Finance and International Business

The increasing globalisation and internationalisation within trade and industry have led to a growing demand for managers with an international perspective as well as the ability to evaluate the economic consequences of their decisions.

An MSc in Finance and International Business not only provides you with the professional qualifications for making strategic decisions concerning difficult and complex financial matters, but also gives you experience and competence in acting in an international context.

The programme in Finance and International Business exposes you to an international educational environment where students come from different countries and thus have different cultural backgrounds.

All exams and courses are carried out in English by members of faculty with an international background.

Prerequisite courses

The programme is divided into four semesters. The two first semesters are each divided into two blocks.

The first semester creates the necessary foundation both methodologically and theoretically for further studies of finance and international business.

Applied Econometric Methods introduces you to the most widely used quantitative and empirical methods in econometrics, including in particular financial econometrics. The course has two major aims. Firstly, it provides you with tools which enable you to acquire the knowledge published in high quality publications within the areas of empirical finance and economics. Secondly, it equips you with tools for modelling and estimating econometric systems. The methods involved have been chosen with a view towards applications within empirical finance and economics.

Corporate Finance deals with the financial problems of a company and various solution models will be introduced. Further issues are the interactions between the company and the financial markets, with special emphasis on valuation of the company in a capital market perspective.

International Business Methods covers macro level (regional economic integration, e.g. the EU, trade barriers, etc.), company level (internationalisation and export market strategies, management of subsidiary companies, etc.) and individual level interaction between people of different professional and cultural backgrounds.

Internationalisation of the Firm provides you with an in-depth and detailed understanding of theories surrounding the internationalisation of businesses and the practical implications of these theories.

Specialisation courses

The second semester is devoted to more advanced studies within the two areas.

International Financial Accounting I focuses on the financial reporting requirements in international environments. An understanding of international business depends on a theoretically grounded, pragmatic knowledge of the international requirements for corporations to report their financial performance and financial position.

International Financial Accounting II
The aim of this class is to develop an understanding of the relevance of accounting information for decision making, and the reliability and quality of accounting statements.

Strategy and Management Accounting
In this course different elements of strategy formulation and strategic management accounting will be discussed and analysed. An important element involves the provision of information for the formulation of an organisation’s strategy, management of strategy implementation and its importance for management accounting.

Advanced Corporate Finance studies corporate finance under asymmetric information and agency problems. Traditional agency theory and asymmetric information are used to revisit capital structure, dividend and capital budgeting policies. Focus is also on the role of governance systems under different ownership structures.

International Business Finance
The multinational firm is confronted with the task of operating internationally. This necessitates an understanding of the markets for products, factors of production, and financial assets. Operating internationally poses unique risks – one of these being the existence of fluctuating exchange rates. More generally, the global integration of money and capital markets implies opportunities as wells as challenges – both of which have to be considered by the multinational firm.

In the third semester you can choose elective courses within your areas of interest. The courses can either be taken at the Aarhus School of Business during the semester, at the ASB Summer University or at one of our more than 200 partner universities abroad. You can also participate in internship programmes either in Denmark or abroad.

The fourth semester is devoted to the final thesis. You may choose the topic of the thesis freely and in this way get a chance to concentrate on and specialise in a specific field of interest. The thesis may be written in collaboration with another student or it may be the result of your individual effort. When the thesis has been submitted, it is defended before the academic advisor as well as an external examiner.

Job profile

With an MSc in Finance and International Business you will be able to undertake job functions such as

• Manager of foreign subsidiaries
• Expert on mergers and acquisitions
• Financial Manager
• International Controller
• Corporate Restructuring Expert
• International Business Strategist
• Business Entrepreneur
• Treasurer

The international aspect of the programme is of course an ideal basis for a career in the international business community.

Profile of competencies

The research-based MSc study programme in Economics and Business Administration builds on the competencies and insights acquired in the BSc study programme in Economics and Business Administration.

The study programme provides the graduate with specialist knowledge within the disciplines of the study programme that give the graduate high academic qualifications to develop solutions to issues pertaining to business administration in companies and organisations in the public and private sectors.

The study programme also qualifies the graduate for further studies, including PhD studies.

Through the study programme, the graduate has acquired knowledge that enables the graduate to

• Understand and consider knowledge pertaining to the various disciplines as well as identify academic issues
• Master the scientific methodologies and tools of the various disciplines as well as master general skills associated with employment within the areas studied
• Assess and choose among the scientific methodologies and tools of the various disciplines as well as develop new analysis and solution models
• Discuss professional and academic issues with both specialists and laymen
• Manage work and development situations that are complex, unpredictable and require new solution models
• Initiate and carry out, on an independent basis, monodisciplinary and interdisciplinary collaboration and take professional responsibility
• Take responsibility, on an independent basis, for own professional development and specialisation