Masterof InternationalFinance

‘The MIF is a well-established, advanced and specialised programme taught by excellent staff in an international fi nancial environment.’ Jeroen Ligterink, Director MIF

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Introduction

A master’s degree in Finance is a big investment in money and time, but it can have a profound impact on your career. It is important to get the choice right. There are four reasons why you should put the Master of International Finance (MIF) at the Universiteit van Amsterdam (UvA) at the top of your list.

Firstly, your qualifi cation must have credibility. The MIF is an established programme building on the faculty’s distinctive strengths in Finance and Financial Econometrics. Above all, the MIF has credibility with prospective employers.

Secondly, English is the international language of both professional and academic fi nance. We strongly advise you to study Finance in English. The MIF is, and always has been, taught in English.

Thirdly, we think you should study Finance in an acknowledged centre of fi nance and business activity. Amsterdam is one of Europe’s main commercial centres and most major fi nancial fi rms are represented in or around Amsterdam. The MIF takes full advantage of this ‘real’ fi nancial environment – not least via the internships that conclude the programme for most students.

Finally, for those of you who don’t already live here, Amsterdam is, according to the Rough Guide, a beguiling capital, a compact mix of the provincial and the cosmopolitan. It has a welcoming attitude towards visitors and a uniquely youthful orientation. This is a great place to spend a year or two and just about everyone speaks English.

The stimulating programme is designed to introduce you to core areas, and then allows you to choose from the Interna-tional Finance, Mathematical Finance or

Contents

Starting with one small building in 1632, the Universiteit van Amsterdam (UvA) has become one of the largest universities of the Netherlands, counting around 24,000 students (more than 10% international students), over 5,000 staff and a budget of approximately 550 million euro. It is one of the major comprehensive universities in Europe. It draws students and academics from all over the world. The UvA is well respected throughout Europe and beyond (e.g. ranked 10th overall in continental Europe and 1st comprehensive university in the Netherlands according to The Times worldwide university ranking, 2006).

The Faculty of Economics and Business at the UvA holds a strong portfolio containing bachelor’s, master’s and executive master programmes in Business, Accounting & Control and Finance for the domestic and international graduate and post-graduate market. Two renowned educational institutes of the faculty, the Amsterdam Business School and the Amsterdam School of Economics manage these programmes.

The Amsterdam Business School (ABS) offers high-quality academic education and research in Business Administra-tion. Building on a successful tradition, its education is characterised by small-scale interactive seminars and workshops and case-based programmes, thus providing graduates with the ability to continue learning through-out their career.

The Amsterdam Business School hosts the Amsterdam MBA and the specialised Master of International Finance. Both serve as fl agship programmes of the business school, attracting top international students.

the recently developed Law and Finance tracks. Any one of these tracks will give you a good basis for furthering your career since the MIF has proven to be an excellent launching pad in the past.

Our current class includes students from all over the world. This mix of full-time and part-time students representing different cultures, professional back-grounds and academic skills is a pleasure and a defi nite advantage.

We hope you will be joining us here. Good luck with your application.

Dr. Jeroen Ligterink,Programme Director

The MIF approach 4The programme 6Amsterdam 13Faculty 14Practical information 16Fees and admission 18

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In May 2006 the European Foundation of Management Development awarded EPAS accreditation to the MIF. This is the fi rst time these accreditations have been awarded and they represent a departure for the EFMD, as in the past they accre-dited schools rather than specifi c programmes. Clearly, a school award is only indicative of the quality of a particu-lar programme and the programme award is only indicative of the quality of a school.

Admission requirementsApplicants are expected to hold a bachelor degree in a Business or Economics related subject or in another quantitative subject. Professional experience is a strong advantage but is not mandatory. To ensure that students are well suited to the course, and to maintain the reputation of the programme, we will require evidence of English language profi ciency (TOEFL or IELTS) and general management aptitude (GMAT). Most prestigious business schools require GMAT and we are no exception. We fi nd that it helps to identify excellent students. In addition, it is a useful independent guide for the university when allocating scholarships.

Drawing on a renowned international Finance and Econometrics faculty, the courses that are offered introduce students to recent developments in accounting, corporate fi nance, investments, banking, risk management and fi nancial engineer-ing. The courses aim to prepare students for a professional rather than an academic career. Nevertheless, high academic standards are maintained and students will be introduced to the most recent research in the respective areas. At the same time, institutions in the area of international fi nance are involved in curriculum development and evaluation, hereby guaranteeing that the course material offered has a high degree of practical relevance. Part-time and full-time groups interact throughout the programme. All courses are conducted in English.

The degreeSometimes students are confused by the difference between masters, Master of Science, Master of Arts, etc. We use the same designation as the London Business School – Master of Finance – as, in the Netherlands, many courses called a Master of Science are in fact the optional fi nal year of undergraduate education.

AccreditationIn November 2005 the MIF, as one of the fi rst programmes of its kind in the Netherlands, received NVAO accredita-tion from the Dutch government. The MIF is now offi cially recognised as a post-initial (i.e. post-experience) master’s degree in the Netherlands and will as such also be recognised abroad. After successful completion of their studies, students are awarded the title Master in International Finance.

Dong Wang (1974, China)Director HSBC Jintrust, Shanghai

The intensive one-year MIF programme has helped me successfully re-engineer my career in the fi nancial services industry with a new start in London at HSBC Investments. After a few years I was transferred to Hong Kong and then to Shanghai in a new greenfi eld operation, called HSBC Jintrust, which is very challeng-ing and interesting. The MIF differentiates itself by its clear specialisation approach. The rigorous coverage of all major aspects of modern fi nancial theory prepares the students both qualitatively and quantita-tively. The involvement of many highly regarded academics as well as a pool of senior industry practitioners ensures the high quality of the program me. In addition, this international orientation exposes every student to an unparalleled experience of working and co-ordinating with people from different cultural, educational and work backgrounds. Trust me, this is really a once in a lifetime experience. Finally, a small but ever growing MIF alumni network is also benefi ting everyone.

The MIF approach

Graduate Management Admission Test GMAT scores provide a valuable source of evidence regarding the suitability of appli-cants for the MIF. The GMAT tests verbal, mathematical, and analytical writing skills that have developed in education and work. Every applicant is required to take the GMAT. We have no formal cut-off score for the GMAT as results are evaluated in conjunction with the rest of the application package (TOEFL, CV and recommendation letters). Details on GMAT, how to prepare, the location of test centres and reservation of a test date are available on: http://www.mba.com/mba/TaketheGMAT.Applicants wishing to have their score reported directly to the International Offi ce should enter the UvA institution code number 0500 on the GMAT registration form. Appli-cants with a PhD or other postgraduate qualifi cation can apply for an exemption of GMAT. Write a motivational letter or email and explain your motivation for the exemption. The Admission Committee will decide whether the request is granted or not.

Test of English as a Foreign Language A good working knowledge of English is required. Therefore applicants for the full-time programme whose fi rst language is not English, and who do not have a university degree taught in English, should submit an offi cial report of a recent TOEFL score. Where TOEFL is not available IELTS will suffi ce. A TOEFL score of at least 100 for the Internet-based, 250 for the computer-based or 600 for the paper-based test will normally be required. The UvA TOEFL code number is 0398. For registration and test locations see http://www.toefl .org.

Teaching methodsOur MIF programme is committed to educate students in an active rather than passive way. Educational research has shown that this provides deeper and more lasting benefi ts, and that the methods of active learning – group work, research presentations, case studies and real life cases, etc. – help develop exactly those skills from which students will benefi t once they have graduated. One particular benefi t at the MIF is the different cultural, educational and experiential backgrounds our students have. In the fi nancial world such multi culturalism and differing viewpoints is the norm, and the MIF gives our students an opportunity to come to terms with the problems that this can present.

FacultyThe Finance group at the UvA, which provides the core faculty of the MIF, has received a glowing report in the latest national assessment. The report notes that the average Dutch fi nance pro-gramme should make all but (perhaps) one or two European schools blush with envy and compares quite respectably, per capita, relative to top-tier US schools. Top publications are now present – or even abundant – almost everywhere… Among this strong fi eld the UvA was awarded the maximum score for the quality of its work (fi ve out of fi ve) and four out of fi ve for productivity, relevance and viability. Furthermore, the UvA was singled out when it was noted that the UvA has now taken the lead as regards theory, with an interesting strand of analytical and normative work on corporate fi nance and fi nancial institu-tions. Since the publication of the report

the group has been strengthened even further. The MIF’s core faculty is unsurpassed in the Netherlands.

In the American W.P. Carey Ranking (2006), based on publications in the top 4 fi nance journals for the period 2001-2005, the ABS Finance group was ranked in the top 5 in Europe, together with the likes of LBS, LSE and INSEAD.

Much of the teaching is conducted by outstanding academics from the ABS or the rest of the Economics and Business faculty. All lecturers are dedicated to providing practical training as well as relevant academic background.

For more information on our staff, see page 14.

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The programme

Block 1 Corporate Finance, Financial Econometrics I, Investments, Corporate Finance, Financial Econometrics I, Investments, September- International Economics, Financial Accounting International Economics, Financial AccountingDecember

Block 2 International Banking January-March Financial Derivatives Financial Derivatives International Finance International Finance

Elective 1

Block 3 International Financial Analysis International Financial Analysis April-June

Elective 2Elective 3Elective 4

Block 4 Internship InternshipJune-August Thesis Thesis

The MIF is continually being developed, but core courses would not be changed signifi cantly without notifying students in advance. However, the electives on offer may be adjusted to refl ect student demand, changes in the world of fi nance, both practical and academic, and changes in the available faculty. The following descriptions are relevant to full-time programme.

MIF students can choose from three tracks:• International Finance• Law and Finance• Mathematical Finance

International Finance trackThis track is particularly suitable for students aiming at a career in interna-tional corporate fi nance (mergers and acquisitions, IPOs, equity or debt issues, etc.), in international asset management, or for investment analysts who become part of project or structured fi nance teams, or who pursue a more general managerial fi nance career within a fi nancial institution or multinational company.

Law and Finance trackWith the Law and Finance track the MIF seeks to attract ambitious individuals with a legal background who plan to further their careers by developing expertise in modern fi nancial market techniques. The track courses are designed to provide essential tools and concepts for all students interested in the area of international investment banking and the intersection between Business Law and Finance.

Mathematical Finance trackThis track is particularly suitable for students aiming at a career in quantitative international fi nance. Graduates specialis-ing in this track may become part of risk management teams (e.g. BIS II implemen-tation), structured fi nance teams, or work on the development of investment portfolios, advanced fi nancial derivatives and other instruments. Alternatively, they could be employed in research departments of banks or other fi nancial institutions, for example to work on empirical fi nancial market analyses upon which investment strategies are built.

Part-time programmeThe MIF is offered as a full-time, one-year course or a part-time, two-year course. The classes for part-time students take up 6-8 hours per week. Class preparation, casework and assignments will demand a further 10-12 hours a week. For more information, please refer to our website: www.abs.uva.nl/mif.

CalendarThe exact dates for the programme change from year to year but the introduction week is usually towards the end of the fi rst week in September, with the academic courses starting the following week.

Block 1 Corporate Finance, Quantitative methods, Investments Corporate Finance, Quantitative methods, InvestmentsSeptember- Mergers & Acquisitions Law, Financial Accounting Mergers & Acquisitions Law, Financial AccountingDecember

Block 2 Corporate and Tax Law Corporate and Tax Law January-March Business Law Business Law

Elective 1Elective 2ve 2v

Block 3 Emerging markets Law and Finance Emerging markets Law and FinanceApril-June Banking and securities regulation Banking and securities regulation

Elective 3 Elective 4

Block 4 Internship InternshipJune-August Thesis Thesis

Block 1 Corporate Finance, Financial Econometrics I, Investments Corporate Finance, Financial Econometrics I, InvestmentsSeptember- International Economics, Financial Accounting International Economics, Financial AccountingDecember

Block 2 Financial Econometrics II Financial Econometrics II ElectivesJanuary-March Financial Derivatives Advanced Corporate Finance Financial Derivatives Advanced Corporate Finance Financial Derivatives Advanced Corporate Finance Financial Derivatives Advanced Corporate Finance Asset Management Asset Management Asset Management Asset Management

Elective 1 Asset and Liability Management Asset and Liability Management Asset and Liability Management Elective 2 Emerging markets Law and Finance Emerging markets Law and Finance Emerging markets Law and Finance

Business LawBusiness LawBlock 3 Stochastic calculus in Finance International Finance Stochastic calculus in Finance International Finance Stochastic calculus in Finance International Finance Stochastic calculus in Finance International FinanceApril-June Advanced Risk Management International Banking Advanced Risk Management International Banking Advanced Risk Management International Banking Advanced Risk Management International Banking Corporate and Tax Law Corporate and Tax Law Corporate and Tax Law Corporate and Tax Law

Elective 3 Banking and securities regulation Banking and securities regulation Banking and securities regulationElective 4 International Financial Analysis

Mergers & Acquisitions Law Mergers & Acquisitions Law Mergers & Acquisitions Law Mergers & Acquisitions Law

Students may choose one course Students may choose one course Students may choose one course from the MBA curriculum as an elective. the MBA curriculum as an elective. the MBA curriculum as an elective.

Block 4 Internship InternshipJune-August Thesis Thesis

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The introduction week is an enjoyable opportunity to meet the other students, familiarise yourself with the facilities of the UvA and to get to know Amsterdam. The electives and core courses normally fi nish around mid June. The internship and thesis are completed before the end of August.

In the fi rst semester all students follow a largely common curriculum designed to provide a fi rm foundation. During the fi rst semester students decide on the track they wish to follow. The emphasis during the second semester is on the specialised core courses of the chosen track and the electives.

ElectivesMergers & Acquisitions LawAdvanced Corporate FinanceAdvanced Asset ManagementAsset and Liability ManagementEmerging markets Law and FinanceEmerging markets Law and FinanceAdvanced Risk ManagementFinancial Econometrics IIStochastic calculus in FinanceCorporate and Tax LawBanking and securities regulationBusiness Law

Students may choose one course frfrf om the MBA curriculum as elective.

ElectivesInternational bankingAdvanced Corporate FinanceAdvanced Asset managementInternational FinanceCorporate governance and CSRFinancial derivativesInternational fi nancial analysisInternational fi nancial analysisCorporate Strategy

Students may choose one coursefrom the MBA curriculum as elective.

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Mihai Andreoiu (1977, Romania)Manager Trade & Commodity Finance ING Bank Amsterdam

During my last year at the Academy of Economic Studies in Bucharest I realised that I wanted to continue my studies and eventually work abroad. After a thorough search I picked the MIF. The programme’s content, location and opportunities after graduation seemed great. The programme itself, I must admit, was tougher than I had thought. But it not only built up solid fi nancial knowledge (suitable for work in any fi nancial environment) but also experience in working with an international group of people that later proved to be invaluable. After graduation I started an internship with ING Credit Risk Management, which converted into a job. For almost three years now I have been working in the front offi ce looking for further exciting challenges. Talking about location, Amsterdam is a great place to live.What -ever you’re interested in, it is there: culture, sport, parties. All you need is to have your priorities sorted out. I must admit I still enjoy the Dutch experience.

Final thesis and internshipThe fi nal requirement of the MIF programme is a thesis. Most of our students complete this while serving an internship. The thesis is usually based on the application of concepts from one of the core areas of the programme to a practical project in the student’s work environment. This gives students the opportunity to apply their academic knowledge to practical situations and also provides invaluable work experience. Indeed, a number of our students have found employment in this way.

MBA in FinanceThe Amsterdam Business School also runs an international MBA programme. MIF students can fully benefi t from this through:• the option to complete the MBA

within one year (part-time) after completing the MIF;

• an increased elective choice from the MBA curriculum;

• interaction with the MBA students

Visiting ProfessorsFor visiting lecturers we are proud to be able to call upon many world-renowned academics and eminent practitioners that are recognised experts in their fi eld.

Prof. Simon BenningaUniversity of Tel Aviv (Israel) and Wharton Business School (USA)Prof. Willem BoeschotenShell Pension Fund and University of Groningen (NL)Prof. Stijn ClaessensWorld Bank (USA)Dr. Jo DanboltUniversity of Glasgow (UK)Prof. Ton DanielsErnst & Young and Universiteit Utrecht (NL)Prof. Adriaan DorresteijnUniversiteit Utrecht (NL)Prof. Paul de GrauweUniversiteit Leuven (B)Prof. Fred HuibersING Bank and Tilburg University (NL)Mr. Shridar KumaraswamyPhilips and MIF alumnus (NL)Dr. Luc LaevenWorld Bank and MIF alumnus (USA)Prof. Anjolein SchmeitsWashington University (USA)Prof. Bill MegginsonUniversity of Oklahoma (USA)Prof. Raymond FismanColumbia Business School (USA) Prof. Thomas BuchmanUniversity of Colorado (USA)Mr. Ronald OortING Bank and MIF alumnus (Brazil)

Introducing the MIF class of 2006-2007The MIF class of 2006-2007 represents everything the Amsterdam Business School stands for: high-quality students from diverse backgrounds, studying in innovative courses, and taught in small groups by world-class academics and practitioners.

Taught in cosmopolitan Amsterdam the MIF is very international. In our class of 30 students 15 different nationalities are represented from all over the globe. About40% from the students come from Asia, 20% from the EU, 20% from other European countries, and 20% from North and South America. The male:female ratio is about 70:30 and the average age is 29.

In terms of educational backgrounds the majority has an Economics or Business

related background, but there will also be people with Engineering, Law and other degrees. It will be no surprise that the majority of students have work experience in fi nance, but there are also students with a background in consultancy, engineering, accountancy and other sectors.

During lectures our students might fi nd themselves in a class or case study group with a Brazilian, Thai, Dutch or Chinese business analyst, a central banker from Colombia or the Netherlands, a fi nancial analyst from India, an investment banker from Canada, an Indian or Dutch fi nancial advisor, or a bright young student from Turkey, Bulgaria or China to name just a few possibilities. We strongly believe this diversity contributes to lively discussions in class and thus to everybody’s learning experience.

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Students learn to apply these techniques in practice using econometric software.

Corporate and Tax Law This course covers legal aspects of doing business in the international context. It explains the different types of legal rules and requirements that exist, both at the interna-tional, regional (including EU), federal/state, national and sub-national levels. At the end of the course, students are familiar with the main aspects of international corporate law, and with legal terminologies and approaches.

International Financial AnalysisThe course will focus on the work of fi nancial analysts and the relationship between accounting and stock market prices. On completion of this course, students should be able to analyse a company’s performance and prospects in the global marketplace and produce an investment report and recom-mendation.

Business LawUnder the pressure of ongoing globalisation, joint ventures and alliances have become an important means of limiting risk, decreasing costs, and increasing economies of scale and scope. Many large fi rms enter into worldwide alliances and joint ventures to obtain technological know-how. This course will analyze the legal, fi scal and economic problems affecting the formation, operation, and termination of joint ventures and alliances.

Asset and Liability Management This course deals with the risk management of fi nancial institutions that invest money for long periods of time, such as life insurers and pension funds. The course gives an overview of models and techniques to optimise the investment and risk management policies of life insurers and pension funds.

Stochastic calculus in FinanceThis course aims to develop an understanding of elements of probability theory, stochastic processes and stochastic calculus and their application in the pricing of fi nancial derivatives. Over the last decade these techniques have become an integral part of modern investment fi nance.

SkillsBesides all the ‘hard’ fi nance courses students follow during the programme, we think it is also very important to develop the profes-sional skills of our class. During the year we offer courses in Excel modelling, presentation skills, writing skills, negotiation skills and CV writing/interviewing techniques.

Course descriptions

InvestmentsThis course seeks a balance between investment theory and portfolio manage-ment in practice. Course topics include: optimal portfolio selection, capital asset pricing theories, performance evaluation, the term structure of interest rates and fi xed-income portfolio management. Many institutional investors use concepts devel-oped in this course for their investment strat-egies.

Corporate FinanceHere we provide a perspective on the modern theory of corporate fi nance and valuation. The focus is on how companies evaluate investment opportunities and raise the necessary capital, as well as on how investors assess these decisions.

Financial Econometrics I A working knowledge of statistics and econometrics is indispensable for fi nance, for example in the evaluation of portfolio performance. This course aims at developing skills for the statistical and econometric analysis of macroeconomic and fi nancial models, with a particular emphasis on regression theory and time-series analysis.

International Economics This course provides fi nance students with an introduction to international economics and covers monetary/fi nancial and institutional issues. It provides a general theoretical framework alongside a topic-based approach to real-world economic problems.

Financial Accounting This course is designed to provide students with the skills required to interpret publish -ed fi nancial statements. The course covers basic statements, revenue recognition, capitalisation, valuation, etc.; examines the incentives and constraints which infl uence the preparation of fi nancial statements and

International FinanceTopics covered include international valuation and exchange risk management issues, as well as international portfolio investment, comparative fi nancial markets and long-term risk exposure. The course pays special attention to emerging markets. The teaching is based on case studies analysed in teams.

Emerging markets Law and FinanceThe course is designed to help students think about the impact of legal protection of investors, broadly defi ned as corporate governance, on investment banking and fi nancial markets around the world. Particular attention will be paid to emerging markets.

International BankingThis course analyses the role of banks and fi nancial markets in the funding of corpora-tions. The main topics are credit rationing, the theory of fi nancial intermediation, contracting and fi nancial innovation, banking relationships, universal banking and bank regulation. Practically oriented topics include credit analysis, credit risk management, and BIS guidelines.

Financial derivativesDerivative products are dramatically altering fi nancial markets and business practice, with extensive interaction between academic theory and business practice. We balance theory and practice by examining the fundamental principles of the valuation of derivative securities plus a series of case studies.

Financial Econometrics IIHere we model and explain fi nancial returns and fi nancial risk using econometric techniques that are used in risk management and portfolio analysis. The main topics are predictability of returns and the effi cient market hypothesis, the analysis of common trends using co-integration methods, and the analysis of time-varying volatility using ARCH.

concludes with the interpretation of fi nancial statements including ratio analysis.

Mergers and Acquisitions LawThis deals-oriented course is designed to provide students with an understanding of the legal and fi nancial issues that arise when fi rms decide to expand their business to foreign markets and how fi rms can fi nd, analyse, structure, and negotiate interna-tional deals.

Advanced Corporate FinanceThis course will focus on the economics of mergers and acquisitions, spin-offs, equity carve outs, work outs and other forms of corporate restructuring. Using economic theory and applying this to case studies the course aims to provide the students with an understanding of the complexities of such restructurings as well as creative problem solving tools in such settings. Moreover, the course deals with complexities in valuation.

Advanced Risk ManagementStudents are introduced to the pricing and hedging of advanced derivative securities. The course reviews the valuation of swaps, futures and option contracts for stocks, currencies and commodities. We discuss traditional methods for pricing and hedging options and the implications for the perform-ance of investment strategies, then consider advanced derivatives like the valuation and hedging of equity ‘exotics’ and credit derivatives. We also cover fi xed-income derivatives and term-structure theories.

Advanced Asset ManagementBuilding on the insights developed in the Investments course we focus here on more advanced techniques in Asset Management. Moreover, we will review the most recent research on hedge funds and private equity. The course aims to understand these developments through lectures, case studies and discussion.

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Prof. Peter Boswijk, The Mathematical Finance track

The rapid changes in international fi nance have generated a growing demand for highly trained fi nancial experts with advanced quantitative skills. This develop-ment is most obvious in the fi eld of strategic asset allocation and risk manage-ment via complex fi nancial derivatives such as options, swaps and an increasing market for exotic derivatives, but also in banking, where the need for appropriate risk modelling has increased due to the implementation of BIS II. In response to this we have developed a specialised track in Mathematical Finance that aims to develop these quantitatively skilled professionals. Here the student’s ambition is to respond to career opportunities in portfolio and performance analysis, risk management, asset and liability manage-ment, and in the development, pricing and trading of complex fi nancial instruments. This track is particularly interesting for students with a degree in Mathematics, Physics, Engineering or another quantita-tive background.

Amsterdam The capital of the Netherlands is one of Europe’s most frequently visited cities. According to the Lonely Planet: Amsterdam combines a huge case of big city exuberance with small-town manage-ability; it doesn’t take much more than chaining your bike to a bridge to feel like you’ve got a handle on the place.It is this mix which makes Amsterdam a pleasure, both to visit and as a home. It is a real cosmopolitan capital, and one of Europe’s most beautiful at that, with an enormous number of attractions. It is also relatively small, peaceful, well ordered and an easy place to fi nd your way around.

The ultimate mixThe historic city centre is famous for its architecture and canals. Amsterdam also has an outstanding, and well-deserved, reputation for the variety of entertainment it provides. If you visit the tourist websites, for example www.visitamsterdam.nl or www.iamsterdam.nl, or for a less formal view see the Lonely Planet, Time Out or Rough Guide sites, you will fi nd an unmatched list of possibilities. On top of that, the capital has always been known for its free intellectual environment, which has had a very stimulating effect on the international exchange of ideas and research. Amster-dam has continuously proven itself to be an important centre for cultural, social and fi nancial developments. Perhaps more important for the visitor is its liberal approach to social issues. The city has a mix of cultures and races that are made welcome here in a manner that is probably unmatched within Europe.

Strong city brandAn annual survey conducted by Simon Anholt and marketing research agency Global Market Insite in December 2005 measured the strength of city brands based on the opinions of international consumers. The main criteria for the survey were: ■ Presence

(contribution to culture/science)■ Place (physical aspects)■ Potential (job/education opportunities)■ Pulse (urban lifestyle)■ People (welcome/diversity)■ Prerequisites (basic qualities). Amsterdam ranked 6th well ahead of cities like New York, Brussels, Singapore, Geneva, Milan, Toronto and Hong Kong.

Compelling and safeAnother study on the quality of life in major cities world-wide ranked Amster-dam 12th out of 235 (William M. Mercer, 2005) and Time Out has called the city in a nutshell, one of the most consistently surprising, thrilling, intriguing (and) compelling cities on earth.William Mercer’s have also evaluated Amsterdam as one of the safest capital cities in Europe.

International gatewayWith its proximity to the international airport Schiphol, about half an hour from the university, there is easy access to all parts of the world. A few hours’ journey will take you to most other European cities. Barcelona, Berlin, Vienna, Paris,Edinburgh, Geneva, London and Rome are within easy reach for a long weekend. Public transport around Amsterdam and

the Netherlands is also excellent and this is a great help in day-to-day living and for visiting the Netherlands and its neighbours.

Cradle of international fi nance The Dutch capital is a leader in fi nance and trade, and lies at the heart of Europe. International fi nance was born in Amsterdam, built on the capital amassed by the merchants of the seventeenth century, known as the ‘Golden Age’. The world’s fi rst public stock exchange was founded in Amsterdam, and served as an example for stock markets all over the world.

Amsterdam today has a broad-based economy but the most important sectors are still business and fi nancial services with over 120,000 jobs. Together, the Dutch Central Bank, Euronext and the main branches of various Dutch and international banks make Amsterdam the fi nancial heart of the Netherlands and a prestigious international fi nancial centre. As the undisputed fi nancial capital of the Netherlands, and one of Europe’s principal fi nancial centres, Amsterdam is an ideal host city for the Master of International Finance.

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FacultyArnoud Boot Professor of Corporate Finance and Financial Markets and director of the Amsterdam Center for Law & Economics (ACLE). He is a member of the Dutch Social Economic Council (SER) and advisor to the Riksbank (Central Bank of Sweden). He is also Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at the Davidson Institute of the University of Michigan. Prior to his current positions, he was on the faculty of the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago, and he was a partner in the Finance and Strategy Practice at McKinsey & Co.He has written on regulation of fi nancial institutions, the design of securities, corporate governance, capital structure, corporate divestitures and take-overs and rescheduling of sovereign debt. His publications have appeared in major academic journals, such as the Journal of Finance, American Economic Review, Economic Journal and the International Economic Review.His consultancy activities concern the regulation and strategic positioning of fi nancial institutions, corporate fi nance, governance and anti-trust issues. For these activities, he has also established the Amsterdam Center for Corporate Finance, a think tank designed to improve the interaction between theory and practice.

Peter BoswijkProfessor of Financial Econometrics. Prior to this, he was research fellow of the Royal Netherlands Academy of Arts and Sciences. He has been a visiting professor at the Technical University of Lisbon, the University of California in San Diego and the University of Aarhus. His research on the econometric analysis of non-station-ary time series has been published in journals such as the Journal of Business

and Economic Statistics and the Review of Economics and Statistics. He was founding co-editor of The Econometrics Journal. His current research interests include the econometric analysis of time-varying volatility and non-normality in fi nancial returns.

Joost Driessen Associate Professor of Finance. He obtained his PhD at Tilburg University. His research has been published in international journals such as the Euro-pean Finance Review, Journal of Financial and Quantitative Analysis, and the Journal of International Money and Finance. He has presented his research at many universities, fi nancial institutions, and international conferences, and paid research visits to INSEAD, Yale Univer-sity and the University of Chicago. His research is sponsored by a VENI grant from the Netherlands Organisation of Scientifi c Research (NWO). He has performed consulting projects on deriva-tives and risk management for several large Dutch banks. His current research interests include the empirical analysis of derivatives, corporate bonds and credit risk, portfolio choice and interest rate markets.

Rajkamal IyerAssistant Professor of Finance. He obtained his PhD from INSEAD and wrote his dissertation on Financial Intermediation. His main areas of interest are banking, international fi nance and political economy. His research primarily focuses on the transmission of a crisis and optimal regulatory policies to minimise the contagion. He has published several pieces on regulatory structures in the banking industry. Prior to his PhD, he obtained a master’s degree in Finance and Economics from the London School of Economics. He has also worked in the area of risk management.

Florencio López-de-SilanesProfessor specialised in International Corporate Finance and Financial Mar-kets, Legal Reform and Privatisation. He has been an advisor on these topics to many governments, international institutions and corporations and has numerous publications in top Finance and Economic journals. Florencio’s research shows the relevance of law and institutions for optimal functioning of markets and their development. He received Harvard’s Wells Prize for the Best Dissertation in Economics (1995), the National Award for Law and Eco-nomics of the National Association of Law and Economics in Mexico (1996), the Brattle Prize for distinguished papers in the Journal of Finance of the American Finance Association (1999), and the Jensen Prize for the best paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations (2000). He has been a professor at Harvard and Yale. He holds a master’s in Economics and a PhD in Economics from Harvard University.

Joseph A. McCaheryProfessor of Corporate Governance and Business Innovation. He is also a Research Fellow at the Institute of International Corporate Governance and Accountability, George Washington University and Research Associate at the European Corporate Governance Institute (ECGI) in Brussels. In addition he is the Leo Goldschmidt Visiting Professor of Corporate Governance at Brussels University (ULB). Professor McCahery studied for his PhD in Law at Warwick University, where he taught until 1997. He serves on the boards of several leading academic journals. He has written widely on banking and securities law, corporate law, corporate governance, the political economy of federalism, and

taxation. His publications have appeared in major academic journals, such as the Journal of Corporation Law, Georgetown Law Journal, and Journal of Corporate Law Studies. In addition to his academic activities, Professor McCahery is a consultant to the OECD, the Centre for European Policy Studies, and several fi nancial institutions and research agencies. His consultancy activities involve corporate governance and securities regulation issues and M&A. He is currently co-director of the Amsterdam Centerfor Corporate Finance.

Brendan O’DwyerProfessor of Accounting. He previously worked at the Michael Smurfi t Graduate School of Business, University College Dublin, where he lectured extensively on MBA and executive education programmes as well as acting as Pro-gramme Director of the Master of Accounting. Brendan’s research interests are interdisciplinary and qualitative in focus and scope: corporate social accountability; social and ethical accounting, auditing and reporting; non governmental organisation (NGO) accounting and accountability, corporate governance, qualitative research methods and professional accounting ethics. He is widely recognised as a leading interna-tional scholar in the area of corporate social accountability and his work has been published in the three foremost international, interdisciplinary, academic accounting journals: Accounting, Organi-zations and Society; Accounting, Auditing and Accountability Journal and Critical Perspectives on Accounting, as well as in other journals such as The European Accounting Review and The British Accounting Review. Brendan is an Associate Member of the Institute of Chartered Accountants in Ireland, a qualifi cation he attained prior

to joining academia when he worked as an auditor with Ernst and Young in Dublin.

Ludovic PhalippouAssistant Professor of Finance. Ludovic holds a PhD in Finance from INSEAD, and master’s degrees from both the University of Southern California (Mathematical Finance and Economics) and Toulouse University (BS Economics).Ludovic’s current research interests focus on the determinants of the portfolio liquidity of institutional investors and on the performance of private equity funds. Future studies will look at the pricing of illiquidity and risk in leverage buyout investments with a view to deepening understanding of stock-market anomalies. In the MIF he mainly teaches in and coordinates the Investments course.

Programme committeeProf. Peter BoswijkProfessor of Financial Econometrics at UvAProf. Enrico PerottiProfessor of International Finance at UvAProf. Bill ReesProfessor of Financial Analysis at UvA and Director of the Amsterdam Business SchoolDr. Gavin BrownOld Mutual Asset Managers, LondonDr. Henk OosterhoutDuph and Phelps, Amsterdam

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Vasily Agapov (1979, USA)Market Risk Group at Merrill Lynch, London

After working for three years in energy risk management I was keen to return to school in order to augment my more generalist undergraduate degree with focused graduate studies in Finance. At that juncture I was principally interested in modelling and the latest developments in the fi eld. I was looking for a relatively small programme, which nevertheless provided a diverse and international environment. The quantitative track of the MIF fi t the bill precisely. It provided me with a well-balanced curriculum, academi-cally excellent yet approachable professors and a lively alumni network. Most import-antly, the MIF gave me a chance to form lasting friendships with my classmates and experience student life in Amsterdam, quite possibly the best city on earth. What is more, by the time I graduated I was able to secure a full-time offer to join the marketrisk group at Merrill Lynch in London. I haveto credit the MIF with the solid foundation of knowledge and skills upon which I am able to build in my everyday work.

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FacilitiesThe Amsterdam Business School is housed in a modern building in the eastern part of the centre of the city at the junction of the Nieuwe Prinsengracht and the Plantage Muidergracht canals, with excellent teaching facilities. The MIF students have exclusive 24/7 access to a computer/work room with wireless internet access, as well as to the university’s usual computing facilities. Of course MIF students may also use the university’s general facilities (libraries, restaurants and sports). The International Offi ce, the teaching facilities and work rooms are located in the same building as the academic staff. This aids easy communication between students, faculty members and staff.

Visa requirementsThe International Offi ce will help in securing a visa, which will be needed by some students. On www.nuffi c.nl/immigration you can check whether you need an entry visa. We strongly advise you to start the visa application process as early as possible. This may include obtaining certain documents in your own country. For any questions with regard to the requirements applying to you please contact the International Offi ce.

Living costs and accommodationLiving costs in the Netherlands can vary considerably. In general, living costs for a single student are approximately €400 per month, accommodation excluded. International students of the MIF can choose to live in the UvA housing facilities. The rent (subject to change) for

Practical information

most single rooms with shared facilities is around €500 per month, so students should be able to manage on less than €1,000 per month. We think you will fi nd this somewhat more reasonable than the living expenses in most European fi nancial centres. For example, the LBS estimates costs in London, including accommodation, at about €1,800 per month.

Career servicesTypical applicants will expect to embark on a career in areas where a thorough understanding of the complexities of international fi nance is essential. Graduates often pursue or shift careers into investment, commercial and retail banking, investment management, trading, risk management, corporate fi nance, treasury and investor relations, or end up in regulatory bodies, consultancies or the public sector in jobs where an in-depth understanding of fi nance is required.

We see it as our duty to help our students in making a sound career choice through our dedicated and tailor made career services. This includes a training pro-gramme to improve cover letter writing, guidance in preparing professional curriculum vitae, and interviewing techniques. We will also provide assistance in seeking out and securing a suitable summer internship or consultancy project, and in co-ordinating job and internship leads offered by companies and institu-tions. We regularly organise company presentations and visits and also have on campus interviews with fi rms and executive search agencies.

Our alumni are very helpful in assisting our students to get leads, interviews and good contacts. Last but not least, for those of you planning to stay in the Netherlands after graduation, the Dutch government has relaxed work permit regulations for graduates from Dutch universities (regardless of nationality). This means that each graduate of the MIF can stay and work in the Netherlands for up to 5 years after graduation, without needing a work permit. There are a few conditions (minimum salary, kind of company), but these are normally easily met by our students.

Our graduates have worked/are working for the following organisations (selection):ABN AMRO Bank, Associates India (Citigroup), Amsterdam Trade Bank, Banque Bruxelles Lambert, BDO Corporate Finance, BNP Paribas, Commerz International, Buckheiss-man, Credit Suisse First Boston, Deloitte, Deutsche Bank, General Electric, Goldman Sachs, Federal Reserve Bank, FERI, Fortis Bank, Hewlett Packard, Hilti AG, HSBC Asset Management, IFC, ING Group, JP Morgan, Kazkommerzbank, Kempen & Co, KPMG, Lucent Technologies, McKinsey, Philippines Ministry of Finance, Philips International, Proctor and Gamble, PricewaterhouseCoop-ers, Provident Group, Rabobank Interna-tional, Reserve Bank India, Shell International, Siemens Financial Services, Soros Equity Fund, UBS Warburg and the Worldbank.

Jude Cesar (1970, USA)Barclay’s Capital Investment Bank, London

Planning a career change from the law into fi nance and banking made it crucial that I fi nd the right graduate programme. I needed a university that would give me a strong quantitative skill-set and engage me in a thorough study of the capital markets. I found what I was looking for in the MIF programme of the UvA. The MIF provides an environment where you will be challenged. The material covered is complex, but the professors’ ability to introduce sophisticated fi nancial practice and theory in an accessible way to a small student body is one of the programme’s chief assets. The intellectual and interna-tional character of the MIF shouldn’t be overlooked either. We covered a broad array of topics in depth, and participated in group project work that was an effective teaching method. I use what I learned at the MIF everyday at Barclays Capital Investment Bank in London, structuring complex equity derivative and convertible bond transactions. My time at the MIF was, simply put, really fantastic.

Meenu Sahi, CFA (1977, India)Chair MIF Alumni committeeING Investment Management, The Hague

I personally respect intelligence, initiative, and humility and found them all at the MIF. I started as a Business graduate, looking for a non-traditional mathemati-cally oriented programme in Finance that would provide a launch pad to my inter-national career. The MIF offered an incredible balance of lectures, case studies and real-world projects. The opportunity to work with and challenge myself in the midst of such a talented pool of individu-als was a once in a lifetime experience. Near the end of the programme I was offered a position at the equity invest-ments department of ING Investment Management. Within two years I was promoted to Senior Quantitative Analyst covering Global Equities. Currently I’m managing the ING EAFE Index Plus fund with about 250 million euro under mana-gement. An active alumni body meets at regular intervals in order to explore how the talent, knowledge and the geographic spread of all alumni can be leveraged to promote each other and the MIF.

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This brochure has been edited with the utmost care. No rights can be derived from the contents of this brochure.

ColophonDesign: Total IdentityLay-out: RAADHUIS voor

creatieve communicatiePhotography: Peter Hilz/Hollandse

Hoogte, Ineke Oostveen, Henny Boogert

Editor: Janine van Zantvoort, Henriëtte Beuk

Print: De Raat & De Vries

‘The Amsterdam Business School aims to offer an inspiring, broadly oriented and thoroughly international academic environment where both staff members and students can develop their capacities to optimum effect. It seeks to emphasise an open-minded and tolerant attitude, a strong engagement between business and society, the importance of innovation and entrepreneurship and, throughout all, a commitment to the scientifi c study of the business world.’

FeesThe tuition fee for participants of the full-time and part-time programme is €24,000. The fee covers the whole programme, including courses, use of the ABS facilities, course material, university registration and examinations. The fee does not cover textbooks, living expenses and accommodation.

Tuition waiver schemeIn order to attract the brightest students we have set up a tuition waiver scheme. Selection for these waivers is entirely based on the applicant’s qualifi cations and will be made throughout the year, so early application is sensible. The three main criteria are: a good fi rst degree, work experience and GMAT score.

UvA alumni automatically qualify for a 10% discount to the tuition fee.

Other scholarships and grantsThe Dutch Ministry of Education, Culture and Science offers scholarships covering costs of living expenses and/or (partial) tuition fee within the framework of cultural agree-ments between the Netherlands and other countries. Information on these programmes and application deadlines is available at www.studyin.nl and www.grantfi nder.nl.

For more information you can contact the Dutch embassy, consulate or a NESO offi ce in your own country. You can also contact your national Institute or Ministry of Higher Education. Often there are funds and foundations available for students planning to study abroad. More information and the latest news on scholarships can also be found on our website.

Fortis loan schemeStudents accepted in the programme can apply for a loan covering the tuition fee at Fortis Bank in Amsterdam. During their studies students only pay interest and after graduation they will start repaying the loan.

ApplicationApply on-line via www.abs.uva.nl/mif or via a downloadable application form. The following documents should be mailed/attached:■ A completed application form – hard

copy or digital;■ Your Curriculum Vitae;■ Degree certifi cates and/or diplomas

and an offi cial transcript of academic records (reporting the fi nal grade and grades earned in individual exams);

■ Your original GMAT score report;■ Your original TOEFL (or IELTS) test

score certifi cate (if appropriate);■ Two personal reference letters; please

use the reference forms which are included in the application package.

The International Offi ce should receive applications for admission before 1 June (full-time) or 31 July (part-time). Although late applications may be considered, candidates are advised to submit their applications as early as possible, this also with regard to the application of a visa. All application materials should be submitted in English. You can start applying online or via post from even before you have gathered all your documentation. We will support you during the application process.

International Offi ceFor further information do not hesitate to contact the International Offi ce. We will process your application, answer any questions you have, help you arrange a visa (if necessary), help arrange accommodation for students moving to Amsterdam, manage the day-to-day aspects of the course, distribute teaching materials and collect course work. This is your fi rst port of call if you have any questions or diffi culties. We will do our utmost to help you.

Amsterdam Business SchoolInternational Offi ce - MIFMirjam Meijer and Angela UijtewaalT +31 20 525 4388F +31 20 525 5092mif@uva.nl www.abs.uva.nl/mif

Fees and admission

2020

Universiteit van Amsterdam Amsterdam Business SchoolInternational Offi ce - MIFRoetersstraat 111018 WB AmsterdamThe Netherlands

T +31 20 525 4388F +31 20 525 5092

mif@uva.nl www.abs.uva.nl/mif