Formations

Master 1 Finance (FI)

Formation initiale Formation enseignée en anglais

contact

Christophe BISIÈRE
Responsable pédagogique

Laurence MAHUL
Responsable administratif

master1.finance@tsm-education.fr

candidature

Applications for the academic year 2021:

  • Round 1: from December 7, 2020 to January 8, 2021
  • Round 2: from February 22 to March 26, 2021

Publication of admission results:

  • Round 1: February 8, 2021
  • Round 2: June 7, 2021

    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."

 

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 Market 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.

 

Discover our Campus Channel Interview

 

Semestre 1

UE 01 - Foundations of asset pricing

ECTS : 6.00

HCM : 30.00

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques
    Being able to price a financial asset, such as bonds and shares, is the starting point of any financial decisions. The purpose of the module is to provide students with the fundamental principles of asset pricing, using theoretical concepts, empirical evidence and some practical applications. The intention is for the students to increase their knowledge and understanding of modern finance theory.
     
    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
    • synthesize information and present the results in a written form.
    • work effectively in a group
  • Prérequis

    Notions of probability theory and calculus.

Syllabus

UE 02 - Introduction to corporate valuation

ECTS : 6.00

HCM : 30.00

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques
    This course is about how corporations make financial decisions. Topics include asset valuation, capital budgeting, cost of capital, financial reading of accounting statements, capital structure, profit ratios, value creation and price-earning ratio. Students will learn core concepts and tools to make investment decisions and maximize value.
     
    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

    Accounting basics.

Syllabus

UE 03-1 - Mathematics for finance and insurance (Introduction to optimization for finance and insurance)

ECTS : 3.00

HCM : 15.00

HTD : 7.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The purpose of the lectures is to give the mathematical foundations of analysis and optimization needed to present modern and classical economic theory as optimal consumption problems.

     

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

    • explain the main features of multivariate functions
    • solve simple problems of constrained optimization
    • utilize optimization methods in selected finance applications
  • Prérequis

    Basic mathematical calculus, including derivative and maximization/minimization of a function of one variable

     

Syllabus

UE 03-2 - Mathematics for finance and insurance (Introduction to probability for finance and insurance)

ECTS : 3.00

HCM : 15.00

HTD : 7.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The purpose of this course is to give the mathematical foundations (Probability theory) needed to understand modern finance theory, including Mathematical theory of Risk, Portfolio theory, Capital Asset Pricing Model, option pricing, etc.

     

    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.

Syllabus

UE 04 - Business economics

ECTS : 6.00

HCM : 30.00

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques
    In this course, students will learn to analyse firms’ decisions by applying principles of economic analysis. Using the rational behaviour paradigm, we will study how firms should account for their environment—both the nature of consumer demand and the structure of rival competition—when choosing strategic variables such as price, competition, and quality. We will also discuss topics relating to contractual relationships either between firms (vertical restraints, mergers) or within the firm (principal-agent theory).
     
    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
    • communicate effectively in oral form
  • Prérequis

    Basic mathematical knowledge (basic algebra, derivatives)

Syllabus

UE 05 - Introduction to financial accounting and reporting

ECTS : 4.00

HCM : 15.00

HTD : 7.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The increase in the internationalization of many industries in recent years has led to an important increase in the number of companies operating globally. Knowledge of international accounting rules is thus becoming increasingly important for the accounting and finance professionals.

     

    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
    • communicate effectively in oral form
    • work effectively in a group
  • Prérequis

    General accounting background.

Syllabus

UE 06 - Initiation to research

ECTS : 2.00

HCM : 12.00

HTD :

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The capacity to innovate has become a critical skill for the 21st century business person and entrepreneur operating in an ever more complicated and fast changing world. Design thinking and innovative problem solving use deep theoretical understanding, problem framing, a range of ideation techniques, and critique to generate and develop implementable concepts. The purpose of this course to provide students with conceptual arguments underlying current finance thought and on-going controversies and debates on selected financial issues. The emphasis is on developing an inquiring mind and a critical approach to conceptual as well as related practical issues.

     

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

    • Identify research terminology
    • Describe ethical principles of research, ethical challenges and approval processes
    • Criticize the research design relevant to a specific research question  
    • Translate academic insights into everyday language
    • Set up an oral presentation of a research paper
    • Implement self-management of a project team

     

    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.

Syllabus

Semestre 2

UE 07-1 - Financial markets (Introduction to derivatives)

ECTS : 3.00

HCM : 15.00

HTD : 7.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    Modern managers can use financial derivatives such as futures, options, and swaps to hedge particular kinds of risk or to change the returns on their portfolios in certain ways. The purpose of this course is to provide the student with the necessary preliminary skills to value simple forward contracts and plain vanilla options by arbitrage. In order to provide a useful treatment of these topics it is necessary to stress fundamentals and to explore topics at a somewhat technical level.

     

    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
    • communicate effectively in oral form
    • work effectively in a group
  • 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.

Syllabus

UE 07-2 - Financial markets (Organization of financial markets)

ECTS : 3.00

HCM : 15.00

HTD : 7.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    This course provides an extensive introduction to financial markets and its environment. The main objectives are to give an overview of all asset classes and the different financial instruments (stocks, bonds, money market instruments and foreign exchange), to review the regulation of financial markets and their participants, and to understand the functioning of some key markets.

     

    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
    • synthesize information and make focused presentation
    • work effectively in a group
  • Prérequis

    None.

Syllabus

UE 08 - Principles of corporate finance

ECTS : 6.00

HCM : 30.00

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    This course provides theoretical foundations of corporate financial decisions. It aims at understanding how financial decisions (capital structure, capital budgeting, payout policy) contribute to the objective of the firm, in particular to shareholder value maximization. The course also emphasizes the conceptual framework underlying standard corporate valuation techniques. 

     

    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
    • work effectively in a group
  • Prérequis

    An introductory class to corporate finance and valuation principles is highly recommended. An introductory class to game theory is a plus.

Syllabus

UE 09 - Econometrics

ECTS : 6.00

HCM : 30.00

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    This class is an introduction to econometrics. The goal is to provide students with methodological and quantitative tools to understand basic econometric models and use them to answer real-world questions. This class introduces models that facilitate the understanding of financial econometrics. Emphasis is put on intuitive understanding of concepts and on examples related to finance.

     

    At the end of the class 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
  • Prérequis

    Basic probability and statistical concepts. Linear algebra.

Syllabus

UE 10-1 - Introduction to Information Technology for Finance (Programming for Finance)

ECTS : 3.00

HTD : 30.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The aim of this course is to introduce the main concepts of algorithmic (variables, data structure, functions and subprograms...) and the main instructions of procedural programming (loops, tests,...). The course will use Visual Basic for Applications as programming language as well as graphical formalism to design algorithms.

     

    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.

Syllabus

UE 10-2 - Introduction to Information Technology for Finance (Excel for finance)

ECTS : 1.50

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    Modern finance is digital, so mastering digital tools and in particular Excel is among the fundamental requirements for a career in finance. In this course, the student will learn how to use Excel to value firm’s financial policies and to price financial securities.  The instruction stresses on the best practices to tackle various issues that are commonly at stake.

     

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

    • compute basic financial determinants (NPV, IRR) of an investment project using Excel
    • determine the composition of an optimal portfolio using Excel
    • compute the cost of capital using Excel
    • manage cash holdings using Excel
    • price an option using Excel
    • communicate effectively in written form
    • 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.

     

Syllabus

UE 10-3 - Introduction to Information Technology for Finance (Database management)

ECTS : 1.50

HTD : 15.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    This course is an introduction to Management Information Systems (MIS) and to one of their main issues: data management. The first goal is to present MIS and how they can help businesses accomplish their goals and objectives. The second and main goal of this course is to present data management: the essential rules allowing designing a coherent database within the framework of a precise activity, and the query languages which allow you to benefit from these data. Acquired competences must allow students to be able to exploit a database, within the framework of their professional activity, to be informed interlocutors for the design of computerized information systems in their company. Concepts seen in this course are implemented through the DataBase Management System (DBMS) Microsoft Access, which is widespread in the field of micro processing. The students will thus control the essential functions of any DBMS of the market. 

     

    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
    • communicate effectively in oral and written form
    • work effectively in a group
  • Prérequis

    Computer basics, office tools.

Syllabus

UE 11 - Group project

ECTS : 3.00

HTD : 41.00

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    In this module, students are required to carry out a project in finance (e.g., business valuation, financial analysis, option pricing, test of the CAPM model, fund performance…). By group of four students, they should define the objectives of the project, the milestones to achieve the objectives, use adequate methods to carry out the analysis, interpret the results and make recommendations with valid justifications for actions. Students should communicate effectively in a well-structured manner both when writing the technical report and when presenting it orally.

     

    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
    • build team spirit, presentation and technical writing skills
    • respect and integrate the opinion of others
    • communicate effectively in a well-structured manner and build up an open minded attitude

     

  • Prérequis

    Basic finance knowledge studied in Asset pricing and Corporate finance.

Syllabus

UE 12 - Professional Development Workshop

ECTS : 1.00

HTD : 13.50

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    The aim of this module is to:

    • improve their knowledge of the world of practice
    • support the students in the construction of their professional project
    • provide toolkit for internship and job search tools and techniques
    • promote the success of the internship period
    • develop the skills to integrate and evolve throughout their professional career

     

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

    • develop and improve self-awareness
    • get prepared physically, intellectually, and mentally for interviews
    • improve behaviour and communication style

     

  • Prérequis

    None for the teaching unit.
    Each phase is prepared in advance by the student. This preparation is a prerequisite. All informations are given with Google Classroom.


    Prerequisites before each phase:

    • Having an up-to-date CV and one or more examples of cover letters.
    • Performing Big Five personality test online.
    • Recording a presentation video on easyRECrue
    • Writing a draft pitch of your search of your internship.
    • Creating a profile on LinkedIn and filling different sections of your profile.

     

Syllabus

UE 13 - Internship

ECTS : 2.00

HTD :

Langue d'enseignement : Anglais

  • Présentation et objectifs pédagogiques

    Students are required to do an internship of 2 to 5 months (at least 3 months is highly recommended) starting in April (after the exam session). During the internship students are supposed to participate to the activities of investment funds, investment banks or retail banks, or to work in the finance department of companies. Students can also set up their own firm.

     

    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
    • establish mentoring relationships with professionals in a career field of interest
    • build a professional network
    • respect and integrate the opinion of others
    • work effectively in team
  • Prérequis

    Basic knowledge studied in the M1 classes.

Syllabus

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

 

Need help? Consult our FAQs or contact master1.finance@tsm-education.fr 

 

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)