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Master in Finance & Banking

Welcome to CIFF’s Master in Finance & Banking!

Are motivated and driven to be part of the decision making process in the global financial architecture?

Do you want to learn from the leaders in the fields of Corporate Finance, Financial Markets and Risk Management?

Do you thrive in an international environment with classmates from all over the world?

If the answer is yes, then our Master of Finance and Banking will match your ambitions with its content and relevance.

With a practical approach where it’s you and your fellow students who propose solutions, provide creativity and come up with a result, the programme is designed to equip you with a thorough understanding of the many complex and challenging aspects of banking and financial markets. Ranked several times as one of the top financial Masters in Spain, this programme offers students specialized knowledge in modern finance.


Why study our Master in Finance & Banking?

Interested in joining CIFF’s Master in Finance & Banking? Here is what we offer:

  • A Master degree that has been ranked as one of the top financial Masters Spain several times.
  • An official degree from prestigious University of Alcalá that allows you to undertake a PhD programme upon completion.
  • strong faculty of knowledgeable professionals that draw upon real-world experience to help you develop critical thinking and decision-making skills.
  • Learning methods with a strong practical approach preparing you to react in a flexible way to the rapidly changing needs of the financial sector.
  • Classmates from all over the world who can add international insight to group work and class discussions.
  • A study experience in beautiful surroundings in Alcalá de Henares, a city declared World Heritage Site by UNESCO.
  • Career Service Department that will help you find the best internship and career opportunities.
  • Soft Skills workshops that will improve your interdisciplinary competences such as team working and teambuilding, communicative efficacy, and problem solving.

We offer you a life changing experience, do you accept the challenge?



Worldwide growth in the financial services sector has furthered the demand for graduates with specialist knowledge and competencies in finance and banking. The course is responsive to trends and issues in the financial world and has a strong focus on the practical understanding of key concepts in diverse contexts using critical thinking.

Upon completion our students will be able to:

  • Put academic knowledge and skills into practice applying problem solving, design and decision making methodologies.
  • Demonstrate deep knowledge of Corporate Finance, Business Valuation, Flotation, Mergers and Acquisitions, Methods of Financing, and Structured Finance.
  • Understand financial risk and how the decision-making process in uncertain environments is managed.
  • Identify and provide creative approaches and innovative solutions to complex problems, both independently and in a team.
  • Demonstrate practical understanding of classical and modern financial theories, understanding the possibilities and limitations of their application in the ever changing financial sector.
  • Understand quantitative techniques and solve real world quantitative finance problems using the statistical software.

The financial world is ever changing, and this programme enables our students to adapt to the rapid changes in the sector and to master the decision-making process in uncertain environments. The Master will prepare students for a wide variety of careers in banking, the financial services, finance, and financial consultancy.


Course Content

Our goal has been to design a programme that will equip our students with the skills, knowledge and experience needed for a successful career in the financial areas. Studying our Master will therefore provide you with an excellent set of specialist competencies in finance and banking, but will also equip you with important skills in the areas of communication, problem-solving, teamwork, leadership and creativity thanks to our Soft Skills module.

Soft Skills

Soft skills are highly sought after by employers, who are looking for a candidate who not only possesses the skills needed to do the job, but who can also bring these additional soft skills to the organization The Soft Skills module focuses on the five of the most demanded skills by the job market: Identification of the candidate’s Personal Brand, Communication, Creativity, Teamwork, and Leadership. The Soft Skills workshops are facilitated by professional coaches, who use the Lego Serious Play methodology as well as other experiential group dynamics.

1st Term

This course provides an overview of main macroeconomics issues related to the Master curriculum allowing students to understand basic economic and financial concepts.

This subject aims to introduce the main features of R, especially concerning edition and manipulation of data and visualization of graphics as well as the main points of programming in the R language.

The course takes a global perspective on Information Reporting and highlights accounting and financial terminology, financial ratio analysis, knowledge assets, intangibles, consolidation, auditing. It also examines the development and the implementation of accounting standards and how to interpret the output from these standards in real company situations.

This course provides an overview of Derivatives from an analytical point of view. It examines traditional techniques as well as more recent procedures that employ the computational power that it is now available and which permits to value arbitrarily complex instruments.

This course provides an overview of Equity from an analytical point of view. The most important goal of the subject is to describe to students the behavior of markets, as well as to equip them with the appropriate tools to evaluate assets.

This course focuses on the dynamics of Financial Markets from the view point of the traders and investors. The students will be faced with real-life events and will be able to put to work the tools acquired throughout other courses. The course includes a thorough introduction to the technical analysis tools which, together with the traditional analysis tools, will be applied to the market model through practical work. Emphasis is placed on decision-making in real market scenarios.

2nd Term

The objective of this course is to introduce students to the main tools used to study Corporate Finance issues, such as value companies, as a basic part of Corporate Finance (investing opportunities, mergers and acquisitions, equity initial public offerings and “optimal capital structures”).

Advanced Corporate Finance will carry on from the first terms Corporate Finance course. This second part will be focused on advanced investment valuation techniques and practical aspects that a manager or an investment banker will find in M&A transactions.

The purpose of this course is to explain the manner in which risks are approached by financiers in a project finance transaction. Project Financing includes understanding the rationale for project financing, how to prepare the financial plan, assess the risks, design the financing mix, and raise the funds.

The course analyses the link between Corporate Social Responsibility (CSR) and Corporate Financial Performance. Students will understand the different management theories and the impact of CSR efforts on the financial performance of international firms. Students will understand how conflicts of interests provoke unethical behavior and will be able to solve ethical dilemmas.

In this course students will acquire skills to solve practical problems in Portfolio Management and in evaluation and selection of mutual funds and hedge funds. These skills will be achieved by the development of particular cases and practical exercises completed during the classes.

This course introduces the students to International Capital Markets and Financial Management. We analyze how financing and investment decisions change when a firm operates in more than one country. The course then explores the international capital markets and currency parity conditions, including the relationship between spot and forward exchange rates, interest rates, and inflation rates. It will also explain the financial accounting and reporting issues unique to international business, introducing the major problems faced by multinational firms and users of financial reports.

This course will introduce the students to the main research techniques of International Economics. The students will learn to analyze, compare and evaluate the situation of different countries, which are considered as emerging markets.

The course analyzes the risk concept in financial institutions, looking into the activity of recognizing risks, risk evaluation and the development of strategies to manage and mitigate risks using management tools. Students will be introduced to the main risk management tools.

Among the different types of risk, we can highlight the ones related to Credit Risk and Market Risk. In this subject students will be introduced to both types, as well as the main approaches in measuring them.

In this subject students will study all about leadership and how to design coordination strategies for team work and meeting management. The course also takes a close look at negotiations styles and how to keep the quality and good customer service.

This module looks into the company culture and examines a variety of structures and strategies that companies adopt in order to secure a safe position in today’s markets and satisfy the necessities of your costumers. The first part of this course will focus on gaining an in-depth understanding of customers and their behavior. The second part of the course will focus on how firms can design and implement appropriate strategies based on an understanding of customers.

Marketing focuses on the long-run relationship of a company with its customers as well as short-run sales and profits. In this course all marketing concepts will be applied to international situations. The internationalization of a company is only one of the possible options to its expansion. This is the reason why generic marketing concepts will have to be understood first and they will then be applied to geographic/cultural areas later on.

Elective Subjects

Today’s business professional is expected to have a functional knowledge of basic business legal concepts and vocabulary so that he/she can communicate with clients, other business professionals and legal staff. This course is divided into three main parts: Company formation, pre-incorporation transactions and management of the corporation. Financing the Corporation including sources of finance, capital structure and distribution issues. Organic changes & contests for control including mergers & acquisitions, reorganizations and takeovers.

This subject aims to increase and deepen the knowledge acquired previously of the main features of programming languages, especially concerning edition and manipulation of data and visualization of graphics and functions.

The aim of this elective course is to offer the participants a new scope to finance at midway between retail banking, marketing and Corporate Social Responsibility. This new course is designed to provide students with a unique opportunity to explore a complex societal issue from a business perspective, with a focus on the double bottom line (the creation of positive social and financial value). Topics will include microfinance industry structure, risk, and growth, as well as innovations among a rapidly increasing number of microfinance institutions.

(two to be chosen)

Final Project

In accordance with the curriculum requirements, all students must present a Final Project concerning the issues studied and discussed during the Master. As such, students are given the chance to apply the knowledge acquired during the course. The objective of the Final Project is for the students to show that they have understood the course content adequately. This will be demonstrated through the application of the main concepts and techniques learned during the course. The Project will be available in two modalities. Students may decide which modality to choose:

(one to be chosen)

Total ECTS: 60

At CIFF we use innovative teaching methods designed to promote analytical and critical thinking. CIFF provides an education aimed at practical professional applicability, based on case studies, complex real-life problems and group work, where it is the students who propose solutions, provide creativity and come up with a result.



As a student of the Master in Finance & Banking you will have the advantage of learning from leaders in the fields of Corporate Finance, Financial Markets and Risk Management. The experience of our professors, and their solid understanding of the broader issues, offer students an invaluable practical perspective.

The Faculty of the present edition is listed below:

Carmén Alonso-Muñoyerro

  • PhD in Applied Economics and Finance from the Rey Juan Carlos University.
  • Master’s Degree in International Trade from the Complutense University of Madrid.
  • Bachelor’s Degree in Economics and Business from the University of California, Los Angeles.

Carmen worked for over 11 years in the Capital Markets division at Banco Santander and is currently pursuing an academic career in Conduct Research. Carmen also teaches at IE Business School.

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Enrique Ascordebeitia

  • Master’s Degree in Quantitative Finance from CIFF.
  • Bachelor’s Degree in Business Administration and Management from the University of Alcalá.

Enrique works as consultant and researcher at the Computational Finance Laboratory of the University of Alcalá, and as Senior Advisor at ING Nationale Nederlanden.

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Félix Cuesta

  • Degree in Physics, specializing in computers from the Complutense University of Madrid.
  • PhD in Economics and Business Administration (Honours) from the UAH.
  • Executive MBA from IE Business School.

Félix is Advisor and Business Coach for Executives, Speaker and Author, having published 10 books, more than 100 articles and multiple case studies, technical notes and working papers.

Félix mixes more than 40 years of business experience (over 25 years in senior management positions in multinational companies) with over 20 years of teaching experience at institutions like the University of Alcalá and IE Business School as well as being a visiting professor in many international institutions.

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Álvaro Fernández Herrero

  • Degree in Economic Sciences from the Complutense University of Madrid with major in Quantitative Theory.
  • Title of Financial Risk Manager (FRM) from the Global Association of Risk Professionals (GARP).

Head of the Internal Validation Unit at Barclays Bank, S.A.U., reporting to the General Counsel and leading a team of four senior analysts. Álvaro joined Barclays in 2009 and is in charge of validating the suitability of all credit risk models.

Prior to that Álvaro was Project Manager at the Boston Consulting Group. During the period 2002-2007 Álvaro worked for Ernst & Young in the Risk Consulting Division. While at Ernst & Young worked at the New York office for two years, and he founded and led the Derivatives Valuation Center (DVC), from which the DVC team provides support to the audit teams.

Prior to E&Y Álvaro worked for Arthur Andersen as a Risk Analyst in the Risk Consulting Division. He started his career as an analyst of the Credit Risk department at Citibank.

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Anne Marie Garvey

  • PhD in Business Administration (Financial Accounting) from the University of Alcalá.
  • Master’s Degree in Management and Change Management (Business Administration) from the University of Alcalá.

Anne Marie is visiting professor at the University of Alcalá in the area of Accounting and International Accounting. Previously Anne Marie worked as Financial Consultant at Novozymes Spain.

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Ana Hernández-Ros

  • Bachelor’s Degree in Business Administration from CUNEF Business School in Madrid.
  • Executive Program – Investment Banking Corporate Finance Seminar, Kellogg Graduate School of Management (Northwestern University), Chicago.

Ana is Director of Training in ​​the Corporate Finance Area at Ernst & Young, performing and designing customized courses (“in-company”) to different clients in the financial and industrial world, related to corporate finance, accounting, and the development and modeling projections of financial statements.

Ana teaches courses and specialized Masters in different schools such as EOI, IE Business School, Garrigues, University Carlos III, FEF, ESCP-EAP, and ESIC Business & Marketing School.

Currently Ana combines her educational work with specific corporate finance transactions, mainly in Mergers and Acquisitions.

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Rafael Martins de Lima

  • PhD in Economics.
  • MBA from INSEAD Business School.
  • Industrial Engineering from the ICAI School of Engineering in Madrid.

Rafael is Managing Partner of Capital SAT and Finance Professor at IE Business School.

Previously Rafael worked as General Manager of Business Development at Hera Group and Assistant General Director of the Santander Group, having worked both in the United States, Morocco, Europe Division and Santander Consumer Finance, and Investment Banking Market.

Previously Rafael was Business Development Director at Amadeus Global Travel Distribution, McKinsey & Company Consultant and Systems Analyst at Procter & Gamble.

Rafael also taught at the ICAI School of Engineering, the UNED (National University of Distance Education) and the ICADE School of Business & Economics.

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José Ignacio Morales Plaza

  • Executive Master’s Degree in Business Administration, IESE Business School, University of Navarra.
  • Ph.D. in Economy, Complutense University of Madrid.
  • Merit Award as Best Student of Business Administration. Promotion 1992-1997, the Autonomous University of Madrid.
  • Degree in Business Administration, the Autonomous University of Madrid.

José is Corporate Chief Financial Officer and Head of Strategy & Business Development at SENER Engineering Group (SGI). Before he was Senior Financial Analyst at BBVA Bolsa (Madrid), Head of Consumption.

International Senior Auditor at F. Hoffmann-La Roche, Inc., Nutley, (New Jersey, USA). International Senior Auditor, F. Hoffmann – La Roche, Basel (Switzerland).

Senior Supervisor, PricewaterhouseCoopers.

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Jesús David Moreno Muñoz

  • PhD in Economics from the University of Alcalá de Henares.
  • Master’s Degree in Finance from CIFF Business School.
  • Bachelor’s Degree in Economics from the University of Alcalá de Henares.

Jesús is an Associate Professor of Finance in the Department of Business Administration at the University Carlos III. He teaches Financial Economics and Corporate Finance to undergrads and Portfolio Theory and Asset Pricing in Masters and PhDs courses. David’s research interests center on Mutual Funds Performance Evaluation and new portfolio theories (based on downside risk measures).

Jesús has been published in international journals, such as the Journal of Banking and Finance, European Journal of Operational Research and the Quantitative Finance.

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José Ignacio Olmeda Martos

  • PhD in Economics.
  • Bachelor’s Degree in Business Administration and Mathematics.

Professor at the University of Alcalá de Hernares. Director of the Master in Finance and Master in International Finance programs at CIFF Business School.

Director of the Sun Microsystems Laboratory for Computational Finance, University of Alcalá.

José has been visiting researcher at several U.S. and Asian universities. He is the author of numerous papers published in national and international magazines, mainly in the quantitative and computational finance areas.

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Gonzalo Rodríguez Prada

  • Degree in Economics and Business Studies from the Autonomous University of Madrid.
  • PhD in Economics from the University of Alcalá.
  • Master of Arts (Economics) from the University of Chicago.

Formerly Gonzalo was Dean of the Faculty of Economics and Business (1990-1992) and Director of Foundations of Economics and Economic History (1992/1996) Science at the University of Alcalá.

Currently he is a researcher at the Franklin Institute in American Studies and Academic Director of several graduate programs. Areas of expertise: Economic Theory and International Economics.

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Damián Rubianes Carrasco

  • MBA Cum Laude by IE Business School, Madrid.
  • CEFA/CIIA Foundation certified by EFFAS and Certification in Fixed Income by IEB, Madrid.
  • Degree in Economics and Business Administration from the Complutense University of Madrid and University of Westminster (London).
  • Degree (Hons) in Humanities from the Open University of Catalonia.

Damián is the Head of Equity and Debt Capital Markets and member of the Executive Committee at Espirito Santo Investment Bank, Spain.

Formerly Damián was Director of Corporate Finance & Capital Markets at BNP Paribas, worked as a consultant at Ernst & Young Corporate Finance and was a financial analyst at JP Morgan.

Damián is a regular contributor to business newspaper Cincodias.com, an Advisory Board Member of Internet platforms Habilmind.com and Kidiverso.com and regular guest speaker at leading financial education institutions like IE Business School, ICADE School of Business and Economics, and the Autonomous University of Madrid.

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Mario Weitz

  • Degree in Economics from the University of Buenos Aires.
  • Master’s Degree in Economics from the American University.
  • PhD-ABD from the American University.

Mario worked as an Economist at the World Bank (Washington DC), the International Monetary Fund (USA), he was Chief Economist for the OEA (USA) and Chief Advisor of Presidents of various banks in Argentina, USA and Spain. Mario has been Associate Professor from 1991 to 2000 at the Carlos III University. He is currently the CEO of Consulta Abierta, Consultant of the European Commission and the World Bank on economic issues and trainer in Spanish banks and large European companies.

He has published numerous economic articles and works as an international economic expert in various media (ABC and international financial press, Intereconomía, OndaCero Radio Galicia, Radio Euskadi).

Participant Profile

The Master in Finance & Banking is open to international young professionals pursuing a career in the sector of Finance & Banking. As a student your performance and professional profile will be monitored during the Master, and we offer the possibility of being recruited for an internship with one of our many collaborating partners. Our goal is to help you join the most reputable financial institutions.

The student profile for the current edition of the Master in Finance & Banking (2015-2016) is illustrated below:

Duration and Schedule


The duration of the Master in Finance & Banking is 9 months beginning the 2nd of October 2017 and finishing the 30th of June 2018.


Classes are held Monday to Thursday from 18.15-21.15


Classes are held at the CIFF premises in the center of Alcalá de Henares in Madrid at Plaza de Cervantes, 10.

Tuition Fee & Scholarships

Participants that successfully complete the programme will obtain the Master’s Degree: Master Universitario en Banca y Finanzas / Finance and Banking issued by the Universidad de Alcalá.

This Master is an Official Degree accredited by the Spanish Ministry of Education. The Master Degree is therefore valid in all countries that are members of the European Higher Education Area (EHEA). The completion of the Master allows the participant to undertake a PhD programme.

Public Tuition Fee for the Master in Finance & Banking 2017 – 2018:

  • EU students. Price per credit: 160,50 €
  • Non-EU students. Price per credit: 190,30 €
  • Registry charges (Academic record management, administrative expenses, student insurance): 34,77 €

The Tuition Fee for the Master in Finance & Banking 2017 – 2018 is 9.664,77 euros for EU students and 11.452,77 euros for non-EU students.

The Tuition Fee does not include the cost of the Master Certificate from the University of Alcalá.

At CIFF we value academic excellence. That’s why we support top students with scholarships. Please see the different options below.


Faculty Testimonies

Faculty Master in Finance & Banking CIFF Business School: Rafael Martíns de Lima

Professor Rafael Martíns de Lima Equity & Fixed Income

Faculty Master in Finance & Banking CIFF Business School: Álvaro Fernández

Professor Álvaro Fernández Risk Management

Students Testimonies

Student Master in Finance & Banking CIFF Business School: Yu Xuan Jin

Yu Xuan Jin

Student Master in Finance & Banking CIFF Business School: Giorgi Atanasov

Giorgi Atanasov

Student Master in Finance & Banking CIFF Business School: Ana Dubko

Ana Dubko

Application Process

Admission to CIFF’s Master’s Programmes is subject to strict enrolment criteria, based on an objective selection process and an analysis of the candidate’s profile. Our aim is to form groups with a high development potential and develop business leaders of the future.

The application process is not subject to a specific period of time, and you can contact us all year long. In order to start the admission process fill out the Contact Form for the Master, you are interested in. A representative from our Admission Department will contact you with detailed information about how to proceed and will resolve any questions you might have, without any commitment.

The admission process can be summarized as follows:



Candidates must fulfil the following criteria:

  • Bachelor degree from an accredited college/university or equivalent
  • High level of English
  • Previous professional experience is not a prerequisite but will be an asset


During the application process you will be asked to facilitate the following documentation:

  • Curriculum Vitae
  • Motivation Letter
  • Copy of your University Degree
  • Copy of your University Transcript
  • Copy of your Passport or national ID
  • Two Letters of Recommendation
  • A scanned passport-sized photo

As part of the application process you will have to complete two online tests:

  • English Test (the test is designed to give an approximate level of a student’s knowledge of English grammar and usage). Duration: approx. 30 minutes. If you have an official TOEFL/IELTS score (C1-level) you are not required to take the English test.
  • Admission Test (the test is designed to determine the student’s skills in areas such as economics, calculation, verbal reasoning, logic, etc.). Duration: approx. 60 minutes. If you have GMAT score of 700+ (or an equivalent GRE score) you don’t need to take the Admission test.

The final step in the admission process is a personal interview, which either will take place onsite at our facilities in Madrid (C / Maria de Molina 27) or via Skype.


Once the steps of the application process have been completed, your candidacy will be evaluated by the Admission Committee, who will decide if you will be offered a place in the Master.


Once admitted to the Master you will receive an acceptance letter by email explaining the necessary steps to follow in order to reserve your place in the programme.


Once you have been admitted to the master’s degree, you must pay the deposit, equivalent to 20% of the tuition fee, in order to reserve your place. The payment details are described in the Acceptance Letter that the Admission Department will send to you via email. Once you have received the letter you have 14 days to pay the deposit, otherwise CIFF cannot guarantee you a place in the Master.

CIFF Business School recommends that reservations are made knowing the responsibilities it entails. Your right to withdraw and ask for a refund of the deposit is very limited. You must make a request in writing if you wish to apply for a refund of your deposit, however, normally, the only circumstances, in which we refund the tuition fee deposit, is if a student visa application is refused or in case of extreme illness. In all approved refund cases, CIFF refunds the tuition fee deposit minus an administrative fee of 400 euros.


Once the Accounting Department at CIFF confirms the payment of the deposit, the Admission Department will send you the documents needed in order for to request any legal papers, you might need in order to study in Spain.

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