Program director

faculty

Filippo Ippolito

UPF and Barcelona GSE

Scientific director

faculty

Xavier Freixas

UPF and Barcelona GSE

The complex financial times we live in demand greater modelling techniques and a deeper understanding of financial data. The Master in Finance at the Barcelona GSE is designed to meet these challenges.


The Master in Finance is a comprehensive program that covers all the important areas of finance and prepares you for the most demanding jobs in banking, consulting and asset management.

This program is unique because it offers better training on quantitative topics than most masters in finance, and has a broader focus than the typical master in quantitative finance.

Our graduates excel in the ability to design and implement complex financial models; understand the theory and bring it to the data. They outclass their peers with a more qualitative background (like an MBA), because they can work in a wider range of positions (risk management, derivatives trading, venture capital, wealth management, etc.). At the same time, our graduates are more versatile than students with a pure quantitative background, because they can reach beyond purely technical jobs.

We believe that your time is valuable. We focus on the “hard” topics of finance because these require formal academic training and are difficult to learn on the job.

The program offers interactive classes, intensive use of advanced statistical and mathematical software, in-depth case studies, presentations by finance professionals, and the support of an experienced team of career services officers.

This program requires that all entering students be able to show a solid academic background in mathematics and statistics. Proof will be required showing an undergraduate degree with a substantial number of quantitative subjects, or GRE to demonstrate quantitative ability, however the GRE is not mandatory for this program.

Program schedule: 

In the Fall term, students are required to take a mathematics, a statistics and a STATA brush-up course. 

Course offer is subject to change.

Fall Term (September - December)

All courses in the fall term are mandatory.

Course Title Credits Professor(s)
Econometrics 6 Javier Gómez Biscarri
Asset Pricing 6 Javier Gil-Bazo
Corporate Finance Theory 6 Albert Banal

Winter Term (January - March)

Course Title Credits Professor(s)
Mandatory:
Financial Econometrics 6 Christian Brownlees
Pricing Financial Derivatives 6 Eulàlia Nualart

Electives - Select 6, 9 or 12 Credits:

Stochastic Models and Optimization 3 Mihalis Markakis
Money and Exchange Rates * 3 Fernando Broner
Systemic Risk and Financial Crises 3 José-Luis Peydró
Macroeconomics II 6 Danilo Guaitoli 
Luca Fornaro 
Asset Prices and Investment Strategies 3 Gonzalo Rubio
Market Liquidity and High-Frequency Trading 3 Roberto Pascual

* Course offered by other Barcelona GSE master's programs. Admission subject to approval by program directors.

Spring Term (April - June)

Course Title Credits Professor(s)
Mandatory:
Master Project 6 Filippo Ippolito
Electives - Select 12, 15 or 18 Credits:
Banking Theory 6 Xavier Freixas
Applied Corporate Finance 3 Filippo Ippolito
Derivatives and Risk Management 3 Manuel Moreno
Empirical Corporate Finance 3 Javier Gómez Biscarri
Filippo Ippolito
Empirical Asset Pricing and Banking 3 Javier Gil-Bazo
José-Luis Peydró
Sovereign Debt and International Financial Markets 3 Fernando Broner

Students must complete a total of 60 credits.

Presentations by finance professionals

The Finance Program brings leading practitioners to campus to speak exclusively to Barcelona GSE students. Speakers for 2016-17 will include:

speakerEric Barthalon
Executive Director, Global Head of Capital Markets and TAA, Allianz Investment Management SE
Eric graduated from Ecole Supérieure de Commerce de Paris (now ESCP-Europe) with a Major in Finance in 1979 and holds a law degree from Paris University (1979). Eric joined Allianz Investment Management SE in Munich at the beginning of 2008 to head the Capital Markets and TAA team. From ALM to asset manager selection and monitoring, AIM SE owns the investment process followed by the insurance companies of the Allianz Group for the management of their reserves (over Euro 600 billion). Eric’s most recent publication (November 2014) is Uncertainty, Expectations and Financial Instability: Reviving Allais’s Lost Theory of Psychological Time, Columbia University Press, New York.


speakerAntoine Baudron
Managing Director, Mitsubishi UFJ Securities
Antoine is London based, he works for the investment bank of the Mitsubishi UFJ Financial Group (MUFG) the largest Japanese Financial group. He is the MD heading the group in charge of capital markets origination for France, Iberia and Switzerland. In this capacity Antoine has arranged numerous debt capital market financings for major European corporate issuers. Antoine is a graduate of ESCP.


speakerEnrique Benito
Banking & Capital Markets, Deloitte LLP
Enrique is with Deloitte in London where he provides advice on risk management and regulatory matters to global financial institutions. His past experience includes the set-up of the ALM function of GE Capital Bank in London. Prior to that he was with the UK Financial Services Authority, where he contributed to the development of the first post-crisis liquidity risk supervisory regime and represented the UK on negotiations relating to Basel III and CRD IV. He began his career at the Central Bank of Spain.


speakerGianluca Capone
FIG Team, JP Morgan
Gianluca recently joined the FIG team of JP Morgan where it covers mostly financial institutions based in Spain and Portugal. Previously, he worked in J.P. Morgan’s Acquisition and Leveraged Finance where it worked on multiple transactions across different industries in EMEA.
 


speakerRoger Dies (BGSE Finance '15)
Audit Assistant, Deloitte
Roger is currently working in Deloitte as an Audit Assistant in the Barcelona office. His main responsabilities are to understand business processes in order to focus audit procedures that provide strong evidence about the reliability of financial statements. He is specialized in Industrial Companies, which play a huge role in the Catalan economy.


speakerRobert de Guigné
Head of ESG Solutions
Robert de Guigné is the Head of Socially Responsible Investments for LOIM. Prior to this he was Deputy of LOIM’s CIO for equity and convertible long-only investment strategies. He joined Lombard Odier in June 2007 as Deputy Chief Investment Officer for the Institutional Investment Unit. Robert earned an MBA in international affairs from ESC Reims – CEFA in 1986 and holds an engineering diploma from Ecole spéciale de Mécanique et d’Electricité in Paris. He also gained a financial analyst diploma from the French Society of Financial Analysts, a diploma in actuarial science from the Center for Actuarial Studies and he is a member of the Institute of French Actuaries.


speakerJean-Marc Israël
Head of Division, European Central Bank
Jean-Marc Israël is head of the Monetary and Financial Statistics Division at the ECB and is also the chairman of the Working Group on Monetary and Financial Statistics, which assists the ESCB Statistics Committee. Mr Israël also co-chairs the Working Group on Analytical Credit datasets. He participates in, or chaired, various working groups and task forces like the BIS/Committee on the Global Financial System (CGFS) on credit risk transfers (report published in September 2009), or the Contact Group on Data between the ECB, European Systemic Risk Board and European Supervisory Authorities. He co-authored two ECB Occasional Papers (No. 67 and No. 145) and articles in the IFC Bulletin (e.g. No. 33).


speakerMiquel Masoliver (BGSE Finance '14)
Quantitative Analyst, GVC Gaesco
Miquel is a Quantitative Researcher at GVC Gaesco Asset Management, where he develops quantitative investment strategies based on market inefficiencies. Miquel holds an MSc in Physics from Universität zu Köln, an Master in Finance from the Barcelona GSE and a BSc in Physics from Universitat Autònoma de Barcelona.


speakerTommaso Meneghini
Manager, Accenture Consulting
Tommaso Meneghini currently works within Accenture's Finance & Risk practice in the Barcelona office, leading risk management projects at primary financial institutions based in Europe, North and South America. His areas of expertise include compliance with Basel and Solvency regulations, internal model validation, and risk information systems. Prior to Accenture, he worked as a Consultant at KPMG Advisory in Milan and Barcelona. He holds an MSc in Finance from UPF (now the BGSE Finance Program), and a Master in Banking & Finance from the University of Padua.


Lluís MateoLluís Mateo (BGSE Finance '09)
Investment Banking Associate, Credit Suisse
Lluís works in the Investment Banking and Capital Markets team of Credit Suisse in London. He is part of the Healthcare EMEA group which provides advisory services to Healthcare clients across different financial transactions. Previously, he worked as an analyst in the Client Strategy and Investment Products team at Banc Sabadell in Barcelona and as a financial controller at Thyssenkrupp in Dubai. Lluís is an industrial engineer (UPC), Master in Finance (BGSE), and an MBA (INSEAD).


speakerAlain Patricot
President and Founder, Kappa Finance
Since 1998 Alain Patricot has been advising asset management companies in Europe, Asia and North America on their development in new sectors such as hedge funds, real assets, fintech and/or their international expansion. Prior to that he had more than 20 years of senior operational and international experience at Citibank, Daiwa Securities, Indosuez Gartmore AM and AXA AM as a corporate banker, investment banker and international business development specialist.


Thomas PlankThomas Plank
Emerging Markets Trading Desk, Goldman Sachs
Thomas currently works at Goldman Sachs on the Emerging Markets trading desk within the Fixed Income, Currencies and Commodities division, with a focus on structured credit products. His mandate encompasses Central and Eastern Europe, the Middle East and Africa.

 


Josep Maria PuigvertJosep Maria Puigvert
Principal Economist Statistician, European Central Bank
Josep Maria Puigvert is Principal Economist Statistician at the Monetary and Financial Statistics (MFS) Division at the ECB, secretary of the Task Force on Money Market Statistics, which discusses statistical aspects on money market data. He currently works as a project manager of the Money Market Statistical Reporting. He has also worked in the past in the MFI interest rate team, PDFs, yield curve and money market data production within MFS. He also worked as teaching assistant and the Research Institute of Hospital del Mar, Health Park del Mar. Mr. Puigvert holds a PhD in Mathematics by Universitat the Barcelona (UB) and a degree in Statistics by Universitat Politècnica de Catalunya. He has co-authored several ECB Working Papers and articles in financial journals (e.g. Journal of Banking and Finance and Eurasian Economic Review).

 


speakerDavid Roca
Global Head of Loan Sales at BBVA
David Roca benefits from over 10 years of experience, the bulk of which in structuring and arranging syndicated loans. At the beginning of 2015 he was appointed as Global Head of Loan Sales at BBVA, based in London. The team was created with the mandate to cover an increasing demand from institutional investors on the asset class. Prior to joining BBVA in 2009, David started his career in banking at RBS where he was a Director in RBS' origination team for Southern Europe.


speakerPaul Tyler
Director, Tyler Capital
Paul is a business strategy consultant specializing in business development and growth. He is director of three different fast-growing businesses. He has expertise in financial services and property development, business consulting, operations, governance and risk management. He has a decade of experience working in financial markets and algorithmic trading systems development.


Master degree awarded

Upon successful completion of the program, students will receive a Master Degree in Economics and Finance awarded jointly with Universitat Pompeu Fabra (UPF).

All Barcelona GSE master degrees have been recognized by the Catalan and Spanish Education authorities within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”). Indicadors de qualitat


What skills and knowledge will I acquire in this program?

The master covers four areas of knowledge:

Asset Pricing and Macroeconomics

  • Introduction to Asset Pricing [MATLAB]
  • Advanced Asset Pricing and Investment Strategies [MATLAB]
  • Market Liquidity and High-Frequency Trading [MATLAB, R, STATA]
  • Macroeconomics
  • Money and Exchange Rates
  • Stochastic Models and Portfolio Optimization
  • Systemic Risk and Financial Crises
  • Empirical Asset Pricing: use of asset pricing databases employed in the industry [STATA]

Corporate Finance and Banking 

  • Introductory Corporate Finance
  • Applied Corporate Finance: interactive case studies based on real firms and modeling of corporate finance problems [Excel]
  • Empirical Corporate Finance: use of corporate finance databases employed in the industry
  • Empirical Banking: use of banking-related databases employed in the industry
  • Banking Theory

Econometrics and Data Analysis

  • Econometrics [STATA]
  • Financial Econometrics, Time Series, GARCH and Stochastic Volatility Models [R and R Studio]

Risk management/Derivatives

  • Pricing Derivatives (Options, Futures, Swaps) [MATLAB]
  • Risk Management
Who will benefit from this program?
  • Graduates in Business, Economics, or Finance with a strong interest in quantitative finance or banking
  • Graduates in Engineering, Mathematics, Physics, or Statistics who want to pursue a career in quantitative finance or banking
  • Analysts or policy-makers at financial or supervisory authorities who want to enhance their abilities
  • Aspiring PhD students looking for a rigorous master's program in Finance
Who hires Finance graduates?
  • Banking and Financial Institutions
  • Finance Departments in all fields
  • Asset Management and Risk Management Firms
  • Energy, IT, and Telecommunications Industries, among others
  • Consulting and Research Organizations

Examples of recent Finance placements:

  • Accenture
  • Bain and Company
  • Bank of America
  • Bank of England
  • Barclays
  • Bearing Point
  • Blackrock
  • BBVA
  • Central Bank of Brazil
  • Central Bank of Peru
  • Central Bank of Uruguay
  • China Construction Bank
  • Coca-Cola
  • Credit Suisse
  • Dell
  • Deloitte
  • Deutsche Bank
  • Ernst & Young (EY)
  • European Central Bank (ECB)
  • European Commission
  • GVC Gaesco
  • Hewlett-Packard
  • HSBC (Bangkok)
  • Ministerio Economia y Finanzas, Peru
  • Pricewaterhousecoopers (PwC)
  • Riga Commercial Port (RTO)
  • Shell Trading & Shipping
  • United Nations Development Program (UNDP)

Download example Finance placements

Faculty

Students

Finance Student Profile 2016-17

The Finance Program includes 21 students from 13 countries this year. Economics is the most common undergraduate academic background amongst students this year, though some have studied Business Administration, Mathematics, Finance, or Engineering.

chart
  • alumni

    Mattia Bongini '17

    Originally from
    Siena
    Italy
    I chose Barcelona GSE because I was impressed by the faculty and the quality of the lectures. Also being in Barcelona is amazing because of the city, because of the weather, because of the sea, and because of the amazing people that surround you. My first impressions have been very positive because my group is full of people from very diverse fields. From the course I expect to collect a huge knowledge about systemic risk and financial networks, financial instruments, and all that concerns the financial stability of the economic world.
  • alumni

    Joana Espona '17

    Originally from
    Barcelona
    Spain
    I chose Barcelona GSE because I was looking for a Finance program that quantitative and not only business-oriented. I just started classes and they really seem interesting, but especially the community and the people around here, it's a very international environment, and I think I can learn a lot not only from my studies but also from the people studying here. I think the teachers are from abroad and they have a lot of different experiences from different universities around the world. I think I can learn a lot from them not just about academic subjects, but also what they have learned throughout their careers.

Alumni

Finance alumni career paths

  • Most Finance alumni (79%) enter or return to the professional work force
  • 21% continue their education in a PhD or other post-graduate program
  • Most common industries: Financial Services and Consulting
  • Cities with most Finance alumni: Barcelona, London
chart
  • logo
    alumni

    Laura Gris '16

    Analyst
    Originally from
    Barcelona
    Spain
    Currently living in
    Edinburgh
    United Kingdom
    I currently work at Blackrock as an analyst in the Aladdin Client Services department, where we provide clients with in-depth knowledge and understanding of Aladdin, their business and the overall risk and investment management process. My master’s in finance at Barcelona GSE helped me develop good analytical and problem-solving skills as well as providing me with a good understanding of how financial markets work.
  • logo
    alumni

    Emile Naude '16

    Associate Consultant
    Originally from
    Cape Town
    South Africa
    Currently living in
    Johannesburg
    South Africa
    I am currently an Associate Consultant in the Johannesburg office of Bain & Company. Bain advises clients on strategy, operations, technology, organization, private equity and mergers and acquisitions. I believe the Master in Finance program at the Barcelona GSE is a rigorous course that prepares students very well for a job in top-tier consulting. Beyond the highly desired quantitative, data handling and analytical skills that I gained, the Master in Finance played a big role in developing my leadership and team work skills. At the Barcelona GSE you will be working with students from very different backgrounds on extremely challenging problems, driving for coherent and logical results, sometimes until the early hours of the morning!
  • logo
    alumni

    Mellany Pintado '16

    Specialist in Investments and Financial Assets
    Originally from
    Chiclayo
    Peru
    Currently living in
    Lima
    Peru
    I currently work at the Ministry of Economics and Finance of Peru as an Investment Specialist. My responsibilities in the Treasury Department range across the asset pricing theory we learnt in the Finance Master at Barcelona GSE. It is challenging to evaluate the different investment alternatives in order to reduce the opportunity cost of the Peruvian government funds. As well, as part of my daily duties, I have been evaluating the public institutions' asset allocation where I apply my knowledge acquired across financial econometrics course. In terms of what I do as an Investment Specialist there’s nothing I haven’t faced already in the Master.
  • logo
    alumni

    Jelena Skaric '15

    Financial Risk Analyst
    Originally from
    Belgrade
    Serbia
    Currently living in
    Prague
    Czech Republic
    As someone coming from a math background, BGSE Master in Finance gave me the opportunity to extend and gain more in depth knowledge of different finance topics and helped me prepare for my future career in the finance sector. I thoroughly enjoyed the analytical approach applied to real finance problems, as well as working in small classes - we had the chance to get to know each other better, cooperate intensively and the professors were able to dedicate more of their time and attention to each student. The friendships I made still last, we keep in touch and visit each other, and one of my master colleagues will soon become my coworker!
  • logo
    alumni

    Miquel Masoliver '14

    Quantitative Analyst
    Originally from
    Barcelona
    Spain
    Currently living in
    Barcelona
    Spain
    I am currently employed in the Asset Management division and my main tasks are to develop quantitative models to exploit market inefficiencies...It is very exciting and challenging to conduct research in this field, where statistics and probability theory meet behavioral finance. The knowledge I acquired during the Barcelona GSE Master in Finance definitely prepared me well for this work.
  • alumni

    Manuel Litz '13

    Business Analyst
    Originally from
    Vienna
    Austria
    Currently living in
    Vienna
    Austria
    Working as a Business Analyst for BearingPoint I have valuable hands-on experience on various projects. Everyday day is different from the last, diverse tasks range from PMO activities to analyzing and structuring deliverables for which I am in the lead, conducting workshops and communicating with the client's management. The workload and rigorous analytical training experience at Barcelona GSE has prepared me well to take on any endeavor in my future.
  • logo

    Kandarp Srinivasan '12

    PhD Candidate
    Originally from
    Bangalore
    India
    Currently living in
    St. Louis, MO
    United States
    What makes the Barcelona Graduate School of Economics really stand out is the quality of its faculty. The opportunity to learn and work with top researchers is of great value for an aspiring academic. Also, the Finance master coursework has a lot of theoretical emphasis and is great preparation for someone interested in a career in research.
  • logo
    alumni

    Jebb Peria '10

    Senior Associate
    Originally from
    Toronto,
    Canada
    Currently living in
    Stavanger
    Norway
    The BGSE Finance master has provided me a very strong foundation for my professional career. The courses (stochastic processes, continuous time finance, empirical finance, corporate finance, financial engineering) have equipped me with tools needed in financial modelling and economic analysis my job required.
  • logo
    alumni

    Lluís Mateo '09

    Investment Banking Associate
    Originally from
    Barcelona
    Spain
    Currently living in
    London
    United Kingdom
    Coming from an engineering background, the Barcelona GSE Master's Program in Finance provided me with the chance to switch careers and move to Finance positions. Moreover, the intense technical focus of the program, coupled with the quality of faculty, prepared me to effectively perform the modelling and quantitative analysis I need to do as part of my job.