Finance @ LSM Academic year 2017-2018 Manuel Kolp Septembre 2010

General principles @ LSM (useful for me ) 2 Masters GEST (master in management – “sciences de gestion”) INGE (master in business engineering – “ingénieur de gestion”) Mechanisms Courses : all 30h (5 ECTS) 1 option = block of 3 courses / semester 1 major = 2 options (1/ semester) Organization Block 1 : 1 major Block 2 : “échange” or option + 3 courses (strategy+language+x)

Specificities to Finance options 2 campuses Mons & LLN - Mobility financially supported by UCL 6 majors Financial eng. - quantitative corp. finance - financial management financial management - managerial corp. finance – révisorat & expertise comptable Majors and options depend On the chosen master (GEST vs INGE) On the location 1 Track : Financial Management / CFA

Specificities to Finance options Learn things … and doing things Theory + a lot of practice Industry-driven projects/cases Professional certification (CFA, Bloomberg Market Concept) Staff UCL staff with external experience (private/public) Guest professors from the outside (private/public) Two option streams GEST : more “managerial” INGE : more “quantitative”

LSM Majors: Accounting & Finance INGE GEST Financial Engineering LLN Managerial Corporate finance Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

LSM Majors: Accounting & Finance INGE GEST Financial Engineering LLN Managerial Corporate finance Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

Financial Engineering : team (1/2) Prof. Leonardo Iania Relevant Experience: ECB, National Bank of Belgium Interests: Macro finance, Financial econometrics Courses: Investments, Macro Finance, Advanced Finance Prof. Sophie Bereau Relevant Experience: Banque de France, University of Namur Interests: Financial econometrics, Network, R Programming Courses: Computational Finance Prof. Frederic Vrins Relevant Experience: Quant ING trading room, EPL Interests: Mathematical finance, risk, pricing Courses: Elements of Stochastic Calculus, Derivative pricing

Financial Engineering : team (2/2) Prof. Anh Nguyen Relevant Experience: FRM, Nagelmakers, ICHEC Interests: Portfolio & asset management Courses: Investments Tom Dechaene Relevant Experience: Sup. Board of ECB, Director at NBB Interests: bank supervision Courses: Advanced finance Kenstantijn Maes Relevant Experience: Deputy head Europ. commission, NBB Interests: Interest rates & credit risk, macro finance models Courses: Macro finance

Financial Engineering (INGE-LLN) All in English Q1: Financial Engineering I Advanced Finance (LLSMS 2223) – Iania & Dechaene Computational Finance (LLSMS 2224) - Béreau Elements of Stochastic Calculus (LLSMS 2225) - Vrins Q2 : Financial Engineering II Macro Finance (LLSMS 2012) – Iania & Maes Investments (LLSMS 2013) – Iania & Nguyen Derivative Pricing (LLSMS 2226) - Vrins

Financial Engineering : Learning outcomes At the end of this major you will be able to: Use tools to deal with uncertainty (in finance) in a scientific way Discover and price derivative products Understand & manage associated market risks Manage your own portfolio of assets Have an overview of the current topics in financial markets Perform advanced econometrics analysis to study asset returns Use modelling (R) and professional (Bloomberg) platforms …

LSM Majors: Accounting & Finance INGE GEST Managerial Corporate finance Financial Engineering LLN Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

Quantitative Corporate Finance : team (1/2) Denis Knaepen Relevant Experience: Managing director/Board Member of CBC Interests: Finance, Asset Management… Courses: International Financial Management Prof. Luc Hernard Relevant Experience: CRO, BNP Paribas (Luxembourg) Interests: Risk management, banking Courses: Corporate Finance Prof. Leonardo Iania Relevant Experience: ECB, National Bank of Belgium Interests: Macro Finance Financial econometrics Courses: Real Options, Foundations of Investments

Quantitative Corporate Finance : team (2/2) Prof. Anh Nguyen Relevant Experience: FRM, Nagelmakers, ICHEC Interests: Portfolio & asset management Courses: Foundations of investments Prof. Yue Zhang Relevant Experience: McMaster University Interests: Corporate finance Courses: Empirical Finance 13

Quantitative Corporate Finance (INGE-LLN) All in English Q1: Quantitative Corporate Finance I Corporate Finance (LLSMS 2128) - Henrard Real Options (LLSMS 2054) - Iania Foundations of Investments (LLSMS 2138) – Iania & Nguyen Q2 : Quantitative Corporate Finance II Empirical Corporate Finance (LLSMS 2027) - Zhang International Financial Management (LLSMS 2029) - Knaepen Advanced Corporate Finance (LLSMS 2140) - Zhang

Quantitative Corp. Finance: Learning outcomes At the end of this major you will: Know fundamentals of asset management & firm valuation Understand the capital structure of a firm Deal with financial instruments (equity, interest rates, etc) Learn the international trade environment of firms Understand the organization and challenges of international firms : what are the risks and how to mitigate them ? Decision making : corporate investment and financial strategies Learn scientific methods and tools …

LSM Majors: Accounting & Finance INGE GEST Financial Engineering LLN Managerial Corporate finance Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

Managerial Corporate Finance: team (1/2) Prof. Bruno Colmant Relevant Experience: Head of Macro res. @ Degroof-Petercam Interests: Finance, Macro Courses: IAS/IFRS Prof. Luc Hernard Relevant Experience: CRO, BNP Paribas (Luxembourg) Interests: Risk management, banking Courses: Risk Management of Financial Institutions Prof. Yue Zhang Relevant Experience: McMaster University Interests: Corporate finance Courses: Advanced Corporate Finance

Managerial Corporate Finance: team (2/2) Prof. Leonardo Iania Relevant Experience: ECB, National Bank of Belgium Interests: Macro Finance Financial econometrics Courses: Advanced Finance, Econometrics of Financial Markets Prof. Philippe Gregoire Relevant Experience: Managing director of Confluence Interests: Asset management Courses: Entrepreneurial Finance Axel Funhoff Relevant Experience: Antwerp Man. School, Duval Union (CFO) Interests: corp. finance, management consulting, business dev. Courses: Entrepreunarial Finance Pascal Hubinot Relevant Experience: Solvay, Union Fin. Boël (gen. manager) Interests: Treasury Courses: International Financial Management

Managerial Corporate Finance (GEST-LLN) All in English Q1: Managerial Corporate Finance I Entrepreneurial finance (LLSMS 2014) – Funhoff & Grégoire IAS/IFRS (LLSMS 2017) - Colmant International financial management (LLSMS 2108) - Hubinot Q2 : Managerial Corporate Finance II Advanced corporate finance (LLSMS 2009) - Zhang Risk management of financial institutions (LLSMS 2009) - Henrard Project evaluation (LLSMS 2118) - Iania

Managerial Corporate Finance: Learning outcomes At the end of this major you will: Know the financing process and the capital structure of a company Analyzing cash coming from and returning to stockholders Know valuation principles and practice Understand firm’s management in a globalized trade and capital markets environment Know the legal environment of the firm Be able to quantify and manage risks of financial institutions Asses the impact of the new banking regulations on the risk appetite, the business model and the governance of financial institutions …

LSM Majors: Accounting & Finance INGE GEST Managerial Corporate finance Financial Engineering LLN Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

LSM Majors: Accounting & Finance INGE GEST Managerial Corporate finance Financial Engineering LLN Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

Financial Management (INGE/GEST-MONS) All French except Equity Valuation (English) Q1: Asset management Equity Valuation Fixed income Analysis Derivative securities Q2: Risk management Behavioral finance Portfolio Management Risk Management and Financial Institutions

Financial Management: team (1/2) Prof. Catherine D’Hondt Relevant Experience: FUCaM, Université de Perpignan Interests: Market Microstructure, Behavioural finance Courses: Portfolio Management Prof. Isabelle Platten Relevant Experience: Univ. Lille II, UNamur Interests: Risk Management, Insurance Courses: Fixed Income Analysis, Derivative Securities Prof. Rudy de Winne Relevant Experience: FUCaM Interests: Market Microstructure, Behavioral Finance Courses: Behavioral Finance Prof. Frederic Vrins Relevant Experience: Quant ING trading room, EPL Interests: Derivative pricing Courses: Fixed Income Analysis

Financial Management: team (2/2) Xavier Suin Relevant Experience: PWC senior manager Interests: Equity valuation Courses: Equity valuation Prof. Mikael Petitjean Relevant Experience: BNP, IESEG Interests: Financial Markets, Ethical finance Courses: Equity valuation Pascal Van Wynendaele Relevant Experience: FUCaM, Edhec, Fortis, Belfius Interests: Risk management, Financial regulation Courses: Risk management of Financial Institutions

Financial Management: Learning outcomes The major covers part of the CBOK (CFA Institute) At the end of this major you will know: The practice of firm valuation, including mergers and acquisitions How to analyze and manage risks in the bond market How to describe and analyze derivative products, the principles of pricing and hedging in derivative markets The foundations of portfolio construction & performance measurement The complexity of decision making in financial markets, including behavioral aspects How to identify risks related to financial institutions and the prudential regulations governing them Use Bloomberg platform related to financial markets

Financial Management: Evaluation Final grade Final exam + extra activity Final exam Multiple choice questions: Equity evaluation Open questions: Fixed income analysis, Derivative securities, Risk management and financial institutions, Portfolio management Oral exam: Behavioral Finance Extra activity Group work: Equity evaluation, Portfolio management, Behavioural Finance Homework & Quiz : Derivative securities, Fixed Income Analysis Bloomberg Market Certificate Introduction to IFRS (workshop)

LSM Majors: Accounting & Finance INGE GEST Managerial Corporate finance Financial Engineering LLN Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

CFA Track - Financial Management Double degree UCL – ICHEC (GEST only!) http://www.uclouvain.be/421878.html Program : Major “Financial Management” Advanced Financial Analysis (Q3 – ICHEC Bxl) No Erasmus Admission in Q3 subject to conditions (60 credits in year 1 with at least 70%) Good match with the job market : students are prepared to pass the CFA exam (levels 1 & 2) at the end of their cursus; scholarships available

Advanced Financial Analysis (BXL (ICHEC); GEST; Q3) Q3: Advanced Financial Analysis Alternative Investments & Advanced portfolio management Advanced Financial Analysis and Reporting Ethics in Finance Extra activity Participation to the CFA Research Challenge (first step with other BS of the BENELUX) Completing the CFA Program shows employers and clients you have mastered a broad range of practical portfolio management and advanced investment analysis skills

LSM Majors: Accounting & Finance INGE GEST Managerial Corporate finance Financial Engineering LLN Quantitative Corporate finance Financial Management MONS Financial Management (+ CFA track, optional) Revisorat & expertise comptable

LA PROFESSION D’AUDITEUR Possibilités d’échanges et stage à l’étranger Un programme complet Q1 Q2 Q3 LE GROUPE Gouvernance, internationalisation et consolidation LA SOCIETE Règles d’évaluation, gestion et contrôle LA PROFESSION D’AUDITEUR Contrôle interne et gestion des risques Droit comptable Règles d’évaluation Droit des sociétés approfondi et gouvernance d’entreprise IAS & IFRS Normes comptables internationales de consolidation Audit et compétences professionnelles Nomes d’audit internationales Droit de l’entreprise en difficulté Déontologie et exigences légales du contrôle* 15 crédits 15 crédits 15 (+6*) crédits Prérequis Prérequis Possibilités d’échanges et stage à l’étranger Cours durant la 2ème partie de chaque quadrimestre

L’équipe « Revisorat et expertise comptable » (1) Victor Collin Expérience: Reviseur d’entreprises Intérêts: sociétés, ASBL, analyse financière Cours: Déontologie et exigences légales du contrôle Werner Derijcke Expérience: Avocat à la Cour de cassation, malherbe (présent), Liedekerke, White & Case, Jones Day Intérêts: Société, Sûretés, Insolvabilité Cours: Droit des sociétés approfondi et gouvernance d’entreprise Raphaël Gevers Expérience: Avocat, Partner Daldewolf Intérêts: Droit des entreprises en difficulté (faillite et réorganisation judiciaire) Cours: Droit de l’entreprise en difficulté

L’équipe « Revisorat et expertise comptable » (2) Prof. Anne-Catherine Provost Expérience: University of Texas, Ieseg, Université Saint-Louis Intérêts: Comptabilité, Contrôle des performances Cours: Règles d’évaluation Yvan Stempnierwsky Expérience: Of Counsel Arendt Intérêts: Droit comptable, Règles d’évaluation Cours: Droit comptable ; IAS & IFRS Jean Thilmany Expérience: Conseil fiscal Intérêts: Fiscalité de l’entreprise Cours: Impôt des sociétés

L’équipe « Revisorat et expertise comptable » (3) Bernard Vandenborre Expérience: Reviseur d’entreprises, AVISOR, PwC (10 ans) Intérêts: Matières révisorales  Cours: Déontologie et exigences légales du contrôle Prof. Bénédicte Vessié Expérience: Reviseur d’entreprises Intérêts: Audit, IFRS, Consolidation Cours: Contrôle interne et gestion des risques; Normes comptables internationales de consolidation ; Audit et compétences professionnelles ; Normes d’audit internationales

« Revisorat et expertise comptable » Dispositifs pédagogiques et d’évaluation Cours interactifs Mises en situation-problème Classes inversées Etudes de cas Serious game Projets intégrateurs … Dispositifs d’évaluation Examen écrit/oral (à livre ouvert/fermé) ; QCM ; Présentation orale; Rapport écrit ; Travaux de groupe/individuel ; Essai individuel

« Revisorat et expertise comptable » Débouchés Reviseur d’entreprises Expert comptable et conseil fiscal Audit interne Contrôle de gestion Consolidation Fonctions administratives et financières … PME / Sociétés belges / Groupes nationaux et internationaux

« Revisorat et expertise comptable » Les ‘plus’ de la majeure 90% des intervenants = Professionnels réputés Reviseurs d’entreprises, experts-comptables, conseillers fiscaux, avocats Cours orientés “Pratique” Stage = Junior (stagiaire) Accès direct aux instituts Dispense complète aux 23 examens d’entrée de l’Institut des Reviseurs d’entreprises (Belgique & Luxembourg) Dispense quasi-complète aux examens d’entrée (18/25) de l’Institut des Experts-comptables et des Conseils fiscaux

Manuel Kolp Septembre 2010