The TSM Master in Finance among the top 10 Masters in Finance that are EFMD-accredited worldwide
The European Foundation for Management Development (EFMD) Accreditation 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."
This first year of the Master in Finance allows students to build a strong conceptual framework in order to analyse financial issues. The second year of the programme builds on this by developing practical applications.
At the end of the first year, students will undertake a compulsory internship in a company from 2 to 5 months.
At the end of the second year, a 6-month internship is mandatory.
By the end of the Master in Finance, students will be able to:
Know the basic institutional and regulatory framework of finance in organisations and markets ;
Understand the conceptual foundations and analytical methods in finance ;
Apply analytical methods in finance to solve practical problems encountered by corporations, financial institutions and markets ;
Critically assess the drivers of contemporary financial issues ;
Incorporate ethical dimension and implications for sustainability in financial decisions ;
Communicate effectively in oral and written form ;
Respond to an internship and/or job offer having acquired the mastery of application tools (workshops 2, 3 and 4)
Optimise their participation in the Internship Forum (workshop 5)
Develop and animate their professional network (workshop 7)
Mathematics for finance and insurance
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Introduction to optimization for finance and insurance
ECTS : 3.00
HCM : 15.00
HTD : 7.50
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the course, students should be able to:
Eexplain the main features of multivariate functions
Solve simple problems of constrained optimization
Utilize optimization methods in selected finance applications
Prérequis
Basic mathematical calculus, including derivatives of functions of one variable, maximization/minimization of a function of one variable, solution of systems of linear equations
Introduction to probability for finance and insurance
ECTS : 3.00
HCM : 15.00
HTD : 7.50
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the course, students should be able to:
Describe the concept of probability and stochastic variable
Compute the main moments of stochastic variables
Utilize probability theory in selected finance applications
Prérequis
Basic mathematical calculus, including derivative and integration.
Business economics
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the module, students should be able to:
Describe the economic foundations for decision making in finance, notably the appreciation of risk
Explain the economic methodology used to analyse situations of strategic interaction (game theory)
Solve simple problems of strategic interaction
Appraise how firms interact strategically in product markets
Introduction to financial accounting and reporting
ECTS : 4.00
HCM : 15.00
HTD : 7.50
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of this course, students should be able to:
Explain the main accounting principles and mechanisms
Read and analyse financial statements
Describe and apply some basic international accounting standards
Prérequis
General accounting background.
Financial markets
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Introduction to derivatives
ECTS : 3.00
HCM : 15.00
HTD : 7.50
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of this course, students should be able to:
Explain what derivative instruments are
Explain how derivative instruments may be used to manage risks or design directional strategies
Price simple forward contracts on financial assets by arbitrage
Price a European call or put option in the binomial model of Cox-Ross-Rubinstein
Use Black Merton Scholes formula to price a European call or put option
Prérequis
This course is a technical course. Students are expected to have a minimum preparation in probability theory (random variables, expectation, conditional expectation, binomial distribution, normal distribution) and statistics.
Organization of financial markets
ECTS : 3.00
HCM : 15.00
HTD : 7.50
Langue d'enseignement : Anglais
Objectifs pédagogiques
At the end of the course, students should be able to:
Explain the main functions of financial markets
List the main financial markets and market participants
Describe how markets, banks and insurance companies are regulated
Explain the process of trading in financial markets (limit order book, fixed income markets)
Calculate the value of the main fixed income instruments such as bonds, commercial papers, foreign exchange
Prérequis
None.
Principles of corporate finance
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the course, students should be able to:
Discuss the merits of corporate social responsibility
Compare various sources of external finance
Explain the basic determinants of capital structure
Appraise the tax implications of capital structure choices
Describe basic agency problems arising in corporation
Appraise how financial decisions contribute to the objectives of the firm
Prérequis
An introductory class to corporate finance and valuation principles is highly recommended. An introductory class to game theory is a plus.
Foundations of asset pricing
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the module students should be able to:
Recognize different types of financial assets
Discuss the characteristics and pay-offs of financial assets
Explain the risk/return trade-off of investment strategies
Describe the benefit of diversification of holding a portfolio of assets
List the factors which can affect asset prices
Compute the value of financial assets using traditional asset pricing models
Prérequis
Notions of probability theory and calculus.
Introduction to Information Technology for Finance
ECTS : 4.50
HTD : 45.00
Programming for Finance
ECTS : 3.00
HTD : 30.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of this course, students should be able to:
Design an algorithm using a graphical formalism
Implement an algorithm in VBA, following basic best programming practices
Modify and debug an existing program using the VBA editor and debugger
Develop a simple Excel VBA program using simple interactions with the Excel Object Model
Prérequis
None.
Excel for finance
ECTS : 1.50
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of this course, students should be able to:
Compute basic financial determinants (NPV, IRR) of an investment project using Excel
Extract, clean and present data and descriptive statistics using Excel
Solve an optimization problem (find the composition of the optimal portfolio)
Compute sensitivity analysis and simulation using Excel
Compute the cost of capital using Excel
Manage cash holdings using Excel
Price an option using Excel
Build autonomously an Excel template to answer a financial problematic
Work effectively in a group
Prérequis
Computer basics, office tools.
Intermediate knowledge in both corporate and market finance as long as intermediate knowledge of Excel.
Group project
ECTS : 3.00
HTD : 41.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the Module, students should be able to:
Define the objectives of a project and define the milestones to achieve the objectives
Plan and use adequate methods to conduct qualified tasks in given frameworks
Interpret analysis results and make recommendations with valid justifications for actions
Prérequis
Basic finance knowledge studied in Asset pricing and Corporate finance.
Internship
ECTS : 2.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the internship students should be able to:
Integrate academic theory with practical experience in a professional field of interest
Develop content specific and transferable skills
Synthesize information in written and oral form
Prérequis
Notions studied in the M1 classes.
Law and Finance
ECTS : 1.50
HCM : 9.00
HTD : 6.00
Langue d'enseignement : Anglais
Introduction to corporate valuation
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
By the end of the module, students should be able to:
Calculate the fair price of a financial instrument
Identify appropriate financial criteria for investment decisions
Integrate risk into the cost of capital
Recognize key financial indicators from financial statements
Perform corporate valuation based on discounted cash flows
Reconcile the book and market value of equity
Calculate price-earnings ratios
Prérequis
Fundamentals of Accounting; Probability basics, Intermediate Calculus.
Initiation to research and internationalisation
ECTS : 2.00
HCM : 12.00
HTD : 9.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
Comprehend research terminology
Describe ethical principles of research, ethical challenges and approval processes
Critically evaluate the research design relevant to a specific research question
Translate academic insights into everyday language
Research skills:
Knowledge and intellectual abilities: practical application of research methods; information seeking; analysing; synthesising
Personal effectiveness: integrity; self-reflection; time-management
Research governance and organisation: ethics; project planning and delivery
Engagement, influence and impact: team working; collegiality; communication methods
Prérequis
None.
Econometrics
ECTS : 6.00
HCM : 30.00
HTD : 15.00
Langue d'enseignement : Anglais
Objectifs pédagogiques
At the end of the class students should be able to:
Summarize the statistical properties of the OLS estimator
Design a formal econometric test based on an economic argument
Estimate simple statistical tests of hypothesis
Use statistical packages to estimate econometric models
Deduct an economic and statistical interpretation of a regression output
Prérequis
Basic knowledge of Probability, Statistics and Matrix Algebra.
To participate fully and to complete the course successfully, you must ensure you have a computer with a working webcam, microphone, reliable access to an Internet connection, access to Google Workspace and the software R.
Can I apply to both rounds?
No, you can only apply to one of the two rounds.
We advise you to apply to the first round (first semester) if you have particular reasons to apply at that period, such as a visa application, etc.
We recommend that you apply to the second round if you think that you can provide more information to the selection committee, such as grades from the first semester of the third year.
Prerequisites applicable to all candidates
→ Successful completion of 180 ECTS (before registering at TSM in September)
→ An English language test for non-English speakers (B2 required). List of the English language certificates accepted here.
Students having completed at least two years of full time university studies (at Bachelor or Master level) in English are exempted.
→ Examination of candidate’s application and possible interview
As a foreigner, choosing amongst other institutions/cities in France, I found in the academic plan the perfect balance between theoretical knowledge and professional experience, which is something that not all schools are able to offer. Besides this balance, the fact that the courses are developed in English provides me with wider international knowledge, but also opens the door to more possibilities of international work experience. After having some professional experience, I look forward to applying the hands-on knowledge into my courses and to complement each side with the other. I expect my career not to be developed in only one country; I look forward to the international experience and knowledge.
Montserrat ANGLES ENRIQUEZ
Class 2016/2017
Following the first year, the second year of the Master in Finance (M2) offers students various training paths:
Students who wish to do a double degree must apply during their M1 in Finance at TSM.
Our graduates are highly sought after by French and international recruiters, such as banks, consultancies, large multinationals and asset management firms, among others.
Les autres formations
Master 2 Corporate finance (FI)
Master 2 Financial markets and risk evaluation (FI)
