Master of Science in Financial Management

Today financial management operates in a highly complex, interconnected, and fast-moving international arena. Organizational objectives have to integrate a wide variety of considerations, from long-term stakeholder value to the short-term financial growth that is desired and demanded. Do you want to take on the challenge of being one of the new generations of chief financial officers (CFOs) with the complex skills to effectively manage the finances of large, SME and start-up businesses? Then the Master’s in Financial Management at Utrecht University School of Economics (U.S.E.) is for you.

Research Expertise

Based on Utrecht University’s research expertise, this multidisciplinary Master’s gives you a broad and specific understanding of the financial management of organizations. You study with some of the world’s leading academics in the field of financial management.

This MSc in Financial Management provides you with:

• A unique, multidisciplinary and international program in which you learn to understand not just a firm’s finances, but also how to deal with economic, managerial, regulatory, and reporting issues to maximize enterprise value;
• The latest economic and financial theory and hard financial skills to put theory into practice in an increasingly complex world;
• The mindset to understand and solve trade-offs between short- and long-term objectives, between shareholders and stakeholders, and between financial and social responsibility.

The core objectives of this Master’s program can be summarised by the five A’s of financial management: Attract, Allocate, Administer, Analyse, and Anticipate.

• Attract: Attracting money involves key decisions on the source of financing. This program will provide you with insights into the dynamics of international capital markets and how they can be used to raise capital for everything from start-ups to multinational mega-projects.
• Allocate: In today’s fast-changing business environment, modern financial managers need a state-of-the-art toolbox to make complex capital budgeting decisions. Which projects in a company should get funding? How much and why? You will analyze how to estimate cash flows, calculate the costs of capital in both domestic and international settings, and use a real options framework to handle highly uncertain and irreversible investment and allocation decisions.
• Analyze: Financial managers need to constantly analyze and monitor the firm with respect to profitability, liquidity, and solvency. This involves financial statement analysis and cost calculations. As a financial manager, you also need to manage and monitor different risk exposures.
• Administer: In support of analytical activities and systems, a financial manager needs several administering activities such as collecting, registering, consolidating, and reporting financial data (quarterly and annual reports). Knowledge of financial accounting and expertise in treasury is important here.
• Anticipate: An important task of the (chief) financial officer is to anticipate future events and cash flow streams. Cash planning, budgeting, investment planning, and risk assessment are crucial activities in this area.

In the Master in Financial Management you will focus on:

• How to raise capital (i.e. issuing shares and bonds);
• How to allocate capital (capital and operational budgeting);
• How to manage short-term resources;
• How to deal with new alternative financing forms such as crowdfunding or fintech;
• How to manage different corporate risks;
• How to align individual motives to organizational motives via performance management and compensation systems;
• How to effectively introduce changes in financial management policies within organizations.

CFA Recognition

The MSc program in Financial Management is part of the CFA® Institute University Recognition Programme. As such, this Master’s program is a good choice for students interested in enrolling in the CFA® Programme and obtaining the CFA® charter, the designation of excellence in the investment community. U.S.E. can offer scholarships to outstanding master students to undertake CFA® exams at a special price.

Upon completion of the MSc in Financial Management, you are prepared for a career in financial management within an SME or multinational organization; or in a consulting firm. Graduates have taken on positions such as financial trainee, financial management consultant, financial analyst, business consultant, business analyst, business trainee, assistant treasurer, or assistant controller. Although geared toward the financial side of management, this program also provides a sound basis for more general managerial tasks.

Possible Careers

There is a growing need for well-trained young talent able to see ‘the story behind the numbers’ in the financial industry. More than ever before, there is a need for clear financial analysis and sound financial advice. Further, the future of the economy and finance will be created by professionals who have a firm grasp on the impact their decisions have upon society and the individual. As a graduate of the MSc in Financial Management, you are prepared to take on a wide variety of financial management positions worldwide, functioning at an excellent practical and academic level, and with a broad perspective that takes all stakeholders into account.

Graduates of the Utrecht University Master’s in Financial Management have gone on to work in a number of different institutions and sectors including:

• international banks e.g. World Bank, European Central Bank, Dutch Central Bank;
• corporate banks e.g. ABN AMRO, HSBC, ING, Rabobank;
• insurance firms and pension funds (Delta Lloyd, PGGM)
• financial market regulators (BaFin and AFM)
• start-ups and venture capital firms;
• consultancy firms