The Master's Degree in Banking and Finance lasts one year and consists of 60 ECTS credits distributed as follows:

• 44 mandatory course credits during the two semesters of the course (from October to June of the corresponding academic year), divided into 4 modules.

• 10 elective course credits the student will complete during the second semester. The elective subjects are included in modules II, III and IV.

• 6 credits designated for the completion of a Master's Final Project, also mandatory, and defending said project once the first 4 modules of the program have been completed successfully.

The teaching program is divided into four modules. The first has an introductory and homogenizing nature for knowledge, while the remaining three correspond to different areas of professional specialization in finance which students can be guided towards.

• Module I: Introduction: Aimed towards providing knowledge and tools of a transversal nature which will support learning throughout the program.

• Module II: Banking Management and Insurance: The objective is to present the fundamental methodology for banking analysis, including the most important orientations and strategic trends, control techniques, measurement and management of financial risks, as well as related banking legislation, systematics of measuring profitability of credit entities and evaluation models applied to corporate operations.

• Module III: Corporate Finance: Aimed at providing knowledge, methodology and tools necessary for financial management and making decisions about capital structure, finance, investment projects and corporate operations.

• Module IV: Analyzing, Evaluating and Managing Investments: Aimed at providing students with detailed knowledge about markets and financial instruments, the quantitative tools necessary to define optimal investment/funding strategies and analyze the related risk, and about the basic principles of fixed or variable income portfolio management.

• End of Master's Project: This consists of a project involving the different subjects, for which students can choose essay or research project format. It is a personal project in which the student must demonstrate mastery of the topic and that they know how to structure it, according to the specifications of an academic or scientific project. The topic must be relevant and related to the specific knowledge and skills in finance that have been acquired in the Master's.

Onsite sessions

The classroom sessions will be the habitual form of group contact between students and the professor and the continuity and frequency of these sessions throughout the course will guarantee interaction between professors and students.

The following activities will be highlighted in these classroom sessions:

AF1.- Master classes: Programmed and uninterrupted presentation of content by the professor which will be followed by a round of questions and doubts from the students.

AF2.- Applied in-class work sessions: Sessions in which students will work on exercises as direct applications of the explained lessons, including discussion about the work done by students, according to instructions from the professor.

AF3.- General sessions presenting content: Presentation of a series of notions by the professor with active and collaborative participation from students who will discuss and debate the dark points or nuances they deem pertinent to correctly understanding content. This will include dynamic participation and formal or spontaneous participation by students through the different activities.

AF4.- Public presentation of topics or projects: Presentations in front of the professor, other classmates and any other public that is participating. This will take place individually and as a group. The mastery of the given topic, conceptual organization, clarity of presentation, respect and rationality of different phases will be evaluated as well as the active collaboration of each group member in the case of group presentations.

AF5.- Exercises and problem solving: Exercises and problem solving posed by the professor after a short reading, material prepared for the occasion, or any other type of data or information which poses an intellectual challenge for students.

AF6.- Organized debates: Debates in which different people or groups present different points of view, which are often contradictory, about a topic and proceed to discuss it in order to convince the other(s) and win the discussion. Debate requires prior preparation by participants and looking for information to support their arguments as well as weakening those of their opponents.

AF7.- Seminars and workshops (practical cases): Organized activities which are established in the schedule and organized in stages, teams, objectives and expected results. These are based on selecting materials from or adapted from the professional market to the degree possible, with the objective of training students to solve real problems and to acquire reflex reactions to unexpected situations and proposals. This normally implies group work, although this is not always required.

Directed work

Work the students do outside of class as a necessary complement for the teaching and learning process. Directing the students' work when they are out of class and providing guidance, tutoring and monitoring systems for these tasks is crucial to this process. Students' autonomous work is not necessarily synonymous with individual work, as described in the following activities:

AF8.- Study and documentation: Individual study completed by the student to understand, rephrase or retain scientific content with views for possible application in their profession. Individual reading of different types of text (books, magazines, articles, press, Internet publications, reports about practical experiences, etc.) related to the subjects studied.

AF9.- Theoretical and practical monographs: Work of a theoretical or practical nature, generally individually, which implies reading articles, magazines, research reports, book chapters, information from the Internet, etc. and writing a personal reflection (of varying depth and length) which goes beyond a mere compilation of the information from various sources.

AF10.- Tutorial sessions: Tutorial sessions the professor holds with a small group or single student in order to review and discuss aspects related to the content of lessons in order to guide students in different training aspects related to their learning.

AF11.- Cooperative learning: Learning procedure in which students are assigned to groups and posed with a task which requires sharing information and resources between members in order to meet a common objective. In cooperative learning individual objectives are only met if, and only if, the other members of the group meet theirs and thus there is a great personal interdependency in order to meet goals. There are many cooperative learning techniques (puzzles, guided cooperation, etc.) and all of them can include the use of new technologies as a facilitating resource. An interesting variation of cooperative work is so-called peer tutoring, in which one student guides the learning of another.

AF12.- Completing individual work: Individual work by students which may correspond to one of the following focuses:

• Consulting work. The student must provide a solution to a real problem which is urgently required by a specific organization, institution, company or type of company in any of the fields in which they have specialized.

• Research project. The purpose of this is for students to apply scientific methodology to a topic of interest. They must be familiar with the state of knowledge (bibliographic references) and which areas can advance this knowledge. A problem will be identified which can be posed through one or several questions. The student will provide answers based on logical reasoning using the methods learned.

Students are continuously evaluated through partial onsite tests on the topics from the teaching program, contribution to individual or group work and active participation in onsite sessions.

To pass the MBF, students must satisfactorily complete each of the lessons which make up the syllabus as well as the End of Master's Project. This will allow for a comprehensive evaluation of the student's acquired skill level.

SE1.- Written exam: Exercise organized collectively, with explicit and precise instructions, which will be completed by the student in writing. Students taking the exam are asked to select answers from a given number of possibilities, as a correct or incorrect option to the question posed. These questions expressly respond to the aim of assessing the skills acquired in the corresponding field. Controlled by personal supervision and limited both by time and possibly types, quantities or formats of materials available to students.

SE2.- Public presentation: Exercise organized collectively, with explicit and precise instructions, which will be completed by the student orally. Students are asked to publicly and orally present the results of a monographic project they have completed, both individually and in groups. This public presentation is expressly aimed to assess the students' acquired skills in the corresponding areas. This will take place as a public act which is limited by time and the types and formats of presentation or distribution materials available for students.

SE3.- Evaluation of individual monographies: Presenting complex ideas, relationships, data and arguments through the presentation of a written monography of a theoretical or practical nature. These projects will evaluate the work of the student individually, based on the concepts originally presented. In the case of theoretical monography projects, this is a type of evaluation which considers any product of learning presented by the student and which incorporates analysis, synthesis, structuring and appropriate presentation of the completed reflection.

SE4.- Active in-class participation: Participation, searching for additional information, reflection to take a personal stand on specific topics, proactivity, etc. with the professor evaluating both the student's contributions and attitudes, the fruit of the learning process related to the competencies defined for the subject.

SE5.- Evaluation of End of Master's Project: The written End of Master's Project is completed individually by the student and will be evaluated by a faculty panel. This project will evaluate the work of the student individually, based on the following concepts:

• Project objectives (relevance, actuality and scope)

• Methodology

• Sources used

• Depth of analysis

• Results and conclusions obtained

• Maturity of judgement

• Physical presentation: typography, style, bibliography, tables, graphs, etc.

In response to the growing need for trained professionals who are specialized in finance with the ability to face the demands and challenges in a constantly changing environment, the Afi Escuela de Finanzas has been offering the Master's Degree in Banking and Finance (MBF) annually since 1995 which can be considered a reference for finance and non-finance companies as well as regulators and supervisors due to its long track record.

The MBF combines academic rigor which helps students grow professionally over the long term with practical experience which allows them to successfully face the short term challenges of their immersion in the working world of finance.

Additionally, the MBF covers the skills required for the most prestigious certifications in the finance field, incorporating the Body of Knowledge from the Chartered Financial Analyst (CFA) and is adapted to the demands introduced by Basilea III and its implications in identifying and measuring financial risks.

The program, organized in an academic alliance between the UIMP and Afi Escuela de Finanzas, has been an official Master's degree from the UIMP since the 2011-2012 academic year and is adapted to the European Higher Education Area (EHEA) and its course loads is measured in ECTS credits, which is the standard used by all universities in the EHEA to guarantee homogeneity and quality in university studies.

CG1.- Ability to analyze and synthesize

CG2.- Solving problems and making decisions

CG3.- Ability to plan and organize

CG4.- Ability to manage information from different sources

CG5.- Advanced computer skills related to the field of study

CG6.- Interpersonal skills: listening, arguing and debating

CG7.- Ability to lead and work as a team

CG8.- Ability to criticize and self-criticize

CG9.- Ethical commitment

CG10.- Recognition and respect of diversity and multiculturalism

CG11.- Ability to learn and work autonomously

CG12.- Adapting to change

CG13.- Orientation towards action and quality

CG14.- Ability to create and transmit ideas, projects, reports, solutions and problems

CG15.- Initiative and entrepreneurial spirit

CE1.- Knowledge and ability to apply techniques and mathematical models in the field of finance

CE2.- Knowledge and understanding of the main products and national and international markets as well as the main institutions that operate in each of them

CE3.- Familiarization with the theoretical bases and practical application of the main theories in financial economics

CE4.- Understanding, review and analysis of financial status for credit entities

CE5.- Familiarization and understanding of banking legislation

CE6.- Familiarization and understanding of the principles of financial stability and macro-prudential policies

CE7.- Familiarization and understanding of the main risks faced by a financial entity (credit risk, market risk, liquidity risk, operation risk, reputational risk, legal risk, regulatory risk)

CE8.- Master the concept of Value-at-Risk (VaR) and its application as risk measurement in an active market, portfolio or entity as well as more frequently used methodological alternatives for its practical calculation

CE9.- Familiarization and practice with the processes of stress testing and back testing as necessary elements for measuring, managing and controlling any type of risk in financial entities

CE10.- Provide the methodology, tools and analytical criteria needed for financial management

CE11.- Develop skills necessary to evaluate companies

CE12.- Provide necessary skills to analyze the viability and profitability of investment projects through financial modeling

CE13.- Familiarization with market movements to manage portfolios and/or cover risk

CE14.- Ability to analyze public information in financial markets to make investment decisions

CE15.- Detailed familiarization with standard derivative instruments both at the theoretical and practical level

CE16.- Understand and use the most common models and techniques for evaluating financial instruments

CE17.- Know how to assign derivatives to real investment portfolios

CE18.- Know how to use derivatives (future, option, swaps and structured) to cover different risks

CE19.- Plan and complete a research project

CE20.- Ability to interpret cycle analysis models and other macroeconomic balances (budgets, debt and deficit; expenses, current accounts and exchange rates, the job market, costs and prices; money market and financial assets, interest rates and their link to the economic cycle; monetary and fiscal policy) as well as the impact of microeconomic foundations on broker decisions.

CE21.- Ability to understand circumstantial data within the framework of coherent macroeconomic relations, obtained from multiple national and international sources of economic data in order to write economic reports and complete applied exercises.

The Master's Degree in Banking and Finance (MBF) is specifically directed towards students with a degree in Economics, Administration and Business Management and Law, with little or no work experience in banking or finance, and who wish to expand their knowledge in these areas. Applicants must show proof of a B2 level in English in accordance with the European Common Framework of Reference for Languages.

Students with professional experience will be accepted provided said experience is no more than 5 years in these areas.

The solid training received in this postgraduate program allows ideal incorporation in the working world for those students who have recently gradated and offers varied work possibilities for those who combine studies with a professional career.

Afi Escuela de Finanzas works to provide development in the professional careers of its students and former students at different stages through two tools: professional internships throughout the Master's program and an active job pool which students have access to throughout their professional career.

The MBF program aims to develop and strengthen the professional career of graduates in one of the following areas:

• Banks, savings banks, credit cooperatives or other credit agencies, in many of the most important areas of their management.

• Agencies, securities brokerage houses, collective investment institutions and pension funds managers and insurance companies.

• Economic-financial consultancy and financial risks.

• Financial, treasury or planning departments and management control of non-financial companies.

• Multilateral organizations, regulatory and supervisory agencies and the public sector.

Access with an official university degree from Spain or the European Higher Education Area (EHEA): Admission to the Master's Degree in Banking and Finance requires an official university degree from Spain or another higher education institution belonging to another Member State of the EHEA which grants access to study a Master's Degree in the country of origin. Special preference will be given to degrees in Economics, Business Management and Administration and Law.

Access with a university degree from outside the EHEA: Students with degrees from education systems outside the EHEA can be accepted without requiring official recognition of their degrees by accrediting that the level of studies is the equivalent to that of official university degrees in Spain and that the degree allows access to postgraduate studies in the country of origin.

Access for these students depends on a favorable decision from the Rector. The decision by the Rector will never imply official recognition of the degree the student possesses nor its recognition for purposes other than to study the Master's Degree. Pre-enrolment should be carried out via internet by completing the online Pre-enrolment Form available on the Afi Escuela de Finanzas website.

SPECIAL EDUCATIONAL NEEDS

Universal accessibility will be guaranteed and the necessary resources and support will be monitored for those students with disabilities in order to assure the correct completion of the Master's. We ask that these students indicate their specific needs when enrolling.

The following will be considered in the admission process:

• Degree granting access to Master's (10%-20%).

• Academic transcript (50%).

• CV (participation in other training programs, mastery of computer tools) (5%-10%).

• Reference letters (5%-10%).

• English level exam (5%).

• Personal interview in which the reasons for selecting the program will be analyzed and the academic transcript along with the rest of the documentation provided by the applicant will be reviewed and commented upon (20%).

The Academic Committee for the Master's will be in charge of examining and evaluating admission applications and approving the accepted candidates according to the previously mentioned criteria. The Academic Committee will publish a list of accepted students each academic course on the UIMP web site.

One of the distinguishing features of the Menéndez Pelayo International University and Afi Escuela de Finanzas is the personal attention to and monitoring of students in order to achieve good academic performance and ideal personal and social development. To do so, communication channels are created for students to have access to appropriate contacts to whom they can express their needs and get the attention they require. Each Master's student will be assigned an individual tutor for the duration of the program. Additionally, the Director/Coordinator of the Master's is always a direct contact if the student wishes.

At the group level, the Master's Degree in Banking and Finance will include a Student Committee which is formed by five Master's students who will hold periodic meetings with the Co-Directors and Coordinator of the program.

Tutorials

The Menéndez Pelayo International University and Afi Escuela de Finanzas recognize the importance of personal attention as their distinguishing features. To achieve this goal tutors are provided and, additionally, these institution feature faculty committed to monitoring the students' work completed in their respective lessons and the results obtained in the most personalized way possible. Thus, tutorials play a decisive role in optimizing learning opportunities and ensuring that students obtain maximum performance in their studies.

The work of the Coordinator/Director of the Master's is done both at the individual and group level. In personalized student attention, the Coordinator/Director has the following missions:

• Assess the most convenient study and documentation methods.

• Inform and help the student with their abilities, aptitudes and performance and their possibilities.

• Monitor the situations in which academic activity is completed such as hours devoted to studies, effective schooling, grades.

At the group level, the Coordinator has the main commitment to mediating with the Student Committee and Directors of the Master's to coordinate the exercise of rights and establish the compliance framework of the duties unique to them.

Personalized attention to students is supported by coordination between tutors and Master's faculty. During a period which is the responsibility of the Master's Coordinator, it is convenient to hold different meetings between the mentioned professors throughout the course to coordinate the course load which is proposed for students both in and outside the classroom and to have a complete view of the essential content and different methodological alternatives students will have contact with.

The Master's Coordinator will be in charge of pedagogical and organizational coordination of the Master's serving as a direct link between the university and the Escuela, always maintaining updated information. Both the figure of the Director/Coordinator and the tutors, with specific coordination functions between professors and students in the Master's, are necessary and useful in the completion of the Master's.

Ángel Berges Lobera, Managing Director of Afi. Professor of Financial and Accounting Economics, Universidad Autónoma de Madrid

Esteban Sánchez Pajares, Managing Director of Banking Consulting at Afi. Advanced Studies Diploma in Financial Economics from the Universidad Autónoma de Madrid

Contact E-mail: afiescueladefinanzas@afi.es

The teaching staff of the MBF is comprised of consulting and accounting professionals at Afi who combine an excellent academic profile, proven teaching experience and a recognized professional track record, whose daily work takes place within the knowledge areas of the MBF in direct contact with current needs of economic agents and with the work lines of regulators, providing innovative and specific solutions to improve competitiveness. At the same time, the teaching team is completed with professionals from the financial sector which are especially relevant to the topic.

Detailed information about professors associated with the program can be consulted on the "Syllabus" section on this web page. Each module and lesson has a coordinator who guarantees the teaching program is followed.

Coordinating professors for lessons

Emilio Ontiveros Baeza, President of Afi. Professor of Financial and Accounting Economics, Universidad Autónoma de Madrid. Doctorate in Economics from the Universidad Autónoma de Madrid

Pilar Barrios Gómez, Member of the Quantitative Finance Department at Afi. Doctorate in Mathematical Sciences from the Universidad Carlos III de Madrid

Ángel Berges Lobera, Managing Director of Afi. Professor of Financial and Accounting Economics, Universidad Autónoma de Madrid. Ph.D. in Management Finance from Purdue University

José Antonio Herce San Miguel, Managing Director of the Applied Economics Department at Afi. Professor of Economic Analysis at the Universidad Complutense de Madrid. Doctorate in Economics from the Universidad Complutense. MA in Economics from University of Essex

Esteban Sánchez Pajares, Managing Director of Banking Consulting at Afi. Advanced Studies Diploma in Financial Economics from the Universidad Autónoma de Madrid

Daniel Manzano Romero, General Managing Partner of Afi and Managing Director of Afi Tecnología, Information and Finance. Doctorate in Economics from the Universidad Autónoma de Madrid