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
when, in 1983, it created a department
exclusively dedicated to the promotion of
entrepreneurship.
• 14% of IE graduates start up their own
ventures over the course of their careers.
• Under the guidance of the professors from the
Department for Entrepreneurial Management
and with the support of over 100 external
professors, alumni entrepreneurs, and
professionals from the world of business start-
ups, all IE students work in groups to draw up
their own business plan as part of their program.
IE Business School was founded by
entrepreneurs for entrepreneurs. Since its
inception, we have worked to support new
initiatives and to promote entrepreneurship in
the business world.
The following are the main initiatives launched
by the department for Entrepreneurial
Management:
Venture Lab ( V-Lab), the center for
entrepreneurs par excellence. Venture Lab brings
together all forms of entrepreneurial ventures:
new business projects, family business projects,
corporate projects and social projects. V-Lab,
14
IE is Entrepreneurship
ie Business School
with the support of Caja Madrid, promotes
entrepreneurial development through a series
of annual activities which stimulate the
development of innovative projects and bring
together financing sources and Master students
as well as the alumni community.
Venture Day (V-Day) ends a year of hard work
and intense entrepreneurial activity with a
flourish. Students with projects of clear
entrepreneurial merit but with a lack of funding
have the opportunity to present their ideas to
over 100 investors on a designated day, on
which the school is imbued with the spirit of
entrepreneurship.
IE Business Plan Competition encourages the
development of high potential projects. A
competitive dynamic (there are various
committees to follow the projects' progress),
the spirit of cooperation, support, conferences,
and a privileged network come together to
make the entrepreneurial experience offered
by IE a unique opportunity to shape
entrepreneurial initiative.
Iceved (International Center for Entrepreneurship
and Ventures Development), a platform that
links 25 business schools from across the world
and which develops various research projects,
facilitates networking, and training in the field
of business start-ups. www.iceved.com

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
than 20 million Euros from private investors.
Business Angels School, IE Business School
benefits from a Business Angels School, a
private investors training center which offers
specific training in the financing of start-ups
and business plan analysis.
Entrepreneurship Summer School, as part of
the IE led Sumaq Alliance, the Department for
Entrepreneurial Management offers (through
ICEVED) an intensive summer school in
entrepreneurial training in conjunction with Latin-
American universities and business schools.
GEM Report (Global Entrepreneurship
Monitor) leads investigative study on a global
Entrepreneurship
scale which, in its eight years, has become an
important international reference on the
condition of global business creation. The
Spanish team from IE Business School is one of
the most advanced of the 45 countries that
carry out the report. www.ie.edu/GEM
Other activities include entrepreneurial training,
research, production of our own learning
resources, organization of entrepreneurship
clubs for current students and the Entrepreneur
Circle for alumni entrepreneurs and our
professors work with top international business
schools and universities all come together to
assure the best training and the most complete
experience for students who want to develop
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

IE Communities
Based on the new paradigm of multi-origin
knowledge, the ieCommunities Network is
structured around three axes-geographical,
sectoral, and functional. The result is a
formidable resource that pools the expertise
and networking capabilities of some 40,000
IE alumni, professors, and distinguished
professionals worldwide. Members of the
communities use them to debate on
managerial trends, build on and strengthen
contacts with other alumni, professors, and
executives, exchange experiences, participate
in private forums, or post articles on public
blogs.
communities.ie.edu
Network
Careers Management Center
A large number of businesses, consulting
firms and headhunters look to IE Business
School year after year in their search for top
professionals, attracted by the quality of our
students and alumni. The Careers
Management Center handles over 6,000 job
offers each year as well as organizing a
number of activities to further increase the
career prospects of IE graduates. The key
event in the Careers Management Center
calendar is the Annual Careers Fair, which
serves as an interface for students and
recruiters to get to know each other.
The mission of the Careers Management
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
Chair in Corporate Ethics funded by the IE
Alumni Association, or the IE code of
professional conduct, the result of a joint
effort by professors, students and alumni. This
commitment culminated in the creation of a
dedicated depar tment, Social Impact
Management at IE, which now plays a pivotal
role in the day-to-day fabric of the school.
IE addresses Social Impact Management from
3 essential angles: knowledge, generated by
research, and transferred through teaching
and events; the engagement of IE students,
alumni, established professionals, and other
members of the IE community to implement
knowledge; and outreach, via strategic
collaborations and social entrepreneurial
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.
Photography Club.
Knowledge
Research is powered by social impact
management centres at IE, like
• The PwC/IE Center for Corporate Responsibility
• PwC/IE Public Sector Center
• The IE Center for Diversity
• The IE Center for Eco-Intelligent Management
IE Business School is including the Social Impact
Management in all academic areas.
Engagement
Engagement of students and alumni in CR
activities starts with the admissions process and
continues through numerous initiatives,
including: the Net Impact Chapter, a speaker
series led by IE students covering topics
related to corporate responsibility and
sustainability; EcologIE, platform which addresses
environmental challenges at IE; student clubs
dedicated to Diversity, Entrepreneurship, and
Women in Business; the Mentor Program, which
provides a link between prestigious professionals
and IE students; internships and pro bono
consultancies in NGOs; and career support in
the form of corporate presentations by NGOs
and international bodies like the World Bank or
the International Committee of the Red Cross.
Knowledge
Research
Teaching
Forums
Outreach
Strategic Collaborations
Social Entrepreneurship
Alliances
Responsibility
Outreach
Outreach takes many forms, including alliances
with organizations like the Global Compact
with IE forming part of the GC Principles for
Responsible Management Education
workgroup. It also includes events, such as the
organization by IE of the Sumaq-led 1 st
European-Ibero American Congress on
Corporate Responsibility, and dedicated
support, like IE’s sponsorship of the EFMD CSR
case study award. The different IE research
centers organize their own activities and
events in their fields to bring further impetus
to their work. Conference cycles run by the IE
Center for Eco-intelligent Management, for
example, take innovation beyond the
standard improvements required by law. They
examine how eco-intelligence requires the
alteration of product design criteria, the
development of new human resource skills and
new approaches to manufacturing processes
and customer relationships. In short, IE
Business School’s drive to address social and
environmental issues as one of the major
challenges facing business organizations in the
21st century forms an integral part of the
school´s strategic vision and future roadmap.
Engagement
IE Students
IE Alumni
Professionals
IE Community
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
Using microfinance to fight poverty
Our objective is to make credit available to
entrepreneurs in economically depressed areas.
We will act as a microfinance intermediary in
two ways:
• By evaluating selected business plans from
economically disadvantaged entrepreneurs
and seeking funding for them from financial
institutions in the developed world, be it in
the form of debt finance or equity finance.
• By working with MFIs in the developing world
and helping them expand their capacity to
serve their clients by connecting them with
funds from international institutions.
The environment
With CSR gaining momentum, the possibility
to combat poverty in developing countries and
to offer people with low incomes the
opportunity to receive financial services, is now
viable. Corporate Social Responsibility also
offers a tremendous opportunity to potential
players in this arena, such as banks and financial
institutions, to improve their image and
reputation in terms of solidarity by investing
in socially responsible projects, and to
participate in a joint initiative.
Next Steps
We have received around 25 business plans
from entrepreneurs in various African countries
and in the Dominican Republic through two
NGOs, FAS and Lánzate. We are in the process
of assigning the business plans to volunteering
MIF students, who will evaluate them. We will
seek financing for a select number of business
plans, but all the entrepreneurs will receive
feedback and guidance from our students and
the progress of all the business plans will be
followed up.
Participants
Volunteering IE students and professors, IE
alumni, and a network of individuals with a
wide range of experience working in finance
and development institutions such as the World
Bank, the Grameen Foundation, and the Inter-
American Development Bank. Their expertise
will greatly enrich our project.
The World Bank estimates that around 3 billion
people would benefit from banking services
but do not yet have access to them. FSF has
been created to connect these people to the
financial services that they need, to connect
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.
24

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
26

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

Master in Advanced Finance

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.
28

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

Master in Advanced Finance

• 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
International MBA + Master in Advanced Finance

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
30
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
Corporate Finance (CFI)
Investments (INV)
Derivatives (DRV)
Financial Accounting Analysis (FAA)
Private Equity and
Financial Entrepreneurship (PEF)
Applied Knowledge for the
Financial Manager (APP)
Economics for Markets (ECO)
Subjects
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.
The investment management process, from both a buying
and selling perspective, exploring in depth the tools of
portfolio management & investment selection criteria.
The foundations of risk control in the different underlying
asset classes: fixed income, equities, credits, commodities
and foreign exchange (FX).
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.
IE has traditionally enjoyed a reputation as a school for
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.
Different key concepts that serve as basic tools for the
successful financier, including negotiation, presentation
skills or building of financial models using excel.
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)
1.5 hour conferences given by top level
professionals from the finance industry on the
most relevant issues in finance today. Past
speakers include three managing directors from
trading and portfolio management) or
Governance Metrics (corporate governance
evaluation for investment managers). Students
will visit leading financial players and will have
the opportunity to meet top strategists and

Master in Advanced Finance

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

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

Master in Advanced Finance

2 Master in
Advanced Finance
pag 46
Concept 47
Intended for 47
Structure 48
Program Content 52

International MBA + Master in Advanced Finance

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

1
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

1
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
1
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
financial theory through of the analysis of the
financial situation of a business and drivers of
the cost of capital, the evaluation of capital
investment decisions, and the determination
of the optimal capital structure. The student
will also cover advanced corporate finance
topics like dividend and buy back policy,
corporate restructuring, issuance of securities,
agency problems, asymmetric information, or
executive compensation policies.
• Derivatives & Risk Control (DRV)
This course will analyze the foundations of
derivatives, their valuation, and how they are
used to manage risk and for investment
decisions. The student will learn the
management of financial risk as well as the
different techniques available to measure said
risk. The course will also cover the evaluation of
financial risks both in financial and non financial
institutions and the role of risk management
within the overall corporate strategy.
• Financial Accounting and Analysis (FAA)
This course will explore the main items within
corporations' financial statements and how
financial information is communicated to
external parties. It will look at financial
accounting from an international accounting
perspective. Additionally, the course will
examine consolidation policies and accounting
for international corporations.
• Financial Math Programming (APP)
Financial math programming introduces
numerical methodologies and computer
programming as a means to solve complex
financial problems. At the end of this course
students will be proficient in Visual Basic (Excel)
and MatLab software.
All sessions will take place in a computer
laboratory. Specific areas like random number
generation, MonteCarlo simulation, matrices,
correlation calculations, efficient portfolio
theory and derivatives programming will be
covered.
• Financial Modeling (APP)
The financial modeling course will deal with
the effective use of the spreadsheet as a basic
tool for financial analysis, data modeling,
construction of financial models and specific
tools oriented to financial analysis. The course
will equip students with a solid understanding
of the modeling process.
• Fixed Income, Credits & Hybrid Markets (INV)
This course is a practical analysis of how bonds
are traded in financial markets and the key
determining factors of their performance and
valuation. The course will also cover key aspects
of hybrid markets.
• Introduction to Capital Markets (INV)
This course will examine the foundations of the
investment banking industry and the capital
markets where it operates. The new participant
will be introduced to the world of finance by
covering a broad range of topics such as the
structure & divisions of investment banks, the
main role each division performs and their links
with the different capital markets. This course
furnishes students with the basic knowledge
and skills they need to participate in interview
processes at investment banks. Students will
also attend practical sessions aimed at further
preparation for interview processes at
investment banks.

• Investment Game - Period I
The purpose of this course is to provide
students with an analytical background and
practical experience in the designing and
managing of investment portfolios. During the
course the student will have to build equity,
bonds and currency portfolios simulating real
life experiences and using live market data. The
students will have to make presentations
justifying the rationale behind their portfolios
and their security selection. The grading of the
course will be based on both the return of the
portfolios and the quality of the analytical
reasoning underlying their investments.
• Quantitative Finance I (APP)
This course will provide students with a working
methodology and a solid knowledge base for
the use of statistical and econometrical tools
in finance. Through case analyses and problem-
solving in class, students will gradually feel
comfortable with the most common statistical
and econometric techniques used in finances.
• Strategic Macroeconomics for Investors (ECO)
The economic environment provides many of
the critical parameters for companies and
investors in an increasingly integrated world.
Economic expansion or recession will change
Master in Finance
all business forecasts; market structure will affect
profitability: fluctuating exchange rates will
have an impact on costs, sales, risk perceptions
and debt levels; the state of the national budget
or interest-rate decisions can color a company's
future; and the overall state of the economy
and its future prospects are the key elements
in overseas investment, production or sales
decisions and strategies.
This course will provide students with a
framework to understand how macroeconomic
variables and government actions affect
business activity and investment decisions.
• Valuation & Equity Research (INV)
The equity research course will explain the
foundations of the sell side process within the
equities world by focusing on how analysts look
at listed companies, build their valuation models
and issue investment recommendations
interacting with the buy side. This course will
include practical approaches to the most
common valuation methods employed by
equity analysts, the production of financial
forecast models, the drafting of research notes
and how these influence investors' attitudes.

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
Master in Finance 2007
Global Market Control Associate -Deutsche Bank, London
42
ie Business School
PERIOD II (January-April)
Specialty Finance
• Advanced Corporate Finance
A critical analysis of the different equity valuation
methodologies, with their advantages and
disadvantages in different scenarios and contexts
within the capital markets. Specifically, the course
will cover the main valuation methodologies
applied in finance (discounted capital cash flows,
discounted equity cash flows,dividend discount
models, market multiples, similar transaction
analysis, adjusted present value, real options or
Montecarlo simulations).
• Advanced Topics in World Economy (ECO)
The aim of this course is to equip students with
critical analytical skills in the field of economic
environment. The course provides the analytical
tools and background information needed to
have an informed opinion on different positions
in the current economic debate, and their
implications for businesses and financial markets.
• Auditing & Derivatives Accounting
This course will allow participants, who will be
in charge of the audit at the client-end, to acquire
a comprehensive understanding of the process
of auditing, prepare for the auditors' visit to run
an efficient audit, avoid certain problems at year-
end and/or financial reporting periods during
the auditors' visit and will deal with the
negotiation of audit fees. In addition, it will cover
the subjectivity of derivatives accounting, the
main inputs impacting the valuation of these
structures and the accounting rules governing
them under US Gaap and IFRS.
• 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
financial condition the institution. The course
balances the micro (the bank lending function)
and macro (capital management and
regulation) dimensions of managing a
commercial bank and will emphasize the
international dimension of banking in the
context of ongoing financial globalization.
• Historical Episodes in the Financial Markets (INV)
Any equity research analyst working during
the dot com bubble had never experienced a
prolonged equity crash. As most market
professionals tend to be young, it is commonly
said that “markets have a young memory”. This
is a big liability as important historical episodes
are not well remembered despite their useful
lessons. This course will analyze the main
financial crises that have occurred in the
markets and will try to explore the main lessons
applicable to the future.
• Investing in Emerging Markets (ECO)
It is simply not possible to understand global
financial markets without understanding the
dynamics of emerging markets: their weight
in global economy growth, trade, population,
impact on the production and consumption
of basic resources, relevance in terms of foreign
reserves, etc. All these factors should place
them firmly on the radar of any investor.
How could you invest in BHP Billiton or
Volkswagen without knowing how important
China is for these companies? Or how could
an investor invest in Telefónica without at least
analyzing its Latin American operations? Did
anybody notice that China has 6 large cap
corporations in the Global Top 25, in second
position behind the USA (with 12)? And that
PetroChina is the second largest company in
terms of market cap globally? Or that the two
largest banks in the world are Chinese?
These are just a few of the facts that illustrate
how emerging markets are, in a way, leading
the world. During these sessions, we will talk
about the main EM regions, with a special focus
on BRICs, the different EM profiles (consumer-
based countries, commodity producers, mixed
profiles), the tools we can use to invest (from

ETF to ADR), how easy it is to invest and hedge
(using derivatives) in these countries, currencies,
main risks and barriers, key companies,
investment trends ("bankarization"), and the
increasing weight of consumers, housing,
energy infrastructure, etc. Concepts such as
carry trade, decoupling, correlation or
relationship risk/reward will also be reviewed.
• Investment Game - Period II
Please see course description of Investment
Game Period I.
• Negotiation (APP)
Negotiation will explore the theoretical and
practical foundations of a successful negotiation
process in order to develop the student's capacity
and ability to negotiate. It is designed so that
students see the “art of negotiation” as a key tool
they can use in both their personal and
professional lives.The course will follow a practical
approach with relevant cases. The course also
covers the relevance of communication in the
negotiation process.
Master in Finance
of asset management in main asset classes:
equities, bonds and alternative investments.
An internet-based simulation of portfolio
management will be used during this course,
bringing the student an opportunity to prove
his/her skills at making money.
• Quantitative Finance II (APP)
This course will provide students with a working
methodology and a solid knowledge base for
the use of statistical and econometrical tools
in finance. Through case analyses and problem
solving in class, students will gradually feel
comfortable with the most common statistical
and econometrics techniques used in finances.
• Securization & Fixed Income Derivatives
Fixed Income Structured products are not well
understood by a majority of financiers and
regulators. This course will tackle this deficiency
by exploring these products, not only the plain
vanilla ones (flow) but the most exotic

• 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

Lars Christian Wilde
Current student,
Master in Finance 2009
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
Goldman Sachs M&A, Morgan Stanley Private Equity, and McKinsey &
Company.
44
ie Business School
structured products. The course will also analyse
hybrid instruments and securitizations.
PERIOD III (April-June)
Applied Finance
• Arbitrage Strategies (INV)
The course examines the valuation of
investments in the context of industry and
related firm risk and mitigation. The student will
develop a deeper understanding of the
operations of capital markets, market
participants, the role of the main financial
intermediaries and the products and techniques
that are used to bring together the providers
and users of capital in the modern world.
• Behavioral Finance (INV)
Psychology plays a pivotal role in the pricing of
assets. On average, during rainy days the stock
market underperforms in comparison with
sunny days. How human psychology affects
these variables will be covered in this course,
which will run though the most up to date
literature on these issues.
• Commodities Markets (INV)
This is where participants learn about the main
t ypes of the increasingly impor tant
commodities. The course will also explore the
main options used to trade commodities or to
hedge commodities risk.
• Creating Value through Corporate Change (CFI)
This course covers the value creation that large
corporations can achieve by deep restructuring,
and how these opportunities should be
identified by the financial markets.
• Creative Accounting (FAA)
Creative Accounting examines how to detect
the main accounting games that some
companies practice, by using accounting
minefields” where they can be identified, and
providing defense mechanisms to neutralize
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
mechanisms used to identify and correct these
abuses will also be explored.
• Equity Derivatives & Volatility (DRV)
This course will concentrate on equity derivatives
markets, along with the range of product and
strategies available for corporations and
investors to trade through derivatives. It will also
explore the concept of volatility and how it
impacts equity markets, as well as ways to hedge
volatility risk or trade volatility.
• Financial Entrepreneurial New Ventures
The objective of this course is to expose you
to the many dimensions of venture creation
and to provide the tools needed to launch a
new venture as a stand-alone business or as a
unit of a larger corporation. In this course will
explore the numerous issues that accompany
the design and implementation of a new
business idea, paying particular attention to
both content (the components of the idea) and
process (the steps undertaken to transform the
idea into a viable business).
• Hedge Funds (INV)
This course will explore the increasingly
important hedge fund industry, what is and
what is not a hedge fund, the industry basics,
its financing sources, the main strategies
employed by hedge funds, remuneration
structures, the search of alpha and the risks
associated with investing in hedge funds.
• Investment Game - Period III
Please see course description of Investment
Game Period I
• Islamic Finance (INV)
Islamic finance is becoming an increasingly
important field of investment as Gulf investors
have become pivotal actors in the world's
capital markets. Islamic law (Sharia) only permits
very specific products. A deep understanding
of the mechanisms used to issue Sharia
 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
faced by chief investment officers when
allocating savings in global portfolios. This
course will not deal with the art of stock
selection or specific bond selection. It will
examine the big global flows based on top
down investment. The course will consider the
main asset classes available to trade ideas, and
how these classes react to macroeconomic
data. Additionally, the course will brief students
on the valuation tools that strategists use to
allocate funds on a global basis.
• Mergers & Acquisitions (CFI)
This course will put into practice the knowledge
acquired in the different corporate finance and
valuation courses and will explore how deal
making is structured from the point of view of
the companies and from that of corporate
financiers.
• Multinational Finance, FX Markets and FX
Derivatives (CFI)
The focus of this course is on the unique
problems encountered by the international
treasurer or chief financial officer of
multinational corporations. It is the international
sequel of a corporate finance course and as
such it revisits the same funding/financing and
investment questions within a multi-currency
(APP)
The presentation skills course will develop the
student's personal communication style and
provide them with a toolbox that will allow
them to see this key leadership skill both from
the communicator's point of view and that of
their audience. The course will cover different
situations, including group presentations.
• Private Equity (CFI)
This course will explore the role of private equity
institutions in today's markets. It will cover how
the private equity industry is structured, its
financing, its methodology and its approach to
investing and divesting. It will also pay specific
attention on how leveraged buyouts, the
preferred entry routes of the private equity
industry, are structured.
• SRI & Microfinance (APP)
This course will cover the current relationship
between finance and sustainable development.
From microcredits to the ethical funds, finance
offers the asset management industry a wide
range of tools to collaborate with the vision of
sustainable development, one of the most
effective being investment funds with a policy
of social responsible investment (SRI), in areas
such as water, clean energy or fair trade.

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
Master in Finance 2008
UBS Investment Bank, London
Corporate Finance
46

2
Master in Advanced Finance
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

Master in Advanced Finance

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.

At-a-glance Format: Full-time

Age range upon graduation: 25-31
Average professional experience: 2-5 years of relevant work experience
Program length: 12 months
Calendar: January- December
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.
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
Financial Modeling
Financial Accounting & Analysis
Financial Math Programming
Fixed Income & Hybrid Products
Introduction to Capital Markets
Investment Game - Period I
Quantitative Finance I
Strategic Macroeconomic for Investors
Valuation & Equity Research
Advanced Topics in World Economy
Auditing & Derivatives Accounting
Behavioral Finance
Equity Derivatives: Flow and Structured Products
Hedge Funds
Investment Game - Period II
Mergers & Acquisitions
Multinational Finance, FX* Markets & Derivatives
Portfolio Management
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
Master in Finance 2007
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

Master in Advanced Finance

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
Master in Finance 2008
Nomura Investment Bank, Germany
50

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Master in Advanced Finance
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%

Master in Advanced Finance

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

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Program Content
ie Business School
PERIOD I (January - April)
• Corporate Finance (CFI)
This course explores the foundations of financial
theory through of the analysis of the financial
situation of a business and drivers of the cost of
capital, the evaluation of capital investment
decisions, and the determination of the optimal
capital structure. The student will also cover
advanced corporate finance topics like dividend
and buy back policy, corporate restructuring,
issuance of securities, agency problems,
asymmetric information, or executive
compensation policies.
• Derivatives & Risk Management (DRV)
This course will analyze these instruments and
how they are used to manage risk as well as to
take investment decisions. The student will learn
to manage financial risk as well as the different
techniques available to measure it. The course
will also cover the evaluation of financial risks
both in financial and non financial institutions,
the valuation of the different derivatives
instruments available to manage risks, and the
role of risk management within the overall
corporate strategy.
• Financial Accounting and Analysis (FAA)
This course will explore the main items within
corporations' financial statements and how
financial information is communicated to
external parties. It will look at financial
accounting from an international accounting
perspective. Additionally, the course will
examine consolidation policies and accounting
for international corporations.
• Financial Math Programming (APP)
Financial math programming introduces
numerical methodologies and computer
programming as a means to solve complex
financial problems. At the end of this course
students will be proficient in Visual Basic (Excel)
and MatLab software.
All sessions will take place in a computer
laboratory. Specific areas like random number
generation, MonteCarlo simulation, matrices,
correlation calculations, efficient portfolio theory
and derivatives programming will be covered.
• Financial Modeling (APP)
The financial modeling course will deal with the
Master in Advanced Finance
effective use of the spreadsheet as a basic tool
for financial analysis, data modeling, construction
of models and specific tools oriented to financial
analysis. The course will equip students with a
solid understanding of the modeling process,
from the basics of data management to the use
of user-defined functions and personalized
macros. A group project covering the
development of specific analysis tools will
generate a shared repository of ready-to-use,
community-developed, financial models.
• Fixed Income and Hybrid Products (INV)
This course is a practical approach of how
bonds are traded in the financial markets and
the key determinants of their performance
and valuation.
• Introduction to Capital Markets (INV)
This course will examine the foundations of the
investment banking industry and the capital
markets where it operates. The new participant
will be introduced to the world of finance by
covering a broad range of topics such as the
structure & divisions of investment banks, the
main role each division performs and their links
with the different capital markets. This course
furnishes students with the basic knowledge
and skills they need to participate in interview
processes at investment banks. Students will
also attend practical sessions aimed at further
preparation for interview processes at
investment banks.
54
ie Business School
• Investment Game - Period I
The purpose of this course is to provide
students with an analytical background and
practical experience in the designing and
managing of investment portfolios. During the
course the student will have to build equity,
bonds and currency portfolios simulating real
life experiences and using live market data.
The students will have to make presentations
justifying the rationale behind their portfolios
and their security selection. The grading of the
course will be based on both the return of the
portfolios and the quality of the analytical
reasoning underlying their investments.
• Quantitative Finance I (APP)
This course will provide students with a
working methodology and a solid knowledge
base for the use of statistical and econometrical
tools in finance. Through case analyses and
problem-solving in class, students will gradually
feel comfortable with the most common
statistical and econometrics techniques used
in finances.
• Strategic Macro Economics for Investors (ECO)
The economic environment provides many of
the critical parameters for companies and
investors in an increasingly integrated world.
Economic expansion or recession will change
all business forecasts, market structure will
affect profitability, fluctuating exchange rates
will have an impact on costs, sales, risk
perceptions and debt levels, the state of the
national budget or interest-rate decisions can
color a company's future, and the overall state
of the economy and its future prospects are
the key elements in overseas investment,
production or sales decisions and strategies.
This course will provide students with a
framework to understand how macroeconomic
variables and government actions affect
business activity and investment decisions.
• Valuation & Equity Research (INV)
The equity research course will explain the
foundations of the sell side process within the
equities world by focusing on how analysts
look at listed companies, build their valuation
models and issue investment recommendations
interacting with the buy side. This course will
include practical approaches to the most
common valuation methods employed by equity
analysts, the production of financial forecast
models, the drafting of research notes and how
these influence investors' attitudes
PERIOD II (May-June)
• Advanced Corporate Finance (CFI)
This course will explore the advanced
foundations of financial theory by analysing
the financial situation of a business, evaluating
capital investment decisions, examining capital
cost drivers and determining the optimal capital
structure. The course covers other topics in the
field of advanced corporate finance, such as
dividend and buy back policy, corporate
restructuring, and issue of securities, agency
problems, asymmetric information, or executive
compensation policies.
• Advanced Topics in World Economy (ECO)
This course will cover the main areas of
economics that market participants need to
understand. It is based on a practical approach
that examines how markets react to different
macroeconomic information and the
interrelationship between them.
• Auditing and Derivatives Accounting
This course will allow participants, who will be
in charge of the audit at the client-end, to
acquire a comprehensive understanding of the
process of auditing, prepare for the auditors'
visit to run an efficient audit, avoid certain
problems at year-end and/or financial reporting
periods during the auditors' visit and will deal
with the negotiation of audit fees. In addition,
it will cover the subjectivity of derivatives
accounting, the main inputs impacting the
valuation of these structures and the
accounting rules governing them under US
Gaap and IFRS.
• Behavioral Finance (INV)
Psychology plays a pivotal role in the pricing
of assets. On average, during rainy days the
stock market underperforms in comparison
with sunny days. How human psychology
affects these variables will be covered in this
course, which will run though the most up to
date literature on these issues.
• Equity Derivatives: Flow and Structured
Products
This course will concentrate on the equity
derivatives markets, with the range of products
and strategies available for corporations and
investors to trade through derivatives. It will
also explore in depth the concept of volatility
and how it impacts the equity markets, as well
as the options used to hedge volatility risk or
to trade volatility.
• Hedge Funds (INV)
This course will explore the increasingly
important hedge fund industry, what is and what
is not a hedge fund, the industry basics, its
financing sources, the main strategies employed
by hedge funds, remuneration structures, the
search of alpha and the risks associated with
investing in hedge funds.
• Investment Game - Period II
Please see course description of Investment
Game Period I.
• Mergers & Acquisitions (CFI)
This course will put into practice the knowledge
acquired in the different corporate finance and
valuation courses and will explore how deal
making is structured from the point of view of
the companies and from that of corporate
financiers.
Master in Advanced Finance
• Multinational Finance, FX Markets and FX
Derivatives (CFI)
The focus of this course is on the unique problems
encountered by the international treasurer or chief
financial officer of multinational corporations. It is
the international sequel of a corporate finance
course and as such it revisits the same
funding/financing and investment questions
within a multi-currency setting. A special attention
is given to risk management.
• Portfolio Management (INV)
The key concepts of portfolio management
theory will be covered by this course, including
efficient portfolio, correlation between asset
classes and risk measuring techniques
applicable to the investment process, such as
the information ratio. The course will examine
the main implications of asset management in
main asset classes: equities, bonds and
alternative investments. An internet-based
internet simulation of portfolio management
will be used during this course, and the student
will have through this system an opportunity
to prove his/her skills at making money.
• Presentation Skills in Financial Markets (APP)
The presentation skills course will develop the
student's personal communication style and
provide them with a toolbox that will allow
them to see this key leadership skill both from
the communicator's point of view and that of
their audience. The course will cover different
situations, including group presentations.
56
ie Business School
• Quantitative Finance II (APP)
T his course will provide students with a working
methodology and a solid knowledge base for
the use of statistical and econometrical tools in
finance. Through case analyses and problem-
solving in class, students will gradually feel
comfortable with the most common statistical
and econometrics techniques used in finances.
PERIOD III (September-December)
• Arbitrage Strategies (INV)
The course examines the valuation of
investments in the context of industry and
related firm risk and mitigation. The student will
develop a deeper understanding of the
operations of capital markets, market
participants, the role of the main financial
intermediaries and the products and techniques
that are used to bring together the providers
and users of capital in the modern world.
• Asset Allocation (ECO)
This Strategic Asset Allocation course takes a look
at the real challenges faced by chief investment
officers when allocating savings in global
portfolios. This course will not deal with the art
of stock selection or specific bond selection. It
will examine the big global flows based on top
down investment. The course will consider the
main asset classes available to trade ideas, and
how these classes react to macroeconomic data.
Additionally, the course will brief students on the
valuation tools that strategists use to allocate
funds on a global basis.
• 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
financial condition of the institution. The course
balances the micro (the bank lending function)
and macro (capital management and
regulation) dimensions of managing a
commercial bank and will emphasize the
international dimension of banking in the
context of ongoing financial globalization.
• Commodities Markets (INV)
This is where participants learn about the main
types of the increasingly impor tant
commodities. The course will also explore the
main options used to trade commodities or to
hedge commodities risk.
• Creating Value through Corporate Change (CFI)
This course covers the value creation that large
corporations can achieve by deep restructuring,
and how these opportunities should be
identified by the financial markets.
• Creative Accounting (DRV)
This course will deal with the main accounting
games that companies practice, by offering
“accounting minefields” where these can be
identified, and providing main defense
mechanisms to neutralize them. The student
will learn how companies hide debt off balance
sheet, how to alter the reported sales, reducethe
level of costs or influencing the consolidation
perimeter. The main defense mechanisms to
identify and correct these abuses will also be
explored. This course will give participants a
comprehensive understanding of the process
of financial accounting to serve as a basis for
truly understanding financial statements and
accounting numbers.
• Fixed Income Derivatives: Flow &
Structured Products (DRV)
Fixed Income Structured products are not well
understood by a majority of financiers and
regulators. This course will tackle this deficiency
by exploring these products, not only the plain
vanilla ones (flow) but the most exotic structured
products. The course will also analyse hybrid
instruments and securitizations.
• Geopolitics
Foreign policy is becoming an increasingly
important topic for financial markets. Risk
appetite or risk aversion has a deep impact on
the valuation of many financial markets and
foreign policy plays a key role in determining
these appetites for risk. This course will explore
the main drivers of current foreign policy and
the foreseeable evolution in the coming future,
in order to equip participants with a sound
education so that they can realistically quantify
the level of risk in every market.
• Historical Episodes in the Financial Markets
(INV)
Any equity research analysts working during
the dot com bubble had never experienced a
prolonged equity crash. As most market
professionals tend to be young, it is commonly
said that “markets have a young memory”. This
is a big liability as important historical episodes
Master in Advanced Finance
are not well remembered despite their useful
lessons. This course will analyze the main
financial crises that have occurred in the
markets and will try to explore the main lessons
applicable to the future.
• Institutions of International Monetary
Stability
This course will review the changes in the
structure of our financial systems and how the
far simpler structures of the past have dissolved
and have been reformulated in a much fuzzier
and complicated fashion.
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
58
ie Business School

• Islamic Finance (INV) • Negotiation (APP)

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

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)
This course will explore the role of private
equity institutions in today's markets. It will
cover how the private equity industry is
structured, its financing, its methodology and
its approach to investing and divesting. It will
also pay specific attention on how leveraged
buyouts, the preferred entry routes of the
private equity industry, are structured.
• Project Finance (CFI)
This course will analyze the project finance
operations process from the perspective of
the provider of capital and that of the user of
capital. The course will also cover the
mechanism through which risks and rewards
are allocated in the projects, their valuation
and the different financing structures and
their performance.
• Real Estate Investment (CFI)
This course will analyze the different financial
angles associated with extracting value from
the real estate sector. Food retailers such as
Tesco have recently started to manage their
real estate portfolio in a much more aggressive
way, opening up tools of cheap finance and
value creation. This course will also explore the
mechanisms used to select a real estate
investment and monitor its performance.
Master in Advanced Finance
• SRI & Microfinance (APP)
This course will cover the current relationship
between finance and sustainable development.
From microcredits to the ethical funds, finance
offers the asset management industry a wide
range of tools to collaborate with the vision of
sustainable development, one of the most
effective being investment funds with a policy
of social responsible investment (SRI), in areas
such as water, clean energy or fair trade.
60

3
Dual Degree: International MBA +
ie Business School

Master in Advanced Finance

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.

At-a-glance Format: Full-time

Age range upon graduation: 25-35
Average professional experience: 5 years
Program length: 21 months
International MBA + Master in Advanced Finance

Calendar: April- December (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.
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.
62

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,
International MBA + Master in Advanced Finance

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
64

4
Faculty

Allard, Gayle
Chair of Department of Economic Environment,
IE Business School
Research chair, Price Waterhouse Coopers-IE
Center on the Public Sector
Research Economist, The Economist Intelligence
Unit, 1990-present
Economist, JP Morgan, Madrid, Spain, 1996-1998
Ph.D. in Economics, University of California at
Davis
MA in International Economics, Johns Hopkins
School of Advanced International Studies
Altimira, Ricardo
Director, Strategic Alliances, IBM U.S.A. and IBM
Spain
Telefónica Systems, 1984-1998
Board Member Strategic Consulting, Sports and
Corporate Fitness companies, Europe
Ph.D. in Business Administration and
Organization, Universidad Politécnica de Madrid
Executive MBA, IE Business School
President's Class, Harvard University
Master International Business and Finance, NYU,
U.S.A.
de Anca, Celia
Vice-president Assistant, International Finance
Institutions, Santander Group, Madrid
Development Projects Coordinator, Promotion
for investigation Centre for Latin-America and
Europe (CIPIE)
Corporate Programs Director, Euro-Arabian
Management University (EAMS) Granada
Ph.D. in Psychology, Universidad Autonoma,
Madrid
Bachelor in Arabic Philology, Universidad
Autonoma, Madrid
Arildsson, Marcus
Director, Corporate Finance, Arcano Corporate,
2006 - present
Vice President, Investment Banking (Consumer
Products & Retail), Merrill Lynch, 2001-2006
Analyst, Investment Banking (Equity Capital
Markets), Lehman Brothers, 1997-1999
MBA, Major in Finance, Kellogg School of
Management, U.S.A.
Bachelor in Business Administration, Major in
International Business, James Madison
University, U.S.A.
Master in Finance
Azpilizcueta, Borja
Managing Director, Head of M&A Spain and
Portugal, Credit Suisse, 2006- 2009
Managing Director, Investment Banking Division
London/Madrid, UBS Investment Bank, 1997 -
2006
Corporate Finance Analyst, Lehman Brothers
International (Europe), 1995-1997
Analyst, INDIGO Inversiones, S.A., Madrid, 1993
-1994
Bachelor in Law & Finance, Universidad
Pontificia Comillas - ICADE
Master in Advanced Finance
Bertrán Damián, Juan Antonio
Chairman, CEO and Founding Partner, Cartesio
Inversiones, 2004-present
Ministry of Economy and Treasury, Sub director
Managing Director, Morgan Stanley, 2000-2004
MPhil and MA in Economics, Columbia
University, New York
Correas, Juan Ramón
Managing Director, Equity Research, Banco
Santander, Madrid
Former Director, Equities Trading Strategies,
Deutsche Bank AG, London
Former Head of Equities and Country Head,
Deutsche bank Iberia, Madrid
Former Member of Executive Committee,
Deutsche Bank, Madrid
MSc in Business Administration & Economics,
International MBA + Master in Advanced Finance
University of Barcelona
Díaz-Andreu García, Juan
AMADEUS Global Project Management
Corporate Finance and M&A
MBA as Fulbright Scholar, Anderson School at
UCLA, U.S.A.
Business Case Study Program as Marc Rich Trust
Dual Degree
Scholar, Harvard Summer School, U.S.A.
Dolz, Ignacio
Asset Management Vice President, Morgan
Stanley, 2006-2008
Latin America MS Executive, Morgan Stanley,
2003-2006
Wealthy Management Manager, Morgan
Stanley, 1999-2003
Bachelor of Economics specialized in monetary
politics and public sector, San Pablo C.E.U.
66
Downarowicz, Anna
ie Business School
Hedge Funds Analyst, BBVA Research, Madrid,
2006 - 2007
Analyst and consultant in Pro Invest
International Ltd, Warsaw, 1997-1999
Ph.D. in Economics, Carlos III University, Madrid
Bachelor in Mathematics, the Warsaw
Polytechnic University, Poland
Gallo Villoria, Carlos
Head of Exotic Options and Alternative Funds,
Asset Allocation
Department, Invercaixa Gestión SGIIC, 2005 -
present
Senior Assets Manager,Invercaixa Gestión SGIIC,
2004-2005
Senior Funds Manager, Invercaixa Gestión
SGIIC,1998- 2004
Expert in Derivatives,HSBC Investment Bank,
1994-1998
Option Markets Operator, MEFF Equities, 1993-
1994
Board Member of Management for CFA
Spain,1993- present
CFA Charterholder, 2002
Bachelor in Economics and Business,
Universidad Autónoma de Madrid
García, Eloy
Former Treasurer of the Inter-American
Development Bank (IADB)
Member of the International Advisory Board,
Cass Business School, 2000 -present
MA in Economic Development, Georgetown
University, U.S.A.
Bachelor in International Finance, Georgetown
University, U.S.A.
García-Loygorri, Pedro
Head of European Equity Flow Sales, BBVA
Global Markets, 1996
Head of Technical Analysis, Equity Derivatives
and New Products Research, BBVA Research,
2003 - 2006
Head of Technology, Media and Internet, BBVA
Research, 2000 - 2003
Financial Risk Manager, Certified by the Global
Association of Risk Professionals, 2000
General Management Program, IESE, 1990-1996
Bachelor of Arts in Business and Economics
Bachelor of Arts in Law
García Peri Álvarez, Cristina
Managing Director, Equity Capital Markets,
Merrill Lynch International, London, 2004-2006
Managing Director, Equity Derivatives & Head
of Corporate Marketing, J.P Morgan Chase
London, 2000-2003
Vice President, Equity Derivatives, J.P. Morgan
& Co., London, 1995-1998
Vice President, M&A, J.P. Morgan & Co., London,
1994
Associate, Corporate Finance, J.P. Morgan & Co.,
Madrid, 1992-1993
Associate, M&A, J.P. Morgan & Co., London, 1990
Associate, Corporate Finance, Goldman Sachs
International, London, 1989
Business Analyst, McKinsey & Co, Madrid, 1986-
1988
MBA, Harvard Business School, U.S.A., 1990
Bachelor in Economics & Finance, I.C.A.D.E.
University, 1986
Gonzalo Peces, Rafael
Managing Director Link Finanzas
Vice Presidente Alumni Association INSEAD
MBA, INSEAD, Francia
Gómez Lavin, Constantino
Partner, Arcano, 2005-present
Director, Equity Asset Management, Invercaixa,
2005-2003
Director Investment Consulting, Mercer, 2001-
2003
Director Equity Sales and Research, Deutsche
Bank, 2000-1992
Equity Sales, Credit Lyonnais, 1992-1988
Agricultural Engineer, Universidad Politécnica,
Madrid
Gutiérrez Colomer, Diego
General Manager, Hyundai Spain, 2007 - present
General Manager, Subaru Spain, 2006
Head of car distribution, Subaru Spain
Financial Director, Serdetec, 2005-2006
Profesor of Financial Management, Universidad
Pontificia Comillas, 2005-present
Ph.D. Universidad Pontificia Comillas, 1997
Bachelor in Economics and BA, Universidad
Pontificia Comillas, 1994
de Heredia, Tomás
M&A and Corporate Finance Director, InverCaixa
Valores SV, 2003-present
Equity Analysis Chief for Telecommunication,
Media and Internet, InverCaixa Valores SV, 1998-
2000
Advanced Management Program, IESE (PDD)
CFA Charterholder, 2001
Bachelor in Business Administration,
Universidad Complutense (CEU San Pablo),
1995
Vanina Andrea Farber
External Consultant for the Brodolini
Foundation Rome, 2006-present
External Consultant for different UNO Offices
UNDP, UNOPS, ILO, 2001 - present
Associate, McKinsey & Co
Candidate for Ph.D. in Business Administration,
Memphis University
Director of the Finance Department, IE Business
School, 2006 - present
MALD, Fletcher School, Harvard Business School,
Boston, U.S.A.
Hurtado Coll, Rafael
Multi-management Portfolio Director, Banco
Popular Fund Management SGIIC
Ph.D. Economics, Universidad San Pablo-CEU
Executive MBA, IESE
Bachelor in Economics, UAM
Lario, Álvaro
Assistant Professor, Department of Economic
& FinancialAnalysis, Universidad de Castilla la
Mancha 2003-2007
Teaching Assistant, Department of Economics,
London Business School, 2003-2005
Ph.D. in Financial Economy, Universidad
Complutense, 2006
Master of Research in Economics, London
Business School, 2003-2005
Larraz, José Antonio
Capital Alianza Private Equity Investment,
Madrid, Spain, 2002-present
Associate, M&A New York, Lehman Brothers
International, 2000-2002
Analyst, M&A London, Lehman Brothers
International, 1997-1999
Master in Finance
MBA, INSEAD Fontainebleau, France 2000
BSc in Business Administration, Major in
Finance, Universidad Pontificia Comillas Madrid,
Spain, 1997
Bachelor in Law, ESSEC Paris, France, 1997
de León, Alfonso
Managing Director, Co-Head of the Alternative
Investment, Mizuho International, 2007-present
Director, Head of the Special Credit Situations
group, Deutsche Bank AG, London, 2006-2007
Vice President, Structuring & Sales, Deutsche
Bank AG London, 2005-2006
Associate, Structuring & Sales for Derivative
Projects & Fixed Income, Deutsche Bank, Spain,
2002-2005
Analyst, M&A, Schroeder Salomon Smith Barney
(Citigroup), 2001
Founder and CEO, SPINGOLF S.L., Madrid, 1996-
2001
Founder & Director, BOLG Investment, Madrid,
1999
Master in Advanced Finance
Bachelor of Business Administration & Finance
ICADE, Universidad Pontificia de Comillas,
Madrid
Lumholdt, Henrik
Director of Strategy and Fund Manager, BBVA
Asset Management
Formal Chief Strategist, Inversis Banco
Formal Chief Economist, Bank of America, Spain
Formal Director of Research at F.G Inversiones
Bursátiles (now Merrill Lynch)
Professor of Economic Environment , IE Business
School
MSc Economics, Copenhagen School of
Economics
de Luna, Walter
Manager Director, ING Real Estate, Spain
General Director of Ascorp (MCC Group)
International MBA + Master in Advanced Finance
Bachelor in Business Administration and Law,
Universidad Pontificia de Comillas
Macmillan-Scott, James
Senior Advisor, Augusta and Co plc, 2007
CEO/Managing Director, Augusta and Co plc,
2002
CEO/Managing Director, Friedman, Billings &
Dual Degree
Ramsey's European Investment Bank, 2001
CEO, Paris, Hambrecht and Quist's Paris
Euromarkets Platform, 1997
Managing Director and Head of Equities,
Deutsche Bank North America, 1992
Board member, Deutsche Bank Securities Inc.
Board member, Deutsche Bank's Global Equity
Management
CEO $1bn Mutual Funds Family, Deutsche
Bank's NYSE
68
Head of International Equity Distribution North
ie Business School
America, Merrill Lynch, 1989 - 1992
CEO, New York, Savory Mill, 1984 -1989
Merrill Lynch London, 1978
Martínez Ferreira, Rafael
Hera Plasco, Board Member and Managing
Director
Ph.D. Economics
Master in Business Studies
Bachelor in Engineering
Maguire, Laura
Executive Director Doctoral Programs, IE
Business School
Associate Professor, Human Resources Area, IE
Business School
Ph.D. Candidate, Universidad Autónoma de
Madrid
MBA, IE Business School
Degree in English Philology, Universidad
Autónoma de Madrid.
Morales Plaza, José Ignacio
Corporate Chief Financial Officer and Head of
Strategies & Business Development, Sener
Grupo de Ingeniería (SGI), 2005-present
Senior Financial Analyst, BBVA Head of
Consumption, 2005-2000.
International Senior Auditor, Corporate Audit
Department, F.Hoffman La Roche Inc., U.S.A. and
Switzerland, 1999-2000
Senior Supervisor, PricewaterhouseCoopers,
1999
Member, European Accounting Association,
1995
Ph.D. in Progress, Universidad Complutense de
Madrid, Thesis: Financing of renewable progress
MBA, IESE Business School
Moreno, Manuel
Associate Editor, Revista de Economia
Financiera, 2002 - present
Co-President of the Scientific Committee, XIV
Foro de Finanzas, 2006
Ph.D. in Economics, University Carlos III de
Madrid
Bachelor in Mathematics, Universidad
Complutense, Madrid
Muñoz-Alonso, Ignacio
Head of Global Banking (Europe & Asia), BBVA
Former CEO, Rothschild Spain
Professor of Advanced Corporate Finance, IE
Business School
MSc in International Economics
Muñoz de Luna, Miguel
Private Banking Director, Deutsche Bank, 2005
- present
Regional Private Banking Director, Deutsche
Bank, 2001-2005
Director HNWI (High Net Worth
Individuals Private Banking), Deutsche Bank,
1996-2001
Manager Director, GesNatWest, 1995-1996
General Financial Subdirector, Caja de Ahorros
de Santander y Cantabria, 1992-1994
Associate Director of Assets, Santander,1987-
1992
Bank of America, 1984 -1987
The Austin Company, 1978 - 1982
Bachelor in Engineering
Naslin, Sandrine
Former Head of Iberian Equities and Managing
Director, UBS Securities, Spain
Ranked top European building analyst for 6
consecutive years
Graduated with a European Business
Administration Degree (honors), École
Supérieure de commerce De Reims
Nieto Carol, María Jesús
Advisor to Director General of Banking
Regulation, Bank of Spain, 2000-present
Visiting scholar, Federal Reserve Bank of Atlanta,
2004-present
European Central Bank, 1998-2000
Council of Economic Adv isors to the Spanish
President, 1996-1998 and the International
Monetary Fund 1991-1995
MBA, University of California, U.S.A.
Ph.D., Universidad Complutense, Madrid
Certified Public Accountant (CPA), Instituto de
Contabilidad y Auditores de Cuentas, Spain
Rivela, Antonio
Former Managing Director, Co-head of EMEA
Fixed Income Sale, UBS London
Director, Head of Iberia Structuring Team,
Deutsche Bank London
Analyst, Corporate Finance and M&A
Spain/Portugal, Merrill Lynch London and New
York
Sabanoglu, Alber
Assistant Professor, IE Business School, Madrid
Ph.D. Candidate, IE Business School
ALCATEL, Madrid, 1 991-1993
M.A. Mathematics, Tufts University, U.S.A.
Bachelor Electrical Engineering, Brown
University, U.S.A.
Siebera, Guido
Founder, Siebiera&Asociados (C.W. Downer
M&A Boutique), 2009
Global Strategy, ThyssenKrupp Group, 2005
Responsible of Merger Integration, 2000
Managing Director Spain, ThyssenKrupp
(Rodisola), 2003
Head of Business Development, M&A projects
in France, Spain, the UK and Brazil, ThyssenKrupp
Group, 2000-1998
Ph.D. in Mechanical Engineering, RWTH Aachen
Spellman, Kevin
Consultant for Holt-Smith Advisors, Governance
Metrics, International Strategy and Investment
(ISI) Group, Foley & Lardner LLP
Director, Center for Applied Security Analysis,
University of Wisconsin-Madison, 2006-2009
Senior Lecturer, University of Wisconsin-
Madison, 2008-present
Associate Professor, The Ohio State University,
2000-2004
Instructor, Durham University, 2006-present
Ph.D. of Behavioral Finance, Durham University,
2009
Master of Science, University of Wisconsin-
Madison, 1994
Toro Cebada, Juan
Head of Research on global government bond
and equity markets, TMG
Researcher and consultant, London Business
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
MBA, INSEAD, Fontainebeau - Singapore
MSc in Economics, ICADE, Madrid.
MA in Law, UNED, Madrid
Trombetta, Marco
Master in Finance
Professor of Accounting, IE Business School,
2006 - present
Lecturer in Accounting, The London School of
Economics and Political Science, 1996-1999
Ph.D. in Economics, University of Oxford
“Dottorato di ricerca” in Public Economics,
University of Pavia
Laurea (BSc) in Social and Economic Sciences,
magna cum laude and special distinction, “L.
Bocconi” University, Milan
Urgel, Julio
Director, EQUIS & Quality Services, European
Foundation for Management Development,
Brussels, 2001-present
Chairman, Centre for Innovation in Tourism and
Leisure Management, IE Business School, 2002
- present
Independent consultant in corporate finance
with emphasis in mergers and acquisitions,
1982 - present
Professor of Corporate Finance & Negotiation,
Master in Advanced Finance
IE Business School, 1989 - present
Dean, IE Business School, 1994 - 2000
Head of Finance Studies Department, IE
Business School, 1989 - 1994
Associate, Finance Studies Department,
Hewlett-Packard Spain, Madrid, 1980
DBA, Harvard Business School, Harvard
University, Boston
MBA, IESE, Universidad de Navarra, Barcelona
International MBA + Master in Advanced Finance
Dual Degree
70

Learning Process
ie Business School

The teaching methods used in the Masters
in Finance are based on practical and
interactive learning processes. Although
almost all IE classes rely on the case method to
drive the learning experience, professors also
frequently use other techniques, such as the
interactive and online investment game, role
playing, multimedia applications and online
business simulations. IE classes are not abstract
or focused on theory. Instead, participants learn
about concepts, tools and theoretical
foundations of finance through the examination
of real companies in the real world. Students are
assigned to small work groups designed to
maximize diversity in which they discuss and
prepare cases and complete assignments.
Technical Expertise
The Masters in Finance uses around 25-35% of
sessions for learning techniques, theories,
concepts and tools. The student is introduced
to these through symposium-conferences where
the professor explains the basic concepts of a
specific subject, and students are required to
participate actively, putting forward their points
of view, opinions and differences.
Decision-Making Skills
Important as it is, the acquisition of knowledge
is merely a stage in the drive towards program
objectives. One of the financier's main roles is
decision making, and this particular skill is
acquired through the case method, by discussing
real business situations in which choices must
be taken in a broad range of sectors and
positions.
Case Method
Important as it is, the acquisition of knowledge
is merely a stage in the drive towards program
objectives. One of the financier's main roles is
decision making, and this particular skill is
acquired through the case method, by discussing
real business situations in which choices must
be taken in a broad range of sectors and
positions.
Master in Finance
Teamwork
Participants are divided into groups based on
their profile and background to analyse specific
cases. These work groups share experiences and
knowledge, thereby enriching discussions and
the learning process.
Conferences
Certain course sessions are presented in the
form of video conferences selected in
Master in Advanced Finance
accordance with the participants´ level of
experience and knowledge.
Reports and Projects
Studies of specific issues are carried out
individually or in groups and reports on the
cases discussed, defining solutions to the
problems raised in each case. Similarly, projects
dealing with real cases will be undertaken based
on the global vision acquired in the course of
the program.
Role Playing
In certain fields workteams must prepare and
play different roles in the resolution of cases,
particularly those concerning negotiation.
Investment Game
Through a trading platform that includes a real-
International MBA + Master in Advanced Finance
time system, interactive markets system, and
modules system, students will have the
opportunity to put into practice, in a simulation,
what they are learning in their other classes.
The real time system enables students to
manage risk and return of positions in real time
to learn how theory is applied in practice. The
interactive markets system allows students to
Dual Degree
trade with each other and the modules provide
tutors in fixed income, equity, and options.
Students will build equity and bonds portfolios
simulating real life experiences and using live
market data. Students will write reports
justifying the rationale behind their portfolios
and their security selections.
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
qualities:
• Professional achievements
• Leadership potential
• Academic excellence
Admissions at IE Business School is a rolling-
basis process and as such there is no deadline
for applications for a particular intake.
However, given the limited number of places
on the program, we recommend that you
initiate the application process many months,
or even a year, in advance.
Basic Admissions Criteria
Candidates must have a bachelor´s degree or
equivalent from an accreditated educational
institution and be fluent in the English language.
Professional experience and language skills are
highly regarded and each candidate's merits will
be individually assessed.
Application Form
The application form provides the Admissions
Committee fundamental information when it
comes to evaluating candidates for master
programs. To access the application form, visit
mif.ie.edu/app, miaf.ie.edu/app
IE offers an online application form also available
through TopApply: www.topapply.com/ie
In addition to submitting the application form,
applicants must send:
Application Form GMAT or GRE
Selection Committee
Personal Interview Admission Denied
Admissions Committee
Admission Admission Denied
• Photocopies of complete university transcripts,
or anticipated grades if your degree is still
incomplete (complete with original version or
copy bearing official stamp)
• Photocopy of passport or ID card
• One passport-size photo
• 2 Letters of recommendation (academic or
professional)
• Application Fee: 120 euros
• English Language Certificate (TOEFL, IELTS or
Cambridge)
Exam
As part of the admissions process, candidates
must present either a valid GMAT or GRE score.
GMAT and GRE test center and exam dates can
be found at www.gmac.com or www.ets.org
Interview
Once the application form has been assessed,
candidates may be called to interview, which
will examine the data provided in the
application in greater detail and determines
whether the candidate's profile will stand him
or her in good stead for the content and
demands of the program.
Scholarships and Financial Aid
To support the diversity within IE programs, the
IE Foundation awards tuition funding assistance
to talented students in need of financial aid
based on merit, distinctive competences and
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
opportunities,visit IE Funding Alternatives on
our website www.ie.edu/financialaid.
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.

Photo by Otmar Winterleitner. IE student ´06.
Photography Club
A network of clubs, in Spain and worldwide,
constitutes one of the vehicles whereby new
links are forged between alumni and the wide
range of business organisations that collaborate
with IE. These alumni clubs organize a broad
range of academic activities-courses,
conferences, round tables, forums and open
debates. They also organise leisure activities,
such as meetings, trips and sporting events,
generating thousands of opportunities to
enhance this essential network.
The Alumni Association offers other services
designed to establish connections between its
members and the corporate world, including
commercial agreements with firms, and legal,
tax and business start-up consulting services.
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.
Virtual Alumni Community
A fully interactive site encompassing forums,
access to databases, noticeboards and a virtual
shop.
alumni.ie.edu
The IE Directory
In order to make networking simpler, the
Alumni Association produces a directory
containing the names and contact details of all
current members classified by year of intake,
employment sector and geographic location.
Sporting Events
The following are some of the most enjoyable
ways to build a network: Paddle tennis course,
golf tournaments, football tournaments, sailing
in the bay of Altea, Denia-Ibiza Crossing, the
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.
By means of a personalized service provided
through individual interviews, our department
helps each and every student to develop their
own career path.
how to write a CV and covering letter, preparing
an interview, negotiating offers, making and
maintaining professional contacts…
The department's activities are backed up by
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
AIG American International Group, Allianz
seguros, American express, AXA Seguros, Banco
Español de Crédito, Banco Espirito Santo, Banco
urquijo, Banco Zaragozano, Banesto,Bank of
America, Bankinter, BBVA, BMW Financiera,BNP
Paribas, BSN BANIF, Caixa Galicia, Citigroup,
CPP, Credit Lyonnais, Credit Suisse, Deutsche
Bank, Dresdner Kleinwort Wasserstein, EBRD,
Ernts&Young Corporate Finance, FCE Bank, FCE
Credit, Fiat Auto Renting, Fortis, GE Capital,
Geoban, Goldman Sachs International, Grupo
Barclays, Grupo Santander, JP Morgan, Lloyds
Bank, Merrill Lynch, Morgan Stanley, Societé
Generale, The World Bank, Weber Shandwick.
Law Firms
Albiñana y Suárez de Lezo, Allen & Overy, Alza
Abogados y Fiscalistas, Araoz & Rueda, Baker
& McKenzie, Bufete Barrilero y Asociados,
Clifford Chance, Cuatresasas, Deloitte,
Despacho Cremades, DLA Piper Rudnick Gray
Cary Spain, Écija Abogados, Ernst & Young,
Freshfields Bruckhaus, Garrigues, Gómez -
Acebo & Pombo, Hammonds, KPMG, Landwell,
Legalia Abogados, Linklaters, Lovells, Mazars
& Asociados, Pérez-Llorca, Ramón Hermosilla,
Roca Junyent,Squire, Sanders & Dempsey, Uría
Menéndez.
Industry
3M, Ail Liquide, Almirall, Alstom, AstraZéneca,
BMW, Cepsa, Cintra, Cosentino, Eli Lilly &
Company, Fadesa, Ford, General Electric,
GlaxoSmithkline, Goodyear Dunlop, Grupo
Ferrovial, Grupo Grünenthal españa, Grupo Lar,
Grupo San José, Holcim, Ingersoll Rand,
Metrovacesa, Peugeot, Pfizer, Philips Iberica,
Saint Gobain, Schering Plough, Tetra Pack
Consultancies
Accenture, Alfa Consulting, Alten, Altran, Arthur
D.Little, AT Kearny, Bain & Company Iberica,
Blueline, Boos Allen & Hamilton, Cap Gemini,
CFI Group, Consultia, Daemon Quest, Deloitte
& Touche, Diamon Cluster, Ernst &Young,
Europraxis Group, Everis, Greenwich Consulting,
IMS Health Global Consulting, KMPG, McKinsey
& Co, Mercer Management Consulting, Najeti,
PwC, Roland Berger & Partners GmbH,
Soluziona Management Consulting, The Boston
Consulting Group, Tormo y Asociados, Valoris
Iberia, Watson Wyatt, Whyman and Co.
Consumer Goods & Distribution
ADIDAS, Altadis, American Nike, Avon
Cosmetics, British American Tobacco, Cadbury
Schweppes, Compañía Cervecera de Canarias,
Coty Astor, Decathlon, Grupo Carrefour, Grupo
Cruzcampo, Grupo Heineken, Grupo Inditex,
Grupo Mahou - San Miguel, Grupo SOS, Grupo
Vips, Johnson & Johnson, Kimberly Clark, Kraft
Foods, L´OREAL España, Leroy Merlyn, LVMH
Iberia, Procter & Gamble España, Reckitt
Benckiser.
Services
AC Nielsen, Aguirre Newman, Antena 3 TV,
Bahía Príncipe, Bloomberg, Brambles, Carlson
Wagonlit, CBRE Richard Ellis, Codere, Disney,
Globomedia, Grupo Parques Reunidos, Grupo
Prisa, Kingsturge, Knight Frank, La Sexta, Maersk,
NH Hoteles, SEUR, Sol Meliá, UPS, ICRC.
Telecommunications, Technology &
Internet
Amadeus, Bodaclick.com, BT, Cisco Systems,
Dell, Dialcom Telecomunicaciones, eBay, EMC
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