Deloitte Financial Advisory Services S.p.A. Master in Corporate Finance MaCoFin first edition
Coliseum in Rome A WORLD CLASS CAMPUS IN THE HEART OF ROME Attracting tourists from all over the world with its historic and artistic wonders, Rome is not only a world renowned cultural centre, it is also a vital hub in the network of economic and commercial arteries linking the North and South of Italy and the Mediterranean area with the rest of the world. With its extensively developed and highly efficient infrastructure, this Mediterranean capital serves as a link between old and new markets. is a University campus located close to Rome s historic centre, a stone throw away from one of the city s most beautiful parks, easily reachable by public transport. The high quality of its setting is on a par with the services offered. Designed to host world-class events, and equipped with state-of-the-art teaching facilities, this is the ideal place for a once-in-a-lifetime learning experience. For over thirty years, has continued to meet the ever-changing needs of its students. It has kept abreast with economic developments, and it proudly nurtures its links with the national and international business communities.
WHY LUISS BUSINESS SCHOOL? LUISS EDUCATIONAL MODEL The LUISS Business School is a division of University that has worldwide recognition as a knowledge hub for postgraduate studies. One of the main characteristics of LUISS Business School is its long-lasting relationship with the Italian and international business community, that allows theory to inform practice and vice versa. LUISS Business School relies both on the experience of its Faculty members and on the know-how of practitioners working in the fields of finance, consulting, and accounting. In over thirty years of excellence, has played a key role in Italy s economic development and cultural evolution. Not only has it trained world-class leaders sensitive to the values of the market culture and the rules of a modern democracy, it has also made important contributions in the fields of Economics, Management, Law and Political Science. Today, LUISS provides a state-of-the art model for advanced education which cultivates excellence. Our mission is to select the best. We are in tune with the needs of the global market and emerging professions and our teaching methods and styles are in line with the best international universities. In recent years many efforts have been made to improve the Business School in order to keep it competitive in an ever-changing world, and MaCoFin is a result of this process. INTRODUCTION FROM THE MaCoFin DIRECTOR The era of rapid and radical changes has influenced the interconnected global economic system. The financial turmoil and its challenges have convinced executives and managers to undertake new routes towards a renewed path of value creation and growth. In these days, the management of financial resources and the relationships with financial markets and investors are critical and fundamental objectives within firms, financial institutions and other organizations. Corporate Finance has become increasingly important due to the stronger attention that managers have to dedicate to raising capital, financial planning, risk management and investment activities. The current financial environment requires new skills and competences to succeed. Those that will be ready and prepared to cope with the new challenges will have better professional opportunities in the near future. LUISS Business School s Master in Corporate Finance (MaCoFin), developed in partnership with Deloitte, has the objective to shape young professionals who want to develop their careers in the corporate finance Franco Fontana LUISS Business School Director divisions of large firms, in the divisions of corporate investment banking of financial institutions or in financial consulting firms. The program intends to offer theoretical and applied knowledge; lectures will focus on the analysis and discussion of cases and problems, and will be integrated by a final project work. Raffaele Oriani MaCoFin Director TEACHING METHODS The teaching methods are tailored to suit the specific courses. Professors take a practical learning approach aimed at fostering peer-to-peer involvement and interaction. This includes: seminars, role plays, case studies, business games, team exercises, conferences and projects. During the final stages of the course, students are involved in field projects. The LUISS teaching methods tend to enhance not only students professional knowledge, but also their ability to plan effectively, solve problems, and make decisions. ITS UNIQUE FEATURES ARE: PROFESSIONAL COMPETENCES The professional competences that MaCoFin intends to develop are: Deeper understanding of financial markets and securities and of the relationships between firms and investors Analysis of accounting and financial documents and data to support investment and financial decisions Methods and techniques used in the valuation of firms and projects A limited number of students selected on the basis of rigorous admission criteria; Compulsory attendance; The intensive study of foreign languages; Emphasis on Computer Science and Information Technology; Assistance from qualified tutors; World-class professors and lecturers from the academic world and top management institutions in both the public and private sectors. LUISS students take part in seminars, debates, and roundtables on the most crucial national and international issues. They benefit from state-of-the-art teaching tools and computer facilities as well as a richly stocked and highly-specialized library. Financial planning tools Risk management tools and practices Analytical capabilities to build financial models related to different problems in financial management (capital budgeting, corporate valuation, financial planning, risk management, mergers & acquisitions) Analysis of complex financial operations A broader vision of the problems of corporate governance 4 MaCoFin Master in Corporate Finance 5
FACULTY THE PROGRAMME Andreas Angelopoulos Englefield Capital of Venture Capital and Imperial College Matteo Arpe CEO Sator Group of Corporate Investment Banking Emanuele Bajo University of Bologna Emilio Barone of Financial Economics Pierpaolo Benigno Professor of Economics Marco Bigelli Professor of Corporate Finance University of Bologna Giovanni Carucci Vice President British American Tobacco Italia Andrea Crenna CFO Indesit Company Giorgio Di Giorgio Dean of the Faculty of Economics and Professor of Monetary Economics Carlo Ferro CFO STMicroelectronics Giovanni Fiori Professor of Accounting Tim Folta of Management Purdue University Carmelo Giaccotto Professor of Finance University of Connecticut Giancarlo Giudici Polytechnic of Milan Bronwyn H. Hall Professor of Economics University of California at Berkeley Claudio Machetti Director of Group Risk Management ENEL Rainer Masera Dean of the Faculty of Economics and Professor of Political Economy University Guglielmo Marconi of Rome Gordon Murray Professor of Management and Entrepreneurship University of Exeter Raffaele Oriani Alessandro Pansa Co-general Manager Finmeccanica Enrico Perotti Professor of Finance University of Amsterdam Sandro Sandri Professor of Corporate Finance University of Bologna Antonio Solinas Partner Deloitte Financial Advisory Services Spa Elena Vistarini Partner Deloitte Financial Advisory Services Spa Marco Vulpiani Partner Deloitte Financial Advisory Services Spa The Master program is 12-months long. The first 9 months will be lecture-based and the last 3 months will be dedicated to the development of a Field Project. 12-MONTHS PROGRAMME The Master program is structured as follows: 8 pre-courses 500 hours of lectures 2 specialization profiles 1 Field Project Pre-courses Core courses Specializations Project Accounting Basics of Financial Modeling Desk Analysis Principles of Economics Quantitative Methods for Finance Fundamentals of Mathematics Fundamentals of Business Statistics Financial Economics Team Building 1. Financial Reporting a. National and international accounting standards b. Consolidated financial statements c. Financial ratio analysis 2. Corporate Finance a. Introduction to capital budgeting b. Free cash flow analysis c. Determinants of financial structure 3. Corporate Strategy a. Strategic management and competitiveness b. International strategy c. Business ethics and governance 4. Financial Management a. Capital structure and cost of capital b. Financial planning c. Dividend policy 5. Financial Modeling a. Capital budgeting models b. Models for the calculation of the cost of capital c. Firm valuation methods: DCF, APV, Income method, EVA, Multiples d. Financial and real options analysis 6. Financial Structuring a. Public and private equity markets b. Debt markets: public and corporate debt markets, bond issues, international bond markets c. Mergers and acquisitions d. Project finance and Private Public Partnership (PPP) 7. Financial valuation a. Valuation in M&A analysis b. Valuation for reporting in the M&A context: Impairment test and purchase price allocation c. Discount, premium and value conclusion d. Valuation in the venture capital and the private equity setting e. Intangible assets valuation methods 8. Corporate and investment banking a. Debt financing b. Credit evaluation c. Risk analysis d. Rating e. Application of Basel II 9. Advanced Mathematics and Statistics a. Probability theory b. Stochastic processes c. Differential calculus Profile in Financial Management Corporate governance Cost accounting and performance measurement Financial derivatives and risk management International finance Profile in Investment Banking and Financial Advisory Debt restructuring Financial derivatives and risk management Structured finance Social responsible investments Field project 6 MaCoFin Master in Corporate Finance 7
PLACEMENT & CAREERS COMPANIES WHICH HAVE RECRUITED LUISS GRADUATES IN RECENT YEARS The Placement Office has been set up by LUISS Business School with the aim to offer its undergraduate and graduate students career-planning, counselling and training services in order to facilitate employment opportunities. The Placement Office also organizes the following activities. SEMINARS AND MEETINGS WITH COMPANIES These meetings are organized with the aim to facilitate the relationship between leading Italian and foreign companies and students. The seminars provide students with the opportunity to meet managers and consultants and learn about the industries in which they operate, with particular reference to their specific values, cultures and needs. DATABASE AND VITAL INFORMATION The Placement Office publishes a career book containing the curriculum vitae of the students. Released on a CD-Rom and published on a restricted access website, these curricula are periodically forwarded to companies and financial institutions and made available to organizations and institutions that request them. A.T. Kearney ABBACUS SIM ABB CAP Abbott Accenture Aeroporti di Roma Agip Petroli Alenia Aeronautica Alcatel Alenia Space AMF Finanziamenti ARTESI Arthur D. Little International Assicurazioni Generali Astaldi Astra Zeneca Assoimmobiliare ATR Autostrade per l Italia AZIMUT sgr AXA Real Estate Investment Managers Bain & Company Banca Finnat Euramerica Banca IFIGEST Banca Opi Banca Patrimoni Bancoposta Fondi sgr Barsotti Servizi Immobiliari Baxter B.I.G. - Beni Immobili Gestiti Bipiemme Gestioni sgr BNL fondi immobiliari sgr Boehringer Inglheim Booz & Company Borsa Italiana Bulgari CAAM Real Estate Italia sgr Caltagirone Castelli RE Cattolica investimenti SIM CBRE CB Richard Ellis CENTROSIM Citigroup Coin Colgate Palmolive Colliers International Colomba Invest SIM Confindustria Daimler DARMA sgr DEAM ITALY - Deutsche Asset Management Italy Delli Santi & Partners Studio Legale Associato Deloitte Dorapal Eldor Corporation Elsag Baily Process Automation Ely Lilly Enel Enel Hydro Eni Enichem Erg Petroli Ericsson Ernst & Young Eurizoncapital sgr Eurodomus EURO Fiditalia F2I - Fondi italiani per le infrastrutture / sgr Ferrari Fiat FIMIT sgr FINAF FINAMO Finmeccanica Finipublic Ford Italia Franklin Templeton Italia sgr Generali Investments Italy sgr General Motors Gestione Immobliare MAIA Gianni Origoni e Grippo G.I. Porfidi SIM Giubergia UBS Warburg SIM Hewlett Packard I Guzzini Illuminazione IBM IFIGEST SIM Il Sole 24 Ore Indesit Company ING Investment Management Italia sgr Ittierre Holding IPD Global Kairos Partners sgr Key Two Real KPMG Consulting Kuwait Petroleum Italia Magneti Marelli Maia Caterpillar Merck Sharp & Dohme Mondadori Monte dei Paschi di Siena MPS Finance BM MPS Leasing and Factoring Neopost New Holland Nissan Orizzonte sgr Parmalat Pfizer Pilkington Automotive Pirelli RE Poste Italiane PriceWaterhouseCoopers Procter & Gamble RAI Rank Xerox Renault San Paolo Invest SIM Schroders Investment Management (Italy) SIM SIRIO SIM SOFIPA sgr SOGEPI- Società di gestione e promozione immobiliare SPAFID - Società per Amministrazioni Fiduciarie Studio Legale Carbonetti UNICREDIT Group Western Union 8 MaCoFin Master in Corporate Finance 9
FACILITIES & STUDENT SERVICES ADMISSION REQUIREMENTS Admission to the Master s program is based on the following pre-requisites: University degree in Economics, Statistics, Law, Engineering or other scientific disciplines. Final exam grades should be no lower than 100/110 or equivalent. Good English knowledge. Gmat is preferred, but not mandatory. The acceptance board will take into consideration young graduates in other disciplines with a good academic résumé and with eventual previous experience related to the program s courses. The selection process is based on the evaluation of the résumé and an interview. Documents Candidates are required to send the following documents to the address below: Application form Résumé Eventual certification of work experience Certification of language knowledge Eventual GMAT Two letters of recommendation Services offered to MaCoFin participants include: Orientation and tutoring throughout their stay at LUISS A placement office offering career counseling Computer rooms equipped with internet access, e-mail and databases for all students Cultural initiatives: cinema, theatre, literature and music Electronic posting and updating of curriculum vitae Access to the LUISS library Access to the University Dining Hall THE OUT-OF-CLASS EXPERIENCE LUISS organizes a number of recreational, cultural and sports events to enrich students learning environment. Music Appreciation Workshop: learning to listen. Writing Workshop: develope your writing skills. An Evening at LUISS: encounters with key figures of Italy s cultural scene. The Drama Workshop and the Cine-forum organized by student associations. Students are welcome to participate in a wide variety of sports including basketball, volleyball, soccer and rugby, with the possibility to take part in international championships. The LUISS basketball team competes regularly in the B series National Championship. FINANCIAL AID AND FUNDING The Business School offers its most brilliant students full scholarships covering tuition fees, awarded by corporations and institutions following criteria established by the funding institution. Candidates who wish to apply for a scholarship should send a letter of request with their admission application. Applicants may also: Seek funding from their current or future employer (the funding corporation); Apply for loans with favourable interest rates granted by Italian credit institutions within the framework of conventions established with. The documents can be sent via e-mail to macofin@luiss.it or by fax 06.85.225.356 GENERAL INFORMATION Campus location Rome Payment options Electronic bank transfer to: Divisione LUISS Business School Unicredit Banca di Roma c/c/ 000400000917 ABI 02008 CAB 05077 ENTE 9001974 IBAN IT17H0200805077000400000917 N.AGEN.274 DIPEND. 31449 Viale Gorizia, 21 00198 Roma 10 MaCoFin Master in Corporate Finance 11
contacts LUISS Business School International Division Viale Pola, 12 00198 Roma t 06 85 225 689-326 f 06 85 225 356 macofin@luiss.it www.mba.luiss.it/macofin/ Deloitte Elena Vistarini Via Tortona 25 20144 Milano t 02 83 325 111 f 02 83 347 644 evistarini@deloitte.it Marco Vulpiani Via della Camilluccia 589/a 00135 Roma t 06 36 749 1 f 02 83 347 581 mvulpiani@deloitte.it www.deloitte.it LUISS Business School of Rome LUISS Business School International Division corso trieste LUISS Guido Carli villa Borghese piazza venezia design rocchipavese.it printing vamagrafica s.r.l. Roma colosseo March 2011