MScFE

STUDENT
HANDBOOK
 TABLE OF CONTENTS

THE MASTER
Description 3
5 reasons to study finance and economics in Luxembourg 3
First year (M1) 4
M2: Banking 5
M2: Investment Management 5
M2: Risk Management 6
M2: Financial Economics 7
Internship 7
Master thesis 7
Careers 8
Extra curricular activities 8

IN THE CLASSROOM
Location 9
Attendance 9
Punctuality 9
Mobile phone 9
Use of laptop 9

ABSENCE
Short-term absence 10
Long-term absence 10
Consequences of unexplained absence 10
Part time statut & leave of absence 10

EXAMS
Examination types 11
Grades 11
Assessment & exams 11-12
Completion of modules 12
Progression 13
References 13

INTELLECTUAL PROPERTY
Referencing your work 14
Plagiarism 14

DIPLOMA AND BEYOND
Registration in the register of titles 15
Graduation ceremony 15
Working in Luxembourg 15

GET IN TOUCH
Key staff 16
Emergency numbers 16

2
 THE MASTER

Description The MSc. in Finance and Economics is a two-year programme, offering foundational courses
at postgraduate level in the first year (M1). During the second year (M2), students have the
option to specialise in four different tracks:

Banking
Investment Management
Risk Management
Financial Economics

Students who have successfully completed the M1 may also choose to apply for the MSc
in Quantitative Economics, which prepares candidates for careers in research or further
study at doctoral level. The MSc in Finance and Economics was developed together with
the Luxembourg financial centre. It prepares students for the job market in different finance
disciplines in Luxembourg, Europe and overseas. During their second year, students in all
tracks will complete a Master thesis or an internship and placement report, giving them the
opportunity to take their first steps in the professional world.

5 reasons to study • Gain knowledge, skills and competences to successfully launch your career
finance and economics • Programme designed to meet highest international standards
in Luxembourg • Theory and practice: learn from academics and practitioners
• Internship and networking opportunities in Luxembourg, a major international financial centre
• Specialised tracks and curricula responding to changes and trends in the world of
economics and finance
 THE MASTER

First year - M1 Curriculum

The foundational first year will equip students with the knowledge and skills needed to
pursue their chosen specialisation in the second year of the MSc in Finance and Economics.
In the first semester, students will complete four compulsory modules, covering topics from
statistics and econometrics to corporate finance, macro- and microeconomics and an
introduction to the Luxembourg financial centre.

In their second semester, four modules are taught in preparation for the second-year
specialisation:

• Quantitative finance
• Finance
• Quantitative economics
• Economics

Students wishing to pursue the Banking and Finance, Investment Management or Risk
Management tracks need to complete the finance modules. Students wishing to pursue the
Financial Economics track are required to complete the economics modules. There is some
flexibility to adapt courses to the academic or career ambitions of the individual students.

Learning outcomes

• Common understanding of finance and economics for students from all backgrounds
• Insight into the Luxembourg financial centre
• Understanding of the nature, role and function of financial markets (such as money, bond,
and equity and derivatives markets)
• Proficiency in basic quantitative tools and techniques
• Application of knowledge to recognise and analyse complex problems in the given field;
identify and answer questions using scientific methods

The M1 prepares students for the specialisations of the second year:

• Banking
• Investment Management
• Risk Management
• Financial Economics

Successful candidates with an interest to pursue a career in research or further studies at

doctoral level may apply to the MSc in Quantitative Economics. Students cannot graduate
with a diploma from the M1. Further study (M2) is needed for the conferment of a degree by
the University of Luxembourg.

4
 THE MASTER

M2 : Banking Curriculum

The Banking track is divided into four modules:

• Joint Module (also compulsory for the tracks in Investment and Risk Management)
• Banking Module
• Incubator Module
• Master thesis or internship and internship report

The joint module covers core topics on investment funds, financial regulation, and risk
measures and management. The Banking Module delves deeper into banking theory and
different major banking topics, such as investment banking, credit and operational risk, and
banking law.

Learning outcomes

• Advanced, interdisciplinary knowledge within the academic field

• Detailed understanding of the economic and financial environment in which banks
operate, the structure and role of banks in the economy, measuring the risks that banks
face, and further aspects of banking
• Skills and tools to analyse problems and develop appropriate solutions based on
well-founded scientific knowledge of theories, methods and instruments of the field
• Critical thinking, ability to work independently and communicate on the subject using
terminology, language and expressions of the field
• Exposure to the banking and finance industry, opportunities for professional networking

M2: Investment Curriculum

Management
The Investment Management track is divided into four modules:

• Joint Module (also compulsory for the tracks in Banking and Risk Management)
• Investment Management Module
• Incubator Module
• Master thesis or internship and internship report

The joint module covers core topics on investment funds, financial regulation, and risk
measures and management. The Investment Management Module delves deeper into
investment and portfolio management, alternative investments, factor investing and taxation.

Learning outcomes

• Advanced, interdisciplinary knowledge within the academic field

• Detailed understanding of different types of financial instruments, investors, the fund
industry, market trends, and further aspects of investment management
• Skills and tools to analyse problems and develop appropriate solutions based on well-
founded scientific knowledge of theories, methods and instruments of the field
• Critical thinking, ability to work independently and communicate on the subject using
terminology, language and expressions of the field
• Exposure to investment management industry, opportunities for professional networking
 THE MASTER

M2 : Risk Curriculum
Management
The Risk Management track is divided into four modules:

• Joint Module (also compulsory for the tracks in Investment and Risk Management)
• Risk Management Module
• Incubator Module
• Master thesis or internship and internship report

The joint module covers core topics on investment funds, financial regulation, and risk
measures and management. The Risk Management Module delves deeper into different
risk categories (market, credit, counterparty operational and liquidity) as well as exploring
econometric and disclosure instruments.

Learning outcomes

• Advanced, interdisciplinary knowledge within the academic field

• Detailed understanding of financial instruments and different types of risk and risk
models, statistical and econometric concepts; ability to analyse financial assets and make
financial diagnostics, and further aspects of risk management
• Skills and tools to analyse problems and develop appropriate solutions based on
well-founded scientific knowledge of theories, methods and instruments of the field
• Critical thinking, ability to work independently and communicate on the subject using
terminology, language and expressions of the field
• Exposure to the risk management sector, opportunities for professional networking

------------------------------------------------------------------------------------------------------------

The so-called Incubator Module allows students to choose from trending and emerging
topics in the financial sector, such as sustainable finance, FinTech or cyber security. Taught
together with industry professionals, they deliver insights into innovative finance topics.
Courses in this module will be continuously reviewed and updated.

6
 THE MASTER

M2: Financial Curriculum

Economics
The Financial Economics track is divided into four modules:

• Applied Econometrics Module

• International Economics Module
• Economics Module
• Master thesis or internship and internship report

Across the four modules, students will develop in-depth knowledge of research programmes
and instruments, especially in econometrics and international economics, as well as the
application of this knowledge to different contexts.

Among other topics, they will explore data mining, big data and programming, international
dimensions and developments in economics, economic modelling and the testing of
models. In addition, students may choose to complete up to two courses from the Asset
Management, Banking, and Risk Management tracks. This option is of particular interest
for students wishing to pursue a career within the field of financial econometrics and the
financial sector.

Learning outcomes

• Advanced, interdisciplinary knowledge within the academic field

• Detailed understanding of a range of econometric techniques, economic theory and
policy making, the working of financial markets and institutions, and further aspects of
financial economics
• Skills and tools to analyse problems and develop appropriate solutions based on well-
founded scientific knowledge of theories, methods and instruments of the field
• Critical thinking, ability to work independently and communicate on the subject using
terminology, language and expressions of the field
• Exposure to the financial sector, opportunities for professional networking

-----------------------------------------------------------------------------------------------------------

Finally, students are given the option to complete either an internship or a Master thesis.

Internship Students intern within the public or private sector for a minimum duration of 8 to 12 weeks
(with the option to negotiate a longer placement depending on the availability of the student
and hosting company/institution). Each student has to submit a field report. The topic of this
report is coordinated between the student, the programme director of the Master, and the
company supervisor. The Faculty of Law, Economics and Finance provides some support
to students in obtaining a placement as well as drawing up internship contracts between the
hosting institution and the student.

Master thesis Topics for the Master thesis are coordinated together with the programme director and
thesis supervisor. The Master thesis is an independent piece of research that should
showcase a thorough understanding of the chosen topic as well as the appropriate research
methodology.
 THE MASTER

Careers Luxembourg offers a dynamic and international job market. Graduates from the MSc in
Finance and Economics, based on their second-year specialisation, will be prepared for
different career paths in Luxembourg or abroad, for example with:

• Banks and other financial institutions

• Asset management firms
• Consultancy companies
• Industrial companies
• Insurance companies
• European or national financial institutions
• Financial administration
• Academia

The different tracks allow students to pursue their chosen field of specialisation while also
offering a common foundation and the opportunity to explore the basics of each field.
The result is a well-rounded education in finance and economics enabling graduates to
successfully enter the job market.

Some career paths may benefit from additional training, e.g. the Certified private banker
certificate. Lifelong learning programmes are offered by a number of institutions in
Luxembourg, including the University of Luxembourg Competence Centre, the House of
Training, the Luxembourg Chamber of Commerce, or lifelong-learning.lu

Extra curricular Activities such as sport, any hobby of yours, as well as involvment in charity or student
activities association, is encouraged, but should not compromise your studies and can’t be consiedred
as a justification to skip class.

8
 IN THE CLASSROOM

Location Your main classrooms, CK-BC B22 or B28, are located on Kirchberg Campus, in Luxembourg
City - 6 rue Richard Coudenhove-Kalergi, L-1359 Luxembourg.

Attendance You are expected to attend all lectures, tutorials and any related activities. Attendance is part
of the participation mark for a majority of your courses.

Punctuality You are expected to attend the lectures on time. You will have 5 minutes allowance to arrive
after the scheduled time. After this time, the tutor has the discretion to exclude latecomers.
Please do not put the lecturer in the uncomfortable position of denying you the access to
their lecture.

We encourage you to take all the proper precautions to ensure that you arrive on time to your
lectures. Cases of delays in public transportation or strikes will not be considered as valid
causes for being late.

Delays will be tolerated in the case of extreme weather conditions that interrupt the traffic.

Mobile phone During the lecture we respectfully ask you to keep your mobile off or on silence mode.
If you need to leave the room during a lecture please be respectful to your classmates as
leaving and coming back during a lecture can be disturbing.

Use of laptop You can bring your laptop to the classroom to follow your lecture, review handouts and articles,
carry out market research or use software for the in-class activities.

If a professor requests the non-use of laptops during their lecture please follow these instructions.
Your laptop is a learning tool and should be used to support the activities of your courses. It
is not an instrument of distraction for you or your classmates.

During class time, we respectfully request you to avoid the use of Facebook, YouTube, Skype
or any chatting software, online games, movies or music streaming, or any other social me-
dia activity that is not related to the class activity or course work.

If you bring your own laptop, it is essential that you make sure that you have full up-to-date
antivirus protection and that you back up your work. You are fully responsible for protecting
your own work.

Read more about resources, wifi access and the e-learning platform Moodle in the FDEF
Students Handbook
 ABSENCE

Short-term You might be occasionally absent and miss some of your lectures. If you know it in advance,
absence please inform the Study Programme Administrator and your professor by email.

If you miss a lecture for unpredictable reasons – car breakdown, sickness, problem at home,
etc. – you should inform the Study Programme Administrator as soon as possible.

Long-term If you need to be away for more than a few days either for medical or personal reasons,
absence please contact the Study Director to discuss this matter. You can eventually request a leave
of absence.
Article 36, Paragraphe 8 de la Loi de l’Université: “Dans des cas dûment motivés, le directeur
de programme peut accorder à un étudiant une sus-pension des études.
Les modalités et le déroulement de la procédure présidant à l’attribution d’une suspension
des études sont précisés dans le règlement des études de l’Université.”
(art.36 paragraph 8 – loi du 27 juin 2018) https://wwwen.uni.lu/university/official_documents

Consequences of Attending classes is regarded as an essential part of taking a module and following a course
unexplained since there is more in the learning associated with a unit than can be assessed during an
absence examination.

If you don’t attend classes regularly, it is likely that you have not achieved the learning outcomes
for the module and you may not be awarded the credits of the module. This can have serious
consequences for the achievement of the overall learning outcomes and may affect your
ability to complete the programme.

If you think that a medical problem may have affected your performance in an exam or project,
please provide a medical justification from a doctor which certifies how your medical condition
could have affected your performance and put this in writing to the Study Director.

Part time status If you cannot pursue your studies regularly or meet the expected workload requirements,
and leave of you can either opt for a part-time student status or apply for a leave of absence. A leave of
absence absence may be granted under the following circumstances:
• You suffer from an illness or other medical condition
• You have to care for close relatives or a partner
• You are expecting or have recently become the parent of a child, or you are the parent of
a child below the age of 3
• You are obliged to perform military or another compulsory civil service

Law article 36, paragraph 7

Study Regulations article 20

10
 EXAMS

Grading and assessment processes are concerned with ensuring that a participant has
demonstrated that the student has achieved the learning outcomes set for each course and
reached the required standard to ultimately graduate from the program.

To award the MSc. in Finance & economics degree, the course moderators must have
evidence of the participant’s learning and academic achievement, both at an individual
and class level. The MScFE follows a grading approach which includes different forms of
assessment.

Examination types Different examination formats are used at the University of Luxembourg. Examinations
require that students have an understanding of the material presented during lectures. Some
methods are: take-home examinations, open or closed book examinations, oral presentations,
delivering a paper or essay, resolving a business case, or sit-down examinations. Continuous
assessment is used in some courses and may be based on participation throughout the
course.

Grades We have a 20-point grading system to record the results of the assessment. In order to be
awarded the credits for a course (ECTS) you must have a grade of at least 10.
Description Definition Mention Grade
Distinction Outstanding, exceptionally high standard Outstanding (Excellent) 18-20
Very good to excellent, a few minor defect 17
Very high honors
Generally very good, but with some defects 16
Good creditable work, but with a few notable defects 15
High honors (Bien)
Pass Quite good, but with a number of shortcomings 14
A fair effort, but with a number of significant shortcomings 13
Honors (Assez Bien)
Acceptable standard to validate the module 12
Borderline satisfactory, a number of significant shortcomings Passing (Passable) 10-11
Standard of work is not sufficient or acceptable to
8-9
achieve a pass grade
Completely unsatisfactory, a number of serious shortcomings 1-7
Fail Fail
Plagiarism 0
Unauthorized withdrawal 0
Academic misconduct 0

Assessment & The number of times you can participate at the exams of a given course is limited to four
exams (4). The grade obtained with the fourth attempt becomes permanent and cannot be changed
anymore.
You can repeat an exam even if you have passed it with a grade of 10 or higher and even
if you have validated the course or module to which the course belongs – up to the above-
mentioned maximum of 4 participations. Please note that this possibility applies only to
exams taken for the first time after the entering into force of the new law (winter semester
2018/19 and beyond)
But: The last grade obtained always replaces the previous grade, even if it is lower than the
previous grade. There will be no exceptions to this rule, even if you can no longer complete
a course, module or your study programme as a result of a voluntarily repeated exam.

Exception: Exams of so-called ‘fundamental courses’ of the first study year can only be
attempted twice. Repeated failure to pass the exams of these courses leads to exclusion
from the programme. Please consult your study plan to find out whether your programme
features fundamental courses.
 EXAMS

Assessment & Your courses feature one of three types of assessment:

exams • End-of-course assessment (e.g. an exam taking place after the course or written work to be
submitted at the end of the course)
• Continuous assessment (several assessment elements during the course, e.g. a
presentation and a mid-term paper)
• Combined assessment (a combination of the above)
• Once enrolled in a course, you are automatically registered for its exams
• For courses with continuous or combined assessment, enrolment in the course counts as
one attempt at passing its exams
• In courses with end-of-course assessment only, you can withdraw your registration
(‘deregister’), at the latest 4 weeks before the exam period (or 1 week before the exam for
block courses with exams during the semester)

Each registration for the exams of a course counts as one attempt (participation) at the
exams, unless your absence from the exam has been justified
For any exam for which you have been registered and that you miss without a valid justification
you will obtain the grade zero (0)
Your absence from an exam is justified if you deliver to the University a medical certificate
attesting to a medical condition that has effectively prevented you from participating at the
exam

If you fail to meet course requirements that are assessed as ‘pass/not pass’ (without grade),
you will equally receive the grade zero (0) for the entire course. This includes the requirement
to be physically present in class, in the case in which your Course Instructor has made
physical presence mandatory for the course.

To repeat the exams of a course with continuous or combined assessment, you have to re-
enrol for the course (unless your study programme exempts you from this requirement)
To repeat the exam of a course with end-of-course assessment only, you have to register for
the exam at the latest 4 weeks prior to the exam period in which the repetition takes place
(unless your study programme requires you to re-enrol for the entire course).

Completion of The minimum grade required to pass the exams of a course is a ten (10). This applies to all
modules courses offered at the University
The modules of your study programme can be either with or without compensation between
the final grades for courses of the module
In a module that does not allow for compensation, you need to pass all courses with a
minimum grade of ten (10) to complete the module
In a module with compensation you need to obtain for each course a grade higher than five
(5) and the average grade of all courses needs to be at least ten 10)

12
 EXAMS

Progression Your passage from one study year to the next depends on the number of ECTS credits you
have acquired, as a percentage of the number of credits required in the study plan of your
programme. If that percentage is:
• >70% (e.g. 43 credits out of 60), you pass to the next study year without condition;
• 50-70% (e.g. 30-42 credits out of 60), you can pass to the next study year if you submit to
your Programme Director a list of the courses you wish to enrol for in the next semester and
that list is validated;
• <50% (e.g. less than 30 credits out of 60), you do not pass to the next study year.
• ! If you are enrolled in the first study year and you acquire less than 50% of required ECTS
credits, you are excluded from your study programme !

Law article 36, paragraphs 2 and 3

Study Regulations article 19

The maximum number of semesters you have for completing your study programme depends
on the regular duration of your programme and your student status. If you have always been
a full-time student, this number is:
• for a programme of 60 ECTS credits: 4 semesters
• for a programme of 120 ECTS credits: 8 semesters
• for a programme of 180 ECTS credits: 10 semesters
• for a programme of 240 ECTS credits: 12 semesters
• For every semester in which you have been enrolled part-time this number increases based
on a formula which can be found in article 16(4) of the RE
• This number is reduced for students who have received transfer credits or have been
placed in higher study semesters as a result of a recognition of prior experience, based on a
formula defined in article 11 of the RE.

Law article 36, paragraph 7

Study Regulations article 11 and 16

References Loi du 27 juin 2018 ayant pour objet l’organisation de l’Université du Luxembourg (Law 2018)
• Règlement des études du 13 septembre 2018 (RE)
• Loi du 12 août 2003 portant création de l’Université du Luxembourg (Law
2003)
• Règlement d’Ordre Intérieur de l’Université du Luxembourg, version du
3.5.2018 (exROI)
• Règlement grand-ducal du 22 mai 2006 relatif à l’obtention du grade de
bachelor et du grade de master de l’Université du Luxembourg (RGD)
All official legal texts can be found on the website of the University:
https://wwwen.uni.lu/university/official_documents
 INTELLECTUAL PROPERTY

Referencing The University expects its graduates to meet certain criteria relating to good academic
your work practice. The basic principle is that the work submitted should be your own. Plagiarism,
submitting bought or commissioned work, double submission (or self-plagiarism), collusion
or fabrication of results are not allowed because they violate this principle.

Any form of cheating in examination is regarded as extremely serious. Cheating can vary
from taking in unauthorised material, communicating with another student, etc. Any student
caught cheating will be subject to disciplinary action.

Students should always include the reference of all data and information provided in
presentations, essays, research work, etc. For the purpose of our Master’s coursework and
Master’s thesis you should use the Harvard method.

More information about the Harvard Method is available on Moodle

Plagiarism UL has joined forces with Ephorus, a key player in European anti plagiarism business to
provide its teaching staff a powerful (but easy to use) tool to investigate documents.

Submitted papers are compared with innumerable documents in the Ephorus UL Database
which holds free information from the internet (Wikipedia, scientific articles, technical reports,
studies, etc) as well as documents provided from former classes at UL. Any found similarities,
even partial or corrupted copying from sources, will be highlighted in a special plagiarism
report which will also include percentages and the original sources.

Checks of documents can take up to 24 hours to complete.

The list of supported file formats for uploading to Moodle is:

• MS Word: .doc, .docx, .rtf
• Plain text: .txt
• Adobe PDF: .pdf
• Open Office: .odt, .sxw
• HTML: .htm and .html

14
 DIPLOMA & BEYOND

Registration in the You must have your previous University diploma registered in the register of titles of
register of titles Luxembourg. This approach concerns students who wish to register for a Master’s or Doctoral
program. Once obtained, a copy of the registration in the register of titles must be submitted
to the SEVE. Otherwise, no MScFE diploma can be issued.

We recommend you to do it as soon as possible and before the end of the master

Further info on :
https://wwwen.uni.lu/students/useful_information_from_a_to_z/diploma_recognition

Graduation This is the ceremony where the official Diploma is issued to students. It is normally scheduled
ceremony to take place in December. SEVE will send you an official invitation when the date is close.

Diplomas can also be mailed to your home address if you are not in Luxembourg. They are
sent to the students by registered post with acknowledgment of receipt after the graduation
ceremony.

Working in All info is available on :

Luxembourg
https://guichet.public.lu/fr/entreprises/ressources-humaines/recrutement/ressortissant-
pays-tiers/sejour-luxembourg-apres-etudes.html

https://wwwen.uni.lu/students/students_and_money/working_in_luxembourg
 GET
GET IN
IN TOUCH
TOUCH

Key staff

Jean Daniel Guigou Benteng Zou Déborah Martin

Programme Director Programme Director Study Programme
jean-daniel.guigou@uni.lu benteng.zou@uni.lu Administrator
deborah.martin@uni.lu

EMERGENCIES Campus emergency number

Limpertsberg: +352 466644 5555

External emergency numbers

112 police, medical emergency, fire
113 police

16
 University of Luxembourg
Multilingual. Personalised. Connected.

Faculty of Law, Economics and Finance

www.uni.lu/fdef

Stay connected: follow/like FDEF