Masters in Finance€¦ · order to sharpen their business sense. Thanks to small class sizes, the program is able to ensure a ... tactics (and defense tactics), financing, negotiation,

Masters in Finance

A unique leArning & networking experience

Share of the Banks and Financial Activities sector in the total turnover of the private sector

6482

3327

4081

861

839514

362

Wholesale & retail trade

Service providers, telecoms, government, etc

Banks and financial activities

Public works & real estate

Industries

Hotels

Transport

WelcoMe to theinternAtionAl university of MonAco

Experience Monaco: a unique place to experience the financial industry

Monaco is one of the world’s most recognized financial centers. The Principality is in particular known for the quality and health of its private banking sector. In addition, Monaco hosts a growing and vivid asset management industry which underpins the Principality’s strategy of attracting top portfolio managers.

One of the corollaries of this policy has been the rejuvenation of the local job market for financial analysts and individuals who enjoy solid technical and quantitative skills.

Monaco hosts the world ‘s largest conferences in finance and in alternative investments, such as the European Alternative & Institutional Investing Summit (in october); Family offices and private clients summits (in may), Clean Equity Monaco (in January) , and the famous “GAIM International” that attracts a large base of investors (Family offices, institutional investors , private bankers) and over 500 star fund managers. IUM’s faculty are regularly invited to speak at these events, giving their students the opportunity to attend specific sessions.

A unIquE lEArnInG & nETwOrkInG ExPErIEnCE2

Keyfacts about Monaco

77 financial establishments over 2km²

33.000 inhabitants• 7.000 nationals• 26.000 residents representing 200+ nationalities

One of the safest places in the world

One of the highest GnP per capita: €50,000

Total of assets managed by the Monegasque banking and finance center: € 75.4 billion Source: Division des Statistiques et des Etudes Economiques

Be part of one of the most unique universities in the world

The International university of Monaco (IuM) reflects the country where it is located: both are international microcosms, both are close-knit communities, and both have been uniquely successful for their size.

IuM is recognized for the personal attention that underpins its teaching philosophy, as well as for its core values of mutual respect, open-mindedness, courage, and honesty. Small class size further facilitates the one-on-one interaction for successful academic and personal development.

with this emphasis on individual attention and thanks to its distinguished faculty, professionals, and experts from all over the world, IuM will allow you to expand your knowledge and acquire professional skills within a unique learning environment.

www.monaco.edu 3

ü

“IUM’s mission is to deliver an excellent business education in an unparalleled multicultural context where diversity in personal and professional backgrounds, cultures, and languages is the rule.”

Founded in 1986

nationalities represented: 60+

Student Teacher ratio: 10 to 1

IUM Key Figures

üüü

PrograMsoverview

Finance is a notoriously competitive industry that is attracting some of the best educated individuals. We believe that financial professionals have many characteristics in common:a passion for their field, technical competency, personal integrity, the ability to work efficiently in teams, innovative ideas and an obsession for value creation.

In our Master in Finance programs we encourage our students to develop those traits by exposing them to the realities of financial markets and the best practices of successful financial institutions.

we allow students to tailor their experience by choosing early on a specific field of specialization and to work on very concrete cases and real life applications.

The overall aim underlying our teaching objectives is to build students’ competitive advantages in those specific niche markets and to strengthen students’ ability to adapt to ever changing conditions.

The Master in Finance programs trains the financiers of tomorrow, providing students with a solid technical foundation and fostering the personal values and habits found at the heart of successful careers in finance.

Dr. Gregory MoscatoPrograms Director


A word from the programs director

Teaching PhilosophyIUM has developed a teaching philosophy based on five learning principles:

An individual attention: Interactive learning, online support, and small classes accommodate a variety of learning styles, with timely formative feedback reinforcing the learning process and personal development.

A balance of theory and application: With both academics and professionals using innovative teaching techniques and online technologies based around lectures, case studies, group projects, and business simulations, students are readily able to apply financial theories and models in real life settings.

An active learning: Professors create a dynamic, interactive, hands-on learning environment that encourages and expects active engagement from students. Case studies, class discussion, debate, and online forums are commonly used across the curriculum to enhance students’ analytical, creative and problem-solving skills.

A cooperative and collaborative learning: regular group projects allow students to apply their knowledge to new situations while developing their skills in leadership, communication, and teamwork.

A multicultural learning: Building on the cultural diversity of the student body and faculty, students learn to respect cultural diversity and to negotiate and capitalize on the richness that different perspectives bring to financial decisions.

From theory to practiceThe MFIn programs ensure that their curriculum match the financial industry’ standards by working closely with industry players. Furthermore, IuM organizes a series of conferences and invites professional guest lecturers throughout the academic year. To further reinforce students’ understanding of professional expectations the MFIn programs organizes a yearly Business trip to visit firms in European financial hubs. Past Companies visited include uBS investment bank (Zurich), Man investments (london), Bain Capital (london), Pricewaterhouse Coopers (london), Société Générale Hambros (london).

www.monaco.edu 5

Corporate Finance

Derivative Products and Strategies

Financial Accounting for Investments

Investment Banking

Macroeconomics for Financial Forecasting

Portfolio Theory and Management

risk Management

Statistics and Financial Data Analysis

Stock and Bond Valuation

The Common Core Master Specialization Courses Professional Immersion

Career Development Program Individual assessment and individual counseling, preparation to finance graduate programs, mentorship program, and networking events.

Master in Hedge Funds & Private Equity

Hedge Fund and Fund of Funds ManagementHedge Fund Strategies

Mergers and AcquisitionsPrivate Equity

real Estate InvestingVenture Capital & Entrepreneurial Finance

Master in Quantitative Trading & Financial Engineering

Analyzing and trading the yield and credit curves

Financial EconometricsFinancial Modeling in MATlABFinancial Programing in VBA

Probability Theory & Discrete-Time FinanceStochastic Calculus & Black-Scholes Theory

Master in Private Banking & International Wealth Management?

Client relationship ManagementGreen Finance

International TaxationSelling Financial Products

Wealth Management

Internshipor

Applied Research Project

Master inhedge funds & privAte equity

Why a Master in Finance specialized in Hedge Funds and Private Equity?


Mastering the full spectrum of traditional, alternative and innovative investment strategies in Hedge Funds and Private Equity

This degree gives students a solid foundation in financial analysis with a strong emphasis on real life applications in order to sharpen their business sense.Thanks to small class sizes, the program is able to ensure a high quality learning process.

The program integrate IUM’s network of asset managers and alternative fund managers in the courses conception in order to ensure that the curriculum includes the latest developments and expectations of the alternative finance industry.

Students can tailor their learning in order to suit to their ultimate career objectives

Practical orientation with a focus on fundamental analysis and value creation

lectures with leading fund managers

Strong emphasis on real life applications in order for students to sharpen their business sense

Intense, collaborative environment that fosters very operational individuals

ü

ü

ü

ü

The Program at a glance

www.monaco.edu 7

program description

The Master in Finance – Hedge Funds and Private Equity has been created in order to fulfill the specific needs of the alternative finance industry. Industry players, faced with complex, ever changing market dynamics, need to develop adaptable approaches to the many challenges they face. They require well educated associates with a solid analysis capacity, and the ability to find value creating solutions.

This program aims at fostering highly competent finance professionals with a strong business sense, the capacity to formulate and implement innovative strategies, and to work efficiently in intense, detailed oriented finance teams.

Dr. Dino SolaProfessor of Finance

“If you enjoy the challenge of predicting financial markets, devising investment strategies, looking for inefficiencies, discovering undervalued securities, testing models and theories, then the Master in Hedge Funds and Private Equity at IUM is for you.

In this program you will have plenty of opportunities to do all of that, and to learn how to think like a hedge fund manager. You will also be asked to create your own (virtual) hedge fund, complete with its legal structure, service providers, due diligence documents, marketing material, and to present your fund to potential investors.”

Courses Concepts studied

Macroeconomics for Financial Forecasting

Private Equity

Investment Banking

Risk Management

Mergers and Acquisitions

Hedge Fund and Fund of Funds Management

Business cycles, national output and growth, productivity, globalization, inflation, money supply, ...

The different stages of the private equity cycle from deal structure, due diligence, and negotiation to valuation approaches and exit strategies

The different asset classes (stocks, bonds, HF, commodities, volatility, etc.) & the underlying principles and strategies (passive, active, total return, and absolute return)

Market risk, liquidity risk, and operational risk, Value at risk (Var) technique and quantitative techniques for risk management

Screening of targets, valuation, bid tactics (and defense tactics), financing, negotiation, communications, and integration.

Classification in terms of the strategies employed and risk-adjusted performance evaluation Formation of a hedge fund , business practices, ethical issues


Hedge Fund Strategies

Venture Capital and Entrepreneurial Finance

Real Estate Investing

Global macro strategies & event-driven investing, quantitative techniques such as long-short pairs trading and statistical arbitrage, convertible arbitrage, risk arbitrage,fixed-income arbitrage, capi-tal structure arbitrage ...

Venture capital, bootstrap finance, mezzanine investing, and turnarounds

real estate syndications as an ownership form, financing alternatives, and the use of financial leverage

quAntitAtive trAding & finAnciAl engineering

Why a Master in Financial Engineering & Quantitative Finance?


Fostering innovative investment strategies grounded in rigorous analysis and sound theoretical framework

This degree allows students to learn financial models and techniques, to recognize their reach and limitations, and to apply them to complex investment situations.

This quantitative program leads to a wide range of finan-cial careers such as trader, risk management officer, hedge funds quant analyst etc.

Thanks to small class sizes and individual attention this master is able to ensure a high quality learning process.Students can develop dedicated individualized projects to suit to their ultimate career objectives.

Master in

Small class sizes ensuring a high quality learning process

Very practical orientation to real world strategies combined with rigorous theoretical background

Emphasize the development of innovative investment approaches. Students can back-test then manage their strategies on live market data

Practical individualized projects allow a tai-lored path matching career objectives

ü

ü

ü

ü


quAntitAtive trAding & finAnciAl engineering

www.monaco.edu 9

program description

This program is a mathematically-oriented degree intended for students who aspire to a career where they will apply theoretical finance and computer modeling skills to make pricing, hedging, trading, and portfolio management decisions.

Courses and projects emphasize the practical applications of these skills while providing the rigorous theoretical frame-work essential to a thorough understanding of the principles of financial engineering. Students learn to combine their analytical skills with business sense to handle, analyze, and interpret data, and devise original approaches to complex problems in order to make sound investment or risk management decisions.

Dr. Gregory Gadzinski

“ I often hear from prospective students: “They don’t teach you to be a successful trader in a Master program”. My answer is always the following: you could learn how to trade without knowing how to build mathematical models, but the difference between a trader that does not know mathematics and a trader that knows is like the difference between a shaman and a surgeon.

Which one do you want to be? Now, building financial models is very challenging: not only the mathematics are complex but trading frictions, market imperfections and human nature make sometimes your model lie far from reality. But make no mistake, financial modeling is worth-while. If we do need models and mathematics – you cannot think about finance and economics without them-, that’s not enough though.“


Derivative Products and Strategies

Statistics & Financial Data Analysis

Probability Theory and Discrete-Time Finance

Stock and Bond Valuation

Portfolio Theory & Management

Financial Programming in Visual Basic for Applications

The “Plain vanilla” financial derivatives such as options, futures, swaps and the trading strategies that can be imple-mented such as stock-index arbitrage, fixed income arbitrage, various options strategies like strangles, and straddles...

The use of ordinary least squares (OlS) simple and multiple regression to model relationships amongst financial and economic variables

The probability distributions and their properties, the concept of conditional expectation of a random variable, and important limit theorems

The equity valuation models (dividend discount and free cash flow models, and P/E ratio valuation), risk and risk measure-ment, bond prices and yields, the term structure of interest rates, interest rate risk and bond duration and convexity ...

risk Tolerance, Capital Market line, Mean-Variance Criterion, Efficient Frontier, Single-Index Model, Capital Asset Pricing Model, Fama-French Factors, Active Bond Management

Functions and subroutines using different types of variables, conditional statements, loops, and arrays; the procedure of debug-ging; and how to query an external database

Financial Econometrics

Ar, MA, and ArMA models and times series models such as the Box-Jenkins approach


Analyzing and Trading the Yield and Credit Curves

Stochastic Calculus and quantitative strategies

Fin. Modeling MATLAB

Properties and behavior of the yield and credit curves and models such as the nelson-Siegel model

The basics of asset pricing and other quantitative tools such as Stochastic calculus and the martingale approach

Practitioner’s approach to the implemen-tations of financial models in MATlAB

privAte bAnking & weAlth MAnAgeMent

Why a Master in Private Banking & International Wealth Management?


Master in

Meeting the investment and management needs of high net worth individuals

IuM has a long tradition of developing multicultural views on business dynamics. This Master exposes students to a cross cultural vision of wealth management needs and solutions, preparing them for international careers. This program, based in one of the most active hubs for private banking & wealth management services, offers unparalleled networking and career opportunities in Monaco.

International and local private banks are fully integrated in the courses conception in order to ensure that the curriculum meets the most current standards and expectations of the financial industry. The program Integrates project-based and practical learning, including guest seminars, financial conferences, supervised visits and hands-on field projects.

Average class size of 23 participants from 16 different nationalities

Practical activities include guest seminars, financial conferences, supervised visits and hands-on field projects

Unparalleled networking and career oppor-tunities in Monaco

renowned lecturers with industry specific backgrounds

ü

ü

ü

ü


www.monaco.edu 11

Program description

The Master in Finance – Private Banking and International Wealth Management has been devised to address the evolution of the wealth management industry.

Most private banks are moving away from a product placement approach to tailor made solutions in order to address their clients’ needs. They seek well educated advisors with the ability to understand complex markets dynamics and to master the full spectrum of financial services and instruments.

The Master in Finance – Private Banking and International Wealth Management is designed to prepare highly skilled professionals with a strong business sense and work ethic who will make a positive contribution to the finance industry, making them desirable candidates for positions within private banks, asset management firms or family offices.

Marco Casella, Managing Partner, International Financial AdvisorGC Group Capital, llC

“I like IUM for its international student base and its practical approach. I enjoy sharing my professional experience with the students, getting their feedback and points of view.

I have been having an open dialogue with students helping them find professional opportu-nities based on their passions and skills. I particularly enjoy this open dialogue.”


Wealth Management

Client Relationship Management

International Taxation

Selling Financial Products

Portfolio Theory and Management

Investment Banking

International wealth planning, strategies (passive, active, total return, and absolute return), trusts, foundations, estate planning; tax laws, residence, asset allocation, risk tolerance, and behavioral investing

Customer behavior and client segmen-tation, private client behavior and total quality management, acquisition and retention of high net worth individuals, image creation, branding and commu-nication strategies, pricing strategies

Corporate income taxation, residency, interest deductions, anti-avoidance legislation, international tax issues...

The buying process, prospecting tech-niques, SPIn method, BATnA, conflict handling techniques, negotiation styles

risk Tolerance, Capital Market line, Mean-Variance Criterion, Efficient Frontier, Single-Index Model, Capital Asset Pricing Model, Fama-French Factors, Active Bond Management

Capital Formation Process, markets behavior, Initial Public Offerings (IPO), Structured Transactions, Asset Backed and Collateralized Bonds


Green Finance Financial governance, Socially responsible Investments (SrI), green balance sheets and indicators, carbon trading...

to prActiceFroM theory


At the end of the academic year, the applied research project or the internship offer students the opportunity to apply the theory gained in the courses and to further develop their interests and competencies in a chosen field of specialization.

In their internship search, students are supported by all IUM faculty members and by the IuM Career Office, that provide them with information and guidance on the finance job market places and help them throughout the year to carefully prepare their applications in these competitive markets.

Hedge Funds & Private Equity

Anchored in the IuM teaching philosophy, most of the Hedge Funds and Private Equity courses combine the rigorous theoretical approach of IuM professors with the concrete views of Finance professionals .

Courses like real Estate Investing, Merger and Acquisitions or Venture Capital are mainly taught by finance top executives with a proven track records in their fields .

Throughout the year, renowned finance experts from leading institutions as uBS, Man Investments, JP Morgan come at IuM to share their view on financial markets trends, forecasts or on the new investment opportunities.

Hedge funds managers regularly come to IUM and present their specific strategies and models to students. They are also invited to evaluate the efficiency of strategies and models developed by students within some specific courses.

www.monaco.edu 13

Quantitative Trading & Financial Engineering

Equipped with the technical and programming skills necessary to implement financial models and strategies, students have to develop their own investment strategies and to manage them in “real markets” conditions.

Students benefit also from practical and interactive presentations of successful hedge funds managers, that strengthen their knowledge on quantivative based trading techniques traditionally used by hedge funds – fixed income arbitrage, merger arbitrage, relative value and market neutral strategies and event driven strategies – and that expose them to the latest cutting edge and innovative approaches to trading.

Students are invited to create usable tools and models providing practical and original solutions. Those models are implemented and tested within an investment or trading company.

Despite the 2008 post-lehman crisis and the downsizing of derivatives products’ teams, most of the IuM former students have successfully secured an internship then a job in equity derivatives, debt capital markets or in the quantitative hedge funds industry.

Private Banking & Wealth Management

Senior Private bankers or wealth management advisors have undoubtedly various backgrounds, profiles and various ways to develop and manage their portfolio of clients. This exclusive relationship with high end and “exceptional” clients means to combine a strong rigorous mindset with outstanding empathy skills that are not easily acquirable in a typical academic program.

For this reason, this master program has a strong focus on practical experience thanks to the interaction and participation of senior private bankers and wealth managers. Invited to present their selling methodologies and investment approaches during courses, those professionals are also keen on fostering students soft skills and guiding them in their career choice.

At the end of the academic year, the applied research project or the internship offer students the opportunity to apply the theory gained in courses and to further develop their interests and competencies in a chosen field of specialization.

Talal Bessa, MFIn 2009-2010, Junior Private Banker, Bank J. Safra

“When we enroll, we all know that we’ll end up in a group of students with diverse educational and business backgrounds, but the richness of cultures, nationalities, and personal wealth in any given class is truly unique. In 2010, the five continents were represented in our class, students were coming from Colombia, Nigeria, China, the UK, Germany, Lithuania, Russia, Italy, Portugal, Canada, the US , the USA to name a few countries. We exchanged on our experiences and future strategies, our respective politi-cal and cultural background, and received valuable insight on one another’s field of expertise.

Some people consider the small size of a university a handicap, I consider it a gift. When we study a technical field like finance, we sometimes need personal assistance and that is not possible in a class of 150 students. This Master of Finance at IUM is very challenging; so having highly knowledgeable professionals at our disposal was a gift. “

opportunitiescareer


A unique student career guidance

In their search of the most suitable career, students may benefit from the IuM Mentorship Program that matches eligible IuM students with business executives working in the targeted industry.

Every year, the IuM Mentorship program connects students with local or international business leaders who volunteer to share their knowledge and experience, and guide students into a suitable career choice.

Students also play central roles in discussion forums, seminars, and workshops throughout the year that provide exceptional opportunities to meet with successful business leaders.

Hedge Funds & Private EquityA passport to enter in the highly competitive market of the alternatives investment industry.

Over the last years, the world of alternative investments has been facing novel challenges which has led participants to reconsider their models, spurring constant innovation and an increasing level of sophisticated analysis and action, while strengthening risk management.

Equipped with a thorough knowledge of investment strategies but also with an open and critical mindset , IuM MFIn alumni found challenging positions in a large variety of financial institutions worldwide, in traditional asset management companies as in alternative investment companies, in well established areas as in emerging markets.

The broad range of skills they acquired during this intensive and practical program enabled them to apply for positions such as: Junior portfolio manager, financial analyst, junior investment manager, performance analyst, asset allocation analyst, hedge fund / funds selection analyst, research analyst in specific funds or in private equity companies...

Some of the companies where they have interned or are still working are: HSBC Monaco, Pricewaterhousecoopers, Bloomberg london, Archon Group (Goldman Sachs Group), uBS investment banking, knightVinke Monaco/new York, Monaco Asset Management, SEAF Macedonia, Cathagena Capital Germany, Odewald & Cie Germany, JP Morgan Chase new York, EFG Eurofinanciere d’investissements Monaco/ Geneva, Amherst Funds uS...

www.monaco.edu 15

Quantitative Trading & Financial EngineeringCareers requiring solid mathematical skills and a strong interest in financial markets.

Combining a high level in maths and business skills, as well an advanced knowledge in quantitative economy and computer science, the IuM graduates finalize their academic year by an applied research project in partnership with a financial institution.

Thus, they are particularly well equipped to start a career in financial trading, risk management or portfolio analysis within an investment bank, a hedge fund or a financial consulting company.

Most of the MFIn alumni found jobs as Junior trader in derivative markets, as quantitative analyst/modeller in hedge funds or a Junior risk manager, mainly in Amsterdam, london, new York or Zurich, the most dynamic locations for the hedge funds and the investment banking industries.

The most recent employers of our Master in quantitative Trading & Financial Engineering alumni are: Optiver (Amsterdam), Alloptions (Amsterdam) , Pivot capital (Monaco), Sphere Invest (Geneva/Malta), Societe Generale Investment Banking (london), natixis Capital Markets (Paris) …

Some of our Alumni have started their own Hedge Funds.

Private Banking & Wealth ManagementCareers combining people skills and a solid knowl-edge of complex markets dynamics.

The last financial crisis, fast growing emerging markets and the permanent search for secure and innovative solutions have profoundly changed the wealth management industry. Developed in partnerships with well established institutions, the IuM Master in Private Banking & International wealth Management is designed to answer their new needs for key competencies, combining a thorough understanding of complex financial schemes and strong relationship management skills.

IUM alumni are now working in famous private banks, wealth management boutiques and family offices, financial advisory companies, asset management / investment firms.The broad range of skills they acquired during this intensive and practical program enabled them to apply for positions as: Junior Private Banker, real Estate investment manager, funds/ porfolio manager, financial advisor, tax planning officer...

Some of the companies where they have interned or are still working are: Bank Julius Baer Switzerland, Bank J.Safra Monaco, Banque Populaire du luxembourg, Barclays wealth Geneva, Credit Foncier Monaco, BnP Paribas Private Bank, G & G Finance, HSBC Monaco, Ing Bank Amsterdam, Merrill lynch Monaco, SocGen Private Banking Monaco, ...

Jacek Maslak, MFIN 2008, Financial Analyst at knight Vinke

“In addition to the tremendous theoretical knowledge base gained, our professors always made sure that we learned how to independently apply this knowledge during complex projects performed under time constraints. Such exercises were a tremendously important preparation for what I was faced with during my first job experience in the financial sector.

What I found unique about the MFIN program at IUM is the result of finding yourself in a new and exciting place with a small group of like-minded but very unique and diverse individuals who are trying to get through the year together. Combined with a very demand-ing program this situation created an immense bond of friendship within the group, which I found to be one of the most valuable and motivating aspects of my studies at IUM.”


Gregory GADZINSKIDr. Gadzinski has been teaching Finance and Economics at IuM since 2005 and was until recently a full-time researcher at the Hedge Fund research Institute in Monaco.

He was previously an Assistant Professor of Economics at the Chair for International Economics in Cologne, Germany.He also served as a consultant for the European Central Bank in Frankfurt and for Alpstar Capital, a European Hedge fund based in Geneva.Professor Gadzinski holds a PhD in Econometrics from the GrEqAM, université de la Méditerranée, France.

Bassem KAMARDr. Bassem kamar teaches Economics and Financial Econo-metrics. He obtained his PhD in International Economics from the university of nice-Sophia Antipolis. He’s the author of a book on “Exchange rate Policies and Globalization”, and of numerous scientific articles covering several topics such as exchange rates, currency unions, foreign direct investments, capital flows, banking reforms and regional integration.

Professor kamar has five years experience as Economist at the International Monetary Fund (IMF), and five years experi-ence in Academia. He is currently consulting for the IMF, The European union, the African Development Bank and the Arab Monetary Fund. In 2009 he was elected board member of the Middle East Economic Association, and is research Associate at

the Economic research Forum. He is also the General Manager of “Global Economic and Financial Consulting (GEFIC)” in Monaco.

Moïse LOUISY-LOUISMoïse louisy-louis is professor of Financial Accounting and Corporate Finance at IuM. He received his MBA from IuM and is currently studying for a PhD in Financial Accounting. He holds a B.S.B.A with a major in finance from Auburn university, uSA.

Before starting at IuM, he was an Equity Analyst at knight Vinke Asset Management in Monaco.

Gregory MOSCATODr. Gregory Moscato has joined IuM’s faculty since 2003 and is the Director of IuM Master in Finance programs.

Prior to starting his academic career, he has worked as an account executive on wall Street for boutique investment banks and as a futures trader. He has also served as a foreign exchange consultant.

His main areas of focus are private equity, company & project valuations and subjective risk measures. Professor Moscato is a member of the Monaco Venture Capital Association. He holds an MBA from International university of Monaco and a PhD from Paris-Est university.

soMe oFthe iuM fAculty

www.monaco.edu 17

Joseph Michael PAYTEFounding board member of the International Association of Financial Engineers (IAFE), Mr. Payte has also been Vice President of the International Financial Markets/Swaps/Derivatives Citibank, and Senior Managing Director of the International Capital Markets Bear Stearns & Co.He has an MBA Finance & Intl Business from the kellogg School of Management, northwestern university.

Franco QUILLICOFranco quillico received an MS Summa Cum laude in electrical engineering from the Polytechnic of Milan, and an M.B.A from the wharton School, university of Pennsylvania.He worked for Bain & Company and Salomon Brothers. Since December 1993 Franco quillico is Managing Partner of Andromeda Consulting, an advisory firm based in the Principality of Monaco, focusing on mergers & acquisitions. Mr. quillico has advised clients in various industries: banking, information services, computers, chemicals, real estate, construction materials, machine tools, automotive, railroad, utilities, air courier, textiles, printing, food processing, fast food, entertainment; and in several countries: Italy, England, France, Belgium, Germany, Spain, Monaco, Switzerland and the United States.

Michelle SISTOMichelle Sisto began teaching at IuM in 1994. She holds a BS in Mathematics from Georgetown university, a DEA in Mathematics from the university of nice, and is currently extending her education with a PhD in Finance at EDHEC Business School. Michelle has a passion for teaching and learning and tries to transmit that enthusiasm to her students. She has published numerous articles and a book chapter in the field of statistics education and also enjoys applying statistics to diverse fields such as business management, traffic monitoring and finance. She is a member of the European Finance Association, the American Finance Association, the American Statistical Association and the International Association of Statistics Education.

Dino SOLADr. Sola teaches the courses on Hedge Fund Management and Hedge Fund Strategies at IuM, as well as courses in financial engineering and quantitative trading. He has a PhD in Mathematics from the university of California at Santa Barbara, and believes that “As far as the laws of mathematics refer to reality, they are not certain, as far as they are certain, they do not refer to reality” (Albert Einstein). Before joining IuM, he was a lecturer at the EADA business school in Barcelona. He is a consultant to hedge fund and fund of hedge funds businesses, and is a frequent speaker at international hedge fund conferences.

We consciously select a diverse student body, one that not only reflects a variety of backgrounds, cultures, and nationalities, but a wide range of personal interests and professional ambitions.

We recognize — and welcome — leadership that may be expressed in many forms, from running an independent firm, developing proprietary trading strategies, to spearheading initiatives at work. In essence, we are looking for evidence of your potential - a portfolio of experiences, initiatives, and accomplishments that reflect leadership and capacity for intellectual and professional growth.

Through the Admissions Process, we identify candidates who show academic excellence, international awareness, leadership ability and strong interpersonal skills.

From all over the world, we seek applicants with high potential who wish to share their talent and ambitions with their community.


adMissionprocess

Do you have what it takes to be an MFIN student?

www.monaco.edu 19

Admission CriteriaWe seek students who are open-minded and who dem-onstrate a strong desire to study and work in the finance industry as well as a clear defintion of their career aspira-tion. As a small cohort in a diversified group, we are looking for students who have the ability to proactively contrib-ute to the Master experience. At IuM, applicants need to demonstrate their potential as Business leaders through per-sonal achievement and interests.

Application ProcessYou can start your application online on our web site atwww.monaco.edu

Admission Documents RequiredEssays and Short questionsA Bachelor Degree (transcripts)Proof of English Proficiency2 letters of recommendationCV (resume)

For more information you can contact

Plea

se n

ote

that

the

info

rmati

on c

onta

ined

with

in th

is b

roch

ure

may

be

subj

ect t

o ch

ange

Ms. leila Bello at [email protected] by phone at +377-97- 986-986.

Mr. Aymeric Pazzaglia at [email protected] by phone at +377-97- 986-986.

International University of Monaco2, avenue Albert ii

Mc 98000 Monte-carloPrincipality of Monaco

tel: +377.97.986.986

www.monaco.edu

The International University of Monaco is a partner of the INSEEC Group, one of the largest French

educational institutions with campuses in Paris, Bordeaux, Lyon and London.