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."
The Master “Financial Markets and Risk Evaluation” (FiRE) offers theoretical and practical insights on financial markets.
Theoretical insights are all the more needed after the great financial crisis of 2008 that has shown that blind applications of valuation and risk management models could prove unproductive. These theoretical insights are acquired by students with the instruction offered by world-class academics who have contributed to building them.
Practical insights are also offered to ensure that students are accustomed to the functioning and vocabulary of financial markets, the strategies of investors and the pricing of financial assets, with a particular emphasis on risk measurement and evaluation.
Students pursuing the Financial Markets and Risk Evaluation track will also learn to:
- Use modelling and computational tools to price financial assets ;
- Understand the functioning of financial markets ;
- Identify and manage operational and financial risks.
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Asset pricing
ECTS : 5.00
HCM : 30.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
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
- Prérequis
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).
Corporate finance
ECTS : 5.00
HCM : 30.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
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
- Prérequis
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).
Information technology for finance
ECTS : 5.00
HCM : 30.00
Introduction to SAP
HCM : 12.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
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
- Prérequis
• Basic knowledge in business processes
• Basic knowledge of personal computer
Python for Finance
ECTS : 4.00
HCM : 24.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
By the end of the course, students should be able to:
- Write a basic Python program;
- Apply different programming paradigms like functional and object oriented programming;
- Use versioning control software;
- Read in and manipulate structured data using dedicated libraries;
- Create some basic models and algorithms in a structured and documented way;
- Synthesize information and present the results in a written form.
- Prérequis
Laptop or access to university computers.
Basic understanding of math and logic.
Financial econometrics
ECTS : 5.00
HCM : 30.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
On completion of this course, students should be able to:
- Be familiar with the econometrics techniques used in financial analysis (e.g. event studies, differences- in-differences, time series analysis, panel data analysis)
- Develop an econometric model to test an economic hypothesis
- Implement such an econometric model using standard econometric software (e.g. identify the data, create variables, apply econometric techniques)
- Interpret the outcomes of empirical analyses
- Present the results of the empirical analysis in a professional manner.
- Prérequis
Intermediate knowledge in finance theory and in econometrics.
Derivatives
ECTS : 4.00
HCM : 24.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
By the end of this course, students should be able to:
- Apply the arbitrage pricing methodology and discuss cases it does not apply in the pricing of derivatives
- Compute the price of complex derivative instruments (e.g., American or exotic options) and other related financial instruments
- Show how financial intermediaries may hedge their position when they issue derivatives
- Construct investment strategies using derivatives
- Discuss regulation of derivatives contracts
- Work effectively in a group
- Incorporate ethical dimensions and implications for sustainability in financial decisions
- Provide concise summaries of complex cases in both written and oral form
- Prérequis
This course is a technical course. Students are expected to have a minimum preparation in mathematics, statistics, econometrics, and programming.
The course builds on introductory courses in market finance and risk management. Students are expected to have a basic knowledge of standard derivative instruments (forward contracts, options) and of the notion of pricing by arbitrage. Students need to be able to price a forward contract using cash-and-carry and to price a European option in the binomial model. More precisely, for students from Toulouse Capitole University, the following introductory Finance courses are recommended:
- M1 Finance, Toulouse School of Management: Financial Derivatives and Financial Markets
- M1 in Economics, Toulouse School of Economics: Market Finance
The course follows up on the core course Asset Pricing offered in the first semester of the M2 Finance.
Internship / Entrepreneurial project
ECTS : 15.00
Langue d'enseignement : Anglais
Machine Learning for Finance using Python
ECTS : 4.00
HCM : 24.00
HTD : 0.00
Langue d'enseignement : Anglais
Economics for finance
ECTS : 5.00
HCM : 30.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
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
- Prérequis
Previous exposure to basic finance concepts is a plus.
Asset management and trading
ECTS : 4.00
HCM : 24.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
After this class, students should be able to perform the following tasks:
- Describe the asset management process
- Identify mispriced financial assets
- Design investment strategies
- Assess the performance of investment strategies
- Implement trading strategies
- Apply ethical considerations to management decisions
- Work effectively in a group
- Prérequis
Basic Mathematics and Statistics.
Psychology for finance
ECTS : 4.00
HCM : 24.00
Langue d'enseignement : Anglais
Risk management
ECTS : 4.00
HCM : 24.00
Langue d'enseignement : Anglais
- Objectifs pédagogiques
By the end of the course, students will be able to:
- Describe the objectives of risk management (shareholder value maximization and beyond)
- Evaluate exposure to different sources of risk (market risk, credit risk, liquidity risk, operational risk)
- Apply the standard tools for Risk Management in Finance and Insurance
- Prérequis
This course requires the understanding of:
- Financial instruments basics;
- Pricing basics (Black-Scholes, Pricing parameters, Discounting);
- Greeks basics (Delta, Vega, Gamma);
Prerequisites for all 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
Please note that candidates who have completed the TSM M1 in Finance are given priority.
Need help? Consult our FAQs or contact assistance-admission@tsm-education.fr
This Master is a programme in partnership with Toulouse School of Economics (TSE).
The FIRE Master is a great programme. It strikes the perfect balance between theoretical and applied finance, including useful tools in the industry such as VBA programming and Excel techniques. Another strong point about it is that professors come from both academia and the financial industry, making the programme very appealing for someone who wants to become a practitioner with a strong technical background. I joined the programme after completing the first year of the Master in Economics at TSE and would definitely recommend this programme to others.
Juan David GOMEZ
Class 2013/2014
83%* of students have found a job within 3 months after graduation.
31%* of students have found a job abroad.
The average annual net salary two years after graduation was above 40,000€*.
Career opportunities:
- Risk analysis
- Brokerage
- Asset management
- Trading
- Middle office
- Design of structured products
- Private equity
- Consulting
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 FiRE.
