Finance – (M.Sc.)

Contents

Prerequisite courses

In the first semester you follow three prerequisite courses that form the methodological and academic basis for the further study programme.

• Corporate Finance deals with the financial problems of a company and various solution models will be introduced. Further issues are the interactions between the company and the financial markets, with special emphasis on valuation of the company in a capital market perspective.
• Asset Pricing focuses on theories and methods for analysing equity and fixed income markets. The econometric methods necessary for applying and testing classical models such as CAPM are studied. The shortcomings of these models are discussed and more modern and dynamic ones are presented as alternatives. The course also gives students an introduction to various bond types, interest rate definitions, credit risk in bond markets and simple interest rate derivatives.
• Applied Econometric Methods introduces you to the most widely used quantitative and empirical methods in econometrics, including in particular financial econometrics. The course has two major aims. Firstly, it provides you with tools which enable you to acquire the knowledge published in high quality publications within the areas of empirical finance and economics. Secondly, it equips you with tools for modelling and estimating econometric systems. The last section of the course contains the more advanced econometric models, e.g. ARIMA models, I(1) processes and maximum likelihood estimation.

Specialisation courses

The second semester covers the specialisation courses.

• Management of Financial Institutions focuses on the financial system and the role of the financial institutions in the capital market. Also the financial regulation of markets and institutions is integrated into the course. The main aim of the course is to provide students with insight into the management tasks that banks, mortgage credit institutions and pension funds, in particular, face.
• Fixed Income and Derivative Securities Financial derivatives such as forward, futures, swaps, and options are increasingly important instruments applied by agents of financial markets. The course focuses on describing and understanding these instruments, and on the underlying markets such as money markets, bond markets, stock, currency, and commodity markets.
• Empirical Finance Financial economics is nowadays quite often based on empirical investigation. This course provides you with many different methods to analyse financial data. Among the many models are event studies, models to analyse the term structure of interest rates as well as ARCH and GARCH models.

In the third semester you can choose elective courses within your areas of interest. The courses can either be taken at the Aarhus School of Business during the semester, at the ASB Summer University or at one of our more than 200 partner universities abroad. You can also participate in internship programmes either in Denmark or abroad.

The fourth semester is devoted to the final thesis. You may choose the topic of the thesis freely and in this way get a chance to concentrate on and specialise in a specific field of interest. The thesis may be written in collaboration with another student or it may be the result of your individual effort. When the thesis has been submitted, it is defended before the academic advisor as well as an external examiner.

Accreditation

After the Student life Section there should be a section called Accreditations , that should include the following information:

The former Aarhus School of Business, Aarhus University (ASB), is one of Europe's largest and best business schools, as is illustrated by the accreditations which ASB has earned in the past seven years. ASB has been EQUIS-accredited since 2001, and in January 2008 we were approved to initiate the AACSB accreditation process.

Proof of high quality and international focus

EQUIS and AACSB are the leading international quality systems for assessing, improving and accrediting institutions of higher education within the field of management and business administration. In order to live up to these accreditations, ASB must not only demonstrate that we are capable of high-quality performance, but also that our activities are internationally oriented. The accreditations are also proof that we have achieved a good balance between high academic quality and professional relevance through close collaboration with the national and international business communities.

These accreditations are vital for the institution to maintain and strengthen its position in an increasingly competitive sector. They are decisive for ASB's brand and for our ability to attract the right students, researchers and collaborative partners. The accreditations are renewed every three to five years, which ensures that we work on an ongoing basis to develop ourselves and to improve the quality of everything we do.

Facts about EQUIS, AACSB and AMBA accreditations

EQUIS stands for European Quality Improvement System, and accreditation is awarded by the EFMD (European Foundation of Management Development), whose members comprise leading business schools all over the world.

AACSB stands for Association to Advance Collegiate Schools of Business, and AASCSB International awards accreditation.
The accreditations are awarded to the entire institution – not just to individual programs or parts of the organization. Both accreditation systems maintain a significant focus on strategy.
AMBA stands for Association of MBAs , which is an independent international organization for MBA students, masters and employers. The AMBA accreditation is awarded to the entire institution but relates specifically to MBA programs. The purpose of AMBA is to secure high standards for MBA programs worldwide.

ACE Denmark

In August 2007, it was enacted that higher education study programs offered by the Danish University Act must be accredited by the Accreditation Institution - ACE Denmark. Accreditation is a professional assessment carried out using centrally set criteria for quality of existing and new courses. The purpose is to ensure and document quality and relevance of the higher education study programs.
According to the Danish University Act, the accreditation council is the specific unit, which makes the decisions regarding accreditation of all higher education study programs. Decisions are made on the basis of accreditation reports prepared by accreditation operators.