Formations

Master 1 Finance (FI)

Formation initiale Formation enseignée en anglais

contact

Silvia ROSSETTO
Responsable pédagogique

Laurence MAHUL
Responsable administratif-ve

m1.finance@tsm-education.fr

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La campagne de candidatures pour l'année universitaire 2022-2023 est close depuis le 15 avril 2022.

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RNCP Code: 35913

 

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 Master 1 can be completed in mobility abroad. All information about studying abroad

 

The curriculum offers a rigorous training programme, covering the foundations of finance during the first year and offering students the option to specialise in one of three fields during the second year (Corporate FinanceFinancial Markets and Risk Evaluation, Finance and Information Technology). It also offers the opportunity to get a double degree with our partner HEC Liège (Master 2 Corporate Finance - double degree HEC Liège, Master 2 Financial Markets and Risk Evaluation - double degree HEC Liège).


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 ;
  • Solve complex problems.

 

Take a look at our programme video

Discover our Campus Channel Interview

 

UE01 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.

UE02 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.

UE03 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.

UE04 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
  • Prérequis

    Basic mathematical knowledge (basic algebra, derivatives)

UE05 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.

UE06 Initiation to research

ECTS : 2.00

HCM : 12.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

    Upon completion of the course, students should be able to:

    • 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.

UE07 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.

UE08 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.

UE09 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.

UE10 Introduction to Information Technology for Finance

ECTS : 6.00

HTD : 60.00

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.

     

Database management

ECTS : 1.50

HTD : 15.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

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

    • Explain how a Management Information Systems (MIS) can help businesses accomplish their goals and objectives
    • Interpret an entity-relationship diagram and translate it into a data model
    • Create and execute SQL queries on a given database schema
  • Prérequis

    Computer basics, office tools.

UE11 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.

UE12 Career development and internationalisation

ECTS : 2.00

HTD : 24.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

    By the end of the Career development module module, students should be able to:

    • Refine their career pathway
    • Respond to an internship and/or job offer having acquired the mastery of application tools
    • Optimise their participation in the Internship Forum
    • Develop and animate their professional network

     

    By the end of the Internationalisation module, students should be able to:

    • Identify the challenges for business and society in a globalised world
    • Discuss different ways of addressing global challenges
    • Interpret and illustrate a topic of international interest or significance
  • Prérequis

    None.

UE13 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.

Prerequisites applicable to all candidates

→ Successful completion of 180 ECTS

→ 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)

Master 2 Finance and information technology (FI)

Master 2 Corporate Finance - double diplôme HEC Liège (FI)

Master 2 Financial Markets and Risk Evaluation - double diplôme HEC Liège (FI)

Master 2 Master of Science in Finance (parcours recherche)