The objective behind the Finance specialization is to prepare our MBAs for roles as financial managers and controllers. To develop the requisite skills for such a role students will explore financing techniques, planning and budgeting, different approaches to investing under uncertainty, the components and application of valuation criteria. This material will include a focus on the specificites of high tech industries.

Three modules make up this specialization track:
 
International Financial Management 
 

The international financial environment is increasingly complex. Multinational firms, as compared to purely domestic ones have greater opportunities in terms of diversification, scale economies, and larger cost effective financing sources. On the other hand they also face greater risks: political instability, exchange rate fluctuations, and complex fiscal regulations.
 
Since, multi-nationality is an increasing feature of modern business, managers of firms (be they international or domestic) must have some of the knowledge and skills required by multinational business. The rapidly increasing integration of capital markets renders this even more imperative. This course is, therefore, intended to expose students to the concepts, techniques and instruments of international financial management.

Its objectives are threefold, namely:
 

1. To understand the international financial environment and its evolution
2. To apprehend the influences of international business on financial management
3. To master the basic techniques of solving international financial problems involving money flows in foreign currency or currencies different from the reference currency, and concerning the investment decision process.

 
Financing and Control
 
Financial Markets
 
This course is designed to develop student skills in relation to key competencies for financial managers and controllers.
A primary requirement of the financial manager / controller is to be aware of and understand the potential sources and role of capital markets in order to be able to provide financial resources.
 
Financing techniques will be taught in this section of the specialisation, focusing on the markets and financing resources. The specificities of financing in high tech industries will be considered.
 
Financial statement analysis and performance
 
Financial statement analysis will build on the fundamentals taught in Financial accounting, to explore further the analysis of a firm’s past performance and assess its current financial situation.
 
The course will include consideration of a companies value using multiples of earnings, alternative forms of financial ratios, assessing insolvency using ratios, and assessing various types of industries.
 
Planning, budgeting and control
 
This course aims to develop student skills in relation to financial and managerial accounting and management control.
In such a role, the financial manager / controller must be able to plan and oversee the forecasting and budgeting process, and oversee the process of developing and communicating quarterly and annual financial statements.
 
Investment and Valuation
 
Investment under uncertainty
 
Students have to apply specific approaches in investment decision under uncertainty.
Starting from a traditional approach, the course will focus on the financial characteristics of uncertain investment: flexibility of investment decision, use of real option pricing techniques. Focus will be on high tech companies.
 
Valuation and mergers of companies
 
The course considers the essential components of valuation criteria and their application. The course ends with a consideration of the complexities of mergers, take overs and spin off operations. Focus will be on high tech companies.