Cand.oecon / MSc in Advanced Economics and Finance
Content and Structure
Corporate finance, financial markets and corporate governance
In the study of corporate finance, you will investigate the incentives which are fundamental to understanding the different forms of capital structure and payout policies. In addition, you will discuss the arguments underlying different forms of financing and management compensation.
You will be introduced to advanced topics within the area of financial markets. Areas to be covered include, but are not limited to, an individual’s choice of consumption and portfolio selection, and progress to comprehensive pricing models. These models will be further developed into dynamic multi-period models, which are used in the most quantitative financial institutions.
The ability to create mathematical pricing models will be essential as you progress into more advanced topics, for example, derivatives and credit risk.
You will also learn how to deal with and/or prevent principal-agent problems, such as conflicts in owner-manager relations and the use of appropriate incentive schemes. Through game theory and advanced multi-period, multiple-agent models, you will develop a quantitative approach to solving problems of corporate governance. For instance, when writing contracts, you will deal with assumptions and asymmetrical levels of information or risk sharing in order to ascertain how these agency issues relate to particular governance systems in a corporation.
Economics and econometrics
You will analyse the behavior of corporations and how they interact in markets. You will also learn how to deal with or prevent principal-agent problems, such as conflicts in owner-manager relations.
Moreover, you will study macroeconomics, where for instance you will be able to understand and discuss models of economic growth and business cycles. You will also be able to understand the impact of fiscal and monetary policy as well as government regulation and institutions.
Using econometric methods, you will be able to test theoretical predictions using economic and financial data. You will acquire skills in selecting the appropriate models for your data, and how to evaluate different econometric models.
This programme is designed for students who have demonstrated particular skills and interest in analytical and quantitative economics and finance. Students will learn to work independently with economic and financial problems and, thus, obtain qualifications to work as a key analyst in financial institutions and consultancies as well as the business community in general, wherever strong quantitative financial and economical skills are needed.
With an annual enrolment of only 25 students, a higher degree of attention will be given to each student. The programme also collaborates with some of the most prominent Danish firms in their respective industries and offers external mentors for the students in the programme. By studying research papers, learning to conduct your own research, and having high-level interactions with professors and fellow students, you will experience a tough workload, steep learning curve, high learning output, and elevated expectations concerning your own participation. As some of the courses are mandatory for students in the PhD programme, the presence of PhD students further adds value to this unique learning environment.
Advanced Economics and Finance is a two-year master’s programme that is divided into 4 semesters. The fall semester runs from September through November with exams in December and January; and the spring semester from February through April with exams in May and June. There are eight mandatory courses in the first year, and elective courses followed by a Master’s thesis comprising the second year.
There is a high degree of progression between the first and second semester, and you are required to take at least two of your elective courses in the third semester at a progressive level.
The degree has special mentor programmes connecting students with professors at CBS and external partners from corporate institutions.
|1. Semester||2. Semester||3. Semester||4. Semester|
|Contract, Agency, and Game Theory (7.5 ECTS)||Advanced Industrial Organization (7.5 ECTS)||2 Progression Electives + 2 Electives (30 ECTS)||Master thesis
or Business Project + Short Master thesis (30 ECTS)
|Asset Pricing (7.5 ECTS)||Derivatives and Risk Management (7.5 ECTS)|
|Corporate Finance (7.5 ECTS)||Corporate Governance (7.5 ECTS)|
|Econometrics (7.5 ECTS)||Macroeconomics - The Global Economy (7.5 ECTS)|
You can find a more detailed description of the courses by following the links in the study regulations of the programme.