Programme Curriculum for Master Programme in Corporate and

Financial Management

1. Identification

Name of programme Master Programme in Corporate and Financial Management

Scope of programme 60 ECTS

Level Master level

Programme code EAGCF

Decision details Board of the School of Economics and Management, 13 April, 2007

Amendment details Board of the School of Economics and Management, 19 December, 2007,
10 April, 2008, 15 December, 2009, 30 November 2010

2. Programme description
The target audience of the programme consists of students who are aiming for a career in corporate
management, for example, as general managers or management consultants, in financial advisory, for
example, as financial analysts or investment bankers, or in controlling, treasury, or other financial-
management functions. Whether working in financial management or financial advisory, senior
management or management consulting, understanding how to analyse corporate performance, firm
value, and credit worthiness and the impact of strategic decisions and corporate restructurings on
these are valuable. Equally valuable is knowledge of how to finance and manage the risk of ventures,
be they start-ups or incumbent firms, and of how to design control and incentive systems.

Corporate finance is a place where business strategy, process and information combine. The
programme provides techniques and models to assist in financial and strategic decision-making and
the insight to determine whether these decisions make sense in a strategic competitive context.
Corporate executives are often confronted with issues that have important financial consequences for
their enterprises. Similarly, finance executives often make decisions with important strategic
consequences. The importance of being well-versed in finance and management is particularly
apparent in corporate advisory positions, such as in management consulting or investment banking.

The compulsory courses are designed to ensure that students after graduation will have a working
knowledge of methods and practices of strategic and financial analysis. The elective courses allow
students to focus their studies on corporate finance or strategic management based on their particular
interests and career ambitions. Students undertake 30 ECTS credits of core courses, 15 ECTS credits
of elective courses, and complete a degree project of 15 ECTS credits. The core courses cover areas
such as financial and accounting analysis, value-based management, corporate valuation, corporate
governance, corporate financing and risk management, corporate restructuring and credit rating. The

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programme is founded on the idea that learning is fruitful when a subject matter is applied in practical
decision contexts. Hence, emphasis is put on training students’ abilities to apply their knowledge in
decision situations.

Career opportunities
There is a broad and extensive labour market for corporate managers with knowledge of corporate
finance, as well as for finance professionals with knowledge of strategic decision-making.

Connections to further studies

After completion of the programme, students are eligible for applying to further studies at the
advanced level in business administration as well as to the PhD programme in business
administration.

3. Learning outcomes
The programme builds on previous studies at the undergraduate level in subject matters related to
business administration. In accordance with the Higher Education Ordinance, the Degree of Master
(One Year) is awarded to students who at the completion of the programme accomplish the following:

Knowledge and understanding

- demonstrate knowledge and understanding within the field of corporate and financial analysis with
particular emphasis on
 Corporate financial analysis
 Corporate valuation
 Corporate funding
 Corporate risk management
 Corporate restructurings
 Corporate credit assessment
- demonstrate in-depth knowledge and understanding in their chosen specialization (corporate finance
or strategic management) within corporate and financial management (specialization being
determined through choice of elective courses and choice of topic for the independent project)
- demonstrate insight into current research and development work in their chosen specialization
within corporate and financial management
- demonstrate deeper methodological knowledge in their chosen specialization within corporate and
financial management

Skills and abilities

- demonstrate an ability to integrate knowledge and to analyse, assess and deal with complex
phenomena, issues and situations, even when limited information is available
- demonstrate an ability to independently identify and formulate issues and to plan and, using
appropriate methods, carry out advanced tasks within specified time limits
- demonstrate an ability to clearly present and discuss their conclusions and the knowledge and
arguments behind them, in dialogue with different groups, orally and in writing
- demonstrate the skill required to participate in research and development work or to work in other
advanced contexts

Judgment and approach

- demonstrate an ability to make assessments within the field of corporate and financial management,
taking into account relevant scientific, social and ethical aspects, and demonstrate an awareness of
ethical aspects of research and development work
- demonstrate insight into the potential and limitations of science, its role in society and people’s
responsibility for how it is used

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- demonstrate an ability to identify their need of further knowledge and to take responsibility for
developing their knowledge

Independent project (degree project)

For a Degree of Master (One Year) students must have completed an independent project (degree
project) worth at least 15 ECTS credits in corporate and financial management, within the framework
of the course requirements.

Since students have a choice of elective courses, the exact knowledge, skills, and abilities obtained in
the program will vary. In addition to the learning outcomes of the program, completion of the
program also requires that students must accomplish the learning outcomes of the individual courses.

4. Course information
The programme has the following structure:

Semester 1 (Autumn) Semester 2 (Spring)

Period 1 Period 2 Period 3 Period 4

Sept-Oct Nov-Dec Jan-March April-May

BUSM35 Financial
Analysis and Corporate
BUSM31 Strategic BUSM30 Structured Restructuring (7.5 ECTS)
Mandatory
Financial Management Finance and Insurance
courses
(7.5 ECTS) (7.5 ECTS) BUSMXX Managing
Value and Strategic
Change (7.5 ECTS) BUSM36 Degree Project
in Corporate and

Corporate BUSM70 Strategic BUSM71 Macrofinancial Financial Management

finance Corporate Finance (7.5 Risk Management (7.5 (15 ECTS)

options ECTS) ECTS)

Strategic
BUSM37 Strategic BUSM33 Corporate
management
Management (7.5 ECTS) Governance (7.5 ECTS)
options

The programme comprises a total of 60 ECTS credits divided among courses covering theories and
applications in strategic management and corporate finance. Four courses are compulsory and two are
elective. The electives contain options in corporate finance and strategic management. The course
structure is not fixed and can be adapted in the future according to developments in the discipline,
changes in demand from students and other interested parties, etc.

The programme of study is divided into two semesters, which are further divided into four study
periods. The core courses cover areas that are essential in strategic and financial management
contexts, such as value-based management, corporate valuation, financial-statements analysis,
corporate financing, risk management, corporate credit assessments and corporate restructuring.
Electives then allow students to aim their studies on corporate finance or strategic management.
During the first study period students follow a compulsory course focusing on corporate, financial and
accounting analysis, value-based management, and corporate valuation, primarily using cash flow
based valuation methods. Parallel to this, students choose an elective course. The corporate finance

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elective deals with theories of corporate finance and corporate financial policymaking, while the
elective in strategic management primarily deals with strategic decision making in knowledge- and
technology-intensive settings. In the second study period students follow a compulsory course
focusing on corporate financing and enterprise risk management. Parallel to this, students choose an
elective course, again with a choice between an elective in corporate finance, dealing with analysis
and management of macroeconomic risks and an elective in strategic management focusing on
corporate governance. In the third study period students follow two compulsory courses, one
forwarding students’ knowledge of corporate financial analysis, corporate restructuring, and corporate
credit assessment and the second enhancing students’ knowledge of how to implement and execute
value-based management and corporate restructurings. The programme ends with a degree project in
the fourth study period. Through the project and the project report students demonstrate their ability to
use and integrate their acquired knowledge to identify, analyse, and solve managerial and/or financial
problems and evaluate, present, and document the result.

5. Degree
Upon completion of the programme a Master of Science in Business and Economics (One Year) will
be awarded in compliance with the National Higher Education Ordinance (SFS 2006:1053).
Major will be Business Administration with a specialization in corporate and financial management.
(Ekonomie magisterexamen: huvudområde företagsekonomi, fördjupning företagsfinansiering).

Students can alternatively apply for a Master of Science (One Year) major Business Administration,
specialization corporate and financial management (Filosofie magisterexamen huvudområde
företagsekonomi, fördjupning företagsfinansiering).

6. Admission requirements and selection criteria

Educational background
 A Bachelor of Science or Bachelor of Arts Degree (or equivalent).
 At least 60 ECTS in business administration, or equivalent knowledge obtained through other
courses (for example, courses in accounting, business, commerce, corporate finance,
international business, management, management science, marketing or organisational studies).
Preferably you have a major in accounting, business, corporate finance, financial management or
management.
 At least 10 ECTS in corporate finance, preferably with good grades. This requirement can be
waived for students with a major in accounting, business or management with excellent grades in
the major. Please note that the compulsory courses still assume knowledge in corporate finance
in accordance with the requisite prior knowledge.

Recommended prior knowledge

All students are assumed to have prior knowledge as follows:

 ability to calculate net present values

 ability to value options using the Black-Scholes model
 understanding of the structure and format of financial statements
 ability to calculate profitability, asset turnover, growth and cash flow
 ability to analyse capital structures, including calculation of the weighted average cost of capital
 understanding of the trade-off between risk and return, equilibrium pricing of risk, and the capital
asset pricing model
 basic knowledge of macroeconomics, including the trade-off between inflation, interest rates and
exchange rate changes and the IS/LM model

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 knowledge of mathematics, including algebraic rules, solving equations, exponential function and
logarithms
 basic knowledge of statistics, including normal distribution, correlation and regression

Students who perceive themselves to have a weak background in corporate finance are strongly
recommended to work through an intermediate textbook in corporate finance as preparation for the
programme.

English language ability

A good command of English language both spoken and written, equivalent to English course B
(advanced level) in the Swedish secondary system. Equivalence assessments will be made according
to national guidelines.

The regulations in the general requirements concerning knowledge of the Swedish language are not
applicable for international applicants.

Statement of purpose
You are required to attach a statement of purpose to your application. Please download and complete
the statement of purpose template. Your statement of purpose forms a vital part of your application so
we recommend that you spend a significant amount of time preparing it.

GMAT
Applicants are not required to take the GMAT, but a high score can make up for deficiencies in other
parts of the application. As a general guide, a GMAT score of 650 or above adds weight to an
application and a GMAT above 700 will add significant weight. We would not be comfortable if
candidates scored less than 600 unless there is strong compensating evidence elsewhere (for example,
an outstanding academic record).

7. Other information
Decision about grading in accordance with the European Credit Transfer System (ECTS)
Courses at the School of Economics and Management are graded according to the following principal
grades:

 Pass with distinction (väl godkänd, VG)

 Pass (godkänd, G)
 Fail (underkänd, U)

The Board of the School has decided the following translation into ECTS:
Pass with distinction (VG) translates into ECTS as A-B
Pass (G) translates into ECTS as C-E
Fail (F) translates into ECTS as F

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The Board has also decided to pursue the internationally recognized steps in applying the ECTS scale:

100-85 A
84-75 B
74-65 C
64-55 D
54-50 E
49-0 F

It is up to the teaching professor to decide whether the credits of a course should be converted into a
total of 100 points for each course, or if the scale above should be used as percentage points of any
chosen scale instead.

Disciplinary actions against plagiarism

The University views plagiarism very seriously, and will take disciplinary actions against students for
any kind of attempted malpractice in examinations and assessments. The penalty that may be imposed
for this, and other unfair practice in examinations or assessments, includes suspension from the
University.