Finance

Programme description

The objective of the Master's Programme in Finance is to provide a dynamic, demanding, and supportive learning-centred environment which:

  • prepares students for jobs in the world’s most selective companies in international banking, management consultancy, and related areas
  • helps students develop a solid scientific approach to financial issues, preparing some of the students for the world’s best Finance PhD programmes
  • encourages the development of broader communication, teamwork, ethical, quantitative, and intercultural skills that students need both in general management positions and as active citizens

Learning outcomes
The programme offers students a thorough understanding of the models and theories of corporate financing and investment decisions, as well as skills necessary to apply these ideas independently and analytically. Graduates of the programme will know the features of the capital markets and have the skills to apply financial tools in a number of situations both in strategic decision making of the firm (e.g. mergers and acquisitions) and in day-to-day management (e.g. portfolio and risk management). They are able to analyse corporate risk factors quantitatively and evaluate the value of e.g. derivative instruments using sophisticated techniques. The Master’s Programme in Finance prepares students for a world in which financial services are global, a significant part of the economy, and in constant change. The programme helps students adapt to a financial environment which is increasingly aware of system-wide risks, conflicts of interest, and regulatory challenges.

The students have a further opportunity to tailor their degree by specializing in one of two areas of concentration, corporate finance or asset management.

In the corporate finance area, students focus on questions such as analysing and choosing investment projects, mergers and acquisitions, agency theory, investment banking and obtaining funds from the primary markets, and capital structure and dividend decisions. The corporate finance area prepares students for entry-level positions in investment or commercial banking, management consulting, or the finance and corporate planning functions of industrial firms.

In the asset management area, students focus on issues such as the behaviour and determinants of security prices, their implications on portfolio management, behavioural finance and investor psychology, venture capital, risk management, as well as pricing of options, futures, and other derivatives. The asset management area prepares students for entry-level positions in investment management and strategy, venture capital, private equity, and risk management.

The general management skills the programme aims to foster include analytical skills, teamwork skills, and problem solving skills. The student will also have the opportunity to consider challenging issues in business ethics and to develop international business communications skills at an advanced level.

Career prospects
Finance students have an excellent placement record in the job market. Most Finance graduates find their first jobs in the financial industry, such as investment and commercial banks, brokerage firms, mutual fund companies and insurance companies. Management consulting companies, industrial corporations and public institutions are also important employers of Finance graduates.

Programme director
Assistant professor Peter Nyberg

Programme committee
Peter Nyberg (chair); Markku Kaustia, Vesa Puttonen, Elias Rantapuska; Kristiina Paarma (student representative); Jussi Hiltunen (industry rep); Marjukka Sarviharju (study coordinator).

Additional information
Department of Finance website

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 48 cr

28C00400

Derivatives and Risk Management 1)

6 cr III (registration closes 21.12.2017)

28E33000

or

57E00600

Capstone: Mergers and Acquisitions for Finance 2)

or

Hackathon project 3)

6 cr

 

6 cr

II

 

 

28E99910

Master’s Thesis

30 cr I-II, III-V

28E99905

Master’s Thesis Seminar

6 cr I-II, III-V

28E99903

Maturity Test

0 cr  


1)
If the course is already included in Finance Bachelor's degree studies, it can be replaced with an E-level Finance elective.

2) If a student is close to graduation and has not completed the mandatory capstone course, it can be replaced with an E-level Finance elective course by the approval of the study coordinator of the department of Finance.

2) If a student has not completed B.Sc. degree in Finance specialization area at Aalto University and has not completed B.Sc. Capstone Valuation course or its equivalent, it is recommended to complete 28E35300 Mergers and Acquisitions, which treats valuation from first principles.

3) Capstone course can be replaced with Hackathon project. If a student completes both courses (Capstone and Hackathon), Hackathon should be included in the Electives (12cr) section of the degree.

It is recommended to complete the Capstone course, Master's thesis and Thesis Seminar during the second year of Master's studies.

Elective studies 36 cr

Choose 6 courses from the list of Finance electives. You can combine courses from Corporate Finance, Asset Management and other Finance elective sections. 1 elective (6 cr) from the list of Finance electives can be replaced by a course from the other electives section.

Finance electives

 Corporate Finance emphasis

28E00100

Behavioral Finance and Decision Making 6 cr 4) 

28E00600

Venture Capital 6 cr  V

28E29000

Advanced Corporate Finance 6 cr I
28E34200 International Financial Management 6 cr IV



Asset Management emphasis

28E00300

Advanced Investment Theory

6 cr V

28E00400

Marketing Financial Services

6 cr I

28E00900

Fixed Income

6 cr IV

28E34600

Portfolio Management

6 cr I
28E34700

Advanced Econometrics for Finance

6 cr II
TU-E2210 Financial Engineering I 6 cr I-II


Other Finance electives

22E00100

Financial Statement Analysis 5)

6 cr

I, IV

28E34100

Project Work 6) 7)

6 cr

 

28E09900

Finance studies at another university or another Aalto School 8)

6 cr

 

28E34800

Case Analysis

6 cr

III (registration closes 21.12.2017)

28E35500

Private Equity Investment

6 cr

III (registration closes 21.12.2017)

 

4) Not lectured 2017-18
5) Offered by the Department of Accounting.
6) Must be agreed in advance with Vesa Puttonen.
7) Only one of these can be included in the degree. 20E00100 Student business project must be agreed in advance with Tommi Vihervaara or CEMS office (CEMS students can include part of CEMS Business Project into the degree).
8) Must be agreed in advance with the programme director and meet the goals and requirements of the programme.

Other electives
1 elective (6 cr) from the list of Finance electives can be replaced by one of the following courses offered by other departments:

22E00500

Corporate Governance

6 cr

V

30E00400

Simulation

6 cr

I-II

30E00800

Time Series Analysis

6 cr

IV-V

37C00400

Programming I

6 cr

I

37C00450

Programming II

6 cr

II

TU-E2220

Financial Engineering II

6 cr

III

20E00100

Student Business Project 7)

6 cr

 

42E00600

CEMS Business Project 7)

6 cr

 

32E21010

Rahoitusoikeus

 6 cr IV

75E24000

and

75E25000

Business Presentations

and

Business Negotiations

3 cr

 

3 cr

III, V

 

IV, V

2. Minor studies 24 cr

3. Electives 12 cr

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