Masters in Finance

Masters in Finance

A unique learning & networking experience

Welcome to the

International 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.

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

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.

Share of the Banks and Financial Activities sector in the total turnover of the private sector Wholesale & retail trade Service providers, telecoms, government, etc

3327 6482

861 839

One of the highest GNP per capita: €50,000 Total of assets managed by the Monegasque banking and finance center: € 75.4 billion

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Banks and financial activities

4081

514

362

Source: Division des Statistiques et des Etudes Economiques

a unique learning & networking experience

Public works & real estate Industries Hotels Transport

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

“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.”

IUM Key Figures ü ü ü

www.monaco.edu

Founded in 1986 Nationalities represented: 60+ Student Teacher Ratio: 10 to 1

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Programs overview

A word from the programs director 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.

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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 Moscato Programs Director

a unique learning & networking experience

The Common Core

Master Specialization Courses

Professional Immersion

Master in Hedge Funds & Private Equity

Corporate Finance Derivative Products and Strategies

Hedge Fund and Fund of Funds Management Hedge Fund Strategies Mergers and Acquisitions Private Equity Real Estate Investing Venture Capital & Entrepreneurial Finance

Financial Accounting for Investments

Master in Quantitative Trading & Financial Engineering

Investment Banking

Analyzing and trading the yield and credit curves Financial Econometrics Financial Modeling in MATLAB Financial Programing in VBA Probability Theory & Discrete-Time Finance Stochastic Calculus & Black-Scholes Theory

Macroeconomics for Financial Forecasting Portfolio Theory and Management Risk Management Statistics and Financial Data Analysis Stock and Bond Valuation

Internship or Applied Research Project

Master in Private Banking & International Wealth Management Client Relationship Management Green Finance International Taxation Selling Financial Products Wealth Management

Career Development Program

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

Teaching Philosophy IUM 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 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 practice

The MFIN programs ensure that their curriculum match the financial industry’ standards by working closely with industry players. Furthermore, IUM organizes a serie of conferences and invites professional guest lecturers throughout the academic year.

To further reinforce students’ understanding of professional expectations, the MFIN programs organize 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).

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.

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Master in

hedge 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 integrates 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.

The Program at a glance ü

Practical orientation with a focus on fundamental analysis and value creation

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Lectures with leading fund managers

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

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Intense, collaborative environment that fosters very operational individuals

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

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a unique learning & networking experience

Dr. Dino Sola

Professor 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.”

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.

Courses

Concepts studied

Hedge Fund Strategies

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

Venture Capital and Entrepreneurial Finance

Venture capital, bootstrap finance, mezzanine investing, and turnarounds

Courses

Concepts studied

Macroeconomics for Financial Forecasting

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

Private Equity

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

Investment Banking

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

Risk Management

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

Mergers and Acquisitions

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

Hedge Fund and Fund of Funds Management

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

Real Estate Investing

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

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Master in

Quantitative Trading & Financial Eng 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 financial 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.

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The Program at a glance 端

Small class sizes ensuring a high quality learning process

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

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Emphasizes the development of innovative investment approaches. Students can backtest then manage their strategies on live market data

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Practical individualized projects allow a tailored path matching career objectives

a unique learning & networking experience

Dr. Gregory Gadzinski, Professor of Finance and Economics “ 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 worthwhile. If we do need models and mathematics – you cannot think about finance and economics without them-, that’s not enough though.“

gineering 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 framework 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.

Courses

Concepts studied

Derivative Products and Strategies

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

Statistics & Financial Data Analysis

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

Probability Theory and Discrete-Time Finance

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

Stock and Bond Valuation

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

Portfolio Theory & Management

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

Courses

Concepts studied

Analyzing and Trading the Yield and Credit Curves

Properties and behavior of the yield, credit curves and models such as the Nelson‐Siegel model

Stochastic Calculus and quantitative strategies

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

Financial Programming in Visual Basic for Applications

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

Fin. Modeling MATLAB

Practitioner’s approach to the implementations of financial models in MATLAB

Financial Econometrics

AR, MA, and ARMA models and times series models such as the Box‐Jenkins approach

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Master in

private banking & wealth management Why a Master in Private Banking & International Wealth Management?

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.

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The Program at a glance 端

Average class size of 23 participants from 16 different nationalities

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

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Unparalleled networking & career opportunities in Monaco

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Renowned lecturers with industry specific backgrounds

a unique learning & networking experience

Marco Casella, Managing Partner, International Financial Advisor GC 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 opportunities based on their passions and skills. I particularly enjoy this open dialogue.”

Program description

Courses Wealth Management

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

Client Relationship Management

Customer behavior and client segmentation, private client behavior and total quality management, acquisition and retention of high net worth individuals, image creation, branding and communication strategies, pricing strategies

International Taxation

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

Selling Financial Products

The buying process, prospecting techniques, SPIN method, BATNA, conflict handling techniques, negotiation styles

Portfolio Theory and Management

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

Investment Banking

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

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.

Courses

Concepts studied

Green Finance

Financial governance, Socially Responsible Investments (SRI), green balance sheets and indicators, carbon trading...

Concepts studied

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From theory to practice

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.

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a unique learning & networking experience

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, and the US to name a few countries. We exchanged on our experiences and future strategies, our respective political 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 in Finance at IUM is very challenging; so having highly knowledgeable professionals at our disposal was a gift. “

Quantitative Trading & Financial Engineering

Private Banking & Wealth Management

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.

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.

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.

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.

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Career opportunities

A unique student career guidance In their search of the most suitable career, students may benefit from the IUM Career & Corporate Relations Office’s Guidelines and support.

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 Equity

A 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.

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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: 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...

a unique learning & networking experience

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 demanding 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.”

Quantitative Trading & Financial Engineering

Private Banking & Wealth Management

Combining a high level in maths and business skills, as well as 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.

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.

Careers requiring solid mathematical skills and a strong interest in financial markets.

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), Société Générale Investment Banking (London), Natixis Capital Markets (Paris) …

Some of our Alumni have started their own Hedge Funds.

Careers combining people skills and a solid knowledge of complex markets dynamics.

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: 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 ...

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Some of the IUM faculty Gregory GADZINSKI

Dr. Gregory 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 Kamar

Dr. Bassem Kamar teaches Economics and Financial Econometrics. 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 experience 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.

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Moïse LOUISY-LOUIS

Moïse 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 BSBA 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 MOSCATO

Dr. 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.

a unique learning & networking experience

Joseph Michael Payte

Founding 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 Quillico

Franco Quillico received an MS Summa Cum Laude in electrical engineering from the Polytecnico di Milano, and an MBA 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 SISTO

Michelle 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 SOLA

Dr. Dino 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.

www.monaco.edu

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admission process

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

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.

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Through the Admission 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.

a unique learning & networking experience

We seek students who are open-minded and who demonstrate a strong desire to study and work in the finance industry as well as a clear defintion of their career aspiration. As a small cohort in a diversified group, we are looking for students who have the ability to proactively contribute to the Master experience. At IUM, applicants need to demonstrate their potential as Business Leaders through personal achievement and interests.

For more information, you can contact our Admissions Team: admissions@monaco.edu

Please note that the information contained within this brochure may be subject to change

Admission Criteria

or by phone at: +377 986 986

Application Process

You can start your application online on our web site at

www.monaco.edu

Admission Documents Required Essays and Short questions A Bachelor Degree (transcripts) Proof of English Proficiency 2 Letters of recommendation CV (resume)

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International University of Monaco 2, avenue Albert II MC 98000 Monte-Carlo Principality 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.