Master in Corporate Finance

Deloitte Financial Advisory
Services S.p.A.
Master in
Corporate
Finance
MaCoFin
first edition
Coliseum in Rome
A WORLD CLASS CAMPUS
IN THE HEART OF ROME
Attracting tourists from all over the world with its historic and artistic wonders,
Rome is not only a world renowned cultural centre, it is also a vital hub
in the network of economic and commercial arteries linking the North
and South of Italy and the Mediterranean area with the rest of the world.
With its extensively developed and highly efficient infrastructure,
this Mediterranean capital serves as a link between old and new markets.
LUISS Guido Carli is a University campus located close to Rome’s historic
centre, a stone throw away from one of the city’s most beautiful parks,
easily reachable by public transport. The high quality of its setting
is on a par with the services offered.
Designed to host world-class events, and equipped with state-of-the-art teaching
facilities, this is the ideal place for a once-in-a-lifetime learning experience.
For over thirty years, LUISS Guido Carli has continued
to meet the ever-changing needs of its students. It has kept abreast
with economic developments, and it proudly nurtures its links with
the national and international business communities.
WHY LUISS BUSINESS SCHOOL?
LUISS EDUCATIONAL MODEL
The LUISS Business School is a division of LUISS Guido Carli
In over thirty years of excellence, LUISS Guido Carli has played a key role
hub for postgraduate studies. One of the main characteristics
world-class leaders sensitive to the values of the market culture and the rules
University that has worldwide recognition as a knowledge
in Italy’s economic development and cultural evolution. Not only has it trained
of LUISS Business School is its long-lasting relationship
of a modern democracy, it has also made important contributions in the fields
with the Italian and international business community,
of Economics, Management, Law and Political Science. Today, LUISS provides
that allows theory to inform practice and vice versa.
a state-of-the art model for advanced education which cultivates excellence.
LUISS Business School relies both on the experience
Our mission is to select the best. We are in tune with the needs of the global
of its Faculty members and on the know-how
market and emerging professions and our teaching methods and styles
of practitioners working in the fields of finance,
are in line with the best international universities.
consulting, and accounting.
In recent years many efforts have been made to improve
the Business School in order to keep it competitive
in an ever-changing world, and MaCoFin is a result
of this process.
ITS UNIQUE FEATURES ARE:
Franco Fontana
LUISS Business School Director
• A limited number of students selected
on the basis of rigorous admission criteria;
• Compulsory attendance;
INTRODUCTION FROM
THE MaCoFin DIRECTOR
The era of rapid and radical changes has influenced
divisions of large firms, in the divisions of corporate
The financial turmoil and its challenges have convinced
or in financial consulting firms.
the interconnected global economic system.
executives and managers to undertake new routes
investment banking of financial institutions
towards a renewed path of value creation and growth.
The program intends to offer theoretical and applied
In these days, the management of financial resources
and discussion of cases and problems, and will
and the relationships with financial markets and investors
are critical and fundamental objectives within firms,
knowledge; lectures will focus on the analysis
• The intensive study of foreign languages;
TEACHING
METHODS
• Emphasis on Computer Science
and Information Technology;
• Assistance from qualified tutors;
• World-class professors and lecturers from
the academic world and top management
institutions in both the public and private sectors.
The teaching methods are tailored to suit the specific
LUISS students take part in seminars, debates,
approach aimed at fostering peer-to-peer involvement
and international issues. They benefit from
courses. Professors take a practical learning
and interaction. This includes: seminars, role plays,
case studies, business games, team exercises,
conferences and projects. During the final stages
The LUISS teaching methods tend to enhance not only
students’ professional knowledge, but also their ability
to plan effectively, solve problems, and make decisions.
PROFESSIONAL
and competences to succeed. Those that will be ready
The professional competences that MaCoFin intends
due to the stronger attention that managers have
to dedicate to raising capital, financial planning,
The current financial environment requires new skills
better professional opportunities in the near future.
• Deeper understanding of financial markets and securities
and of the relationships between firms and investors
LUISS Business School’s Master in Corporate Finance
4 | MaCoFin
COMPETENCES
to develop are:
and prepared to cope with the new challenges will have
want to develop their careers in the corporate finance
as well as a richly stocked and highly-specialized library.
of the course, students are involved in field projects.
risk management and investment activities.
Corporate Finance has become increasingly important
has the objective to shape young professionals who
state-of-the-art teaching tools and computer facilities
be integrated by a final project work.
financial institutions and other organizations.
(MaCoFin), developed in partnership with Deloitte,
and roundtables on the most crucial national
Raffaele Oriani
MaCoFin Director
• Analysis of accounting and financial documents
and data to support investment and financial decisions
• Methods and techniques used in the valuation of firms
and projects
• Financial planning tools
• Risk management tools and practices
• Analytical capabilities to build financial models related
to different problems in financial management
(capital budgeting, corporate valuation, financial
planning, risk management, mergers & acquisitions)
• Analysis of complex financial operations
• A broader vision of the problems of corporate governance
Master in Corporate Finance | 5
Andreas Angelopoulos
Englefield Capital
Adjunct Professor
of Venture Capital
LUISS Guido Carli
and Imperial College
Matteo Arpe
CEO
Sator Group
Adjunct Professor
of Corporate Investment
Banking
LUISS Guido Carli
Emanuele Bajo
Associate Professor
of Corporate Finance
University of Bologna
Emilio Barone
Adjunct Professor
of Financial Economics
LUISS Guido Carli
Pierpaolo Benigno
Professor of Economics
LUISS Guido Carli
Marco Bigelli
Professor of Corporate
Finance
University of Bologna
Giovanni Carucci
Vice President
British American Tobacco
Italia
Andrea Crenna
CFO
Indesit Company
Giorgio Di Giorgio
Dean of the Faculty
of Economics and Professor
of Monetary Economics
LUISS Guido Carli
6 | MaCoFin
THE PROGRAMME
Carlo Ferro
CFO
STMicroelectronics
Adjunct Professor
of Corporate Finance
LUISS Guido Carli
Giovanni Fiori
Professor of Accounting
LUISS Guido Carli
Tim Folta
Associate Professor
of Management
Purdue University
Carmelo Giaccotto
Professor of Finance
University of Connecticut
Giancarlo Giudici
Associate Professor
of Corporate Finance
Polytechnic of Milan
Bronwyn H. Hall
Professor of Economics
University of California
at Berkeley
Claudio Machetti
Director of Group Risk
Management
ENEL
Rainer Masera
Dean of the Faculty
of Economics and Professor
of Political Economy
University Guglielmo
Marconi of Rome
Gordon Murray
Professor of Management
and Entrepreneurship
University of Exeter
Raffaele Oriani
Associate Professor
of Corporate Finance
LUISS Guido Carli
Alessandro Pansa
Co-general Manager
Finmeccanica
Adjunct Professor
of Corporate Finance
LUISS Guido Carli
Enrico Perotti
Professor of Finance
University of Amsterdam
Sandro Sandri
Professor of Corporate
Finance
University of Bologna
Antonio Solinas
Partner
Deloitte Financial Advisory
Services Spa
Elena Vistarini
Partner
Deloitte Financial Advisory
Services Spa
Marco Vulpiani
Partner
Deloitte Financial Advisory
Services Spa
The Master program is 12-months long.
The first 9 months will be lecture-based
and the last 3 months will be dedicated
to the development of a Field Project.
The Master program is structured as follows:
• 8 pre-courses
• 500 hours of lectures
• 2 specialization profiles
• 1 Field Project
12-MONTHS PROGRAMME
Pre-courses
• Accounting
• Basics of Financial
Modeling
• Desk Analysis
• Principles of Economics
• Quantitative Methods
for Finance
• Fundamentals
of Mathematics
• Fundamentals of
Business Statistics
• Financial Economics
• Team Building
Core courses
1. Financial Reporting
a. National and
international accounting
standards
b. Consolidated financial
statements
c. Financial ratio analysis
2. Corporate Finance
a. Introduction to capital
budgeting
b. Free cash flow analysis
c. Determinants of financial
structure
3. Corporate Strategy
a. Strategic management
and competitiveness
b. International strategy
c. Business ethics and
governance
4. Financial Management
a. Capital structure
and cost of capital
b. Financial planning
c. Dividend policy
5. Financial Modeling
a. Capital budgeting models
b. Models for the calculation
of the cost of capital
c. Firm valuation methods:
DCF, APV, Income
method, EVA, Multiples
d. Financial and real
options analysis
6. Financial Structuring
a. Public and private equity markets
b. Debt markets: public and
corporate debt markets, bond
issues, international bond markets
c. Mergers and acquisitions
d. Project finance and Private Public
Partnership (PPP)
7. Financial valuation
a. Valuation in M&A analysis
b. Valuation for reporting in the
M&A context: Impairment test
and purchase price allocation
c. Discount, premium and value
conclusion
d. Valuation in the venture capital
and the private equity setting
e. Intangible assets valuation
methods
8. Corporate and investment
banking
a. Debt financing
b. Credit evaluation
c. Risk analysis
d. Rating
e. Application of Basel II
Specializations
Profile in Financial
Management
• Corporate governance
• Cost accounting and
performance
measurement
• Financial derivatives
and risk management
• International finance
Project
Field project
FACULTY
Profile in Investment
Banking and Financial
Advisory
• Debt restructuring
• Financial derivatives
and risk management
• Structured finance
• Social responsible
investments
9. Advanced Mathematics
and Statistics
a. Probability theory
b. Stochastic processes
c. Differential calculus
Master in Corporate Finance | 7
PLACEMENT
&
CAREERS
COMPANIES WHICH HAVE RECRUITED
LUISS GRADUATES IN RECENT YEARS
The Placement Office has been set up by LUISS Business
A.T. Kearney
students career-planning, counselling and training services
ABB CAP
School with the aim to offer its undergraduate and graduate
in order to facilitate employment opportunities. The
Placement Office also organizes the following activities.
SEMINARS AND MEETINGS WITH COMPANIES
These meetings are organized with the aim to facilitate
the relationship between leading Italian and foreign
companies and students. The seminars provide
students with the opportunity to meet managers
and consultants and learn about the industries
in which they operate, with particular reference to
their specific values, cultures and needs.
DATABASE AND VITAL INFORMATION
The Placement Office publishes a career book containing
the curriculum vitae of the students. Released on
a CD-Rom and published on a restricted access website,
these curricula are periodically forwarded to companies
and financial institutions and made available
to organizations and institutions that request them.
Finipublic
Pirelli RE
CBRE CB Richard Ellis
Franklin Templeton
Italia sgr
PriceWaterhouseCoopers
ABBACUS SIM
Cattolica investimenti SIM
Abbott
CENTROSIM
Accenture
Aeroporti di Roma
Agip Petroli
Alenia Aeronautica
Alcatel Alenia Space
AMF Finanziamenti
ARTESI
Arthur D. Little
International
Assicurazioni Generali
Astaldi
Astra Zeneca
Assoimmobiliare
ATR
Autostrade per l’Italia
AZIMUT sgr
AXA Real Estate Investment
Managers
Bain & Company
Banca Finnat Euramerica
Banca IFIGEST
Banca Opi
Banca Patrimoni
Bancoposta Fondi sgr
Barsotti Servizi Immobiliari
Citigroup
Coin
Colgate Palmolive
Colliers International
Colomba Invest SIM
Confindustria
Daimler
DARMA sgr
DEAM ITALY - Deutsche
Asset Management Italy
Delli Santi & Partners
Studio Legale Associato
Deloitte
Dorapal
Eldor Corporation
Elsag Baily Process
Automation
Ely Lilly
Enel
Enel Hydro
Eni
Enichem
Erg Petroli
Ericsson
Ernst & Young
Baxter
Eurizoncapital sgr
Bipiemme Gestioni sgr
EURO Fiditalia
B.I.G. - Beni Immobili Gestiti
BNL fondi immobiliari sgr
Boehringer Inglheim
Booz & Company
Borsa Italiana
Bulgari
CAAM Real Estate Italia sgr
Caltagirone
8 | MaCoFin
Castelli RE
Eurodomus
F2I - Fondi italiani
per le infrastrutture / sgr
Ferrari
Ford Italia
Generali Investments
Italy sgr
General Motors
Gestione Immobliare MAIA
Gianni Origoni e Grippo
G.I. Porfidi SIM
Giubergia UBS Warburg SIM
Hewlett Packard
I Guzzini Illuminazione
IBM
IFIGEST SIM
Rank Xerox
Renault
San Paolo Invest SIM
Schroders Investment
Management (Italy) SIM
SIRIO SIM
SOFIPA sgr
SOGEPI- Società di gestione
e promozione immobiliare
ING Investment
Management Italia sgr
UNICREDIT Group
Indesit Company
Ittierre Holding
IPD Global
Studio Legale Carbonetti
Western Union
Kairos Partners sgr
Key Two Real
KPMG Consulting
Kuwait Petroleum Italia
Magneti Marelli
Maia Caterpillar
Merck Sharp & Dohme
Mondadori
Monte dei Paschi di Siena
MPS Finance BM
MPS Leasing and Factoring
Neopost
New Holland
Nissan
FINAF
Pfizer
Finmeccanica
RAI
SPAFID - Società
per Amministrazioni
Fiduciarie
Orizzonte sgr
FINAMO
Procter & Gamble
Il Sole 24 Ore
Fiat
FIMIT sgr
Poste Italiane
Parmalat
Pilkington Automotive
Master in Corporate Finance | 9
FACILITIES
ADMISSION REQUIREMENTS
Admission to the Master’s program is based on
the following pre-requisites:
• University degree in Economics, Statistics,
Law, Engineering or other scientific disciplines.
&
STUDENT SERVICES
Services offered to MaCoFin participants include:
• Orientation and tutoring throughout their stay at LUISS
• A placement office offering career counseling
• Computer rooms equipped with internet access,
e-mail and databases for all students
• Cultural initiatives: cinema, theatre, literature and music
• Electronic posting and updating of curriculum vitae
• Access to the LUISS library
• Access to the University Dining Hall
• Final exam grades should be no lower than 100/110
THE OUT-OF-CLASS EXPERIENCE
• Good English knowledge.
and sports events to enrich students’ learning environment.
or equivalent.
• Gmat is preferred, but not mandatory.
The acceptance board will take into consideration
young graduates in other disciplines with a good
academic résumé and with eventual previous experience
LUISS organizes a number of recreational, cultural
• Music Appreciation Workshop: learning to listen.
• Writing Workshop: develope your writing skills.
• An Evening at LUISS: encounters with key figures
of Italy’s cultural scene.
FINANCIAL AID
AND FUNDING
related to the program’s courses.
• The Drama Workshop and the “Cine-forum”
The Business School offers its most brilliant students
of the résumé and an interview.
Students are welcome to participate in a wide variety
corporations and institutions following criteria established
Documents
and rugby, with the possibility to take part in international
The selection process is based on the evaluation
Candidates are required to send the following
documents to the address below:
• Application form
• Résumé
• Eventual certification of work experience
• Certification of language knowledge
• Eventual GMAT
• Two letters of recommendation
organized by student associations.
of sports including basketball, volleyball, soccer
championships. The LUISS basketball team competes regularly
in the B series National Championship.
full scholarships covering tuition fees, awarded by
by the funding institution. Candidates who wish to apply
for a scholarship should send a letter of request with their
admission application.
Applicants may also:
• Seek funding from their current or future employer
(the funding corporation);
• Apply for loans with favourable interest rates granted
by Italian credit institutions within the framework
of conventions established with LUISS Guido Carli.
The documents can be sent
via e-mail to [email protected]
or by fax 06.85.225.356
GENERAL INFORMATION
Campus location
Payment options
Rome
Electronic bank transfer to:
LUISS Guido Carli – Divisione LUISS Business School
Unicredit Banca di Roma – c/c/ 000400000917
ABI 02008 – CAB 05077 – ENTE 9001974
IBAN IT17H0200805077000400000917
N.AGEN.274 – DIPEND. 31449
Viale Gorizia, 21 – 00198 Roma
10 | MaCoFin
Master in Corporate Finance | 11
LUISS Business School of Rome
contacts
LUISS Business School
International Division
Viale Pola, 12 • 00198 Roma
t 06 85 225 689 - 326
f 06 85 225 356
[email protected]
www.mba.luiss.it/macofin/
Deloitte
Elena Vistarini
Via Tortona 25 • 20144 Milano
t 02 83 325 111
f 02 83 347 644
[email protected]
Marco Vulpiani
Via della Camilluccia 589/a • 00135 Roma
t 06 36 749 1
f 02 83 347 581
[email protected]
www.deloitte.it
LUISS Business School
International Division
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