Study programme

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The academic year consists of ten courses. These consist of seven compulsory courses (32.5 ECTS), two electives (10 ECTS) and professional skills (2.5 ECTS). The programme also includes a Master’s thesis worth 15 ECTS. The combination of compulsory and elective courses enables you to tailor the curriculum to your personal interest: whether you are primarily interested in financial analysis and investing, or in the positive environmental or societal impact of investments. Download the annual schedule (PDF) for an overview of all courses in the MSc Sustainable Finance and Investments. While the names of these courses may change, the descriptions provide a clear sense of what to expect in terms of content.

Courses

Below you will find the course schedule of the Master's programme Sustainable Financial and Investments.

Choose two electives from the list*, but at least one of the following courses

* Electives period 3

Mergers and Acquisitions
Multinational Organisation
Business Development Analytics
Financial Regulation
Management Control Systems
Asset Pricing
Behavioural Economics and Public Policy
Algorithms in Finance
Platform Economy and Business
Environmental Economics and Policy
Entr. Ecosystems & Economic Development
Valuation in M&As
This course will focus on the methods and tools to value corporation in the context of M&A. This knowledge is important for investors, managers, stock pickers and acquisition hunters. The course will discuss two main methods of valuation, the discounted cash flow method along with all its related principles and concepts, like the discount rate, the growth rate, the free cash flow and the terminal value. This involves analysing available accounting information, coming up with economically meaningful forecasts of future performance and incorporating the same as part of valuation models that are appropriate to the firm-specific context. The second method will be valuing companies by using multiples and comparative ratios. To provide hands on experience, in the workshops we will apply the theories discussed each week to estimate different valuation inputs to complete a real-world valuation exercise by the end of the course. Students will conduct a full-fledged valuation exercise through the course project.
Learning objectives
At the end of the course the student should be able to:
- Compute companies' values using several different models and techniques;
- Analyse companies' accounting statements and the corresponding management discussion;
- Forecast future cashflows, to determine the cost of capital, and to apply discounted cashflow valuation techniques appropriate to the context of the firm.
- Understand the assumptions underlying the various valuation methodologies (discounted cashflow models, and valuation multiples) and the differences and the similarities therein.
- Appreciate the role of judgment in financial accounting and analysis.
- Collect financial data from various Internet sources;

Period 3-4

Thesis

Period 1-4

Professional skills

Thesis

Your Master’s thesis is the culmination of the MSc in Sustainable Finance and Investments. Done well, your thesis is a piece of work that will make you proud. You can choose to complete your thesis in a number of ways. Though a thesis is typically written in the context of one of the ongoing research programmes at the Utrecht University School of Economics (U.S.E.), you can also choose your own thesis topic or combine it with an internship (external research) and record the outcome in a research report

Each year we select a winning Master's thesis for each U.S.E. 1-year Master’s programme. These theses need to be written and completed in semester 2 and are chosen for its relevance, academic merit, and particularly for its integration of a ‘real-world perspective’ into an economics issue. From these winning theses, one overall winner is selected by a jury. This thesis is recognized with the U.S.E. Master's Thesis Award. The author of the winning thesis of U.S.E. is awarded with a certificate and cash prize during the Master’s Graduation ceremony.

Educational methods

Below you can see the overview of the educational methods in this programme.

Extra opportunities

Utrecht University offers several honours programmes for students looking for an extra challenge. Honours education is followed on top of your regular Master's programme and goes beyond the regular curriculum.

Academic Calendar

Consult our Academic Calendar, where you can find more information about the Master's schedule per period, course registration periods and holidays.

Study programme

Courses

Course Overview

Period 1

Period 2

Period 3

Period 4

Thesis

Educational methods

Educational methods

Extra opportunities

Academic Calendar

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