Luxembourg School of Finance4, rue Albert Borschette

L-1246 Luxembourg

T. +352 / 46 66 44-6804 / -6807 F. +352 / 46 66 44-6835

lsf@uni.lu

FACULTY OF LAW, ECONOMICS AND FINANCELuxembourg

School of Finance

–Master of Science

in Banking and Finance–

FACU

LTY

OF L

AW, E

CON

OMIC

S AN

D FI

NAN

CE

Bridging the Gap between Academia and the Financial Industry

Dear Students,

Why pursue your Master studies in banking and finance in Luxembourg? Judge by yourself. Compare the Master of Science in Banking and Finance of the Luxembourg School of Finance with other programs in finance, and you will be convinced.

Your MS program may be the single largest investment you make in your future. What return can you expect? If you choose the Luxembourg School of Finance, you can expect comprehensive preparation for a successful career in the financial services industry. You can expect your classes to be taught by a faculty whose teaching and research skills are recognized worldwide. You can expect to study with intelligent, ambitious, and insightful men and women who, like you, have full-time lives and professional commitments outside the classroom. The Luxembourg School of Finance wants to be a return on investment.

We look forward to welcoming you on campus.

Professor Dr. Rolf Tarrach Rector of the University of Luxembourg, President of the Steering Committee of the Luxembourg School of Finance

INDEX

The University of Luxembourg 2

The Luxembourg School of Finance 3

The Master of Science in Banking and Finance 4

Learning Process: 5 A Balance of Teaching Methods

Program Structure 6

Faculty 13

The Center of Research 18 of the Luxembourg School of Finance

Target Group and Admission Criteria 21

Banks, Companies, and Institutions 22

The University of Luxembourg

2 The universiTy of luxembourg

The financial center of Luxembourg, ranked eighth worldwide and second with regard to investment funds, provides an optimal setting for the Luxembourg School of Finance due to its proximity to the professionals of the financial sector.

Luxembourg is a renowned center in the areas of private and corporate banking and especially the investment fund industry. With close to 160 banks and an even higher number of other financial operators, of about 25 nationalities of origin, it is also a first-class laboratory for financial research.

The cosmopolitan city of Luxembourg hosts the Central Bank of Luxembourg, member of the European System of Central Banks, but is also home to a number of important European Institutions such as the European Court of Justice, the European Investment Bank, the European Investment Fund and the European Court of Auditors.

—

The University of the Grand Duchy of Luxembourg was created by the Law of August 12, 2003. As one of the youngest European universities, the University of Luxembourg has the exciting opportunity to take advantage of the changing environment in higher education.

The University is composed of three faculties: the Faculty of Science, Technology and Communication, the Faculty of Law, Economics and Finance, and the Faculty of Language and Literature, Humanities, Arts and Education.

The University’s main focus is research. The degrees offered are mainly at masters and doctoral level.

The Luxembourg School of Finance

The Luxembourg School of Finance (LSF) is the Department of Finance of the Faculty of Law, Economics and Finance of the University of Luxembourg. LSF’s mission is to offer post-graduate education and to foster research in the areas of banking and finance.

The program of the Luxembourg School of Finance is aimed at outstanding individuals willing to excel in a dynamic and internationally competitive marketplace.

Since January 2003, LSF has been running a part-time, two-year, Master of Science (MS) in Banking and Finance for professionals of the financial center. In October 2005, the program was launched on a full-time, one-year, basis.

Students of both MS programs spend a residential academic week at the New York University Stern School of Business.

Since 2003, nearly one hundred and fifty students of twenty-eight nationalities have been enrolled.

—

The core objective of the Luxembourg School of Finance is to be an academic leader in the creation and dissemination of an integrated body of knowledge in banking and finance. In order to fulfill this mission, LSF places a high priority on research. A permanent research program in the areas of asset and risk management, fund industry, behavioral finance, law and finance, and quantitative finance was set up at the end of 2005.

For the development of its missions, LSF relies on its privileged network of connections that has been created with the financial business world.

A steering committee, chaired by the Rector of the University, in which the involvement of the financial sector is guaranteed by an equal representation of academic and professional members, guides the Luxembourg School of Finance to the successful completion of its projects.

The Luxembourg financial community, by means of the “Luxembourg School of Finance Foundation” and its partnership with the University of Luxembourg, fully supports LSF.

3 The luxembourg school of finance

We live in exciting times. Technology, globalization and the New Economy have not only changed the paradigms of business, they have fueled new thinking in management education. The MS in Banking and Finance is committed to creating leaders who are creative thinkers and team players. It provides specialized training into the various professions of the banking and finance areas: the educational philosophy of the MS is to further a conceptualized and professionalized expertise linked to this particular sector, contrary to the MBA which trains generalists for global management.

The program is not a static set of directives, but a dynamic framework of analytical skills and intellectual tools. It offers students a cross-functional curriculum, entirely in English, which provides an integrated approach to solving banking and financial problems. Participants will gain a better understanding of the interactive nature of making business decisions.

The MS pursues a balanced approach to business education, linking theory to real-world business through teaching and research that are innovative, rigorous, and relevant to career-long learning. Participants study with an award-winning faculty from leading institutions in Europe and North America. The diverse faculty, which maintains close ties with the banking and financial community, continues to advance banking and financial knowledge and practices on many fronts.

Degree The Master of Science in Banking and Finance is a post-graduate degree awarded by the Luxembourg School of Finance of the University of Luxembourg.

4 The masTer in banking and finance

The Master of Science in Banking and Financefull-time and part-time

Learning Process: A Balance of Teaching Methods

The LSF faculty uses a balanced and pragmatic teaching approach through a combination of lectures, case studies, personal assignments, and interactive computer-based business simulations. The MS program not only promotes individual performance, but also the development of interpersonal and teamwork skills. Some courses provide opportunities for group-based projects. Workshops with professors and leading business executives will stimulate discussion on a wide range of subjects.

A residential tailor-made academic week at the New York University Stern School of Business will complete the students knowledge in various finance topics.

LSF hosts and participates in a variety of academic and business conferences, providing opportunities for extra-curricular learning. As a crucial part of their business education, students benefit from these numerous occasions to network with members of the financial community. The Luxembourg School of Finance offers a thematic library with about 65 scientific journals mostly in banking and finance, a state-of-the-art online research database, and internet access facilities.

Some textbooks used in the program

• Asset&LiabilityManagement:AGuidetoValueCreationandRiskControl J. Dermine and Y. Bissada, Pearson Education

• CorporateFinanceS. Ross, R. Westerfield, and J. Jaffe, McGraw-Hill

• CostAccounting:AManagerialEmphasisC. Horngren, S. Datar, and G. Foster, Pearson Education

• Derivatives:TheWildBeastofFinanceA. Steinherr, John Wiley and Sons

• GoverningtheModernCorporationR. Smith and I. Walter, Oxford University Press

• HedgeFunds:InsightsinPerformanceMeasurement,RiskAnalysis,andPortfolioAllocation G. Gregoriou, G. Hübner, N. Papageorgiou, and F. Rouah, eds., John Wiley and Sons

• InternationalFinancialManagementC. Eun and B. Resnick, McGraw-Hill

• InvestmentValuationA. Damodaran, John Wiley and Sons

• ModernPortfolioTheoryandInvestmentAnalysisE. Elton, M. Gruber, S. Brown, and W. Goetzmann, John Wiley and Sons

• Options,Futures,andOtherDerivativesJ. Hull, Pearson Education

• RiskManagement M. Crouhy, D. Galai, and R. Mark, McGraw-Hill

• Strategiesfore-Business:CreatingValuethrough ElectronicandMobileCommerce T. Jelassi and A. Enders, Pearson Education

5 The masTer in banking and finance

The MS program (60 ECTS Credits) includes 400 lecture hours plus a Master Thesis or a Business Field / Research Project. The full-time program is organized over one year during weekdays and in blocks of two to three days (including Saturdays). This program is incompatible with a professional activity.

The part-time program is organized over two years in blocks of two to three days (including Saturdays).

Optional induction modules in Mathematics/Statistics and in Financial Accounting will be available on request for students who need preparatory courses in order to effectively use the quantitative and accounting techniques.

International Banking (1.5 ECTS)

• International Financial Institutions and Banking Activities

• Hedge Funds and Financial Stability

• Taxation and the Structure of International Banking

• Liquidity and Liquidity Risk Management

• International Capital Regulation: The Original Basel Accord and the New Standardized Approach

• Financial Liberalization

Investment Banking (1.5 ECTS)

• Specialized vs Universal Banking

• Financial Restructuring and IPOs

• Managing Complex Lending Deals

• Capital Market Borrowing

• Strategic Mergers & Acquisitions Analysis

Value Creation and Asset & Liability Management (3 ECTS)

• Sources of Value Creation in Banking

• Profit Center Management

• Risk-adjusted Performance Management

• Pricing Credit Risk and Loan Provisioning

• The Management of Interest Rate and Liquidity Risks

• Banking Simulation ALCO Challenge

Banking

6 The program sTrucTure

Program Structure

Financial Instruments Accounting (1.5 ECTS)

• Accounting Treatment of Financial Instruments under the IAS-IFRS

• Hybrid Financial Instruments and Embedded Derivatives

• Hedge Accounting

• Recognition and Derecognition

• The case for the Banking and Insurance Industries and the Impact of the Basle II Agreement

Accounting

7 The program sTrucTure

Corporate Financial Reporting and Analysis (3 ECTS)

• Accrual Accounting and Income Determination

• Advanced Financial Statement Analysis

• The Role of Financial Information in Valuation and Credit Risk Assessment

• Anticipating and Managing Financial Distress

International Accounting (1.5 ECTS)

• Accounting Theory and Conceptual Frameworks

• Consolidated Accounts and the Multinational

• IAS/IFRS: Presentation and Interpretation of Principal Standards

• International Financial Reporting and Analysis

Portfolio Theory and Management (4 ECTS)

• Mean-Variance Approach and Efficient Frontiers

• Simplifying the Portfolio Selection Process

• “The Investment Portfolio” Software

• Models of Equilibrium in the Capital Markets (CAPM and APT)

• Empirical Tests of Equilibrium Models

• Portfolio Performance Measurement

Corporate Finance (2.5 ECTS)

• Asset Valuation

• Capital Budgeting

• Capital Structure and Dividend Policy

• Options and Corporate Finance

• Real Options

• Financial Innovation in Corporate Finance

• Private Equity

• Venture Capital Investments

International Finance (2.5 ECTS)

• The Foreign Exchange Market

• Determination of Exchange Rates

• Exchange Rate Systems

• Foreign Exchange Risk Measurement and Management

• NPV Analysis for Multinationals

• International Portfolio Diversification

Corporate Governance (1.5 ECTS)

• National Systems of Corporate Governance

• Microeconomic Theories of the Firm and Corporate Governance

• Shareholder and Stakeholder Approaches to Corporate Governance

• Composition and Role of the Board of Directors

• “Law & Economics Approach”: The Concept of Reflexive Law

• Impact on Corporate Governance of Macroeconomic Evolutions

Finance

8 The program sTrucTure

Behavioral Finance (1.5 ECTS)

• Noise Trader Risk in Financial Markets

• Investor Sentiment

• Excess Volatility

• Psychological Foundations of Under- and Overreaction

• How Markets React to Corporate Announcements

• Momentum

• Contrarian Investment Strategies

Derivative Securities (2.5 ECTS)

• Derivatives Markets

• Forward and Futures Prices

• Trading and Hedging Strategies

• Binomial Trees and Numerical Procedures

• Option Pricing Models

• Exotic Options

Fixed Income Securities (1.5 ECTS)

• The Relative Pricing of Fixed Income Securities with Fixed Cash Flows

• One-and Multi-Factor Hedging and Valuation

• The Many Faces of Convexity

• Term Structure Models

• Bond Portfolio Management

Investment Valuation (1.5 ECTS)

• Organization and Functioning of Securities Markets

• Efficient Capital Markets

• Security Analysis for Investment and Corporate Finance

• Equity Valuation Models

• EVA and Value-Based Management

Risk Management (3 ECTS)

• Structuring and Managing the Risk Management Function in a Bank

• Measuring Market Risk: The VaR Approach

• Measuring and Hedging Credit Risk

• Managing Operational Risk

• Capital Allocation and Performance Measurement

• Model Risk

• Risk Management in Nonbank Corporations

Investments

9 The program sTrucTure

Hedge Fund Industry (1.5 ECTS)

• Introduction to Alternative Investments

• Types of Hedge Funds/Hedge Fund Investors, Portfolio Creation and Risk Management

• Funds of Hedge Funds

• Evaluation and Implementing Hedge Fund Strategies: Through the “Alpha” Smoke Screens

Mutual Fund Industry (1.5 ECTS)

• The Structure of the Mutual Fund Industry

• Multi Index Models of Performance

• Actively Managed vs Passively Managed Funds: The Search for Managers

• A New Structure of Fees

Pension Fund Industry (1.5 ECTS)

• Pensions and the Labor / Capital Markets

• Pensions and Pension Funds

• Pensions and Fund Regulations

• Pensions and Fund Investment Strategies

Quantitative Funds Performance Measurement (1.5 ECTS)

• Advanced Measurement Approaches

• Performance Attribution Techniques and Managerial Skills Assessment

• Performance of Hedge Funds

• Persistence in Performance

Fund Industry

10 The program sTrucTure

Strategy in Banking (1.5 ECTS)

• Major Developments Shaping Global Banking and Finance

• Reconfiguration of Global Financial Services

• Global Debt and Equity Markets

• Institutional Asset Management and Private Banking

• Competitive Challenges

Strategic Cost Management (1.5 ECTS)

• Cost-Volume-Profit Analysis

• Process Costing vs Job Costing

• Activity-Based Costing and Activity-Based Management

• Flexible Budgets, Variances, and Management Control

• Cost Behavior and Relevant Costs for Decision Making

• Balanced Scorecard and Strategic Profitability Analysis

IT Challenge in Management (1.5 ECTS)

• Building e-Business Competence

• Impact of the Internet on the Macro-Environment and on the Industry Structure

• Value Creation in e-Business

• Impact of the Internet on the Horizontal / Vertical Boundaries of a Firm

• Internal Organization of a Firm’s e-Business Activities

• A Roadmap for e-Business Strategy Formulation

Business Strategy and Management of Innovation (2 ECTS)

• Strategic Analysis and Business Leadership

• Business Ecosystem Foresight

• Strategic Management and Development of Innovation

• Applications to Financial Industry

Strategic Management

11 The program sTrucTure

LSF at the New York University Stern School

of Business (NYU)

All full- and part-time students will spend a residential academic week at the New York University Stern School of Business (NYU), one of the leading business schools in the world renowned for its strength in finance. The tailor-made program (3 ECTS) is based on the various study fields the students have already followed, and has the objective to provide an even more profound knowledge of certain specific financial topics. Courses will be taught by professors of finance and clinical professors of the Stern School of Business. During this week, students will benefit from NYU privileged links with specialized firms in the banking and investment sectors.

Program2007

• GoverningModernCorporations Prof. R. Smith

• AdvancedOptions Prof. M. Brenner

• CorporateRestructuringandShareholderValue Prof. D. Yermack

• AdvancedHedgeFunds Prof. S. Brown

• MergersandAcquisitions Prof. K. Froewiss

• ExecutiveStockOptions Prof. J. Carpenter

• RegulationandRiskManagementinBanking Prof. A. Saunders, Prof. E. Altman

• CorporateHighYieldDebt Prof. M. Holmes

12 The program sTrucTure

Projects Master’sThesis(part-timestudents)(12ECTS)

The Master’s Thesis is the product of independent and original research. Students will devote the last months of the program to thesis preparation in the field of their choice. Each student’s work will culminate in the submission of the thesis.

Throughout the writing of their thesis, participants will receive personal attention and guidance from faculty members.

BusinessField/ResearchProject(full-timestudents)(12ECTS)

The full-time program includes a business field / research project in the form of a report including a critical analysis. The report is either based on a four-week internship in an institution of the Luxembourg financial sector or on a personal research project. Throughout the writing of their reports, students will receive personal attention and guidance from faculty members and professionals.

The Luxembourg School of Finance seeks to attract and nurture an outstanding faculty. LSF’s faculty members are recognized worldwide for excellence in teaching and research. Many of them are active professionals with close links to corporate networks.

Permanent Professorsand Lecturers

• MalikaHamadi Ph. D., Catholic University of Louvain Research Fellow, University of Luxembourg

• TiborNeugebauer Ph.D., University of Valencia Professor of Finance, University of Luxembourg

• GwenaëlPiaser Ph. D., University of Toulouse Research Fellow, University of Luxembourg

• VirginieTerraza Ph.D., University of Paris 2 - Panthéon - Assas Assistant Professor of Finance, University of Luxembourg

Visiting Professors • MarcAnt Ph.D., Helmut-Schmidt-University Hamburg Professor of Communication and Organizational Behavior, Bonn-Rhein-Sieg University of Applied Sciences, Rheinbach

• PaulBeaulieu Ph.D., Laval University Professor of Strategic Management, University of Quebec at Montreal

• DanielCapocci Ph.D., University of Liège Senior Portfolio Manager, Kredietbank, Luxembourg

• BrunoColmant Ph.D., Free University of Brussels Deputy CFO of NYSE Euronext Visiting Professor, Vlerick Leuven Gent Management School

• RégisBlazy Ph.D., University of Paris-Dauphine Professor of Finance, University of Luxembourg

• TristanBoyer Ph.D., University of Paris 10 - Nanterre Research Fellow, University of Luxembourg

• AntonioCosma Ph.D., Catholic University of Louvain Assistant Professor of Finance, University of Luxembourg

• Jean-DanielGuigou Ph.D., Nice-Sophia Antipolis Assistant Professor of Finance, University of Luxembourg

13 The faculTy

Faculty

• AlbertCorhay Ph.D., University of Cambridge (UK) Professor of Accounting and Finance, HEC Management School-University of Liège

• MichelCrouhy Ph.D., The Wharton School, University of Pennsylvania Head of Research & Development Natixis (Paris-New York)

• AswathDamodaran Ph.D., University of California at Los Angeles Professor of Finance, Stern School of Business, New York University

• WernerDeBondt Ph.D., Cornell University Richard H. Driehaus Professor of Behavioral Finance, DePaul University, Chicago Director, The Driehaus Center for Behavioral Finance

• YvesDeRongé Ph.D., Catholic University of Louvain (UCL) Professor of Management Control, UCL

• JeanDermine Ph.D., Catholic University of Louvain Professor of Banking and Finance, INSEAD

• AndréFarber Ph.D., Free University of Brussels (ULB) Professor of Finance, Solvay Business School, ULB

• DanGalai Ph.D., University of Chicago Abe Gray Professor of Business Administration, The Hebrew University, Jerusalem

• MartinGruber Ph.D., Graduate School of Business, Columbia University Nomura Professor of Finance, Stern School of Business, New York University Director, National Bureau of Economic Research, Cambridge, (USA) Fellow and Past President, American Finance Association

• GentianeHaesbroeck Ph.D., University of Liège (ULg) Associate Professor of Statistics, ULg

• RogerHartmann Master in Economics, HEC, University of Lausanne Partner, Ernst & Young

• AndreasHeinen Ph.D., University of California at San Diego Assistant Professor of Econometrics, University Carlos III of Madrid

• RichardJ.Herring Ph.D., Princeton University Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania Co-Director of the Wharton Financial Institutions Center

14 The faculTy

• GeorgesHübner Ph.D., INSEAD Deloitte Professor of Financial Management, HEC Management School-University of Liège Associate Professor of Finance, Maastricht University

• TawfikJelassiPh.D., Stern School of Business, New York University Professor of e-Business and Information Technology, School of International Management, Ecole Nationale des Ponts et Chaussées (Paris) Visiting Professor, Solvay Business School, ULB

• FrankLeiberPh. D., Graduate Institute of International Studies – HEI, University of Geneva Senior Managing Director, Member of the Global Executive Committee and Head of Fixed Income, GeoGenesisGroup, Inc.

• Pierre-ArmandMichel Ph.D., Stern School of Business, New York University Professor of Investment Analysis, HEC Management School-University of Liège Affiliate Professor of Financial Accounting, Solvay Business School, ULB

• AlineMuller Ph.D., Maastricht University Associate Professor of Finance, HEC Management School-University of Liège Assistant Professor of Finance, Maastricht University

• HenriOlivier Doctor, Faculty of Law, University of Liège Secretary-General, European Federation of Accountants Professor of Auditing and International Accounting, HEC Management School-University of Liège

• HuguesPirottePh.D., HEC, University of Lausanne Professor of Finance, Solvay Business School, ULB and Ecole Polytechnique Fédérale de Lausanne

• MichelRobePh.D., Graduate School of Industrial Administration, Carnegie Mellon University Associate Professor of Finance, Kogod School of Business, American University, Washington D.C.

• AlfredSteinherrPh. D., Cornell University Professor of Economics and Finance, University of Bolzano Executive in Residence and Professor of Finance, John Welch College, Sacred Heart University, Luxembourg

• YvesWagnerPh.D., University of Aix-Marseille III Member of the Board, The Directors’ Office, Luxembourg

• IngoWalterPh.D., New York University Seymour Milstein Professor of Finance, Corporate Governance and Ethics, Stern School of Business, New York University Visiting Professor at INSEAD

15 The faculTy

Academic Calendar The full-time program is divided into two semesters October 2008 – January 2009 • Corporate Finance

• Corporate Financial Reporting and Analysis

• Portfolio Theory and Management

• Risk Management

• Strategic Cost Management

• Value Creation and Asset & Liability Management

February 2009 – July 2009

• Behavioral Finance

• Business Strategy and Management of Innovation

• Corporate Governance

• Derivative Securities

• Financial Instruments Accounting

• Fixed Income Securities

• Fund Industry

• International Accounting

• International Banking

• International Finance

• Investment Banking

• Investment Valuation

• IT Challenge in Management

• Strategy in Banking

16 The faculTy

July and August 2009

Business Field / Research Project

September 2009

Residential academic week (New York University Stern School of Business)

The part-time program is divided into four semesters January 2009 – July 2009

• Optional Induction Modules in Financial Accounting and Mathematics/Statistics will be organized from March to May 2008.

• Business Strategy and Management of Innovation

• Corporate Financial Reporting and Analysis

September 2009 – December 2009

• Corporate Finance

• Corporate Governance

• Derivative Securities

• Financial Instruments Accounting

• International Accounting

• Investment Banking

• Portfolio Theory and Management

• Strategic Cost Management

• Value Creation and Asset & Liability Management

17 The faculTy

January 2010 – July 2010

• Behavioral Finance

• Fixed Income Securities

• Fund Industry

• International Banking

• International Finance

• Investment Valuation

• IT Challenge in Management

• Risk Management

• Strategy in Banking

September 2010

Residential academic week (New York University Stern School of Business)

October-December 2010

Master’s Thesis

The Luxembourg School of Finance activities are organized along two major axes: Education and Research

Created in 2006, the Center of Research in Finance (CREFI) is the research center of the Luxembourg School of Finance. It covers a wide range of research activities, from pure academic research to private-public partnerships in finance. CREFI aims at developing research programs based on bilateral and well-balanced partnerships, especially with the financial center of Luxembourg. The current research areas are:

Quantitative Finance Academics and practitioners are both interested in new methodologies that provide an improved description of the variability of financial data. CREFI is participating in this effort by developing new econometric tools and by testing their performance on real data: ARCH models, semi-parametric and non-parametric estimators, risk estimation, value-at-risk models, risk classification of securities, asset pricing models.

Law and Finance The recent history of Luxembourg gives a relevant example of the deep interactions between the origin and design of law, economic growth, and the development of financial markets. The current CREFI program aims at: studying the causality links between financial development and law; developing a theoretical background in order to support any empirical investigations in this field.

Behavioral Finance Most models assume that financial markets are efficient, yet the existence of durable disequilibria and the increasing set of paradoxes rising from the recent past necessitate the adoption of new tools describing the bounded rationality of human agents. CREFI develops theoretical and experimental works in this field in collaboration with external institutions.

Risk Management This area focuses on the Pillars of the Basle II Agreement: firstly, it covers the management of credit risk, from the perspective of capital requirements and the disclosure of information to the financial markets. Secondly, it focuses on the financial institutions’ organizational structures and the way in which such institutions are governed.

18 The cenTre of research of The luxembourg school of finance

The Center of Research of the Luxembourg School of Finance

Research projects During the year 2007, CREFI monitored and/or worked in partnership with several financial and academic institutions. Three projects, currently in process, are financed by the Fonds National de la Recherche (FNR):

• “Banks, Financial Markets, and Legislations” (CREFI, LDE)

• “The Impact of Real and Financial Integration on Asset Price Co-Movement with Application to Luxembourg” (CREFI, CREA)

• “Performance of Financial Services in Luxembourg” (CREFI, Banque Centrale du Luxembourg, Statec).

CREFI is also involved in projects dealing with the risk, ratings, and performance of funds (CREFI, Ministère de la Culture, de l’Enseignement Supérieur et de la Recherche).

In September 2007, CREFI finished a joint-project monitored by the University Robert Schuman, Strasbourg (supervisor: LARGE): “Recovery Rates and Credit Default in Europe”. It was financed by the OSEO-CDC IXIS Bank.

Academic Publications Since 2006, the results of CREFI’s academic studies are disseminated through a series of working papers. Additionally, the researchers regularly publish in international academic journals.

19 The cenTre of research of The luxembourg school of finance

Contacts Director of CREFI ProfessorRégisBlazy

Co-Director of CREFI AssistantProfessorVirginieTerrazaT. +352 / 46 66 44-6808 regis.blazy@uni.lu

20 The cenTre of research of The luxembourg school of finance

Human Resources Professors and Assistant Professors

Régis Blazy, Antonio Cosma, Jean-Daniel Guigou, Pierre-Armand Michel, Tibor Neugebauer, Jang Schiltz, Virginie Terraza

LSF Academic Experts

Paul Baulieu, Georges Hübner, Hugues Pirotte, Yves Wagner

Research Fellows and Ph.D. Students

Afef Boughanmi, Tristan Boyer, Agnès Fimayer, Malika Hamadi, Marie Lambert, Paulo Marques, Nirjhar Nigam, Gwenaël Piaser, Carole Toque, Grygoriy Tymchenko

Administrative Assistant

Caroline Herfroy

• The Master of Science in Banking and Finance is designed for highly dedicated people willing to pursue a challenging career in the financial sector.

• The program accepts strongly motivated individuals.

• All admissions will be based on individual assessment and a personal interview.

• A university degree (e.g., 240 ECTS or Bachelor (180 ECTS) plus professional experience, …) is required for admission.

• As the language of instruction at LSF is English, participants are expected to have a good command of the language.

Enrollment

Tuition fees

Full-time program

Applications must be submitted no later than September 30, 2008 for entry in October 2008.

Part-time program

Applications must be submitted no later than December 31, 2008 for entry in January 2009.

Application forms can be downloaded from our LSF website. They have to be sent to LSF together with a copy of the highest University degree (plus official grade transcripts) and a motivation letter.

17,500 euro (including textbooks).

Note: Self-financing students may benefit from a financial refund granted by CEDIES (Centre de documentation et d’information à l’enseignement supérieur, Luxembourg). www.cedies.lu

Some scholarships for full-time candidates will be granted by the LSF Foundation. Please contact us.

21 The TargeT group and admission criTeria

Target Group and Admission Criteria

Banks, Companies and Institutionsthat have supported candidates in 2003 – 2008

• Arcelor Auto

• Banco Bradesco Luxembourg S.A.

• Banco Itau Europa Luxembourg S.A.

• Banque BCP S.A.

• Banque de Luxembourg

• Banque et Caisse d’Epargne de l’Etat, Luxembourg

• Banque LBLux S.A.

• BNP Paribas Luxembourg

• Central Bank of El Salvador

• Central Bank of Luxembourg

• Citigroup

• Clearstream Banking

• Commerzbank International S.A.

• Crédit Agricole Luxembourg Private Bank

• Crédit Suisse (Luxembourg) S.A.

• Deutsche Bank Luxembourg S.A.

• Dexia Banque Internationale à Luxembourg

• Dresdner Bank Luxembourg

• Erste Europäische Pfandbrief- und Kommunalkreditbank A.G.

• European Fund Administration

• European Investment Bank

• Fortis Banque Luxembourg S.A.

• GC Partner S.A.

• GS 1 Mezzanine Partners II Luxembourg S.à r.l.

• HSH Nordbank Securities S.A.

• HVB Banque Luxembourg Société Anonyme

• ING Luxembourg S.A.

• ING Trust (Luxembourg) S.A.

• Kredietbank S.A. Luxembourgeoise

• Landsbanki Luxembourg S.A.

• Luxembourg Ministry of Finance

• MeesPierson Intertrust

• Natexis Luxembourg S.A.

• Pictet & Cie (Europe) S.A.

• PricewaterhouseCoopers S.à r.l.

• RealCorp Commercial S.A.

• Rollinger Walfer S.A.

• Scottish Equitable International S.A.

• State Street Bank Luxembourg

• UBS (Luxembourg) S.A.

• Union Bank of Norway International S.A.

• VIP Finance (Antilles - Guyane)

• VITIS Life Luxembourg

22 banks and companies

Facts Full- and Part-time MS in Banking and Finance: classes 2003 – 2008

Breakdown of students by

country of origin

belgium / The netherlands 14%

france 14%

luxembourg 14%

southern europe 14%

germany 13%

asia 9%

northern europe 5%

eastern europe 4%

united kingdom and ireland 4%

other 9%

academic background

economics / management / finance

68%

law / european studies 11%

engineering / iT 9%

computer science 5%

mathematics / actuary 5%

other 2%

age

25-29 41%

30-34 29%

35-39 21%

40-46 9%

sex

men 70%

Women 30%

payment for Tuition

company 44%

personal 44%

mixed 12%

23 facTs

Contacts Academic Director Professor Pierre-Armand Michel

Co-Academic Director Assistant Professor Antonio Cosma

Administrative Manager Mrs. Ildiko Losch

Luxembourg School of Finance 4, rue Albert Borschette L-1246 Luxembourg

T. +352 / 46 66 44-6804 / -6807 F. +352 / 46 66 44-6835 lsf@uni.lu

Please visit our web site at www.lsf.lu for updated information about the program and upcoming events.

This booklet is correct as of April 2008, but is subject to change without notice.

24 conTacTs

Dear Students,

Why pursue your Master studies in banking and finance in Luxembourg? Judge by yourself. Compare the Master of Science in Banking and Finance of the Luxembourg School of Finance with other programs in finance, and you will be convinced.

Your MS program may be the single largest investment you make in your future. What return can you expect? If you choose the Luxembourg School of Finance, you can expect comprehensive preparation for a successful career in the financial services industry. You can expect your classes to be taught by a faculty whose teaching and research skills are recognized worldwide. You can expect to study with intelligent, ambitious, and insightful men and women who, like you, have full-time lives and professional commitments outside the classroom. The Luxembourg School of Finance wants to be a return on investment.

We look forward to welcoming you on campus.

Professor Dr. Rolf Tarrach Rector of the University of Luxembourg, President of the Steering Committee of the Luxembourg School of Finance

Luxembourg School of Finance4, rue Albert Borschette

L-1246 Luxembourg

T. +352 / 46 66 44-6804 / -6807 F. +352 / 46 66 44-6835

lsf@uni.lu

FACULTY OF LAW, ECONOMICS AND FINANCELuxembourg

School of Finance

–Master of Science

in Banking and Finance–

FACU

LTY

OF L

AW, E

CON

OMIC

S AN

D FI

NAN

CE

Bridging the Gap between Academia and the Financial Industry