flows, said that “markets have a young memory”. This
discounted equity cash flows,dividend discount is a big liability as important historical episodes
models, market multiples, similar transaction are not well remembered despite their useful
analysis, adjusted present value, real options or lessons. This course will analyze the main
Montecarlo simulations). financial crises that have occurred in the
markets and will try to explore the main lessons
• Advanced Topics in World Economy (ECO) applicable to the future.
The aim of this course is to equip students with
critical analytical skills in the field of economic • Investing in Emerging Markets (ECO)
environment. The course provides the analytical It is simply not possible to understand global
tools and background information needed to financial markets without understanding the
have an informed opinion on different positions dynamics of emerging markets: their weight
in the current economic debate, and their in global economy growth, trade, population,
implications for businesses and financial markets. impact on the production and consumption
of basic resources, relevance in terms of foreign
• Auditing & Derivatives Accounting reserves, etc. All these factors should place
This course will allow participants, who will be them firmly on the radar of any investor.
in charge of the audit at the client-end, to acquire
a comprehensive understanding of the process How could you invest in BHP Billiton or
of auditing, prepare for the auditors' visit to run Volkswagen without knowing how important
an efficient audit, avoid certain problems at year- China is for these companies? Or how could
end and/or financial reporting periods during an investor invest in Telefónica without at least
the auditors' visit and will deal with the analyzing its Latin American operations? Did
negotiation of audit fees. In addition, it will cover anybody notice that China has 6 large cap
the subjectivity of derivatives accounting, the corporations in the Global Top 25, in second
main inputs impacting the valuation of these position behind the USA (with 12)? And that
structures and the accounting rules governing PetroChina is the second largest company in
them under US Gaap and IFRS. terms of market cap globally? Or that the two
largest banks in the world are Chinese?
• Banking and Insurance (CFI)
The banking and insurance course is designed These are just a few of the facts that illustrate
to provide a sound grounding on the how emerging markets are, in a way, leading
fundamentals of the commercial banking the world. During these sessions, we will talk
business, its management and the analysis of about the main EM regions, with a special focus
financial decision making in relation to specific on BRICs, the different EM profiles (consumer-
operations and their impact in the overall based countries, commodity producers, mixed
financial condition the institution. The course profiles), the tools we can use to invest (from
balances the micro (the bank lending function)
and macro (capital management and
regulation) dimensions of managing a
Master in Finance
ETF to ADR), how easy it is to invest and hedge of asset management in main asset classes:
(using derivatives) in these countries, currencies, equities, bonds and alternative investments.
main risks and barriers, key companies, An internet-based simulation of portfolio
investment trends ("bankarization"), and the management will be used during this course,
increasing weight of consumers, housing, bringing the student an opportunity to prove
energy infrastructure, etc. Concepts such as his/her skills at making money.
carry trade, decoupling, correlation or
relationship risk/reward will also be reviewed. • Quantitative Finance II (APP)
This course will provide students with a working
• Investment Game - Period II methodology and a solid knowledge base for
Please see course description of Investment the use of statistical and econometrical tools
Game Period I. in finance. Through case analyses and problem
solving in class, students will gradually feel
• Negotiation (APP) comfortable with the most common statistical
Negotiation will explore the theoretical and and econometrics techniques used in finances.
practical foundations of a successful negotiation
process in order to develop the student's capacity • Securization & Fixed Income Derivatives
and ability to negotiate. It is designed so that Fixed Income Structured products are not well
students see the “art of negotiation” as a key tool understood by a majority of financiers and
they can use in both their personal and regulators. This course will tackle this deficiency
professional lives.The course will follow a practical by exploring these products, not only the plain
approach with relevant cases. The course also vanilla ones (flow) but the most exotic
covers the relevance of communication in the
negotiation process.
• Portfolio Management (INV)

The key concepts of portfolio management
theory will be studied during this second
period, including topics like the efficient
portfolio, correlation between asset classes, and
risk measuring techniques applicable to the
investment process, such as the information
ratio. The course will cover the main implications
IE Business School's Master in Finance has been the perfect choice for me
after graduating in International Business Administration. The program is one
of the most comprehensive of it kind, covering all key areas from corporate
finance, through capital markets to alternative investments. It offers everything
a finance professional needs to know to excel in financial markets, taught
by some of the most excellent professors in the field. One of the things I
most appreciate about the program is that 75% of courses are taught by
practitioners who are renowned experts in the world of finance. Most
importantly, the program has led to successful interviews with some of the
best firms in investment banking, private equity and consulting, including
Lars Christian Wilde
Current student, Goldman Sachs M&A, Morgan Stanley Private Equity, and McKinsey &
Master in Finance 2009 Company.
44
ie Business School
structured products. The course will also analyse mechanisms used to identify and correct these
hybrid instruments and securitizations. abuses will also be explored.
PERIOD III (April-June) • Equity Derivatives & Volatility (DRV)

Applied Finance This course will concentrate on equity derivatives
markets, along with the range of product and
• Arbitrage Strategies (INV) strategies available for corporations and
The course examines the valuation of investors to trade through derivatives. It will also
investments in the context of industry and explore the concept of volatility and how it
related firm risk and mitigation. The student will impacts equity markets, as well as ways to hedge
develop a deeper understanding of the volatility risk or trade volatility.
operations of capital markets, market
participants, the role of the main financial • Financial Entrepreneurial New Ventures
intermediaries and the products and techniques The objective of this course is to expose you
that are used to bring together the providers to the many dimensions of venture creation
and users of capital in the modern world. and to provide the tools needed to launch a
new venture as a stand-alone business or as a
• Behavioral Finance (INV) unit of a larger corporation. In this course will
Psychology plays a pivotal role in the pricing of explore the numerous issues that accompany
assets. On average, during rainy days the stock the design and implementation of a new
market underperforms in comparison with business idea, paying particular attention to
sunny days. How human psychology affects both content (the components of the idea) and
these variables will be covered in this course, process (the steps undertaken to transform the
which will run though the most up to date idea into a viable business).
literature on these issues.
• Hedge Funds (INV)
• Commodities Markets (INV) This course will explore the increasingly
This is where participants learn about the main important hedge fund industry, what is and
t ypes of the increasingly impor tant what is not a hedge fund, the industry basics,
commodities. The course will also explore the its financing sources, the main strategies
main options used to trade commodities or to employed by hedge funds, remuneration
hedge commodities risk. structures, the search of alpha and the risks
associated with investing in hedge funds.
• Creating Value through Corporate Change (CFI)
This course covers the value creation that large • Investment Game - Period III
corporations can achieve by deep restructuring, Please see course description of Investment
and how these opportunities should be Game Period I
identified by the financial markets.
• Islamic Finance (INV)
• Creative Accounting (FAA) Islamic finance is becoming an increasingly
Creative Accounting examines how to detect important field of investment as Gulf investors
the main accounting games that some have become pivotal actors in the world's
companies practice, by using accounting capital markets. Islamic law (Sharia) only permits
minefields” where they can be identified, and very specific products. A deep understanding
providing defense mechanisms to neutralize of the mechanisms used to issue Sharia
them. The student will learn how some
companies hide debt off balance sheet, alter
reported sales, reduce cost levels or influence
the consolidation perimeter. The main
Master in Finance
compliant products will be a big asset for any setting. Special attention is given to risk
future financier. management.
• Macroeconomics & Asset Allocation (ECO) • Presentation Skills in Financial Markets

This course takes a look at the real challenges (APP)
faced by chief investment officers when The presentation skills course will develop the
allocating savings in global portfolios. This student's personal communication style and
course will not deal with the art of stock provide them with a toolbox that will allow
selection or specific bond selection. It will them to see this key leadership skill both from
examine the big global flows based on top the communicator's point of view and that of
down investment. The course will consider the their audience. The course will cover different
main asset classes available to trade ideas, and situations, including group presentations.
how these classes react to macroeconomic
data. Additionally, the course will brief students • Private Equity (CFI)
on the valuation tools that strategists use to This course will explore the role of private equity
allocate funds on a global basis. institutions in today's markets. It will cover how
the private equity industry is structured, its
• Mergers & Acquisitions (CFI) financing, its methodology and its approach to
This course will put into practice the knowledge investing and divesting. It will also pay specific
acquired in the different corporate finance and attention on how leveraged buyouts, the
valuation courses and will explore how deal preferred entry routes of the private equity
making is structured from the point of view of industry, are structured.
the companies and from that of corporate
financiers. • SRI & Microfinance (APP)
This course will cover the current relationship
• Multinational Finance, FX Markets and FX between finance and sustainable development.
Derivatives (CFI) From microcredits to the ethical funds, finance
The focus of this course is on the unique offers the asset management industry a wide
problems encountered by the international range of tools to collaborate with the vision of
treasurer or chief financial officer of sustainable development, one of the most
multinational corporations. It is the international effective being investment funds with a policy
sequel of a corporate finance course and as of social responsible investment (SRI), in areas
such it revisits the same funding/financing and such as water, clean energy or fair trade.
investment questions within a multi-currency
The IE experience has truly been a challenging and rewarding one; on both
academic as well as personal fronts. Not only have I learnt a lot of technical
and practical financial knowledge from inspiring professors, but interactions
with peers from diverse nationalities (particularly through group work) have
widened my global perspective and mindset. Although tough at times, the
need to juggle work and leisure has trained me into a more organized, time-
effective individual, as it is important to “work hard and play hard” in vibrant
Madrid! Overall, I am most thankful to IE for the wonderful friends I made
and whom I intend to stay in touch with for the unforeseeable future - this
year would never have been the same without them!
Christina Yuen
UBS Investment Bank, London
Corporate Finance
46
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ie Business School
The Master in Advanced Finance affords up-to-the minute knowledge in the most innovative
areas of finance such as securization, swaps, commodities, equity derivatives, leveraged buy-outs,
geopolitics, behavioral finance, value at risk or Islamic Finance.
Participants receive an education that can play a pivotal role in increasing candidate appeal in
recruitment process for tier I financial institutions like investment banks, hedge funds, private
banking, sovereign wealth funds and private equity firms.
Intended for
Professionals (with or without previous finance experience) who wish to pursue a career as

associates in investment banking (corporate finance, equities, fixed income, derivatives, etc.),
hedge funds, private equity, private banking, asset management or in the finance area of big
corporations.
First CFA Partner Business School in Spain

The Master in Advanced Finance at IE Business School has been
recognized as a CFA Program Partner since January 2010. This recognition
will both increase IE´s prestige within the financial world and equip our
students with a clear competitive advantage when seeking to enter or
enhance careers in the financial industry, being considered the “global
key” for those who want to enter the investment banking industry.
The three part CFA exam, when passed entitles a person to become a
“CFA Charterholder”. The program can be pursued using a strategy to
support a student seeking the CFA designation. During this year, students
will have the option to prepare the CFA I exam and take it at the
end of the program. Exam is optional and therefore, examination fees
are not included, although IE Master in Advanced Finance students
have five scholarships available per calendar year to take it.

Average professional experience: 2-5 years of relevant work experience
Calendar: January- December
Language: English
48
2
Master in Advanced Finance Structure
ie Business School
PERIOD I PERIOD II
(January-April) (May-July)
Corporate Finance Advanced Corporate Finance

Derivatives & Risk Management Advanced Topics in World Economy
Financial Modeling Auditing & Derivatives Accounting
Financial Accounting & Analysis Behavioral Finance
Financial Math Programming Equity Derivatives: Flow and Structured Products
Fixed Income & Hybrid Products Hedge Funds
Introduction to Capital Markets Investment Game - Period II
Investment Game - Period I Mergers & Acquisitions
Quantitative Finance I Multinational Finance, FX* Markets & Derivatives
Strategic Macroeconomic for Investors Portfolio Management
Valuation & Equity Research Presentation Skills in Financial Markets
Quantitative Finance II
* Foreign Exchange
The structure may be altered depending on market dynamics and company demands
I chose IE because of its good position in the rankings, the quality of life in Madrid,
and the option to prepare for CFA I. IE's reputation has played a definite role in
getting interviews with possible future employers, and I had the chance to meet
a lot of bright and interesting people, many of whom are now friends.
Oliver Steinki
Morgan Stanley Quantitative Equity
Research, Geneva
PERIOD III
(September-December)
Arbitrage Strategies
Asset Allocation
Banking & Insurance
Commodities Market
Creating Value through Corporate Change

Creative Accounting

Fixed Income Derivatives: Flow & Structured Products
Geopolitics
Historical Episodes in the Financial Markets

Institutions of International Financial Stability
Investment Game - Period III

Islamic Finance
Issuance of Securities
Measurement & Evaluation of Risk
Negotiation
Private Banking
Private Equity & Leverage Buy Outs
Project Finance
Real Estate Investment
SRI & Microfinance
The highly practical approach, the strong focus on corporate finance

issues and the additional learning experience provided by the CFA
examination were what attracted me to the program. The professors
taught me more than academic knowledge, they taught me important
things about life. Moreover, Madrid is a great place to study and enjoy
life outside the classroom. I can confidently say that the friendships I have
made in this program are for life.
Dominik Lanz
Nomura Investment Bank, Germany
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ie Business School
Class Profile 2010

Gender Nationalities 15
25% 75% Brazil, China, France, Greece, Italy, Mexico, Peru,

Female Male Russia, Singapore, Slovakia, South Korea, Spain,
Taiwan, Turkey, USA.
Sectors
Consulting 15%
Age (Average: 28.6. Range: 24-39) Finance 10%
Investment Banking 15%
20% 80%
Commercial Banking 35%

Others 25-34 years
High Tech/E-commerce/IT 5%
Industrial Productions/Energy/Construction 5%
Law/Auditing/Tax 5%
Retail/Services 10%
Geographic Distribution
Undergraduate Degrees
20% 20% Business/ Commerce 40%
Spain Europe
Economics 25%
5% Engineering 10%
North America
15% Finance/ Banking 5%
Eastern
Europe Non EU Law 5%
25% 5% Mathematics 5%
Asia Latin America Social Sciences 5%
Technology 5%
Work Experience
Average 5 years
Work experience range 2.2-14.5 years Average GMAT 670
52
2
Program Content
ie Business School
PERIOD I (January - April)
• Corporate Finance (CFI) All sessions will take place in a computer

This course explores the foundations of financial laboratory. Specific areas like random number
theory through of the analysis of the financial generation, MonteCarlo simulation, matrices,
situation of a business and drivers of the cost of correlation calculations, efficient portfolio theory
capital, the evaluation of capital investment and derivatives programming will be covered.
decisions, and the determination of the optimal
capital structure. The student will also cover • Financial Modeling (APP)
advanced corporate finance topics like dividend The financial modeling course will deal with the

and buy back policy, corporate restructuring, effective use of the spreadsheet as a basic tool
issuance of securities, agency problems, for financial analysis, data modeling, construction
asymmetric information, or executive of models and specific tools oriented to financial
compensation policies. analysis. The course will equip students with a
solid understanding of the modeling process,
• Derivatives & Risk Management (DRV) from the basics of data management to the use
This course will analyze these instruments and of user-defined functions and personalized
how they are used to manage risk as well as to macros. A group project covering the
take investment decisions. The student will learn development of specific analysis tools will
to manage financial risk as well as the different generate a shared repository of ready-to-use,
techniques available to measure it. The course community-developed, financial models.
will also cover the evaluation of financial risks
both in financial and non financial institutions, • Fixed Income and Hybrid Products (INV)
the valuation of the different derivatives This course is a practical approach of how
instruments available to manage risks, and the bonds are traded in the financial markets and
role of risk management within the overall the key determinants of their performance
corporate strategy. and valuation.
• Financial Accounting and Analysis (FAA) • Introduction to Capital Markets (INV)

This course will explore the main items within This course will examine the foundations of the
corporations' financial statements and how investment banking industry and the capital
financial information is communicated to markets where it operates. The new participant
external parties. It will look at financial will be introduced to the world of finance by
accounting from an international accounting covering a broad range of topics such as the
perspective. Additionally, the course will structure & divisions of investment banks, the
examine consolidation policies and accounting main role each division performs and their links
for international corporations. with the different capital markets. This course
furnishes students with the basic knowledge
• Financial Math Programming (APP) and skills they need to participate in interview
Financial math programming introduces processes at investment banks. Students will
numerical methodologies and computer also attend practical sessions aimed at further
programming as a means to solve complex preparation for interview processes at
financial problems. At the end of this course investment banks.
students will be proficient in Visual Basic (Excel)
and MatLab software.
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• Investment Game - Period I • Valuation & Equity Research (INV)

The purpose of this course is to provide The equity research course will explain the
students with an analytical background and foundations of the sell side process within the
practical experience in the designing and equities world by focusing on how analysts
managing of investment portfolios. During the look at listed companies, build their valuation
course the student will have to build equity, models and issue investment recommendations
bonds and currency portfolios simulating real interacting with the buy side. This course will
life experiences and using live market data. include practical approaches to the most
The students will have to make presentations common valuation methods employed by equity
justifying the rationale behind their portfolios analysts, the production of financial forecast
and their security selection. The grading of the models, the drafting of research notes and how
course will be based on both the return of the these influence investors' attitudes
portfolios and the quality of the analytical
reasoning underlying their investments.
PERIOD II (May-June)
• Quantitative Finance I (APP)
This course will provide students with a • Advanced Corporate Finance (CFI)
working methodology and a solid knowledge This course will explore the advanced
base for the use of statistical and econometrical foundations of financial theory by analysing
tools in finance. Through case analyses and the financial situation of a business, evaluating
problem-solving in class, students will gradually capital investment decisions, examining capital
feel comfortable with the most common cost drivers and determining the optimal capital
statistical and econometrics techniques used structure. The course covers other topics in the
in finances. field of advanced corporate finance, such as
dividend and buy back policy, corporate
• Strategic Macro Economics for Investors (ECO) restructuring, and issue of securities, agency
The economic environment provides many of problems, asymmetric information, or executive
the critical parameters for companies and compensation policies.
investors in an increasingly integrated world.
Economic expansion or recession will change • Advanced Topics in World Economy (ECO)
all business forecasts, market structure will This course will cover the main areas of
affect profitability, fluctuating exchange rates economics that market participants need to
will have an impact on costs, sales, risk understand. It is based on a practical approach
perceptions and debt levels, the state of the that examines how markets react to different
national budget or interest-rate decisions can macroeconomic information and the
color a company's future, and the overall state interrelationship between them.
of the economy and its future prospects are
the key elements in overseas investment, • Auditing and Derivatives Accounting
production or sales decisions and strategies. This course will allow participants, who will be
This course will provide students with a in charge of the audit at the client-end, to
framework to understand how macroeconomic acquire a comprehensive understanding of the
variables and government actions affect process of auditing, prepare for the auditors'
business activity and investment decisions. visit to run an efficient audit, avoid certain
problems at year-end and/or financial reporting • Mergers & Acquisitions (CFI)
periods during the auditors' visit and will deal This course will put into practice the knowledge
with the negotiation of audit fees. In addition, acquired in the different corporate finance and
it will cover the subjectivity of derivatives valuation courses and will explore how deal
accounting, the main inputs impacting the making is structured from the point of view of
valuation of these structures and the the companies and from that of corporate
accounting rules governing them under US financiers.
Gaap and IFRS.

• Multinational Finance, FX Markets and FX
• Behavioral Finance (INV) Derivatives (CFI)
Psychology plays a pivotal role in the pricing The focus of this course is on the unique problems
of assets. On average, during rainy days the encountered by the international treasurer or chief
stock market underperforms in comparison financial officer of multinational corporations. It is
with sunny days. How human psychology the international sequel of a corporate finance
affects these variables will be covered in this course and as such it revisits the same
course, which will run though the most up to funding/financing and investment questions
date literature on these issues. within a multi-currency setting. A special attention
is given to risk management.
• Equity Derivatives: Flow and Structured
Products • Portfolio Management (INV)
This course will concentrate on the equity The key concepts of portfolio management
derivatives markets, with the range of products theory will be covered by this course, including
and strategies available for corporations and efficient portfolio, correlation between asset
investors to trade through derivatives. It will classes and risk measuring techniques
also explore in depth the concept of volatility applicable to the investment process, such as
and how it impacts the equity markets, as well the information ratio. The course will examine
as the options used to hedge volatility risk or the main implications of asset management in
to trade volatility. main asset classes: equities, bonds and
alternative investments. An internet-based
• Hedge Funds (INV) internet simulation of portfolio management
This course will explore the increasingly will be used during this course, and the student
important hedge fund industry, what is and what will have through this system an opportunity
is not a hedge fund, the industry basics, its to prove his/her skills at making money.
financing sources, the main strategies employed
by hedge funds, remuneration structures, the • Presentation Skills in Financial Markets (APP)
search of alpha and the risks associated with The presentation skills course will develop the
investing in hedge funds. student's personal communication style and
provide them with a toolbox that will allow
• Investment Game - Period II them to see this key leadership skill both from
Please see course description of Investment the communicator's point of view and that of
Game Period I. their audience. The course will cover different
situations, including group presentations.
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ie Business School
• Quantitative Finance II (APP) financial condition of the institution. The course

T his course will provide students with a working balances the micro (the bank lending function)
methodology and a solid knowledge base for and macro (capital management and
the use of statistical and econometrical tools in regulation) dimensions of managing a
finance. Through case analyses and problem- commercial bank and will emphasize the
solving in class, students will gradually feel international dimension of banking in the
comfortable with the most common statistical context of ongoing financial globalization.
and econometrics techniques used in finances.
• Commodities Markets (INV)
This is where participants learn about the main
PERIOD III (September-December) types of the increasingly impor tant
commodities. The course will also explore the
• Arbitrage Strategies (INV) main options used to trade commodities or to
The course examines the valuation of hedge commodities risk.
investments in the context of industry and
related firm risk and mitigation. The student will • Creating Value through Corporate Change (CFI)
develop a deeper understanding of the This course covers the value creation that large
operations of capital markets, market corporations can achieve by deep restructuring,
participants, the role of the main financial and how these opportunities should be
intermediaries and the products and techniques identified by the financial markets.
that are used to bring together the providers
and users of capital in the modern world. • Creative Accounting (DRV)
This course will deal with the main accounting
• Asset Allocation (ECO) games that companies practice, by offering
This Strategic Asset Allocation course takes a look “accounting minefields” where these can be
at the real challenges faced by chief investment identified, and providing main defense
officers when allocating savings in global mechanisms to neutralize them. The student
portfolios. This course will not deal with the art will learn how companies hide debt off balance
of stock selection or specific bond selection. It sheet, how to alter the reported sales, reducethe
will examine the big global flows based on top level of costs or influencing the consolidation
down investment. The course will consider the perimeter. The main defense mechanisms to
main asset classes available to trade ideas, and identify and correct these abuses will also be
how these classes react to macroeconomic data. explored. This course will give participants a
Additionally, the course will brief students on the comprehensive understanding of the process
valuation tools that strategists use to allocate of financial accounting to serve as a basis for
funds on a global basis. truly understanding financial statements and
accounting numbers.
• Banking and Insurance (CFI)
The banking and insurance course is designed
to provide a sound grounding on the
fundamentals of the commercial banking
business, its management and the analysis of
financial decision making in relation to specific
operations and their impact in the overall
• Fixed Income Derivatives: Flow & • Historical Episodes in the Financial Markets
Structured Products (DRV) (INV)
Fixed Income Structured products are not well Any equity research analysts working during
understood by a majority of financiers and the dot com bubble had never experienced a
regulators. This course will tackle this deficiency prolonged equity crash. As most market
by exploring these products, not only the plain professionals tend to be young, it is commonly
vanilla ones (flow) but the most exotic structured said that “markets have a young memory”. This
products. The course will also analyse hybrid is a big liability as important historical episodes

instruments and securitizations. are not well remembered despite their useful
lessons. This course will analyze the main
• Geopolitics financial crises that have occurred in the
Foreign policy is becoming an increasingly markets and will try to explore the main lessons
important topic for financial markets. Risk applicable to the future.
appetite or risk aversion has a deep impact on
the valuation of many financial markets and • Institutions of International Monetary
foreign policy plays a key role in determining Stability
these appetites for risk. This course will explore This course will review the changes in the
the main drivers of current foreign policy and structure of our financial systems and how the
the foreseeable evolution in the coming future, far simpler structures of the past have dissolved
in order to equip participants with a sound and have been reformulated in a much fuzzier
education so that they can realistically quantify and complicated fashion.
the level of risk in every market.
This course will be also analysing a multilayered
financial system from a multidisciplinary
perspective: the historical and political
pressures that are shaping current institutions,
the underlying economic factors that help to
determine how and why, the various systems
and institutions function and the legal
processes that establish the rules of the game
in the financial system. The complexities of the
present international financial system mean
that a multidisciplinary approach is essential.
• Investment Game - Period III

Please see course description of Investment
Game Period I
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• Islamic Finance (INV) • Negotiation (APP)

Islamic finance is becoming an increasingly The negotiation course will explore the
important field of investment as Gulf investors theoretical and practical foundations of a
have become pivotal actors in the world's successful negotiation process in order to
capital markets. Islamic law (Sharia) only develop the student's capacity and ability to
permits very specific products. A deep negotiate. It is designed so that students see
understanding of the mechanisms used to the “art of negotiation” as a key tool they can
issue Sharia compliant products will be a big use in both their personal and professional
asset for any future financier. lives. The course will follow a practical
approach with relevant cases. The course also
• Issuance of Securities (CFI) covers the relevance of communication in the
This course will cover the different finance negotiation process.
alternatives a corporation has and the different
securities it can issue. The course will explore • Private Banking (INV)
in detail the process whereby corporations Wealth management has become an
issue securities in the different capital markets increasingly important and sophisticated
(debt and equity) and the role of financial industry, as many financial firms compete to
intermediaries (investment banks). capture and manage the wealth of rich
people. The appearance of open architectures
• Measurement & Evaluation of Risk (INV) has made the private banking industry a
Disclosure of value at risk figures has become dynamic and growing segment of the
increasingly popular, as regulators and investors financial world, where customer acquisition
focus their attentions on the risk level that and retention are directly linked to the quality,
corporations, and specifically financial suitability and sophistication of financial
institutions, are undertaking to achieve a products offered. This course will analyze
certain level of returns. This course will analyze evolution of the process.
the history of value at risk (Basel & Cooke
Standards, Basel II), its calculations and its main
applications and shortcoming in the markets.
This program marks the start of a life-changing experience. I am thoroughly

enjoying an exceptional learning process, working daily with a diverse
group of professionals with leadership qualities, and bonding with an
incredible group of bright, interesting classmates and professors. It is
a pleasure to receive quality education based on a practical approach
and learning what books cannot teach. Moreover, my life at the heart of
Madrid, so full of humanity, integrity and culture, is truly “La buena vida"!
Dilim Lim, Singapore

Current Student Master in
Advanced Finance 2009
• Private Equity /Leverage Buyouts (CFI) • Real Estate Investment (CFI)
This course will explore the role of private This course will analyze the different financial
equity institutions in today's markets. It will angles associated with extracting value from
cover how the private equity industry is the real estate sector. Food retailers such as
structured, its financing, its methodology and Tesco have recently started to manage their
its approach to investing and divesting. It will real estate portfolio in a much more aggressive
also pay specific attention on how leveraged way, opening up tools of cheap finance and
buyouts, the preferred entry routes of the value creation. This course will also explore the
private equity industry, are structured. mechanisms used to select a real estate
investment and monitor its performance.

• Project Finance (CFI)
This course will analyze the project finance • SRI & Microfinance (APP)
operations process from the perspective of This course will cover the current relationship
the provider of capital and that of the user of between finance and sustainable development.
capital. The course will also cover the From microcredits to the ethical funds, finance
mechanism through which risks and rewards offers the asset management industry a wide
are allocated in the projects, their valuation range of tools to collaborate with the vision of
and the different financing structures and sustainable development, one of the most
their performance. effective being investment funds with a policy
of social responsible investment (SRI), in areas
such as water, clean energy or fair trade.
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3
Dual Degree: International MBA +
ie Business School
The International MBA affords a unique learning experience in

terms of working and the human factor. In my particular case,
given my career in banking and my intention to stay in the sector,
the Master in Advanced Finance (MIAF) has given me the
opportunity to deepen my financial expertise. Hence the Dual
Degree has taken me to new levels of learning in the broadest
sense, bringing added impetus to my chances of success in
my chosen field.
The program has met all my expectations. The subjects covered,
the professors and the demanding nature of the program make
the MIAF far more than an academic exercise. It is an intense
exercise in professional advancement.
The profiles of MIAF students are such that they contribute
actively to the learning process, this being evident both in
workgroup discussions and in class dynamics. Despite the
competitive environment, there is also a marked atmosphere of
fellowship.
Ismael Iván Orozco Becerra
Current Dual Degree student 2010
Previous position: Project Manager, Banco Internacional del Perú
The recent turbulence in the labor market caused by the global financial crisis has created an
increasing lay-off rate in companies around the world. On the other hand, there is a new rising
trend that many companies are looking to recruit talented individuals who possess not only a
firm knowledge of general management but also expertise in finance, especially profound
knowledge of financial markets, financial products, risk control or the new financial architecture
that is emerging in the wake of the credit crisis and those who have the capability to drive
companies out of the sluggish business situation. Yet people with this kind of expertise are still
hard to find.
In response to this, IE has launched its Dual Degree International MBA (IMBA) + Master in Advanced
Finance (MIAF) which combines IE´s top-ranked IMBA program with the sophisticated and deep
financial education provided by MIAF, the first CFA Program Partner in Spain.
Intended for
Entrepreneurs or professionals who seek top
positions in corporate finance, financial consulting,
venture capital and private equity, asset
management, public finance and the finance
departments of large corporations.

Average professional experience: 5 years
Calendar: April- December (following year)

Language: English
Dual Degree
Why the Dual Degree?

The following are just some of the advantages afforded by the Dual Degree:
• A unique combination of a top general management MBA program and advanced knowledge
in the field of finance centered on a syllabus designed by professionals from capital markets
and designed to meet the needs of financial recruiters.
• Opportunity to obtain both degrees in less than two years.
• IE´s MBA program ranked No.1 worldwide by the Wall Street Journal in September 2009 while
the Master in Advanced Finance can serve as a platform for students seeking the CFA
designation, the most prestigious qualification for finance professionals worldwide. During
this year, students have the optional opportunity to prepare the CFA I exam.
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3
Dual Degree Structure
ie Business School
I have to admit that it was not an easy decision to do the

Dual Degree after working for 15 years in commercial
banking. However, I managed to convince myself having
realized three things. One, it’s never too late. Two, no matter
where I work in the future, if my aim is to secure an executive
level position I will need to have a profound knowledge of
finance. And finally, although an International MBA is a great
asset, there are plenty of people out there with that very
same asset. The rule of the game here is differentiation and
that’s what the Master in Advanced Finance is going to give
me.
My experience so far has been fantastic, bringing me great
satisfaction in terms of knowledge acquisition. Moreover,
having seriously smart classmates is making the learning
process even more fruitful.
Ozgur Senturk
Current student of the Dual Degree Program 2010
Previous position: Head of Trade & Commodity Finance
TEB N.V./Amsterdam (A subsidiary of BNP Paribas)
Dual Degree students will graduate in 21 months, having mandatorily started the degree with
the International MBA (IMBA) from April to December in their first year. Instead of taking elective
courses during their second year (January to May), Dual Degree students will join the whole
Master in Advanced Finance (MIAF) program from January through December.
The Dual Degree program is structured as follows:
International MBA*
PERIOD II PERIOD III

1st year
PERIOD I
(April-June) (July-September) (October-December)
Instrumental Areas Basic Area Advanced Areas

Skills Convergence Management tools Global Vision
* Please download the IMBA brochure at:www.imba.ie.edu/pdf/InternationalMBABrochure.pdf
Master in Advanced Finance*
PERIOD II PERIOD III

2nd year
PERIOD I
(January-April) (April-July) (September-December)
Introduction to Finance Specialized Finance Applied Finance
* Please refer to page 48 of this brochure for more details on the MIAF program structure.
In the first year of the Dual Degree, students will become cognizant with cutting-edge knowledge
and techniques in all functional areas of management. The program will start with innovative
workshops in areas such as team building, critical thinking, cross-cultural and effective
communication, creativity, and decision-making, coupled with a balanced training and development
program that cultivates personal and interpersonal skills and abilities, including, negotiation,
leadership, and coaching.
The first period of IMBA will focus on the fundamentals of quantitative analysis, economics,
marketing, accounting and organizational behavior, laying the foundation for the rest of the
program. The second period provides the triple core of management - strategy, finance, and
operations, while the third period will emphasize the integration of the management of people,
of technology and of the firm's social and political environment in different countries.
During the second year, students will acquire a solid grounding in the leading edge fields in
finance such as financial stability, securitization, leveraged buyouts, behavioral finance or Islamic
finance.
Students can be exempted from several subjects of the MIAF program subject to approval by
MIAF professors, if they have achieved a satisfactory academic performance in the equivalent
Dual Degree
classes during their IMBA program in the first year. The subjects that students can be exempted
from in their 2nd year are:
Courses to be exempted from Courses already taken

in the MIAF program in the IMBA program
Financial Accounting Financial Accounting
Corporate Finance Financial Management
Strategic Macroeconomic for Investors Managerial Economics I&II
Advanced Corporate Finance Advanced Financial Management
Negotiation Negotiation
ie Business School
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4
Faculty
Master in Finance
Allard, Gayle Azpilizcueta, Borja
Chair of Department of Economic Environment, Managing Director, Head of M&A Spain and
IE Business School Portugal, Credit Suisse, 2006- 2009
Research chair, Price Waterhouse Coopers-IE Managing Director, Investment Banking Division
Center on the Public Sector London/Madrid, UBS Investment Bank, 1997 -
Research Economist, The Economist Intelligence 2006
Unit, 1990-present Corporate Finance Analyst, Lehman Brothers
Economist, JP Morgan, Madrid, Spain, 1996-1998 International (Europe), 1995-1997
Ph.D. in Economics, University of California at Analyst, INDIGO Inversiones, S.A., Madrid, 1993
Davis -1994
MA in International Economics, Johns Hopkins Bachelor in Law & Finance, Universidad
School of Advanced International Studies Pontificia Comillas - ICADE

Altimira, Ricardo Bertrán Damián, Juan Antonio
Director, Strategic Alliances, IBM U.S.A. and IBM Chairman, CEO and Founding Partner, Cartesio
Spain Inversiones, 2004-present
Telefónica Systems, 1984-1998 Ministry of Economy and Treasury, Sub director
Board Member Strategic Consulting, Sports and Managing Director, Morgan Stanley, 2000-2004
Corporate Fitness companies, Europe MPhil and MA in Economics, Columbia
Ph.D. in Business Administration and University, New York
Organization, Universidad Politécnica de Madrid
Executive MBA, IE Business School Correas, Juan Ramón
President's Class, Harvard University Managing Director, Equity Research, Banco
Master International Business and Finance, NYU, Santander, Madrid
U.S.A. Former Director, Equities Trading Strategies,
Deutsche Bank AG, London
de Anca, Celia Former Head of Equities and Country Head,
Vice-president Assistant, International Finance Deutsche bank Iberia, Madrid
Institutions, Santander Group, Madrid Former Member of Executive Committee,
Development Projects Coordinator, Promotion Deutsche Bank, Madrid
for investigation Centre for Latin-America and MSc in Business Administration & Economics,
Europe (CIPIE) University of Barcelona

Corporate Programs Director, Euro-Arabian
Management University (EAMS) Granada Díaz-Andreu García, Juan
Ph.D. in Psychology, Universidad Autonoma, AMADEUS Global Project Management
Madrid Corporate Finance and M&A
Bachelor in Arabic Philology, Universidad MBA as Fulbright Scholar, Anderson School at
Autonoma, Madrid UCLA, U.S.A.
Business Case Study Program as Marc Rich Trust
Dual Degree
Arildsson, Marcus Scholar, Harvard Summer School, U.S.A.

Director, Corporate Finance, Arcano Corporate,
2006 - present Dolz, Ignacio
Vice President, Investment Banking (Consumer Asset Management Vice President, Morgan
Products & Retail), Merrill Lynch, 2001-2006 Stanley, 2006-2008
Analyst, Investment Banking (Equity Capital Latin America MS Executive, Morgan Stanley,
Markets), Lehman Brothers, 1997-1999 2003-2006
MBA, Major in Finance, Kellogg School of Wealthy Management Manager, Morgan
Management, U.S.A. Stanley, 1999-2003
Bachelor in Business Administration, Major in Bachelor of Economics specialized in monetary
International Business, James Madison politics and public sector, San Pablo C.E.U.
University, U.S.A.
66
Downarowicz, Anna Research, 2000 - 2003

ie Business School
Hedge Funds Analyst, BBVA Research, Madrid, Financial Risk Manager, Certified by the Global
2006 - 2007 Association of Risk Professionals, 2000
Analyst and consultant in Pro Invest General Management Program, IESE, 1990-1996
International Ltd, Warsaw, 1997-1999 Bachelor of Arts in Business and Economics
Ph.D. in Economics, Carlos III University, Madrid Bachelor of Arts in Law
Bachelor in Mathematics, the Warsaw
Polytechnic University, Poland García Peri Álvarez, Cristina
Managing Director, Equity Capital Markets,
Gallo Villoria, Carlos Merrill Lynch International, London, 2004-2006
Head of Exotic Options and Alternative Funds, Managing Director, Equity Derivatives & Head
Asset Allocation of Corporate Marketing, J.P Morgan Chase
Department, Invercaixa Gestión SGIIC, 2005 - London, 2000-2003
present Vice President, Equity Derivatives, J.P. Morgan
Senior Assets Manager,Invercaixa Gestión SGIIC, & Co., London, 1995-1998
2004-2005 Vice President, M&A, J.P. Morgan & Co., London,
Senior Funds Manager, Invercaixa Gestión 1994
SGIIC,1998- 2004 Associate, Corporate Finance, J.P. Morgan & Co.,
Expert in Derivatives,HSBC Investment Bank, Madrid, 1992-1993
1994-1998 Associate, M&A, J.P. Morgan & Co., London, 1990
Option Markets Operator, MEFF Equities, 1993- Associate, Corporate Finance, Goldman Sachs
1994 International, London, 1989
Board Member of Management for CFA Business Analyst, McKinsey & Co, Madrid, 1986-
Spain,1993- present 1988
CFA Charterholder, 2002 MBA, Harvard Business School, U.S.A., 1990
Bachelor in Economics and Business, Bachelor in Economics & Finance, I.C.A.D.E.
Universidad Autónoma de Madrid University, 1986
García, Eloy Gonzalo Peces, Rafael

Former Treasurer of the Inter-American Managing Director Link Finanzas
Development Bank (IADB) Vice Presidente Alumni Association INSEAD
Member of the International Advisory Board, MBA, INSEAD, Francia
Cass Business School, 2000 -present
MA in Economic Development, Georgetown Gómez Lavin, Constantino
University, U.S.A. Partner, Arcano, 2005-present
Bachelor in International Finance, Georgetown Director, Equity Asset Management, Invercaixa,
University, U.S.A. 2005-2003
Director Investment Consulting, Mercer, 2001-
García-Loygorri, Pedro 2003
Head of European Equity Flow Sales, BBVA Director Equity Sales and Research, Deutsche
Global Markets, 1996 Bank, 2000-1992
Head of Technical Analysis, Equity Derivatives Equity Sales, Credit Lyonnais, 1992-1988
and New Products Research, BBVA Research, Agricultural Engineer, Universidad Politécnica,
2003 - 2006 Madrid
Head of Technology, Media and Internet, BBVA
Gutiérrez Colomer, Diego International, 1997-1999
Master in Finance
General Manager, Hyundai Spain, 2007 - present MBA, INSEAD Fontainebleau, France 2000
General Manager, Subaru Spain, 2006 BSc in Business Administration, Major in
Head of car distribution, Subaru Spain Finance, Universidad Pontificia Comillas Madrid,
Financial Director, Serdetec, 2005-2006 Spain, 1997
Profesor of Financial Management, Universidad Bachelor in Law, ESSEC Paris, France, 1997
Pontificia Comillas, 2005-present
Ph.D. Universidad Pontificia Comillas, 1997 de León, Alfonso
Bachelor in Economics and BA, Universidad Managing Director, Co-Head of the Alternative
Pontificia Comillas, 1994 Investment, Mizuho International, 2007-present
Director, Head of the Special Credit Situations
de Heredia, Tomás group, Deutsche Bank AG, London, 2006-2007
M&A and Corporate Finance Director, InverCaixa Vice President, Structuring & Sales, Deutsche
Valores SV, 2003-present Bank AG London, 2005-2006
Equity Analysis Chief for Telecommunication, Associate, Structuring & Sales for Derivative
Media and Internet, InverCaixa Valores SV, 1998- Projects & Fixed Income, Deutsche Bank, Spain,
2000 2002-2005
Advanced Management Program, IESE (PDD) Analyst, M&A, Schroeder Salomon Smith Barney
CFA Charterholder, 2001 (Citigroup), 2001
Bachelor in Business Administration, Founder and CEO, SPINGOLF S.L., Madrid, 1996-
Universidad Complutense (CEU San Pablo), 2001
1995 Founder & Director, BOLG Investment, Madrid,
1999

Vanina Andrea Farber Bachelor of Business Administration & Finance
External Consultant for the Brodolini ICADE, Universidad Pontificia de Comillas,
Foundation Rome, 2006-present Madrid
External Consultant for different UNO Offices
UNDP, UNOPS, ILO, 2001 - present Lumholdt, Henrik
Associate, McKinsey & Co Director of Strategy and Fund Manager, BBVA
Candidate for Ph.D. in Business Administration, Asset Management
Memphis University Formal Chief Strategist, Inversis Banco
Director of the Finance Department, IE Business Formal Chief Economist, Bank of America, Spain
School, 2006 - present Formal Director of Research at F.G Inversiones
MALD, Fletcher School, Harvard Business School, Bursátiles (now Merrill Lynch)
Boston, U.S.A. Professor of Economic Environment , IE Business
School
Hurtado Coll, Rafael MSc Economics, Copenhagen School of
Multi-management Portfolio Director, Banco Economics
Popular Fund Management SGIIC
Ph.D. Economics, Universidad San Pablo-CEU de Luna, Walter
Executive MBA, IESE Manager Director, ING Real Estate, Spain
Bachelor in Economics, UAM General Director of Ascorp (MCC Group)
Bachelor in Business Administration and Law,

Lario, Álvaro Universidad Pontificia de Comillas
Assistant Professor, Department of Economic
& FinancialAnalysis, Universidad de Castilla la Macmillan-Scott, James
Mancha 2003-2007 Senior Advisor, Augusta and Co plc, 2007
Teaching Assistant, Department of Economics, CEO/Managing Director, Augusta and Co plc,
London Business School, 2003-2005 2002
Ph.D. in Financial Economy, Universidad CEO/Managing Director, Friedman, Billings &
Dual Degree
Complutense, 2006 Ramsey's European Investment Bank, 2001

Master of Research in Economics, London CEO, Paris, Hambrecht and Quist's Paris
Business School, 2003-2005 Euromarkets Platform, 1997
Managing Director and Head of Equities,
Larraz, José Antonio Deutsche Bank North America, 1992
Capital Alianza Private Equity Investment, Board member, Deutsche Bank Securities Inc.
Madrid, Spain, 2002-present Board member, Deutsche Bank's Global Equity
Associate, M&A New York, Lehman Brothers Management
International, 2000-2002 CEO $1bn Mutual Funds Family, Deutsche
Analyst, M&A London, Lehman Brothers Bank's NYSE
68
Head of International Equity Distribution North Muñoz de Luna, Miguel

ie Business School
America, Merrill Lynch, 1989 - 1992 Private Banking Director, Deutsche Bank, 2005
CEO, New York, Savory Mill, 1984 -1989 - present
Merrill Lynch London, 1978 Regional Private Banking Director, Deutsche
Bank, 2001-2005
Martínez Ferreira, Rafael Director HNWI (High Net Worth
Hera Plasco, Board Member and Managing Individuals Private Banking), Deutsche Bank,
Director 1996-2001
Ph.D. Economics Manager Director, GesNatWest, 1995-1996
Master in Business Studies General Financial Subdirector, Caja de Ahorros
Bachelor in Engineering de Santander y Cantabria, 1992-1994
Associate Director of Assets, Santander,1987-
Maguire, Laura 1992
Executive Director Doctoral Programs, IE Bank of America, 1984 -1987
Business School The Austin Company, 1978 - 1982
Associate Professor, Human Resources Area, IE Bachelor in Engineering
Business School
Ph.D. Candidate, Universidad Autónoma de Naslin, Sandrine
Madrid Former Head of Iberian Equities and Managing
MBA, IE Business School Director, UBS Securities, Spain
Degree in English Philology, Universidad Ranked top European building analyst for 6
Autónoma de Madrid. consecutive years
Graduated with a European Business
Morales Plaza, José Ignacio Administration Degree (honors), École
Corporate Chief Financial Officer and Head of Supérieure de commerce De Reims
Strategies & Business Development, Sener
Grupo de Ingeniería (SGI), 2005-present Nieto Carol, María Jesús
Senior Financial Analyst, BBVA Head of Advisor to Director General of Banking
Consumption, 2005-2000. Regulation, Bank of Spain, 2000-present
International Senior Auditor, Corporate Audit Visiting scholar, Federal Reserve Bank of Atlanta,
Department, F.Hoffman La Roche Inc., U.S.A. and 2004-present
Switzerland, 1999-2000 European Central Bank, 1998-2000
Senior Supervisor, PricewaterhouseCoopers, Council of Economic Adv isors to the Spanish
1999 President, 1996-1998 and the International
Member, European Accounting Association, Monetary Fund 1991-1995
1995 MBA, University of California, U.S.A.
Ph.D. in Progress, Universidad Complutense de Ph.D., Universidad Complutense, Madrid
Madrid, Thesis: Financing of renewable progress Certified Public Accountant (CPA), Instituto de
MBA, IESE Business School Contabilidad y Auditores de Cuentas, Spain
Moreno, Manuel Rivela, Antonio

Associate Editor, Revista de Economia Former Managing Director, Co-head of EMEA
Financiera, 2002 - present Fixed Income Sale, UBS London
Co-President of the Scientific Committee, XIV Director, Head of Iberia Structuring Team,
Foro de Finanzas, 2006 Deutsche Bank London
Ph.D. in Economics, University Carlos III de Analyst, Corporate Finance and M&A
Madrid Spain/Portugal, Merrill Lynch London and New
Bachelor in Mathematics, Universidad York
Complutense, Madrid
Sabanoglu, Alber
Muñoz-Alonso, Ignacio Assistant Professor, IE Business School, Madrid
Head of Global Banking (Europe & Asia), BBVA Ph.D. Candidate, IE Business School
Former CEO, Rothschild Spain ALCATEL, Madrid, 1 991-1993
Professor of Advanced Corporate Finance, IE M.A. Mathematics, Tufts University, U.S.A.
Business School Bachelor Electrical Engineering, Brown
MSc in International Economics University, U.S.A.
Siebera, Guido Trombetta, Marco
Master in Finance
Founder, Siebiera&Asociados (C.W. Downer Professor of Accounting, IE Business School,
M&A Boutique), 2009 2006 - present
Global Strategy, ThyssenKrupp Group, 2005 Lecturer in Accounting, The London School of
Responsible of Merger Integration, 2000 Economics and Political Science, 1996-1999
Managing Director Spain, ThyssenKrupp Ph.D. in Economics, University of Oxford
(Rodisola), 2003 “Dottorato di ricerca” in Public Economics,
Head of Business Development, M&A projects University of Pavia
in France, Spain, the UK and Brazil, ThyssenKrupp Laurea (BSc) in Social and Economic Sciences,
Group, 2000-1998 magna cum laude and special distinction, “L.
Ph.D. in Mechanical Engineering, RWTH Aachen Bocconi” University, Milan
Spellman, Kevin Urgel, Julio

Consultant for Holt-Smith Advisors, Governance Director, EQUIS & Quality Services, European
Metrics, International Strategy and Investment Foundation for Management Development,
(ISI) Group, Foley & Lardner LLP Brussels, 2001-present
Director, Center for Applied Security Analysis, Chairman, Centre for Innovation in Tourism and
University of Wisconsin-Madison, 2006-2009 Leisure Management, IE Business School, 2002
Senior Lecturer, University of Wisconsin- - present
Madison, 2008-present Independent consultant in corporate finance
Associate Professor, The Ohio State University, with emphasis in mergers and acquisitions,
2000-2004 1982 - present
Instructor, Durham University, 2006-present Professor of Corporate Finance & Negotiation,

Ph.D. of Behavioral Finance, Durham University, IE Business School, 1989 - present
2009 Dean, IE Business School, 1994 - 2000
Master of Science, University of Wisconsin- Head of Finance Studies Department, IE
Madison, 1994 Business School, 1989 - 1994
Associate, Finance Studies Department,
Toro Cebada, Juan Hewlett-Packard Spain, Madrid, 1980
Head of Research on global government bond DBA, Harvard Business School, Harvard
and equity markets, TMG University, Boston
Researcher and consultant, London Business MBA, IESE, Universidad de Navarra, Barcelona
School, Brazilian Ministry of Finance, CENTRA
Sevilla Foundation and Oxford University
Ph.D. , European University Institute
Fellowship at Nuffield College- Oxford
University
Master in Economics, London Business School
Master of Arts in Economics, University of
Manchester
Bachelor of Administration, Finance, Economics
& Law, Universidad Pontificia de Comillas
de la Torre Muñoz, Ignacio

Academic Director, Masters in Finance and
Executive Master in Finance, IE Business School
Former Executive Director, Equities, UBS
Investment Bank
Ph.D. in History, Universidad Nacional de
Educación a Distancia, Madrid
Dual Degree
MBA, INSEAD, Fontainebeau - Singapore

MSc in Economics, ICADE, Madrid.
MA in Law, UNED, Madrid
70
Learning Process
ie Business School
Master in Finance
The teaching methods used in the Masters Teamwork
in Finance are based on practical and Participants are divided into groups based on
interactive learning processes. Although their profile and background to analyse specific
almost all IE classes rely on the case method to cases. These work groups share experiences and
drive the learning experience, professors also knowledge, thereby enriching discussions and
frequently use other techniques, such as the the learning process.
interactive and online investment game, role
playing, multimedia applications and online Conferences
business simulations. IE classes are not abstract Certain course sessions are presented in the
or focused on theory. Instead, participants learn form of video conferences selected in

about concepts, tools and theoretical accordance with the participants´ level of
foundations of finance through the examination experience and knowledge.
of real companies in the real world. Students are
assigned to small work groups designed to Reports and Projects
maximize diversity in which they discuss and Studies of specific issues are carried out
prepare cases and complete assignments. individually or in groups and reports on the
cases discussed, defining solutions to the
Technical Expertise problems raised in each case. Similarly, projects
The Masters in Finance uses around 25-35% of dealing with real cases will be undertaken based
sessions for learning techniques, theories, on the global vision acquired in the course of
concepts and tools. The student is introduced the program.
to these through symposium-conferences where
the professor explains the basic concepts of a Role Playing
specific subject, and students are required to In certain fields workteams must prepare and
participate actively, putting forward their points play different roles in the resolution of cases,
of view, opinions and differences. particularly those concerning negotiation.
Decision-Making Skills Investment Game

Important as it is, the acquisition of knowledge Through a trading platform that includes a real-
is merely a stage in the drive towards program time system, interactive markets system, and
objectives. One of the financier's main roles is modules system, students will have the
decision making, and this particular skill is opportunity to put into practice, in a simulation,
acquired through the case method, by discussing what they are learning in their other classes.
real business situations in which choices must The real time system enables students to
be taken in a broad range of sectors and manage risk and return of positions in real time
positions. to learn how theory is applied in practice. The
interactive markets system allows students to
Dual Degree
Case Method trade with each other and the modules provide
Important as it is, the acquisition of knowledge tutors in fixed income, equity, and options.
is merely a stage in the drive towards program
objectives. One of the financier's main roles is Students will build equity and bonds portfolios
decision making, and this particular skill is simulating real life experiences and using live
acquired through the case method, by discussing market data. Students will write reports
real business situations in which choices must justifying the rationale behind their portfolios
be taken in a broad range of sectors and and their security selections.
positions.
72
Admissions Process
ie Business School
The demanding nature of the Masters in Finance means

that the large number of candidates are subject to a
rigorous selection process.
The main objective of the admissions process is to select students with the highest potential. We seek
candidates that are dynamic, motivated, creative, and who not only present an excellent academic and
professional background, but also offer the kind of interpersonal skills that will permit them to obtain
maximum benefit from the program.
Candidates must also offer the following • Photocopies of complete university transcripts,
qualities: or anticipated grades if your degree is still
• Professional achievements incomplete (complete with original version or
• Leadership potential copy bearing official stamp)
• Academic excellence • Photocopy of passport or ID card
• One passport-size photo
Admissions at IE Business School is a rolling- • 2 Letters of recommendation (academic or
basis process and as such there is no deadline professional)
for applications for a particular intake. • Application Fee: 120 euros
However, given the limited number of places • English Language Certificate (TOEFL, IELTS or
on the program, we recommend that you Cambridge)
initiate the application process many months,
or even a year, in advance. Exam
As part of the admissions process, candidates
Basic Admissions Criteria must present either a valid GMAT or GRE score.
Candidates must have a bachelor´s degree or GMAT and GRE test center and exam dates can
equivalent from an accreditated educational be found at www.gmac.com or www.ets.org
institution and be fluent in the English language.
Professional experience and language skills are Interview
highly regarded and each candidate's merits will Once the application form has been assessed,
be individually assessed. candidates may be called to interview, which
will examine the data provided in the
Application Form application in greater detail and determines
The application form provides the Admissions whether the candidate's profile will stand him
Committee fundamental information when it or her in good stead for the content and
comes to evaluating candidates for master demands of the program.
programs. To access the application form, visit
mif.ie.edu/app, miaf.ie.edu/app Scholarships and Financial Aid
IE offers an online application form also available To support the diversity within IE programs, the
through TopApply: www.topapply.com/ie IE Foundation awards tuition funding assistance
to talented students in need of financial aid
In addition to submitting the application form, based on merit, distinctive competences and
applicants must send: academic excellence. IE has also formed
agreements in conjunction with leading Spanish
banks to offer IE students attractive packages to
finance tuition and living expenses.
To learn more about the aforementioned

Application Form GMAT or GRE opportunities,visit IE Funding Alternatives on
our website www.ie.edu/financialaid.
Selection Committee
Personal Interview Admission Denied
Admissions Committee
Admission Admission Denied

www.ie.edu
74
Alumni Association
ie Business School
The IE Alumni Association alumni.ie.edu

currently encompasses some
40,000 members around the
world. It works to maximise and,
in many cases, establish contact
between members of a group
with common interests.
And ...
Ideas Empresariales
A quarterly journal featuring interviews with
international business leaders, reports on
specific sectors, markets and countries, plus
the latest management trends and legal and
tax issues.
Open Forums
Law/tax, e-Business, telecommunications and
information technologies, cooperations
management, corporate communication,
entrepreneurship.
The IE Chair in Corporate Ethics

The Chair in Corporate Ethics provides a
platform for research into business practices
that entail decision-making processes involving
ethical, individual, social and corporate values.
The fact that the Chair is sponsored by the IE
Alumni Association evidences the awareness
among IE graduates of the increasingly
important role of ethics in generating collective
wealth.
Photo by Otmar Winterleitner. IE student ´06.
Photography Club Virtual Alumni Community
A fully interactive site encompassing forums,
A network of clubs, in Spain and worldwide, access to databases, noticeboards and a virtual
constitutes one of the vehicles whereby new shop.
links are forged between alumni and the wide alumni.ie.edu
range of business organisations that collaborate
with IE. These alumni clubs organize a broad The IE Directory
range of academic activities-courses, In order to make networking simpler, the
conferences, round tables, forums and open Alumni Association produces a directory
debates. They also organise leisure activities, containing the names and contact details of all
such as meetings, trips and sporting events, current members classified by year of intake,
generating thousands of opportunities to employment sector and geographic location.
enhance this essential network.
Sporting Events
The Alumni Association offers other services The following are some of the most enjoyable
designed to establish connections between its ways to build a network: Paddle tennis course,
members and the corporate world, including golf tournaments, football tournaments, sailing
commercial agreements with firms, and legal, in the bay of Altea, Denia-Ibiza Crossing, the
tax and business start-up consulting services. Instituto de Empresa - Morocco rally.
76
Careers
ie Business School
Contact between businesses and students is provided

by the following activities: IE Business School's annual
careers fair, corporate presentations, round tables,
special events, videoconference interviews and most
importantly: Internet job offers careers.ie.edu
The Careers Advice Service aims to take an active role in all students' careers development. We
educate students and alumni in developing the necessary skills for success in the job market.
All this is done through: • Seminars in practical skills:

• Seminars and guidance workshops. how to write a CV and covering letter, preparing
By means of a personalized service provided an interview, negotiating offers, making and
through individual interviews, our department maintaining professional contacts…
helps each and every student to develop their The department's activities are backed up by
own career path. physical resources (careers guidance books,
national and international press), as well as
online resources (database on companies,
online journals, employment search guides,
alumni database…).
Please see our interactive website

careers.ie.edu or contact us at the Careers
Management Center for more information.
Corporate Partners:
Banks & Financial Entities Consultancies

AIG American International Group, Allianz Accenture, Alfa Consulting, Alten, Altran, Arthur
seguros, American express, AXA Seguros, Banco D.Little, AT Kearny, Bain & Company Iberica,
Español de Crédito, Banco Espirito Santo, Banco Blueline, Boos Allen & Hamilton, Cap Gemini,
urquijo, Banco Zaragozano, Banesto,Bank of CFI Group, Consultia, Daemon Quest, Deloitte
America, Bankinter, BBVA, BMW Financiera,BNP & Touche, Diamon Cluster, Ernst &Young,
Paribas, BSN BANIF, Caixa Galicia, Citigroup, Europraxis Group, Everis, Greenwich Consulting,
CPP, Credit Lyonnais, Credit Suisse, Deutsche IMS Health Global Consulting, KMPG, McKinsey
Bank, Dresdner Kleinwort Wasserstein, EBRD, & Co, Mercer Management Consulting, Najeti,
Ernts&Young Corporate Finance, FCE Bank, FCE PwC, Roland Berger & Partners GmbH,
Credit, Fiat Auto Renting, Fortis, GE Capital, Soluziona Management Consulting, The Boston
Geoban, Goldman Sachs International, Grupo Consulting Group, Tormo y Asociados, Valoris
Barclays, Grupo Santander, JP Morgan, Lloyds Iberia, Watson Wyatt, Whyman and Co.
Bank, Merrill Lynch, Morgan Stanley, Societé
Generale, The World Bank, Weber Shandwick. Consumer Goods & Distribution
ADIDAS, Altadis, American Nike, Avon
Law Firms Cosmetics, British American Tobacco, Cadbury
Albiñana y Suárez de Lezo, Allen & Overy, Alza Schweppes, Compañía Cervecera de Canarias,
Abogados y Fiscalistas, Araoz & Rueda, Baker Coty Astor, Decathlon, Grupo Carrefour, Grupo
& McKenzie, Bufete Barrilero y Asociados, Cruzcampo, Grupo Heineken, Grupo Inditex,
Clifford Chance, Cuatresasas, Deloitte, Grupo Mahou - San Miguel, Grupo SOS, Grupo
Despacho Cremades, DLA Piper Rudnick Gray Vips, Johnson & Johnson, Kimberly Clark, Kraft
Cary Spain, Écija Abogados, Ernst & Young, Foods, L´OREAL España, Leroy Merlyn, LVMH
Freshfields Bruckhaus, Garrigues, Gómez - Iberia, Procter & Gamble España, Reckitt
Acebo & Pombo, Hammonds, KPMG, Landwell, Benckiser.
Legalia Abogados, Linklaters, Lovells, Mazars
& Asociados, Pérez-Llorca, Ramón Hermosilla, Services
Roca Junyent,Squire, Sanders & Dempsey, Uría AC Nielsen, Aguirre Newman, Antena 3 TV,
Menéndez. Bahía Príncipe, Bloomberg, Brambles, Carlson
Wagonlit, CBRE Richard Ellis, Codere, Disney,
Industry Globomedia, Grupo Parques Reunidos, Grupo
3M, Ail Liquide, Almirall, Alstom, AstraZéneca, Prisa, Kingsturge, Knight Frank, La Sexta, Maersk,
BMW, Cepsa, Cintra, Cosentino, Eli Lilly & NH Hoteles, SEUR, Sol Meliá, UPS, ICRC.
Company, Fadesa, Ford, General Electric,
GlaxoSmithkline, Goodyear Dunlop, Grupo Telecommunications, Technology &
Ferrovial, Grupo Grünenthal españa, Grupo Lar, Internet
Grupo San José, Holcim, Ingersoll Rand, Amadeus, Bodaclick.com, BT, Cisco Systems,
Metrovacesa, Peugeot, Pfizer, Philips Iberica, Dell, Dialcom Telecomunicaciones, eBay, EMC
Saint Gobain, Schering Plough, Tetra Pack Computer, Fujitsu, Google, Grupo Telefónica,
IBM, Indra Sistemas, Microsoft Ibérica,
Myalert.com, TCP Sistemas e Ingenierias, Unisys,
Vodafone.
78
Comparative Program Table.

ie Business School
IE Business School
Programs in English
Group Program More Information
International MBA www.ie.edu/imba

Global MBA (Online) www.ie.edu/gmba
MBAs
International Executive MBA (Biweekly version) www.ie.edu/ixmba/bw
International Executive MBA (Online) www.ie.edu/ixmba
Specializations in:
Master in (available in English format and bilingual format (English-Spanish))
International • International Business www.ie.edu/mim
Management • Sales & Marketing
• Digital Business
Master in Finance www.ie.edu/mif

Master in Advanced Finance www.ie.edu/miaf
Specialized Master in Digital Marketing (Online) www.ie.edu/mdm
Masters Master in Sports Management (Online) www.ie.edu/msm
Master in Biotechnology Management (Online) www.ie.edu/mbtm
Master in International Relations www.ie.edu/mir
Master of Laws (LL.M.) in International Legal Practice www.ie.edu/milp
Master of English format and bilingual format (English-Spanish)
Laws(LL.M.) Executive LL.M. IE-Northwestern University (Online) www.ie.edu/exllm
Programs in Spanish
Group Program More Information
International MBA www.ie.edu/imba

MBA Part-Time www.ie.edu/mbap
Global MBA (Online) www.gmba.ie.edu
MBAs
Executive MBA (Semanal) www.ie.edu/exmba
Executive MBA (Quincenal) www.ie.edu/exmba
Executive MBA (Online) www.ie.edu/exmba
Master in Con especializaciones en:

Disponible en Español y en versión bilingüe (Español-Inglés)
International www.ie.edu/mim
• International Business
Management • Sales & Marketing
Executive Master en Dirección Comercial y Marketing www.ie.edu/exmdcm

Executive Master en Dirección Financiera www.ie.edu/exmdf
Masters Executive Master en Dirección de Recursos Humanos www.ie.edu/exmdrh
especializados Executive Master en Direccion de Sistemas de Información www.ie.edu/exmdsi
Executive Master en Gestión Pública www.ie.edu/ exmgp
Executive Master en Dirección de Empresas Turísticas (Online) www.ie.edu/ exmdet
Master en Asesoría Jurídica de Empresas (LL.M.) www.ie.edu/maj

Master of
Master en Asesoría Fiscal de Empresas (LL.M.) www.ie.edu/maf
Laws(LL.M.)
Master en Asesoría Jurídica Part-time (LL.M.) www.ie.edu/majp
All of the brochure information is available in an

audiovisual format on the IE Media Campus:
www.mediacampus.ie.edu
IE Business School would like to extend its deepest thanks to all
those students, alumni, faculty members, and other parties who appear
in this brochure.
If you want to learn more about the program, our faculty and other IE initiatives:
• Please contact our international offices: www.ie.edu/offices
• Request the full brochure or more information at IE in Madrid:
IE Business School
Admissions Department
María de Molina, 13
28006 Madrid, Spain
Tel.: +34 91 568 96 10
Fax: +34 91 568 97 10
admissions@ie.edu
www.ie.edu
• Download the pdf program: www.ie.edu/programs
International Offices
ARGENTINA-Buenos Aires MEXICO-Mexico City
Contact: Federico Paviolo Contact: Alvaro Sanchez
e-mail: argentina@ie.edu Yolanda Fernandez
e-mail: mexico@ie.edu
BRAZIL-São Paulo
Contact: Newton Campos PERU-Lima
e-mail: brasil@ie.edu Contact: Bruno Garro
e-mail: peru@ie.edu
CHILE-Santiago de Chile
Contact: Mauricio Yury PORTUGAL-Lisbon
e-mail: chile@ie.edu Contacto: Ines Holtreman
e-mail: portugal@ie.edu
CHINA-Shanghai
Contact: Albert Krisskoy RUSSIA-Moscow
e-mail: china@ie.edu Contact: Esin Nisanci
e-mail: russia@ie.edu
COLOMBIA-Bogota
Contact: Patricia Salgar SINGAPORE-Singapore
e-mail: colombia@ie.edu Contact: Dirk Hopfl
centroamerica@ie.edu e-mail: dirk.Hopfl@ie.edu
ECUADOR-Quito SOUTH KOREA-Seoul

Contact: Alexandra Perez Contact: Abraham Lee
e-mail: ecuador@ie.edu e-mail: korea@ie.edu
GERMANY-Munich UNITED ARAB EMIRATES-Dubai

Contact: Isabelle Delacave Contacto:Arturo Manso
e-mail: germany@ie.edu e-mail: UAE-Qatar@ie.edu
INDIA-Mumbai USA Los Angeles

Contact: Karan Gupta Contact: Jean Marie Winikates
e-mail: india@ie.edu e-mail: jmwinikates@ie.edu
Miami
ITALY-Milan Contact: Guillermo P. Montes
Contact: Sergio Negri e-mail: gmontes@ie.edu
e-mail: italy@ie.edu New York
Contact: Kim Janulewicz
JAPAN-Tokyo e-mail: kim.janulewicz@ie.edu
Contact: Harumi Hotta / James Walsh
e-mail: japan@ie.edu VENEZUELA-Caracas
Contact: Raoul Benaim
e-mail: venezuela@ie.edu

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Masters in Finance

2 Master in Advanced Finance 46

Dual Degree: International MBA +

Comparative Program Table 78

European Business Schools - 5th in Europe December 2009

MBA ranking - 6th worldwide. 3rd in Europe January 2010

Executive MBA - 7th worldwide. 2nd in Europe October 2009

Executive MBA - 6th worldwide. 1st in Europe November 2009

Open Programs - 14th worldwide. 6th in Europe November 2009

Custom Programs - 8th worldwide. 5th in Europe November 2009

CSR - 9th worldwide. 2nd in Europe October 2009

Prestigious academic partners

Agreement to offer joint degrees with:

IE Faculty and Research Centers Publications

IE Business School Faculty Profile

Excellence Awards IE Honoris Causa have been awarded to

Actual Current Student Nationalities Faculty Nationalities

Alumni Nationalities IE Business School Offices Worldwide

IE Business School is an urban

At IE Business School we are convinced that

Proyecto Banespyme-Orange, an annual

“Immediate response to the

The innovative spirit of IE Business School permeates the whole organization. We

• Technological innovation incorporated into teaching techniques.

We apply innovation both to the pedagogical methodology through the design

As well as IE's Master programs, we offer executive education programs to keep

IE Communities Careers Management Center

IE is recognized for its commitment to social

IE Business School’s commitment to society has

Credit Penetration in Cambodia

Have you ever thought about how

FINANCIERS WITHOUT BORDERS Next Steps

On both the Master in Finance and the Master in Advanced

Academic Clubs: Regional Clubs:

Sporting Clubs: Social/Special Interest Clubs:

Why study the Masters in Finance at IE?

We look forward to seeing you on the Masters in Finance!

Find out more at: www.cfainstitute.org/cfaprog/university/faq.html

The Programs Dean

Master in Advanced Finance

Master in Finance Master in Advanced Finance Dual Degree (International MBA

Why the Masters in Finance?

Why the Masters in Finance at IE?

Master in Advanced Finance

Masters in Finance Structure*

Investments (INV) The investment management process, from both a buying

Derivatives (DRV) The foundations of risk control in the different underlying

Private Equity and IE has traditionally enjoyed a reputation as a school for

Additionally, students will attend:

Master in Advanced Finance

fund), ISI group (investment research, sales, www.cfainstitute.org/cfaprog/university/faq.html

Master in Advanced Finance

International MBA + Master in Advanced Finance

CFA Investment Challenge

First CFA Partner Business School in Spain

At-a-glance Format: Full-time

PERIOD I (September-December) PERIOD II (January-April)

Corporate Finance Advanced Corporate Finance

Financial Accounting & Analysis Auditing & Derivatives Accounting