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Study Guide 2012-2013 Risk Management track (MSc in Finance

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INDEX
1. The Risk Management track (MSc in Finance) ................................................................... 3 1.1 Structure and curriculum ............................................................................................... 3 1.2 Full-time programme ..................................................................................................... 4 1.3 Part-time programme .................................................................................................... 6 2. Courses ............................................................................................................................... 9 2.1 Course material and literature ....................................................................................... 9 2.2 Course Descriptions ...................................................................................................... 9 2.2.1 Conversion Courses ........................................................................................ 9 2.2.2 Block I - Courses ........................................................................................... 11 2.2.3 Block II - Courses .......................................................................................... 15 2.2.4 Block III - Courses ......................................................................................... 16 2.2.5 Block IV - Courses ......................................................................................... 19 2.2.6 Block V – Thesis and Internship .................................................................... 23 2.2.7 Electives......................................................................................................... 24 2.3 The Duisenberg Leadership Programme .................................................................... 25 3. Duisenberg School Online and Wireless Internet.............................................................. 26 4. Lectures and attendance ................................................................................................... 27 5. Evaluations ........................................................................................................................ 28 5.1 Evaluations .................................................................................................................. 28 5.2 Educational Board ....................................................................................................... 28 6. Commitees and Course Representatives .......................................................................... 29 7. Exams and retakes ............................................................................................................ 30 7.1 Exams ......................................................................................................................... 30 7.2 Retakes ....................................................................................................................... 30 7.3 Grading ........................................................................................................................ 30 7.4 Posting grades ............................................................................................................ 30 7.5 Distinction .................................................................................................................... 30 8. Career Resources.............................................................................................................. 31 9. Contact details ................................................................................................................... 32 Appendix A ........................................................................................................................ 33

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1. The Risk Management track (MSc in Finance) 1.1 Structure and curriculum
The Risk Management track comprises of mandatory core courses and an optional elective course. Using a credit accumulation system, the 'European Credit Transfer System' (ECTS), each course accounts for a certain number of credits. A graduating curriculum consist of 70 Credits (ECTS), including a thesis (10 ECTS). Students are expected to complete the programme in either one year (full-time: 12 months) or two years (part-time: 24 months). Additional electives may be provided. If less than eight students have registered for an elective, the elective can be cancelled by the Programme Manager of the Risk Management track. DSF students who want to follow more than two extra elective courses in addition to the required course load of 70 ECTS will be charged a fee of € 400 per ECTS.
Figure 1: DSF Year overview 2012-2013

Introduction Week 34-35 Block 1 Week 36-42 Week 43 Block 2 Week 44 Week 45-51 Week 2 Block 3 Week 3 Week 4-10 Week 4 Week 6 Week 11 Block 4 Week 12 Week 13-17 Week 19-21 Week 22 Block 5 Week 23 Week 24-35 Week 24 Week 26 Week 34

20 August – 31 August 3 Sept. – 19 Oct. 22 Oct. – 27 Oct. 29 Oct. – 2 Nov. 5 Nov. – 21 Dec. 7 Jan. – 12 Jan. 14 Jan. – 18 Jan. 21 Jan. – 8 March 21 Jan – 26 Jan 4 Feb – 9 Feb 11 March – 16 March 18 March – 22 March 25 March – 26 April 6 May – 24 May 27 May – 1 June 3 June – 7 June 10 June – 31 August 10 June – 16 June 24 June – 30 June 19 August – 23 August

Pre-programme courses 1st semester Lectures Exam week Preparation week Lectures Exam week Field Trip Lectures Retakes Exams Block 1 Retakes Exams Block2 Exam week Preparation week Lectures Lectures Exam week Preparation week Internship and Thesis Retakes Exams Block 3 Retakes Exams Block 4 Thesis Defense 2nd semester

1st semester 2nd semester

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1.2 Full-time programme 1.2.1 Structure of the programme
The curriculum consists of a balanced set of (mandatory) core courses, specialization courses, and an internship + individual research project (master thesis). In the context of calculating the credit requirements of the Risk Management track, there are 2.5 ECTS awarded for the Boot camp, Refresher course and Programming course, 52.5 ECTS for the Regular Courses, and 15 ECTS for the thesis and internship. Calculation 70 ECTS Boot camp and Refresher Course Mandatory Courses Thesis and Internship Total 2.5 52.5 15 70 ECTS ECTS ECTS ECTS

Final thesis and internship The final phase of the Risk Management track consists of a thesis project and an internship. The student’s workload for the thesis is divided over three blocks: In Block 3, students begin identifying their thesis topic and writing up a first draft of their thesis proposal. The writing of the first draft proposal carries 28 hours, and the draft proposal must be submitted for approval by the Programme Director. In Block 4, the thesis proposal has to be finalized and submitted for which students need 56 hours. In Block 5, students will complete research on their topic, write up their results and submit their work. They will need 196 hours for the work done in Block 5. The thesis project can be combined with an internship or a practical project at your workplace. Minimum duration of an internship is 140 hours and can take place at one of Duisenberg school of finance’s various Network Partners from the financial, regulatory, central banking, international law and accounting areas. Designed to provide a complementary set of real world experiences to round off their programme of study, the internship takes place in Block 5 and carries 5 ECTS. The deadline for the thesis is 16 August 2013. The deadline for the internship is 31 August 2013. If a student does not complete the degree programme in one academic year, registration for a subsequent year is compulsory. The Board of Examiners will determine on 31 August if a student has completed the programme. The registration fee for a subsequent year is set at €2.000. In addition, a fee of €400 per credit will be charged per course to be completed. For the internship and thesis the fees are set at a fixed rate of €1.000 and €2.000 respectively. When graduating before 1 February, 50% of the registration fee (i.e. €1.000) will be reimbursed.

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MSc: TRACK RISK MANAGEMENT
INTRODUCTION DLP: Introduction Advanced Computational Bootcamp Statistics and Econometrics Refresher Programming CREDITS 0.5 EC 1 EC 1 EC 2.5 EC CREDITS 3.5 EC 3.5 EC 3.5 EC 3.5 EC 14 EC CREDITS 3.5 EC 3.5 EC 3.5 EC 3.5 EC 14 EC CREDITS 3.5 EC 3.5 EC 3.5 EC 3.5 EC 10.5 EC or 14 EC 9 weeks

2 weeks

BLOCK 1 DLP: Marketing Yourself DLP: Ethics in Finance DLP: Financial Regulation Applied Risk Management Financial Accounting Financial Econometrics Measure Theory and Stochastic Processes (I)

9 weeks

BLOCK 2 DLP: Marketing Yourself DLP: Finance and Sustainability Elective (International Corporate Governance) Applied Risk Management Derivatives Asset Pricing Measure Theory and Stochastic Processes (II)

9 weeks

BLOCK 3 DLP: Communication Skills; Field Trip DLP: Finance and Sustainability DLP: Behavioural Finance Applied Risk Management Elective (Commercial Banking) Credit Risk Management Enterprise Wide Risk Sources Thesis (I)

BLOCK 4 DLP: Communication Skills DLP: Economics of Risk Applied Risk Management Actuarial Mathematics and Modeling Market and Systemic Risk Management Fixed Income Thesis (II)

CREDITS 3.5 EC 3.5 EC 3.5 EC 3.5 EC 11.5 EC or 15 EC 9 weeks

BLOCK 5 Internship Thesis (III)

CREDITS 5 EC 10 EC 15 EC

11 weeks

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the internship takes place in Block 5 of the second year and carries 5 ECTS. The student’s workload for the thesis is divided: 1. €1. central banking. The deadline for the internship is 31 August 2014. The outline of the part-time programme can be found on the next pages. The thesis project can be combined with an internship or a practical project at your workplace.000) will be reimbursed.1. In addition. and the draft proposal must be submitted for approval by the Programme Director.000 and €2. 3. 6 . write up their results and submit their work. a fee of €400 per credit will be charged per course to be completed. Designed to provide a complementary set of real world experiences to round off their programme of study. Students begin identifying their thesis topic and writing up a first draft of their thesis proposal. 2.000. The Board of Examiners will determine on 31 August if a student has completed the programme. with the difference that their course load is spread out over two years. The thesis proposal needs to be finalized and submitted for which students receive 56 hours. When graduating before 1 February. The writing of the first draft proposal carries 28 hours. 50% of the registration fee (i.3.1 Structure of the programme Part-time students study under the same regulations as the full-time students. The deadline for the thesis is 15 August 2014.e. international law and accounting areas. Minimum duration of an internship is 140 hours and can take place at your own workplace or at one of Duisenberg school of finance’s various Network Partners from the financial. The registration fee for a subsequent year is set at €2. Students will complete research on their topic. registration for a subsequent year is compulsory.000 respectively. Final thesis and internship (year 2) The final phase of the Risk Management track consists of a thesis project and an internship or a practical project.3 Part-time programme 1. They will receive 196 hours for this. If a student does not complete the degree programme in one academic year. For the internship and thesis the fees are set at a fixed rate of €1. regulatory.

5 EC CREDITS 3.5 EC 7 EC 9 weeks 7 .5 EC 7 EC 9 weeks 2 weeks BLOCK 1 DLP: Ethics in Finance Applied Risk Management Financial Econometrics Measure Theory and Stochastic Processes (I) 9 weeks BLOCK 2 Applied Risk Management Derivatives Measure Theory and Stochastic Processes (II) 9 weeks BLOCK 3 Applied Risk Management Credit Risk Management Enterprise Wide Risk Sources BLOCK 4 Applied Risk Management Market and Systemic Risk Management Fixed Income CREDITS 3.5 EC 1 EC 1 EC 2.5 EC 7 EC CREDITS 3.5 EC 3.5 EC 3.5 EC 3.MSc: TRACK RISK MANAGEMENT Year 1 INTRODUCTION DLP: Introduction Advanced Computational Bootcamp Statistics and Econometrics Refresher Programming CREDITS 0.5 EC 3.5 EC 7 EC CREDITS 3.

5 EC 3.5 EC or 7 EC 9 weeks CREDITS 3.5 EC 3.5 EC 3.5 EC 7 EC 9 weeks BLOCK 2 DLP: Finance and Sustainability Elective (International Corporate Governance) Asset Pricing CREDITS 3.5 EC 7 EC 9 weeks BLOCK 5 Internship Thesis (III) CREDITS 5 EC 10 EC 15 EC 11 weeks 8 .5 EC or 7 EC 9 weeks BLOCK 3 DLP: Finance and Sustainability DLP: Behavioural Finance Elective (Commercial Banking) Thesis (I) BLOCK 4 DLP: Economics of Risk Actuarial Mathematics and Modeling Thesis (II) CREDITS 3.5 EC 3.5 EC 3.5 EC 3.MSc: TRACK RISK MANAGEMENT Year 2 BLOCK 1 DLP: Ethics in Finance DLP: Financial Regulation Financial Accounting CREDITS 3.

1 Course material and literature Course material Binders with course material (readers) are available at the DSF Office at the start of each block.2. and VBA. followed by lab-sessions. A.de. Assessment Method: You are required to hand-in four completed cases each day before 5pm.2 Course Descriptions 2. A specimen of each mandatory book can be found in the DSF library or at the DSF office. Bear in mind that not every course has a reader. 2. 1. a replacement case has to be made to pass the course. macros. The cases are graded PASS/FAIL. the students have to do a case study. manipulating text. J. Lia de Heer (lia. students are able to • Do a regression analysis in Excel and report the outcomes in Word with the appropriate formatting. lock-up functions. each starting with class instruction. Apart from that. During the course. goal seek/solver. we know that Excel is used in every company. so that the assignments in the Duisenberg programme pose no technical difficulties.1 Conversion Courses Advanced Computational Boot Camp Lecturer: Dr.nl) Literature The tuition fee does not include books. Learning outcomes: At the end of the course. • Transform large datasets into a usable format for analysis. Teaching Format: The course consists of 4 sessions. (2010). Courses 2.2. conditional formatting and data validation. Additional material is handed out in class. many professors use DSO to post articles. • Create macros (subroutines) in VBA to automate Excel and perform a simple Monte-Carlo simulation.heer@dsf. If you fail one or more cases. Wiley Publishing. counting and summing techniques. The course covers Excel basics and worksheet functions. Inc. You have to buy them yourselves. • Create a custom worksheet function in VBA. especially in financial firms. Siegmann Credits: 1 ECTS Course Objectives: The aim of this course is to obtain an advanced knowledge of Excel. Excel 2010 Formulas. debugging formulas. The literature list will be provided before the start of the block. You should visit the DSO site of the course for additional readings. 9 . • Solve an optimization in Excel using the Excel Solver. array formulas. so that having advanced knowledge is a plus for any job qualification. Literature: Required literature is Walkenbach.

D. data analysis. Paul de Boer. quadratic programming. distributions (normal. linear programming. Christiaan Heij. • Understand and be able to implement numerical optimization routines in MATLAB (unconstrained optimization. Apart from that.Introductory Econometrics for Finance. numerical computations and algorithm development. Lucas Credits: 1 ECTS Course Objectives: This refresher course provides a condensed review of the basic statistics. and learn the basics of efficient programming. MATLAB is a highlevel programming language that can be used for data visualization.Fundamental Methods of Mathematical Economics. Teun Kloek. maximum likelihood. probability and econometrics at the level needed for the core course work in the Risk Management track and Corporate Finance and Banking track. consistency. linear and non-linear regression model. Teaching Format: The course consists of 12 hours lectures Assessment Method: Depending on the number of students. t. Chiang and Kevin Wainwright . chi-squared. probability limits. A. as well as basic mathematical functions and operators. understand and be able to implement variance reduction techniques. Literature: * Brooks. so that the assignments in the Duisenberg school of finance programmes pose no technical difficulties.A First Course in Probability. • Perform Monte Carlo simulations in MATLAB. The refresher deals with the basic notions of probability. nonlinear multivariate constrained optimization). • Master array and matrix operations in MATLAB. multivariate distributions including some matrix algebra. Stefanova Credits: 1 ECTS Course Objectives: The aim of this course is to obtain a working knowledge of MATLAB. linear time series. and Herman K. • Create custom programs that allow for data analysis and numerical computations. central limit theorem. so having the foundations for developing advanced knowledge of it is a plus in any job qualification in this area. F). Programming Lecturer: Dr. Alpha C. Ross . van Dijk Econometric Methods with Applications in Business and Economics. Sheldon M. 10 .Statistics and Econometrics Refresher Lecturer: Prof. gamma. C. it is widely used at quantitative finance and risk management positions in the financial industry. Learning Outcomes: At the end of this course students are able to: • Understand and work with the necessary tools in statistics. the course is completed by writing an essay or takehome exam. Philip Hans Franses. . and econometrics entry level knowledge of the risk management course. Dr. • Understand and implement finite difference methods for partial differential equations. stationarity. probability. Learning Outcomes: At the end of this course students should be able to: • Become familiar with the syntax of MATLAB and its interactive computing environment. asymptotic normality.

new proposals for European supervision.2 Block I . in-class assignments) will be provided during the course. Please note that participation in class is needed for this course (the exam and case study also draw on the discussion in the classes). 2.2.Courses Financial Regulation Lecturer: Prof. Financial Markets and Institutions: A European Perspective. Paolo Brandimarte (Wiley) • the ‘Getting started guide’ of MATLAB. Schoenmaker (2012). each starting with instruction. Second Edition. Topical issues are highlighted in the course: review of financial crisis.mathworks. Oosterloo. namely the reason for the regulation and supervision of financial services. Learning Outcomes: TBA Teaching Format: The course has 7 sessions. By doing so. which will be available on DSO Applied Risk Management (Block I. followed by lab-sessions. Dr. Various articles. economic) determine the shape of new regulations. need for macro-prudential tools. It concentrates on framework policies. This should give students a basic understanding why the financial sector is regulated and which forces (political. D. Assessment Method: Written exam (70%) and case study (30%) Students will need to have a 5 in each of the two parts to pass the course.5 ECTS Course Objectives: The aim of the course is to provide students with a general overview of financial regulation.. as well as the way in which EU competition policy relates to financial markets. available at the Mathworks website: http://www.com/access/helpdesk/help/pdf_doc/matlab/getstart. during which students are challenged to implement the techniques learnt through solving a set of assignments. Schoenmaker Credits: 3.pdf • Additional material (slides. The grade is a pass or a no-pass. political as well as legal aspects of regulation and takes a European perspective. and D. legal. Literature: • Numerical Methods in Finance and Economics: A MATLAB-Based Introduction. Block II. Cambridge University Press. Block III and Block IV) Lecturer: Various (coordinator: Dr. S. the concepts of financial stability and systemic risk. L. Assessment Method: Students have to complete a set of 4 assignments. Literature: De Haan. it touches on economic.Teaching Methods: The course has 4 sessions. Norden) Credits: 11 . J.

C. both in the context of diffusions and of compound Poisson processes. useful for option valuation. Students get literature to prepare themselves for the case. conditional expectations. Measure Theory & Stochastic Processes (Block I and Block II) Lecturer: Prof. students work on the case. 12 . • Understand the key issues in risk management problems. A pass/fail is assigned on a team basis. The report is presented and defended to the other students. Assessment Method: Each of the four cases has to be passed by the student in order to complete the course. Spreij. • Understand stochastic processes with continuous sample paths. The cases are designed in collaboration with partners from the financial industry and help students to understand how the techniques used in the main courses are actually applied in a day-to-day risk management context inside organisations. P. Concepts that are covered include measures and measurability. If a case is not passed. The methods and concepts are used extensively for derivatives pricing and hedging decisions. Dr. additional work will be given to the team of students to enable them to complete the course. de Haan and Prof. • Summarise their research findings and present and defend these in a clear and effective way to their peers. Teaching Format: The course has four sessions of an entire day. Credits: 7 ECTS Course Objectives: Continuous time stochastic processes are the corner stone of contemporary mathematical finance. and the Feynman-Kac theorem. The course starts in Part I with the fundamentals of measure theory as the basis for stochastic process calculus. coding computational work where needed. The contents of the cases keep pace with the core coursework completed by the students earlier in their programme. Learning Outcomes: At the end of this course students are able to: • Understand the basic concepts of measure theory. Literature: Case dependent academic and professional papers. students work in teams on real-life cases in the field of risk management.M. Brownian motion and Poisson process. Radon-Nikodym theorem for a change of measure.Course Objectives: In Applied Risk Management. filtrations and martingales. • Investigate the robustness of their results to the assumptions made during the solution stage. Lebesgue integration. Attention is paid to the construction of stochastic integrals. • Implement risk management techniques at short notice. Other treated issues are the Girsanov theorem for a change of measure. sigma-algebras. and summarising their findings in a report. the Ito-formula and its applications. • Translate their theoretical knowledge into useful solution methods for concrete risk management problems. The course proceeds in Part II with a coverage of some fundamental stochastic processes. During each session. these are both building blocks for jump-diffusions. Dr.J. Learning Outcomes: At the end of this course students are able to: • Establish the link between their theoretical core coursework and actual risk management practice.F. L.

S. van Dijk Credits: 3.• • Understand jump processes and and jump-diffusions. Springer Finance. • Assess the quality of return and volatility forecasts. We cover regression models for describing returns on a single asset. (2004): Stochastic Calculus for Finance II: Continuous-Time Models. The use of highfrequency data to measure and forecast volatility and correlation is discussed as well. stochastic differential equations. 13 . asset allocation. selection among (and combination of) competing forecasting models. It not only covers the necessary econometric theory. Understand and work with the concepts of stochastic integration. In the second part of the course. Assessment Method: Students have to hand in assignments during the course. • Implement these models using standard packages or self developed code. In the first part of the course. students are required to actively work with the material by handing in regular assignments.E. • Lecture Notes. • Maintain a critical attitude towards the limitations of models used for modeling and forecasting returns and volatility. D. Learning Outcomes: At the end of this course students are able to: • Understand (univariate and multivariate) econometric models for modeling and forecasting asset returns and volatility. variable selection. and the evaluation of forecasts. as well as factor models for describing (the relations between) returns on multiple assets. including recursive estimation. D. from both a theoretical and empirical perspective. and changes of measure. students are challenged to apply the techniques learnt through solving a set of (empirical) assignments. we also consider multivariate models that describe the correlation among different asset returns. we discuss GARCH models for asset return volatility. • Background: Williams. (1991): Probability with Martingales. Literature: • Shreve. The final grade is obtained by a written or oral exam that include the student’s performance for the assignments. and risk management. in particular in the context of risk management. We discuss relevant issues in “backtesting” of forecasting models. Financial Econometrics Lecturer: Prof. we focus on modeling and forecasting the conditional mean of asset returns. During the course. In addition to univariate models. During the course. Cambridge Mathematical Textbooks.5 ECTS Course Objectives: This course aims to provide an introduction to modern econometric and time series techniques that are relevant for the analysis of financial data. Teaching Methods: The course has 14 lectures of 2 hours each. Teaching Format: The course is spread out over two periods of 7 sessions each. but also teaches the students how to apply the models and techniques to empirically relevant financial decision-making problems in portfolio management.

Asset Price Dynamics. Ventus (e-book).5 ECTS Course Objectives: The role of financial accounting is to communicate the business reality to the organization’s various interest groups through the financial statements. (2010). Teaching Format: A mixture of lectures. you must achieve a passing grade of 50% or higher on the final exam.J. The other 75% of their final grade is obtained by a written exam. Analysis of Financial Data. A. • Koop. Market Risk Analysis. 3. Assessment method: To successfully complete this course offered. Students should have some knowledge about the basic concepts and principles of International Financial Reporting Standards necessary to understand the financial statements of listed companies. They should be able to illustrate the impact of an acquisition of the financial statements. and in the overall course. C. and Prediction. G. Financial Econometrics with EViews. Analysis of Financial Time Series. • Kozhan. Gaeremynck Credits: 3. R. Chicester: John Wiley. • Tsay. • Taylor. New York: John Wiley. 3rd edition. (2008). Chicester: John Wiley. (2010). (2005). New York: John Wiley. accounting standards used. Volume II: Practical Financial Econometrics. problem solving and discussion will be applied. 2. Literature: Compulsory: • Alexander. 1. Basic knowledge about concepts of financial accounting is a prerequisite Learning Outcomes: At the end of the course. (2008). Assignments : 20% Exam: 80% 14 . (2008). M. Cambridge: Cambridge University Press. Volatility. the critical accounting policies applied. S. Princeton: Princeton University Press. …). Volume I: Quantitative Methods in Finance.5% of their final grade each. Market Risk Analysis. New York: John Wiley. • Alexander.S. (2008). (2006). • Verbeek. C. R. Financial Accounting Lecturer: Prof. C.Assessment Method: Students have to complete 2 assignments for 12. When comparing financial statements of different companies and analyzing their financial position it is absolutely necessary to have basic knowledge about the underlying fundamentals applied in the financial statements (group or individual firm accounts. Background: • Brooks. Introductory Econometrics for Finance. 3rd edition. Students should have an idea about the critical accounting issues relevant for reported earnings and equity in an IFRS framework. The objective of this course is to illustrate how the underlying fundamentals used affect reported earnings and equity of listed companies. Students should have some knowledge about the basic concepts and principles of consolidated financial statements. A Guide to Modern Econometrics. students should have developed a critical attitude towards financial information disclosed.

C. These assignments are discussed in separate weekly sessions that are ran by a Teaching Assistant Assessment Method: Students have to complete the assignments for 10% of their final grade each. Hull. The rest of their final grade is obtained by a written exam.Courses Derivatives Lecturer: Prof. 2011 . A. commodities. Financial Times Press. 2008.F. M.A. exchange rates.5 ECTS Course Objectives: This course gives an introduction to derivative contracts. • Maintain a critical attitude towards the limitations of the standard models. such as equities. interest rates and credits and students should understand how these instruments can be used to hedge risks. Pearson/Prentice Hall. ISBN-10: 0273712748 2. A main theme of the course is the pricing principle based on no arbitrage. During the course. Students should understand the differences between Exchange Traded and Over the Counter contracts and their differences in risk characteristics. • Understand the main pricing methodology of derivative contracts. Vorst Credits: 3.3 Block II .. Teaching Methods: The course has 7 sessions. students are challenged to apply and implement the techniques learnt through solving a set of assignments. Options. Futures and other Derivatives. Asset Pricing Lecturer: Prof.2. • To choose appropriate derivative contracts as hedging instruments. where it is explained that the principle is very strong and does not depend on strong assumptions as compared to the assumptions used in asset pricing theory. van Dijk 15 . seventh edition. Finally it is shown that more exotic derivatives are priced based on the same principles.Literature: Jadish Kothari and Elisabetta Barone : Advanced Financial Accounting: An International Approach. Derivative contracts are traded on a large number of underlyings. Students should also learn how the models can be implemented and how traders are running their books and especially are able to reduce risks. These contracts play an important role in today`s financial markets. Next there will be a focus on deviations from theoretical models that we see in day-to-day practice. • Understand the way traders are running their books including hedging • Implement a binomial tree model. 704 pp. speculate. Learning Outcomes: At the end of this course students are able to: • Understand the main forms of derivative contracts. Dr . transform payments streams from fixed to floating and vice versa etc. Literature: John C. • Understand the no arbitrage principle. Dr.

the fundamental principles of risk and return and diversification. 9th (global) edition.5 ECTS Course Objectives: Financial markets serve many purposes in the economy. portfolio theory and asset allocation. the attributes of different financial securities. • Apply the knowledge of financial markets and asset pricing to analyze events in actual financial markets.5 ECTS Course Objectives: 16 . Investments and Portfolio Management. During the course. To that end. students are challenged to engage in discussions about the key concepts and apply the material in a set of assignments. and multifactor asset pricing models. • Describe. and Alan J. Marcus (BKM).Courses Behavioural Finance Lecturer: Dr. McGraw-Hill / Irwin.2. the CAPM. Peters Credits: 3. and implications of portfolio theory. and policy-makers. and compare alternative performance evaluation methods. the CAPM. and multifactor asset pricing models. behavioral finance and the limits to arbitrage. Teaching Format: The course has 7 sessions. Assessment Method: The course grade will be based on three assignments (each 10% of the final grade) and a written closed-book exam (70% of the final grade). the Arbitrage Pricing Theory (APT) and other multifactor asset pricing models. • Reproduce the main arguments. the CAPM. ISBN 9780077134501. First. 2.Credits: 3. they allow individuals to reallocate consumption across time by investing for the future at an appropriate expected return. • Analyze real-life and stylized investment decisions based on the insights from portfolio theory. investors. financial market prices serve as proxies for aggregate investor beliefs and thus convey important information to financial managers. Fourth. • Evaluate theoretical arguments and empirical evidence on the validity of Portfolio Theory. asset pricing anomalies. apply. Learning Outcomes: At the end of this course students are able to: • Clarify how financial markets work and what their role is in the economy. the preferences of investors. The goal of this course is to understand what determines the price of financial assets. Alex Kane. mechanics. they allow investors to optimize their reward to risk ratios based on their preferences. • Apply insights on behavioral finance and the limits to arbitrage to explain empirical regularities on financial markets. Literature: • Course notes. we will discuss the role and functioning of financial markets. and performance evaluation. and multifactor asset pricing models. • Selected articles. • Maintain a critical attitude towards the limitations of our understanding of asset pricing. the Capital Asset Pricing Model (CAPM). Third. they allocate capital across economic investment opportunities. market efficiency. The pricing of assets traded on financial markets plays a crucial role for each of these purposes. such as the recent financial crisis.4 Block III . Second. • Zvi Bodie. F. 2011.

Behavioral Finance integrates insights from Psychology into Standard Finance Theory in order to understand phenomena that are difficult to explain within the traditional framework. credit migration risk) accounts for more than 80% of the total risk in the financial system and its realization was at the centre of the financial crisis. • Understand the main mechanisms to mitigate and manage credit risk. • Implement these models using standard packages or self developed code. and previous speculative episodes such as the internet bubble. and discuss supporting empirical evidence. The main objective of the course is to illustrate how these insights can help to better understand and predict individual financial decisions and financial market outcomes. and thereby to improve one's own decision-making. rational paradigm.. • Understand the models used for single-name and multi-name credit risks. and the various models available to capture this.g. 3. Next. default risk. successful students will have solid knowledge of the most relevant behavioural deviations from the traditional. and credit risk management. Credit risk in its various forms (e. Non-standard beliefs (eg overconfidence and optimism). The course starts with credit risk of individual counterparts and with models that exploit crosssectional information on defaults. non-standard preferences (eg reference-dependence and loss aversion). Assessment: Assessment will be based on a final 3-hour in-class exam and a take-home assignment. The aim of this course is to familiarise students with the various aspects of credit risk. have highlighted the failures of the rational representative investor paradigm as a foundation for financial decision-making. Since much of the course material is based on relatively novel findings. Students will develop an understanding of the different mechanisms that introduce cross-sectional dependencies and time-variation in credit risk exposures. students learn the specific details of portfolio models for credit risk. Credit risk arises whenever the delivery and payment of goods or services do not happen simultaneously. The reading list will consist of (mostly) academic articles. Teaching Format The course consists of seven 3-hour lectures. Lars Norden Credits: 3. and assess the strong points as well as the limitations of their credit risk analysis and advice. explain how it impacts financial decision-making. but will also be able to implement the models.5 ECTS Course Objectives: Credit risk is the major risk in the financial system. Learning Outcomes: At the end of the course. Students will not only become aware of the theory. a relatively new area at the intersection of Psychology and Finance. non-standard decision-making (eg limited attention and heuristics). Learning Outcomes: At the end of this course students are able to: • Understand the drivers of single-name and multi-name credit risk. They will further know in which areas of financial decision-making these deviations are most pronounced. such as asset prices and corporate decisions. For each block. implying an essential need for improvement in credit risk assessment and management. the course will be somewhat explorative and interactive in nature. Credit Risk Management Lecturer: Dr. the lectures will describe the motivating evidence from Psychology. The recent financial crisis. are. credit risk models. and what their impacts on market outcomes.The course provides an introduction to Behavioral Finance. interpret the outcomes. Literature: There is no textbook for this course. 17 . The course consists of three main main building blocks: 1.

liquidity risk.• • • Assess the quality of credit risk models and assessments. The techniques for ALM are covered. Prof. Clarendon Lectures. P. The second part of the course deals with pension funds. We also look at the effect of pension fund regulation and pension system stability. • Know some of the main risk management requirements set by the regulators. We discuss Asset and Liability Management (ALM) for financial institutions. The first part of the course consists of four classes on banking.2. Palgrave. LTCM. We show how each of them may be monitored and mitigated. the course presents a comprehensive view of how the various risk sources should best be monitored and managed. Amongst others we review Enron. Establish the link between credit risk models and the regulatory framework. • Greene. Herstatt. including the scenario approach.. W. • Löffler. which is a real-life risk management case. Posch (2011): Credit Risk Modeling Using Excel and VBA. Metallgesellschaft. Oxford University Press. Barings. Bear Stearns. and P. In practice these risks oftentimes materialize simultaneously. Patterson. (2008): “Discrete Choice Modeling. G. Therefore. Learning Outcomes: At the end of this course students are able to: • Identify the different sources of risk. Stork Credits: 3. the US S&L crisis. and Lehman Brothers. we give special care to how these risks aggregate and to how an appropriate comprehensive risk management framework may be organized. Applied Econometrics. each accounting for 10% of the final grade. T. Literature: • Duffie. We highlight the difference between pure asset management and ALM from the pension fund perspective. London..N. Teaching Format: The course consists of seven sessions. By taking an enterprise wide perspective. Enterprise Wide Risk Sources Lecturer: Prof. Mills and K. Assessment Method: Students have to complete at least 3 assignments. A large number of mishaps are examined. During the course. • Understand and implement the models and techniques for scenario analysis in ALM. 2nd ed. G. We assess why management of these risks is critical in banks. 2. The focus of this course is on practical knowledge and applicability. The rest of the final grade is obtained by a written exam.5 ECTS Course Objectives: The course provides an overview of the most important risk sources within banks and pension funds. ed. Part of the course consists of an assignment. and off balance sheet risk. amongst others. The second part of the course deals with pension funds. • Understand how to develop a comprehensive risk management framework. which illustrate some of the things that go wrong in practice. Orange County.” in The Handbook of Econometrics: Vol. We discuss. operational risk. Maintain a critical attitude towards the limitations of models used for credit risk. students are challenged to apply and implement the techniques through solving a set of assignments. • Apply their knowledge to a practical risk management case. 18 . • Understand when conventional risk management techniques do not suffice. interest rate risk. market risk. (2011): Measuring Corporate Default Risk. in particular pension funds. • Understand the ALM perspective of financial institutions. Part 4. Boender. D. which greatly exacerbates the overall risk. Wiley.

M.2.5 ECTS Prerequisites: Students are required to have a sufficient operational knowledge of mathematics and probability theory. Teaching Format: The course has 7 sessions and compulsory case work Assessment Method: Written examination. 8th edition. Why crises happen. Dhaene Credits: 3. (2009). McGraw-Hill Education. Literature: For the first part of the course the following book is used: “Financial Institutions Management: A th Risk Management Approach”. This means that they should be familiar with the material covered in the following international standard texts (or equivalents): • Chiang. Some of the topics include endogenous risk. A. bailouts. up to and including current developments in the regulatory reform. 4th edition. Danielsson Credits: 3. currency markets and moral hazard. but also to the ongoing crisis from 2007. and Wainwright. J. Literature: Book of Jon Danielson (to be published in 2013) Actuarial Mathematics and Modelling Lecturer: Prof. A First Course in Probability. There are several applications to previous crises. We discuss extensively the role of financial regulations. what this the right way to respond and what are the most common mistakes made by the authorities and the private sector.C.Courses Economics of Risk Lecturer: Dr. what can be done to prevent them. J.5 ECTS Course Objectives: The aim of the course is to provide the student with a comprehensive understanding of financial stability and systemic risk.M. Dr. 7 edition. Cornett. Fundamental Methods of Mathematical Economics. Pearson. (2005). for example the Great Depression. McGraw-Hill.L. Learning Outcomes: The course provides the student with the main motives for the inherent instabilities in the financial system and why it is so hard to achieve safety and resiliency. 2. • Ross. S. by A.5 Block IV .M. the Asian crisis. liquidity. Saunders and M.Teaching Methods: The course has 7 sessions and compulsory case work Assessment Method: Students have to complete case work and a written exam. Additional study material is distributed. Course Objectives: 19 . K.

This approach leads to insolvency risk. insurance and limit theorems (Law of Large Numbers. Topics that are covered include: risk pooling. the insurance risk is diversifiable. hence. Learning Outcomes: At the end of this course students will: • Understand the main drivers of liability risk in insurance and reinsurance portfolios. We start this course by investigating the actuarial paradigm in some detail. reinsurance. Other typical non-life actuarial techniques that we may consider are bonus-malus systems. Portfolios of such claims are held by insurance companies. pension funds and often also by financial institutions in general. practices) that is accepted and shared by the community of actuarial scientists and practitioners. As the programme is research-oriented and analytically-based. we are ready to investigate models for describing the classical life insurance business (with benefits paid at the moment of death of the insured and the annuity business (with benefits payable upon survival of the insured. homogeneity vs. in which claims are grouped by year of origin and development year. These products usually come with various guarantees that may take the form of complicated exotic options and derivative securities. This short-term insurance period does not imply that the business of one particular year can be considered as fully settled after the end of the insurance period. In these cases. In classical life insurance. perceptions. We describe how the stochasticity of the remaining lifetimes in a life insurance portfolio is modelled. where we distinguish between DB (Defined Benefits) and DC (Defined Contributions) plans. 20 . diversification vs. We investigate some types of variable annuity contracts in detail. part of the economic and/or demographic risks are passed on to the customers. systematic risk. This paradigm can be defined as the current theoretical framework (concepts. longevity bonds. which are applied in a purely financial context. Risk management of the embedded options in such contracts requires a combined actuarial – financial approach. After having introduced appropriate models for describing the mortality and survival in insurance portfolios. life settlements and viaticals). premiums and provisions. we have a closer look at the life insurance and pension fund branches. the contract will pay out the greater of the account market value at the moment of death and the original investments grown at a fixed and predetermined rate. ruin theory and credibility theory. claims that have occurred in one particular insurance year may often only be settled a number of years later. One distinguishes between Incurred But Not (Enough) Reported claims and Incurred But Not Settled claims. The non-life insurance business distinguishes from the life business by its typical short term insurance period (one year). Techniques for determining these reserves are based on so-called run-off triangles. Alternative approaches to classical life insurance are unit-linked and index-linked insurance. as well as variable annuities. These techniques are typically applied to portfolios of future random claims related to insured events. which is the risk that the insurer will not be able to fulfil his liabilities. values. securitisation of insurance risks (catastrophe bonds. An example is a capital guarantee that ensures that in case of death of the insured. heterogeneity in insurance portfolios. Indeed. we consider models for longevity risk. attention will also be given to the latest scientific developments in the area of actuarial mathematics and modelling. where insurance risk is mainly driven by the remaining lifetimes of the insured.This course introduces and gives insight into some of the most important actuarial techniques and models that underlay today's management of insurable risks. We investigate IBNR techniques. the insurer has to estimate these future claims and sets up an appropriate reserve for it. At the end of the insurance year. This non-diversifiable risk can be defined as the risk that the mortality in the population under consideration will deviate from the one that is assumed for determining premiums (people will live longer than was assumed). Securitisation of longevity risk is also considered. Central Limit Theorem). economic and demographic risks (such as returns on investments and mortality) are borne by the life insurer. We start from the classical approach where it is assumed that remaining lifetimes are independent and identically distributed and. The (partial) diversifiability property of insurance claims distinguishes the tools required for managing insurance risks from tools such as hedging. We also pay attention to the mathematics of pension funds. Next. In the second part of the course.

. M. M. Modern Actuarial Risk Theory. • Hardy.R... Market & Systemic Risk Management Lecturer: Dr. S. (2008). Insurance basics and the actuarial paradigm. (2006). Assessment Method: Students have to complete at least 2 assignments.. • Kaas. reserving and solvency related to insurance portfolios. J.. Dhaene. Students are asked to actively take part via discussions and questions regarding typical insurance problems. Actuarial Mathematics for Life Contingent Risks. All course materials can be consulted during the exam. Maintain a critical attitude towards the limitations of actuarial models used in an insurance context. Kukush. • Doff. A. 11.…). Life and pension insurance: • Milevsky. D. J.A.. (2009). Zhou Credits: 3. Have a basic actuarial knowledge about premium setting.R. (2003).. M. M. Working paper. Cambridge University Press. 1 and 8. René (2007). (2007). 2. Non-life insurance: • Kaas. M. During the course.• • • • • • • Understand the main mechanisms to mitigate and manage portfolios of insurance risks (diversification. Springer. Teaching Format: The course has 7 lectures. M. Market-Valuation Methods in Life and Pension Insurance. The main tool that we exploit in devising this framework is the statistical theory about tail risk from Extreme Value Theory (EVT) in combination with standard concepts from finance and macro economics. T.A. Cambridge University Press. (2008). M. H. except solutions of exercises. Literature: The insurance technique: • Dhaene. Risk books.. 21 . Denuit. Wiley. Ch. Valdez. Waters. • Möller. securitisation. E. students are challenged to apply the techniques learnt through solving a set of assignments. Goovaerts. • Milevsky.. M. 7. Hardy. The rest of the final grade is obtained by a written exam.. R. M. Investment Guarantees: Modeling and Risk Management for EquityLinked Life Insurance.5 ECTS Course Objectives: The main objective of this course is to develop a coherent framework for evaluating market risk at the levels of individual asset. Establish the link between insurance risk and the regulatory framework (Solvency II). 2nd edition. each being 10% of the final grade. Risk Management for Insurers – Risk Control. Have a basic knowledge about variable annuities and their features. (2006). 6. portfolio and a macro system. Ch.. Springer. C. Cambridge University Press. Understand the basic actuarial models used for life. Mogens. The Calculus of Retirement Income – Financial Models for Pension Annuities and Life Insurance. Further reading: (non-obligatory) • Dickson. Modern Actuarial Risk Theory.. Dhaene. Goovaerts. 3. Understand longevity risk in life insurance and pension portfolios and how insurers can cope with this risk. Denuit. pension and non-life risks. 2nd edition. Denuit. J. Cambridge University Press. (2011). R. Economic Capital and Solvency II. 8. The Calculus of Retirement Income – Financial Models for Pension Annuities and Life Insurance.

lab exercise (20%). semi-variance. worst case scenario analysis. we move through the world of interest rate modelling by covering vanilla and exotic products. such as short-rate models. the Heath-Jarrow-Morton modelling framework. we investigate the EVT for the sake of stress testing and scenario analysis. Subsequently. both at individual asset level and portfolio level. Lord Credits: 3. such as OIS and CSA-based discounting. but should also be able to implement the models interpret the outcomes. The inherent fragility of the financial system is explained and tools for systemic stability are developed. Learning Outcomes: At the end of this course students are able to: • • • • • Identify the rigorous and quantitative techniques available in analyzing market and systemic risk Use various statistical techniques specifically designed to measure downside tail risk Identify and handle the additive properties of heavy tailed distributions both over time and cross sectionally Select and use appropriate techniques to manage portfolio tail risk Develop indicators for evaluating the stability of the financial system Teaching Format: Lectures. Finally. the course offers different methods to manage financial risk with special emphasis on downside risk measures such as Value-at-Risk (VAR). Literature: Lecture notes (mandatory) Fixed Income Lecturer: Dr. the final grade is decomposed as assignments (30%). • Calibrate term-structure models to market quotes for standard instruments. A fail in the written exam leads to a fail in the overall course. etc. • Understand standard interest rate derivatives such as caps/floors and swaptions. Students should not only be aware of the theory. Various statistical techniques are studied for analyzing heavy-tailed distributions. we will look at more recent changes in the interest rate world. • Understand and implement short-rate models. ir. The rigorous treatment of some of the techniques enables students to independently analyze market and systemic risk. The techniques are used to estimate and manage downside risk. especially their additive properties. Starting with the basic concepts of arbitrage-free pricing. 22 . and market models. and also a wealth of models. and assess the strong points as well as the limitations of term structure models Learning Outcomes: At the end of this course students are able to: • Understand the mathematics of arbitrage-free pricing for interest rate derivatives. R. CVaR.5 ECTS Course Objectives: This course gives an introduction to interest rate modeling in continuous time and the pricing of interest rate derivatives. heavy-tail refers to the phenomenon that very bad outcomes occur more frequently than the normal distribution predicts. Stress tests. while focusing on real data applications. The PC lab session implements the introduced techniques. Here. PC lab training Assessment Method: Conditional on passing the written exam (3 out of 5).In particular. and written exam (50%). Given the link between individual risk management and stability of the financial system. we also pay attention to various aspects of risk management from a supervisory point of view.

• Analyse data using statistical methods. Learning Outcomes: After finishing their theses. which requires students to develop and show the ability to independently produce a piece of innovative research. how to find data. Inflation and Credit”. The thesis has to satisfy the standards of an independent academic piece of work. Literature: • J. • Independently work on a clearly defined research project. Teaching Methods: The course has 7 sessions. Prentice Hall • Brigo. Assessment Method: The grade is obtained by a written exam. students will be able to: • Independently develop a research question. Internship Credits: 5 ECTS Course Objectives: 23 . Moreover. The thesis is written in an area related to the track of specialisation. Futures. survey or experimental data. and F. how to structure a thesis and how to conduct empirical analysis. • Understand the academic literature in the area of the Master's thesis. the solutions of which will be discussed at the start of each session. Understand how interest rate derivatives have to be priced in the post-credit crunch era. Springer Finance 2. Understand and implement Libor market models. • Build on existing literature and combine theoretical hypothesis development and an empirical analysis of data. D. building on existing literature and combining both a theoretical analysis and hypothesis development and an empirical analysis of real-world. Hull: “Options.• • • • • Understand and implement affine term-structure models. Maintain a critical attitude towards the limitations of models used for interest rate derivatives.Theory and Practice: With Smile. all students need to present their own thesis proposal and obtain/provide feedback. all students attend the Master's Thesis Seminar. Understand the characteristics of several exotic interest rate derivatives. Prior to the writing the thesis. Mercurio: “Interest Rate Models . students are challenged to implement the techniques learnt through solving sets of assignments. and Other Derivatives”. Assessment Method: The final thesis will be assessed by the thesis supervisor and Programme Director.6 Block V – Thesis and Internship Thesis Credits: 10 ECTS Course Objectives: All students need to write a Master's thesis. where they learn how to develop research questions.2. During the course.

It is also included in the programme to allow students to develop professional skills.7 Electives During the Programme you need to choose one elective. such as presentation skills and interaction with clients and higher management. Preferably you choose your elective in Block 2 or 3 for an equal study load over the whole year. DSF has a number of partner institutions that are supportive of thesis work based on a student's placement. But you are allowed to take your elective during block 1 or 4 as well. students will: • Have applied their academic knowledge in a practical context. • Have developed practical skills in dealing with financial issues related to the track of specialisation.This internship is designed to provide an opportunity for students to develop practical skills in dealing with financial issues related to the track of specialisation. The following electives have been selected for the Risk Management Programme: Corporate Valuation (block 1) Investments (block 2) Commercial Banking (block 3) International Corporate Finance and Risk Management (block 4) With approval of the Programme Director of the Risk Management track you can also choose the following courses: Corporate Governance (block 2. • Have developed professional skills. Corporate Valuation is a pre requisite) International Corporate Governance (block 2) For course descriptions see the study guide of Corporate Finance and Banking You are allowed to take certain courses at the Tinbergen Institute (with approval of the Programme Director of the Risk Management track) 24 . Assessment Method: Students need to write a written report on their thesis. • Have learned institutional details in their specific track of specialisation.2. 2. Learning Outcomes: By the end of the internship. Students may wish to combine the mandatory internship with the writing of the final thesis. such as presentation skills and interaction with clients and higher management.

students will take courses from the Duisenberg Leadership Programme throughout the duration of their Master’s study. These courses are dedicated to building leadership skills in finance.3 The Duisenberg Leadership Programme The Duisenberg Leadership Programme is a key feature of the Master’s degree programme at Duisenberg school of finance.2. regardless which Master’s programme students pursue. These tailored courses comprise the distinctive leadership programme: • Behavioral Finance • Communication Skills • Economics of Risk • Ethics in Finance • Financial Regulation • Finance and Sustainability • International Corporate Governance 25 . In order to fulfill the school’s mission to create financial leaders.

g. The courses that you are following will appear on the first page of your account.g. This page checks your operating system to ensure you download the right software (e.uva. Check to see if the right operating system is selected and click JoinNow. Duisenberg School Online and Wireless Internet 3.duisenbergschooloffinance. Mac OS X or Android). Install the software on your device. Mac OS X or Android). literature lists) Read or download learning materials and syllabi (for courses which are organised by DSF) Check their schedule Be informed on upcoming events (internal and external events) Access information and use tools provided in the Career Resource Centre Find information on their fellow students (e. Check to see if the right operating system is selected and click JoinNow.g. detailed course descriptions. The SecureW2 software will now be downloaded.nl).nl (Internet Explorer will direct you to this page automatically).g.g. Once your connection has been established.3.php Duisenberg school online (DSO) provides a Virtual Learning Environment (VLE) for all students at Duisenberg school of finance. Programme structure.wifiportal. The SecureW2 software will now be downloaded.nl/wirelessconfig. for Windows.1 Duisenberg School Online https://dso. Install the software on your device. open your Internet browser and go to www.uva. contact details.nl after their UvAnetID: uvanetid@uva. for Windows. If you are at a UvA location Establish a connection with the UvAguests wireless network. 26 . birthday calendar) Use the forum to communicate with their fellow students Read RSS feed for financial news (World and Europe) Enrolling for a course on DSO For each course you will be automatically enrolled.com/login/index. After installing the software Once you have installed the SecureW2 software you can start using wireless Internet at the UvA by selecting the ‘uva’ or ‘eduroam’ wireless networks and logging in with your UvAnetID (Mac users must ad @uva. 3. tablet or smartphone.2 Wireless Internet at Duisenberg school of finance To establish a connection to the UvA wireless network you will first need to install the SecureW2 security software on your laptop. mobile Internet) Go to www. This page checks your operating system to ensure you download the right software (e. Students use this site to: • • • • • • • • • Stay up to date with general information related to Duisenberg school of finance Stay up to date with their specific programme (e. If you already have an Internet connection (e. If a course is missing from your list: please inform the DSF Office and you will be enrolled.

Lectures and attendance Attendance is recorded at every lecture. Regulations for teaching and examinations of this study guide. so do not forget to sign the attendance lists.4. 27 . For further rules and regulations with regards to lectures and attendances. For certain courses active student involvement during the lecture is part of your final grade. please see the appendices section. We expect you to be in class well in time.

28 . We also need your evaluation of the programme for our quality assurance procedures.5. To this end.components of the written course evaluations and the results of evaluation panels. Evaluations 5. The results of the evaluations will be communicated with the Programme Directors and Lecturers involved. You are asked to submit the evaluation form before a given date.1 Evaluations The students will evaluate all courses.2 Educational Board Every Academic year a DSF Educational Board is appointed. There is an equal number of student representatives and teacher representatives. The Educational Board advises the Dean on the Academic and Examination Regulations for the coming Academic year and evaluates the way in which the Academic and Examination Regulations are implemented. Here we would like to hear your opinion about the complete programme. it helps us to improve the programme for future students. you will receive a general evaluation form. . By the end of each course (around the date of the last lecture).evaluation of the curriculum as a whole In September students will receive an email from the Programme Manager inviting them to show their interest in becoming a student representative in this board. this will help us to further improve our reputation. the Educational Board can make use of: . The results will also be discussed by the Educational Board 5. Of course. At the end of the academic year. everything you fill out in an evaluation form will be handled confidentially. facilities and staff. Evaluations are one of the key marks in order to obtain and maintain accreditation from national and international bodies. you will receive by email a link to an online course evaluation form. Your cooperation is very much appreciated.

de. Social Committee: 3. Career Team: 5. The Fieldtrip Team arranges the sponsoring.heer@dsf. Turn off the light in the lecture room. drinks or theme nights (6 students) 2. Shutting down the computer and beamer after the lecture (turn off).nl) 4. The tasks of the course representative include: • Distributing & collecting student attendance list at the start of every class. company/university visits. transport and accommodation (6 students) 1.1 Committees For the year 2012-2013 we will have two different DSF student teams in addition to the Evaluation Board: Organization of social events e. Commitees and Course Representatives 6.Korenromp (Lonneke. Making sure that all water glasses are taken back to the kitchen. trips. Communication Team: Be the face of DSF and share your personal experiences with prospective candidates via our social media sites.nl) Lia de Heer (lia. Social Committee: Each of the two groups will work together with one or two of the DSF staff. The contact persons from DSF are: 2. Please collect the attendance list at DSF office before each class: it will be in the intray on top of the cupboard next to the Programme Coordinator Ingrid van Beeks’s desk.nl) Rick Rudolph (rick. Clean the white board(s) to ensure that the next scheduled class can start on time. 3. Remove all trash from lecture room after every class.nl) and Jesper van de Vooren (jesper. If a class is scheduled in the evening.nl) Lonneke. Putting all lecture room furniture back in its original/standard position after every class. Communication Team: Lia de Heer (lia.g.vooren@dsf. • • • • • • • 29 .de.rudolph@dsf.van. Field Trip Team 6. events and other promotional activities (6 students).de.Korenromp@dsf. Any other assistance which the lecturer might require. location. Career Team: Support the CRC and represent your programme during career events (4 students) 4 Fieldtrip Team: Organization of the Fieldtrip mid.2 Course Representatives Programme Management will appoint a class representative for each course. please bring the list back the following day.6.January 2013. After the lecture you will hand the attendance list back to Ingrid van Beek.heer@dsf.

Block IV 7. please see Regulations for teaching and examinations 30 .5 Distinction The Examination Board may award you a Master’s degree with Distinction if a student has excelled in their Programme. The student will get one other chance to sit the exam before the end of their study period. No retakes or grade improving assignments.3 Grading Marks can be awarded on two different scales: • in half integers (from highest to lowest grades from 10 to 1). the resit examination counts for one examination. 1. the exam will still count as the first attempt. assignments and exams will be posted on DSO.7. The Board of Examiners can deviate from the requirement “all grades must be higher than 7” For further rules and regulations with regards to exams and retakes. • the qualification pass or fail. group work and individual assignments. Exams and retakes 7. having been unable to sit the exam or unable to perform to their normal standard for reasons beyond their control they will be offered one other chance to sit the exam before the end of their study period. 7. 3.5 will be rounded up to a 6).16 March). Block I • In week 2 (7 January .1 Exams The students will be required to sit for the final examination that follows directly after the course. If a student does not take the initial examination.2 Retakes The resit examinations are scheduled in the 1st week of Block 3 for courses offered in Block 1.1 June). The interim exams will take place: • In week 43 (22 October – 27 October). in the 1st week of Block 5 for courses offered in Block 3. 7. Block III • In week 22 (27 May . These percentages differ per course. All final grades must be equal or higher than 7. In the course descriptions (chapter 2 of this Study Guide) you can find how the course is assessed. The average of all grades is at least 8. in the 3rd week of Block 5 for courses offered in Block 4.12 January). 4. In order to pass the exam the grade should be at least a 6 (a 5. In general a percentage of the grade will be given for participation. 2. Resit options are limited to a maximum of four resit interim examinations per academic year per student. Should students fail to pass the exam. in the 3rd week of Block 3 for courses offered in Block 2. 7. The four requirements maintained for this are. If a student skips the exam for a course without the consent of the Programme Director. Block II • In week 11 (11 March .4 Posting grades Grades for group projects. A minimum of 8 for the final thesis.

nl). Involvement of recruiters from our corporate network in interview simulations adds a real-life effect to the workshops. all full-time students follow 4 Marketing Yourself workshops. goals and motivators and with a network of industry contacts and alumni. 31 . both with our partners and outside. along with all other career information: online company presentations.8. We organise professional seminars in which guest speakers tell you about developments in their field and give you an idea of the type of work you can do after graduation.35. This will help you develop a job search strategy. we have a network of industry contacts. Know yourself Even before starting the programme you complete Careerleader. Career Events We provide you with ample opportunity to apply your career management skills in practice. resume/cover letter writing. announcements for events. Coaching In individual and group coaching sessions you discuss your Careerleader results and your career goals. assessment and job interviews. Attendance to these workshops is a requirement for participation in all career events. information about online tools. Companies present themselves to you in company presentations or company visits. Job and internship postings Job and internship opportunities will be published on Duisenberg school online (DSO). Coaching sessions can be planned on your request or upon invitation of the Career Resource Centre. to help you connect to the right people and find the most suitable internships and permanent positions. abilities and key work motivators. In addition. interview practice or any other career related issues you would like to discuss with a professional. Contact the CRC The Career Resource Center can be contacted via e-mail (CRC@dsf. job searching. These workshops focus on networking. Marketing Yourself To develop career management skills. etc. Topics in these sessions can be career choice. Online Career Library Find valuable information and free career guides through Vault’s Career Insider.B. by phone through 020 – 525 8588 or 020 – 525 1624 and at our desks in 1. a web-based comprehensive career assessment tool that measures interests. N. You can find the login information on DSO. Career Resources The DSF Career Resource Centre organizes events and workshops throughout the year to help you enter the job market well prepared: aware of your personal strengths.

van.nl http://www.30am – 5.9.nl Programme Coordinator Ingrid van Beek Tel: +31 (0)20 525 8576 E-mail: ingrid.nl Opening hours DSF Office Monday to Friday: 8.nl 32 .korenromp@dsf.beek@dsf. Contact details Programme Director Dr.dsf.nl Career Services Manager Lonneke Korenromp Tel: +31 (0)20 525 8588 E-mail: lonneke.norden@dsf.touber@dsf. Lars Norden E-mail: lars.nl Programme Manager Wim Touber Tel: +31 (0)20 525 8582 E-mail: wim.00pm General information Duisenberg school of finance Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands E-mail Website: info@dsf.

Appendix A Regulations for Teaching and Examinations Academic Year 2012-2013 33 .

M. Academic Year 2012-2013 1 .Regulations for Teaching and Examinations Academic Year 2012-2013 Master’s degree programmes ► LL. Finance and Law ► MSc Finance: Corporate Finance and Banking track Finance and Law track Risk Management track Duisenberg school of finance — Regulations for Teaching and Examinations.

Block: one of five teaching and examination periods.M. Article 1. Programme Component: programme component in accordance with Article 7. 1. irrespective of the full-time or part-time status of the student.3 Article 2. Complaints Commission: the commission to be installed by the Dean for dealing with complaints that cannot be referred to any other organisational body. as well as the evaluation of the results of that investigation. • • • • • • • • • • • • 2 Duisenberg school of finance — Regulations for Teaching and Examinations. Credit: unit (EC) of 28 hours of study load.13. Degree Programme: the LL. the denotation given in the Act prevails. Finance and Law and Risk Management track). attitude and/or skills of the examination candidate.2 1. insight. second paragraph.M Finance and Law programme or MSc Finance programme.3 (paragraphs 2 and 3) of the Act for which examination is required. 1. Board of Examiners: the body responsible for establishing whether a student has satisfied all requirements as stated in the regulations regarding knowledge. negotiate (mediate) or investigate all aspects concerning the complaint. Admissions Board: the body responsible for admissions and granting scholarships. insight and skills that are necessary to obtain the degree. hereinafter referred to as the ‘School’. hereinafter referred to as the ‘programme’ and/or ‘track’. Interim Examination: investigation of the knowledge.Section 1. Definitions of Terms Where the terms in these regulations are also used in the Dutch Higher Education and Research Act (WHW). Academic Year 2012-2013 . Grade: end result of a programme component. Study Guide: guide for the programme and/or track containing specific programme information. School: Duisenberg school of finance. The Commission can advise. These regulations apply to anyone starting the programme in the academic year 2012-2013. of the Act. Practical Exercise: practical educational exercise as defined in Article 7. The degree programmes are offered by Duisenberg school of finance. Student: a person registered at the School to take courses and/or to sit examinations and satisfy the requirements of the programme. in accordance with the European Credit Transfer System (ECTS). Final Examination: evaluation in order to determine whether the student has satisfied all the requirements of the degree programme.1 General Provisions Scope of the Regulations These sets of rules apply to the educational activities associated with and examinations of the Master’s degree programmes LL. • • • • • Act: the Dutch Higher Education and Research Act (WHW). Dean: the person responsible for decreeing the Rules and Regulations for Teaching and Examinations. Finance and Law and MSc Finance (Corporate Finance and Banking. DSO: the Duisenberg school of finance online learning environment.

4 Duisenberg school of finance — Regulations for Teaching and Examinations. a GMAT or GRE test is not mandatory. Finance and Law degree programme. and the Risk Management track.Article 3. Hardship Clause In exceptional cases. one or more of the provisions listed in these regulations. the Admissions Board is allowed to ask the candidate to complete a GMAT or GRE test. The MSc Finance programme prepares students for a career in finance.3 7. Language The degree programmes are taught in the English language. Degree Programme Types With the exception of the Corporate Finance and Banking track. the Board of Examiners is authorized to waive. Finance and Law programme offers training in financial theory and modern investment management.2 7. agencies. Within the broad spectrum of the financial discipline. Should such a ruling affect more than 10 students. Academic Year 2012-2013 . accounting techniques and principles of company law.M. however. For admission to the MSc Finance degree programme. For the LL.dsf. the candidate must complete a certified English language test before commencing the programme. the Board of Examiners must inform the Dean of its intention to grant the waiver in advance. international contracts. corporate and structured finance. the thesis included. For admission to the degree programmes. by means of a reasoned ruling. Students in the programmes prepare all their assignments in English.M. candidates must have demonstrated knowledge. Section 2. government and related institutions. Article 6. the degree programmes of the School can be studied both on a full-time basis (12 months) and on a part-time basis (24 months).1 Admission to the Degree Programmes Admission Requirements Students are eligible to start the degree programme if they hold an admission statement issued by the Admissions Board. Aim of the Degree Programmes The LL. Candidates should have obtained a TOEFL score of at least 600 (250 on the computer-based test and 100 on 3 7. the Finance and Law track. understanding and skills reflecting the final level of attainment in a relevant academic Bachelor’s degree programme as stipulated in the Admissions Requirements published on www. either in the financial industry. Article 7. Article 4. Article 5. 7. For both tests. The Board of Examiners may grant admission to the degree programme to candidates with a different educational background after receiving positive advice from the Admissions Board. the candidate must complete a GMAT or GRE test. The Board of Examiners may impose additional entry requirements. or academia. the MSc Finance programme features three specialised tracks: the Corporate Finance and Banking track. Upon acceptance to the programmes.nl/home/admissions/requirements. a top 20% score for the quantity component is required for admission. banking and securities regulation.

the School has the right to deregister the student immediately. In this case.000 has to be paid within 30 days of the invoice date. For the internship and thesis. Rejected candidates are entitled to lodge an appeal against the Admissions Board’s decision with the Board of Examiners.the Internet based test). Article 9. − a letter of recommendation from at least two academic referees. the fees are set at a fixed rate of €1. from taking a mandatory language test. If a student fails to do so.e.2 • • • 8. accompanied by additional supporting documents. − a motivation statement. 9. 50% of the registration fee (i. In order to register for a programme and/or track. confirming that the preparatory education in the English language has been received. The Admissions Board notifies a rejected candidate in writing. The admission process consists of four stages: • Completing the online application form.0 (minimum score of 7.000) is reimbursed. 7. The remaining tuition fee has to be paid within 30 days of the invoice date.0 in all modules). Fee For students who start the degree programme in 2012. First round evaluation conducted by the Recruitment and Admissions Office. Admissions interview conducted by the Programme Director. the School may exempt candidates who have had their preparatory education in a country where English is the official working and educational language. Article 8. The fee for attending a distinct course is set at €400 per credit (see also Article 15. If a student does not complete the degree programme in one academic year. a fee of €400 per credit will be charged per programme component to be completed. €1. The International English Language Testing System (IELTS) requires an average of 7. will be required. The registration fee for a subsequent year is set at €2.3 The Admissions Board’s decision is final. The Board of Examiners will determine on 31 August if a student has completed the programme.1 9. registration for a subsequent year is compulsory.2 9.3 4 Duisenberg school of finance — Regulations for Teaching and Examinations. Academic Year 2012-2013 .4.000 and €2. Admission Procedure The responsibility for admitting students to the degree programmes and/or distinct tracks is delegated to the Admissions Board. A complete application contains: − a copy of the degree which you obtained from your previous university and a certified transcript in English. In addition. Second round evaluation conducted by the Admissions Board for final evaluation. The down payment is nonrefundable. respectively.1 8.5 Contrary to the provisions of Article 7.3). − the student’s curriculum vitae. stating the reasons for its refusal to admit and/or register the student. − a certificate with regard to English proficiency (if you are not a native speaker of that language). 8. a statement from the NUFFIC.000. − a copy of your passport. The Admissions Board issues a written admission statement to accepted candidates stipulating conditions if applicable.000. If the student graduates before 1 February. the tuition fee is set at €26. a down payment of €2.000.

Exemptions must first be approved by the Programme Director before these can be granted by the Board of Examiners (see Appendix C for the Internship Guidelines). Article 12.3 5 Duisenberg school of finance — Regulations for Teaching and Examinations. See Appendix D for the Thesis Guidelines. Registered students who want to take more than two extra courses in addition to the required course load of 70 EC will be charged €400 per credit. The research and writing phase may be commenced only when the thesis proposal has been approved by the Programme Director. including the summer months (July and August). 15. Thesis Proposal and Thesis Assessment Form. Article 11. Students are allowed to take two extra courses. Participation in these courses is subject to seat availability. 15. The academic calendar is presented in Appendix B.1 15. Only part-time students with a job relevant to the contents of programme are allowed to use their current employment as internship. examination periods and holidays. programme Blocks. The programmes take 12 months (full-time) or 24 months (part-time) based on a 40-hour working week. according to the definition of the European Credit Transfer System (ECTS).2 Electives It is mandatory to take electives amounting to credits and the designated options as stipulated in the Study Guide of the distinct programme and/or track. Article 15. The thesis programme component comprises a methodology and thesis proposal seminar. Thesis The thesis is the tailpiece of the degree programme. Article 13. Study Load The degree programmes comprise a total study load of 70 EC. The results of these extra courses will be recorded on the student’s transcripts. in addition to the required course load of 70 EC. In this case. Article 10. Article 14. a request for an exemption must be handed in 30 days before the start of Block 5. A thesis supervisor will be assigned by the Programme Director based on the contents of the proposal. Internship The internship is a mandatory component of the degree programme. but is subject to availability. Taking an extra course from another programme and/or track within the School requires the approval of the Programme Directors.Section 3. A thesis th defence session is mandatory and is scheduled in the 12 week of Block 5. Academic Calendar The programmes and/or tracks follow the academic calendar. An overview of the programme outlines is presented in Appendix A. Structure of the Degree Programmes Structure of the Degree Programme The degree programmes and/or distinct tracks comprise the components listed and described in the Study Guide. free of charge. Academic Year 2012-2013 . comprising the preprogramme weeks.

in any case before the start of the interim examination.1 17.2 A request for an exemption must be handed in 30 days before the start of the course. 17.1 18. A legitimate reason to be absent during an interim examination has to be supported by written. 16.3 17. the Board of Examiners will seek proper consultation before ruling on the type of examination to be administered.1 Exemptions Based on a written request. The precise extent of the interim examination will be announced on DSO before the start of the course. or. see Article 13. Interim examinations are scheduled in the designated time slots as indicated in the academic calendar (Appendix B).2 18. oral presentation or a combination of these types.4 Section 4. oral examination. accommodates their particular handicap. In no case can a student be exempted from the thesis or internship (For the only exception.2 Interim Examinations and Final Examination Interim Examinations The School commonly uses the following types of examination: written examination. 16. The sources from which the interim examination is derived will be announced in the Study Guide.3 16.) 16. Academic Year 2012-2013 . Students who suffer from a physical or sensory disability are offered the opportunity to take interim examinations in a manner that.3 Duisenberg school of finance — Regulations for Teaching and Examinations. evidence.Article 16. Article 17. as far as possible. 18. The Board of Examiners must render its decision within 10 working days of receiving the student’s request for an exemption. official. Interim Examination Procedure Interim examinations are conducted in accordance with the information in the Study Guide. A student who is unable to attend an interim examination must notify Programme Management by email as soon as possible. Students cannot be exempted for more than 7 EC in total. is able to demonstrate sufficient knowledge and skills in the course subject matter that he or she has gained through work experience.4 17.5 Article 18. the Board of Examiners is authorized to grant a student an exemption from one or more of the courses described in the Study Guide. If necessary. There are two instances for taking interim examinations: • • The initial examinations are scheduled in the 8 week of the Block in which a course is offered. content and level. st The resit examinations are scheduled in the 1 week of Block 3 for courses 6 th 17. provided that the student: • • has either completed an academic course that is equivalent in terms of intended learning outcomes.

13.5). it is established that a student has violated any of the rules stated in the Internal Regulations for Written Examinations (see Appendix E). Results and Validity of Examinations Grades can be awarded in two different manners: • • 20. e. After failing an interim examination resit. 21. second paragraph of the Act. Oral examinations are public unless the Board of Examiners decides otherwise. Successfully taken examinations of the full-time programmes remain valid until 31 August of the second year of registration for the programme. In the case of an oral examination. A practical exercise may take one or more of the following forms: writing a study assignment. in the 3 week of Block 5 for courses offered in Block 4. in the st rd 1 week of Block 5 for courses offered in Block 3.1 Following an email request to Programme Management. the Board of Examiners will decide on the sanction.2 20. during an examination.2 19.3 In half integers: highest to lowest grades from 10 to 1.4 18. the student will be given the opportunity to inspect the assessed written interim examination. 7 20. Resit options are limited to a maximum of four resit interim examinations per academic year per student. the examiner will announce the result immediately and provide written evidence. The School ensures that the results are recorded and published on the student’s grade books at DSO within 5 working days after the results are received. Fraud and Plagiarism When. rd 18. this will be reported to the Board of Examiners. 19. Academic Year 2012-2013 . with the exception of 5.6 Article 19. Inspection. the student has to retake the course in the next academic year (see also Article 9. If a student does not take the initial examination the resit examination counts for one of four options as mentioned above.4 20.5. Grading.5 An interim examination that has been passed with a sufficient result is deemed completed and cannot be taken again. After hearing the student and the invigilator. with the exception of absence due to a legitimate reason (for the conditions see Article 17.3 Article 20. are part of the interim examination. in the 3 week of Block 3 for courses offered in Block 2. Students are eligible to take part in interim examinations for a course only if they have taken part in all practical exercises for the course. Successfully taken examinations of the part-time programmes remain valid until 31 August of the fourth year of registration for the programme. Types of Examination The rules and procedures for written interim examinations are presented in the Internal Regulations for Written Examinations (see Appendix E).offered in Block 1. as defined in Article 7. Lecturers must hand in the results of all examinations within 10 working days after the examination has taken place.5 Article 21. A pass or fail qualification. The Study Guide specifies which practical exercises.3). oral presentations.g.1 19.1 Duisenberg school of finance — Regulations for Teaching and Examinations. 20. 18. carrying out an assignment or participation in other educational activities with the aim of developing specific skills.

5 Article 22. All final grades must be equal or higher than 7.21.4 22. Final Examination The Board of Examiners reviews the student’s record of academic achievement to determine whether the student has met the requirements for the degree programme. When the examiner. A student who has successfully met all the requirements of the degree programme will be awarded a master’s degree and will be conferred the title of “Master of Laws” or “Master of Science” respectively.3 22. 21.2 Electronic detection programmes can be used in order to detect plagiarism in texts. concludes that the student has impermissibly used the writing of others. As an exception to the provisions in Article 22. 22.4 21.3 21.1. the student is allowed to compensate one failed interim examination – if the result is not lower than a 5 – with an interim examination graded a 7 or higher.1 22. 8 Duisenberg school of finance — Regulations for Teaching and Examinations. Student Monitoring and Counselling Student Counselling Registered students can consult the student counsellor to discuss study and careerrelated issues. Details of the degree awarded will be recorded on the degree certificate. After hearing the student and the examiner. prior to the decision to award a degree.2 22. the Board of Examiners will decide on the sanction. project or thesis. the relevant sanction will be included in the student’s file. investigate the student’s knowledge in one or more programme components of the degree programme if the student’s examination results suggest this is justified. Absence of resit examinations.5 Section 5. Academic Year 2012-2013 . Article 23. the student implicitly agrees that this text is entered into the database of the detection programme. The student will pass the final examination if all programme components are successfully completed. the Board of Examiners may. With the exception of the thesis and the internship. When the student is sanctioned because of fraud other irregularities. in grading a written paper. The Board of Examiners is allowed to award a master’s degree with distinction when the student has excelled in the degree programme and has satisfied all of the following conditions: • • • • The average of all grades is at least 8. By handing in a text. The severest sanction that can be imposed by the Board of Examiners in the case of fraud is to exclude a student from taking any interim examinations within the School for a maximum period of 12 months. A minimum of 8 for the thesis. this will be reported to the Board of Examiners.

1 24. it has to be decided whether it is a case to be addressed by the Board of Examiners.2 Article 29.1 Transitional Regulations If substantive changes are made to the structure of the study programme or to the contents of these regulations. Transitional and Final Provisions Conflicts with the Regulations If other regulations or information relating to the degree programmes or examinations are in conflict with these regulations. 9 Duisenberg school of finance — Regulations for Teaching and Examinations. Date of Commencement These regulations are decreed by the Dean on 31 August 2012 and will take effect on 1 September 2012. Article 28. Article 26. 28.1 Amendments to the Regulations Amendments to these regulations are implemented by the Dean by means of an individual decision and with respect to the subjects of Article 7.13. If a student has failed 25% or more of the interim examinations an evaluation meeting with the Programme Director will be held. 26.2 Article 27.Article 24. which will be appended to these regulations. the Dean will adopt transitional regulations. the period of validity of the transitional regulations. Complaints Commission All cases not covered by these regulations first have to be referred to Programme Management. 26. After Block 1 and 2 the student’s results will be evaluated by the Programme Director.3 Student Monitoring The School ensures that a record is kept of each student’s examination results and credits earned at this School. The School ensures that grades and credits are recorded so that each student can receive an up-to-date overview of their results. Section 6. Article 25. If this is not the case.2 24. the provisions of these regulations take precedence. 24. An amendment to these regulations will not take effect during the current academic year unless this does not unreasonably affect the interests of the students. The meeting results in a written advise to the student. These transitional regulations will always include: • • a regulation relating to exemptions that may be awarded on the basis of examinations already secured. Academic Year 2012-2013 . If the specific case cannot be resolved by Programme Management. 28. paragraph 2(a) to (g) and paragraph 3 of the Act. a Complaints Commission has to be installed by the Dean (see Appendix F).

5 EC 3. Academic Year 2012-2013 .5 EC 3.0 EC 3.5 EC 3.5 EC 3.5 EC 3. Finance and Law Advanced Computational Bootcamp Law Refresher Quantitative Methods in Finance Ethics in Finance Financial Regulation Financial Accounting Financial Econometrics Corporate Valuation Finance and Sustainability International Corporate Governance Competition Law Enforcement in Banking Law of Banking and Financial Markets Mergers and Acquisitions Transactions and Law Behavioural Finance Corporate and Tax Law Contract Law Economics of Risk Comparative Corporate Law and Governance Securities Regulation Elective Internship Thesis Total MSc Finance – Corporate Finance and Banking Advanced Computational Bootcamp Statistics and Econometrics Refresher Banking Refresher Ethics in Finance Financial Regulation Financial Accounting Financial Econometrics Corporate Valuation Finance and Sustainability International Corporate Governance Corporate Financial Management Corporate Governance Investments Behavioural Finance Commercial Banking Entrepreneurial Finance Enterprise Wide Risk Sources Economics of Risk International Corporate Finance and Risk Management Elective Internship Thesis Total Credits 0.5 EC 1.5 EC 3.5 EC 3.0 EC 10 Duisenberg school of finance — Regulations for Teaching and Examinations.0 EC 1.5 EC 3.5 EC 3.5 EC 3.5 EC 5.0 EC 70.0 EC 70.5 EC 3.5 EC 3.Appendix A: Programme Outline (in European Credits) LL.0 EC 10.0 EC 1.5 EC 3.5 EC 3.5 EC 3.5 EC 3.0 EC Credits 0.0 EC 10.5 EC 3.5 EC 3.5 EC 5.5 EC 3.5 EC 3.5 EC 3.5 EC 3.5 EC 3.0 EC 3.5 EC 3.5 EC 1.5 EC 3.M.5 EC 3.5 EC 3.5 EC 3.

5 EC 3.5 EC 3.0 EC 70.5 EC 3.5 EC 5.5 EC 3.0 EC 10.0 EC Credits 0.0 EC 70.5 EC 3.5 EC 3.5 EC 3.5 EC 3.5 EC 3.5 EC 1.5 EC 3.5 EC 3.5 EC 3.5 EC 3.5 EC 3.MSc Finance – Finance and Law Advanced Computational Bootcamp Law Refresher Quantitative Methods in Finance Ethics in Finance Financial Regulation Financial Accounting Financial Econometrics Corporate Valuation Finance and Sustainability International Corporate Governance Corporate Financial Management Investments Mergers and Acquisitions Transactions and Law Behavioural Finance Corporate and Tax Law Entrepreneurial Finance Economics of Risk Bankruptcy and Corporate Reorganization US Mergers and Acquisitions Law Elective Internship Thesis Total MSc Finance – Risk Management Advanced Computational Bootcamp Statistics and Econometrics Refresher Programming Ethics in Finance Applied Risk Management Financial Regulation Financial Accounting Financial Econometrics Measure Theory and Stochastic Processes (I) Finance and Sustainability Derivatives Asset Pricing Measure Theory and Stochastic Processes (II) Behavioural Finance Credit Risk Management Enterprise Wide Risk Sources Actuarial Mathematics and Modelling Economics of Risk Market and Systemic Risk Management Fixed Income Elective Internship Thesis Total Credits 0.0 EC 11 Duisenberg school of finance — Regulations for Teaching and Examinations.5 EC 3.0 EC 3.5 EC 3.5 EC 3.5 EC 3.0 EC 10.5 EC 3.5 EC 3.5 EC 3.5 EC 5.0 EC 3.5 EC 1.5 EC 3.5 EC 3.0 EC 1. Academic Year 2012-2013 .5 EC 3.5 EC 3.5 EC 3.5 EC 3.0 EC 1.5 EC 3.

Appendix B: Introduction Week 34-35 Block 1 Week 36-42 Week 43 Block 2 Week 44 Week 45-52 Week 53-1 Week 2 Block 3 Week 3 Week 4-10 Week 4 Week 6 Week 11 Block 4 Week 12 Week 13-17 Week 18 Week 19-21 Week 22 Block 5 Week 23 Week 24-35 Week 24 Week 26 Week 33 Week 34 Academic Calendar 2012-2013 20 August-31 August 3 September-19 October 22 October-27 October 29 October-2 November 5 November-21 December 24 December-5 January 7 January-12 January 14 January-18 January 21 January-8 March 21 January-26 January 4 February-9 February 11 March-16 March 18 March-22 March 25 March-26 April 29 April-3 May 6 May-24 May 27 May-1 June 3 June-7 June 10 June-30 August 10 June-15 June 24 June-29 June 16 August 12:00 PM 19 August-23 August Pre-programme Courses Lectures Interim Examinations Preparation Week Lectures Holiday Interim Examinations Field Trip Lectures Resit Interim Examinations Block 1 Resit Interim Examinations Block 2 Interim Examinations Preparation Week Lectures Holiday Lectures Interim Examinations Preparation Week Internship and Thesis Resit Interim Examinations Block 3 Resit Interim Examinations Block 4 Thesis Deadline Thesis Defence 12 Duisenberg school of finance — Regulations for Teaching and Examinations. Academic Year 2012-2013 .

Article 1. developing practical skills in dealing with financial issues relating to the track of specialisation. The intended learning outcomes of the internship are: • • • • application of academic knowledge in a practical context. In this case a progress report must be submitted for approval to pass the internship requirements before 31 August. Study Load of the Internship • • • • • The study load of the internship is 5 EC. The duration of the internship is at least 140 hours. based upon the working hours per week as specified in your internship agreement or normal working hours. The internship takes place in Block 5. Academic Year 2012-2013 . must have been met. such as presentation skills and interaction with clients and higher management. The Regulations for Teaching and Examinations of Duisenberg school of finance also apply to the internship. learning institutional details in their specific track of specialisation. 1. Students can choose an internship that continues after 31 August. The deadline for finishing the internship is 31 August. General Provisions Scope of the Internship Guidelines These internship guidelines apply to all master degree programmes offered by Duisenberg school of finance. including approval by the Programme Director of the internship evaluation. developing professional skills. excluding travel expenses. No internship exemptions will be granted for duties performed in previous employment or internships. The required 140 hours must be completed before that date.1 1.Appendix C: Internship Guidelines Section 1. Allowances Internship allowances differ across companies. Objectives of the Internship The objective of the internship is to gain practical experience by applying the academic skills and knowledge that students have acquired in their formal academic studies. The internship is a mandatory programme component in all Duisenberg school of finance course programmes. Article 3.2 1. as the objective of the internship is to integrate professional experience and academic knowledge and skills acquired during the programme. The hours cannot be divided between multiple companies or organizations unless the student receives the Programme Director´s written approval. A rule of thumb for an internship allowance is €500 per month.3 Article 2. In no way should the student’s decision to prolong the internship after 31 August interfere with programme requirements and/or the academic year calendar. 13 Duisenberg school of finance — Regulations for Teaching and Examinations. • Article 4. At this date all internship requirements.

Part-time students are allowed to do an internship assignment with another company. • Article 8. Approval • • The CRC guarantees that the internships offered through the CRC meet the general internship requirements set by the School. The academic thesis supervisor monitors the academic standards of the research.Section 2. who will then reconsider the match with the supervisor. Choosing an Internship Finding an Internship • • The student is obliged to find an internship. Each internship must comply with the academic requirements set by the School. • The internship gives the student the opportunity to work independently at an academic level. The topic should be sufficient analytical and general to conduct theoretical and empirical academic research. and who will assess whether it is possible to implement the new internship-thesis. and one-to-one coaching to help students find and secure an internship. • Article 6. The Programme Director will check if the task description results in the intended learning outcomes of the internship as stated in Article 2. b. If the student wants to link the internship with the thesis after the first proposal. the literature survey and the applicable methodology. The thesis proposal should specify the research questions. Part-time students with a job relevant to the degree programme may use their current employment as internship. This type of internship is commonly offered by most investment banks. the student must meet the following criteria: a. Article 7. namely: • The internship provides the student the opportunity to creatively and innovatively apply the academic skills and knowledge from the track of specialisation. Article 5. Link with Thesis • • If the student wants to link the thesis with the internship. When combining the thesis and internship. This option is centred on an assignment or a project. he/she should send a request for approval for this before 1 May. The focus of this type of internship is gaining practical job experience. Substance There are two internship options: • A project internship. The Career Resource Centre (CRC) advertises internship vacancies. • A participatory internship. c. this can only be done after approval of the Programme Director. This must be approved by the PD in a signed assessment of the relevance of the part-time students’ work experience at the end of the first year. after first gaining their employer’s approval. Academic Year 2012-2013 . offers CV and cover letter feedback. Instead of doing a specific assignment. The student must send the Programme Director of the distinct programme and/or track the task description of the internship for approval at least two weeks before the planned starting date. 14 Duisenberg school of finance — Regulations for Teaching and Examinations. you are part of the team in the department you intern with and are involved with the day-to-day activities.

duration and dates of the internship and deliverables. This supervisor will: • • supervise the student during the internship. Article 9. Forms Forms to be completed and handed in at CRC before the start of an internship include: • • an internship proposal describing the students’ duties and responsibilities. and the separate evaluation form from the company internship supervisor. Academic Year 2012-2013 . In addition. the student must earn a satisfactory evaluation from the company internship supervisor as well as from the Programme Director. Article 11.Section 3. signed by both the company and the faculty supervisor. the internship evaluation by the student. 15 Duisenberg school of finance — Regulations for Teaching and Examinations. The assessment of the internship by the Programme Director is based on the evaluation form of the student. signed for approval by the Programme Director of the specific programme and/or track. • assess the evaluation of both student and hosting supervisor. Supervision and Assessment Requirements An internship will be valid only if the required procedures as indicated in these regulations are being followed. as well as reflections on the lessons learned during the student’s internship experience. This supervisor will: • provide supervision during the internship if needed. which is the independent verification of the student’s work experience. Article 12. each student will be assigned a faculty supervisor by the School. Assessment • • • Internships will be assigned a pass/fail qualification by the Programme Director. Forms to be completed at the conclusion of an internship and before 31 August include: • • the completion and evaluation form. evaluate the student after the internship. Article 10. Supervision and Assessment Supervision All internships require a company internship supervisor. a release of liability. In order to pass the internship. This form requests detailed information on the duties of the position and recommendations for future interns. Section 4.

as mentioned in Article 5. A written report of any occurrence of irregularity will be presented to the Board of Examiners by the (chief) invigilator. The invigilators will ensure that the examination proceeds in an orderly manner. General Provisions These regulations apply to all written interim examinations of Duisenberg school of finance programmes. Article 2. Order in the Examination Room • • Smoking is prohibited during the examination. a chief invigilator will be appointed to bear final responsibility. Invigilation • • • Duisenberg school of finance will arrange invigilators for the written examination(s). the student can be excluded from the examination by the (chief) invigilator. the student must follow the instructions given by the (chief) invigilator. leaving the exam paper behind. Article 3. Using the restroom during the examination is not allowed unless the (chief) invigilator has given permission.Appendix E. pencil and eraser on the desk unless on the front page of the exam paper the permission of the use of other aids is specifically stated. carrying aids such as a mobile phone. Students taking written examinations may not leave the room for the first 30 minutes. The student must immediately exit the room. Registration Students are registered for all interim examinations with regard to the mandatory courses of the programme and/or track. Use of graphical and/or programmable calculators is never allowed during the examination unless the front page of the exam paper explicitly mentions their use is permitted. If any irregularity occurs. Academic Year 2012-2013 . Furthermore. Late Arrivals • • • Article 4. • • • • • 16 Duisenberg school of finance — Regulations for Teaching and Examinations. The student will only have a pen. If several invigilators are present at an examination. Mobile phones must be shut off and stored in a bag or case next to the desk. Students are allowed into written examinations up to 30 minutes after the official start. notes or readers with you into the restroom is forbidden. Article 5. At least one expert will be available at the start of the examination to answer any technical questions relating to the examination and the subject. The student will have been informed of these other aids in the lecture. If a report of an irregularity proves erroneous after having led to the exclusion of a student from an examination. Students who arrive late will not be given extra time to complete the examination. If permission is granted. Speaking is prohibited while using the restroom. the student has a right to an extra retake at a date defined later. The bag or case must be closed. Internal Regulations for Written Examinations Article 1.

Responsibility The Dean shall bear responsibility for ensuring that oral and written complaints are properly addressed. Independency The complaint shall be handled by a person who is not involved in the conduct referred to in the complaint. 17 Duisenberg school of finance — Regulations for Teaching and Examinations. 1. Mediation The Complaints Commission referred to in Article 3 shall endeavour as far as possible to solve the complaint through mediation. Submitted complaints shall be collected by the Complaints Commission with a frequency that allows him/her to meet the conditions of Article 15.2 the name and address of the complainant. Conduct by a person working under the auspices of a School body is regarded as conduct by that body. Article 8.2 Submission Complaints must be submitted to the Dean. the date of the complaint. 8. the nature of the complaint. the name of the party who is the subject of the complaint ("respondent"). Article 6. Article 4. Complaints Commission Procedure Article 1.2 Article 2. Article 7.Appendix F. This officer shall process each complaint submitted in accordance with the procedure set out in these regulations. 1. Privacy The Complaints Commission shall respect the privacy of the complainant at all times.1 6. Article 5. If the complaint fails to comply with the conditions of this Article. 6. Article 3. Academic Year 2012-2013 . Appointment The Dean shall appoint a Complaints Commission to process and submit recommendations on complaints.1.1 Scope of the Regulations Each student of Duisenberg school of finance who is enrolled in the master degree programmes is entitled to submit an oral or written complaint to the Dean about the treatment he/she has received from a School body (administrative or organisational).1 Complaint A complaint must contain at least the following information: • • • • 8. the complainant shall be afforded another opportunity to meet his/her obligations.

Academic Year 2012-2013 .nl 18 Duisenberg school of finance — Regulations for Teaching and Examinations.Duisenberg school of finance Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands www.dsf.