Master in Finance Programa

Gain a competitive edge for your financial career

  • Format

    3 semestres + prácticas profesionales

  • Languages


  • Location


  • Fees


  • Intake


  • Credits

    120 ECTS



El Máster Especializado de Finanzas se desarrolló para realzar la comprensión de los mecanismos financieros de los participantes.

El programa se ofrece a tiempo completo y consta de 3 semestres consecutivos de clases seguidos de una experiencia profesional. El plan de estudios se desarrolla alrededor de clases fundamentales, incluyendo certificaciones de Bloomberg, para proporcional a los participantes fundamentales sólidos de en finanzas corporativas y mercados financieros, así que de clases electivas para obtener una mejor comprensión de ciertos temas financieros.

A lo largo del programa, se intercambia sobre los temas de ética de las finanzas y de las prácticas de mercado con profesionales.

Contenido del programa


Management Skills


Business Game


This course is based on a business management simulation game that integrates the functional areas of production, marketing, logistics, finance and strategy. It increases participants’ awareness of operating a company from a general management perspective. At the end of the course, the student should be able to understand how to design and implement a strategy for different kinds of markets; interpret and forecast market situations and financial results and translate them into goal-oriented decisions; analyse problems, find solutions and take decisions in a context characterised by changes; recognize the interactions among the various companies and external stakeholders in a complex and interrelated environment.

Ethics and CSR in Finance


This course aims at equipping students with practical skills and strategies that will enable them to remain true to their values in the face of workplace challenges, to think critically about ethical issues in finance, to analyze the impacts both of their firm and of those it helps finance on organizational stakeholders such as employees, customers, neighboring communities, and the natural environment, and to address those issues in their role as manager and investor. The students will have an extensive discussion of professionalism, market integrity, responsibility to clients and employers as outlined in the CFA Institute Code of Ethics and Professional Conduct.

Project Management


The course aims at providing students with a good understanding of the nature and rigour of project management. The students learn to apply skills in project management processes; identify objective setting and project design; demonstrate problem solving, analytical skills and master project management tools and methods; apply the economics of project management for planning, scheduling and budgeting; describe resources available to the project manager to keep current with trends and best practices in the resolution of complex project management issues; develop a proposal for a project and present a business case.



Students choose 3 from:

Commodity Markets

Entrepreneurial Finance


International Finance

Managing Consultancy

Professional Seminars Series

Research & Consulting tools

Asset Management


Active Portfolio Management: Investment Simulation


The course aims at explaining students how to identify the approaches involved in the security selection process; to distinguish between different equity investment styles; to construct and monitor portfolios using the portfolio analytics system on Bloomberg; to implement equity portfolio management strategies, using fundamental analysis; evaluate portfolio performance against a benchmark; report detailed portfolio information and commentaries in the portfolio fact sheet. The course is taught in the Trading Room and implies the use of the Bloomberg terminal.

Alternative Investments


Coming soon.

Market Risk Management


Coming soon.

Portfolio Management and Analysis


The objective of this course is to apply theoretical and analytical concepts to portfolio management and wealth planning. It builds on the modern portfolio theory as developed by Markowitz and focuses on basic principles of the portfolio management process that remain important today. The students develop a good understanding of market valuation of securities and the portfolio management process. The course demonstrates application of modern portfolio theory to the construction of an efficient portfolio, implementation of basic asset allocation and risk management techniques and evaluation of portfolio performance. The assessment for this course consists of a final presentation in the Trading Room at the end of the course and a project using Bloomberg terminal, to apply the different topics.

Private Equity


Coming soon.

Private Wealth Management


Coming soon.

Quantitative and Economic Analysis


Financial Econometrics


The course aims at equipping students with the quantitative techniques of regression analysis for making various relevant business and management decisions; analysis of time series data in situations where classical assumptions do not hold; and building forecasts essential for business strategies. All the techniques are put into practice in the computer lab where students apply the concepts by using real financial and accounting data.



The objective of this course is to provide students with the toolkit enabling them to build a coherent macroeconomic reasoning, to understand the flows inside the economy, to use and discuss the main macroeconomic variables and their evolution (business cycle), to sketch a short and long term macroeconomic equilibrium and to discuss the potential short and long term effects of both fiscal and monetary policies.The first part of this course focuses on the measure of the national income (the GDP) and its evolution over time (the business cycle). Students will be able to picture a short term equilibrium using the main macroeconomic aggregates (GDP, inflation, interest rate, unemployment). The second section will be dedicated to the effects of fiscal and monetary policy on the economic growth. Finally, students will expand their previous analysis to a long run time horizon using the Aggregate Demand (AD) and Aggregate Supply (AS).



The general philosophy of this course is to give students an overview of microeconomics and the main techniques used in this discipline. Students develop a thorough understanding of consumer and firm behavior and the role and effects of government intervention in the economy. By applying different analytical tools, such as supply and demand diagrams, the students will learn how to analyze the impact of overall changes in supply and demand on price and quantity. Finally, different types of market structures (monopoly, oligopoly and a competitive market), their characteristics and consequences are discussed.

Quantitative Methods


The aim of this course is to equip students with statistical and probabilistic concepts which are essential in investment analysis. Students will learn the notion of random variables and different type of events (mutually exclusive and exhaustive), conditional and unconditional probabilities, main descriptive statistics (mean, standard deviation, skewness and kurtosis) and common probability distributions (uniform, binomial, normal and lognormal distributions). By developing a good understanding of these concepts, the students will apply probability concepts to solving financial and economic problems by using real financial and accounting data.

Technical Analysis


Coming soon.

Financial Analysis


Corporate Investments


This is an introductory course to corporate investment decision-making. The course aims at providing students with good understanding of the main concepts needed in the process of making investment decisions. The students will learn how to use the techniques and tools to perform a financial analysis determining the opportunity to carry on or not with an investment project and bring his/her conclusions to management. The course is structured around the study and practical testing of 6 concepts needed in corporate investment decision-making: time value of money; free cash-flow; returns (IRR and ROIC); basics of asset valuation; capital budgeting; value creation and decision-making.

Corporate Finance


This course is designed to provide working knowledge of key corporate finance decisions and to help students acquire an understanding of broad economic issues that apply in many areas of corporate finance. After all, every corporate decision is a corporate finance decision. The course balances rigorous theoretical content and practical applications (which will be done through case studies, problem sets, and real-world examples). Major topics covered include financial analysis and planning, valuation and capital budgeting, capital structure and dividend policy, capital raising, and corporate governance and social responsibility.

Financial Accounting


At the end of this course, students will have acquainted an advanced knowledge of the financial accounting system and will be able to treat the financial reporting registrations of various economic operations of the company appropriately. Finally, students will be able to interpret the main components of financial statements for decision-making purposes. The course deals with the following concepts: an overview of the international external reporting environment; knowledge of balance sheet, income statement and cash flow statement; the basics of the bookkeeping process; an overview of accounting for assets; depreciation of assets; inventory accounting; an overview of accounting for liabilities; revenue recognition issues.

Financial Reporting and Analysis – part I


This course covers current practices in financial reporting and fundamental issues relating to cash flow to assess earnings quality, and profitability and risk assessment using corporate annual reports. The emphasis is on financial statement analysis and interpretation of financial disclosures to help improve profitability analysis and risk assessment. This is not a course about the details of GAAP, or the myriad of accounting rules and procedures that comprise GAAP. The viewpoint is that of the user of financial statement. The course is designed primarily for students who expect to be intensive users of financial statements. The course should be of interest not only to those responsible for preparing financial statements, but also those who will use financial statements for making decisions. The course utilizes a combination of lectures, case discussions and analyses, independent reading, and group projects. The cases used in the course will provide an opportunity to integrate the abstract tools learned and apply them in a practical context.

Financial Reporting and Analysis – part II


International Financial Reporting Standards (IFRSs) are used world-wide. Over 120 countries require or permit the use of IFRSs. Listed companies in the European Union have implemented IFRSs since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. This course intends to critically present and analyse important IFRSs. The principles are explained clearly and real-world examples are provided.At the end of the course, students will be able to understand the Statement of Comprehensive Income, the Statement of Changes in Equity and related-party disclosures. They will be able to apply the main foreign currency translation methods and implement foreign currency hedging. Students will also understand the main earnings manipulation techniques and how to evaluate earnings quality and earnings conservatism.

Mergers and Acquisitions


Coming soon.

Financial Instruments: Analysis and Valuation


Bloomberg Certification


The aim of this course is to prepare students for obtaining Bloomberg Certification acknowledging their capacity of working with Bloomberg terminal, in particular the acquaintance with core and sector-specific Bloomberg functions and exporting data to Excel.

Bond Markets and Instruments


The aim of this course is to make students familiar with essential characteristics and pricing methods of fixed income instruments. The students will learn different types of bonds, understand the characteristics of the bond market, understand the risks associated to bonds and calculate the duration and convexity of a bond. By using real data from Bloomberg, the students will learn how to price a bond.

Financial Markets


The aim of this course is to explain what a financial market is and its main function, to develop the concept of financial intermediaries and their role, to discuss the features of basic financial securities, short-term debt, bonds and stocks; to elaborate on the the basics of the subprime crisis, sovereign debt crisis and monetary policy. The main focus of this course will be on the two financial crisis. Students will have to make a presentation in class, but they will have the freedom to choose the topic as long as it is related to the course.

Firm Valuation


At the end of this course, the students will be able to critically describe standard valuation techniques; use Bloomberg to extract data and analytics for valuing equity or a firm; estimate the cost of different sources of funding; estimate future free cash flows generated by the firm; perform the sensitivity analysis of the model to different assumptions. By building the spreadsheet valuation model in Microsoft Excel and dynamically linking it to Bloomberg, the students will put into practice all valuation concepts and techniques.

Visual Basic for Applications (VBA) for Finance


The aim of this course is to provide students with VBA coding techniques to analyse real financial data in the investment management context. The course is taught in the Trading Room.

Advanced Firm Valuation


Coming soon.

Alternative Sources of Funding


Coming soon.



Coming soon.

Python for Finance


Coming soon.

Sustainable Finance


Coming soon.

Innovation and New Business


Business Consultancy in a Digital Environment


The course is designed to immerse students into the daily life of business consultants working for an ERP implementation company. Through interactive lectures, group assignments, and the intervention of four expert professionals, this course confronts students with the diverse expectations, tasks, and challenges functional consultants need to tackle. Combining theoretical concepts with hands-on exercises on a hypothetical business case, participants are expected to acquire knowledge on and experience with ERP deliverables and domains (i.e., Microsoft Dynamics 365), workflow design for top-level business processes (i.e.., Procure-to-Pay, Order-to-Cash), project management activities, and functional consulting analysis tools (e.g., XMind, Bizagi).

Career Program


Our Career Program helps participants to establish their professional career plan by working on their skills, personal strengths, and using networking tools to be prepared to meet recruiters’ expectations internationally.

At the end of the course, students should be able to:

Build a professional career plan;

Identify personal skills and accumulated experiences (e.g., Master experience);

Adapt professional tools (e.g., CV, LinkedIn) to the local market;

Develop an accurate representation of their professional profile;

Use personal networking to better identify professional opportunities;

Gain insight into techniques and tools to find a job or an internship in France or abroad;

Build self-awareness of personal vocations and interests.

Learn more about the Career Program

Creativity and Design Thinking


Creativity is one of the critical components of an organization’s ability to survive and thrive in today’s competitive and dynamic markets. This course will provide participants with a rich understanding of how creativity can be facilitated and managed in a work setting. They will acquire knowledge regarding various theoretical conceptualizations (i.e., how do you define creativity), antecedents (i.e., what makes you and others more creative) and outcomes (i.e., what is the impact) of creativity as well as knowledge on design thinking techniques and tools to lead teams in the creative journey.
How do creative ideas happen? How can we foster our creativity and the creativity of those around us? What are the paths of creative development of individuals who are successful in their creative endeavours? What are the implications for fostering and managing creativity in the workplace? What are the obstacles to creativity? What is the nature of creativity in teams and organizations? These are some of the questions we will address. During the course, a variety of teaching and learning techniques will be used to enable participants to think critically and imaginatively about various perspectives of creativity. To realize the goal of a shared learning experience between participants and the instructor, the course is aimed at integrating real challenges and practical experiences of creativity, projects, presentations, experiential exercises, and critical reflection on the various course materials. 

Entrepreneurship and New Business Development


This course provides participants with a profound understanding on entrepreneurship, new business development, and business plan writing. Through lectures, testimonials, field-work, and group assignments, participants are confronted with the how, where, when, whom, and why of starting and developing new business activities. As part of an international and multicultural team, participants are invited to work on an operational business plan aimed at either the creation of a new venture (NVC-track) or the acceleration of new business for an already established SME (NBD-track). This course’s ambitions thus go beyond providing theoretical insights. Hands-on experience is gained through out-of-class field work covering all steps of the entrepreneurial decision-making process (e.g., idea generation, feasibility analysis, industry study, market analysis, marketing plan, production plan, product development, and financial statements). In doing so, participants accumulate entrepreneurial knowledge and behaviours that support innovative solutions and new value development.

Cursos de Idiomas


Coming soon.

Hands-on Experience


Internship or work experience, thesis, or consulting project


Capstone Project: 4-6 month internship or work experience, thesis, or consulting project anywhere in the world.

Talleres y Eventos Corporativos

Junto con las clases, el programa incluye talleres adicionales y eventos corporativos para desarrollar aún más las habilidades personales y profesionales de los participantes. Abarcan una serie de temas como la gestión de conflictos en entornos interculturales y la comunicación intercultural.

Nuestro «Career Program» ayuda a los participantes a establecer su plan de carrera profesional mediante un análisis de sus habilidades, fortalezas personales y el uso de herramientas de redes de networking para que estén preparados y cumplan con las expectativas de los reclutadores a nivel internacional.

Descubre el Career Program


During their internship, students are able to combine theories of management with hands-on experience and apply the cross-cultural skills they have developed at IÉSEG.

Big Data Engineer, Customer Data Analyst, Data Analyst, Data Architect, Data Quality Engineer, Data Science Researcher, Data Scientist, Online Marketing Analyst, Performance Analyst or Pricing Intelligence Analyst for example: the internship opportunities offered by the program at the end of the curriculum are multiple.

Some companies which hire our interns: Trivago, Accenture, Teradata, Honda Europe, Bombardier, KBC, Materialise, Pipecandy, McAfee, CapGemini, Allianz, Sodexo, BNP Paribas, Bloomon, Auchan, AXA, etc.

The internship can be undertaken in France or abroad. Most students have done their internships in Europe or in Asia for example.

Programa de Reconocimiento Universitario «CFA Institute»

El «CFA Institue» ha reconocido el programa ya que incorpora el 70% del mismo CFA Program ‘Candidate Body of Knowledge’ y hace hincapié en el Código de Ética y de Normas de Práctica del Instituto CFA (CFA Institute Code of Ethics and Standards of Practice) dentro del programa. Este programa de master prepara a los estudiantes a la designación de Chartered Financial Analyst®, que se ha convertido en la credencial de inversión más respetada y reconocida del mundo.

A través de la participación en el Programa de Reconocimiento Universitario «CFA Institute», IÉSEG School of Management puede ofrecer cada año 16 becas a sus estudiantes.

Los estudiantes del Máster Especializadode Finanzas benefician también una oportunidad única para representar a IÉSEG en el «CFA Institute Research Challenge», un concurso internacional de estudiantes con el objetivo de promover las mejores prácticas en la investigación de capital (equity research).

Contacto general