Finance – (M.Sc.)

Masters Programs
The following details the School´s rules and regulations, common to all Masters Programs.

The Masters Programs are full-time programs offered Monday thru Friday during the School day. All classwork and projects are scheduled to be undertaken during the School term and again, during the School day. The School expects the same level of commitment from all its students, regardless of their professional situation.

Language
All Masters Programs are offered in English. You will be expected to conduct all written work, class presentations, and group work and sit examinations in English.

To help students identifying their effective proficiency in English, all accepted candidates entering the Masters programs with no proof of English proficiency will now be tested for their English language level the following Fall semester. The School will provide a TOEFL® test: Institutional Testing Program for English Proficiency.

For students who might need it, once evaluated, the School provides on-going classes of English language for Masters students during the academic year and the University´s language institute - ILNOVA provides specific language training for a variety of language examinations should students need extra support.

Duration
The Masters Programs are organized by semester.

Each Masters has a minimum duration of 3 academic semesters, including an academic curricular part and a Work Project (dissertation).

Once enrolled, the maximum permitted amount of time to complete a Masters Program is 6 academic semesters.

The possibility of suspending ("freezing") enrollment is not possible on the Masters Programs. Students must enroll on sequential semesters.

Credits
Each course successfully attended and completed corresponds to a specific number of ECTS (European Credit Transfer System) credits.

To obtain a Masters Degree award, it is necessary to complete a minimum of 102 ECTS (up to a maximum of 120 ECTS) to which the following must apply:

a) Successful completion of courses totaling a minimum of 60 ECTS and up to a maximum of 78 ECTS,
b) Successful completion of a Work Project: 42 ECTS.

Courses on the Masters Programs are worth the following number of credits:

Full-courses (lasting one semester) = 7.5 ECTS
Half-courses (lasting half one semester) = 3.5 ECTS or 4 ECTS
Seminars = 2 ECTS
Skills Modules (one full day or two mornings) = 1 ECTS
Thematic Blocks = 5 ECTS

During each semester a student can only register to take courses with a total credit value of no more than 37.5 ECTS (Skills modules, Thematic Blocks and Seminars do not count towards this limit). However, during the semester of the Work Project a student can only enroll on courses up to a maximum value of 15 ECTS (full or half-courses).

Pre-requisites
Quantitative Methods Pre-requisite Course: for students whose undergraduate degree is considered to provide insufficient quantitative methods training, the mandatory pre-requisite course in very basic mathematics and statistics will take place at the beginning of the first semester prior to the start of the academic year.

Students that are required to take this course will be notified prior to enrollment.

All these students will be required to take a test on the first day of the course.

If a student passes this test, they can be exempted from the rest of the course. If a student fails, they will be required to take not only the course, but also an additional test at the end of the course.

Exceptionally, if a student fails the exam they will have 2 additional attempts during their first academic semester, on predefined dates. If by any chance a student is not able to pass any of these tests, it means that student has not acquired the required minimum quantitative skills to follow their Masters program with success.

Material from the course with indications of what is likely to appear on the test will be sent by email to all affected students. And, if necessary, an additional reading plan will be suggested to help students adjust to NOVA´s courses.

Waivers
Wherever a student believes that their undergraduate program has already provided them with sufficient training in a specific area, they are free to request a waiver for one or more courses on their Masters Program.

On enrollment day(s) students will be able to request a "Waiver Request Form" from Academic Services where they can clearly indicate which NOVA Masters courses they wish to be waivered from and which courses they have previously taken that might grant these waivers. Students will also need to indicate on this form which courses they wish to be enrolled on IF their waiver is successfully granted.

For students coming from other undergraduate courses than those provided at NOVA, it is imperative that the "Waiver Request Form" is accompanied by the full course content of each course taken elsewhere, to enable a suitable comparative analysis.

The completed form and course contents should be delivered to Academic Services (Masters responsible) when enrollment takes place.

By definition, students should always assume that a waiver will not be granted. This is because the waiver analysis process will occur only once enrollment has taken place. Therefore, all students will be required to enroll in the appropriate courses for their Masters.

If a waiver is subsequently granted, the student will be informed and thus, able to un-enroll from the course in question.

Please note, a waiver for a specific course will not affect the total number of credits required to complete the Masters Programs. This number is fixed.

Waivered courses must be substituted with alternative courses to ensure the credit requirements for the Masters are satisfied.

Post-graduate Certificate
Students who have successfully completed the curricular part of the program may request a Post-Graduate Certificate in Economics, in Finance or in Management, depending upon their original Masters Programs choice.

The Post-Graduate Certificate will carry a final grade equal to the weighted average, in credit terms, of all the student´s grades.

It is important to note that any student may request the Post-graduate Certificate, from Academic Services after successful completion of the curricular part of the Masters. They may also then continue to do their Work Project and if successful, exit the program afterwards with a Masters Degree Award.

Grades
Students' course evaluation is conducted on an individual basis, and final grades are on a scale of 1 - 20.

Curricular courses or Work Project approval requires that the final grade is equal to or greater than 10.

Each course´s evaluation can be based on a student´s participation in class, coursework, class-work, tests, examinations and other evaluations, according to rules defined by the Course Instructor at the beginning of the academic period, in the course syllabus. Individual written work cannot count for less than 50% of the final grade.

In extreme circumstances exceptions to the aforementioned system may be requested to the School´s Faculty Council by means of a letter addressed to the President of the Faculty Council, with copy to the Director of Masters Programs.

For full-courses, the examinations will be scheduled for the end of the semester during which they are offered.

For half-courses, the examinations will be offered at the end of the half during which they are offered i.e. students on a half-course given in the first half of the semester will be examined during the first set of examinations, half-way through that semester. There is only ever ONE examination period per course (please see the Academic Calendar).

The final Masters´ classification is a weighted average between the final classification of the academic curricular part (weighted at 65%) and the classification of the Work Project (weighted at 35%). The final classification of the academic curricular part is the weighted average, in credit terms, of all the student´s course grades.

Students completing their Masters program MUST request the "Letter of Program Completion", "The Masters Diploma" and the "Supplement to the Diploma" during the week following the end of their Masters program. These can be requested at Academic Services OR through the School´s intranet.

Area Mentions
Students pursuing the Masters Degree route are required to conduct a Work Project within their chosen area of specialization which would be one of their "area mentions".

Masters in Economics and in Management students may exit their Masters with one or two "area mentions". The main "Area Mentions" for Economics are: Globalization and Development Economics, Macroeconomics, Applied Policy Analysis and Markets and Regulation. Additionally, a second area could be: Finance and Banking, Organizations and Management, or Quantitative Analysis.

Masters in Finance students will always conduct their Work Project in the area of Accounting and Finance. There are no "area mentions" on the Masters in Finance

Students on the Masters in Management Program may exit their Masters with an "area mention" in Strategy, in Marketing, in Organizational Studies or in Accounting & Financial Reporting.

Students are free to take electives from any of the Masters programs at any stage in their program, provided they respect the necessary pre-requisite requirements. However, students must consider the specific requirements for the successful completion of their Masters program and the priorities mentioned previously which will be implemented at each enrollment.

Work Project
In order to receive a Masters Degree award, a student must complete a Work Project. This is the equivalent to a Masters dissertation. The Work Project is an original piece of work, supervised by a Professor with research experience or profound knowledge of the area in question.

Currently the School is able to offer all students three specific ways to conduct their Work Project:
- Integrative Practical Work Project (IWP)
- Directed Research
- Internship

The Work Project is worth 42 ECTS = 1176 hours of individual workload. The 42 ECTS from the Work Project are only given to the student once the Work Project has been approved by a jury. One of the jury members will be the advising Professor.

Students who are struggling to meet the Work Project deadlines should first discuss this with their advisor and then seek advice from the Masters Office staff. Students may prolong their studies (in accordance with the timeframe for completing the Masters Program. However, please bear in mind that you will be required to pay the appropriate fee for the additional semesters and also, repeat the matching process once more. The School cannot guarantee students their initial advisor from semester to semester.

The final Work Project must be written in English and delivered on the requested dates by the student according to delivery procedures (which will be communicated to all students). A letter requesting its public defense must accompany the final report.

The Work Projects will be discussed and evaluated by a jury. The jury will consist of members of faculty and the student´s Work Project advisor. Typically, the public defense will last approximately 30 minutes. The student will have 15 minutes to present their Work Project, whereupon the jury will be able to ask the student questions pertaining to their work.

IWPs

This year, the following IWPs will be offered:

Masters in Management
- Strategy area: Business Planning: SME Competitiveness
- Marketing area: Technology - Market Transfer Plan

Masters in Finance
- Equity Research - Finance

The IWP project is centered on a high-impact real problem that the student is apt to face in the professional future and offers the possibility to integrate distinct knowledge areas. Work can be team-based, although students present individual reports on specific developments around the core research problem.

The IWPs will have a specific calendar, running in parallel to that of the Directed Research Work Projects. More detailed information will be sent to all students in due time for consultation.

Business Planning: SME CompetitivenessThis IWP is an intense, team-based, problem-centered learning experience through which students will learn about the process of improving SME competitiveness. While each team will work on the same enterprise, students within the team will focus on distinct vectors of competitiveness: internationalization, innovation and operational effectiveness. This individual work will constitute the basis for their individual Work Project.

Technology - Market Transfer PlanThis IWP is an intense, problem-centered learning experience through which students develop a marketing plan (using real data) for an existing patented technology. Examples of this project could be to find new applications for RFID technology (ST Microelectronics) or to find a new service with a technological dimension (Eurocopter). The proposed markets for this technology can be completely new-to-the-world, new applications or new market segments in which the technology has never been used before. While each team will work on the same technology, students should identify different markets and develop distinct market plans for the technology. This individual work will constitute the basis for their individual Work Project.

Equity ResearchThis track proposes a Masters Work Project in the form of an Equity Research report, such as is usually produced by international investment banks. This type of research report follows a very specific format that leads to a recommendation for investors.

This track emphasizes the practical application of acquired academic knowledge and is particularly well suited for students seeking a "hands-on" pre-professional experience. It is built on market data and requires students to follow the markets on a daily basis, inviting them to experience the job of a research analyst.
The goal is to maximize students´ exposure to financial markets, companies and professionals, and to introduce students to the financial community.

Directed Research

This involves a professor at the School proposing a specific theme within an area of specialization. Students will work one-on-one with the professor, developing their Work Project under the direct scientific supervision of that professor, a specialist in that subject area.

Internships

Students also have the option of developing their Work Project within the structure of an organized, typically unpaid, internship for a period of 3 - 6 months.

Organizations working with NOVA faculty have defined specific projects to be developed by the top student(s) in each area of specialization. Students will be informed of all available internships and may request to be considered for these places.

Students should be aware that the exact dates for the internships may not correspond to those of the academic semester. The internship will take place during the semester that is dedicated to the associated Work Project. Upon successful completion, students will be awarded the corresponding number of credits for their Work Project.

There are clear and fixed rules that apply to these internships. A complete copy of these rules is available on the School´s intranet in the Guidelines document or upon request from the Manager, Masters Programs.

Briefly, internships must have a "problem solving" format, this is to say that they must respond to a predefined question/problem raised by an organization. They must be pre-approved by the Director of Masters Programs and by the faculty member who will become the advisor of the Work Project. Students must also have a designated supervisor within the organization where they will carry out their internship.

The School will not allow students outside of its own protocol agreements for internships to develop their Work Projects at their place of employment. These students are recommended to select either an IWP or Directed Research route, if they wish to pursue the Masters Degree award.

Seminars
One of our concerns is to help students gain real-world experience while they study. These seminars are required for all new Masters students and are designed to enable students to discuss and to further their understanding of real-world issues and further develop their knowledge of Economics, Finance or Management. Seminar attendance is compulsory for all students in their first semester of Masters study and is worth 2 ECTS.

Thematic Blocks
In January NOVA is providing its Masters students with the opportunity to attend a Thematic Block. These Blocks are optional for students, but strongly recommended and have a duration of 4 weeks and provide ECTS credits. They will focus on integrative contemporary topics of substantial diversity and will incorporate lectures, discussion, class visits and case development.

Thematic blocks are worth 5 ECTS.
Students must enroll on thematic blocks on days 1 and 2 September, along with their other courses. All thematic blocks are accessible to any Masters student, regardless of their chosen program.

Skills Modules
Besides compulsory courses and electives, NOVA has developed a way to foster and enhance students´ soft skills. Students are now able to take a series of skills modules in communication, multi-cultural teambuilding and career development.

All skills modules are jointly worth 1 ECTS.

Exchange Programs
Students admitted onto the Masters Programs have the possibility of studying abroad for a maximum period of one academic semester and gain equivalence in the courses taken abroad.

The placement in foreign universities, included within the School´s exchange program, and the student study plan must be previously approved by the Student Exchange Office.

Complete information regarding exchange opportunities for Masters students is available on the School´s website and also, at the Student Exchange Office.

Students are strongly recommended to contact the Student Exchange Office at the beginning of the semester before the semester they wish to do the exchange. Deadlines for exchanges are always well in advance and all Masters students will be notified.

Credit equivalence for mandatory courses on each Masters Program must be recognized by the Student Exchange Office, all other credits will count as optional courses.

Double Diplomas
Besides its exchange agreements, NOVA is also offering its best Masters´ students the opportunity to follow a double diploma program, whereby students study at NOVA and at the partner institution the time necessary to satisfy the requirements of both institutions´ Masters programs.

Currently, all Masters students are eligible to apply to attend IBMEC - SP´s Masters program. Attendance will provide credit that is applicable towards a double degree.

Furthermore, we are working on two additional protocols: one with the European Business School (EBS) in Germany and another with the Warsaw School of Economics in Poland.

Enrollment Procedures
Course Enrollment for the Curricular Part

There is no pre-enrollment on the Masters courses, neither in person nor via the internet.

If you are unable to enroll on the dates specified, you must send someone duly appointed to represent you, to do this for you.

Besides on the Students´ Intranet and through regular email communication with on-going Masters students, notices will be posted at the main entrance to the Campolide building and on the Masters notice board (in the main corridor) as to the procedures for enrollment. Students are strongly recommended to check this information prior to enrollment dates. These notices will indicate when and where students should enroll.

New Masters students and students enrolling on their final semester will be given priority when enrolling for mandatory courses. In your first semester (of the program) you will be requested to enroll on mandatory courses first, and then electives if your credit limit permits this. These electives will follow the below order of priority:

Masters in Economics students will have priority when enrolling on Economics electives.
Masters in Finance students will have priority when enrolling on Finance electives.
Masters in Management students will have priority when enrolling on Management electives.

Courses on the Masters have a cap of 40 students. Where demand is high, the School will define the priorities for student enrollment.

Not all students will be able to take their first choice. Therefore, it is important that you have alternative options thought through for enrollment time. The Masters staff are happy to talk you through your study plan and advise you which courses to take.

Enrollment on the Work Project

Enrollment on the Work Project must occur prior to the start of the semester when you will conduct your Work Project.
This enrollment process is managed by the Masters Office.

There will be two periods for enrollment: June and December (in anticipation of each semester).

Before Work Project enrollment dates all Masters students will be sent a list of themes for IWPs and Directed Research available for the semester along with:

-The Guidelines for Work ProjectsFull guidelines for the completion of the Work Project will be available on the School´s students´ intranet and will be also sent to you at the time of enrolling for the Work Project. Whether you do your Work Project as an IWP, Directed Research or through an Internship, you will always be required to present a written work in accordance with the guidelines and defend this work in front of a jury which should include your academic advisor and your company advisor (if through an internship). The Work Project is due at the end of the academic semester of its enrollment.

- Work Project Enrollment Form This form is sent by email to the Masters Office: masters@fe.unl.pt or submitted in person at the Masters Office on the Work Project enrollment dates.

- Work Project Calendar Each semester the School develops a series of Workshops to accompany the development of your Work Project. These have a specific calendar, which will be sent to you and will also be available on the School´s intranet for you to consult.

Internship opportunities will be announced separately and will be offered to the top students in each area of specialization.