Master in Finance Module
Während die Module des Grundlagenabschnitts (Foundation) die Basis für den gesamten Studiengang schaffen, dienen die Module des Vertiefungsabschnitts (Concentration) der Spezialisierung der Fachkenntnisse und konzentrieren sich inhaltlich auf die Kerngebiete moderner Finanzwirtschaft.
Mit den Ergänzungsmodulen des Wahlabschnitts (Electives) werden zuvor erlernte Studienelemente zusammengeführt und spezifische Fachkenntnisse vertieft. Neben der obligatorischen Lehrveranstaltung „Ethics in Finance“ wird ein breites Spektrum wechselnder Wahlkurse angeboten, aus denen die Studierenden eine Auswahl treffen.
Im Anschluss an die Vorlesungsphase der Module des Grundlagen-, Vertiefungs- und Wahlabschnitts (drei Semester) ist schließlich das Modul „Masterarbeit“ (14 Wochen) zu absolvieren. Die Masterarbeit soll zeigen, dass die oder der Studierende in der Lage ist, innerhalb einer vorgegebenen Frist ein Problem aus einem Fachgebiet der Finanzwirtschaft selbständig nach wissenschaftlichen Methoden zu bearbeiten. Dabei baut die Masterarbeit auf dem während des Studiums erlangten Wissen auf und verbindet dieses mit praxisrelevanten Fragestellungen.
Im Folgenden aufgeführt sind Kurzbeschreibungen der in englischer Sprache gehaltenen Plichtmodule des Foundation- und Concentration-Bereichs. Die Beschreibung des jährlich wechselnden Kursangebots des Wahlpflichtbereichs („Electives“), von denen Studierende insgesamt vier Kurse belegen müssen, ist, mit Ausnahme des Pflichtkurses „Ethics in Finance“, nicht dargestellt. Eine Zusammenfassung der im Wahlpflichtbereich "Electives" in der Vergangenheit angebotenen Module ist auf Anfrage erhältlich.
Die Goethe Business School bietet mit ihrem Weiterbildungsstudiengang Master in Finance ideale Lernvoraussetzungen für fundierte Einblicke in die faszinierende Welt der Finanzwirtschaft.
This course covers the markets for different kinds of assets and pricing of these assets. In particular, we consider fixed-income markets and stock markets. To understand how securities are priced, we discuss also the effects of credit and liquidity risk on asset prices. Their importance has become very clear during the recent financial crisis. The course also covers the issue of how to optimally choose a portfolio. The models studied in the course are the capital asset pricing model (CAPM), arbitrage pricing theory (APT), and state pricing, among others.
This course examines important issues in corporate finance from the perspective of financial managers who are responsible for making significant financing and investment decisions. You will learn how investment and financing decisions interact to affect the value of the firm and how management can evaluate operating decisions, taking into account taxes, uncertainty, flexibility, and strategic concerns.
Economics is about the complex global economic environment in which managers and firms operate. This environment is shaped, on the one hand, by the general forces of demand and supply and the level of aggregate economic activity; and on the other, by the responses of policy makers and regulators to economic developments. We examine the behavior of aggregate output, exports and imports, exchange rates and interest rates, consumption and investment, inflation and unemployment, and how these are influenced by monetary and fiscal policies, and by changes in the regulatory framework.
The course focuses on the analysis of financial statements, footnotes and other corporate disclosures, as well as interpreting articles from business publications and understanding analyst reports. A secondary goal is to ensure that you are comfortable with the mechanics of financial accounting. The course presumes a background in the fundamentals of financial statement preparation; by the end of the course, you should be able to prepare financial statements reflecting a wide range of economic transactions. While you are not likely to become practicing accountants, understanding the impact of transactions on the financial statements is central to preparing business plans, forecasting financial performance, budgeting and assessing the implications of proposed transactions on the financial statements.
Management control is an essential function within management to make sure that a firm’s employees carry out objectives and strategies appropriately. We will discuss different types of control instruments, focusing on financial performance measures as a means of results control. We will analyze market-based vs. accounting-based approaches for performance evaluation and link them via ratio and financial analysis to a company’s strategies and desired course of action. We will also explore control-related challenges for the presentation of performance results, e.g., uncontrollable factors, ethical issues, or matters in corporate governance. The goal is for students to learn how to use financial performance measures in such a way that the gap between the firm’s strategy (‘what is desired’) and the employees’ chosen course of action (‘what is likely to happen’) is closed.
This course is about statistics and how it can help us make well-grounded decisions. We start with descriptive statistics as the basics and then turn to probability distributions which allow us to discuss the concepts of hypothesis testing and estimation. The course has an applied character and tries to visualize every concept with applications and exercises. The availability of a computer device is a key requirement of the course. The course should enhance the managerial skills of the participants in the way that it allows them to analyze relevant data sets in order to understand the underlying economics and finally reach the right decisions.
Leaders and managers in finance need to focus on value as well as values in their actions. We will discuss contemporary debates in ethics on a conceptual as well as practical level. We will review what voluntary moral behavior reflects current best practice and why. We revisit the impact of codes of conduct, industry standards and regulations. The course also sheds light on international differences and convergence trends. Based on real life cases, participants shall practice with the ‘giving voice to values’ methodology how to deal with emerging dilemmas and analyze complexity drivers in today’s fast-paced financial world. By the end of the course, we will have created a holistic understanding on how sound ethics contribute to the financial bottom-line of a company.
The course examines the two main forms of alternative investment vehicles, namely private equity and hedge funds, which have played an increasing role in international financial markets but also in the financing of firms. In the public debate these funds have been accused as „locusts“- a claim which we will thoroughly investigate. Furthermore, we will shed light on the difference between private equity and hedge funds but also on the different varieties in each fund family (such as venture capital and leveraged buy-outs). The aim of the course is to provide students with a better understanding of the functioning of private equity and hedge funds activities, their strategies as well as their organizational design and their performance. Building on a combination of case studies and lecture we will discuss the main aspects in which private equity and hedge funds differ with respect to conventional investment and financing vehicles (such as mutual funds or the provision of capital for firms via public exchanges).
This course covers the valuation of derivative securities like options and futures and their use in investment and hedging strategies. In particular, we will discuss the binomial model and the Black-Scholes model for option valuation. Further topics are implied volatility, interest rate risk, and credit risk. The students will acquire practical experience with models via the use of spreadsheets.
This course concentrates on financial risk management, i.e. the assessment and management of risks stemming from financial markets such as foreign exchange risk, interest rate risk, stock price risks and credit risks. The nature of the course is both quantitative and application driven. The concepts covered are relevant for both financial and non-financial corporations. A thorough and up-to-date knowledge of risk management principles and tools is essential in today’s markets since the decisions of risk management professionals, such as treasurers, risk analysts, risk controllers and portfolio managers may determine the fate of a whole institution.
This course examines the assessment of pension obligations, main features of portfolios construction, the long-term asset, such as stocks, bonds and real estate as well as the management of exchange rate risks. Additionally, the course will cover alternative ways of how pension plans can be designed (e.g. guarantee of performance) analysis of associated financial opportunities/ risks, economic and legal basic conditions of investment funds, pension funds as well as insurance companies.
This course introduces students to the major concepts and instruments for the management of credit risk in both capital markets and banking institutions. In particular, various obligor-specific and portfolio risk models and products such as scoring and structural model or CDS and CDOs will be discussed. The course is taught based on the idea that analytical methods are best understood by implementing them. The topics will at first be discussed in class where the theoretical underpinning is presented. This is followed by an implementation in Excel. Although not always the first choice for some problems, it is the major application used in financial institutions and accessible from almost everywhere. Nonetheless, students are not required to have an excessive prior knowledge in Excel! All applications will be demonstrated and described in class.