Programmes

Master 2 Corporate Finance (Full Time Programme)

Full time programme

contact

Catherine CASAMATTA
Head of Programme

Elodie PEREZ
Administrative Officer

master2.finance@tsm-education.fr

Application form

Applications for the academic year 2020/2021 took place from February 3 to April 10, 2020. They are now closed.
Whether you are a TSM student or you are considering joining our community:

  • it is no longer possible to complete a submitted application;
  • you can now follow the progress of your application evaluation on the eCandidatures platform;
  • you can view the decision of the education committee (the results will be published on June 18, 2020);
  • you must confirm your interest in registering for this programme (from 18 to 23 June 2020).

    label contrôlé par l&aposEtatEPAS TSM

 

The TSM Master in Finance among the top 10 Masters in Finance that are EPAS-accredited worldwide

EPAS is delivered by the European Foundation for Management Development (EFMD). It is the most thorough programme accreditation system for business and management programmes with an international perspective. According to EFMD: "The TSM Master in Finance is a robust academic programme with a commendable connection with the world of practice. The programme demonstrates several examples of best practices among which the use of ILOs to develop the provision but also to conduct programme delivery and assessment. The programme also offers a unique academic approach combined with the purpose of applying knowledge and skills to solving real-life problems and practical learning opportunities through internships."

The Master in "Corporate Finance" aims at providing students with the skills required to analyse and manage corporate financial structure.

 

The main areas of study include managing investments and risk, planning and managing financial strategies, managing interest and exchange rate exposures, and corporate accounting and audit. 

On completion of these studies in corporate finance, students will have acquired a breadth of financial expertise including a good grasp of how markets operate, as well as a more specific understanding of banking, accounting, strategy, and IT.

 

Students pursuing the Corporate Finance track will learn to:

  • apply financial analysis and corporate valuation methods;
  • plan and manage strategic financing;
  • identify and manage operational and financial risks.

 

 

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UE 01 - Asset pricing

  • Presentation and intended learning outcomes

    This course covers the fundamentals and practice of asset pricing. The first part of the course will pay special attention to fixed income products. Financial institutions and corporations use fixed income products to manage their assets and liabilities. They can use financial derivatives such as futures, options, and swaps to hedge their risks or to change the returns of their portfolios. The purpose is to provide students with the necessary skills to value and to employ fixed income instruments. We will specifically focus on instruments that are mostly used by portfolio managers, treasurers and traders, namely interest rate derivatives, currency forward contracts, interest rate swaps and options. The approach will be very market oriented in order to offer a link between the theory (pricing models) and the market practices.

     

    The second part of the course will uncover the fundamentals of asset pricing models, starting from notions of market efficiency and anomalies linked to return predictabilities. We start by introducing basic concepts and dynamic asset pricing models building on the CAPM, with the aim of understanding how these models can be used to explain asset prices. We develop consumption-based asset pricing models and explore how asset prices depend on future expected payoffs and investors’ preferences about consumption and risk, and how they are affected by consumption and payoff shocks. We introduce factor models and give an outlook on their use and role in practice.

     

    By the end of this course, students should be able to:

    • apply consumption-based asset pricing models to assess risk premia
    • explain the market efficiency hypothesis and its empirical validity
    • discuss the use and role of factor models
    • apply asset pricing models to evaluate investment performance
    • compute the value of fixed income instruments
    • choose the right fixed income instrument according to a financial objective

     

  • Prerequisite

    Students are expected to have a minimum preparation in mathematics, statistics and econometrics. An introductory course of Asset Pricing is a plus.
    Students are expected to have a basic knowledge of standard financial instruments (bonds, forward contracts, options).

Syllabus

UE 02 - Corporate finance

  • Presentation and intended learning outcomes

    The course covers several topics in corporate finance and emphasizes the interaction between financial decisions and strategic choices of corporations. The objective of the course is to apply concepts and tools from finance theory to analyze actual problems faced by firms, and to provide insights on the practice of corporate finance.

    At the end of this course, students should be able to:

    • apply standard conceptual frameworks used in finance to major corporate events (like e.g. IPOs, M&A, dividend distribution, corporate governance decisions, early stage fund raising,...)
    • evaluate the financial implications of these events
    • identify the ethical issues at stake for corporations
    • appreciate the role of corporate governance.
    • provide concise summaries of complex cases in both written and oral form
    • work effectively in a group
  • Prerequisite

    Foundations on corporate finance theory (Modigliani-Miller, trade-off theory, agency issues, asymmetric information and financial decisions)
    Basics of corporate valuation and accounting (financial statements, valuation methods: DCFs, multiples, cost of capital)

Syllabus

UE 03-1 - Information technology for finance (Introduction to SAP)

  • Presentation and intended learning outcomes

    Enterprise resource planning (ERP) systems are used by organizations looking to manage their business functions within a centralized and integrated system. The course is intended to explain how the fundamental business processes interact within an ERP system in the different functional areas such as sales and distribution, materials management, production planning, financial accounting, controlling, and human resource management. Special attention will be dedicated to SAP as it is the most common ERP system which is used among large entreprises. The course is given on a hands-on approach: after an introductory part, students learn to use an ERP through practical applications in computer lab.

     

    By the end of the course, students should be able to:

    • explain the main concepts of an ERP and discuss its opportunities and challenges
    • describe the structure of an SAP system
    • navigate through an SAP system
    • execute simple SAP transactions.
    • work effectively in a team

     

  • Prerequisite

    •  Basic knowledge in business processes   
    •  Basic knowledge of personal computer

Syllabus

UE 03-2 - Information technology for finance (VBA for finance)

  • Presentation and intended learning outcomes

    Visual Basic for Applications (VBA) is an implementation of Microsoft's programming language Visual Basic, and associated development environment, built into Microsoft Office applications. Excel VBA is widely used in the finance industry, to create complex financial spreadsheet models. This intermediate course aims at providing students with a solid background and understanding of VBA structured and event-driven programming techniques, along with best programming practices, such that students write good quality, easy to maintain code. 

    At the end of the course, students should be able to:

    • maintain an existing application through bug fixing, code cleanup, and feature developments
    • develop new applications using event-driven and object oriented programming techniques
    • enhance code quality through good coding practices
    • synthesize information and present the results in a written form. 
    • work effectively in a group

     

     

  • Prerequisite
    • General knowledge of personal computer.
    • Excel (intermediate).
    • Programming (beginner).

Syllabus

UE 04 - Financial econometrics

  • Presentation and intended learning outcomes

    Financial econometrics is the application of statistical methods to financial data. It provides a set of tools that are useful for modeling financial data and testing hypothesis about how markets work and prices are formed. The course is designed to cover the essential tools of financial econometrics and empirical finance with a moderate degree of sophistication. In this sense, the course will be applied to give students the useful tools to become fully autonomous when carrying out empirical analysis in a professional context.

     

    On completion of this course, students should be able to:

    • describe the statistical properties of the OLS estimator
    • translate an economic argument into a formal econometric test
    • implement simple statistical tests of hypothesis
    • use statistical packages to estimate econometric models
    • provide an economic and statistical interpretation of a regression output
    • communicate effectively in oral and written form
    • work effectively in a group

     

  • Prerequisite

    Intermediate knowledge in finance theory and in econometrics.

Syllabus

UE 05 - Economics for finance

  • Presentation and intended learning outcomes

    This course introduces some fundamental economic concepts and tools and shows how these can be used to understand financial behaviors as well and the functioning of financial markets.

     

    Upon completion of this course, students will be able to:

    • describe the drivers of international trade and capital flows 
    • analyze the functioning of global financial markets (exchange rates, parity relations, international arbitrage)
    • master the fundamental tools for international risk management
    • work with economic models that underpin theories of intermediation and corporate finance
    • understand the interactions between financial markets and financial decisions
    • undertake a model-based analysis of financial decision-making by companies, investors and intermediaries
    • apply ethical considerations to global issues 
    • provide concise summaries of complex cases in written form

     

  • Prerequisite

    Previous exposure to basic finance concepts is a plus.

Syllabus

UE 06 - Corporate valuation

  • Presentation and intended learning outcomes

    The objective of this course is to allow students to review financial analysis and valuation techniques, and to apply them to the context of private companies.

     

    At the end of the course, students should be able to 

    • describe valuation methods for non listed companies
    • conduct the financial analysis of a private company
    • apply appropriate valuation methods depending on context
    • assess financial and extra financial value drivers of a business
    • work effectively in a group
    • adapt communication for a managerial audience
    • synthesize information and make focused presentation

     

  • Prerequisite

    A first course on financial analysis and corporate valuation methods.

Syllabus

UE 07 - Financial intermediation

  • Presentation and intended learning outcomes

    The course will provide students with a general knowledge in cash management and financial intermediation and its environment.

     

    At the end of the course, students should be able to 

    • describe the role of banks as liquidity providers
    • explain the source of fragility of banks 
    • illustrate how banks reduce risk through asset-liability management
    • describe how banks implement recent financial stability regulation
    • describe tools offered by banks for corporate cash management
    • Work effectively in a group
    • Adapt communication for a managerial audience
    • Synthesize information and make focused presentation

     

  • Prerequisite

    None.

     

Syllabus

UE 08 - Advanced corporate finance

  • Presentation and intended learning outcomes

    The purpose of this course is to help students acquire the necessary skills to identify, value and assess corporate risks, as well as to employ futures, swaps, options and related financial instruments to hedge these risks. The course covers both theoretical principles as well as practical approaches. For this reason, it includes readings, case studies and a practical project.

     

    By the end of this course, students should be able to:

    • classify the different sources of corporate risk
    • calculate some risk measures 
    • formulate recommendations for corporate risk management
    • classify the different types of real options
    • identify real options embedded in a corporate decision
    • compare and contrast real options analysis with traditional valuation methods
    • work effectively in a group
    • provide concise summaries of complex cases in both written and oral form

     

  • Prerequisite

    The course builds on introductory courses in market finance and derivatives. Students are expected to have a basic knowledge of standard derivative instruments (forward contracts, options), of the notion of pricing by arbitrage, and of the Black and Scholes option pricing formula. More precisely, the following introductory Finance courses are recommended:

    M1 Finance, TSM: Financial Derivatives and Financial Markets

    M1 in Economics, TSE: Market Finance

    The course is not highly technical in the sense that it does not focus on the pricing of derivatives instruments but on their use as risk management instruments. It also applies option pricing formulas to price real options. Students are therefore expected to have a minimum preparation in mathematics, statistics, econometrics, and programming, and to use knowledge from the VBA and Asset Pricing courses. 

Syllabus

UE 09-1 - Financial reporting (IFRS)

  • Presentation and intended learning outcomes

    The objective of this course is to introduce students to International Financial Reporting Standards.

     

    At the end of the course, students should be able to

    • execute consolidation of simple financial statements
    • describe principles and characteristics of IFRS/IAS for consolidated financial statements
    • evaluate differences between IFRS/IAS and local GAAPs
    • apply intricate IFRS/IAS requirements (e.g. IAS 12, IAS 21)

     

  • Prerequisite

    A first course in financial accounting and consolidated financial statements. 

Syllabus

UE 09-2 - Financial reporting (Statutory audit)

  • Presentation and intended learning outcomes

    The objective of this course is to familiarize students with legal audit procedures and regulation. 

     

    At the end of the course students should be able to:

    • explain the principles and regulatory framework of audit
    • describe the legal audit procedure.
    • assess the importance of ethics and compliance in audit procedures

     

  • Prerequisite

    A first course in financial reporting and consolidated statements. 

Syllabus

UE 10 - Psychology for finance

  • Presentation and intended learning outcomes

    Traditional finance typically considers that financial markets are efficient because populated by rational investors who maximize their expected utility from consumption. This course departs from this view by showing how inefficiencies can arise due to investors’ psychology and limits to arbitrage. Psychology shapes investors’ preferences: Anticipatory utility, others-regarding preferences and mood are important in understanding investors’ behavior. Psychology also affects investors’ perception: overconfidence, confirmation bias and several heuristics may impair their judgment. Whether these psychological factors have an impact on financial markets ultimately depends on rational speculators’ ability to fight against mispricings. These topics will be covered through lectures and class experiments and will trigger discussions of issues such as momentum, bubbles and crashes.

     

    At the end of the course, students should be able to: 

    • identify the sources of financial markets’ inefficiencies
    • list the various types of investors’ preferences
    • describe the various types of investors’ cognitive biases
    • use cognitive biases to design trading strategies
    • critically evaluate the impact of psychology on corporate decision-making
    • work effectively in a group

     

  • Prerequisite

    Basic mathematics and statistics.

Syllabus

UE 11 - Internship / Entrepreneurial project

  • Presentation and intended learning outcomes

    The objective of the internship is to help students develop social, communication and technical skills useful for their future career.

     

    At the end of the internship students should be able to

    • apply academic concepts in a practical situation in a professional environment
    • expand content specific and transferable skills
    • reinforce the professional network
    • respect and integrate the opinion of others
    • synthesize information and make focused presentation
    • apply ethical considerations to management decisions

     

  • Prerequisite

    Students should have attended the M2 classes before starting the internship.

Syllabus

Internal TSM candidates

→ Successful completion of 240 ECTS

→ An English language test for non-English speakers (B2 required)List of the English language certificates accepted here.

→ Examination of candidate’s application and possible interview (choice of track)

 

External candidates (non TSM)

→ Successful completion of 240 ECTS

→ An English language test for non-English speakers (B2 required)List of the English language certificates accepted here.

→ Examination of candidate’s application and possible interview

 

Need help? Consult our FAQs or contact assistance-admission@tsm-education.fr

I chose the Master in Corporate Finance, because it offers training in all the areas of expertise required for a successful career in investment banking. Apart from the technical training, the programme challenges students to become real actors in a company and become effective decision takers. Finally, being part of an international student cohort allowed me to build a network of contacts and prepared me to work for a multinational company.

Daniel PONS PUCH

Class 2016/2017 | Financial Analyst - Société Générale

83%* of students have found a job within 3 months after graduation.
17%* of students have found a job abroad.
The average annual net salary two years after graduation was above 40,000€*.

 

Career opportunities:

  • Financial analyst
  • Financial controller
  • Corporate business manager in a banking institution
  • Merger-acquisitions specialist
  • Investments manager
  • Research manager
  • Consultant
  • Asset manager


Preferred sectors: senior financial management and general management committees of groups, banks and financial institutions, private equity and venture capital firms and consultancies, international corporations.

*Source: 2016, 2017, 2018 graduate survey 2 years after completing the M2 CF.

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