PROGRAM I N F ORM AT IONMaster of F inance

PROGRA M O V ERV I EW 2015 /2016D EGREE S TR UCTURE

DEGREE STRUCTURE (39 CREDITS)

Toolbox Module A Module B Module C Module D Module E Sep Oct-Dec Jan-Feb Mar-Apr May-Jun Jul-Aug

Individual International Financial Internal Elective 1 (3) Action Skills (1) Accounting (3) Reporting (3) Consulting and Project (4) Control (3)

Team Skills (1) Financial Corporate Modeling Elective 2 (3) Management (3) Finance (3) & Analytics (3)

Managerial Skills (1) Managerial Comparative Consulting Economics (3) Financial Methods for Systems (3) Action Project (1)

Finance in a Global Business Context (1)

Toolbox Mathematics & Accounting (0)

Note: Courses may be offered out of sequence

TOOLBOX

INDIVIDUAL SKILLS

The purpose of this course is to enable students to develop competen-cies in the key individual behaviors that will contribute to their academic success. The first component introduces core study skills—how to efficiently and ethically research and write assignments. The second component familiarizes students with the methodology of case analysis as a vehicle for learning. The third component engages students in discussion and practice of presentation techniques and skills, from formulation of an idea to delivery to an audience.

TEAM SKILLS

Teamwork is central to the learning experience at Hult. As such, this course is designed to ensure that students are adequately prepared to face the challenges of working together in small teams towards tight deadlines. The course covers typical patterns of team behavior, functional versus dysfunctional team dynamics, how to deal with conflict within teams, and strategies for team workload management to achieve optimum outcomes. Ultimately, students should emerge from this course better prepared to become effective ‘team players’.

MANAGERIAL SKILLS

Managers have to make important decisions based on information that is often inadequate and frequently conflicting. This course introduces Hult students to the challenges of such an operating environment. Stu-dents will come to understand that learning how to identify problems, asking the right questions, and using the right analytical tools are the keys to finding appropriate solutions. Additionally, persuading others that your answer is the best way to proceed is another essential skill in every manager’s toolbox.

FINANCE IN A GLOBAL BUSINESS CONTEXT

The recent global financial crisis has raised numerous questions about the limitations and challenges that contemporary financial theory and practice faces. This 9-hour seminar series introduces different views about how we can understand our financial reality, and where the boundaries of our current knowledge are. Through exposure to questions that mainstream neoclassical finance theory has not solved and current debates about the different approaches to finance, the seminar series will help students to be more realistic and open-minded about their studies and work in finance-related positions. Seminars can include guest speakers, student discussions about video presentations (for example TED), and participation in debates.

TOOLBOX MATHEMATICS

The purpose of this course is to develop and expand students’ knowl-edge of basic mathematics and statistics in order to prepare them for business disciplines at graduate level. The course features a self-study element intended to develop learner independence. The aim is to provide students with the confidence as well as competence to operate successfully in their future studies.

TOOLBOX ACCOUNTING

The purpose of this course is to expose students to accounting, which is often referred to as the language of business. Experiencing how eco-nomic transactions are recorded and summarized into reports will allow students to better understand and interpret the information contained in a complete set of financial statements.

CORE C O URS ESM ODUL ES A ,B ,C

INTERNATIONAL ACCOUNTING

This course is an accelerated introduction to the concepts and prac-tices of international accounting. The first part of the course will deal with the measurement and reporting of the economic consequences of a firm’s business activities. Students will examine the framework of generally accepted accounting principles, both U.S. and international, emphasizing revenue and expense recognition, valuation of assets and liabilities, financial statement analysis, and management communica-tion. During the second half of the course, students will focus on the use of accounting to measure, analyze, and report economic events for internal organizational purposes. Students will explore how cost behav-ior and reporting, budgeting, activity-based costing and management, and performance measurement are incorporated in business control systems, including balanced scorecards with non-financial measures.

FINANCIAL MANAGEMENT

The course is designed to develop the financial skills and logical thought processes necessary to understand and discuss financial policy deci-sions in a global economy. Specific objectives include developing an understanding of the time value of money, using financial statements in decision-making, understanding the nature of financial markets, the cost of capital, valuation of stocks and bonds, management of short-term assets, short-term and long-term financing, lease financing, capital markets, multinational financial management, and special topics in financial management. The course also addresses the impact of legal, social, technological, and ethical considerations on efficient economic outcomes.

MANAGERIAL ECONOMICS

This course studies the analytical foundations (objective definition, marginal analysis and optimization, elasticity analysis, cost analysis, applied game theory, etc.) that are essential to be able to address key issues in competitive strategy, marketing strategy, and related fields in a rigorous way and to make better decisions accordingly. The course focuses on (1) companies’ strategic decision-making problems, (2) their available options, and (3) how the competitive environment affects their performance. Students will develop skills for making effective manageri-al decisions and strategic choices based on the analysis of companies’ cost structures and their market conditions.

FINANCIAL REPORTING

Financial statements and other disclosures made by public companies are a key source of information used to evaluate a firm’s past perfor-mance and to develop expectations about a firm’s future prospects. In order to perform effective financial statement analysis, you must have a deep understanding of the information contained in a complete set of financial statements. But that may not be all there is to the story because that information is largely the result of disclosure requirements. Consequently, a key objective of this course is to not only develop an understanding of the information that is actually presented, but also to be able to supplement it with additional information and to perform additional analysis. Effective financial reporting draws upon knowledge of accounting, finance, economics, and corporate governance. This course will acquaint you with the necessary skills to perform effective financial statement analysis by providing exposure to public sources of financial information used by capital market participants and the skills to critically analyze and assess a firm’s current economic condition and financial performance using information provided by the firm supple-mented with appropriate additional information.

CORPORATE FINANCE

This course expands upon the work undertaken in Financial Manage-ment with an emphasis on financial decision-making under uncertainty. Issues considered include capital structure, dividend policy, mergers and acquisitions, financial strategy, application of financial practices to non-corporate entities, ethics, and international finance. Through case discussions and text readings, this course will help students to develop the knowledge, skills, critical thinking abilities, and behaviors required of managers. Although the main focus of this course is for profit-seeking firms, much of what is learned has applicability for organizations in the not-for-profit and governmental sectors as well.

COMPARATIVE FINANCIAL SYSTEMS

Financial systems and institutions play an important role in the growth and development of economies and also the progress and growth of businesses. The course will examine the structure of international capital markets, the instruments traded in those markets, and the institu-tions that play key roles. Additionally, the course will explore functions of financial institutions and the type of services offered by financial institutions, banks, investment banks, insurance companies, factoring companies, etc. to effectively and efficiently facilitate business transac-tions and operations of their clients. Emphasis will be given to discover-ing and exploring the differences and similarities of the financial systems across countries in different parts of the world, through guided research.

INTERNAL CONSULTING AND CONTROL

Internal consulting organizations have seen a rapid increase within corporations and are typically tasked with the Chief Financial Officer key priorities. Success in this part of the finance organization requires strong communication, influencing, and negotiation skills to build relationships and deliver outcomes across the corporation. This course will teach critical skills from management consulting principles and help students appreciate the context of the internal consulting organization by articu-lating the structure and key stakeholders for the finance function.

MODELING AND ANALYTICS

This course teaches the mechanics of modeling and equips participants with a general framework as well as “cookie cutter” tools to help them perform various practical financial modeling tasks as practiced in most investment banks, private equity funds, and corporate finance depart-ments. The course is designed to make participants think about the detail involved in creating a financial model and learn about the different types of models used for different purposes.

E LECT I VES & CAP STONEM ODUL ES D , E

Program Capstone / Global Rotation Modules

CONSULTING METHODS FOR ACTION PROJECT

This course is about techniques and methodologies for realizing the goals of an organization’s newly formulated strategy. It is neither about strategy formulation nor about strategy execution but the link (perhaps the missing link) between the two. This course provides students with the concepts (and the confidence) to engage successfully with their clients during the Action Project.

ACTION PROJECT: PITCH BOOK

Students work in teams, and compete against peers, to create a pitch book for target firms. Investment banks, advisors, and finance profes-sionals use pitch books to present strategies to optimize the value of the firm. Working with mentors and presenting pitches to experienced finance professionals and company executives, the pitch book tests the key skills acquired during the program in a competitive environment.

Sample of Master of Finance Electives (Electives may vary by campus and year)

BUDGETING AND MANAGEMENT CONTROL SYSTEMS

This course provides exposure to budgeting and management control systems. A budget is a financial plan based on future expectations. Students will learn how preparing a budget requires substantial coordi-nation and integration efforts across all units of an organization and how the resulting budget serves as both a planning and monitoring tool that is linked with the organization’s strategy and business plan. Students will learn how to prepare a master budget that reflects organizational expectations, management goals, and appropriate macro-economic factors. It will then be shown how the budget can be used as a moni-toring tool to assess performance and adjust expectations. Throughout the course, students will be exposed to the importance and necessity of establishing sound, reliable, and workable systems of internal control that, in addition to protecting firm resources, yield an efficient and reli-able financial reporting and monitoring system.

FINANCIAL INSTITUTIONS AND GOVERNANCE

Financial institutions play an important part in our economy; they facilitate financial transactions relating to savings, investments, lending, borrowing, insurance, the working of monetary policy, risk manage-ment, and many other related functions. After the financial crisis there has been much interest in issues of governance of financial institutions. This course will cover the areas relating to the management of financial institutions and the key corporate governance, and agency costs issues that impact management, stakeholders, operations, process, and the impact on the overall performance and efficiency of these institutions.

MERGERS AND ACQUISITIONS

How to create corporate value by restructuring a company or by undergoing a business combination? The course focuses on the design, analysis, and implementation of financial strategies aimed at repositioning and revitalizing companies faced with major competitive or environmental challenges, problems, and opportunities. Discussions will focus on debt restructuring, leveraged buyouts and recapitalizations, corporate downsizing programs, mergers and acquisitions, corporate spin-offs, divestitures, and tracking stock. We will also examine the play-ers in the M&A arena and explore major deals that have impacted Wall Street. Emphasis will be given to the contemporary expectations and requirements of good governance, based on the roles corporations play in society, and the timing and principles of merger integration.

ANALYSIS AND VALUATION

Financial statements are essential documents, filed by every public company doing business. They represent management’s view of the value and health of their company. But just how accurate are these reports? Is management’s view trustworthy or biased, neutral, or overly optimistic? This class will introduce a framework that helps to fully analyze any company’s financial statements and reveal its true condition and value.

CREATING VALUE THROUGH BUSINESS RESTRUCTURING

Business restructuring should be considered whenever a company is in distress, when its goals are not being met or when its goals are at risk of not being met. Effective restructuring is a multidisciplinary effort involving four phases: Triage, Crisis Management, Stabilization, and Growth. This course explores each of these phases in turn. Triage involves assessing the business’s situation and alternatives, while determining what needs to be done and in what priority, including walking away from hopeless cases. The Crisis phase follows, addressing any key structural issues that must be dealt with in order to implement the restructuring. Stabi-lization focuses on leadership, teambuilding, and effective execution. Growth involves the development of long-term financial plans.

DERIVATIVES

This course covers the basic derivatives: Futures, Options, Swaps, and Collateralized Debt Swaps. It will survey the marketplace and the participants. The use of these instruments, and the motivations of the participants, will be discussed. The pricing and valuation will be the main part of the course. Also, students will be asked to become con-versant with the ethical and regulatory issues surrounding derivatives. This is a particularly important area given the financial crisis of 2008 and the efforts to address risk in the financial system.

STRUCTURED FINANCE

Hated by many, loved by financiers, structured finance is the ultimate frontier in finance and required knowledge for any student seriously con-sidering a career in investment banking. Structured finance includes all advanced financial arrangements that serve to efficiently refinance and hedge any economic activity beyond the scope of conventional forms of traditional financial instruments (debt, bonds, and equity). Some of the topics covered are securitization, applications of credit derivatives, leasing, project finance, and the use of complex derivatives. The course includes cases and applications.

INTERNATIONAL INVESTMENTS

The financial markets throughout the world are quite different from one another, and information on them is sometimes difficult to obtain. Trading in different time zones and languages further complicates the task. But the most important aspect of international investments is the use of multiple currencies. Successful international investors have to understand that their decisions will be greatly influenced by variables such as exchange rate policies, trade policies, international accounting standards, etc. The goal of this course is to equip the students with the tools needed for the analysis of international investments and portfolio management. This course will focus on four main areas of international investments: (1) asset pricing in emerging markets, (2) financial instru-ments for risk management, (3) exchange risk management, and (4) international financing and investment issues.

ENTREPRENEURIAL FINANCE

A new business does not have the financing opportunities of an established business. The purpose of this course is to present effective financial and business techniques necessary for a successful business start-up. The course covers the essential tools and know-how you need to build a sturdy financial foundation for a profitable business. A practical road map is developed to guide the student in crafting a meaningful business plan, fund raising, and business execution needed to bring the business to the next level, and develop an exit strategy. The course of-fers potent methods for how entrepreneurs can keep financial control of their enterprise and insightful tips for avoiding the multitude of financial barriers that may block their entrepreneurial dream.

APPLIED INTERNATIONAL DERIVATIVES

Derivatives have revolutionized the world of finance. They have sup-planted other devices for controlling risk and for gaining business ad-vantage. This course deals with three categories of derivatives: options, futures, and swaps. It discusses how investment managers can use these instruments to hedge risk and enhance company value. It exam-ines the pros and cons of using derivatives, how to quantify the benefits they confer, and how they can be combined to maximize coverage.

INVESTMENT BANKING

Businesses, governments, and individuals both supply and consume capital. Linking “capital accumulators” with “capital consumers” is the investment banker’s traditional function. This course examines this function as well as various other aspects of the investment bank-ing business, such as securities trading, merchant banking, wealth management, and advisory services. It also discusses recent trends in investment banking, such as bank mergers, consolidations, and globalization.

WORKING CAPITAL MANAGEMENT

Managing working capital is becoming increasingly important in financial management. With growing competition and rising investor concern for an adequate return on equity, corporations are recognizing that man-aging short-term assets and liabilities can significantly contribute to their long-term success. This course deals with various industry practices in working capital management. It explores the impact that such manage-ment can have on the overall financial performance of a business, as well as the efficient utilization of income-producing assets.

RETURN DRIVEN STRATEGY

This course focuses on practical business strategy planning and anal-ysis with a very strong connection to cash flow returns and valuation. It is applicable to corporate managers, private firms, entrepreneurs, and investment analysts wanting to shore up their fundamental analysis capabilities. Topics of this course dive into the linkage between strategy, execution, performance, and valuation.

INVESTMENT MANAGEMENT

This course covers the art and science of financial investment man-agement. We will discuss asset classes and allocation of capital but will predominantly focus on equity markets. Students will learn (a) the theoretical basis of modern portfolio theory, (b) how the asset manage-ment industry operates, (c) the mathematics of performance measure-ment and attribution, (d) the psychological issues affecting investing, (e) approaches to dealing with risk, and (f) how asset markets work—their mechanics and empirical history.

ISLAMIC FINANCE

This course offers a comprehensive and practical exposure to the world of Islamic finance. Students will be exposed initially to the theoretical underpinnings and essential postulates of Islamic finance followed by an overview of macroeconomic fundamentals and the role of Islamic finance. The course will discuss Islamic finance contracts and instru-ments commonly used, the structure of Islamic finance institutions and their current issues such as regulation, as well as corporate governance and liquidity management. Throughout the course similarities and differences between Islamic and conventional finance will be addressed and contextualized, highlighting their impact on the financial industry, markets, and economic development.

RISK MANAGEMENT

Growth and profitability are exciting words for investors and stake-holders in companies all over the world. Yet they can be illusory and destructive measures of performance in the absence of risk control and risk management. The main aim of this course is to provide a user-friendly view of financial risk management. The course examines the techniques and the foundation of risk management in corporations. It covers the use of derivatives, portfolio allocation, the value of risk, and the management of credit risk and operations risk. The course includes cases and applications.

PRIVATE EQUITY

Private equity investments can be made by firms or individuals, essen-tially with the goal of providing working capital to a target company to nurture expansion or for the restructuring of a company’s operations. This course is for students wanting to understand the dynamics of private equity strategies such as leveraged buyouts and mezzanine capital.

GLOBAL STRATEGIC VALUATION

This course focuses on the link between strategy and valuation – con-verting qualitative understanding of company initiatives into quantitative forecasts and ultimate impact on valuation – and the reverse. For this reason, it covers fundamental and quantitative techniques, which link planning to actions to results to forecasts. Traditional and advanced performance and valuation techniques are examined specifically with relation to valuation issues such as behavioral finance, competitive advantage analysis, business strategy, and execution. The course tackles guiding insights for fundamental valuation through macro theme identification, idea generation, bottom-up analysis, and asset allocation strategies.

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Contact Information

hult.eduTo apply, please visit hult.edu/apply-now

Contact us hult.edu/contactus Email us at master@hult.edu

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Europe

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Middle East, Africa, South Asia

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Accreditations & Rankings

Hult International Business School is ranked 21st Best International Business School and 10th for Employer Satisfaction by Bloomberg Businessweek (2014).

Hult International Business School is ranked 1st for international exchange opportunities, as well as 32nd best business school in North America, and 55th in the world by The Economist (2014).

Hult International Business School’s worldwide operations are accredited by the New England Association of Schools and Colleges (NEASC).

Hult International Business School’s MBAprogram is accredited by the Association ofMBAs (AMBA). The school’s MBA programis the winner of the AMBA MBA Innovation Award (2014).

Hult International Business School is accredited by the British Accreditation Council for Independent Further and Higher Education as a U.K. Higher Education Institution.