Master of Finance (M.Sc.)

Transcription

1 Master of Finance (M.Sc.) Academic Programmes Professional Programmes Seminars Executive Education Corporate Programmes & Services Research International Advisory

2 Contents 3 Introduction 4 Master of Finance (M.Sc.) 5 Learning outcomes 6 Programme structure 8 Concentration in Capital Markets 10 Concentration in Corporate Finance 12 Concentration in Development Finance 14 Concentration in Accounting & Taxation 16 Studying in Frankfurt 17 Germany land of ideas 18 We shape business 19 Five good reasons 20 Internationality 21 Services offered by Frankfurt School 22 Organisation & investment 23 Contacts

3 Four ways, one Master master the challenge of finance! The Master of Finance is an internationally recognised study programme that paves the way for a future career in any part of the financial industry. The programme covers the full spectrum of today s financial sector and offers you a choice of four attractive concentrations the subjects you will major in. This way you can align your specialist field with your abilities, preferences and career goals and will be equipped with the skill sets you will need to take on responsible roles in the business or scientific community. Along with the specialist courses that make up your concentration, you also have the option of taking elective courses as you compile your personal expert profile. As a result of the way in which this programme is structured, you will obtain maximum insight into the various facets of the financial sector in line with what interests you most. The teaching staff on your programme are prominent experts who base their teaching on a blend of theory and practical elements. During your studies you will benefit from innovative teaching concepts and by working in study groups you will discover what managerial responsibilities in everyday work are all about. We deliberately set the bar high, but at Frankfurt School you learn to comply with high standards. You will study alongside other very ambitious students, who also see their future in the financial sector and other demanding areas of business. The Master of Finance is a full-time programme that is offered in a carefully scheduled format that allows our students to maintain part-time employment for three working days each week, in parallel to their studies at Frankfurt School. With a Master of Finance degree you will rank among the preferred candidates for employers in Germany and abroad. One key reason for this is the excellent standard of your education. The many connections that the Frankfurt School maintains with companies, and guest lectures by financial executives all serve to boost your integration into the practical side of business. Our extensive alumni network will also provide you with valuable contacts that can prove very useful in your professional life. On the following pages you will find out more about our Master of Finance degree and see for yourself what your ideal programme of studies could look like. Frankfurt School of Finance and Management offers you a wide array of programmes to develop and enhance your professional and leadership skills. Earn a Master of Finance degree and expand your career horizons. We look forward to welcoming you! Professor Dr. Udo Steffens President and CEO Frankfurt School of Finance & Management INTRODUCTION 3

4 Master of Finance (M.Sc.) As recent developments clearly demonstrate, if you wish to excel in today s challenging business environment, sound specialist knowledge must be supplemented by the ability to think long-term and take a broader view. Financial institutions of all types banks, insurers, private equity firms, hedge funds, micro-finance and development banks, etc. will only achieve sustained success if their employees are capable of embracing the complex interdependencies of the modern world in a responsible and proactive way. The programme runs for four semesters with a total of 120 ECTS points. All students participate in a common core which lays the general building blocks en route to mastering the craft of finance. Regardless of where you see yourself in future as a stockbroker or investment banker, a private asset manager or an auditor, a microfinance banker or financial advisor to an NGO these core courses provide you with the basic toolkit you will need to succeed in your professional endeavours. You will then specialise in one of four concentrations : Capital Markets, Corporate Finance, Accounting, and Development Finance. In addition, there is a wide range of elective modules which enable you to look beyond your chosen specialism. Optionally, during Semester 4 our students may study abroad with one of our international partner universities. The Three Day Model Teaching in the Master of Finance is organised within a unique time model that permits you to maintain part-time employment whilst pursuing your full-time Master s degree. We call this the three day model. Our students typically attend classes on three dedicated study days each week, namely either Monday, Tuesday and Saturday or Thursday, Friday and Saturday. This leaves you with three free working days each week during which you may pursue independent study at home or part-time employment in the financial sector. Taking Modules early Students with no outside work commitments may take two taught courses early and thereby reduce their presence in Frankfurt to 16 months: from early September in the start year to late December in the following year. In this option, you take 5 modules in semester 1, 6 modules each in Semesters 2 and 3 and then write your Master thesis in Semester 4. There is no need to be physically present in Frankfurt when writing your thesis. If you wish to distribute your classes more evenly over the entire week, you can opt out of the 3-day model and choose our full-week option. 4 Master of Finance (M.Sc.)

5 Learning outcomes The Master of Finance seeks to equip graduates with the knowledge, skills and competences needed to pursue successful careers mainly in the international finance community. Graduates will be able to take expert and management positions in the fields of capital markets, corporate finance, development finance and accounting. What you can expect Knowledge Master of Finance graduates have accumulated a profound knowledge of the key theoretical concepts and analytical mechanisms underpinning the different areas of finance. Competences Graduates exercise sound judgement based on key economic, financial and management principles, proper analysis and qualitative judgement. Skills Graduates apply financial and management know-how to unexpected situations in a coherent manner. They provide sustainable solutions to comple problems in a new environment. Overall, the Master of Finance aims at a combination of solid quantitative analysis and research with reflection and management skills, flanked by theoretical knowledge. Thus, the Master of Finance combines subject-specific and generic learning outcomes and focuses on employability and empowerment. Our expectations The success of your career in today s financial sector will depend not only on your expert knowledge and skills but also on your personality. To come through the Master s programme with flying colours you will need to be a team player and enjoy exploring the limits of your abilities. You will also need to be willing to acquire cross-cultural skills and to be open to the views and approaches of students of other nationalities in international teams. Target Group The programme is right for you if you wish to build a career in finance and if you have the desire and the commitment to immerse yourself in the challenging world of modern financial analysis and practice. There are no specific requirements as to the subject of your first degree, though we do expect some exposure to quantitative analysis at university level. LEARNING OUTCOMES 5

6 Programme structure Semester 1 Compulsory Courses Principles of Finance Principles of Accounting 30 ECTS Principles of Economics Principles of Management Leadership & Intercultural Management Corporate Finance Semester 2 30 ECTS Concentration in Capital Markets Derivatives Structured Products & Interest Rate Models Concentration in Corporate Finance Derivatives Financial Markets & Institutions Semester 3 Concentration in Capital Markets Credit Risk Default Models and Credit Derivatives Financial Engineering Asset Management Compulsory Corporate & Business Ethics Concentration in Corporate Finance Debt Capital Markets Equity Capital Markets International Financial Management Possible Electives (choose 1) * Arbitrage Theory Enterprise, Development & Regulation 30 ECTS Asset Management Financial Statement Analysis & Security Valuation Semester 4 30 ECTS Possible Electives (choose 2) * Market Estimation & Forecasting Mergers & Acquisitions Compulsory Master Thesis (18 ECTS) Financial Stability SME & Housing, Renewable Energy and Infrastructure Finance Total 120 ECTS 6 PROGRAMME STRUCTURE

7 Statistics for Business & Finance Risk Management Concentration in Accounting Intermediate Financial Accounting Advanced Management Accounting Concentration in Development Finance Finance & Growth Financial Development Concentration in Accounting Advanced Management Accounting International Taxation Seminar in current Accounting Research Concentration in Development Finance Microfinance Project Management Internship Private Wealth Management Advanced Risk Modelling Supervisory Risk Assessment Financial Econometrics Corporate Valuation Private Equity Public Economics Study Abroad Option In Semester 4 you have the option to study with one of our international partner universities and use the credits from your study abroad to replace the taught courses from Semester 4. All taught modules carry 6 ECTS credits each. The thesis carries 18 ECTS credits. * Subject to change PROGRAMME STRUCTURE 7

8 Concentration in Capital Markets In the course of the global financial crisis, investment banking has become an even more challenging field of work. Those hoping to specialise in this demanding industry must be prepared to satisfy some onerous expectations. If you are seeking to pursue a career in investment banking, you need more than a broad range of outstanding professional skills you also need to be an exceptional team player. If you are equal to such demands, you will find a host of business opportunities opening up before you. The concentration in Capital Markets was specifically formulated in response to the conditions that characterise today s investment banking sector. You are given a thorough grounding in the exacting mathematical methods and tools that are essential for a successful investment banking career. This programme is ideal for all those who wish to work for investment banks and other financial institutions. It is also aimed at students who wish to pursue a PhD upon completion of the Master s programme. It prepares you for a career path in an investment banking department in one of the following areas: trade risk management asset management derivatives Your main tasks as an investment banking specialist will be to manage assets, create and evaluate financial products, and to evaluate and manage risks. You may also move into roles in corporate finance and corporate strategy. Capital Markets is challenging, because you create financial products and trade them; requires global thinking and involves a great deal of travel; is demanding, because it takes foresight and sharp analytical skills to succeed in the long term. The curriculum at Frankfurt School is very broad and rigorous in that it challenges everyone in different ways. For me personally, the concentration in Capital Markets has allowed me to pursue all the things I knew I would enjoy and has given me the opportunity to explore new areas within finance. Frankfurt School has without a doubt encouraged me to attempt things I would have never before considered; be it on a professional or personal level. This is what an outstanding education is all about! Thomas Hallinger, AXA Private Equity Class of CAPITAL MARKETS

9 Specialisation modules Derivatives You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyze and calculate hedges and how to implement these with Excel. Credit Risk Default Models & Credit Derivates The management of credit risk is an essential part of this course. To be familiar with the credit value at risk and the industry models, like Credit Risk+, are only some of the important learning results. You will be able to apply credit derivatives, discuss mark-to-market CDS pricing and the CDS curve. Asset Management The course introduces the practice of portfolio management. Asset allocation, portfolio insurance, shortfall risk and performance measurement and attribution form the essentials of this course, with a strong emphasis on practical application. Financial Engineering Financial engineering takes application one step further. Under tight time constraints, students use their knowledge from the capital market concentration to prepare and present case studies. Working in an international project group, you gain hands-on experience in pricing, analyzing and selling financial products to clients. Structured Products & Interest Rate Models You learn about the motivation of structured interest rate products and about the role of swaps as a primary security in the world of interest rate derivatives. Understanding and analyzing the interest rate swaps and the swap curve and its history are critical for subsequent coursework and for using and evaluating complex interest products. CAPITAL MARKETS 9

10 Concentration in Corporate Finance Financial decisions inside corporations are becoming more complex and have an ever increasing impact on the financial sector. Our faculty, visiting professors and industry experts bring a broad background of academic expertise and hands-on experience to the classroom. The Corporate Finance concentration focuses on valuation techniques, financing, product design, hedging methods and financial intermediation. The program is designed to endow our students with a deep understanding of financial decision making, corporates interactions with financial markets and the regulatory environment. Our graduates will be highly qualified for leadership positions in corporations, in advisory or in banking. Specific career paths include: international corporations the advisory industry commercial or investment banking various national or international governmental institutions specialising in the area of finance. Concentration Highlights explicit focus on finance topics from a corporation s point of view; program designed by practitioners and academic experts; challenging courses that complement the CFA curriculum; both analytical and case-based teaching. Corporate Finance is an essential part of firms operations. Financial tools help corporations to decide which projects to pursue and which markets to tackle. Stable and low funding costs are an essential advantage in today s turbulent and competitive markets. Prof. Dr. Michael H. Grote Vice President Academic Affairs Finance Department Frankfurt School of Finance & Management 10 CORPORATE FINANCE

11 Specialisation modules Derivatives This module is shared with the Capital Markets concentration. You develop your understanding of the use of derivative products, gain a comprehensive theoretical understanding of forwards, options and other derivatives, learn to analyze and calculate hedges and how to implement these with Excel. Debt Capital Markets, Equity Capital Markets These two courses provide students with an in-depth understanding of the way in which corporations can finance their activities through the issuing of debt and equity. The courses look at the whole spectrum of instruments that are available, embedding practical insights into institutional and regulatory aspects within a broader analytical framework. Teaching in these courses makes extensive use of case studies. Financial Markets & Institutions The course prepares students to live with the ongoing volatility in the financial world and its regulatory framework. Students will gain knowledge of the sources of risk and return in domestic and foreign financial markets and institutions. The key focus of the course is to show why informational asymmetries between market participants make financial intermediaries necessary. International Financial Management This course equips students with the tools necessary to manage corporations in a global business environment. Topics: exchange rate fluctuations its sources, its implications, the risks to the enterprise; the global cost of capital and global capital budgeting; the international tax environment and transfer pricing. CORPORATE FINANCE 11

12 Concentration in Development Finance In many countries of the world, would-be entrepreneurs, farmers, businesses and even governments do not have access to formal financial infrastructure they are trapped in poverty behind the financial frontier. Development finance initiatives promote inclusive finance making finance work for all. These initiatives include capital market development, management of remittances, infrastructure finance, microfinance and energy and commodity finance. By choosing the Master of Finance with concentration in Development Finance, you lay the foundations for a successful career in international development work. Development organisations need people who combine Development finance, i.e. building financial systems that open up access to financial services for as many households and companies as possible, is growing in importance around the world whether by contributing to growth and employment in emerging and developing countries or as an alternative category of investments in industrialised nations. A concentration in Development Finance will expand graduates career horizons in an exciting and growing market. a firm theoretical grounding in finance, economics and development with a practical command of applied techniques and with hands-on personal experience in international development projects. The Development Finance strand in the Master of Finance is designed to let you acquire this unique mix of skills and competences. A special feature of this concentration is the mandatory internship in a development project. Due to the close links between Frankfurt School and various development organisations, our students are given access to much sought after internship positions in banks, NGOs, advisory firms and intergovenmental organisations. This programme is ideal for all those who wish to work for an international organisation (e.g. World Bank); an international development non-governmental organisation (e.g. GIZ); international development projects; commercial banks and financial institutions with an interest in sustainable finance; various government specialist positions in economics, finance and technical cooperation; or who wish to pursue a PhD upon completion of the Master s programme. Prof. Dr. Adalbert Winkler Head of Centre for Development Finance Frankfurt School of Finance & Management 12 Development Finance

13 Specialisation modules Finance & Growth This module lays the foundations for an understanding of economic and financial development. Topics include: portfolios of the poor, functions of money and finance, moral hazard and adverse selection, financial market infrastructure, models of growth, stylized facts of financial development, special applications e.g. finance for small and medium enterprises, financial crises. Financial Development In this module students are confronted with the key factors driving (and hindering) financial development. To this end, students are introduced to the history of financial development in mature economies, the main theories of financial intermediation and to the challenges of financial development in emerging market and developing economies today. Microfinance This module explores the theory and practice of microfinance. Various credit technologies that reduce information costs, such as group, relationship, individual and transactional lending, are investigated in detail. Governance and sustainability as well as funding and the role of donors will be analysed. Project Management Students are introduced to the fundamentals of project management and are given hands-on experience and coaching in the actual implementation of a project. Advanced topics include strategic market research in a project-management context. Internship All Development Finance students undergoe a 6-week project immersion worldwide. Projects are with NGOs, governments and intergovernmental organisations, advisory firms, and banks. Development Finance 13

14 Concentration in Accounting & Taxation Accounting is the language of business. Particularly when working in finance, command of this language is an essential competence. How is profit defined and measured? Where do I find the figures I need for valuation models in financial accounts? Do I have to adjust them? The accounting concentration in the Master of Finance provides finance practitioners in different fields with a firm and confident grasp of the accounting tools that are needed to make intelligent financial assessments of complex global companies. The curriculum is modern and international in outlook. The material is tailored to be relevant to corporate finance and valuation and provides access to difficult Being at Frankfurt School is an amazing experience. The school not only provides a superior education with small class sizes but also ensures that the programme content keeps pace with the latest market developments. Most of my concentration lectures, for instance, are held by partners or managers from the Big Four auditing firms, providing key insights into accounting & taxation themes, accompanied by challenging and interesting case-studies from everyday practice. Julia Mala, KPMG Class of 2011 hot topics in areas such as accounting for financial instruments or the assessment of credit decisions. All lectures, classes and key text books are in English, and general IFRS standards are used as the benchmark. Taking this concentration will prepare you for a career in auditing or controlling, but it also serves as a platform for other finance careers where good accounting knowledge makes the difference between mere guesswork and substantive fact-based analysis. Sample career paths based on the accounting concentration: the audit industry; consulting; security analysis; creidt analysis; advisory work in regulated industries. 14 Accounting & Taxation

15 Specialisation modules Intermediate Financial Accounting Students understand structure, details and inter-connections between balance sheet, income statement and cash flow statement based on IFRS. They are trained in corporate analysis based on IFRS accounts. They learn about the institutional settings and deepen their knowledge of IFRS rules. The cours helps bridging the theory-practice gap and clarifies the role of accounting research. Advanced Financial Accounting In recent years, accounting rules for financial instruments and institutions have moved toward fair value accounting. The course explores measurement and valuation rules for various financial instruments and looks at peculiarities for different kinds of financial institutions. It asks whether there are specific reporting demands for financial institutions and whether current accounting standards are capable of meeting these demands. Advanced Management Accounting Introduction into advanced techniques and methods of management and strategic accounting and other fields of management accounting with a focus on financial institutions. Topics include: Financial Performance Control; Strategic Management Accounting; Control in Financial Institutions. International Taxation The course provides a framework in which you can analyse the impact of taxes on decisionmaking, asset prices, returns and the financing and organization of firms. The main part then focuses on issues in international taxation and clarifies the role of tax treaties, the OECD model and recent developments on the European level. Seminar in current Accounting Research This module aims at discussing recent topics in current accounting research, based on reading original research papers. Topics include: value relevance, information processing on capital markets, earnings management and conservatism. In the first session, participants are required to build groups wo, in later sessions, present a paper to the overall class. ACCOUNTING & TAXATION 15

16 Frankfurt as financial centre: studying at the heart of Europe Frankfurt am Main is one of the world s leading financial centres, acting as host to a vast number of banks and other financial institutions. When you opt for a course of study at Frankfurt School of Finance & Management, you are also choosing to benefit from the immediate proximity of prestigious market players and their concentrated expertise. But your time at Frankfurt School will also be enriched by the cultural diversity and exceptional leisure facilities available in the city and surrounding region. Welcome to Frankfurt! Allow Frankfurt to inspire you, and your degree course will become a magical time full of new experiences. Frankfurt has plenty to offer visitors even if you are working at a job alongside your studies and can only visit the city for a limited number of days in the year. Frankfurt is one of Europe s liveliest cities, with a profusion of cultural activities to suit all tastes. Regardless of your preferred leisure pursuits museums, concerts, opera, cinema, theatre you ll find plenty of interesting events happening in Frankfurt, with something new to see, listen to, experience or appreciate every day. The Alte Oper (Old Opera House), the Städel Gallery and the Schirn Kunsthalle are all venues with global reputations, ready to inspire you with the latest music and art. On a practical note, this extracurricular activity can also have a positive influence on your future career: cultural awareness is increasingly regarded as a valuable attribute in senior managers. The city also has plenty of culinary delights on offer. The visitor cannot help but enjoy the swift-changing variety of Frankfurt s gastronomic offerings, while in nearby Rheingau and Rheinhessen, wine-lovers will appreciate the impressive number of wine growers with international cachet. But in particular, you must try Frankfurt s regional speciality, if only once and never again: while Äppelwoi is not to everybody s taste, it is very much a part of Frankfurt life. Everybody is always mobile in Frankfurt, thanks to a highly efficient overground and underground rail network. Frankfurt Hauptbahnhof, the main railway station, is one of the city s major transport hubs, with excellent connections to every part of Germany. And if you need to travel to other parts of Europe or further abroad, you ll find that Frankfurt Airport is the equal of any airport worldwide. 16 STUDYING IN FRANKFURT

17 Germany land of ideas Germany is widely acknowledged as the birthplace of the modern university education system. In the early 19th century, Wilhelm von Humboldt proposed that research and teaching should effectively represent two sides of the same coin an educational principle that has successfully established itself worldwide as the basis for scientific collaboration, and is enshrined in the methodology of Frankfurt School of Finance & Management. But during your studies in Germany, you will also discover other giants of German intellectual history perhaps while visiting Weimar, the heartland of classical Germany, where the spirit of Goethe and Schiller lives on today, or perhaps while wandering through Beethoven s favourite haunts. Germany is a country of many aspects, however. As one of the world s leading industrial nations, Germany s inventive genius has moved the world for over 150 years literally, in many cases: consider the automobile, for example, invented in Germany back in Other German innovations include mechanical engineering, the chemical industry, medical technology and most recently, environmental technology all industries that have had a worldwide impact, along with many others. Today, Frankfurt is the major financial marketplace of continental Europe, home to the European Central Bank a close neighbour of the Frankfurt School campus, as a matter of fact. Building on the terrible experiences of World War II, Germany developed the Social Market Economy as the guiding principle of mediating between business, politics and society, contributing one foundation stone for prosperity and peace in the growing and deepening European community of nations. The Social Market Economy takes for granted responsible business and the deep-rooted involvement of business in the larger context of concerns for social justice, constructive and inclusive political debate and sustainable ecological development. Germany is a federal system with a large variety of regions, which have distinct traditions in business and social contexts, ranging from coastal states with their long historical tradition of global trade to the southern states with their unique clusters of engineering excellence. You only need to take a few steps to pay a visit to Germany s European neighbours in the east, west, south and north, offering the exuberance of different historical legacies, lifestyles and relevant culture. The diversity of Europe and six decades of internal peace are the root causes of European competitiveness and creativity. The European experience will make a profound impression on you and will exert a lasting positive influence on your own professional life. GERMANY LAND OF IDEAS 17

18 We shape business The Frankfurt School s success story is constantly being written by our graduates. For more than 50 years now, we have been providing broad basic training for up-andcoming talent and advanced courses for experienced practitioners. Our graduates use the comprehensive indepth knowledge that they gain here to shape the world of business in Germany, Europe and beyond. We are a private business school with official recognition as a university and accredited as an institution by the German Council of Science and Humanities (Wissenschaftsrat). A degree or advanced studies qualification from the Frankfurt School is an excellent recommendation anywhere in the world. Consequently our students are drawn from a global pool and our campus is a meeting-place for students from every continent. Outstanding research results and an excellent teaching record are the hallmarks of a business school with a modern format. We prepare our students for their future responsibilities by following a policy of strong practical orientation, with the solid backing of scientific facts and theoretical knowledge. And we provide a broad platform for debate and fruitful dialogue. The close contacts we maintain with companies and organisations worldwide enable us to develop global counselling and training schemes that are geared to the future needs of the business sector. We offer a wide variety of programmes ranging from Bachelor s and specialist or generalist Master s degrees to Ph.D. courses. The Frankfurt School is Germany s market leader in the field of in-service training and continuing professional development. Our portfolio is rounded off by specialised or interdisciplinary Executive Education programmes. As an institution we are committed to core values such as mutual understanding, respect and trust. Anyone who has passed through the Frankfurt School usually remains loyal for life. Former students who have made their way in the world of business send their up-and-coming managers to us, while our fast-growing alumni network enables graduates to stay in touch across all national or corporate boundaries. Facts and Figures Frankfurt School s seven fields of activity Academic Programmes Professional Programmes Seminars Executive Education Corporate Programmes & Services Research International Advisory Founded in 1957 as Bankakademie e.v. University status with full authority to award degrees since 2004; non-profit GmbH (limited company) owned by the Frankfurt School Foundation since 2008 Approx. 1,300 students on full-time academic study programmes Approx. 5,200 students on part-time courses More than 10,000 participants on training courses Faculty: 42 professors in four departments Alumni: 3,625 graduates from academic study programmes100,000 from part-time courses. 18 WE SHAPE BUSINESS

19 Five good reasons to study at Frankfurt School When you opt for a course of study at Frankfurt School of Finance & Management, you are also choosing to benefit from the immediate proximity of prestigious market players and their concentrated expertise. But there are other advantages, too: Practical focus All programmes offered by the Frankfurt School are designed to ensure optimal integration of theory with practice. You will be taught by highprofile practitioners and experienced specialists, using up-to-date case studies based on realworld scenarios. The studies are characterised by their strong focus on practical projects. Research Teaching and research are closely intertwined. New research findings are immediately fed into the teaching environment. At the same time, theories and methods are continuously being upgraded to reflect current business practice. As a result, we are constantly updating our syllabus. Status In national and international university rankings, the Frankfurt School regularly appears among the top-ranked institutions. As a student, you will benefit from the university s outstanding reputation in academic and business communities, while you are studying and also in your working life. Networking You will be studying alongside international students who, like you, completed their first degree course with distinction. In the course of working and debating with them, you will develop your own personal network of contacts, establishing friendships that will bring significant benefits throughout your subsequent career. Multicultural setting Your studies will take place in a multicultural setting. As a result, during the programme you will develop a feel for the specific cultural conditions and expectations that prevail in international business circles. FIVE GOOD REASONS 19

20 Outdoor Campus The first day of classes at the Frankfurt School looks a bit different to most especially as students find themselves awaking to the beautiful German countryside. In addition to attending orientation on campus, new students complete two days of exciting group challenges and team-building exercises at the School s Outdoor Campus. This is a great opportunity to get to know your fellow students in a fun environment outside of the classroom, and to also learn what it means to cooperate and work as part of a team. Due to the diverse backgrounds of our students, who together represent more than 10 countries around the world, two days of hands-on lessons about teamwork and communication is the perfect start to the course of studies. Instructed by teambuilding professionals, group leaders direct students on a variety of adventures that are designed to enhance everyone s ability and willingness to work together to accomplish the team s greater goals just like in the real world. From scaling castle walls, to blindfolded orienteering and group stage performances, there are adventures suited to everyone s tastes. 20 INTERNATIONALITY