MASTER IN INTERNATIONAL FINANCE

CENTRE LINKED TO THE

SPONSORED BY

TY

Academic Academic Stay at Stay at Wharton School Wharton School

Academic Stay at The London School of Economics

Executive Education

MASTER IN INTERNATIONAL FINANCE

Welcome to the IEB, a Higher Education Institution linked to the Complutense University and sponsored by the Bolsa de Madrid (Madrid Stock Exchange). The IEB was created in 1989 with the start up of the first Spanish Master in the Stock Exchange and Financial Markets. Since then and having trained for all those years university students, post-graduates and professionals the IEB has gained the indisputable leadership position as the main Financial Training Center in Spain and the Spanish speaking world. Our Study Center has been entrusted with the professional preparation and training in the field of international Finance of managers and professionals of the main Spanish and foreign companies that operate in many countries. We have a faculty staff in economics, legal and financial subjects that would be difficult to match and our students receive their demanding training with academic seriousness and personalized attention, inspiring a professional attitude based on solid moral principles. All of this enables, as well as rapid insertion into the work place of our graduates, brilliant professional development of those who pass through our lecture rooms, which daily consolidates the prestige of our institution. Anybody who is interested in acquiring economic, legal and financial training of the highest level will find in the IEB all the human, technical and documentary resources to satisfy their intellectual needs.

With the best of regards,

Welcome
lvaro Martnez-Echevarra y Garca de Dueas lvaro Martnez-Echevarra y Garca de Dueas Director of the IEB Director of IEB

1. Objectives 6 2. Structure 7 3. Methodology 8 4. Students 10 5. Qualification 11 6. Syllabus 13 7. Faculty Staff 29 8. Facilities and Services 35 8.1.Technology and IT 37 8.2. Library. Access to Data Bases 38 8.3. Treasury Desk 40 8.4. On-line Simulator 41 8.5. Career Counseling Department 42 9. Admission 44 10. Duration, Calendar and Schedule 45 11. The Wharton School Academic Stay 47 12. The London School of Economics Academic Stay 51 13. Cost of Studies 55 14. Rectorate and Academic Board 56

Index

OBJECTIVES

Our raison dtre

The globalization set in motion during the last century is consolidating in this 21st century. Social affaires, the world of culture, politics and the economy are breaking national boundaries and jump vertiginously from one continent to another. The world of finance is not outside the globalization we are experiencing; indeed, financial markets are probably the main exponent of the international character of relations between people. Any professional who aims high, searching for achievement and great success in the financial environment should therefore be thoroughly prepared, both technically and internationally. The IEB, as leader in financial training in Spain and the Iberoamerican region is promoting this Master in International Finance aimed at those professionals who aspire to elite positions.

STRUCTURE

The soundness of the studies

The greatest part of the program is taught in the IEBs headquarters in Madrid, a city considered, in specialist environments, to be one of the most important financial centers in the world (after New York, London, Paris, Frankfurt and Tokyo). In addition, the Spanish capital, as well as possessing its own enormous intrinsic strength and vitality, has the advantage of being Europes door to the Iberoamerican world, many of whose emerging economies will play an important role in International Markets. Students in the Master in International Finance follow some of their study plan in two of the most prestigious business schools in the world of finance: the London School of Economics in Great Britain and Wharton School in Pennsylvania (USA). The students stay and study periods in these two world references in economic training and research not only provide quality teaching and content but also permit an insight into cities London, New York and Pennsylvania in those two countries which are the indisputable references of international financial leadership. All the teaching is in English, as is communication between the teachers and pupils and any documentation, given that it is the usual language in the financial world.

Sarah Behm USA

The IEB Master, as well as giving me a new outlook on business in another culture, allowed me to be not only in contact with outstanding teachers but also with extraordinary students.

METHODOLOGY

The best way of working

The methodology followed is highly practical, based on rigorous and up-to-date contents to provide professional know-how. Each study module is accompanied by a practical case to be carried out by the students which relates to the covered material. In addition, the complexity of Financial Economics mainly due to the abstraction and intangibility of the products handled means that certain Master subjects need to contain a technical component which will be assessed through appropriate exams, case studies and research papers. So, theoretical classes alternate with practical ones and with the use of the appropriate IT tools, given that the IEB has an IT room and treasury desk similar to those of any brokerage firm. The professional market profile of a wide number of teachers and the reduced size of student groups will enable the systematic analysis and study of real experiences and teacher directed presentations by the students in class. Moreover, the creation of team spirit and group cooperation will be fostered. Ronny-V. van der Meij
NORWAY

Finally, all the students shall complete a Final Project which will require all acquired knowledge to be put into practice.

My decision to join IEB was one of the most important of my life. The program I followed granted me access to the professional environment in which I currently work. Finally, but perhaps most importantly, I made the acquaintance of people from around the world, friendships I hope will remain with me for the rest of my life.

STUDENTS

The Heart of the Center

As concerns the target public that can gain admission to this Master; the places are firstly offered to graduates, either Bachelors or Engineers in any of their specializations. Those wishing to study this Master should logically both speak and write fluent English. All candidates will attend several interviews with the members of the Admission Committee before joining the Master. An optional leveler course will take place before the beginning of the program for those students that the Masters directorate consider should deepen their knowledge of the basic tools (computing, math, accounting etc.) that will be used in the Master.

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QUALIFICATION

An exclusive certification
The qualification granted at the end of the studies is Master in International Finance, issued by the Academic Board of the IEB as an own degree sponsored by the Bolsa de Madrid (Madrid Stock Exchange).

The IEB, as academic collaborator of CFA Spain includes within this Master the preparation for the CFA Level 1

Felix Majani
KENYA

My studies in IEB could not have been more fascinating, especially considering my African culture. The treatment I received from all the professionals and students underpinned at all times what is unique about this institution and showed why it is considered to be a leading center for student training. The IEB permanently opened other doors for me professionally. In my opinion, it is the ideal place for any student with ambitions of an international outlook.
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SYLLABUS

The soundest program

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Topic I

QUANTITATIVE METHODS APPLIED TO FINANCE

1. Foundations of Financial Maths 1.1. Financial Operations. Profitability. 1.2. Capitalization and Discount Laws 1.3. Interest Rates 1.4. Capital Budgeting 1.5. Financial streams 1.6. Applications to the Financial markets. 2..Econometric Foundations Applied to Finance 2.1. Descriptive analysis of financial information 2.2. Univariate analysis 2.3. Two-variate analysis 2.4. Portfolio Correlations 2.5. Probability and random variables 2.6. Single variable probability models 2.7. Multivariate Models 2.8. Estimation 2.9. Hypothesis Testing 3. Econometrics Applied to Finance 3.1. Linear Regression Analysis 3.2. Stochastic Processes 3.3. The parametric VaR 3.4. Monte Carlo Simulations Case Study: Analysis of the influence of macroeconomic factors on relevant financial variables through the application of linear econometric models

Topic 2

ECONOMICS I
1. International Capital Markets 1.1. Structure of the International Capital Markets 1.2. Growth of the International Capital Markets 2. Regulating International Banking and Capital Markets 3. Exchange Rates 3.1. Exchange Rates and International Transactions 3.2. The Foreign Exchange Markets 3.3. Money Supply and Exchange Rates in the Short term 3.4. Money, Price Level and Exchange Rate in the Short term 3.5. Price Level and Exchange Rate in the Long term 3.6. International Interest Rate Differentials and the Real Exchange Rate 4. The Balance of Payments Accounts 5. The Standard Trade Model 5.1. Economies of Scale and Market Structure 5.2. External Economies and International Trade 6. International Trade Policy 6.1. Instruments of Trade Policy 6.2. Trade Policy in Developing Countries 7. Theories of Fluctuations

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8. Economic Situation 8.1. Basic Indexes 9. Informational Asymmetries 9.1. Adverse Selection 9.2. Moral Hazard 9.3. Signaling and Screening Case Study: Analysis of the impact of the establishment of barriers on international trade

Topic 3
1. 2. 3. 4. 5. 6.

ECONOMICS II
The US Economy and its global impact The European Economy Eastern Europe The Asian Countries Latin America and Africa Historical Facts 6.1. Major international crisis 6.2. Rescue Plans

Topic 4

FINANCE I
1. Fixed Income Products 1.1. Public Debt 1.2. Private Fixed Income 1.3. Credit Risk 1.4. Ratings 2. Equities 2.1. Characteristics of equity shares 2.2. Structure of the Stock Exchange Markets 2.3. Dealing and Stock Exchange operations 2.4. Stock Exchange transactions 2.5. Stock Market Indexes 2.6. Introduction of Fundamental Analysis Case Study: Cost analysis of trading in the International Stock Markets.

Ana Sofa Duarte

PORTUGAL

Having analyzed different Masters related to securities markets I finally opted for the IEB since their study plans are highly attractive and very thorough. In the IEB not only did I acquire theoretical knowledge but I was delighted by the wide variety of practical cases which the teachers sent us each week and which greatly enlightened me, as thanks to these cases I realized the importance of interiorizing this theoretical knowledge in this world where everything is result driven.

Topic 5

FINANCE II
1. Derivative Products 1.1. Description of the Derivative Products Markets 1.2. Foundations of Derivatives 1.3. Valuation of Plain Vanilla, Interest Rate, and Exotic Options 1.4. Structured Products description 1.5. Construction of Structured Products 2. The Foreign Currency Market 2.1. Main Currencies 2.2. Characteristics of the Foreign Currency markets 2.3. Prices formation 2.4. Operating in the FX Market 2.5. Strategies in the FX Market 3. Commodities Markets 3.1. Foundations of the Commodities Markets 3.2. The Commodities Futures Market 3.3. The Commodities Options Markets 3.4. Agricultural Commodities Markets 3.5. Metals Markets 3.6. Energy Markets 3.7. Other commodities Markets 3.8. Investment Alternatives in Commodities 4. Money Markets and short term interest rate derivatives 4.1. Conventions and basic concepts 4.2. Management Strategies 4.3. Money Markets Derivative Products
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5. Swaps 5.1. Interest Rate Swaps 5.2. Valuation of Swaps 5.3. IRS management strategies 5.4. Immunization of a bond portfolio / IRS 5.5. Cross Currency Swaps 6. Long term interest rate derivatives 6.1. Notional Bond Futures 6.2. Bond Portfolio Hedging Strategies using the Notional Futures 6.3. Long term interest rate Options 6.4. OTC Options 6.5. Swaptions 7. Interest rate management strategies 7.1. Main Management strategies 8. Foundations of Technical Analysis 8.1. Technical Indicators 8.2. Oscillators 8.3. Volatility Indicators 8.4. Automatic trading systems 8.5. Market profile 8.6. Introduction to intraday trading 8.6. Sentiment Indicators and trading psychology Case Study: Application of Portfolio Hedging Strategies using Derivatives.

Topic 6

FINANCE III
1. Portfolio Management 1.1. Equity Portfolio Management 1.2. Derivative Products and Portfolio Management 1.3. Fixed Income Portfolio Management 1.4. Foreign Currency Portfolio Management 1.5. Institutional Portfolio Management 2. Performance Attribution and Portfolio Risk measures 2.1. The effects of performance Attribution 2.2. Linking performance attribution 2.3. Performance attribution models 2.4. Equity attribution 2.5. Fixed income attribution 2.6. Attribution in derivatives 2.7. Interpretation of an Attribution Report 2.8. Global Portfolio summary 2.9. Risk Attribution 3. Alternative Management 3.1. Legal and Tax situation of Alternative Investment Management 3.2. Hedge Fund Structure 3.3. Income and Cost Structure of Hedge Funds 3.4. Quantitative Tools for the selection and management of Hedge Funds and FOHF 3.5. Hedge Funds Strategies 3.6. Fund of Hedge Funds Management 3.7. The Due Diligence process and Hedge Funds selection 3.8. Hedge Funds Indexes
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4. Investment Funds 4.1. Types of funds and investment companies 4.2. Investment Fund Analysis and Selection 4.3. Fund Selection Indicators 4.4. The investment Fund Selection Process 5. Risk Management 5.1. Introduction 5.2. Market Risk 5.3. Credit Risk 5.4. Liquidity Risk 5.5. Operational Risk 6. Wealth Management 6.1. Real Estate 6.2. Behavioural Finances 6.3. Relationship Management 6.4. Wealth Planning Case Study: The allocation, security selection, currency and interaction effects on a Global Mixed Portfolio

Topic 7

CORPORATE I
1. The Finance Function 1.1. Basic Considerations 1.2. Evolution 1.3. Goals and Objectives 1.4. The Finance Role 2. Financial Statement Analysis 2.1. Accounting information as a measurement tool of the Firm. 2.2. Financial-Economic Diagnosis of the firm 2.3. Evaluation of the Financial Equilibrium of the Firm 2.4. Forecasting 2.5. The Cost of Capital 2.6. Determination of the optimal Capital Structure 2.7. Dividend and Buy back policies 2.8. Corporate Restructuring 2.9. Creative Accounting Case Study: Practical application of ratio analysis

Topic 8

CORPORATE II
1. Corporate Finance 1.1. Basic Concepts 1.2. Valuation Methods 1.3. Value Creation and New Valuation Tools 1.4. Alternative Valuation Approaches to Specific Cases 2. Working Capital Management 2.1. The Treasury function 2.2. Operating Cash Flow Management in a firm 2.3. How to manage the liquidity position of a company

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3. Capital Budgeting 3.1. Capital budgeting: an overview 3.2. Project cash flows 3.3. Forecasting cash flows: Quantitative/Qualitative/Judgemental 3.4. Project analysis under Certainty/Risk 3.5. International project appraisal 4. The Banking Relationship 4.1. Concept and negotiation planning 4.2. Contribution to financial management improvement 4.3. The negotiation 4.4. Quantification of the Banking business 4.5. Negotiation Objectives setting 4.6. Determination of Negotiation strategy 5. Mergers and Acquisitions 5.1. The Mergers and Acquisition Market: 5.2. Definitions and basic concepts 5.3. Origination/Advisory Mandate 5.4. The Process Design 5.5. Controlled Auction 5.6. M&A Financing Alternatives 5.7. How do finance providers value M&A deals? 5.8. Other M&A issues 5.9. Tax aspects: Maximize profitability for buyer - seller 5.10.The Family company 5.11.Private Equity Case Study: Practical corporate valuation using the DCF and comparables.

Topic 9

CORPORATE III
1. Basic Corporate Financing 1.1. Plain Vanilla and Syndicated Loans 1.2. Bonds and Obligations Issuance 2. Trade & Commodity Finance 2.1. The Financing of International Trade 2.2. Financing Instruments 2.3. Trade & Commodity Finance in Emerging Markets 3. Project Finance 3.1. Introduction and basic concepts 3.2. Project Finance 3.3. International Contracting and Guarantees 3.4. Financial Agreement, supplier contracts and guarantees 3.5. Case Study: Critical issues in the drafting of the International Memorandum 3.6. Internal and External Fiscal implications of Project Finance transactions 3.7. Base SVP project Cash flow 3.8. Available sources of financing 3.9. Project Finance risks 3.10.Governmental subsidies and organisms involved in Project Finance 3.11.Export Credit Agencies (ECAs) 4. Other Structured Financing 4.1. Asset Securitization 4.2. Leveraged Transactions 4.3. Tax leverage Lease
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5. Corporate Governance 5.1. The concept of the corporation; key parties and organizational structure; separation of ownership and control 5.2. Roles of shareholders and directors; institutional investors; directors' remuneration 5.3. Accountability and financial aspects; role of statutory auditors; non-executive directors and audit committees 5.4. Responsibilities, remuneration and rights of employees 5.5. Theories of governance - agency, stewardship, stakeholder theory 5.6. Regulation in major countries 5.7. Globalization; current developments in corporate governance Case Study: Financing alternatives for a Cross-Border acquisition.

Topic 10

INTERNATIONAL FINANCIAL REGULATION AND TAXES

1. Banking and Securities Regulations 2. Mifid (Markets in Financial Instruments Directive) 2.1. Introduction 2.2. Key aspects 3. Collective Investments Regulations 4. International Accounting Standards 4.1. Introduction 4.2. Impact in the Financial Markets 5. Basle II 5.1. Definitions 5.2. Impact in the Financial Markets

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6. Bankruptcy & Corporate Restructuring 7. Corporate Law 8. Mergers & Acquisitions Law 9. Emerging Markets Law 10. Taxation 10.1.Basic Concepts 10.2.Double Taxation Treaties 10.3.Transfer Pricing Case Study: The impact of Basle II in the international financial crisis.

Topic 11

TECHNICAL SKILLS IN FINANCE

1. Excel Applied to Finance 1.1. Basic Commands 1.2. Advanced Commands 1.3. Tables 1.4. Dynamic Tables 1.5. Basic Functions 1.6. Advanced Functions 1.7. Security 1.8. Solver 1.9. Introduction to Visual Basic Applications 2. Financial Information Providers 2.1. Main Suppliers 2.2. How do these systems work 2.3. Type of Financial Information that can be retrieved 2.4. Main functions 2.5. Real Time (RT) Financial information 2.6. How to link between RT information and a spreadsheet

Topic 12

MANAGERIAL SKILLS IN FINANCE

1. Communication 2. Negotiation 2.1. Multicultural Management and negotiation in multicultural environments 2.2. The Chinese market and negotiations with the Chinese 2.3. European Union 2.4. The Asian countries market 2.5. USA 2.6. Latin America 3. Presentation Skills 4. Negotiation Dynamics 5. Consulting skills

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Topic 13

ETHICS AND VALUES IN FINANCE

1. Business Ethics: Concept, Need, Effects, Responsibility and Decision-making 2. Compliance 3. Information Barriers 4. Ethical, Social and Environmental Management in businesses 5. Codes of Conducts 6. Business Cases 7. Ethics in Finance

John Ossell USA

The IEBs Master is extremely well focused both from the practical and theoretical points of view. The teachers are top managers who talk about their day to day experiences. That is the key to training in the IEB.

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THE WHARTON SCHOOL SESSIONS

1. Vision of the Future for Financial Services 1.1. The new face of the Financial Services Industry 1.2. Implications of the global financial crisis 1.3. Systematic risks during and after the crisis 1.4. Coordination across countries: recent experience and outlook 1.5. Use of Leverage in the "new Economic World" 1.6. The Future of Capitalism 2. Venture Capital and Private Equity 2.1. Overview of the private equity industry 2.2. Main private equity players 2.3. Structure of private equity funds 2.4. Performance of private equity funds 2.5. Future of the industry 3. Private Banking: Asset Allocation and Wealth Management 3.1. High net worth individuals 3.2. Asset allocation: 3.2.1. Correlation 3.2.2. Efficient frontier and the opportunity set 3.2.3. The Risk-free rate 3.3. The power of diversification 3.4. Practical application using software packages to: 3.4.1. Estimation of the efficient frontier 3.4.2. Monte Carlo simulations 3.4.3. Assessment of risk in the long run 4. Using Financial Information Intelligently 4.1. Financial Performance Evaluation Framework 4.2. Deepening the understanding of the three key financial statements 4.3. Role of outside regulatory bodies (FASB and the SEC) 4.4. Use of financial information to assess: 4.4.1. Risk/Return implications of various strategies in a range of businesses 4.4.2. How the business is managed 4.5. Questions financial statements cannot answer 4.6. Application of main financial ratios to evaluate companys financial condition and comparisons between companies 4.7. Case Study: Use of GE annual report to analyze its strategy and the challenges in continuing its superior financial 5. International Cash Management 5.1. Introduction to International Cash Management 5.2. International Payment Systems and Instruments 5.3. Organizing a global treasury 5.4. Managing a global treasury 5.5. Selecting a partner bank 5.6. Technology in a treasury

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THE LONDON SCHOOL OF ECONOMICS SESSIONS

Executive Education

1. International Financial Regulation 1.1. The Objectives of International Financial Regulation and current regulatory system. 1.2. The International Financial Institutions and their Role in Financial Regulation 1.3. Regulatory Structures in Individual Countries. The European Union: A Special Case 1.4. The Debate on Regulatory Structure and Need for Reform 2. Financial Risks 2.1. Global financial risk: Definition and as consequence of liquidity risk 2.2. Securitization and CDO 2.3. Liquidity and capital 2.4. Risk modelling 2.5. Volatility versus risk 2.6. Different models 3. Emerging Markets and the Global Economy 3.1. Economic might of Emerging Markets: The key players 3.2. G7 vs. BRICs ; China vs. OECD (less US and Japan) 3.3. Volatility & Growth 3.4. The BRICs and World GDP (PPP) 3.5. Long-run growth potential and Outlook 4. Risks and rewards of doing business in emerging markets 4.1. The Risks 4.2. The Rewards 5. Business in China: growth and reform 5.1. Chinas path to market and Economic development 5.2. Chinas potential market and Consumers 5.3. Chinese firms evolution 5.4. Implications for financial services 5.5. Multinational corporations and China 5.6. Long-term investment considerations 6. Fundamental to ABS and corporate fixed income: What has changed? 6.1. Subprime and CDOs 6.2. Major changes in mortgage markets and multiplying effects 6.3. Resettings in subprime mortgages 6.4. Rating agencies, ratings, implications, and credit warnings 6.5. Effect on BBB-ABS 6.6. Rating and Credit Warning 6.7. CDO: Only the beginning 6.8. ABCP, Siv, Siv Lite 6.9. Newsflow to date 7. An introduction to hedge funds 7.1. Definition, characteristics, types, and evolution 7.2. The hedge fund food chain 7.3. Strategies and Performance measurement 7.4. Hedge funds: current views and outlook
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Matteo Contangelo ITALY

Once youve worked for six years in a financial back-office, you want to gather together all the details of the products which pass through your hands. Given its wide variety of programs of an economic and financial nature, the IEB was exactly what I was looking for. Today, I can say, without any shadow of a doubt, that the studies followed in the IEB have added considerable value to my personal and professional training.

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FACULTY STAFF

A prestigious team

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The academic staff of the Master program is composed of professionals from the financial sector and markets (directors of securities and brokerage firms, financial Robert Pongrantz
GERMANY

institutions, financial analysts, treasury desk managers, portfolio managers, etc). All of the professors possess high level university training

My passage through the IEB was a great success, both for my personal and professional development, providing me with in depth knowledge in the subjects I studied there. One surprising factor is the faculty the School counts on since all the lecturers are widely recognized professionals in their fields, who are, furthermore, very caring people.

and many of them hold a postgraduate degree (Masters, Doctorates, CFAs, FRM, CAIA, EFA, etc.) issued by prestigious universities throughout the world. Furthermore, their teaching capacity and efficiency in transmitting knowledge have been largely demonstrated.

DIRECTOR OF THE MASTER

Manuel Goudie Pujals

BA in Business Administration, Universidad Complutense de Madrid MBA, University of Miami, Florida Country Manager Spain & Portugal, Clayton Euro Risk General Manager, Asociacin Antares Ex Country Risk Manager, Citibank, N.A. Ex Treasurer, Asociacin Espaola contra el Cncer

DEPUTY DIRECTOR OF THE MASTER

Lorenzo Dvila Cano

PhD in Economics, Universidad Complutense de Madrid. Master in Industrial Economics, Universidad Carlos III. BA in Law, Universidad Complutense de Madrid. Architect, Universidad Politcnica de Madrid. EFA (European Financial Advisor). Professor of Economics and Finance, Berkeley University.

Below is a list of the faculty staff participating in the program, for those subjects taught in the IEB headquarters as well as those taught in Wharton School and the London School of Economics. Assurance of the academic staff of the Master in International Finance is the participation as teachers in the course of Directors and Deputy Directors of other Masters in Finance of the IEB and even the Director of the London School of Economics in person.

Amit, Raffi Ph.D. in Management, Northwestern Universitys J.L. Kellogg Graduate School of Management M.A. degree in Economics, Northwestern Universitys J.L. Kellogg Graduate School of Management B.A. degree in Economics, Northwestern Universitys J.L. Kellogg Graduate School of Management Academic Director of the Goergen Entrepreneurial Management Programs Professor of Management at the Wharton School Amo Fernndez de vila, Javier Academic Director Master in Stock Exchange and Financial Markets, IEB Member of Rectorate IEB Academic Board Bachelors Degree in Law, Universidad Complutense Master in European Union Laws, Universidad Carlos III Managing Director Alpha Plus Gestora SGIIC Ex- General Manager Barclays PLC Ex-President BZW, SVB vila Lizeranzu, Gonzalo Bachelors Degree in Economics, Universidad Autnoma, Madrid Master in Corporate Finance and Stock Exchange, IEB Master in Finance, IE Master in Project Management and Public Services, SEOPAN Deputy Director Project Finance Department and Director of PPP/PFI Ahorro Corporacin Benzo Gonzlez-Coloma, lvaro Bachelors Degree in Law, Universidad Complutense-IEB Master in Stock Exchange and Financial Markets, IEB Credit Bureau Inspector at Bank of Spain Cerezo Montaez, Sebastin Bachelors Degree in Bussines Administration and Law, UPC Expert in M&A and Company Valuation Vice President 360 Corporate Finance Cuenca Miranda, Soledad Bachelors Degree in Economics, UPC Executive MBA, IE Management Program "hot top", IESE Banking and Risk Management Program, Universidad Complutense Head of Project Finance Spain&Portugal de IKB Deutsche Industriebank AG Cuesta Diego, Juan Degree of Science in Road Engineering, Univerdidad Politcnica de Madrid Bachelors Degree in Engineering, Groupe HF, Paris Partner. Corpfin Capital Danielsson, John Ph.D. in Economics and Reader in Finance at the London School of Economics Senior Researcher on the FMGs Risk Management and Fixed Income Markets Programme Programme Director of the Financial Institutions and Market Microstructure Programme at the LSEs Financial Market Group (FMG)

Davies, Howard Director of the London School of Economics and Political Science MA in History and Modern languages MSc in Management Sciences at Stanford Graduate School of Business, California Chairman of the Financial Services Authority Domnguez Snchez, Jos Ignacio CFA (Chartered Financial Analyst) EFA (European Financial Analyst) Bachelors Degree in Economics, Universidad Complutense Portfolio Manager in Industrial Investments Caja Madrid Durn Carredano, Borja CFA (Chartered Financial Analyst) Bachelors Degree in Business Administration, Tampa University President CFA Spain CEO Family Office Solutions Esp Vilchez, Javier Deputy Academic Director Master in Corporate Finance, IEB Bachelors Degree in Business Administration, CUNEF Master in Portfolio Management, IEB Executive Director Corporate & Investment Banking Banco Santander Geczy, Chris Ph.D. in Finance and Econometrics, The Graduate School of Business, University of Chicago. B.A. in Economics, University of Pennsylvania. Academic Directorship of the Wharton Wealth Management Initiative at Wharton Executive Education. Gil Flores, Oscar CFA (Chartered Financial Analyst) FRM (Financial Risk Manager) Bachelors Degree in Mathematics, Universidad Autnoma, Barcelona Manager BBVA Trading Department Guilln, Mauro F. PhD in Sociology, Yale University Doctorate in Political Economy, University of Oviedo Professor of Sociology in the Department of Sociology of the University of Pennsylvania Dr. Felix Zandman Endowed Professor of International Management at the Wharton School Guzmn de Lzaro Mateos, lvaro CFA (Chartered Financial Analyst) Bachelors Degree in Business Administration, UPC Bestinver Gestin Senior Porfolio Manager Heredia y Daz del Riguero, Tomas Academic Director MBA with specialization in Finance, IEB CFA (Chartered Financial Analyst) Bachelors Degree in Business Administration, Universidad Complutense Arcano Corporate Chairman

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Prez Prez, Jess Bachelors Degree in Economics, Universidad Complutense CIWM (Certified International Wealth Manager) ACIIA (Association of Certified International Investment Analysts) Investment Adviser Pintado,Cristina Bachelors Degree in Law, Universidad Complutense Master in Legal Practice, CEF Madrid Executive Development Program, IESE Vicepresident North America Cash Management Global, BBVA NY Ramos Fuentenebro, Miguel BSc. (Honors) in Economics, Universidad Pontificia Comillas (ICADE) MSc. in Accounting and Finance from the London School of Economics CEO GSO Capital Partners Intl. LLP London School of Economics Guest Lecturer Revello de Toro, Jos Maria Academic Director Master in Corporate Finance, IEB Bachelors Degree in Industrial Engineering, Universidad Politcnica MBA, IESE Comercial Manager BBVA Factoring Savina Savina, Roberto Bachelors Degree in Mathematics, Turin University FRM (Financial Risk Manager) Risk Manager in Genworth Mortgage Insurance Madrid/London Stewart, Derek Director Mellon Global Alternative Investments Expert in Alternative Investments and Hedge Funds London School of Economics Guest Lecturer Utrera Infantes Luis Fernando Deputy Academic Director Mster in Stock Exchange and Financial Markets, IEB Bachelors Degree in Geography and History, Universidad Complutense Member of the board of directors of AIAF and SENAF Ex-Former Managing Director of Wholesale banking at Banesto Vega Gmez, Fernando Degree in Economics, Universidad Autnoma de Madrid MBA, INESE Master in International Management, IE CEO EDM Services Ex Vicepresident Wealth Management of Morgan Stanley Weitz Schneir, Mario Ph.D in Economics, American University Bachelors Degree in Economics, Universidad de Buenos Aires Manager Consulta Abierta European Commission Consultant The World Bank Consultant Yueh, Linda D.Phil. in Economics University of Oxford Juris Doctorate, New York University School of Law Master in Public Policy, Harvard University B.A. in Economics/Political Science and Chinese, Yale University Fellow in Economics, Pembroke College, University of Oxford M.Sc. Tutor, Department of Economics, LSE Zamorano Moro, Borja Bachelors Degree in Economics, UPC Master in Portfolio Management, IEB
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Knop Muszynski Robert Bachelors Degree in Economics, Universidad Autnoma de Madrid Expert in Risk Measurement on Treasury Products Manager Banesto Stock Exchanges Risk Unit Lafont Torio, John CFA (Chartered Financial Analyst) MSc Industrial Engineering , Universidad Pontificia de Comillas MBA, Columbia Business School, NY A.T. Kearney Management Consultants Director Lizn Fernndez, Javier Bachelors Degree in Business Administration, CUNEF Executive Director Retail Trade Santander Investment Bolsa SVB CIIA (Certified International Investment Analyst) Lpez Fernndez, Joaqun Bachelors Degree in Law, Universidad Complutense MBA, IE Director Structure Financing Sabadell Bank MacKinlay, A. Craig Ph D in Financial Economics and Statistics from the Graduate School of Business at the University of Chicago MBA, University of Chicago MBA, University of Western Ontario Joseph P. Wargrove Professor of Finance at the Wharton School Miguez Martn, Sergio Bachelors Degree in Law, UPC Bachelors Degree in Business Administration, UPC CAIA (Chartered Alternative Investment Analyst) FRM (Financial Risk Management) CIO Alternative Investments-Hedge Funds, BanSabadell Inversin Muoz de Luna Gonzlez, Miguel ngel Bachelor Degree of Science in Civil Engineering, University of Massachusetts (Lowell) Master of Science in Civil Engineering, The Ohio University MBA, IESE Vicepresident Deutsche Bank X-Markets Spain Percival, John Ph. D. in Financial Economics, The State University of New York at Buffalo MBA. The State University of New York at Buffalo CEO of JRP Associates and an Adjunct Professor of Finance at the Wharton School Prez Hernndez Ruiz y Falco, Enrique Bachelors Degree in Law, Universidad Complutense Board of Directors Member in Endesa Italia Board of Directors Member in Eurocofin

FACILITIES AND SERVICES

Resourceful

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Technology and IT

8.1
The IEB has an IT room with 41 posts for individual use by students. There are also several posts with broadband Wifi internet access in all the common areas. All the lecture and study rooms have Wifi connection, infrastructure to connect computers and latest generation technology such as video projectors, financial information systems etc. Furthermore, all students will receive a laptop computer in order to be able to comfortably follow the Master program.

Denis Mazin
RUSSIA

My experience in the IEB helped me gain insight into financial markets and to decide what I would like to do in the future. During the time of the Master I was lucky and honored enough to get to know the best of possible colleagues, many of who I became very close to, developing friendships I hope will remain with me for years.
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At the beginning of the Master each student will be presented with a laptop computer for their personal use.

Library. Access to Data Bases

The IEB has a Study Room in which the students can consult all the necessary texts and manuals to widen and consolidate covered topics. The library funds in this room used exclusively by the students are considered to be one of the most complete collections in Spain in the areas of Derivatives, Technical and Quantitative Analysis, Portfolio Management, Risk Management, Fixed and Securities Markets, Corporate Finance, Emerging markets and Internet, although it also has specific sections for subjects of general interest such as Law, Economics and Finance. (biographies, statistics, manuals, etc.). In addition, thanks to the Bolsa de Madrids sponsorship, the centers students have the possibility of gaining access to the more than 11,000 financial, economic and legal volumes of the library at the Palacio de la Bolsa de Madrid.

8.2

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Treasury Desk

8.3
The practical market training room of the IEB is a treasury or trading desk similar to those used in Banks and Brokerage firms. It has forty one posts from which the students can access information sources provided by Bloomberg, Bridge, Visual Trader and Infobolsa. These are economic and financial data and news information services which supply all the necessary information to follow equity, fixed income, derivative, currency and money markets. This information is complemented with other kinds of news coming from the main news agencies. These services, moreover, simulate different market situations: buyers, sellers, intermediaries, etc. Students, thanks to these technical resources and guided through sessions by professionals from different financial markets, obtain knowhow of these markets.

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On-line Simulator

8.4
One of the most attractive points of the program is the students use of the Portfolio Management Simulator which enables them to manage and control the risk of their positions using real market data. This simulation provides experience similar to that obtained by those who usually operate in international financial markets. In order to give maximum benefit to students, the simulation is carried out by internet through the specially designed On-line simulator, under the tutorship of professional managers who assess, through their own simulator, the make-up of the portfolios by the student teams.

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Career Counseling Department

8.4
The IEB has a career development service which can be used by all the students. The service actively seeks professional openings, especially in those companies with which IEB has signed agreements or which are collaborators or sponsors of our Center. The IEB has a powerful online tool which allows access through the Study Center intranet to all the job offers regularly input into the system and which enables people to express their interest in any selection process. In addition, the system permits the sending of personalized e-mails to any candidates whose profile is especially appropriate for a specific job offer.

Martina Akesson SWEDEN

The IEB is widely recognized in the labor market and the job offers made during training boosted my career".

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The IEB has a career development service which can be used by all the students. The service actively seeks professional openings, especially in those companies with which IEB has signed agreements or which are collaborators or sponsors of the Study Center.

Abengoa, S.A.; ABN Amro Bank, NV; Abogaca General Servicio Jurdico del Estado; Accenture, S.L.; Agroman; Aguilar y de la Fuente, SA, Agencia de Valores y Bolsa; Ahorro Andaluz, SA; Ahorro Corporacin; Allfunds Bank, SA; Allianz Compaa Seguros y Reaseguros, SA; Alta Gestin, tt; Amadeus Global Travel Distribution, SA; Asociacin de Abogados del Estado; AUDEA Seguridad de la Informacin, SL; Autoridad Portuaria de Gijn; Auxadi Contables y Consultores, SA; Avon Cosmetics, SAU; Axel Urquijo, S.L.; Azucarera Ebro Agricolas, SA; B.J.S. Finanzas; Baker & Mckenzie; Banca March; Bancaja Gestin de Activos; Banco Banif; Banco Cooperativo Espaol; Banco del Comercio; Banco Espirito Santo, SA; Banco Finantia Sofinloc; Banco Guipuzcoano SA; Banco Madrid; Banco Popular; Banco Sabadell, SA; Banco Santander S.A.; Banco SYGMA Hispania, SE; Banco Urquijo; Banesto; Banif, S.A. (Grupo Santander); Bank of America; Bankinter, SA; Banque Indosuez Espaa; Barclays; BBVA; BDO Audiberia Auditores, SL; Benito y Monjardn, SA SV; Bestinver; Beta Capital, SV SA; BJS Finanzas; BMW ibrica, SA; Bolsas y Mercados Espaoles, Innova, SAU; Bufete Fanjul; Bufete Linares y Abogados; Caja de Ahorros de Salamanca Y Soria; Caja Laboral Popular; Caja Madrid; Caja Postal; Caja Rural Provincial de Jan; CajaCrculo; Calyon SA Sucursal en Espaa; Canal Impulso; Capital Auditores; Carrefour; Cat Preymer, SA; CB Richard Ellis, SA; CECA Confederacin Espaola de Cajas de Ahorros; Cemex Espaa, S.A.; CEOE-CEPYME Cantabria; CEPSA; Cetelem Gestin AIE; CFR Consultora de Riesgos Financieros, S.A.; CIMD Agencia de Valores; Citibank International plc, sucursal en Espaa; Citibank International PLC.; Citigroup Global Markets, LTD; Clifford Chance Abogados, SL; CMN A/S; CNMV; Comercializadora Patagonica; Comisin Nacional del Mercado de Valores; Compaa Europea de Seguros, S.A.; Constructora de Obras Municipales, SA; Cortefiel; Costa Canaria, SA; Credit Suisse; Cremades y Calvo-Sotelo; Dell Computer, SA; Deutsche Bank; Deutsche Bank Gestin; Deutsche Bank, SAE; Deutsche Securities; Draft Promocin de Mercados, SA; Ebro Puleva; E-Logos Conocimiento, SL; Elsamex SA; EMC Computer Systems Spain, S.A.U.; Empresa Nacional de Celulosas; Endesa; Enel Unin Fenosa; Ernst & Young ; Estilo Propio Company Events, SL; Eurobank del mediterraneo, sa; Eurohypo, AG; Eurosafei; FCE Bank, plc Sucursal en Espaa; Finanduero, SA; Forbes Sinclair SL; Ford Espaa, SA; Formacin Integral Continua, SL; Fortis Bank sucursal en Espaa; France Telecom Espaa, Sa; Freshfields; Fujitsu Siemens Computers, SL; Fundacin Cuatrecasas; Fundacin Unin Solidaria Europea

(FUSE); GBS Finanzas, SA; Generali Espaa, AIE; Genesis, SA de Seguros y Reaseguros; Gesduero; Grupo Atento; Grupo CIMD; Grupo Financiero Almagro, SA; Grupo Fortis; Guerra Abogados Asociados; Helium Energy; Hewlett-Packard Espaola; HSBC ; Human Group, SAU; Hutchinson, Industrias del Caucho, SA; Iberdrola, SA; Iberia; Ibersecurities AVB SA; Ibersecurities Sociedad de Valores, S.A.U. ; IBM, S.A.; Infoinvest; ING BELGIUM, S.A.; ING Financial Markets; ING lease Espaa, EFC; ING Nationale-Nederlanden Cia Seguros y Reaseguros; Integra Capital Partners, S.A.; Interdin Bolsa, SV SA; Intermoney; International Business Machines; Interoute Telecomunicaciones, SA; Inverseguros, SVB; Inversis Banco; Inversis Banco, S.A.; Inversis Banco, SA; Inversis Valores y Bolsa; IPSA Investigacin y Programas S.A.; J & A Garrigues, SL; Jazz Telecom SAU; Jazztel; JP Morgan Bank; JP Morgan Chase Bank; KPMG (Convenio especial); Kraft Jacobs suchard; La Banca Indosuez Espaa; Les Mutuelles Du Mans Assurances; Lexfin; LG ELECTRONIC; Linklaters; Lloyds Investment Espaa, SGIIC; Lloyds TSB Bank plc.; Macadam Investments; Marsh, SA; Martinez Echevarra y Ferrero Abogados; MBNA Europe Bank Limited Sucursal en Espaa; Media Planning Group, SA; Memco limited sucursal en Espaa; Mercamadrid; Merrill Lynch; MG Valores; Motiva Consulting; Musini Seguros y Reaseguros; NH Hoteles; NMAS1 Patrimonios, SA; Noesis Anlisis Financiero, sl; Norconsult; Obralia; Occidental Hoteles Management, Sa; One To One Capital Partners, S.L.; Optimissa; Osborne Distribuidora, SA; Panda Software International; Patagon Internet Bank,SA; PC City Spain; Peugeot Citron automviles Espaa; Pool de Creaciones Publicitarias, SL; Popular Banca Privada, SA; Price Waterhouse Coopers; PWC; PWC Jurdico y Fiscal, SL; RBC Dexia Investors Services, Espaa; Red Elctrica de Espaa, SA; Registro Mercantil de Madrid; Renault Espaa Comercial, SA; RENFE; Renta 4 Planificacin Empresarial, S.A. ; Renta 4 Sociedad de Valores, S.A. ; Repsol YPF; Repsol, SA; Santander Investment; Seguros Bilbao Fondos SGIIC; SESA Start Espaa ETT, SA; Sistemas Tcnicos de Loteras del Estado; Skandia Servicios Tcnicos y Contables; Sociedad de Bolsas, SA; Sociedad Rectora de la Bolsa de Valores de Madrid, SA; Soluciona, SA; Sothebys y Asociados; Tandem Escuela Internacional; Techrules, S.A.; Telefnica Mviles Espaa, SA; Telefnica SA; Telepizza; The Phone House; The Walt Disney Company Iberia, SL; Transportes AZKAR; T-systems itc, Services Espaa, SAU; UBS Bank, SA; UBS Espaa; Unicaja; Unicorp Mediacin; Unidad Editorial, SA; Ura & Menndez & Cia Abogados, SC; Zardoya Otis, sa; Zugo Vita, SL;

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ADMISSION

Train with the leader

All candidates to follow the Master in International Finance should present the duly filled in following form attaching a copy of their academic qualifications, a copy of their identity card or passport, 4 passport size photos and a brief CV. All candidates will be requested to carry out written access tests to confirm their level of knowledge as well as personal interviews with members of the Admission Committee.

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DURATION, CALENDAR AND SCHEDULE

10

Programmed to fit you

This program lasts 9 months from February to November, with a total of 800 lecture hours. Classes are from Monday to Thursday, 9 a.m to 2 p.m. with the exception of those classes that take place during the academic stay at Wharton School and the London School of Economics. A minimum attendance of 80% of the theoretical and practical classes is required unless justified and approved absence has been granted by the Masters directorate. Not complying with this attendance requirement means the qualification cannot be granted although the student might obtain an attendance certificate.

Students will also have the opportunity of attending, at no additional cost, one of the Specialization Programs given by the IEB during the autumn term, from Monday to Thursday in the afternoon.

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11

THE WHARTON SCHOOL ACADEMIC STAY

47

Part of the course of study for the Master in International Finance degree will take place at the Wharton School. Students will attend lectures delivered by both Wharton and IEB faculty on Whartons Philadelphia campus.

The week in the U.S. also includes a trip to New York City. Students will visit Wall Street and the NYSE, as well as various firms in Manhattans financial district.

QU AC ET CL THE R UB
During the period of time in Wharton School, part of the

AD

48

LP

HI

oldest and most exclusive club of the capital of Pennsylvania.

lectures will be given in the Racquet Club of Philadelphia, the

OF
PH
IL

While students are in Philadelphia, some of the lectures will be delivered at the Racquet Club of Philadelphia, the oldest and most exclusive club in the city.

The Wharton School was founded in 1881 at the University of Pennsylvania. It is the worlds first collegiate school of business, and is recognized internationally for its global leadership in finance.

Wharton has the largest, most cited business school faculty, with 265 standing faculty and associate members in 11 academic departments. The school is also home to more than 25 research centers and initiatives. More than 12,000 executives attend Whartons executive education programs each year, and Wharton has more than 84,000 alumni in 140 countries around the world.

The program includes a stay in New York visiting Wall Street and other entities in the Financial District.

Executive Education

12

THE LONDON SCHOOL OF ECONOMICS (LSE) ACADEMIC STAY

51

The Master student will receive classes in the London School of Economics for a week. Lectures will be given by prestigious professionals from the City of London as well as by members of the LSEs faculty. The London School of Economics and Political Science (LSE ) is a centre of world renown for teaching and research in all matters related to economic, social and political sciences. There is no other university in the world which is as global in the origin of its students and teachers, or in the focus of its activity. Ever since its foundation, the aim of the LSE has been to convert itself into an authentic laboratory of economic and social sciences, a platform to develop, analyze and assess ideas to be divulged around the world. LSE has over 65,000 registered students in 195 countries. LSE has, for many years, occupied the first places in the Times Higher Education Supplement rankings, only behind Harvard University and before institutions such as Stanford University or MIT.

O N
C
B L U

Students can also enjoy the British tradition of London clubs since during their stay in London they will be invited to a Gala dinner in the Carlton Club.

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C A R

Its library is the most extensive social sciences library in the world. Founded in 1896, it is also known as the British Library of Political and Economic Science. Over 95 percent of its funds are available during opening hours. Its 4 million printed volumes are stored on 50 km of shelves. There are over 1,600 study posts with 480 connected PCs and 226 sockets for laptops. Over 8,000 electronic publications are available online. Located in the heart of London, the school is in the centre of one of the most cosmopolitan cities in the world. At a stones throw from the European legal and financial centers, LSE is at the centre of international debate, fundamental for the identity of the School as an outwardly oriented institution with an active participation in British, European and world affaires. LSE graduates are found in posts of responsibility in economic, business, industrial, political and social sectors and in international organizations around the world. LSE students and teachers include 13 Nobel Prize winners, 28 Heads of State and personalities in government positions around the world.

The Director of LSE, Howard Davies, with the Director of the IEB after a lecture to students on the Master.

COST OF STUDIES

13

The value of the best training

The matriculation costs 35,000 euros also includes all the documentation, bibliography, access to installations and services of the IEB, as well as the travel to and stay in Wharton School (both in Philadelphia and the corresponding trips to New York) and to London School of Economics. This payment can be made up front or in installments. These should be made in the following manner: -11,000 euros once admission has been notified to reserve a place - 6,000 euros between 1 and 15 February - 6,000 euros between 1 and 15 April - 6,000 euros between 1 and 15 June - 6,000 euros between 1 and 15 August Students who require it can benefit from financing through financial entities with which the IEB has special agreements. Grants and aid have been programmed of which interested parties will be informed.

55

RECTORATE AND ACADEMIC BOARD

In the picture, His Royal Majesty the King of Spain with the President of the Academic Board (Dean of the Law Faculty), in the presence of the Marquis of Mondejar ( 6 - III - 1996) - founding member of the IEB and the President of Bolsa de Madrid (The Madrid Stock Exchange), member of the Rectorate.

13

Founder and first director of the IEB Benito Martnez-Echevarra y Ortega ( 19.III.1995)

PRESIDENT

Rectorate

Francisco Javier Ramos Gascn VICE-PRESIDENTS Emilio Recoder de Casso Blas Calzada Terrados BOARD MEMBERS President of The Madrid Stock Exchange Antonio Zoido Martnez Jos Ramn lvarez Rendueles (Honorary President) Antonio Barrera de Irimo (Honorary President) Jos ngel Snchez Asian Fernando Snchez Calero SECRETARY Alberto Cerrolaza Asenjo

PRESIDENT

Academic Board

Ral Canosa Usera. Dean of UCM Law Faculty VICE-PRESIDENTS Jos Miguel Serrano Ruiz-Caldern. Academic Director of IEB Javier Amo Fernndez de vila. Director of Master in Stock Exchange and Financial Markets BOARD MEMBERS Jaime Aguilar Fernndez-Hontoria. Legal Affairs Director of The Madrid Stock Exchange Jos Ramn lvarez Rendueles. Professor of Public Taxes Blas Calzada Terrados. Advisor of the International Monetary Fund, Former President of the CNMV (The Spanish Securities and Exchange Commission) Isabel Estap Tous. Notary, Former Stockbroker Jess Gonzlez Nieto-Mrquez. Market Development Director of the Madrid Stock Exchange Jos Iturmendi Morales. Professor of Applied Legal Philosophy Emilio Recoder de Casso. Notary, Former Stockbroker

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The IEB is located in the centre of Madrid, a privileged situation in the financial heart of the capital which it shares with the Bank of Spain, the Stock Exchange Palace, the College of Notaries and the College of Lawyers. The location of the Study Centre right next to the Plaza de la Independencia and the Retiro Park highlight its closeness to emblematic places such as the Prado Museum, the ThyssenBornemisza or the Congress.

LOCATION OF THE IEB

MASTER IN INTERNATIONAL FINANCE

IEB C/ Alfonso XI n6 28014 Madrid T. (+34) 91 524 06 15 F. (+34) 902 190 200 (+34) 91 521 04 52 programas@ieb.es www.ieb.es

Photo

PERSONAL DATA
Surname......................................................................................................................... Name............................................................................ ID or Passport n......................................................................................................Nationality.................................................................... Date and place of birth.........................................................................................................................................................................................
Personal address................................................................................................................................ Zip Code..........................................

Town..................................................................................................................... Country........................................................................ Personal E-mail.................................................................................................................Telephone...................................................................... Professional E-mail........................................................................................................... Cellular Phone..............................................................

ACADEMIC DATA AND PROFESSIONAL EXPERIENCE

UNIVERSITY STUDIES Degree University Years Grades

COMPANY IN WHICH YOU ARE CURRENTLY EMPLOYED AND PAST POSITIONS Post Company From (year and month) To (year and month)

LANGUAGES
Written High English Medium Low High Read Medium Low High Spoken Medium Low

Language qualifications Cambridge Proficiency First Certificate TOEFL Other (indicate):.............................................................

IT KNOWLEDGE
Basic user Advanced user Programmer

Would you like to receive IT classes alongside the Master?...................................................................................................................

Which?...................................................................................................................................................................................................................

HOW DID YOU HEAR ABOUT THE MASTER?

PRESS RADIO INTERNET FORMER STUDENT FAIR POSTERS

DOCUMENTATION ATTACHED TO THE APPLICATION

Academic qualification: degree document and school certificate Photocopy ID or passport 4 passport photos ( including that stuck to the application ) Brief CV
All the information provided by the applicant will be treated in accordance with the Law for Data Protection and will only be used for academic purposes, no other use being made of the same without prior express consent by the applicant.

Date:

Signature:

Interviewed by:.................................................................................................................................................................................... Observations:

Date ......................................... Signature, (Reserved for the Master directorate)

c/ Alfonso XI n6 28014 Madrid - Spain Tel. (+34) 91 524 06 15 Fax. (+34) 902 190 200 / (+34) 91 521 04 52 programas@ieb.es www.ieb.es

MASTER IN INTERNATIONAL FINANCE

IEB