Tsinghua University School of and MASTER OF Leading Higher Education

01 Program Introduction

Educating Future 03 Program Characteristics Leaders of the 05 Concentrations 07 Curriculum 15 Dual Degree and International Exchange Financial Industry 13 Faculty 17 International Exchange Schools

19 Employment Information

23 Guide for Applicants

24 In Their Words

2 3 Program Introduction

The Program Master of Finance (MoF) program at the School of Economics and Management (SEM) of Tsinghua University leads higher The Master of Finance program is a full-time program. education in and aims to educate financial future leaders. The study duration is two to three years. Students The program endeavors to train financial professionals with complete required credits, satisfying course grade rigorous knowledge in economics and finance and to provide requirements. In addition, students need to finish their global vision to better adapt to rapidly changing financial compulsory internship and successfully defend their markets. Professionalism, strong work ethic, and innovative master degree . Students will be granted graduate approach prepare the students for work in financial and diploma and degree accredited by China’s Ministry of insurance companies, advisory firms, private sector enterprises Education upon the approval of the and regulatory entities. Committee of Tsinghua University. MoF program offers dual degree programs with HEC Paris, Haas School of at the University of California, Berkeley and Columbia University. Students will have the opportunity to study for dual degrees.

01 02 Program Characteristics

Our faculty members Our faculty members include leaders from academia and finance. include leaders from These include faculty from the SEM Tsinghua University, and professors from universities in the United States and Hong Kong. academia and finance. One third of the courses are taught by financial industry leaders from excellent domestic investment banks, commercial banks, PE and VC firms, and financial regulatory institutions.

Leveraging academia and The SEM arranges an academic advisor and an industry instructor financial markets from the financial industry for each student. Academic advisors provide guidance and an academic perspective for the duration of the program. The industry instructor seeks to bridge the gap between education and the industry, and addresses concerns including internship and employment while serving as a mentor.

Global vision and individual MoF program currently has three dual degree programs cooperated insight in conjunction with HEC Paris, the Hass School of Business at the University of California, Berkeley and Columbia University, and participates in over 100 SEM exchange programs with overseas universities. Our program emphasizes education specific to the needs of each student: we have an international class for students interested in working for transnational corporations and international investment, and concentrations in , entrepreneurship and for innovation and entrepreneurship in buyer-side financial institutions, and insurance and big data finance.

PROGRAM CHARACTERISTICS

03 04 Concentrations

MoF program not only requires a rigorous academic foundation, but also requires professional skills, in order to facilitate integration with financial practice. With this in mind, MoF program has four concentrations and extensive class series on financial practice which emphasize both academic training and industry practice. The four concentrations are:

Finance Global Financial Engineering

Educational Goal Educational Goal Financial leaders with global vision Industry leaders in domestic top asset management, risk management, and financial products development Teaching Location Beijing Campus Teaching Location Shenzhen Campus

Entrepreneurship and Insurance and Big Data Finance Corporate Finance Educational Goal Educational Goal Future leaders of financial institutions, investment Leaders in the domestic insurance industry and big data positions in industrial companies, and financial analysis venture capital Teaching Location Teaching location Shenzhen Campus Shenzhen Campus

TRAINING CONCENTRATIONS

05 06 Curriculum

MoF program strives to lay a solid foundation of finance, including economic theory, management theory, finance theory and applied finance. This program provides students with a rigorous knowledge base and the option to work with leaders in the financial industry, and inspires students to achieve their individual goals. Course series include“Insight into China’s Pillar Industries”, “Financial Practice” taught by lecturers from different financial institutions, “Industry Mentor Salon” where students can talk face-to-face with industry mentors, and “Tsinghua High-End Financial Forum” taught by economic and financial leaders from China and abroad.

07 08 Core Curriculum

Investment

This course focuses on investment Introduction and introduces the theory, constraints, and operation of to securities investment through analysis of major events Finance and typical cases, and its application in China's securities market operation environment. Theory of Theory of Corporate Finance Economics Finance

This course explores the financing and investment behavior of enterprises in the modern capital market, Theory of Applied familiarizing students with influential articles in Finance literature and leading financial research, so as to help students develop a solid knowledge base and analytical skills for financial work. This course systematically introduces modern corporate finance and capital Financial Derivatives market theory, analyzing complex theoretical models,

and introducing the empirical reality of Chinese capital This course will introduce financial derivatives, including markets and enterprises. basic theory, pricing, trading practices and hedging methods, and specially focus on real-world application, Macroeconomic and financial analysis including forwards, swaps, futures, options and a variety of structural products. The lecturers of this course will The purpose of this course is to introduce tools introduce their years of experience in operations. This of macroeconomic and financial analysis, and the course will also emphasize the development, status, and application of economic and financial analysis in the application of the domestic derivatives market, especially international economic and financial system. This course the swift development of RMB financial derivatives in includes: macroeconomic analysis, money and banking recent years. theory, monetary policy, the international monetary system, exchange rate decision theory, and the global financial crisis. In addition to discussion of basic theory, the course also includes discussion of classic cases and financial affairs.

09 10 Quantitative Investment Analysis

This course endeavors to combine quantitative investment theory and investment practice to comprehensively introduce quantitative investment from different perspectives, including model building, strategical development, and actual operation. This course will introduce research in quantitative investment, and also the latest events and trends in the industry. Aside from classroom teaching, this course will also provide opportunities for students to participate in computer-based experiments. Students will improve their knowledge base and practical ability through developing strategy and simulating trade.

Venture Capital and Private Equity Tsinghua Finance High-End Forum

This course combines a lecture format with case analysis “Tsinghua Finance High-End Forum” is hosted by to introduce venture capital and private equity (VC&PE). It Tsinghua SEM. This forum invites outstanding scholars, seeks to apply financial theory to solve real-life business government officials and industry elite in financial problems, including analysis of company performance field to discuss research outcomes, policy trends, for entrepreneurs and managers of private capital firms, corporate practice and operation, and leading-edge corporate value assessment, access to multiple channels topics in finance with Tsinghua faculty and students. of financing, negotiation of investment contracts, public The forum aims to build a high-level communication listings, . platform in finance and to help students access the latest information, use scientific thinking patterns and methods, and to further the reform and development of finance and financial research in China.

McKinsey Course: Global Leadership Financial Practice Class

This course aims to use the experience of global This course is an introductory course on finance business leaders to develop students’ leadership and financial practice, specifically the operation of skills, especially in enterprise reform, innovation and various organizations in the financial investment field. crisis decision-making. This course will help students Distinguished alumni are invited to interpret the state of understand core business segments, and introduces a the industry, share case analysis and discuss intersection knowledge base at the forefront of global business and with investment institutions. This course helps students management practices, specifically analysis and problem gain a first-hand understanding of financial institutions solving. and the latest investment trends, and preparesthem for personal investment work in financial institutions.

11 12 Faculty

BAI Chong-en LIU Chun

Mansfield Freeman Chair Professor Associate Professor, Department of Faculty Executive Associate Dean Director, Program of Finance

CHEN Bingzheng Michael R. Powers

Professor Zurich Insurance Group Chair Professor Department of Finance

CHEN Yubo WANG Hao

Professor, Department of Marketing Associate Professor, Vice Chair Associate Dean Department of Finance

GAO Feng YANG Zhishu

Associate Professor Professor, Chair Department of Finance Department of Finance

HE Ping ZHANG Lihong

Associate Professor Professor, Vice Chair Department of Finance Department of Finance

LI Jinliang ZHU Wuxiang

Associate Professor Professor Department of Finance Department of Finance

13 14 Dual Degree and International Exchange

Top-tier international dual degree programs

Hautes Etudes Commerciales Paris

MoF program has dual degree education program with HEC Paris, . Dual degree students need to complete a minimum of one year full-time study at Tsinghua University and HEC Paris separately to receive the Tsinghua University SEM Master of Finance degree and the Master Degree in International Finance from HEC Paris. This cooperation offers MoF program students the opportunity to further their education in a world-leading international finance master program in Europe.

Haas School of Business, University of California, Berkeley

MoF Program has a dual degree education program with the UCB . Dual degree students need to complete a minimum of one year full-time study at Tsinghua University and UCB separately to receive the Master of Finance degree from the Tsinghua University SEM and the master degree in Financial Engineering from UCB. This program is an opportunity for MoF program students to further their education in one of the top US business schools and to practice in the field of financial engineering. This cooperation has also provided a platform for MoF program to integrate into the world in curriculum design and talent cultivation.

The Fu Foundation School of Engineering and Applied Science, Columbia University

The SEM, Tsinghua University has a dual degree program with the Fu Foundation School of Engineering and Applied Science, Columbia University. Dual degree students need to complete a minimum of one year full-time study at Tsinghua University and Columbia University separately to receive the Master of Finance degree from Tsinghua University SEM and the degree (Business Analysis) from Columbia University. This cooperation is an opportunity for MoF program students to study in an Ivy League university and to practice in the United States. This program seeks to train top-tier personnel in management theory and cutting-edge information technology, and develop capabilities in business analysis and global vision.

15 16 International Exchange Schools

The Tsinghua University SEM continues to cooperate in depth with acclaimed international universities and business schools. SEM has Norway Thailand exchange student programs with 109 international universities and colleges spread over 24 countries and regions that provide for mutual Norwegian School of Economics & Business Thammasat University exemption of tuition fees and mutual recognition of credits. These programs offer Tsinghua University SEM students opportunities for Administration broadening their international horizons. Every year, SEM offers our students 400 slots for international exchange.

Austria GROUP KEDGE - Marseille campus or Poland The Netherlands Bordeaux campus Vienna University of Economics and Business Warsaw School of Economics Rotterdam School of Management, Erasmus University School of Management, HEC Paris Administration

Republic of Korea U.K. Germany Business School, Korea University Faculty of Management Economics and Social sciences, Melbourne Business School, the University of Melbourne the School of Business Administration, Sungkyunkwan Manchester Business School, University of Manchester Cologne University University School of Business and Economics, Monash University Warwick Business School The Faculty of Business, Bond University the School of Business,Yonsei University Hong Kong, China U. S. Business School, Chinese University of Hong Kong Singapore Brazil Anderson School of Management, UCLA Business School, Hong Kong University of Science and Escola de Administracao de Empresas de Sao Paulo da Technology, HKUST Nanyang Business School, Nanyang Technological Babson College Fundacao Getulio Vargas University Columbia Business School Kenan-Flagler School of Business, University of North India Canada Spain Carolina Indian Institute of Management, Bangalore Mays Business School, Texas A & M University Beedie School of Business, Simon Fraser University ESADE Business School, Ramon Llull University Indian School of Business Robins School of Business, University of Richmond Queen’s School of Business, Queen’s University, Instituto de Empresa Business School Indian Institute of Management, Kolkata Kingston Samuel Curtis Johnson of Management, Cornell University Rotman School of Management, University of Toronto Sweden School of Management, Yale University Sauder School of Business, University of British Columbia Stockholm School of Economics Stern School of Business, New York University University of Calgary The Fuqua School of Business, Duke University The George L. Graziadio School of Business and Japan Management, Pepperdine University Denmark Graduate School of Business,the University of St. Gallen Thunderbird School of Global Management Graduate School of Asia-Pacific Studies, Waseda Copenhagen Business School University University of California, Davis Graduate School of Business Administration, Keio Taiwan, China University of Illinois Urbana-Champaign, UIUC University France College of Commerce, National Chengchi University

NEOMA Business School (Rouen Campus or Reims Campus)

17 18 Employment Information

Tsinghua University SEM Career Development Service

The Tsinghua University SEM Career Development Center (CDC) provides career assessment, individualized career counselling, career development lectures, and professional training camps for Master of Finance Program students. Tsinghua University SEM hosts more than 300 campus presentations and talks every year, including two large-scale Spring and Autumn Job Fairs. In 2015, SEM has established cooperative relations with 1,616 top-flight employers, including 145 Global Top 500 corporations. Our partners provide SEM students with more than 300+ Special Recruitment Presentations 2,000 internships and full-time job positions every year. 1500+ Employer Partnerships

2000+ Job Positions for SEM Students

19 20 Employment (Graduates of 2016) The Employers List of MoF Graduates from 2013-2016 J.P. Morgan First Capital Securities Co., Ltd. · Among all 137 graduates, 134 decided to apply for an employment eFunds · 100% of these students have successfully found a job AXA Private Equity China Merchants Securities · 3.5 job offers per capita Bloomberg L.P China Orient Asset Management Co., Ltd. Citigroup Global Markets Asia Limited Industrial and Commercial Bank of China (ICBC) Further education at home 1.4% Further education abroad 0.7% KKR China International Capital Corporation Limited Merrill Lynch Construction Bank of China TPG Export-Import Bank of China Barclays Bank Agricultural Bank of China (ABC) The Boston Cousulting Group (BCG) Employment 97.9% People's Bank of China After Bosera Funds Graduation China Investment Corporation Deutsche Bank Bank of China (BOC) CDH Investment Citic Securities Fosun International Goldman Sachs Gao Hua Securities LLC GF Fund Management Co., Ltd. Investment Bank 25.8% Others 1.5% State Development & Investment Corporation China Development Bank Commercial Bank 9.8% Government Organization/ Public Institution/Non-Profit State Administration of Foreign Exchange Organization 7.6% General Office of the State Council (PE Service Industry 1.5% & VC, Trust Fund, etc.) 17.4% Industry Haitong Securities Energy/Chemical Industry 0.8% Citibank

TMT 3.0% Huawei Technologies Co., Ltd. Securities 15.9% Financial Service 1.5% China Asset Management China Renaissance Partners Funds 12.9% Insurance 2.3% The Hong Kong and Shanghai Banking Corporation (HSBC) China Universal Asset Management

Privately Operated/Privately Foreign Capital/Joint Venture Harvest Fund Operated Stock 18.9% 18.9% Construction Bank of China, Asia

Government Organization/ Ant Financial Group Public Institution/Non-Profit Organization 7.8% Macquarie Funds Group (Beijing) Nature of the JP Morgan Securities (Asia) Organization Morgen Stanley (Hong Kong)

State-owned/State-owned China Southern Asset Management Stock 55.4% Credit Suisse Founder Securities United Bank of Switzerland Securities Ministry of Commerce Shanghai Stock Exchange SocieteGenerale Global Fund Management Co., Ltd.

21 22 Guide for Applicants In Their Words

Applicants from Hong Kong, Macau and Taiwan Ma Yunfan Xu Jianan MoF student, class of 2016 MoF student, class of 2015 1. Registration and Qualification Assessment Duration: early December – late February

2. Further Examination Duration: March - May

3. Formal Admission Since I entered the School of Economics and Management, Master of Finance at Tsinghua University is not only Date: late June the Master of Finance program has brought me many accompanied by outstanding students and senior professors. To find more detailed application information, please log onto the official website of THU’s Graduate surprises and joys: the amiable teachers, the learning MoF at Tsinghua has given me the opportunity to become Admission Office, Tsinghua University: http://yz.tsinghua.edu.cn → category for Hong Kong, Macau, atmosphere that motivates me to work diligently and a more well-rounded individual. In terms of internship, the Taiwan（港澳台外）→ Brief Introduction and Menu (简章目录). scrupulously and the awesome CDC platform and so on. resources at Tsinghua University have granted me with The most enlightening thing is, of course, the grounded very good internship opportunities, so that I can be better curriculum design for master students in Finance. prepared for future job. For me, choosing Master of Finance program at Tsinghua University is one of the best choices I International Applicants have made.

1. Registration and Qualification Assessment Duration: early November – late February

2. Further Examination Duration: March - May

3. Formal Admission Alex L.W. Qin Xiaoqing Date: late June MoF student , class of 2013 MoF student, class of 2012 To find more detailed application information, please log onto the official website of Application for currently working at Shenda Internet once served in Morgen Stanley, Graduate Admission, Tsinghua University: http://gradadmission.tsinghua.edu.cn. Development Group, Shanghai currently working at Apax Partners Private Equity Group

The training plan of MoF program is very systematic and Since the first semester began, the school was actively comprehensive. On the basis of solid theorie studies, the working on allocating industry tutors for us and arranging program sets up optional courses for students to further simulated interviews in relevant categorized fields. Teachers Each concentration enrolls a maximum of learning the content that interests them. The program is were actively recommending us to different internship very helpful to personal career development. Through the opportunities. Take my classmates who work in Shanghai students. program, I learned that many companies have great demand as examples, some go to a leading Trust company in China, for international talents who know about China. Besides, the and one has become a seller research in Shanghai’s alumni resources have a large effect on career development biggest fund company. 50 as well.

23 24 Leading Higher Education Educating Future Leaders of the Financial Industry

Master’s Programs Office Address: Room 241, Weilun Building, the School of Economics and Management, Tsinghua University Tel: 86-10-62789967 Email address: [email protected] Web address: http://masters.sem.tsinghua.edu.cn

Graduate Admission Office, Tsinghua University Address: Tsinghua University, Beijing 100084, P. R. China Tel: 86-10-62781380 Email address: [email protected] Web address for Graduate Admission Office: http://yz.tsinghua.edu.cn Application for Graduate Admission: http://gradadmission.tsinghua.edu.cn