www.idc.ac.il/RishumOnlineMaster Online Registration F Email T Graduate Programs -Israeli Admissions Office aspx https://www.idc.ac.il/BAMAOnline/register_formMamba. Online Registration F Email [email protected] T Graduate Programs -InternationalAdmissions Office Herzliya, Israel 4610101 POB 167 Interdisciplinary Center Herzliya Conta el el +9729527658 ax ax +9729527334 ct information +972 9602770 master @idc.ac.il +972 9527300 www.rris.idc.ac.il/MAFE

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MA IN FINANCIAL ECONOMICS 2015 -2016 WELCOME FROM THE PROGRAM HEADS

"The MA in Financial Economics is designed to provide students with tools and in-depth knowledge enabling them to contend with the issues and challenges of the global business- economic environment. The program combines firm theoretical finance and economics principles with advanced international macroeconomic content."

Prof. Zvi Eckstein Dean, Tiomkin School of Economics Dean, Arison School of Business

Prof. Yaniv Grinstein of Finance,

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

3 PROGRAM HIGHLIGHTS

»» The MA in Financial Economics is a joint program of the »» A rigorous curriculum in economics and finance which Arison School of Business and the Tiomkin School of is taught by world-renowned from Israeli and Economics whose design is based on similar programs in international universities with rich academic and research leading international universities. experience. »» The program trains students for diverse positions as senior »» in leading Israeli and international firms available economists and analysts in financial institutions and for for honor students. financial management positions in business companies, »» Classes consist of both Israeli and international students. investment houses, asset management companies, pension funds, public institutions, regulatory bodies, and more. »» An optional track with an MA thesis is offered. »» Merit scholarships available for outstanding students. »» Optional study trip to London’s financial center.

4 ADMISSION SCHEDULE »» The program is open to graduates of BA programs with a »» Classes will be held on Monday and Thursday afternoons and strong quantitative background. Friday mornings in six mini-semesters of six weeks each with »» Preference will be given to students with undergraduate two-week exam periods in between. degrees in computer science, economics, business, exact sciences and engineering. »» Undergraduate grade point average of at least 80. »» No prior work experience is necessary. »» All candidates will be interviewed by Prof. Eckstein and LENGTH OF PROGRAM Prof. Grinstein. »» 14 months

REQUIREMENTS TUITION »» CV »» Cost of the program is 70,000 NIS »» BA transcript

»» BA diploma

»» Copy of passport or identity card

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 * The Council for Higher Education has approved the opening C. A photocopy of the document may be submitted if the of the MA program in Financial Economics. Final approval for original is shown to the Admissions Department. conferring the MA degree is pending.

5 ADVISORY COMMITTEE

The program has an advisory committee comprised of senior personnel in financial and economic fields in the Israeli and global market. The committee assists in the formation of the academic program and advises on how to adapt the curriculum to the ever- changing needs of the market. COMMITTEE MEMBERS Prof. Dani Tzidon, Deputy Chief Executive Officer and Ms. Anath Levin, CEO, Migdal Insurance and Financial Head of Capital Markets, Private Banking & Strategy Division, Holdings Ltd. . Dr. Nadine Baudot Trajtenberg, Deputy Governor of Prof. Zvi Eckstein, Dean, Arison School of Business; Dean, the and faculty member of the Tiomkin School Tiomkin School of Economics. Prof. Eckstein is a world- of Economics. renowned economist and former Deputy Governor of the Mr. Eyal Deshe, Vice President and CFO, Teva Ltd. Bank of Israel. Dr. David Woo, Head, Global Rates and Currencies , and Researcher, Arison Prof. Yaniv Grinstein Research, Bank of America. School of Business. Professor Grinstein is an internationally recognized expert in Finance.

6 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. Students will visit the London Stock Exchange and the Bank of England. There are a limited number of spaces and trip expenses will be paid by the students.

7 Program Curriculum

October-November 2015 Students lacking sufficient background in economics and/or mathematics will be required to take the following preparatory courses ›› Intermediate Economics ›› Mathematics for Economists

November 2015 – December 2016 Core Courses Electives »» Finance I »» Quantitative Methods in Finance »» Finance II »» Advanced Topics in Econometrics »» Financial Accounting I »» »» Financial Accounting II »» Valuation »» Micro Economics I »» Investments Workshop »» Micro Economics II »» Risk Management Workshop »» Macro Economics I »» Business Law »» Macro Economics II »» International Macroeconomic Policy and Business Cycles »» Econometrics I »» Advanced Topics in Corporate Finance »» Econometrics II »» Selected Topics in Global Economy »» Workshop in Professional Writing »» Advanced Bond Markets »» Stress Testing in Banks »» The Economics of Banks, Financial Markets and Required Advanced Courses »» Credit Analysis »» Bond Markets and Derivatives »» Advanced Topics in Finance and Economics »» Investments »» Economic Strategy »» International Finance Final Project / Thesis »» Options and Financial Derivatives

* The academic administration of IDC Herzliya reserves the right to make changes to the curriculum 8 9 ACADEMIC FACULTY

Dr. Orly Idan Prof. Zvi Eckstein PhD, Ben-Gurion University PhD, Dean, Tiomkin School of Economics; Dean, Arison School of Prof. Jan Schneider Business PhD, University of California, Berkeley Dr. Ronel Elul Dr. Hedva Ber PhD, PhD, The Hebrew University of Jerusalem Prof. Yaniv Grinstein Prof. Nittai Bergman PhD, Carnegie Mellon University PhD, Harvard University Head, MA in Financial Economics

Dr. Yael Binyamini Dr. Samer HajYehia PhD, Princeton University PhD, MIT

Prof. Jacob Boudoukh Prof. Zvi Hercowitz PhD, Stanford University PhD, University of Rochester

Prof. Alex Cukierman Dr. Doron Israeli PhD, MIT PhD, Stanford University

Dr. Shimon Kogan PhD, University of California, Berkeley 10

* visiting faculty ** Teaching in Hebrew Dr. Ron Lazer Prof. Yona Rubinstein PhD, New York University PhD, The Hebrew University of Jerusalem

Prof. Omer Moav Prof. Oded Sarig PhD, The Hebrew University of Jerusalem PhD, University of California, Berkeley

Dr. Yigal Newman Dr. David Woo PhD, Stanford University PhD, Columbia University

Prof. Adi Pauzner Prof. Amir Yaron PhD, Northwestern University PhD, University of Chicago

Dr. Yuval Procaccia Prof. Itzhak Zilcha SJD, Harvard University PhD, The Hebrew University of Jerusalem

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