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Masters in Global Finance

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Master of Science in Global Finance (M.Sc.) in Germany

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Why study finance? Higher education as Finance Leader

Finance is one of the most attractive employer markets for business economists. The prerequisite for your career in the capital market, however, is a deep understanding of its interrelationships, processes, and actors. By studying Global Finance (Master of Science), you lay the foundation for your career in international companies and groups. As a manager in senior management, you will acquire in-depth specialist knowledge of finance over four semesters, language skills in English as the language of instruction and another language, as well as competence in team leadership.

Economy meets capital

In the master’s programme “Global Finance” you will acquire in-depth knowledge in business administration and finance. Your university education will focus on seminars on “Business Economics”, “International Investment” and “Values Based Management”.

  • ECTS 120
  • Semester 4
  • Language English
  • Type of Study Full-time
  • Degree Master of Science
  • Campus Cologne
  • Internship Integrated
  • Semester Abroad Optional
  • Start of Studies Cologne Winter
  • Study Fees Cologne* 5.370 €
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Study Course Plan

Some information about the study plan for the study programme Masters in Global Finance:

General business teaching units

Business Economics3 ECTS ? !
  • Demand analysis & estimating demand

  • Supply and market equilibrium

  • Production economics

  • Cost analysis

  • Estimating cost functions and production functions

  • Economies of scale

  • Prices, output and strategy in different markets

  • Game theory models of oligopoly

  • Pricing techniques and analysis

  • Government regulation

Empirical Research Methods3 ECTS ? !
  • Quantitative and qualitative methods

  • Development of a research question

  • Steps of research process

  • Methods of data collection

  • Sampling

  • Data analysis using statistical software programs (SPSS or R)

  • Writing a research report

Data Science3 ECTS ? !
  • Machine learning, AI and neural networks

  • Information visualization

  • Big Data and statistical methods for big data analysis

  • Data mining

  • Database systems (e.g Hadoop, Kubernetes)

Business Intelligence3 ECTS ? !
  • Introduction in Business Intelligence

  • KPIs and Dashboards

  • Report definitions

  • Multidimensional Modeling

  • OLAP

  • Data warehouses within a company infrastructure

  • Interfaces and ETL

  • BI Software Products

Programme specific teaching units

Global Finance3 ECTS ? !
  • Foreign exchange and eurocurrency markets

  • Managing operating exposure to currency risk

  • Foreign market entry and country risk management

  • Multinational capital structure and cost of capital

  • Real options and cross-border investment strategy

International Investments3 ECTS ? !
  • World trade and international monetary system

  • Treasury management of international transactions

  • Cross border capital budgeting

  • Corporate governance and international market for corporate control

International Financial Accounting3 ECTS ? !
  • Fundamentals of accounting

  • Fundamentals of financial accounting

  • Property, plant and equipment

  • Intangible assets

  • Financial instruments

  • Inventories and Receivables

  • Provision, Current and non-current liabilities

  • Revenue recognition

  • Superordinate standards


 

Management Accounting3 ECTS ? !
  • Managerial accounting and global business environment

  • Cost term, terms and classifications

  • Systems design: Job-order costing

  • Systems design: Process costing

  • Cost-volume-profit relationships

  • Sustainability and ethics in accounting decision making

Interdisciplinary competencies

International Project Management2 ECTS ? !
  • Social competence: Communication, motivation, groups and team structures, leadership, conflict management

  • Methodological competence: Structural aspects, time management, cost management, human resource management, creativity and problem solving

  • Organisational competence: Quality management, documentation, risk management, project start and closure

Language & Communication Skills2 ECTS ? !

The “Scholarly Writing and Analysis” course is offered for German native speakers. German as a foreign language is offered as an obligatory course for Non-native German speakers.

General business teaching units

Corporate Social Responsibility3 ECTS ? !
  • Cornerstones of sustainable management

  • CSR as management approach

  • Practical approaches of organizational effectiveness

  • Tools for CSR implementation

  • CSR and financial performance

  • Life cycle assessment

Corporate Governance3 ECTS ? !
  • Historical developments around the world

  • Directors and board structures in different parts of the world

  • Family business governance

  • Role of institutional investors

  • Corporate governance in mergers and acquisitions

  • Socially responsible investments

  • Corporate governance in different regions

Programme specific teaching units

Applied M&A & Restructuring3 ECTS ? !
  • Corporate strategy evaluation and development of strategic options

  • Emergent and prescriptive approaches

  • Gap closing strategies

  • Buy strategies: Mergers and Acquisitions

  • Build strategies: Strategic renewal, organic corporate development strategies

  • Ally strategies

Business Simulation Game (finance-specific)3 ECTS ? !
  • Market analysis

  • Developing a business plan

  • Capital procurement (loans, venture capital)

  • Human resource planning and capacity utilisation

  • Business valuation

  • Fundamentals of investment appraisal

  • Fundamentals of internal and external accounting

Sustainability & Biodiversity in Finance3 ECTS ? !
  • Ethics in Finance

  • Impact Investing

  • Biodiversity Finance

  • Socially Responsible Investments (SRI)

  • Sustainable Investments

  • Developments/Innovations in Sustainable Finance

Behavioural Finance3 ECTS ? !
  • Traditional versus Behavioural Finance

  • Revisiting EMH

  • Anomalies in the market

  • Prospect and other theories in Finance

  • Biases including herding, aversion, perception, amongst others.

  • Reflective Reasoning and the illusion of control

  • Theories and tools to alleviate behavioural issues in financial decision making

Fixed Income Securities3 ECTS ? !
  • Fixed income instruments

  • Term structures of rates and yields

  • How are bonds traded?

  • Fixed-income risk: Duration and Convexity

  • Corporate bonds: Credit risk

  • Fixed income indexes

  • Yield curve strategies

  • Interest rate scenario analysis

  • Credit strategies

FINTECHs & Digital Finance3 ECTS ? !
  • Evolution of the current Fintech landscape, impacts on the financial services industry

  • Different Fintech business models

  • Enablers of Fintech innovations (5G networks, cloud computing, Big Data and analytics, artificial intelligence, Blockchain and cryptocurrencies)

  • Fintech innovations and disruptions in different areas of the financial services industry

  • Robo-Advisory and its applications

  • Success factors and recent failures of Fintechs

  • Future development and challenges of Fintechs

Business Project6 ECTS ? !

The overall objective of this course is to provide students with possibility of applying their business knowledge on concrete business situation, related to the field of their specialization.

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

  • Define project goals for the “client”.

  • Work under the set timeframe and agreed project scope.

  • Cooperate in the international project teams.

  • Evaluate markets/ industries/ competitive landscapes.

  • Develop possible strategic directions for the “client” business.

  • Formulate recommendations.

Interdisciplinary competencies

Financial Fraud and Ethics2 ECTS ? !
  • Financial fraud and its manifestations

  • Ethics in finance

  • Alternative Banking Models like those of Triodos and GLS Banks

  • Alternative business models like those of KIVA and BOVESPA

  • Alternatives to growth models

  • Alternative investment products like Social Impact Bonds

  • Impact Finance and Micro Finance

  • Understanding the alternative Indices and their shortcomings

  • Rating Agencies and soft factor scores.

General business teaching units

International Economics3 ECTS ? !
  • The global economy

  • Globalization and income

  • Globalization and international trade

  • Trade and comparative advantage

  • David Ricardo’s theory of comparative advantage

  • Modern trade theory: Heckscher-Ohlin and imperfect competition models

  • Trade barriers and trade policy

  • Firm location, distance and transport costs

  • Firm location, distance and transport costs (multinationals)

  • Exchange rates

  • Currency crises and exchange rate policy

  • Gains from capital market integration

  • Financial crises, firms and the open economy

Advanced Financial Analysis3 ECTS ? !
  • Cash flows in the context of established valuation models (e.g., dividend discount model, DCF model and other present value-based valuation concepts)

  • Fundamentals and differences between accrual accounting and cash accounting

  • In-depth understanding of accrual accounting: cash inflows and cash outflows versus assets, liabilities, revenues and expenses; revenue and expense recognition principles; year-end adjustments

  • Historical cost concept versus fair value concept

  • Cash effects of specific assets and liabilities (CAPEX, working capital, deferred taxes, pension liabilities)

  • Bridging the gap between accrual and cash accounting: statement of cash flows (information value; distinguishing between operating cash flows, cash flows from investing activities and cash flows from financing activities; indirect and direct methods of calculating cash flows

  • Preparing forecast financial statements (including a forecast statement of cash flows

  • Predicting cash flows from the business as a whole: Flow to Equity and Free Cash Flow

  • Determine cash flows from future investments/assets (growth)

  • Relevance of cash flow prognosis in insolvency proceedings.

Programme specific teaching units

Empirical Analytics for Finance3 ECTS ? !
  • Brief review of Probability theory and Statistics

  • Linear regression with one regressor

  • Linear regression with single regressor–hypothesis tests and confidence intervals

  • Multiple regression

  • Non-linear regression functions

  • Regression with Panel Data

  • Regression with Binary independent variable

  • Time series regression and forecasting

Risk Management in Capital Markets3 ECTS ? !
  • Performance Criteria for Risk Management

  • Process and Framework for Managing Risk

  • No-arbitrage concept in international financial markets

  • Nature of Derivatives (Forwards, Futures, Options, Swaps)

  • Valuation and use of forwards

  • Marking-to-Market mechanism with futures

  • Valuation of options: Put-Call-Parity, Binomial-Model, Black-Scholes-Model

  • Hedging currency exchange risk using derivatives

Business Valuation3 ECTS ? !
  • Basics on business valuation

  • Valuators and analysts, professional valuation companies

  • Functions and purposes of business valuation

  • Process of business valuation, business valuation standards

  • Valuation methods

  • Earnings-based valuation methods

  • Cash-Flow-based valuation methods (flow to equity, free cash flow, total cash flow and adjusted present value)

  • Market-based valuation methods (multiples)

  • Business valuation and taxes

  • Preparing the valuation report

Portfolio/Asset Management3 ECTS ? !
  • Return measurement: Geometric and Arithmetic

  • Systematic vs. Unsystematic Risk: Diversification Risk: Standard Deviation; Semi-variance; Correlation; VaR

  • Balancing risk and reward

  • Market prices of risk: CAPM, market beta, and factor models

  • Risk-adjusted returns: e.g., Sharpe, Treynor, Jensen’s Alpha, Sortino, Calmar, Information Ratio

  • Risk models: liquidity risk, credit risk, factor models

  • Performance measurement and attribution

  • Asset Management industry and fund types: pension funds, mutual funds, hedge funds, ETFs, closed-end funds, venture capital and private equity

Venture Lab4 ECTS ? !
  • Discovering and evaluating entrepreneurial opportunities

  • Developing business ideas from opportunities (e.g., based on using Design Thinking, Personas and User Stories).

  • Feasibility analysis of business ideas

  • Transferring the idea into a Business Model

  • Business Model and its building blocks (value proposition, customers segments, channels, customer relationships, revenue model, key partners, key activities, key resources, cost structure)

  • Business Plan: Introduction, Sample Case and General Outline

  • Developing the details of the business plan

  • Finding sources of financing: Business angels; Private equity; Startup financing; Venture capital investors

  • Preparing a pitch deck for successfully presenting the new venture business plan


Integrative Case Studies3 ECTS ? !
  • Focused review of the curriculum content

  • Pre-assessment quiz/ content area assessment as a benchmark for students’ status quo

  • Guide and Strategic Plan to Case Study Analysis

  • Writing a proper Case Study Analysis report

  • Developing proper answers to Case questions, applying the relevant theoretical knowledge and frameworks

  • In-depth Case Study Analysis with focus on all subject areas of the curriculum

  • In-depth Case Study Analysis with a special focus on Strategic Management

Business Simulation Game3 ECTS ? !
  • Students will be placed in management teams

  • Each management team will run their own company

  • Various companies will compete in an industry

  • Each company's management will be responsible for all the decisions made, or not made, which will impact the company's performance

  • Various rounds of decision-making

  • Presentation, assignments and reports of the group

Master Thesis Tutorial2 ECTS ? !

During the Master Thesis Tutorial you will learn the fundamentals for your Master thesis: Defining the topic as well as structuring the thesis and you will learn the theoretical knowledge for scientific working.

Interdisciplinary competencies

Programming & Modelling 2 ECTS ? !
  • Introduction to Python (modulisation)

  • Coding in Python (data assignment/updates, data types, )

  • Solving iterative problems (understanding and creating loops)

  • Making decisions (understanding and creating selection statements)

  • Working with structured data (strings, lists)

  • Documenting

  • Testing

  • Debugging

Programme specific teaching units

Internship or Study Abroad10 ECTS ? !

You can choose between an internship (lasting at least eight weeks) or a semester abroad at one of our partner universities.

Master Thesis18 ECTS ? !

During your 4th semester you are working on your Master thesis. You have 19 weeks to complete your thesis and the subject is freely selectable. A supervisor from CBS will support you and you can write the thesis in collaboration with a company as well. Or you can write your thesis in connection with a stay abroad.

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Internationally oriented studies

What analyses are required to assess risks? How can optimization potentials be determined in financial processes? These and other questions are dealt with in the seminars “Global Finance” and “International Investment” during your first semester. Starting in the second semester, the focus will be on topics such as Advanced Financial Accounting and Empirical Analytics for Finance.

Core competencies in “Mergers & Acquisitions”

The merger of two companies and the acquisition of business units are typical transactions in the international business environment. The entry into new sales markets and company growth often occurs through such M&A activities. Before this happens, however, it is necessary to evaluate the takeover candidate. During the first three semesters of the master’s programme “Global Finance” you will learn the tools for due diligence in the seminars “Empirical Research Methods” and “Applied M&A and Restructuring”.

What are the requirements for a master's degree in Global Finance? 

Graduates with the first degree in business administration can qualify for the master’s programme if they have advanced knowledge of English. Basic knowledge of finance is an advantage.

What can you do with a degree in Finance? Career start made easy

After graduating, you will have many opportunities in the world of finance – from a management position in medium-sized organisations, to investment banks, to multinational corporations. With your master’s degree, you also have the admission requirement for a doctorate.

Build up your expertise with a graduate degree

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Practical knowledge as an advantage

Do you wish to make business contacts during your studies? At CBS International Business School, this is possible through practice-oriented teaching content such as Business Projects and an eight-week internship at home or abroad. In addition, your lecturers from the private sector will prepare you for the demands of everyday working life. You will deepen your business English skills in foreign language training and apply them during the English lectures. You can write your master’s thesis in the fourth semester as part of a project with a practical partner or at one of over 120 partner universities.

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Anika Zaeske

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