MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics

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MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
ARISON SCHOOL OF BUSINESS
                                        TIOMKIN SCHOOL OF ECONOMICS

                                          MA IN
                                          FINANCIAL ECONOMICS
RAPHAEL RECANATI INTERNATIONAL SCHOOL
            at IDC HERZLIYA
                                          2017-2018
MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
WELCOME FROM
    THE HEADS OF THE PROGRAM

                                                                           THE MA IN FINANCIAL ECONOMICS IS
                                                                           DESIGNED TO PROVIDE STUDENTS WITH
                                                                           TOOLS AND IN-DEPTH KNOWLEDGE
    PROF. ZVI ECKSTEIN                 PROF. YANIV GRINSTEIN               ENABLING THEM TO CONTEND WITH THE
    DEAN,                              FINANCE PROFESSOR,                  ISSUES AND CHALLENGES OF THE GLOBAL
    TIOMKIN SCHOOL OF                  ARISON SCHOOL OF
    ECONOMICS                          BUSINESS                            BUSINESS-ECONOMIC ENVIRONMENT. THE
                                                                           PROGRAM COMBINES FIRM THEORETICAL
                                                                           FINANCE AND ECONOMICS PRINCIPLES
                                                                           WITH ADVANCED INTERNATIONAL
                                                                           MACROECONOMIC CONTENT.”

    Dear Prospective Student,

    The MA in Financial Economics is designed to provide students          The MA in Financial Economics is an important stage in the
    with tools and in-depth knowledge enabling them to contend             academic and research development of IDC Herzliya. The program
    with the issues and challenges of the global business-economic         is in line with the development of the Arison School of Business and
    environment. The program combines firm theoretical finance and         the Tiomkin School of Economics as two centers of excellence that
    economics principles with advanced international macroeconomic         perceive the commonalities of research and teaching as beneficial
    content.                                                               to the global market and society. Together, we will pave the path
                                                                           of our program graduates to employment in leading institutions
    The program trains its graduates for diverse positions as senior
                                                                           in the relevant fields, and will achieve IDC’s mission of training
    economists and analysts in financial institutions, and for financial
                                                                           and nurturing the future economic leadership.
    management positions in large business companies.
    Graduates of the research track who are interested in pursuing
    an academic career will have acquired the necessary theoretical                 Prof. Zvi Eckstein        Prof. Yaniv Grinstein
    knowledge and research skills for doctoral studies in leading
    institutions of higher education in Israel and across the world.

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MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
PROGRAM HIGHLIGHTS

 The MA in Financial Economics is a joint program of the Arison
 School of Business and the Tiomkin School of Economics whose
 design is based on similar programs in leading international
 universities.

 The program trains students for diverse positions as senior
 economists and analysts in financial institutions and for
 financial management positions in business companies,
 investment houses, asset management companies, pension
 funds, public institutions, regulatory bodies and more.

 A rigorous curriculum in economics and finance which is taught
 by world-renowned lecturers from Israeli and international
 universities with rich academic and research experience.

 Internships in leading Israeli and international firms available
 for honor students.

 Classes consist of both Israeli and international students.

 An optional track with an MA thesis is offered.

 Merit scholarships available for outstanding students.

 Optional study trip to London’s financial center.

                                                                    Aimee Rawlings
                                                                    MA Financial Economics
                                                                    South Africa

                                                                    DOING THE MASTER’S DEGREE IN FINANCIAL
                                                                    ECONOMICS AT IDC WAS AN ENRICHING EXPERIENCE.
                                                                    THE OPPORTUNITY TO NETWORK AND TO LEARN
                                                                    FROM TOP LECTURERS WERE DEFINITELY THE
                                                                    HIGHLIGHTS FOR ME.”

                                                                                                                    3
MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
ADVISORY COMMITTEE

    The program has an advisory committee                 COMMITTEE MEMBERS
    comprised of senior personnel in financial
    and economic fields in the Israeli and global         Prof. Dani Tzidon
                                                          Deputy Chief Executive Officer and Head of Capital Markets,
    market. The committee assists in the formation        Private Banking & Strategy Division, Bank Leumi
    of the academic program and advises on how
                                                          Prof. Zvi Eckstein
    to adapt the curriculum to the ever-changing          Dean, Tiomkin School of Economics.
    needs of the market.                                  Prof. Eckstein is a world-renowned economist and former Deputy
                                                          Governor of the Bank of Israel

                                                          Prof. Yaniv Grinstein
                                                          Lecturer and Researcher, Arison School of Business.
                                                          Professor Grinstein is an internationally recognized expert in
                                                          Finance

                                                          Ms. Anath Levin
                                                          CEO, Canaf - Clal Financial Management Ltd.

                                                          Dr. Nadine Baudot Trajtenberg
                                                          Deputy Governor of the Bank of Israel and faculty member of the
                                                          Tiomkin School of Economics

                                                          Mr. Eyal Deshe
                                                          Vice President and CFO, Teva Ltd.

                                                          Mr. David Woo
                                                          Head, Global Rates and Currencies Research, Bank of America

                                                          Mr. Neil Corning
                                                          CEO Citi Israel
    Shawn Bank
    MA Financial Economics
    Canada

                 THE CURRICULUM OF THE MA IN FINANCIAL ECONOMICS PROVIDES THE TOOLS FOR
                 DEALING WITH COMPLEX THEORETICAL ECONOMIC ISSUES, AS WELL AS PRACTICAL
                 PREPARATIONS TO CONTINUE IN THE FIELDS OF RESEARCH, INVESTING AND ECONOMIC
                 POLICY. THE PROFESSORS ARE EXPERIENCED, ACCOMPLISHED AND ARE WILLING TO SMOOTH
                 OUR TRANSITION TO THE NEXT STAGE OF OUR EDUCATION AND CAREER. “

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MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
ADMISSION

ADMISSION REQUIREMENTS                                                   LENGTH OF PROGRAM
•   The program is open to graduates of BA programs with a               •   14 months (full time)
    strong quantitative background.                                      •   26 months (part time)
•   The BA program has to include at least two semester-long
    courses of undergraduate level calculus and two semester-
    long courses of undergraduate level statistics.
                                                                         SCHEDULE
•   Preference will be given to students with undergraduate
                                                                         •   In the full-time program, classes will be held on Monday and
    degrees in computer science, economics, business, exact
                                                                             Thursday afternoons and Friday mornings in six mini-semesters
    sciences and engineering.
                                                                             of six weeks each with two-week exam periods in between.
•   Undergraduate grade point average of at least 80.                        Each mini-semester includes between 4-5 courses.
•   No prior work experience is necessary.                               •   Students can choose to study in a part-time format and spread
•   All candidates will be interviewed by Prof. Eckstein and Prof.           out their studies over a two-year period (26 months). In the
    Grinstein.                                                               part-time program, each mini semester includes between
•   A prerequisite course in master’s-level Mathematics for                  2-3 courses.
    Economics, provided right before the program starts, is
    required for full acceptance unless the student can show
    sufficient background.                                               TUITION
•   A prerequisite course in Economics, provided right before the        Cost of the program is 70,000 NIS. Payment in installments will
    program starts, is required for full acceptance unless the student   incur additional charges.
    majored in Economics in his/her undergraduate studies.

DOCUMENTS                                                                SCHOLARSHIPS
•   CV                                                                   Head of Program Merit Scholarship for Outstanding Students
                                                                         10,000 NIS
•   BA transcript
•   BA diploma                                                           Dean Merit Scholarship for Exceptional Students
•   Copy of passport or identity card                                    17,500 NIS
                                                                         Scholarships will be offered to suitable students following the
                                                                         interview stage of the application process.
OFFICIAL DOCUMENTS
Official documents must be formatted in one of the following
manners:
A. Official documents must bear the stamp of the issuing
   institution, OR
B. Notarized photo copy of the official document, OR
C. A photocopy of the document may be submitted if the original
   is shown to the Admissions Department.

                                                                                                                                             5
MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
PROGRAM CURRICULUM

    PREREQUISITES
    August - October 2017
        Students must pass a prerequisite course in master’s-level              If the student is abroad and cannot attend these courses,
        Mathematics for Economics, before the program starts. The               he/she will have access to the material but is required to be
        course is required for full acceptance unless the student               present for the final exams in September - October 2017.
        can show sufficient background.
        Students must pass a prerequisite course in Economics,
        before the program starts. The course is required for full
        acceptance unless the student majored in economics in
        his/her undergraduate studies.

    November 2017 – December 2018
    REQUIRED COURSES                                                        ELECTIVES
    •   Finance I                                                           •   Advanced Topics in Econometrics
    •   Finance II                                                          •   Economic Growth
    •   Financial Accounting I                                              •   Valuation
    •   Financial Accounting II                                             •   Investments Workshop
    •   Micro Economics I                                                   •   Risk Management Workshop
    •   Micro Economics II                                                  •   International Macroeconomic Policy & Business Cycles
    •   Macro Economics I                                                   •   Advanced Topics in Corporate Finance
    •   Macro Economics II                                                  •   Selected Topics in Global Economy
    •   Econometrics I                                                      •   Advanced Bond Markets
    •   Econometrics II                                                     •   Stress Testing in Banks
    •   Workshop in Professional Writing                                    •   The Economics of Banks, Financial Markets & Regulation
    •   Bond Markets and Derivatives                                        •   Credit Analysis
    •   Investments
    •   Economic Strategy                                                   FINAL PROJECT / THESIS
    •   International Finance
    •   Options and Financial Derivatives
    •   Practicum in Capital Markets

    * The academic administration of IDC Herzliya reserves the right to make changes to the curriculum.

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MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
OPTIONAL STUDY TRIP TO LONDON

                    The program includes a week-long study trip to “The
                    City” where students will have the opportunity to
                    meet with senior financial personnel in London’s
                    global financial center. Past trips have included
                    visits to institutions such as UBS, Deutsche Bank,
                    Citigroup, Bloomberg, Brevan Howard, Goldman
                    Sachs, and BOA Merrill Lynch. There are a limited
                    number of spaces and trip expenses will be paid
                    by the students.

                                                                          7
MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
FACULTY

    PhD. Orly Idan, PhD, Tel Aviv University                                Prof. Yaniv Grinstein, PhD, Carnegie Mellon University
    Senior Associate Researcher, Psychology of Intergroup Conflict and      Co-Head, MAFE Program; Formerly tenured faculty at Cornell
    Reconciliation Lab, IDC Herzliya; Martin Springer Center for Conflict   University; Associate Editor, Management Science; Visiting Faculty,
    Studies, Ben Gurion University                                          Wharton School of Business; Visiting Academic Scholar, Securities
    Areas of Expertise  language, emotions & intractable conflicts;         and Exchange Commission
    discourse analysis of “the other’s” narratives; mentalization           Areas of Expertise  corporate finance; corporate governance
    & language development; resilience sources; salutogenic                 Courses  Finance 1; Finance 2; Final Project Seminar
    interventions in conflictual settings
    Course  Academic Writing                                                PhD. Samer HajYehia, PhD, MIT; CFA
                                                                            Former Senior Executive, GMO, Fidelity, AG, and Deloitte; Board
    Prof. Jan Schneider, PhD, University of California, Berkeley            Member, Bank Leumi; Chairman, Audit Committee, Hadassah Hospital;
    Clinical Assistant Professor, UT Austin                                 consultant in economic strategy, business development, investment
    Areas of Expertise  asset pricing; option pricing                       management, banking and capital markets
                                                                            Areas of Expertise  global banking; investment management;
    Prof. Jacob Boudoukh, PhD, Stanford GSB                                 capital markets covering multi- assets classes from multidisciplinary
    Formerly with Stern School of Business, NYU and the National Bureau     perspectives- management, legal, accounting, finance, & economics
    of Economic Research                                                    Courses  Fixed Income and Derivatives; Practicum in Capital
    Areas of Expertise  asset pricing; investment management; risk          Markets
    management; fixed income; currencies; derivatives
    Courses  Advanced Fixed Income; Risk Management                         Prof. Zvi Hercowitz, PhD, University of Rochester
                                                                            Former Professor, Tel Aviv University; Former consultant, Research
    Prof. Alex Cukierman, PhD, MIT                                          Department, Bank of Israel;
    Professor Emeritus Tel Aviv University; Member of the Bank of Israel    Visiting Scholar, Federal Reserve Banks of Chicago, Minneapolis
    Monetary Committee; Former President, Israeli Economic Association      and Richmond
    Areas of Expertise  macroeconomics; monetary economics;                 Area of Expertise  macroeconomics
    political economy; monetary policy & institutions                       Course  Macroeconomics 1
    Course  Macroeconomics II
                                                                            PhD. Doron Israeli, PhD, Stanford University
    Prof. Zvi Eckstein, PhD, University of Minnesota                        Expert on financial reporting, stock pricing efficiency & quantitative
    Served as Deputy Governor Bank of Israel; Dean, Tiomkin School of       methods in finance
    Economics; Co-Head, MAFE Program                                        Areas of Expertise  role of financial reporting in capital markets;
    Area of Expertise  macroeconomic policy                                 effects of capital markets frictions & human cognitive constraints
    Courses  Global Monetary & Financial Stability Policy; Final Project    on stock pricing efficiency; corporate investment policy
    Workshop                                                                Courses  Econometrics I; Econometrics II

    PhD. Ronel Elul, PhD, Yale University                                   PhD. Shimon Kogan, PhD, University of California, Berkeley
    Researcher, Federal Reserve in Philadelphia; Lecturer, Wharton School   Former faculty Carnegie Mellon University and the University of
    of Business                                                             Texas, Austin
    Areas of Expertise  financial stability in banks                        Areas of Expertise  behavioral finance; empirical asset pricing;
    Course  Stress Testing in Banks                                         experimental economics
                                                                            Course  Investments

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MA in Financial Economics 2017-2018 - Arison School of Business Tiomkin School of Economics
Professor Ron Lazer, PhD, New York University                           PhD. David Woo, PhD, Columbia University
Adjunct Professor of Accounting & Control, INSEAD; Professor and        Head, Global Rates & Currencies Research, Bank of America;
Accounting Department Chair, The Academic Center of Law and             Researcher, World Business Markets, Merrill Lynch
Science Sha’arei Mishpat, Israel                                        Areas of Expertise  macroeconomics; international finance
Areas of Expertise  financial accounting & reporting; value             Course  Selected Topics in Global Economy
relevance of accounting information; analyst forecasts & effects
of regulation, companies’ valuation & voluntary disclosures             Prof. Itzhak Zilcha, PhD, The Hebrew University of Jerusalem
Courses  Financial Accounting 1; Financial Accounting 2                 Professor of Economics, Tel Aviv University and College of Management
                                                                        Areas of Expertise  human capital; growth & income distribution;
Prof. Omer Moav, PhD, The Hebrew University of Jerusalem                economics of information; economics of insurance
Former Professor of Economics, The Hebrew University of Jerusalem;
                                                                        Course  Microeconomics 1
Former Head, Advisory Board to the Israeli Minister of Finance;
Professor of Economics, The University of Warwick
Research Areas  economic growth & development
Courses  Microeconomics; Macroeconomics; Economic Growth

PhD. Yigal Newman, PhD, Stanford Business School
Researcher and portfolio manager in the US asset management industry
Areas of Expertise  currencies; options; financial crises; the
practice of portfolio management
Course  Practicum in Portfolio Management

Prof. Yona Rubinstein, PhD, The Hebrew University of Jerusalem
Areas of Expertise  economics; econometrics
Course  Advanced Topics in Econometrics

Prof. Oded Sarig, PhD, University of California, Berkeley
Faculty member at Columbia University, Wharton School of Business
and Tel Aviv University
Area of Expertise  corporate finance
Course  Corporate Valuation

Prof. Marius Schwartz, PhD, University of California
Professor of Economics, Georgetown University; Served as Chief
Economist, Federal Communications Commission (FCC); Acting
Deputy Assistant Attorney General for Economics and Economics
Director of Enforcement, Antitrust Division, US Department of Justice
Area of Expertise  antitrust
Course  Economic Strategy
                                                        Talia Chriqui
                                               MA Financial Economics
                                                               France
                                                    Michael Barouka
                                               MA Financial Economics
                                                              England                                                                           9
ACADEMIC SCHEDULE 2017-2018                                                     ‫תשע”ח‬

                                    Math: August 22, 2017- September 15, 2017
     Preparatory Courses            Economics: October 15, 2017 - October 27, 2018
                                    (not including exam period for each subject)

     Opening Event                  November 10, 2017

     Mini Semester 1                November 13, 2017 - December 22, 2017

     Mini Semester 2                January 8, 2018 - February 16, 2018

     Mini Semester 3                March 5, 2018 - April 27, 2018

     Purim                          March 1, 2018 - March 2, 2018

     Pesach Vacation                March 30, 2018 - April 6, 2018

     Memorial Day and
                                    April 17, 2018 - April 19, 2018
     Independence Day

     Mini Semester 4                May 28, 2018 - July 6, 2018

     Shavuot                        May 20, 2018

     Mini Semester 5                July 30, 2018 - September 7, 2018

     Rosh Hashanah                  September 9, 2018 - September 11, 2018

     Yom Kippur                     September 18, 2018 - September 19, 2018

     Succoth                        September 23, 2018 - September 30, 2018

     Study Trip to London           To be announced

     Mini Semester 6                November 12, 2018 - December 21, 2018

     Dates are subject to change.

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Design        Guy Tamir, guy@2plustudio.com
Production    Mimi Laufer, Maya Gershon, Jasmin Saydof
Editor        Marilyn Koolik
Photography   Adi Cohen Zedek, Alon Gilboa, Kobi Zholtack,
              Mimi Laufer, Oren Shalev, Ran Yitzhak
www.rris.idc.ac.il/MAFE

CONTACT INFORMATION
Interdisciplinary Center Herzliya
POB 167, Herzliya, Israel 4610101

GRADUATE PROGRAMS                                          NORTH AMERICA
INTERNATIONAL ADMISSIONS OFFICE                            Tel +1 212 213 5962
                                                           rris.us@idc.ac.il
Tel +972 9 960 2801
                                                           Fax +1 212 213 6436
rris.mafe@idc.ac.il
Fax +972 9 952 7334
Online Registration
https://www.idc.ac.il/BAMAOnline/register_formMamba.aspx

GRADUATE PROGRAM                                           UK & FRANCOPHONE EUROPE
ISRAELI ADMISSIONS OFFICE                                  Tel +44 (0) 778 384 6852
                                                           bannette@idc.ac.il
Tel +972 9 952 7300
master@idc.ac.il
Fax +972 9 960 2770
Online Registration
www.idc.ac.il/RishumOnlineMaster
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