TiasNimbas Business School, Tilburg

Transcription

1 TiasNimbas Business School, Tilburg Initial Accreditation: Executive Master in Finance; Executive Master of Business Valuation Delivery mode: Part time Site visit: 14th December 2009 Netherlands Quality Agency (NQA) Utrecht,februari 2010

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3 Contents Contents 3 Part A: Topics 5 1. Preface 7 2. Introduction 8 3. Method Process to Final Assessment Conclusions by Topic Conclusions and Assessments at Aspect and Topic Level Overall conclusion 15 Part B: Aspects 17 Topic 1 Aims and objectives of the degree course 19 Topic 2 Programme 24 Topic 3 Deployment of staff 33 Topic 4 Facilities 35 Topic 5 Internal quality assurance 37 Topic 6 Conditions for continuity 39 Part C: Annexes 41 Appendix 1: Declarations of Independence by the Audit Panel Members 42 Appendix 2: Expertise of the Audit Panel Members 49 Appendix 3: Audit Visit Programme 56 Appendix 4: Overview of documents made available 57 Appendix 5: Aims of the academic degree programmes Master in Finance & Master of Business Valuation 58 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 3/59

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5 Part A: Topics NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 5/59

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7 1. Preface This is the assessment report dealing with the academic programmes Executive Master in Finance and Executive Master of Business Valuation. These two degree programmes are offered by TiasNimbas Business School. In this report NQA gives account of its findings and conclusions and of its working method. The audit was undertaken within the accreditation framework for higher education programmes. The audit process started in November 2009 when NQA received the Self-Evaluation Report. The site visit by the NQA panel was on December 14th, The audit panel consisted of the following experts: Prof. Dr. F. Hartmann (chair) Prof. Dr. M. De Ceuster Drs. J.J. Snel RA Dhr. J. Schueler (student member) Drs. R. van Empel (NQA auditor). This audit panel complies with the requirements set down in the NVAO ** document entitled Protocol ter beoordeling van de werkwijze van visiterende en beoordelende instanties (October 2007). This document contains the protocol of the method organisations need to adhere to when reviewing and assessing study programmes. The audit panel included members with domain-specific expertise and teaching and assessing expertise (Appendix 2). The report consists of three parts: Part A. The Topics Report. It contains the conclusions of the audit panel concerning the basic quality of the degree programme at the level of the topics. It provides the considerations on which the panel based its conclusions. The conclusions are either positive or negative. The conclusion is also formulated in the Topics Report. Part B. The Aspects Report. This contains the assessments of the audit panel concerning the basic quality of the degree programmes at aspect level. It states the findings that underpin the assessments. The assessments are awarded a mark on a two-point scale as prescribed by NVAO for initial accreditation: unsatisfactory [onvoldoende] or satisfactory [voldoende]. Additional instructions by NVAO resulted in an adaptation for marking this Aspect: complied / not complied [voldaan / niet voldaan]. Part C: Appendices. ** NVAO = Nederlands - Vlaamse Accreditatie Organisatie (Netherlands Flemish Accreditation Organisation) NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 7/59

8 2. Introduction TiasNimbas is the business school of Tilburg University and Eindhoven University of Technology. The school originated in 2006 after a merger between Tias Business School and Nimbas University. The aim of this merger was to create an international, all-round management school. Tias Business School was established in In April 2001, the school became a private company with limited liability in which Tilburg University owned a hundred percent of the shares. Since April 2004, Tilburg University owns eighty percent of the shares while the remaining twenty percent are owned by Eindhoven University of Technology. At the same time that Tias gained its independence, it also achieved the faculty status at Tilburg University. This enabled the school to appoint professors within the university system. A union of staff between the Dean of the business school and the Dean of the faculty serves as a guarantee for continuity. Nimbas Graduate School of Management was established in 1988 with a view to introducing a British MBA programme in the Netherlands. In 1988, a partnership was formed between Nimbas and Bradford University School of Management. To acknowledge the bond between these two institutions Nimbas became an official partner in In August 2005, Nimbas obtained university status as an aangewezen instelling [i.e. an educational institution that is not subsidized by the government but that may award diplomas and titles that are officially recognized]. TiasNimbas led to the coming into being of an all-round business school with branches in Bonn, Eindhoven, Taipei, Tilburg, Utrecht and Bremen. TiasNimbas vision is to belong to the first division of European business schools. The mission of TiasNimbas is to create added value for managers and their organizations: TiasNimbas Business School strives to create added value for managers and their organizations by offering first-class post-experience management education through project-based learning at the frontiers of knowledge in a state-of-the-art learning environment. TiasNimbas payroll counts nineteen lecturers with an appointment of 0.5 fte or more and all together, including the teachers, there are 130 members of staff. In 2009, the number of incoming students was 1,623 and the total student population numbers 2,112. TiasNimbas offers a range of programmes aimed at managers and professionals in business, government and NGOs. The programmes are designed for individuals with a number of years of relevant work experience who are looking to develop their expertise. All TiasNimbas programmes are focussed on educating students to become professionals in business, governmental and semi-governmental organisations. TiasNimbas offers degree programmes and non-degree programmes. Degree programmes are the Executive Master Programmes (14 programmes), the Master in Business Administration Programmes (MBA), Doctor in Business Administration (DBA), the MSc/MA Programme and in some cases the Company Specific Programmes (CSP). The Executive Programmes and most Company Specific Programmes are non-degree programmes. 8/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

9 The table below gives the divisional structure of TiasNimbas: The Divisional Structure of TiasNimbas Supervisory Board Executive Board Staff Departments Executive Masters MSc / MA MBA DBA CSP Executive Programmes Each division has a comparable structure of its responsibilities. An outline of this structure of the division Executive Masters is given below. The Academic Dean is responsible for the academic quality of the entire range of study programmes, the academic staff, and for the research carried out by them. The Academic Council assists the Academic Dean with regards to guaranteeing academic quality. When Tias became independent in 2001, the Academic Council was set up by Tilburg University to provide a base for guaranteeing the academic quality of the study programmes. This Council consists of five professors of Tilburg University, Eindhoven University of Technology, and TiasNimbas. The Academic Dean chairs, and is supported by, the Academic Council. The Academic Dean submits new and existing degree courses for review to the Academic Council every three years, on the basis of various criteria (cf Aspect 5.1). The Associate Dean Executive Master Programmes is responsible for the academic quality of the programme portfolio within the division Executive Master Programmes. The main responsibilities are: - To guide and safeguard the implementation of academic standards; - The development of the academic strategy of the division; - To guide and lead the programmes in the portfolio of Executive Masters on an academic level; - To position the Executive Master Programmes relative to each other and to the portfolio of TiasNimbas; - To work together with the Director of the Division Executive Master Programmes. The Associate Dean is responsible for safeguarding the academic quality within the division Executive Master Programmes; he reports to the Academic Dean. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 9/59

10 The Director Executive Master Programmes is responsible for the business side of the division, the entire product portfolio of the division. This entails safeguarding quality, financial policy, marketing and product innovation. The director works in association with the Associate Dean, the Academic Directors and Programme Directors of the programmes and is supported by the programme managers. The main responsibilities of the Academic Directors (one for each programme) are: - Taking care of the leitmotiv and ensuring that the curriculum is structurally consistent; - Monitoring the academic quality of the study programme in terms of its contents and the way it is put across (lecturers performance); - Taking care that the curriculum connects to the needs of the market and to developments in the field; - Briefing lecturers and senior lecturers; - Selecting qualified and well-motivated students; - Keeping in touch with the students; - Putting the study programme in a strategic position within the range of TiasNimbas products. These responsibilities find expression in various tasks; the Academic Director s prime task is to take care of the academic integration of the curriculum and the entire learning process of the students. He also takes care of the selection, screening, instruction, and coaching of the lecturers. The assessment of assignments(papers and exams) also falls under the responsibility of the Academic Director, although this does not necessarily belong to his actual tasks. Finally, the fact that the Academic Director himself is a lecturer connected to the study programme contributes to the quality of the educational level. The Academic Director reports to the Associate Dean once a year. During these annual evaluations the study programme is evaluated (on the basis of evaluations by the students), problems are addressed and suggestions are made to improve the programme. In most TiasNimbas programmes the Academic Director is assisted by a team of senior lecturers, each of whom is responsible for coordinating the contents of one or more modules of study programmes. Apart from the Academic Director and, in some cases senior lecturers, the lectures are delivered by lecturers from universities and businesses from at home and abroad. They are chosen for their expertise in their academic field and because they are in touch with day-to-day practice Each degree programme has a Programme Manager who is the central contact person for students and lecturers. The Programme Manager is solely responsible for the administrative and the logistic route of the study programme. This route stretches from the first contact with the prospective participant up to and including his or her finalizing the course (as well as feedback). The department of Recruitment draws up the schedules, collects and distributes study material, collects papers, the evaluations of the study programme, lists of marks, organizes the examinations and interim examinations, graduation. The Programme Manager reports to the Director and the Academic Director of the degree programme. 10/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

11 The programmes of TiasNimbas did not have a programme committee in the past. The process was embedded in the structure and design of the programmes; by making the Academic Dean approachable there were several moments of feedback by students. TiasNimbas has decided to formalise this process by calling a programme committee into existence. This committee consists of teachers (50%) and students (50%). The programme committee of Master in Finance and Master of Business Valuation was founded in autumn Part time programmes Master in Finance and Business Valuation Both part time programmes, with 60 EC, offer lectures on a monthly basis for some three consecutive days. Students of these programmes must have at least academic bachelor s qualifications for the programmes to build upon, either through their previous education or through their work experience. Applicants are permitted once they pass the intake procedures. Working experience of some five years in a relevant working environment is considered to make up the difference in approach between HBO and academic university. This is monitored during the intake procedures. The content of these programmes is written up in the programmes profiles: - The Executive Master in Finance (MiF) is a programme in finance, accounting, strategy and economics. Students learn to build bridges between the fundamental theoretical framework and their own daily practice. Fundamental courses cover key concepts of finance; these courses include Quantitative Tools for Financial Management, Principles of Business Valuation, Fiscal and Business Law, Financial Reporting and Analysis and Strategy and Leadership. These core courses are combined with advanced courses in financial management, such as Mergers, Acquisitions and Corporate Restructuring, Risk and Investment Management, Entrepreneurial Finance and Advanced Corporate Finance. - The Executive Master of Business Valuation (MoBV) addresses both the theoretical and practical approach to business valuation. It covers global trends and industry strategies on business valuation and offers a perspective on financial management, legal and fiscal aspects. The courses link financial theories to practical models of valuation. The programme provides valuation tools for various constituents, including shareholders, creditors and managers, and a framework for valuing different types of firms. Students will gain an understanding of how general valuation theory and methodologies are applied in several business valuation situations. Upon completion of the programme, students understand the factors that determine the value of any business. A valuation professional should be able to demonstrate knowledge and competence in valuing business enterprises. Competence is achieved both through education and work experience. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 11/59

12 Some basic information: Since Number of graduates Number of students at TN, several cohorts MiF 1986/renewed in Cohort 2006: 11 Cohort 2007: 24 (1 dealyed) Cohort 2008: 33 (2 delayed, 2 did not graduate) MoBV 2007 Cohort 2007: 14 Cohort 2008: 11 (1 delayed, 1 did not graduate) 2006: : : : : : : 34 Incoming students 2006: : : : : : : Generic audit method - degree programme audit Generic audit Within the framework of the audit or assessment of the programmes at TiasNimbas Business School that are to be accredited, a so-called generic degree programme audit was undertaken on 7 April Through this generic audit the topics staff, facilities, quality assurance and conditions for continuity were assessed. The generic audit was performed by two NQA auditors: E.V. Schalkwijk, PhD. and Drs. L.S. van der Veen. Programme audit The audit of the degree programmes that this report deals with followed the procedures set down in the assessment protocol of NQA as described below. The audit panel considered the Self-Evaluation Report and the Appendices that had been submitted for evaluation a solid basis for the audit. The audit took into account the domain-specific frame of reference applicable to the study programme (Aspect 1.1). NQA distinguishes three audit phases: a preparatory phase, a site visit and a reporting phase. A brief elaboration by phase is given below. Preparatory Phase The NQA auditor first screened the Self-Evaluation Report for quality and comprehensiveness and determined its usefulness for the audit. In November 2009, when the Self-Evaluation Report and the Appendices had been found satisfactory, the panel members started preparing for the site visit that was to be held on December They read the Self-Evaluation Report, the Appendices and ten sets of papers for each of the programmes. In the week before the site visit, the panel had a preparatory meeting in which the main topics for review and the agenda for the site visit were drawn up. In its Self-Evaluation Report, the institution had indicated what domain-specific frame of reference they had chosen. Together the field experts on the audit panel and the NQA auditor established whether the specific aims and objectives for the field of study were adequate, or whether detailed supplementation or specification was needed (cf. Aspect 1.1). 12/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

13 Site Visit The NQA protocol prescribes a standard timetable for an audit site visit. This timetable was adjusted to suit the specific situation at the institution (Appendix 3). Separate interviews were held with the Management Team, teachers and students. A joint interview was held with recent graduates and representatives of the professional and academic field. At the beginning of the site visit and later in the day, time was allocated to study the documents requested for scrutiny and for panel discussions on its findings. The panel members substantiated their findings in writing. At the end of the site visit, during the final interview with the Management Team, the chair gave some feedback on the findings of the panel without yielding an explicit final conclusion. Reporting Phase Based on the findings of the panel NQA drafted a two-part report consisting of an Aspects Report and a Topics Report. With this report in hand, an institution applies for accreditation with the NVAO. In the Aspects Report NQA reports on the level of the aspects. In the Topics Report NQA states its conclusions on the Topics and the study. The institution received a draft report in January 2010 and checked it for factual errors. The audit report was finally presented to the institution in February The institution could submit it to the NVAO together with an application for accreditation. 4. Process to Final Assessment In this Chapter, a conclusion is formulated on each topic by weighing the aspects of that topic. The Decision-Making Rules set by NQA in the review protocol [Beoordelingsprotocol] and elaborated on in the NQA memorandum Guidelines for the Formation of Assessment [Handreiking voor oordeelsvorming], had a major role in this decision-making process. Moreover, any special emphasis the institution might have placed on the programme, the domain-specific framework and a comparison with other relevant study programmes on a number of aspects, were taken into account in the assessment. The conclusion is supplemented in case of weighing of assessments at aspect level; benchmarking; generic findings that surpass the aspect level; a special emphasis or best practices. In the conclusion on the separate topics, the assessment of the aspects is repeated, followed by a weighing that leads to the conclusion. Extensive substantiation is to be found in the Aspects Report. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 13/59

14 5. Conclusions by Topic Topic/Aspect MiF BV 1. Aims and Objectives of the Programme Aspect 1.1 Domain-specific requirements satisfactory satisfactory Aspect 1.2 Master s level satisfactory satisfactory Aspect 1.3 Orientation University of Professional Education (HBO ) satisfactory satisfactory Overall conclusion positive 2. Programme Contents and Structure Aspect, 2.1 HBO requirements satisfactory satisfactory Aspect, 2.2 Relationship between the aims and objectives satisfactory satisfactory Aspect, 2.3 Coherence of Programme satisfactory satisfactory Aspect, 2.4 Study Load satisfactory satisfactory Aspect, 2.5 Intake satisfactory satisfactory Aspect, 2.6 Duration complied complied Overall conclusion positive 3. Deployment of Staff Aspect 3.1 Requirements Academic Orientation satisfactory satisfactory Aspect 3.2 Quantity of staff satisfactory satisfactory Aspect 3.3 Quality of staff satisfactory satisfactory Overall conclusion positive 4. Facilities Aspect 4.1 Material Facilities satisfactory satisfactory Aspect 4.2 Student support and guidance satisfactory satisfactory Overall conclusion positive 5. Quality care Aspect 5.1 Systematic approach satisfactory satisfactory Aspect 5.2 Involving Staff, Students, Graduates and Professional Field satisfactory satisfactory Topic conclusion positive 6. Results Aspect 6.1 Level Achieved satisfactory satisfactory Aspect 6.2 Educational Success Rate satisfactory satisfactory Overall conclusion positive 14/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

15 6. Conclusions and Assessments at Aspect and Topic Level Topic 1, Aims and Objectives of the Programme As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 1 is positive. Topic 2, Programme Contents and Structure As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 2 is positive. Topic 3, Deployment of Staff As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 3 is positive. Topic 4, Facilities As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 4 is positive. Topic 5, Internal Quality Assurance As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 5 is positive. Topic 6: Conditions for continuity As the panel found all Aspects merit the assessment satisfactory, the concluding assessment for Topic 6 is positive. 7. Overall conclusion The summary of assessments in Section 5 and in the table on page 14 present the findings elaborated in the Aspects Report. This results in a positive overall conclusion. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 15/59

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19 Topic 1 Aims and objectives of the degree course Aspect 1.1 Domain specific requirements satisfactory Criterion: - The final qualifications of the degree course correspond to the requirements set for a degree course in the relevant domain (field of study/discipline and/or professional practice) by colleagues in the Netherlands and abroad, and the professional practice. The assessment is based on the following arguments: Both the Executive Master in Finance (MiF) and the Executive Master of Business Valuation (MoBV) programmes have been designed as follow-up programmes for academic bachelor s or master s degree programmes in finance and related disciplines, e.g. Law. Both programmes aim to provide the students with theoretical understanding of financial concepts and with the ability and skills to apply these in practice. Based on this, learning outcomes and qualifications have been determined (cf Appendix), a number of them separately for each programme and a number jointly applicable to both programmes. These learning outcomes and qualifications were determined on the basis of: - Knowledge exchange between lecturers, but especially between fellowresearchers, both on a national and international level, both within TiasNimbas and its partners and with academics from other institutions, such as BI (Oslo), Vlerick (Be), INSEAD (PARIS). - Knowledge needs from the financial industry; the Advisory Board (see below) as well as the industry contacts. The External Advisory Board for the programmes periodically reviews the aims of both programmes (cf 1.3). The panel finds that the aims of both programmes are appropriate in view of the developments in their respective sectors in the financial world and that these aims are adequately monitored. Therefore the panel assesses both programmes as satisfactory in this Aspect. Specifically MiF: The area of Finance that the MiF aims at, deals with the financial decisions corporations make and the tools and analysis used to make these decisions. This area is also referred to as Corporate Finance, the primary goal of which is to maximize the value of the corporation and managing the firm's financial risks. The main concepts are applicable to general financial issues. Finance is considered as a scientific area in its own, related to econometrics, statistics, accounting, monetary economics and strategy. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 19/59

20 The competences in this discipline aim at long-term and short-term decisions and techniques: - Long-term decisions would concern e.g. capital investment decisions (equity, debt or hybrid financing, payment of dividends), mergers & acquisitions and divestitures, risk-management (interest rate risk, currency risk, commodity price risk e.g.). - Short-term decisions can be grouped under the heading Working capital management, dealing with e.g. short-term balance current assets and short-term liabilities. The focus here is on managing cash, inventories, and short-term borrowing and lending (such as the terms on credit extended to customers). TiasNimbas defines the Master in Finance programme offered by London Business School as an international benchmark and therefore used this programme as an example when designing its own MiF-programme. TiasNimbas defines the difference between the two programmes as a difference in focus, since at TiasNimbas the focus is mainly on financial management e.g. Strategic Management and International Economics-, whereas the LBS-programme offers a number of electives with a broader focus. Specifically MoBV: MoBV deals with methods and procedures to estimate the economic value of a project or a business. This discipline is closely related to the area Finance, specializing in the valuation part with less focus on the management of value. Business Valuation is also a profession; therefore MoBV also focuses on professionalization, with elements like ethics in professional Business Valuation and skills in writing Valuation Reports. The long-term and short-term decisions described in the domain of the Master in Finance also apply to the Master of Business Valuation, with the emphasis always on the value-part and less on the management part. In addition, in the domain of Business Valuation the distinction between small and larger companies is of more importance, often related to being (non)-listed. On a national level, TiasNimbas defines the Business Valuation programme offered by Rotterdam School of Management (RSM) as the relevant benchmark programme for TiasNimbas MoBV. However, TiasNimbas positions this RSM-programme at the postbachelor s level (as defined by the enty criteria of this programme) and TiasNimbas therefore sees this programme as less intensive and positioned at a lower level than its own programme in the academic arena. Another difference is that the programme at TiasNimbas is mainly taught by lecturers from Tilburg University (except for the practice courses) with a strong academic background, teaching programme content based on academic evidence whereas the programme at RSM is mainly taught by part-time lecturers (i.e. practitioners) with more emphasis on best practices rather than academic rigour. A second benchmark on a national level is the Executive Master of Business Valuation offered by University of Groningen. The difference between these two degree programmes is fundamental as the TiasNimbas programme builds on the various academic disciplines (e.g. Finance, Fiscal law and Business law areas) that are relevant for business valuation whereas the Groningen-programme takes deal processes in mergers & acquisitions as a basis. 20/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

21 Aspect 1.2 Master s degree level satisfactory Criterion: - The final qualifications of the degree course correspond to general, internationally accepted descriptions of the qualifications of a Master. The assessment is based on the following arguments: An elaboration of the match between the programmes objectives and the five Dublin Descriptors was presented to the panel in the self evaluation report. The panel finds that TiasNimbas has made sufficiently clear in this overview that the level as defined by the learning outcomes meets the standards of internationally accepted description of the qualifications of an academic Master as outlined in the five Dublin Descriptors. Both programmes merit the assessment satisfactory for this Aspect. For two of these standards this is substantiated below. Knowledge and understanding: The entry requirements ensure that students in these programmes have at least academic bachelor s qualifications for the programmes to build upon, through their previous education and through their work experience. In both programmes, students will become familiar with an up-to-date set of tasks and responsibilities of a financial manager such as the valuation of firms and investment projects, the determination of a firm s cost of capital, strategic decisions concerning mergers and acquisitions, and raising debt and/or equity. Knowledge of regulations concerning financial reporting and corporate governance is also dealt with. This is recognised in learning outcomes 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 14, 15, 16, 17, 18, 19, 22, 23, 24, 26, 27, 28, 29, 30 and 31 (cf Appendix 5). Specifically for MiF: Students of the MiF- programme will become familiar with risk management. The basic skills for a risk manager are dealt with, such as measuring and managing risks and understanding financial instruments - both for firms and financial institutions. In this respect it is important to provide students sufficient insight in recent developments in risk management and the use of all kinds of derivatives. Also, related to this students will obtain an understanding of the international macroeconomic environment that drives exchange rates in interest rates. Specifically for MoBV: Students of the MoBV-programme will become familiar with the valuation of non-listed companies. They will get an understanding of the effects of being non-listed on the discount rate. In addition, students will learn the specific Dutch fiscal and business law issues related to business valuation and they will learn the ethics of being a professional business valuator. NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 21/59

22 Applying knowledge and understanding: In the course of the programmes, students are enabled to apply their newly acquired knowledge and demonstrate how they can apply this new knowledge by means of real-life case studies (such as commonly used at Harvard Business School and INSEAD for example), Excel applications and simulations, and cases derived from their own organization. Real-life case studies are used in all courses. In addition, the application of acquired knowledge in an Excel environment is important in the course Principle of Business Valuation (building valuation models), Risk Management & Investments (building portfolio models e.g.) and Advanced Corporate Finance (for real option valuations and simulations). Specifically for MiF: In the final course of this programme, Strategic Financial Management, only real-life cases studies are solved. Students are expected to apply all aspects of the programme in the cases at hand in an integrated manner. Specifically for MoBV: Students have to apply their knowledge in writing a Business Valuation Report. Such a report is the key deliverable in the profession of business valuation and all aspects of the programme are integrated in this report. Applying knowledge and understanding can be found in learning outcomes 1, 2, 3, 4, 5, 9, 11, 12, 14, 17, 18, 19, 20, 21, 24, 25, 26, 31 and 32. Aspect 1.3 Academic orientation satisfactory Criteria: - The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field; - An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. The assessment is based on the following arguments: As written up above (cf 1.1), the panel finds that the aims of both programmes comply with aims of other academic degree programmes in these two areas within the Economic discipline; both programmes satisfactorily incorporate the Dublin descriptors that relate to the Masters level (cf 1.2). The aims of both programmes were discussed on a yearly basis with the External Advisory Board. This Board consists of experts in both Finance and Business Valuation, from the academic world and from the professional field. From earlier minutes of their meetings and from the information by members of the Board whom 22/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

23 the panel interviewed, the panel found that this Board has recently taken up its activities after a break of some two years. Matters discussed between TiasNimbas and the Board are e.g. the validity of the programmes aims. The members of the Board stressed that in the discussions about the programmes aims input from academic developments in the respective disciplines as well as from the respective professions, is actively scrutinized. TiasNimbas made the decision to start the MoBV-programme as a separate degree programme rather than a specialization within MiF in close discussion with the Board. A representative of the Dutch Register of Business Valuators is on the Board. This organization does not formally validate the programme s aims; MoBV-graduats need to write an additional valuation report and pass an additional exam before they can register as Business Valuators. Differences between the Registers terms and the programmes aims are not fundamental however and generally all TiasNimbas applicants pass the test, as the representative from the Register stated. The panel concluded that the aims of both programmes adequately aim at the abilities to solve multidisciplinary and interdisciplinary questions and that both programmes aim at a master s qualification with an academic orientation. MiF: The objectives of the MiF-programme aim at providing students with an understanding of relevant and recent topics in financial management. The majority of the students are employed by industrial, commercial and consultancy firms, with a slight emphasis on financial institutions. The programme aims to help students to apply and understand the theoretical concepts of corporate finance such as valuations of investment projects, cost-of-capital, financial architecture of the firm (capital structure) and derivative securities. A thorough understanding of international disclosure requirements, corporate governance mechanisms and regulations is essential knowledge, necessary for both their current and future positions. The programme hands students these aspects. In their daily work, most students deal with practical financial and economic problems. One of the competences they obtain in their studies is to be able to translate such issues into clearly specified research questions that can be analyzed, solved and presented in a scientific way. Therefore, the objectives of MiF include competences such as being able to apply and understand scientific literature in financial management, solve problems and being able to read, write and present reports. MoBV: The objectives in the MoBV-programme aim at making students understand relevant and recent topics on valuation from a financial point of view, including legal and fiscal perspectives. Most students work in accounting and consultancy firms; most specialize in valuation or in M&A transactions. Therefore, students must be able to apply and understand theoretical concepts of corporate finance, such as valuations of investment projects, cost of capital, and capital structure of the firm (similar to the MiFprogramme). In addition, they need to have a thorough understanding of fiscal issues and be able to recognize and apply these in real life valuation problems. Similarly, NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 23/59

24 students need a good understanding of business law, in particular in relation to transactions. In their daily work, students (may) deal with (complex) valuation problems. They have to be able to recognize the relevant financial issues as well as fiscal and legal issues, and translate the problem into a clearly specified research question that can be analyzed, solved and presented in a scientific way. Therefore, the MoBV-objectives include competences like being able to apply and understand scientific literature in financial management, solve problems, and being able to read, write and present reports. Topic 2 Programme Aspect 2.1 Requirements for academic orientation satisfactory Criteria: - Students develop their knowledge through the interaction between education and research within the relevant disciplines; - The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories; - The programme ensures the development of competences in the field of research; - Where appropriate, the curriculum has verifiable links with the current relevant professional practice. The assessment is based on the following arguments: The panel has studied the reading lists (both lists: required and recommended literature) and found that these are up to standard from a theoretical and a practical point of view for both programmes. The panel agrees that the reading lists support the aims of the programmes to develop knowledge in an academic orientation as well as in a practical, work oriented sense. The panel considers that through this reading material students are in contact with recent developments in academic research in the fields of finance and business valuation and their applications in practice. Students can access the online and offline resources of the library of Tilburg University. The panel found that teaching staff have experience in international contexts, have an academic background and contribute to the academic development of their field by publishing in internationally known journals (cf Topic 3). Lecturers are central in bringing up-to-date thinking about theories and models into the classroom. In a number of cases they use their own research and published materials when teaching their modules and thus create a link between current scientific theories and teaching. Academic practice and professional relevance are equally important in the curricula. Besides their academic background and academic activities, teachers are selected by their experience in executive education in the field of finance or business valuation. 24/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

25 The link with work practice is guaranteed in the curricula by the experience of teaching staff, supported by the work experiences of the students. Guest lecturers from the professional field add to the application of theory and practice. Guest lecturers are mostly hands-on experts in their (sub)fields of finance or business valuation. The connection between the academic knowledge and the professional field is clear in the curricula. Theory and practice are offered simultaneously in the modules; the integration through guest lecturers, cases and debate within the group of students about their experiences in practice support the link between academic content and the professional field. In the tasks that students work on in their assignments and papers and the valuation report the focus is on the integration of theory and practice. The group of students is generally heterogeneous: students are demographically different, work in different types of companies and in different positions (cf 2.5). This enables debate in which various viewpoints and experiences can be shared. The Advisory Board shares experiences from the work field with the Academic Director and brings up possible improvements to the programme. The Board also advises on the professional relevance of the programmes. In view of these supportive findings, the panel assesses both programmes as satisfactory. Aspect 2.2 Relationship between aims and objectives and contents of the study programme satisfactory Criteria: - The course contents adequately reflect the final qualifications, both with respect to level and orientation, and with respect to domain-specific requirements; - The final qualifications have been translated adequately into learning targets for the programme or its components; - The contents of the programme offer students the opportunity to obtain the final qualifications that have been formulated. The assessment is based on the following arguments: The panel studied an overview of the curricula for both programmes and a description of all courses and is satisfied that the aims of the programmes are adequately addressed in these curricula. The panel could judge how the learning targets for each of the modules match with the aims of the degree programmes. The programme management also supplied information as to where each of the five Dublin Descriptors were evident in the learning targets for each module. The panel is convinced that the curricula are adequately designed to serve their purpose as described in 1.1 and as defined by the programmes aims (cf appendix 5). The curricula share the initial four modules. In these four fundamental modules students will become acquainted with and learn how to apply the latest scientific thinking in the fields that are covered by the courses. These courses are Quantitative NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 25/59

26 tools for financial management; Principles of business valuation; Fiscal and business law / Corporate governance; Financial reporting and analysis (cf the table below). Overview modules Master in Finance and Master of Business Valuation Master in Finance Master of Business Valuation Module 1 Quantitative tools for financial management Module 2 Principles of business valuation Module 3 Fiscal and business law / Corporate governance Module 4 Financial reporting and analysis Module 5 Strategy and leadership Mergers, acquisitions and corporate restructuring Module 6 Mergers, acquisitions and corporate Advanced corporate finance restructuring Module 7 International finance and economics Entrepreneurial finance Module 8 Advanced corporate finance Valuation practice course I Module 9 Risk and investment management Valuation practice course II Module 10 Entrepreneurial finance Valuation practice course III Module 11 Strategic financial management Valuation report Specifically MiF: The second part of the MiF-curriculum consists of seven advanced modules in which a number of fundamental concepts, theories and ways of thinking are presented. Through case studies these concepts are applied to the practice of the financial world. Project-based learning enables students to rapidly recognise the problems and issues of their daily work. The assignments are designed to also provide the students with the tools needed to analyse these issues and to identify and optimize solutions. In the final module, Strategic Financial Management, the relations between the concepts presented in both the fundamental and advanced modules are dealt with in seven integrated case studies. The combination of frontiers of knowledge and projectbased learning is designed so that upon completion of the curriculum, students can recognise how their daily financial issues can be addressed through a conceptual framework, on the basis of which optimal solutions can be worked out. Specifically MoBV: The first part of the MoBV-curriculum consists of the four fundamental modules mentioned above. The second part consists of three advanced modules dealing with m&a, corporate finance and entrepreneurial finance. The programme also continues with a practice-oriented module that is made up of three valuation courses (cf table above). There is one written assignment and one sit-in class exam for fiscal law. The curriculum ends with a business valuation report. Instruction: The programmes enhance academic and intellectual growth by stimulating students self-motivation to study, through exercises (case studies, break-out sessions), writing papers on each fundamental and advanced module and in the case of MoBV finally through writing a valuation report. Furthermore there are debates among students and between teachers and students, aimed to enhance exchange of knowledge. 26/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV

27 The interaction between theory and practice is promoted through a mixture of didactical methods such as debate classes or tutorials, group reviews of exercises and (guest)lectures. With this didactical approach TiasNimbas aims at enhancing cross-pollination and stimulation by group interaction between professionals with different backgrounds. The available knowledge and skills within the group of students are expected to contribute to the depth of the programme; informal contacts between students and with lecturers are meant to lead to improvement of personal skills and competences. The panel discussed this with the students and alumni during the site visit and found that all concerned do indeed experience that the diversity in each cohort serves as an extra impulse for their studies as well as after graduation through the contacts between alumni. Students have access to the TiasNimbas Virtual Campus, the digital learning environment in which all relevant information of the programme is available. Students can hand in their papers via this Virtual Campus and they can download module information. Students stated in the interview during the site visit that the Virtual Campus facilitates communication. Assessments The assessment of the programmes is written up in the Examination Regulation. The panel discussed the validity of the assessments, as they found that teaching staff set their own assignments and assess them theirselves; criteria and norms in assessing and grading papers/assignments are generally defined by each teacher for their own modules. There is no Examination Board, but the panel found that the Academic Director oversees the assessments. Although the panel became convinced that in daily practice the teachers do indeed discuss their assignments and their approach to assessment amongst themselves, the panel found no evidence of regulations that assessments are to be monitored by colleague-teachers. In the interviews with the programme management, this matter was thoroughly discussed during the site visit. As a result of these discussions the panel is satisfied that the Academic Director is fully aware of how each teacher assesses the assignments and that he intervenes should validity and reliability of assessments be compromised. Students write an assignment for each module. The panel studied a number of these papers and found that these papers involve the content of the module, the literature, debates (academic wise) and personal reflections. The panel is satisfied as to the achieved level and the orientation shown in the work at the end of both programmes. The panel finds the level of the work consistent with a master s degree (subjects, problem definition, use of theory, problem solving methods, applicability, use of literature) and finds specifically that e.g. grasp of theory and critical approach comply with what must be expected at the end of an academic master s degree programme. All assignments and exams show a combination of theory and practice. All papers and sit-in exams (see below) are individual. All assignments need to be passed. A retake is necessary when a student has a grade below 5,0. An appeals procedure is laid down in the exam regulations. Besides necessarily completing all assignments and exams with a pass grade, students are NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV 27/59

28 expected to attend all classes. Absence is allowed for a maximum of two day parts as an exception, only with permission of the Academic Director. Students stated that absence from classes is indeed virtually non-existent. TiasNimbas requires lecturers to formalize the feedback on assignments after assessments, choosing one or more from the following methods: - Provide a standard solution to the assignment, if applicable; - Provide individual, written feedback to the assignment; - Have a one-hour feedback session in the next course in order to provide feedback on the main mistakes and lessons learned ; - Have an office hour where students can have individual feedback. In scrutinizing the Exam Regulations (OER, in Dutch), the panel found that assessments differ for the programmes: - For the MiF-programme, assessment has two components: 1) ten papers/assignments and 2) one sit-in exam. - For the MoBV-programmes assessment has three components: 1) eight papers, 2) one sit-in exam and 3) the final test through the Valuation Report. MiF: Final module and assessment The final module in the MiF-curriculum is the integrative module on Strategic Financial Management, which integrates the previous modules and introduces no new theories. The module ends with a sit-in exam which consists of a case on which students need to write an assignment/paper. The panel is satisfied that the validity and reliability of the assessments of the set of final papers in the MiF-curriculum are adequately monitored by the Academic Director, although there was no evidence of written up criteria and norms. Furthermore, the panel did not see any proof of weighing of the grades per paper although the grades of these eleven papers resulted in one overall (final) grade per student. This will be addressed, as the programme management stated. The panel accepts this, as it saw a draft for a revised format for assessment. MoBV: Final assessment and the Business Valuation Report The final phase of the MoBV curriculum consists of executing a business valuation and reporting about this valuation; three practice courses prior to this business valuation prepare students for this final valuation. In their Business Valuation Report students must demonstrate that they are able to apply the knowledge from the practice courses to real life situations. Based on the project mentors assessment of the Report a student will be invited to undertake an oral exam in which he will defend his Report. The examination will test the ability to work as an independent valuator. During the defence, a student can demonstrate his knowledge and clarify any issues raised by the examination committee. The examiners will thoroughly examine the valuation issues and the legal and fiscal section of the valuation report. The students must show not only that they have a good command of the business and economic issues that are discussed, but also that they have sufficient legal insight. 28/59 NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV