finance at lsm - université catholique de louvain · pdf filefinance at lsm...

Manuel KolpSeptembre 2010

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Finance at LSM

Academic year 2016-2017

General principles

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• Multi-site

– Offers are different in Mons and LLN

– Mobility is financially supported by the UCL

• Master in Management (GEST) :

– 3 courses per semester

– If an major is chosen, all 6 courses have to be taken

• Master in Business Engeneering (INGE):

– 3 courses per semester

– Majors in Q1 and Q2 can be different

Offer of Majors

3

LLN

MONS

GESTINGE

Quantitative finance

Financial Management


Corporate finance Corporate finance

Governance andControl

Revisorat & expertise comptable

CFA track

Manuel Kolp Septembre 2010 4

Offer of Majors

5

LLN

MONS

GESTINGE






CFA track


Quantitative Finance (INGE-LLN)

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• All in English

• Q1: Quantitative Finance I (Methods)

– Advanced finance

– Computational finance

– Elements of Stochastic Calculus

• Q2 : Quantitative Finance II (Empirics and Pricing)

– Econometrics of financial markets

– Empirical finance

– Derivative pricing

Quantitative Finance: The team

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Prof. Frederic VrinsRelevant Experience: Quant at ING traiding roomInterests: Derivative pricingCourses: Derivative pricing, Elements of Stochastic Calculus

Prof. Sophie BereauRelevant Experience: Banque de France, University of NamurInterests: Financial econometrics, Network, R ProgrammingCourses: Computational Finance

Prof. Leonardo IaniaRelevant Experience: ECB, National Bank of BelgiumInterests: Macro Finance Financial econometricsCourses: Advanced Finance, Econometrics of Financial Markets

Prof. Yue ZhangRelevant Experience: McMaster UniversityInterests: Corporate financeCourses: Empirical Finance

Quantitative Finance: Learning outcomes

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At the end of this major you will be able to:

• Price derivative products

• Manage your own portfolio of assets

• Have an overview of the current topics in financial markets

• Perform advanced econometrics analysis to study asset returns

• Use most relevant Bloomberg platforms related to financial markets

• …

Quantitative Finance: Plus of the major

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Increase programming skills

• R and Matlab programming, Papers replications, portfolio management, derivative pricing, simulation

Team work

• Most of the courses will have team activities:

– R programming

– Bloomberg

Good match theory-practice

• In Q2 Training sessions in London at Bloomberg headquarters

• In Q1 Bloomberg Market Certificate

• In Q2 visit to ING headquarters

Quantitative Finance: Evaluation

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Final exam

• Multiple choice: advanced finance

• Open questions: Computational finance, Empirical finance, econometrics of fin. markets

• Oral exam: Elements of St. Calculus, Derivative pricing

Extra activity

• Individual: Advanced finance (BMC), Derivative pricing

• Group work: all except advanced finance

Final grade

• Always composed by the final exam + extra activity

Offer of Majors

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LLN

MONS

GESTINGE






CFA track


Corporate Finance (INGE/GEST-LLN)

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• All in English except ‘Droit des Affaires’

• Q1: Corporate Finance I

– Corporate finance

– Risk Management of financial institution

– International financial management

• Q2 : Corporate Finance II

– Advanced corporate finance

– Entrepreneurial finance

– Droit des affaires

Corporate Finance: The team (1)

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Prof. Bruno ColmantRelevant Experience: Head of Macro research @ Degroff-PetercamInterests: Finance, Macro, …Courses: Corporate Finance

Prof. Ilham RaichiRelevant Experience: National Bank of BelgiumInterests: Corporate finance, financial stabilityCourses: Corporate Finance

Prof. Luc HernardRelevant Experience: CRO, BNP Paribas (Luxembourg)Interests: Risk management, bankingCourses: Risk management of financial institutions

Prof. Yue ZhangRelevant Experience: McMaster UniversityInterests: Corporate financeCourses: Advanced corporate finance

Corporate Finance: The team (2)

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Prof. Denis KnaepenRelevant Experience: Managing director/Board Member of CBC Interests: Finance, Asset Management…Courses: International Financial Management

Prof. Philippe GregoireRelevant Experience: Managing director of ConfluenceInterests: Asset managementCourses: Entrepreneurial Finance

Prof. Henri CulotRelevant Experience: Praetica£Interests: Law and ethicsCourses: Droit des affaires

Corporate Finance: Learning outcomes

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At the end of this major you will:

• Know the financing process and the capital structure of a company

• Analyzing cash coming from and returning to stockholders

• Know valuation principles and practice

• Understand firm’s management in a globalized trade and capital markets environment

• Know the legal environment of the firm

• Be able to quantify and manage risks of Financial Institutions

• Asses the impact of the new banking regulations on the risk appetite, the business model and the governance of Financial Institutions

Corporate Finance: Evaluation

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Final exam

• Open questions: International financial management, Advanced corporate, Corporate finance, Droit des affaires, risk management of financial institutions

• Oral exam: Entrepreneurial finance

Extra activity

• Group work: Entrepreneurial finance, advanced corporate finance

• Workshops: Risk management of financial institutions

Final grade

• Final exam + (in some cases) extra activity

Offer of Majors

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LLN

MONS

GESTINGE






CFA track


Governance and Control (GEST-LLN)

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• English/French

• Q1: Governance and Control I

– European corporate governance

– Fiscalité

– Contrôle interne et gestion des risques

• Q2: Governance and Control II

– Auditing

– Pilotage de la performance

– Project evaluation

Governance and Control: The team (1)

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Prof. Marcel GerardRelevant Experience: College of Europe, U. Saint Louis,…Interests: Economics and taxationCourses: Fiscalité

Prof. Bénédicte VessiéRelevant Experience: Institut des Réviseurs d'EntreprisesInterests: AuditingCourses: Contrôle interne et gestion des risques

Prof. Philippe LambrechtRelevant Experience: Manager of FEBInterests: LawCourses: European Corporate Governance

Prof. Karine CerradaRelevant Experience: Belgian Director’s AssociationInterests: Corporate governance, accountancyCourses: European Corporate Governance

Governance and Control: The team (2)

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Prof. Gerrit SarensRelevant Experience: UGhent, LSM Conseil, UA, KULeuvenInterests: Auditing, governanceCourses: management accounting, auditing

Prof. Yves de RongéRelevant Experience: University of Chicago, U. Saint LouisInterests: Accountancy, Courses: Pilotage de la performance

Prof. Leonardo IaniaRelevant Experience: ECB, National Bank of BelgiumInterests: Macro Finance Financial econometricsCourses: Project evaluation

Governance and Control: Learning outcomes

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At the end of this major you will know:

• The different corporate governance frameworks and mechanisms

• The distinctive features of the European governance systems

• The principles of tax mechanisms and their relevance in corporate decisions.

• how to look how the strategy of an organization can be implemented in the various functions of the company

• the various aspects of auditing

• how to evaluate projects in an uncertainty environment

Governance and Control: Evaluation

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Final exam

• Multiple choice questions: Project evaluation

• Open questions: Fiscalité, Contrôle interne et gestion des risques, Auditing, Pilotage de la performance

• Oral exam: European Corporate Governance

Extra activity

• Group work: European Corporate Governance, Project evaluation, Fiscalité, Auditing, Pilotage de la performance

• Individual report/presentation: Contrôle interne et gestion des risques

Final grade

• Final exam + extra activity

Offer of Majors

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LLN

MONS

GESTINGE






CFA track


Financial Management (INGE/GEST-MONS)

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• All French except Equity Valuation

• Q1: Asset management

– Equity Valuation (EN)

– Fixed income

– Derivatives securities

• Q2: Risk management

– Behavioural finance

– Portfolio Management

– Risk Management and Financial Institutions

Financial Management: The team (1)

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Prof. Catherine D’HondtRelevant Experience: FUCaM, Université de PerpignanInterests: Market Microstructure, Behavioural finance Courses: Portfolio Management

Prof. Isabelle PlattenRelevant Experience: Univ. Lille II, UNamurInterests: Risk Manangement, InsuranceCourses: Fixed Income Analysis, Derivative Securities

Prof. Rudy de WinneRelevant Experience: FUCaMInterests: Market Microstructure, Behavioural FinanceCourses: Behavioural Finance

Financial Management: The team (1)

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Xavier SuinRelevant Experience: PWC senior managerInterests: Equity valuation Courses: Equity valuation

Prof. Mikael PetitjeanRelevant Experience: IESEGInterests: Financial Markets, Ethical financeCourses: Equity valuation

Pascal Van WynendaeleRelevant Experience: FUCaM, Edhec, Fortis, BelfiusInterests: Risk management, Financial regulationCourses: Risk management of Financial Institutions

Financial Management: Learning goals

The major covers part of the CBOK (CFA Institute)

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At the end of this major you will know:

• The practice of firm valuation, including mergers and acquisitions

• How to analyse and manage risks in the bond market

• How to describe and analyse derivative products

• The principles of pricing and hedging in derivative markets

• The foundations of portfolio construction & performance measurement

• The complexity of decision making in financial markets

• How to identify risks related to financial institutions and the prudential regulations governing them

• Use most relevant Bloomberg platforms related to financial markets

Financial Management: Evaluation

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Final exam

• Multiple choice questions: Equity evaluation

• Open questions: Fixed income analysis, Derivative securities, Riskmanagement and financial institutions, Portfolio management

• Oral exam: Behavioural Finance

Extra activity

• Group work: Equity evaluation, Portfolio management, Behavioural Finance

• Homework & Quiz : Derivative securities, Fixed Income Analysis

• Bloomberg Market Certificate

• In Q2 visit to ING headquarters

Final grade

• Final exam + extra activity

Offer of Majors

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LLN

MONS

GESTINGE






Revisorat

CFA track

Track Financial Management • Double degree UCL – ICHEC (GEST only!)

http://www.uclouvain.be/421878.html

• Program :

– Asset Management (Q1- Mons)

– Risk Management (Q2- Mons) • Behavioural Finance replaced by IAS

– Advanced Financial Analysis (Q3 – ICHEC Bxl)

• No Erasmus

• Admission in Q3 subject to conditions (60 Cr. with more than 70%)

• Good match with the job market : students are prepared to pass the CFA exam (level 1) at the end of their cursus; scholarships available

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• Q3: Advanced Financial Analysis

– Econometrics and forecasting

– Advanced Financial Analysis and Reporting

– Ethics in Finance

• Extra activity

– Participation to the CFA Research Challenge (first step with other BS of the BENELUX)

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Advanced Financial Analysis(BXL (ICHEC); GEST; Q3)

Completing the CFA Program shows employers and clients you have mastered a broad range of practical portfolio management and advanced investment analysis skills

Offer of Majors

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LLN

MONS

GESTINGE






CFA track


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Un programme complet

• Droit des sociétés approfondi et gouvernance d’entreprise

• IAS et IFRS• Normes

comptables internationales de consolidation

• Aspects légaux et normatifs du contrôle

• Déontologie des professions comptables

• Audit et compétences professionnelles

• Nomes d’audit internationales

Q1 Q2 Q3

LA SOCIETERègles d’évaluation, gestion et contrôle

LA PROFESSION D’AUDITEUR

15 crédits 15 crédits 15 crédits

• Contrôle interne et gestion des risques

• Fichiers comptables et contrôle des comptabilités informatisées

• Droit comptable• Règles d’évaluation

LE GROUPEGouvernance,

internationalisation et consolidation

Prérequis Prérequis

Possibilités d’échanges et stage à l’étranger

Cours les mercredis et jeudis – Frais de déplacement remboursés en cas de covoiturage

L’équipe « Revisorat et expertise comptable » (1)

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Bénédicte VessiéExpérience: Reviseur d’entreprisesIntérêts: Audit, IFRS, ConsolidationCours: Contrôle interne et gestion des risques; Normes comptables internationales de consolidation ; Audit et compétences professionnelles ; Normes d’audit internationales

Yvan StempnierwskyExpérience: Intérêts:Cours: Droit comptable ; IAS & IFRS

Dominique HelboisExpérience: Directeur des Ateliers des FUCaM, Professeur Visiteur UNamurIntérêts: Contrôle de gestion, Comptabilité de gestion, Contrôle des performances, Stratégie et création d’entreprisesCours: Fichiers comptables et contrôle des comptabilités informatisées


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Anne-Catherine ProvostExpérience: University of Texas, Iéseg School of Management, Université Saint-Louis Intérêts: Comptabilité, Contrôle des performancesCours: Règles d’évaluation

Werner DerijckeExpérience: Avocat à la Cour de cassation, Jones Day (présent), White & Case (Liedekerke) Intérêts: Société, Sûretés, InsolvabilitéCours: Droit des sociétés approfondi et gouvernance d’entreprise

Bernard VandenborreExpérience: Reviseur d’entreprises, AVISOR, PwC (10 ans)Intérêts:Cours: Aspects légaux et normatifs du contrôle


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Victor CollinExpérience: Reviseur d’entreprisesIntérêts:Cours: Déontologie des professions comptables

Raphaël GeversExpérience: Intérêts:Cours: Droit de l’entreprise en difficulté

Jean ThilmanyExpérience: Conseil fiscalIntérêts: Fiscalité de l’entrepriseCours: Impôt des sociétés

« Revisorat et expertise comptable »

Dispositifs pédagogiques et d’évaluation

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Dispositifs pédagogiques

• Cours interactifs

• Mises en situation-problème

• Classes inversées

• Etudes de cas

• Serious game

• Projets intégrateurs

• …

Dispositifs d’évaluation

• Examen écrit/oral (à livre ouvert/fermé) ; QCM ; Présentation orale; Rapport écrit ; Travaux de groupe/individuel ; Essai individuel


Débouchés

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• Reviseur d’entreprises

• Expert comptable et conseil fiscal

• Audit interne

• Contrôle de gestion

• Consolidation

• Fonctions administratives et financières

• …

⇒ PME / Sociétés belges / Groupes nationaux et internationaux


Les ‘plus’ de la majeure

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80% des intervenants = Professionnels réputés

• Reviseurs d’entreprises, experts-comptables, conseillers fiscaux, avocats

Accès direct aux instituts

• Dispense complète aux 23 examens d’entrée de l’Institut des Reviseurs d’entreprises (Belgique & Luxembourg)

• Dispense quasi-complète aux examens d’entrée (18/25) de l’Institut des Experts-comptables et des Conseils fiscaux

Cours orientés “Pratique”

• Stage = Junior (stagiaire)

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