Formations

Master 2 Financial markets and risk evaluation (FI)

Formation initiale Formation enseignée en anglais

contact

Sophie MOINAS
Responsable pédagogique

Paul SÉROUGNE
Responsable administratif-ve

m2.finance@tsm-education.fr

candidature

Candidatures pour l'année 2023-2024 :
→ ouverture des candidatures : 1er mars 2023
→ fermeture des candidatures : 3 avril 2023
→ publication des admissions : 19 juin 2023
→ confirmation des candidats : jusqu'au 22 juin 2023

 

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    label contrôlé par l&aposEtatEPAS TSM        france compétencesEduniversal

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.

 

Take a look at our programme video

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UE01 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).

UE02 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).

UE03 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

VBA for finance

HCM : 18.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

    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

     

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

UE04 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.

     

UE05 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 
    • 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.

UE06 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.

UE07 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.

UE08 Psychology for finance

ECTS : 4.00

HCM : 24.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

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

    • Identify the sources of financial markets’ inefficiencies
    • Llist 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
  • Prérequis

    Basic Mathematics and Statistics.

UE09 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);

UE10 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.

UE11 Internship / Entrepreneurial project

ECTS : 15.00

Langue d'enseignement : Anglais

  • Objectifs pédagogiques

    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
  • Prérequis

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

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.

Les autres formations

Master 2 Corporate finance (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)

Master 1 Finance (FI)