www.rris.idc.ac.il/mafe Contact information Interdisciplinary Center Herzliya POB 167 Herzliya, Israel 4610101 Online Registration https://www.idc.ac.il/bamaonline/register_formmamba. aspx Graduate Programs - Israeli Admissions Office Tel +972 952 7300 Email master @idc.ac.il Fax +972 960 2770 Online Registration www.idc.ac.il/rishumonlinemaster www.facebook.com/janisdesign Graduate Programs - International Admissions Office Tel +972 952 7658 Email rris.mafe@idc.ac.il Fax +972 952 7334
Arison School of Business Tiomkin School of Economics MA IN FINANCIAL ECONOMICS 2015-2016
WELCOME FROM THE PROGRAM HEADS "The MA in Financial Economics is designed to provide students with tools and in-depth knowledge enabling them to contend with the issues and challenges of the global businesseconomic environment. The program combines firm theoretical finance and economics principles with advanced international macroeconomic content." Prof. Zvi Eckstein Dean, Tiomkin School of Economics Dean, Arison School of Business 2 Prof. Yaniv Grinstein Professor of Finance, Arison School of Business
Dear Prospective Student, The MA in Financial Economics is designed to provide students with tools and in-depth knowledge enabling them to contend with the issues and challenges of the global business-economic environment. The program combines firm theoretical finance and economics principles with advanced international macroeconomic content. The MAFE Program trains its graduates for diverse positions as senior economists and analysts in financial institutions, and for financial management positions in large business companies. Graduates of the research track who are interested in pursuing an academic career will have acquired the necessary theoretical knowledge and research skills for doctoral studies in leading institutions of higher education in Israel and across the world. The MA in Financial Economics is an important stage in the academic and research development of IDC Herzliya. The MAFE Program is in line with the development of the Arison School of Business and the Tiomkin School of Economics as two centers of excellence that perceive the commonalities of research and teaching as beneficial to the global market and society. Together, we will pave the path of our program graduates to employment in leading institutions in the relevant fields, and will achieve IDC's mission of training and nurturing the future economic leadership. Prof. Zvi Eckstein Prof. Yaniv Grinstein 3
PROGRAM HIGHLIGHTS The MA in Financial Economics is a joint program of the Arison School of Business and the Tiomkin School of Economics whose design is based on similar programs in leading international universities. The program trains students for diverse positions as senior economists and analysts in financial institutions and for financial management positions in business companies, investment houses, asset management companies, pension funds, public institutions, regulatory bodies, and more. A rigorous curriculum in economics and finance which is taught by world-renowned lecturers from Israeli and international universities with rich academic and research experience. Internships in leading Israeli and international firms available for honor students. Classes consist of both Israeli and international students. An optional track with an MA thesis is offered. Merit scholarships available for outstanding students. Optional study trip to London s financial center. 4
ADMISSION SCHEDULE The program is open to graduates of BA programs with a strong quantitative background. Preference will be given to students with undergraduate degrees in computer science, economics, business, exact sciences and engineering. Undergraduate grade point average of at least 80. No prior work experience is necessary. All candidates will be interviewed by Prof. Eckstein and Prof. Grinstein. Classes will be held on Monday and Thursday afternoons and Friday mornings in six mini-semesters of six weeks each with two-week exam periods in between. REQUIREMENTS CV LENGTH OF PROGRAM 14 months TUITION Cost of the program is 70,000 NIS BA transcript BA diploma Copy of passport or identity card OFFICIAL DOCUMENTS Official documents must be formatted in one of the following manners A. Official documents must bear the stamp of the issuing institution, OR B. Notarized photo copy of the official document, OR C. A photocopy of the document may be submitted if the original is shown to the Admissions Department. * The Council for Higher Education has approved the opening of the MA program in Financial Economics. Final approval for conferring the MA degree is pending. 5
ADVISORY COMMITTEE The program has an advisory committee comprised of senior personnel in financial and economic fields in the Israeli and global market. The committee assists in the formation of the academic program and advises on how to adapt the curriculum to the everchanging needs of the market. COMMITTEE MEMBERS Prof. Dani Tzidon, Deputy Chief Executive Officer and Head of Capital Markets, Private Banking & Strategy Division, Bank Leumi. Prof. Zvi Eckstein, Dean, Arison School of Business; Dean, Tiomkin School of Economics. Prof. Eckstein is a worldrenowned economist and former Deputy Governor of the Bank of Israel. Prof. Yaniv Grinstein, Lecturer and Researcher, Arison School of Business. Professor Grinstein is an internationally recognized expert in Finance. Ms. Anath Levin, CEO, Migdal Insurance and Financial Holdings Ltd. Dr. Nadine Baudot Trajtenberg, Deputy Governor of the Bank of Israel and faculty member of the Tiomkin School of Economics. Mr. Eyal Deshe, Vice President and CFO, Teva Ltd. Dr. David Woo, Head, Global Rates and Currencies Research, Bank of America. 6
optional STUDY TRIP TO LONDON The program includes a week-long study trip to "The City" where students will have the opportunity to meet with senior financial personnel in London's global financial center. Students will visit the London Stock Exchange and the Bank of England. There are a limited number of spaces and trip expenses will be paid by the students. 7
Program Curriculum October-November 2015 Students lacking sufficient background in economics and/or mathematics will be required to take the following preparatory courses Intermediate Economics Mathematics for Economists November 2015 December 2016 Core Courses Finance I Finance II Financial Accounting I Financial Accounting II Micro Economics I Micro Economics II Macro Economics I Macro Economics II Econometrics I Econometrics II Workshop in Professional Writing Required Advanced Courses Bond Markets and Derivatives Investments Economic Strategy International Finance Options and Financial Derivatives Electives Quantitative Methods in Finance Advanced Topics in Econometrics Economic Growth Valuation Investments Workshop Risk Management Workshop Business Law International Macroeconomic Policy and Business Cycles Advanced Topics in Corporate Finance Selected Topics in Global Economy Advanced Bond Markets Stress Testing in Banks The Economics of Banks, Financial Markets and Regulation Credit Analysis Advanced Topics in Finance and Economics Final Project / Thesis 8 * The academic administration of IDC Herzliya reserves the right to make changes to the curriculum
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ACADEMIC FACULTY Dr. Orly Idan Prof. Zvi Eckstein PhD, Ben-Gurion University PhD, University of Minnesota Dean, Tiomkin School of Economics; Dean, Arison School of Business Prof. Jan Schneider PhD, University of California, Berkeley Dr. Hedva Ber PhD, The Hebrew University of Jerusalem Prof. Nittai Bergman Dr. Ronel Elul PhD, Yale University Prof. Yaniv Grinstein PhD, Harvard University PhD, Carnegie Mellon University Head, MA in Financial Economics Dr. Yael Binyamini Dr. Samer HajYehia PhD, Princeton University Prof. Jacob Boudoukh PhD, Stanford University Prof. Alex Cukierman PhD, MIT PhD, MIT Prof. Zvi Hercowitz PhD, University of Rochester Dr. Doron Israeli PhD, Stanford University Dr. Shimon Kogan PhD, University of California, Berkeley 10 * Visiting faculty ** Teaching in Hebrew
Dr. Ron Lazer PhD, New York University Prof. Omer Moav PhD, The Hebrew University of Jerusalem Dr. Yigal Newman PhD, Stanford University Prof. Adi Pauzner PhD, Northwestern University Dr. Yuval Procaccia SJD, Harvard University Prof. Yona Rubinstein PhD, The Hebrew University of Jerusalem Prof. Oded Sarig PhD, University of California, Berkeley Dr. David Woo PhD, Columbia University Prof. Amir Yaron PhD, University of Chicago Prof. Itzhak Zilcha PhD, The Hebrew University of Jerusalem Design Production Editor www.facebook.com/janisdesign Mimi Laufer, Ayelet Weil Marilyn Koolik Photography Adi Cohen Zedek, Mimi Laufer, maya Bar Aharon, Ran Yitchak 11