Please check here for all of the information concerning teaching activities and how they will be carried out in the 2020-2021 academic year.
The Official Master's Degree in Finance is organized by the Faculty of Economic Sciences and Business Administration at the Universidad Pontificia Comillas (ICADE), through the ICADE Business School. It is the first Official Master's Degree to be accredited by the National Securities Market Commission (“Comisión Nacional del Mercado de Valores” in Spanish) for themes related to MiFID II (Markets in Financial Instruments Directive).
This Master´s Degree offers a well-rounded education and training in Finance and allows students to understand current economic and financial phenomena, as well as to analyze and manage the savings and investments of companies. The program is especially recommended for those who would like to work in the Financial Sector (including Insurance), Financial Auditing-Consulting, or in Financial Departments at a wide range of companies or institutions.
Training is provided in the use of the latest techniques for data analysis.
These studies train students in the use of the latest techniques for data analysis, promoting the use of technological tools in the professional field, and ensuring a wide knowledge of different products and their management in Banking, Markets, Investment, Corporate Finance and any other area of the Financial World. The program can be taken entirely in English or as a bilingual program, with professional internships available in the financial area, as well as periods of international study abroad in other prestigious Business Schools. Training in Data Processing and Analysis can be enhanced by completing the Executive Programme in Business Analytics.
Many people like you are already making the most of their Master's Degree. Here are their experiences.
"These studies will allow you to develop your talents to the fullest and respond perfectly to the needs of the market, given their international perspective."
"This degree provides an excellent education and training, which provide the foundation to develop a successful professional career in an area in high demand at companies."
"It has allowed me to specialize in a booming sector with many job opportunities."
Rankings and Awards
First University Masters Degree recognized by the National Securities Market Commission for themes related to MiFID II.
Percentage of students who carry out internships in the area in which they have specialized.
Members of the Professorial Staff
Percentage of Professors who are currently CEO, CFO, CIO and in other Management Positions.
Advance your professional career with this Master’s Degree
Aurora García Professor at Comillas ICADE
Financial Data Analyst
Commercial Manager and Manager of Private Banking
Visit the Faculty. Attendance is not mandatory, but potential candidates are encouraged to learn about the Faculty, see the facilities, and obtain additional information.
Apply for admission. All candidates interested in applying for this Master’s Degree Program must fill out an on-line application and, subsequently, submit the documents required to the General University Registrar´s Office.
Once the documentation has been analyzed, candidates will receive instructions on the procedure for taking entrance exams in the following weeks. A personal interview will be carried out with the Director or the Coordinator of the Master´s Degree Program. Candidates must also sit for exams of a technical nature, a written composition and an Excel exercise. An exam to deteremine the level of English will be adminstered as well.
Procedures for Entrance Exams for Admission to the Degree.
In order to arrive at a decision on the admission of candidates to the Official Master's Degree in Finance, the following criteria for the assessment of merit and the weighting of each procedure will be as follows:
-Academic transcript, internships carried out in companies and previous work experience (45%)
-The result of a personal interview by the candidate with the Director or the Coordinator of the Master´s Degree Program, which will be carried out in English (20%)
-The accredited level of knowledge of English, the date of issue of the corresponding certificate to justify the level of English, and the result of the English level exam carried out in the selection process will be taken into account. All candidates must take an English level exam, regardless of the certification provided. A B2 level of English must be demonstrated according to the European Reference Framework (25%)
-Technical exams aimed at verifying the analytical skills of candidates, verbal comprehension and their relative pace of learning will be administered. These exams will consist of a composition, written in English, and an Excel exam (10%).
The final decision on admission is based on the position in the ranking given to the global assessment of each candidate's file, in relation to the entire group of candidates and to the total number of places available.
Communication and legal requirements for access to the University.
The final decision on admissions is the responsibility of the management of ICADE Business School and applicants will be informed by email and by post.
If students interested in enrolling in this Master’s Degree Program have any type of disabilities, they will be provided, upon request, with direct and personalized attention by the Social Work Unit, which will draw up, among other possible actions, a Support Program for Students with Disabilities.
Completing the Admissions Process.
Once admitted, students must finalize the registration process. This procedure is initiated on the web page, but it is necessary to present the registration form and the additional documentation at the General Registrar´s Office at the University.
Applicant Profile/Requirements and Documentation
The Official Master's Degree in Finance is designed for candidates who:
-Have recently completed a university degree and are interested in working in the financial sector.
-Already have brief work experience in this area and will join a company's financial department.
-Currently work in a specific area of the financial sector and wish to gain a more comprehensive and in-depth perspective of the sector or other financial areas.
-Wish to become specialized in an area within finance or the financial sector.
The following are required in order for the cadidates to reach the objectives of the Master´s program:
-B2 level of English.
-Ability to analyze and synthesize.
-Ability to organize, plan and work in a team.
-Knowledge of mathematics.
-Knowledge of the IT tool Excel.
Candidates must hold or be able to justify that they will soon be awarded a Licentiate Degree, Degree in Engineering or in Architecture, or equivalent degree from foreign university.
Information notice on the documents to be submitted
|Economics and Business|
|Business, Financial Strategy and Corporate Governance (CO, Taught only in English)||2.0 ECTS|
|Managerial Skills for Finance (CO, Taught only in English)||3.0 ECTS|
|Analysis of the Economic and Financial Situation (CO, Taught only in English)||3.0 ECTS|
|Fundamentals of Finance|
|Financial Analysis and Financial Management (CO)||3.0 ECTS|
|Financial Accounting (CO)||3.0 ECTS|
|Statistics and Econometrics for Finance (CO, Taught only in English)||2.0 ECTS|
|Financial Valuation (CO)||4.0 ECTS|
|Financial Taxation (CO, Taught only in English)||2.0 ECTS|
|Project Finance (CO, Taught only in English)||2.0 ECTS|
|IT Tools for Finance (CO, Taught only in English)||2.0 ECTS|
|Technical Analysis and Behavioral Finance (EL)||2.0 ECTS|
|Private Banking and Wealth Management (EL)||2.0 ECTS|
|Management Control and Auditing (EL)||3.0 ECTS|
|Financial Risk Management (CO)||3.0 ECTS|
|Advanced Quantitative Methods and Structured Products (EL)||3.0 ECTS|
|Portfolio Management (CO, Taught only in English)||2.0 ECTS|
|Financial Markets (CO)||3.0 ECTS|
|Portfolio Management II (EL)||3.0 ECTS|
|Regulatory Framework of the Financial System and Compliance (CO, Taught only in English)||3.0 ECTS|
|Corporate Finance (CO)||3.0 ECTS|
|Advanced Corporate Finance (EL)||2.0 ECTS|
|CFA I Exam Preparation Course (EL)||4.0 ECTS|
|Banking (EL)||3.0 ECTS|
|Financial Ethics (CO, Taught only in English)||2.0 ECTS|
|Seminar (CO)||1.0 ECTS|
|Final Master's Project|
|Final Master´s Project (CO)||6.0 ECTS|
The student must take 11 ECTS of elective subjects (EL). All of them will be taught in English
At the end of the Master's Degree, students will have the possibility of:
- Carrying out part of their studies or participating in "Summer School" at other prestigious Universities and International Business Schools.
- Participating in one of the Professional Development Courses of the Inside Comillas Programs.
CG 01 - Analysis and synthesis capacity.
CG 02 - Problem-solving and decision-making.
CG 03 - Organisation and planning capacity.
CG 04 - Ability to manage information from several sources.
CG 05 - Computer literacy regarding the field of study.
CG 06 - Interpersonal skills: listening, arguing, discussing.
CG 07 - Leadership and team working capacity
CG 08 - Critical and self-critical capacity.
CG 09 - Ethical commitment.
CG 10 - Acknowledgement and respect of diversity and multiculturalism.
CG 11 - Ability to work and learn independently.
CG 12 - Adaptation to change.
CG 13 - Action-oriented and quality-oriented mindset.
CG 14 - Capacity for developing and communicating ideas, projects, reports, problems and solutions.
CG 15 - Initiative and entrepreneurship.
CE 01 - Being familiar and understanding the main national and international products and markets as well as the main financial institutions that work in each one of them.
CE 02 - Knowing how to look for and analyse public information from markets and companies in order to make investment or financing decisions.
CE 03 - Understanding and correctly applying principles and valuation models to companies and assets, portfolio management, fundamentals of investment project analysis and those supported by theories on building an efficient portfolio.
CE 04 - Mastering derivative assets valuation techniques and assigning such assets to actual investment portfolios.
CE 05 - Knowing how to integrate and apply the relevant indebtedness and dividend distribution policies within a company.
CE 06 - Identifying any possible ethical problem posed by the corporate environment and formulating and justifying the best applicable solution.
CE 07 - Understanding the fundamentals of mergers and acquisitions as well as other similar corporate transactions; acknowledging the reasons for which they are carried out and apply the appropriate processes to complete such transactions, considering any factors which may cause them to fail.
CE 08 - Being familiar with and understanding the concept of Corporate Governance, as well as its legal and financial bases, and its evolution to this day.
CE 09 - Being aware of the functioning mechanisms of credit institutions, recognising the different financing sources and the manner in which a Financing Project must be managed. Providing an answer to the questions of where and how to obtain financing, in which conditions and how to request such financing from a credit institution.
CE 10 - Obtaining a global vision of those national and international regulations most widely used in a financial environment, and supervisors and agents involved, and knowing the consequences of their application and of any eventual lack of compliance.
CE 11 - Being aware and applying the relevant tools used in auditing and management control in order to issue the corresponding auditing report and choosing the most appropriate control system.
CE 12 - Knowing how to apply and integrate the main risks which any company has to face, especially financial institutions. Being able to measure such risks and to apply the appropriate strategies for control and management.
CE 13 - Being aware of and understanding the national and international financial environment and establishing depending relationships with financial products and decisions.
CE 14 - Knowing and applying mechanisms to create defined functions, econometric, mathematical and statistic analyses with the help of the relevant software.
CE 15 - Acknowledging and developing key aspects in Management of Persons and Strategy, particularly Financial Strategy.
CE 16 - Being aware of and understanding the academic contents that are required to pass a certification test which enables the candidate to work as an investment analyst.
CE 17 - Being capable of applying the accounting principles and standards in a globalised contexts, as well as consolidation methods.
CE 18 - Developing a mostly practical mindset regarding tax implications of corporate decisions regarding costs, credit, financing sources, assets, investment, and equity, as well as fiscal optimisation of corporate resources in accordance to regulations and jurisprudence.
CE 19 - Planning and completing a research project on an academic environment.
Graduate Profile. Career Prospects
This Official Master's Degree in Finance provides its students with the necessary competences to pursue a career in the financial, credit or insurance industry, or companies' financial departments, or to carry out consulting and auditing tasks. Our graduates are capable to occupy, among others, the functions of accounting analyst, technical analyst, financial statements analyst, accounting auditing, management supervision, operation in national and international markets, investment valuation and analyst, portfolio management, resource management and corporate financial debt management, equity management, risk financial management, compliance, consulting tasks in mergers and acquisitions, economic and financial environment analysis, structuring of derivatives and Project Finance manager.
The following types of companies have shown interest in our graduates: Banks, Savings Banks, Rural Savings Banks, Cooperatives, Insurance Companies, Financial corporations (Leasing companies, renting companies, financial institutions, credit institutions, mortgage institutions, factoring companies), mutual guarantee societies, bonding companies, appraisal companies, securities companies and dealers, portfolio management companies, collective investment institutions, venture capital management companies, certification companies, investment and escrow funds management companies, financial markets, financial departments in service and manufacturing companies, consulting companies, consumer financing institutions, auditing companies, real estate companies (appraisal), management companies and companies marketing commodities, EAFIs, crowfunding or crowlending companies and others.
The different functions occupied now and in the past by our graduates in the aforementioned companies are: Private banking manager and marketing agents; business banking manager and marketing agents; brokers/traders and market operators, employees in regulations and in compliance departments; consulting and tax and financial managers; Managers (managing companies, securities companies and dealers, family offices, private banking, portfolio management society, Foundations, NGOs and non-profit organisations, own account managers, treasury desks, crowfunding and lendfunding; fintech analysts, Big Data and financial data analysts, trading desk, etc.), analysts( on companies, on rating companies, on venture capital companies, on securisitation companies, of research and studies services, of chairperson's cabinets, etc.); corporate junior, private banking junior marketing agents, structuring agents, financial directors of services and manufacturing companies, accounting and controlling agents, strategic junior consultant, financing, refinancing, restructuring or tax assistants, junior auditors, risk control and monitoring agents.
Some of the companies which have expressed their interest in our graduates are Banco Santander, BBVA, Banco Popular, Goldman Sachs, JP Morgan, Credit Suisse, Credit Agricole, Deutsche Bank, Banque Privée Edmond de Rotschild, Banco de España, Barclays, Banca March, Bankinter, Banco Sabadell, Caixabank, ING, BNP Paribas, HSBC, Selfbank, CNMV, Ahorro Corporación, Finsolutia, Savia Asset Management, JCB Capital Markets, MDEF Gestefin, Thesan Capital, Dingo Business, Finae Partners, Corporación Financiera Guadalmar, RCI Banque, RESA Corporate Finance AND Duff&Phelps. In the consulting and auditing fields, our graduates have been hired by Deloitte, EY, KPMG, PWC, BCG, Management Solutions, Bluecap, Everis, ISBAN, Clifford Chance, Baker & McKenzie, Grant Thornton, OCG Consulting, Europraxis Cogno Data Consulting, GMS Management Solutions, Irea and Buljan & Partners. Among the insurance partners, Axa, Caser, Mutua Madrileña, Mapfre, Vidacaixa and Generali are especially noteworthy. Our graduates have also been recruited by INDRA, Repsol, Telefónica, Iberdrola, Endesa, Robert Bosch, Prisa, Ferrovial, Villar Mir, BMW, Procter&Gamble, Amadeus, Abbott, Fujitsu, Roche, Día, Diageo, Techrules, Cemex, Merdeces Benz, Volvo España, Toyota, Twenty Century Fox, Inertis Solar, ICEX, Europa Press, Galp, Bombardier, ONCE, J Watson, Interdin, Sunedison, LÓreal, KIKO, 3M, Microsoft, Sony, EDP, Carlson Wagonlit, Galderma, McDonalds´s, Aon Gil y Carvajal, Embajada Británica or Antares Tankers. All these companies and institutions have recruited graduates from the Official Master's Degree in Finance in the last five years.
On the other hand, the Official Master's Degree in Finance enables its graduates to access an official PhD programme pursuant to Royal Decree 99/2011, of 28 January, which regulates official PhD studies.
The Official Master's Degree in Finance comprises a total of 60 ECTS distributed as follows:
30 ECTS of compulsory subjects taught in the first term, seeking to ensure that the students gain a high level of competency and knowledge regarding financial models, financial markets, financial management and financial products.
24 ECTS of subjects taught in the second term, of which 13 are compulsory and 11 are optional. Optional subjects provide a more specialized approach to the different areas or functions within the financial sector.
6 ECTS allocated to the Final Master's Project, whose defense takes place after classes end in the second term.
Master’s Course Subjects
The Official Master's Degree in Finance comprises 60 ECTS. The curriculum consists of 26 subjects that are taught from October 2021 to May 2022. Please note that the Final Master's Project is expected to begin in the first term and the defense is expected to take place in July 2022
In the second term, the students are expected to enroll in compulsory subjects totaling 13 ECTS and in optional subjects totaling 11 ECTS. The choice of subjects is based on the 2 professional profiles/study plans available, given that each profile or study plan has already been assigned specific subjects.
The study plans offered as part of the Official Master's Degree in Finance are as follows:
- Profile/Study Plan 1: Private Banking and Asset Management, Banking, Portfolio Management II, Management Control and External Auditing.
- Profile/Study Plan 2: Advanced Corporate Finance, CFA I Exam Preparation Course, Advanced Quantitative Methods and Structured Products, and Technical Analysis and Behavioral Finance.
Regarding the second-term subjects, the students are only required to select those corresponding to their chosen profile/study plan.
This Master's Degree offers 60 places dividend between group A and group B. Students in group A will be taught 100% in English. Students in group B will be taught 50% in English. Lessons of all elective subjects, seminars and End of Master Projects shall be taught in English for both groups. Those students that, in the Master's Degree admission process, can justify to have a C1 or C2 level shall be eligible to be admitted in group A.
General Academic Calendar of the University
At the end of the academic year of classes, students will be able to register for the Executive Programme in Business Analytics, which will be taught as of September 2020.
The exams in the different subjects of the Official Master´s Degree in Finance coincide with the final teaching sessions of each subject, as represented in the previous table.
Teaching sessions are scheduled to be completed by the final weeks of May. From then on, students should be aware of the need to present and defend the Final Master´s Degree Project.
A special period of exams will take place during the first fifteen days of June.