MSc in Finance

INVEST IN YOURSELF
Duration: 14 months/evening classes
Application Deadline: Rolling admissions |Upcoming deadline : January 31, 2020
Start Date: September 2020
Fees: € 12,500

OVERVIEW

 

This program presents a premier academic qualification for those interested in an international career in finance in Greece and abroad. While the modern corporate world experiences cataclysmic changes and disruptions in the way that capital markets operate, our MSc in Finance program prepares aspiring and seasoned finance professionals for a successful career in the areas of banking, corporate finance, investment management, risk management and treasury management.

We offer a wide range of specialization streams in: 1.Investments 2. Corporate Finance 3. Risk Management 4. Fintech.

The innovative design of the program and its market led curriculum equips students with relevant, up to date, skills and knowledge while offers a flexible program of study that enables students to choose from a variety of courses and adjust the duration of their studies according their own needs. The program is both affiliated by CFA and PRMIA, accredited by EPAS and NECHE and regularly reviewed by both academic and practitioner committees to strike an optimum balance between theory and practice. These committees review the curriculum and the delivery methods while ensure that the program offers sufficient practical applications of the knowledge that make sense in today’s world of business. As a result of the above efforts we manage to maintain exceptionally high placement rates, reaching up to 100% in a 6-moth-period after graduation.

 

Key features of the program

  • Weekday classes between 18:00 – 22:00, twice or three times per week on average
  • A 14-month program
  • Field trip to foreign universities and financial instructions abroad.
  • Interaction with international students and participation in international student exchange programs
  • 8 core modules and 2 workshops
  • 4 specialization streams: Investments, Corporate Finance, Risk Management, Fintech
  • Assessment: group reports/presentations, case study analysis, interim tests, final exams
  • Access to the state of art, Simulating Trading Room of the American College of Greece at Aghia Paraskevi Campus
  • Scholarships for the CFA June Exams
  • Dissertation or Individual Consulting Project or 2 electives.


The MSc in Finance Is Designed for:

  • University graduates with a solid quantitative background wishing to launch a career in finance.
  • Professionals who hold finance related positions and want to enhance their professional status.

You may find here more information about the Program's Intended Learning Outcomes 

Current Student Profile

HIGHLIGHTS

International Recognition: Accredited by The New England Commission of Higher Education (NECHE) and EPAS (European Foundation for Management Development)

Optimal combination of academic fervor and relevant professional knowledge Tailored to match participants’ professional needs and aspirations through four specialization streams courses in (1) Investments, (3) or Corporate Treasury Management and (4) Fintech

Broad and deep understanding of finance in global context and a firm grasp of the latest financial theories and techniques.

Emphasis on the practical applications of finance theories in solving actual problems.

Regular review and continuous quality assessment of the program conducted by academic and practitioners steering committees.

Develops analytical skills required for a successful career in Finance: The program culminates with the Security Analysis course, which puts into practice the ideas, concepts and techniques taught throughout the program, for the purpose of analyzing and valuating a company.

Use of ACG's Simulated Trading Room that  provides a real sense of technological sophistication, bringing financial markets to the students’ fingertips through cutting-edge software along with the appropriate hardware.

Exceptionally high rates of employment 

 

CFA University Affiliation Program:

Alba has been welcomed in the CFA Institute University Affiliation Program. Our MSc in Finance has been acknowledged as incorporating at least 70 percent of the CFA Program Candidate Body of Knowledge (CBOK) and placing emphasis on the CFA Institute Code of Ethics and Standards of Practice within the program.  This program positions students well to obtain the Chartered Financial Analyst® designation, which has become the most respected and recognized investment credential in the world.

Entry into the CFA Institute University Affiliation Program signals to potential students, employers, and the marketplace that ALBA’s curriculum is closely tied to professional practice and is well-suited to preparing students to sit for the CFA examinations.   Through participation in this program, ALBA is eligible to receive a limited number of student scholarships for the CFA Program each year.

 

Alba is PRMIA University Partner

The Professional Risk Managers' International Association (PRMIA is a global, non-profit association of risk professionals with 90,000 members worldwide and presence in 65 major cities. Through university partnerships, PRMIA seeks to set the international standards for graduate level education in risk management. Recognition of ALBA Graduate Business School as a PRMIA University Partner provides a signal to students and recruiters that the MSc in Risk program's curriculum is closely tied to professional practice and is well suited to preparing students to sit for the PRM exams.

Benefits to our MSc in Finance students: Our MSc in Finance students will be offered access to the local risk community and networking opportunities through local PRMIA chapters. Students can also benefit from a 25% discount on PRMIA membership and have extra 20% discount on PRM and associate PRM products. PRM exam study material is available to our library for all students.

 

CURRICULUM

MSc in Finance Program Total Year Schedule 2019-2020

The School reserves the right to reexamine the structure of all academic programs and proceed to any necessary changes in the total year schedules.

4th and 5th Period: Stream dedicated courses plus selection of one elective from another stream

6th Period: 2 options dependign on the stream selected

 

**Students who have passed all three levels of CFA program exams are eligible for receiving exemptions in the following core courses of the ALBA MSc in Finance program: (1) Corporate Finance & Valuation (2) Portfolio Management and Investments.

1st Period | September – October

Courses Hours | Credits
Quantitative Tools in Finance
28 | 2
This course teaches how mathematical techniques and econometrics are used in financial research and decision making, and prepares students for many of the core and elective courses that will be available in the program. The emphasis of the course will be on application rather than theory. EXCEL and the econometric package EVIEWS will be used extensively in the applied work. Topics covered include probability, matrix algebra, hypothesis testing, simple linear regression and multivariate regression.
Financial Accounting
28 | 2
The course explores the ‘art’ of financial accounting / financial reporting.  In particular, the goal of the course is to provide the knowledge and skills required for the understanding and use of financial accounting information for decision making.  Some of the topics covered during the course include: the role and importance of financial reporting, the role of the main players in the accounting communication process, including the management, auditors and stakeholders, the effects of the use of different accounting methods and estimates on the financial statements and the subsequent impact on decision making, ways of analysing, interpreting and evaluating financial statements.  During the course, extensive reference is made to the annual reports of various companies, as well as to accounting scandals (e.g. ENRON), for the facilitation of knowledge and understanding.
Business Writing & Presentation Skills
14 | 1
Workshop in STATA
7 | 0.5

2nd Period | November – December

Courses Hours | Credits
Global Economic Environment
28 | 2
The first part of this course aims at providing good understanding of important macroeconomic issues and problems, and working knowledge of techniques that can be used to study them. Emphasis is given on the interactions between the macroeconomic environment and financial markets, in an effort to provide useful background for students specializing in Finance. Emphasis is also placed on understanding the intuition behind macroeconomic mechanisms and effects, aided by mathematical and graphical analysis. A successful student will have understood basic aspects of the macroeconomic environment within which financial markets operate and will be able to understand (and criticize!) analyses of macroeconomic phenomena and policies in the financial press.
Corporate Finance & Valuation
28 | 2
This course covers the application of the net present value rule and other criteria for project appraisal, the use of discounted cash flow and other valuation models in making investment decisions, risk, return and capital budgeting under uncertainty, the cost of capital and capital structure, dividend policy and how firms issue securities.
Business and Financial Ethics & Social Responsibility
14 | 1
The overall objective of the course is to help us develop business and financial ethics leadership praxis and actionable knowledge, i.e., action that creates wealth in such a way that makes ourselves, our organizations, and the world better. This course takes a management methods approach to business and financial ethics and social responsibility. The course focuses on methods managers can use individually and together in addressing ethics and social responsibility issues and in helping to build and maintain ethical and socially responsible organizations in various types of environments and realities. Methods considered include ethics leadership, change, reasoning, dialogue, persuasion, governance, due process, negotiating, incentive, training, social movement, alternative institution building, top-down and bottom-up compliance code and win-lose forcing methods, and ethics crisis management and turnaround methods. In addition to learning about the methods, students are invited to reflect upon what types of institutional citizens we would like to be and what types of ethical and socially responsible organizations we would like to help create in our various types of environments and realities. Case studies from Europe, Asia, and North America are considered.The CFA Institute Standards of Practice Handbook is one of the basic textbooks of the course. 

3rd Period | January – February

Courses Hours | Credits
Portfolio Management & Investments
28 | 2
This course addresses topics in capital asset allocation, the history of risk and return, asset pricing theories (CAPM, APT, Consumption based asset pricing), market efficiency, the predictability of asset returns, the term structure of interest rates and bond portfolio management, futures and options, international portfolio management and performance measurement and evaluation.
Financial Modelling
28 | 2
This course aims to develop and sharpen students? financial modelling skills. It brings together statistical and decision analytic frameworks suck as regression analysis and optimisation with finance theory and information technology. It helps participants to deepen their understanding of finance concepts through the development of a wide range of financial models in areas such as cash flow modelling, risk analysis, portfolio optimisation, and option pricing. It is a practical course based on instructed computer workshops. These workshops focus on financial modelling with excel, including scenario and sensitivity analysis, risk analysis using @Risk, optimisation with Solver, and the development of VBA functions.

4th Period | March – April

Courses Hours | Credits
Fixed Income Analysis & Portfolio Management | Investments Stream
28 | 2
The aim of this course is to provide students with a thorough understanding of fixed income instruments and bond portfolio management. It covers the theories of the term structure, estimation of the term structure of interest rates (spot and forward), passive bond portfolio strategies (immunization, cash flow matching, contingent immunization, bond index funds), active portfolio strategies (interest rate forecasting, bullet, barbell and ladder strategies), bond portfolio risk management (single duration, convexity, and multi-factor models of the term structure of interest rates).
OR
Corporate Treasury Management | Corporate Finance Stream
28 | 2
This course applies the modern theory of Finance to the management of the corporation's short-term assets and liabilities. It discusses working capital management, short-term borrowing and investment strategies, as well as corporate risk management. Topics covered under these headings include: optimal inventory management, trade credit and the management of credit risk, optimal cash management, the choice between private and public funding, different forms of bank borrowing sources and their use, the measurement and management of accounting, transactions and economic exposure, multinational working capital management, financing of foreign operations, interest rate and currency swaps, interest rate and currency options, capital budgeting and the cost of capital for multinationals and the measurement and management of political risk.
OR
Financial Risk Management | Risk Management Stream
28 | 2
Financial risk management (FRM) has gone through enormous changes since its inception in the late 1970s.  From its origins as a cash flow matching technique, FRM has now instituted the use of advanced analytical techniques, quantitative finance tools as well as sophisticated pricing formulas and hedging strategies. The module focuses on the management of financial intermediaries, and aims to analyze financial risks such as interest rate risk, FOREX and market risk, choose appropriate hedging strategies and monitor their implementation.  The prime objective is to provide a) a thorough grounding in the way banks and insurance firms operate, b) the necessary theoretical knowledge and statistical tools to measure different kinds of risks, and c) a comprehensive examination of the techniques and instruments for managing those risks in the banking and insurance industry.
OR
Finance Digitalization | FinTech Stream
28 | 2
The main objective of this course is to provide an insight to the recent trends and developments in the financial services industry addressing the main challenges and solutions related to the FinTech landscape. The students who attend this course will be equipped to deal with the existing finance ecosystems by developing valuable kills in new FinTech applications such as lending and personal finance, crowd-finding and business financing, payments and retail transactions, various types of cryptocurrencies, and banking infrastructure and tools.
AND
Elective courses from another stream
28 | 2
Students following  Investments Stream may choose one cousre from Corporate Finance or Risk Management or FinTech streams . Students following  Corporate Finance  Stream may choose one cousre from Investments or Risk Management or FinTech streams. Students following  Risk Management Stream may choose one cousre from Investments or Corporate Finance  or FinTech streams. Students following  FinTech Stream may choose one cousre from Investments or Corporate Finance  or Risk Management streams. 

5th Period | May - June

Courses Hours | Credits
Advanced Equity Analysis & Portfolio Management | Investments Stream
28 | 2
This course examines critically the role of modern portfolio theory and asset pricing models in practical equity management. It examines in depth the issue of time series and cross sectional predictability of equity returns and its implications for active and passive equity portfolio management. The course covers equity risk management, active portfolio construction and index fund investment management, tactical and strategic asset allocation strategies, security selection, international portfolio management, hedge funds, performance measurement and attribution.
OR
Advanced Corporate Finance | Corporate Finance Stream
28 | 2
This course builds on the Corporate Finance and Valuation course to examine the way companies raise debt and equity capital both in private and global capital markets, mergers and acquisitions, and corporate restructuring. The relationships between the interests of corporate managers, shareholders and lenders, as well as issues of corporate governance, are an important part of the course content.
OR
Corporate Risk Management | Risk Management Stream
28 | 2
The modern corporate environment is characterized by high risk in both operating and financial activities of the firm. This course provides students with the necessary skills to assess, analyze and cope effectively with a wide range of potential risk factors such as loss prevention, risk retention, self-insurance, corporate insurance programs, and capital markets. Overall, this is a practical course that through cases illustrates best management practice and through hands-on workshops provides an active learning environment that complements and reinforces lecture-based teaching.
OR
Big Data Analytics | FinTech Stream
28 | 2
The main objective of this course is to provide an insight to the recent trends and developments in Data processing and analysis and its main applications in the financial services industry. The goal of this session is to familiarize students with techniques and algorithms beyond classical statistics that are most recently used for predictive analytics in the industry of finance. Using various technologies, students can analyze financial as well as non-financial data (e.g. text mining) from different sources to assess the profitability of trading strategies and identify stocks with high or low predicted returns.
AND
Elective courses from another stream
28 | 2
Students following  Investments Stream may choose one cousre from Corporate Finance or Risk Management or FinTech streams . Students following  Corporate Finance  Stream may choose one cousre from Investments or Risk Management or FinTech streams. Students following  Risk Management Stream may choose one cousre from Investments or Corporate Finance  or FinTech streams. Students following  FinTech Stream may choose one cousre from Investments or Corporate Finance  or Risk Management streams. 

6th Period | September – October

Courses Hours | Credits
Security Analysis | Investments & Corporate Finance Stream
28 | 2
The Program culminates with the Security Analysis course. The purpose of this course is to provide practical valuation tools for valuing and analyzing companies and give students a real world view of the role and activities of an equity security analyst. The course integrates the theoretical knowledge acquired during the course and the practical input from leading financial analysts to understand the process of analyzing companies and the valuation process.     Students will be introduced to the practice of modern financial analysis from leading financial analysts and will be given the opportunity to apply their skills by valuing a company of their choice. Upon completion of the course students are expected to be able to use modern valuation techniques, appreciate the linkage between strategic business analysis, financial accounting, corporate finance and the macroeconomic environment, understand and utilize the information in financial statements and prepare a valuation report in different contexts (security analysis, initial public offerings, credit analysis and mergers and acquisitions).
AND
Advanced Financial Accounting |Investments & Corporate Finance Stream
28 | 2
The aim of the module is to build on the Financial Accounting module by examining some current financial reporting issues is greater depth with reference to IFRS.  IFRS are principles-based standards that require a detailed knowledge of the underlying concepts as well as the application of extensive professional judgment.    The objectives of this module are to provide students with an understanding of the key issues underlying some of today’s problematic financial reporting areas under the IFRS perspective.    On completion of this module students will be able to:  - Understand the dynamic and principles-based character of IFRS.  - Assess the impact of the new measurement and recognition standards on financial reporting.  - Critically evaluate the quality of financial reporting.  - Appreciate how industry-specific circumstances affect the application of IFRS.  
OR
Credit Risk Modeling and Data Analytics |Risk Management & FinTech Stream
28 | 2
The main objective of this course is to provide an insight to credit risk and strengthen the analytical skills required in credit risk modelling. The course is structured to cover topics in credit risk distinguishing between obligor and instrument at the individual as well as at the portfolio level. Financial industry’s popular credit models will also be discussed. Furthermore, the course will introduce credit analytics (e.g. credit scorecards) using a statistical software.
AND
Financial Econometrics & Forecasting | Risk Management & FinTech Stream
28 | 2
The aim of this course is to provide the student with a thorough knowledge of modern econometric and time series techniques in forecasting asset returns (equities, bonds and currencies) and risk (volatility). The course covers the topics of multiple regression, maximum likelihood, heteroscedasticity and autocorrelation, the method of moments, dummy variables, specification analysis, bayesian estimation, nonlinear regression models, models that use both time series and cross-sectional data, the seemingly unrelated regression model, co-integration and error correction, ARCH and GARCH models and the use of simulations in finance and financial data analysis.

FACULTY

The Professors

Academic Director
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Stefanos Zarkos Associate Professor in the Practice of Finance

Dr. Zarkos has teaching and research interests in the areas of Corporate Finance, Financial Management, Capital Budgeting, Real Options, Management Accounting and Strategy. His research focuses on new applications of real options in management decision making and the development of decision techniques in Corporate Finance and Strategy literature.

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Course Faculty
Associate Professor of Finance and Quantitative Methods view more
Evangelia Baralou Academic Director of the MSc in Tourism Management
Senior Lecturer in Organisation Studies, Open University, UK view more
Associate Professor of Finance, Adam Smith Business School, University of Glasgow view more
Assistant Professor of Finance view more
Lecturer, DEREE-The American College of Greece view more
Director Career and Alumni office view more
Professor, Boston College view more
Professor of Accountancy and Associate Head and KPMG Distinguished Professor of Accountancy, UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN view more
Associate Professor of Finance view more
Stefanos Zarkos Associate Dean of Academic Programs, Academic Director of MSc in Finance; MSc in International Business & Management; MSc in Business for Lawyers; MSc in Entrepreneurship
Associate Professor in the Practice of Finance view more

CAREER

 

After completing the program participants should be able to:

  • Comprehend qualitatively and quantitatively the core areas of finance.
  • Understand current trends and practices in the financial industry.
  • Understand and critically evaluate the practical applications of financial theories and techniques and how they are used in the financial industry.
  • Apply the techniques and methods of finance to conduct independent research projects.
  • Display strong analytical and communication skills.
  • Appreciate the importance of business ethics and corporate social responsibility.
  • Make use of the latest technology to design and perform new applications in corporate finance, risk management and investment/ retail banking.

SCHOLARSHIPS

Scholarships Scheme

You can secure pre-approval of your scholarship, before you apply for admission to the MBA or MSc program of your choice.

Apply for scholarship

GMAT Scholarships

Scholarships of 60%  for MBAs and MSc programs for GMAT ≥ 700

SEV (Hellenic Federation of Enterprises) Scholarships

Ten (10) partial scholarships of 50%  to Small and Medium Enterprises – members of SEV, offered as rewarding services to the members of the Federation.

Y. Pastra Scholarship for the MSc in Finance

Partial scholarship of 60%  to be awarded to a candidate of the MSc in Finance with excellent academic performance and potential.

TechUni Scholarship

Merit-based scholarship covering up to 100% of tuition fees for the most qualified graduates of Technical Universities

FPower partial Scholarship

FPower  offers one partial and merit based scholarship.

Next Generation Family Business Scholarship

Two (2) merit-based scholarships of 50% to a member of the next generation of a family business for several MBA & MSc programs

Equal Society Scholarships

3 full scholarship based on social and economic criteria

25th Economia Competition

50% scholarship for a selected program to all members of the winning team of the “Economia” competition

ADMISSION REQUIREMENTS

To be considered for admission, candidates must:

  • Hold a bachelor’s degree or be a Chartered Financial Analyst (CFA chart holder), or have passed all three levels of CFA exams 
  • Provide evidence of excellent command of the English language;
  • Need to be currently employed or self-employed (valid for the part time mode only) GMAT tests are optional unless the Academic Committee requires the applicant to take them: in any case, scores of 550 or more (GRE >155) can strengthen your application and help you secure a scholarship.

Candidates must submit:

  • The completed application form, including one recent photograph in jpeg format;
  • Two letters of recommendation in Greek or in English language.
  • Official Academic Transcripts as well as Certified copies of degrees from each undergraduate, graduate or professional degree earned;
  • Proof of competence in the English language (unless schooled in English), e.g. Proficiency or TOEFL or IELTS.
  • Three Essays, as indicated in the Application form;
  • Receipt of the non-refundable application fee's [€60] deposit

Click here to download the details for admission.

To learn more about academic policy, course credit policy, fees policy and rules for student conduct read the Student Handbook

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Vicky Moschopoulou Program Manager

We urge applicants to request further information or to come for a meeting at our downtown campus, in order to better understand their profile and motivations.

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Tel.: +30 210 89.64.531-8

Fax: +30 210 89.63.302

e-mail: [email protected]

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