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You will acquire an in-depth knowledge of the most recent empirical research and models in economics and finance. Through this you will learn to discuss, analyse and solve real-life problems relating to economic and financial decision-making in corporations, understand the fluctuations and drivers of financial markets, and test ideas at the forefront of academic research.
What gets you the job?
This programme enables you to approach problems with a thorough theoretical understanding coupled with the ability to apply quantitative tools for a more comprehensive analysis. This combination of strong analytical skills and deep theoretical insights will be at the core of your competencies when you enter the job market, and will facilitate you in solving more complex and demanding problems than most students at a graduate level.
Career opportunities
The programme has been created to accommodate the need for economists with strong quantitative competencies at banks, mortgage credit institutions, pension funds, insurance companies, investment or central banks and major consultancy companies. These will also typically be the areas in which graduates will find employment. The strong theoretical focus of the programme additionally provides excellent preparation for a PhD study.
You will learn to work independently with economic and financial problems, and thus obtain qualifications to work as a key analyst in financial institutions and consultancy as well the business community in general wherever strong, quantitative financial and economic skills are needed. The programme also makes you a strong candidate for working in research departments i.e. in the development of new products in financial institutions, like structured products and derivatives for investment banks.
Academic profile
The program provides students with analytical and problem-solving competencies. The students attain an understanding of the opportunities and risks in the economy and are trained to apply theory to practical solutions.
Corporate finance, financial markets and corporate governance
In the study of corporate finance, you will investigate the incentives which are fundamental to understanding the different forms of capital structure and payout policies. In addition, you will discuss the arguments underlying different forms of financing and management compensation.
You will be introduced to advanced topics within the area of financial markets. Areas to be covered include, but are not limited to, an individuals choice of consumption and portfolio selection, and progress to comprehensive pricing models. These models will be further developed into dynamic multi-period models, which are used in the most quantitative financial institutions.
The ability to create mathematical pricing models will be essential as you progress into more advanced topics, for example, derivatives and credit risk.
You will also learn how to deal with and/or prevent principal-agent problems, such as conflicts in owner-manager relations and the use of appropriate incentive schemes. Through game theory and advanced multi-period, multiple-agent models, you will develop a quantitative approach to solving problems of corporate governance. For instance, when writing contracts, you will deal with assumptions and asymmetrical levels of information or risk sharing in order to ascertain how these agency issues relate to particular governance systems in a corporation.
Economics and econometrics
You will analyse the behavior of corporations and how they interact in markets. You will also learn how to deal with or prevent principal-agent problems, such as conflicts in owner-manager relations.
Moreover, you will study macroeconomics, where for instance you will be able to understand and discuss models of economic growth and business cycles. You will also be able to understand the impact of fiscal and monetary policy as well as government regulation and institutions.
Using econometric methods, you will be able to test theoretical predictions using economic and financial data. You will acquire skills in selecting the appropriate models for your data, and how to evaluate different econometric models.
Elite concept
This programme is designed for students who have demonstrated particular skills and interest in analytical and quantitative economics and finance. Students will learn to work independently with economic and financial problems and, thus, obtain qualifications to work as a key analyst in financial institutions and consultancies as well as the business community in general, wherever strong quantitative financial and economical skills are needed.
With an annual enrolment of only 25 students, a higher degree of attention will be given to each student. The programme also collaborates with some of the most prominent Danish firms in their respective industries and offers external mentors for the students in the programme. By studying research papers, learning to conduct your own research, and having high-level interactions with professors and fellow students, you will experience a tough workload, steep learning curve, high learning output, and elevated expectations concerning your own participation. As some of the courses are mandatory for students in the PhD programme, the presence of PhD students further adds value to this unique learning environment.
Structure
Advanced Economics and Finance is a two-year masters programme that is divided into 4 semesters. The fall semester runs from September through November with exams in December and January; and the spring semester from February through April with exams in May and June. There are eight mandatory courses in the first year, and elective courses followed by a Masters thesis comprising the second year.
There is a high degree of progression between the first and second semester, and you are required to take at least two of your elective courses in the third semester at a progressive level.
Additional options
The degree has special mentor programmes connecting students with professors at CBS and external partners from corporate institutions.
In the second year of the programme it is possible to apply for a double degree with the University of St. Gallen.
Course overview
1. Semester
* Contract, Agency, and Game Theory (7.5 ECTS)
* Asset Pricing (7.5 ECTS)
* Corporate Finance (7.5 ECTS)
* Econometrics (7.5 ECTS)
2. Semester
* Advanced Industrial Organization (7.5 ECTS)
* Derivatives and Risk Management (7.5 ECTS)
* Corporate Governance (7.5 ECTS)
* Macroeconomics - The Global Economy (7.5 ECTS)
3. Semester
* 2 Progression Electives + 2 Electives (30 ECTS)
4. Semester
* Master thesis or Business Project + Short Master thesis (30 ECTS)
Scholarship
CBS welcomes scholarship applications from graduate applicants, who come from countries outside of EU/EEA and need a student residence permit to study at CBS, regardless of gender, age, nationality and religion - we are interested in your motivation and your academic background.
Facts:
Each scholarship consists of a tuition fee waiver and a monthly scholarship of DKK 5,500 to cover living costs in Denmark (the equivalent of SU, the State Educational Grant given to Danish students). The grant is paid out in advance every month and has a maximum duration of 22 months, starting 1 September the year you are accepted. The grant is taxable in Denmark according to the rules and regulations governing income from grants and tax exemption for developing countries.
In 2012 CBS offered 25 scholarships.
Who:
You may be considered for a scholarship if you:
* are a non-EU/EEA citizen
* need a student residence permit to study at CBS
* apply online at Admission Flow by 1 February, 12 noon
* upload documentation and a motivational essay by 1 February, 12 noon
Students who receive a CBS scholarship may not receive a scholarship from their home country and are not entitled to SU (Danish State Educational Grant) or any other type of public support in Denmark.
To keep receiving the scholarship, recipients must be active students throughout the prescribed duration of their studies at CBS.
Procedure:
If you wish to be considered for a scholarship, you must apply for admission no later than 1 February 12 noon - no matter if you are a Group A or a Group B applicant at Admission Flow.
When you apply for admission you must indicate that you wish to be considered for a scholarship and you are to upload a motivational essay. A selection committee will make a recommendation to the CBS President, who will make the final decision as to which applicants will be offered a scholarship.
Applicants who are offered a scholarship will be notified of this by 1 March at the latest via Admission Flow. If you are offered a scholarship, you have until 15 March 12 noon to accept the scholarship.
Accreditation
Since 2000 CBS has been accredited by EQUIS, and since 2007 also by AMBA. August 1st 2011 CBS received accreditation by AACSB (Association to Advance Collegiate Schools of Business) as the first school in Scandinavia. CBS has thus acquired 'The Triple Crown', an acknowledgement only shared by around 50 business schools worldwide. These schools all belong the the absolute top business schools and include schools such as INSEAD, London Business School, IMD, and Rotterdam School of Management.
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