Education Program "International Finance and Investments"

MASTER’S DEGREE EDUCATIONAL PROGRAM

"INTERNATIONAL FINANCE AND INVESTMENT" 

Level of higher education: second (master's) level of higher education.

Degree of higher education: master’s degree.

Field of knowledge: 29 – International relations.

Specialty: 292 – International economic relations.

Language of instruction and assessment: Ukrainian.

Scope of the educational program: 90 ECTS credits, 1.5 years.

Type of program: educational and professional.

Form of study: full-time.

 

Purpose of the program:

Training of a specialist capable of solving modern complex tasks and problems of practical and methodological nature in the field of international finance, international direct and portfolio investment, international banking, management of multinational companies, involving research and / or innovation and characterized by uncertainty of conditions and requirements.

 

The components of the International Finance and Investment Program are:

Required components:

 

  1. International financial management

The discipline is aimed at studying the relationships that arise and develop in the process of financial management of multinational enterprises; development and implementation of financial strategies for attracting, distributing, and redistributing financial resources and asset management; formation of the optimal global capital structure and achieving the maximum positive effect of financial leverage; implementation of corporate dividend policy. It covers fundamental material in the field of international financial management, including the concept of value for money, certain criteria for international projects, sources of financial resources for multinational corporations in global markets, mechanisms for redistribution of resources in global integrated networks, approaches to global corporate structure and optimization. capital, directions of formation and maximization of cross-border financial leverage, principles and directions of dividend policy implementation, some empirical aspects of international financial management on the example of specific multinational corporations. The discipline is aimed at achieving such key skills as the ability to analyse the financial statements of multinational enterprises; the ability to identify priority areas for international financial management of multinational corporations and to develop on this basis certain elements of their financial strategies; the ability to give an objective assessment of the state and dynamics of the global corporate capital structure, to determine its optimal level.

  1. International lending

The discipline "International Lending" consists of two content modules: "International credit as a component of international economic relations. Mechanism of bank lending: loan price, collateral, assessment of the borrower's creditworthiness", and "International financial and credit institutions. Bank syndicates. Bank monitoring of lending". The first content module is devoted to the study of the following issues: definition of the basic theoretical principles on which international bank lending is based; analysis of the basic principles of credit price formation; determination of mechanisms for international lending; assessment of the borrower's creditworthiness when granting an international loan; determining the provision of international bank loans. The second content module is devoted to the study of the following issues: research on the organization of credit operations on international credit lines; analysis of the action of bank syndicates in modern conditions; disclosure of issues of monitoring of credit activity and identification of problem credit debt; research of risks in international credit activity; study of the credit market of Ukraine.

  1. International enterprise and direct investment

The discipline "International Enterprise and Direct Investment" consists of two content modules: "Strategies for development and organization of international companies" and "Tools for regulating and influencing international investment and activities of international enterprises." The first substantive module reveals the formation of corporate strategies for the transnationalization of the firm; resource strategies of the international enterprise, in particular international product, and product strategies; financial strategies of the international enterprise and mechanisms of the organization of intrafirm financial transactions. The second substantive module is devoted to such issues as modern instruments of regulation and influence on international investment, including restrictive and stimulating, the importance of currency control in the mobility of international financial flows, taxation of international transactions, the role of investment climate in attracting foreign investment. economic zones.

  1. Scientific and practical research of international economic relations

The discipline includes scientific-theoretical and practical aspects of the study of international economic relations. Current theories, models, concepts of international trade, foreign investment, international labour migration, international finance, international economic integration, and globalization of economic processes are considered. The practical part is aimed at the use of qualitative and quantitative methods of research IER analytical, systemic nature and economic-mathematical models, game theory in the relevant departments of the world economy.

  1. International business insurance

The discipline "International Business Insurance" is mandatory for students majoring in "International Economic Relations" at the educational qualification level "Master’s degree" of the educational program "International Finance and Investment". The subject of its study is the insurance mechanism for financing the risks of international transactions. The peculiarities of providing insurance protection against property and liability risks arising from the implementation of international business projects are studied.

 

  1. International financial markets and banking

The discipline is aimed at studying the nature and directions of development of international financial markets. During the course, students learn the theoretical foundations of the functioning of international financial markets and their evolution. The basic concepts, terms and categories that characterize the nature of international financial markets, their structure and role in the world economy are considered. The subjects, objects, components, infrastructure, and mechanisms of functioning of the international financial markets are studied. The main forms, types, financial tools, technologies and methods of international banking, their evolution based on the achievements of scientific and technological progress and innovative development are studied. The peculiarities of the development of international banking activity and its efficiency in the international financial markets in the conditions of strengthening of integration processes in the world financial space are analysed. The purpose of the discipline is to study the theory and practice of organization of international financial relations in the context of global development and the formation of future specialists in the system of special knowledge in the field of international finance and banking in the internationalization of the global financial environment.  

  1. Diplomatic protocol and business etiquette

The course is devoted to the study of principles, norms, applied aspects of the application of diplomatic protocol and business etiquette, etiquette in international cooperation, as well as factors, criteria, and significance of ethnocultural differences in cross-cultural communication. Students get acquainted with the protocol norms of bilateral and multilateral diplomacy, regional features of cross-cultural communication. Much attention is paid to the study of business etiquette and ethics. The discipline continues the cycle of training in the field of international economic relations and has an applied direction.

  1. Foreign Language

The discipline "Foreign language" is part of the educational and professional training program for educational and qualification level "master’s degree". The course program provides a comprehensive study of phonetics, vocabulary, and grammar of the English language in accordance with the profile of the Institute for communication in English orally and in writing and solving problems of interpersonal and intercultural interaction. The communicative orientation of English language learning is realized through the formation of students' speech skills in the main types of speech activity - listening, speaking, reading, and writing, as well as basic skills and abilities in translation.

  1. International portfolio investment

The course aims to study the relationships that arise in the process of international portfolio investment, including management, review, restructuring and evaluation of the efficiency of the investment portfolio, primarily from the standpoint of an institutional investor, in the context of optimizing investment risk and return. It covers fundamental material in the field of international portfolio investment, including portfolio theory, capital market theory, arbitrage pricing theory, the theory of international diversification of investment portfolios. International portfolio investments are considered according to the new IMF methodology – BOPM 6. As a result of studying the discipline, students will know the essence and main directions of identification of international portfolio investments, master the basic principles of international portfolio investment, acquire basic skills of international investment portfolios. and shortcomings of international diversification of investment portfolios.

  1.        Theories of foreign direct investment

The discipline of Foreign Direct Investment Theory is aimed at studying the evolution of the conceptual foundations of foreign direct investment and international enterprises. The most famous theories of multinational enterprises are studied, starting from their origin in the 60-70s of the 20th century to today’s world. Most of the basic theories are devoted to the analysis of the causes, nature, and features of foreign operations of firms from the standpoint of the industrial organization of the company. At the same time, some theories of foreign direct investment cover macroeconomic analysis. Theories explaining the impact of foreign direct investment on the economy, structural changes in the world economy, the formation of various forms of production and investment, financial interdependence between countries are considered. Fundamental theories that substantiate the causes of international firms, current trends in their activities, strategy, organization, and mechanism of their operation are analysed.                    

  1.        Theories of international finance

The discipline "Theory of International Finance" is an important component of the training of specialists in international finance and investment, modern professional requirements for which include an understanding of basic theories of international finance, the ability to analyse and predict the state and trends of international finance in uncertainty and permanent global transformation. It will allow students to understand the basic tenets of purchasing power parity theory, interest rate parity theory, expectations theory, optimal currency area theory, the relationship between interest rates and exchange rate changes in the future. The course is also aimed at a detailed study of the Mandell-Fleming model and the Krugman model AS-AD, the possibility of their application for the analysis of international finance. Balance of payments theories are considered separately.

  1.        Strategic management of an international enterprise

The course of strategic management considers the vision, mission of the organization, study the principles, methods, and models of analysis of internal and external environments, studies the theory and practice of strategy formation and implementation, such as corporate governance and business ethics for effective strategic leadership. In addition to introducing students to new concepts and models, the course aims to develop the student's ability to integrate and apply their knowledge to make strategic decisions when working with cases. The course aims to acquaint students with the key concepts of strategic management of an international enterprise, methods of analysis of internal and external environment, formulation and use of strategy in the company. The main objective of the course is to provide students with knowledge about the concepts and process of strategic management, the importance of vision, mission, and corporate goals; analysis of the external environment; analysis of the internal environment; different levels of strategy, factors influencing competitiveness, international expansion; strategic leadership and innovation management, as well as promoting corporate leadership.

  1.        Pre-diploma practice

The general purpose of undergraduate practice is to systematize, generalize, consolidate, and deepen the theoretical knowledge and skills acquired by students in the educational program "International Finance and Investment", based on the experience of organizations of different organizational and legal forms in which they practice. In the process of practice, students gain organizational and professional experience in accordance with the requirements for the level of preparation of the student. The goals of educational practice of students studying under the educational program "International Finance and Investment" - the development of analytical skills of students, skills in working with scientific publications and databases, forming a holistic view of the development of modern research and educational programs in the world economy: international economic relations, international finance, and investment. Undergraduate practice is conducted to consolidate the knowledge gained during training, the acquisition of professional skills, as well as the collection, systematization, generalization of materials for the preparation of master's work. Also, the internship contributes to the formation of socio-personal competencies necessary for future work in a professional environment.

  1.        Execution of a master's thesis

Modern multi-level training of students in higher educational institutions ends with the writing and defence of a master's thesis. To obtain a master's degree, the most prepared students are involved, who have shown the ability to creative scientific work and have mastered the material. Together with the state exams, the successful defence of the final scientific work is the main requirement for providing a young specialist with the appropriate qualification level. Qualifying master's thesis is an independent research, which is a summary of the educational and methodological and scientific work of the student in the chosen specialty and his ability to practically use the acquired knowledge. That is why the preparation of a master's thesis and its defence before the examination commission (EC) with an important and responsible stage of training an international economist.

 

Selective components:

 

Selective specialization block "International financial activities":

  1. Modern problems of international finance

The course "Modern problems of international finance" examines the theoretical and practical aspects of international financial activities, its regulation and implementation technologies, as well as practical skills of financial transactions in the international market. The focus is on international capital flows, their implications for the national economy. The course focuses on the analysis of the corporation's behaviour in international markets and the relationships formed in raising capital, its placement, distribution of financial income, presentation of approaches, concepts, and principles of financial management in international markets, financial management at micro and macro levels. The course examines the conceptual concepts and provisions of international finance as an integral part of the functioning of a market economy. The normative regulation and standardization of international finance, external and internal factors that form the basis of international finance are considered.

 

  1. International financial engineering

The discipline is aimed at studying the relationships that arise and develop in the process of creating and developing financial technologies, understanding their role, goals and objectives. It covers fundamental material in the field of international financial engineering, including modern IT trends in the financial market, innovations in financial IT technologies, the financial foundations of corporate capital management, the main products of international financial engineering.

  1. Tax management of an international enterprise

The course is aimed at studying the theoretical foundations and practical aspects of international corporate tax management, principles, boundaries, tools of international tax planning; development of optimal tax strategies in terms of the balance of reducing the tax burden and possible tax risks. It covers fundamental material in the field of international taxation, including the concept of international taxation, approaches to determining the tax burden of MNE, the use of offshore jurisdictions, holding companies, various financing options for companies, derivatives, hybrid companies and transfers, use of intellectual property and others. to optimize tax payments in the context of the implementation of the Action Plan to combat the erosion of the tax base and the withdrawal of profits from taxation (Base Erosion and Profit Shifting, hereinafter – BEPS). Acquisition of business case solving skills plays an important role in mastering the course

  1. World derivatives market

The discipline includes the study of the main directions of development of the futures market, mechanisms for forward, futures, options, and swap transactions, as well as the main operations and hedging strategies used in these markets. The course consists of two content modules: Content module 1. "Forward market instruments" and Content module 2. "Pricing mechanism and operations in the global derivatives market". The first module is devoted to the study of the following issues: definition of the concept and purpose of derivative securities; definition of the basic theoretical bases on which functioning of the world market of derivatives is based; analysis of the mechanism of action of forwards and basic operations with them (hedging, arbitration); identification of mechanisms for futures transactions and analysis of key strategies in this market; analysis of the mechanism of options and the main strategies of options trading; determination of the mechanism of action of futures market instruments - swaps. The second module is devoted to the study of the following issues: disclosure and analysis of mathematical models for transactions with derivative securities; analysis of pricing in the market of derivative securities and identification of key factors and variables; disclosure of the main operations (and strategies for their implementation) in the derivatives market (Hedging. Speculation. Arbitration.); analysis of the main trends in the development of international derivative markets and the derivatives market in Ukraine.

  1. International financial analytics

The course is aimed at studying the theoretical principles of formation and features of modern innovative products and the latest technologies in international financial markets. The factors, content, structure, and main consequences of changes in the products and technologies of world finance, types and instruments of the world market of financial technologies, alternative methods of risk transfer in international financial markets are studied. Trends in the development of securitization of financial assets and risks, motivation and effects of structured products, methods, and tools for managing catastrophic risks, their place in the international capital market, etc. are determined. Forms and functional specifics of new types of financial products, methods of their analysis, features, and mechanisms of action of the concrete market, interrelation of risk and profitability of new financial products and their role in optimization of structure of the international investment portfolio are considered.

 

Selective specialization block "International investment activities":

  1. Global value chains of an international enterprise

The course examines the theoretical foundations, evolution of development, practical aspects of functioning and current trends in the reconfiguration of global value chains, as well as the dependence of the effectiveness of global value chains on environmental conditions (political, economic, regulatory, technological, etc.). The course aims to acquaint students with the key concepts of the global value chains of international enterprises, as well as the peculiarities of their development and reconfiguration in modern conditions. The main task of the course is to provide students with theoretical and practical knowledge about the peculiarities of the functioning of global value chains of multinational enterprises in a changing environment.

  1. Business ethics in international investment

The course is aimed at studying the main ethical issues, challenges and problems that arise during the international investment process. It covers the main approaches and methods for preventing, resolving, and resolving ethical issues that may arise in both foreign and international portfolio investment. The course is also aimed at studying the socio-ethical relations that arise between the various stakeholders of the investment process, generally accepted in international financial markets rules of ethical conduct of their participants and basic methods and strategies of ethical management of investment projects by multinational enterprises.

  1. Business plan of an international enterprise

Discipline is an important component of the process of training specialists in international finance and investment, modern professional requirements for which include the ability to draw up a business plan, as well as the ability to present it. It aims to make students understand the differences between international standards for business planning; knowledge of the typical structure of the business plan; ability to develop a business model of the enterprise; ability to perform marketing and financial analysis, analyse business risks; formation of skills of effective presentation of the business plan.

  1. International investment management

The discipline is aimed at studying the relationships that arise and develop in the management of international investment portfolios in terms of selecting securities and evaluating their investment characteristics, developing basic investment strategies, and making optimal portfolio decisions, evaluating the effectiveness of such management. It covers fundamental material in the field of international investment management, including the main types of international investment strategies, basic methods of stock valuation and approaches to equity portfolios, existing models for valuing debt securities and debt securities portfolios, some methods for optimizing international investment portfolios, performance appraisal concepts international investment management. The discipline is aimed at achieving such key skills as the development and implementation of basic investment strategies based on self-analysis and selection of individual financial instruments, including stocks and fixed income securities, evaluating the effectiveness of international investment portfolios.

  1. International investment projects: case studies

The course examines the basics of investment project management, the principles of development and optimization of the investment budget, traditional and modified methods of assessing the effectiveness of projects. The course aims to acquaint students with the key stages of implementation of international investment projects, as well as methods of risk analysis, forms, and ways to attract project financing. The main task of the course is to provide students with knowledge about the stages of investment projects, types, and methods of evaluation of investment projects, features of evaluation of projects of different duration and scale, planning, development, and optimization of the investment budget.

 

Choice from the lists:

 

List № 1:

  1. Fundamental analysis of international financial markets

The course involves acquainting students with the main content, features of fundamental analysis of international financial markets. The aim of the course is to instil in students the skills to make investment decisions based on the analysis of fundamental indicators of the macroenvironment, industry dynamics and specific characteristics of public companies (key financial ratios, equity structure, quality of corporate governance) that make them attractive in the eyes market investors and based on the analysis of graphic price behaviour.

  1. International audit and financial analysis

The program of the discipline involves the study of the audit activities in organizations with foreign capital and considers the peculiarities of the practical implementation of the requirements of the laws of different countries in conducting business activities of the economic entity. The course program is focused on training qualified professionals in the field of accounting and auditing to work in commercial, government agencies at various levels, consulting and auditing firms, banks, investment, and insurance companies. The program is designed for students who want to acquire additional knowledge needed to perform a new type of professional activity. Professional competencies obtained as a result of studying the course are to take into account the primary accounting documents on the facts of economic life of an economic entity with foreign jurisdiction; monetary measurement of objects of accounting with the participation of foreign capital and the current grouping of the facts of economic life; final generalization of the facts of economic life; preparation of accounting financial statements; preparation of consolidated financial statements; internal control of accounting and preparation of accounting (financial) statements; tax accounting and tax reporting, tax planning; conducting financial analysis, budgeting and cash flow management.

 

List № 2:

  1. Offshore finance

The course examines the functioning and regulation of offshore financial activities, as well as the analysis of preferential taxation and the main strategies for choosing the optimal offshore zone for doing business. The course aims to acquaint students with the principles of doing business using tax planning with the help of international financial offshore structures; features of offshore financial activities, as well as to analyse the scale of the impact of offshore tax optimization schemes on the world economy. The main task of the course is to provide students with knowledge about: the process of origin and evolution of offshore financial business and its basic concepts and categories; features of functioning of offshore financial centres and companies; classification of offshore zones; reasons for the attractiveness of offshore financial centres, financial and tax planning with the help of international offshore structures; system of agreements on avoidance of double taxation and regulation of offshore activities.

  1. Tax policy of foreign countries

Students get acquainted with the methodological principles and main tasks of the discipline, as well as with the problematic issues of the course; study the basic principles and types of tax systems of the world's leading economies, especially the formation of tax policy after World War II, the principles of tax administration in foreign countries, including the organization of tax services and tax control, the ratio of direct and indirect taxes. The discipline is aimed at revealing the specific features of the tax systems of the world's leading market economies (USA, Kingdom of Great Britain, Canada, Germany, the French Republic, Italy, the Kingdom of Spain, the Scandinavian countries), and key events in the development and formation of tax mechanisms. tax policy for an efficient market economy.

 

List № 3:

  1. Mergers and acquisitions in global capital markets

The course focuses on the theoretical and applied aspects of cross-border mergers and acquisitions (M&A). The course studies the main motives of cross-border M&A, mechanisms for implementing agreements, issues of growth and development strategy of the company in the context of cross-border M&A, methods of structuring cross-border M&A, legal, tax and accounting aspects of agreements. In teaching the discipline, special emphasis is placed on acquiring skills in valuing assets / companies using costly, profitable, market-based methods and alternative methods, such as real options. At the end of the study, students can build a typical financial model of M&A, to draw up a balance sheet of a joint venture, to assess the effectiveness of the agreement (event-study). The course is based on standard Western textbooks on M&A, scientific articles, and business cases. Applied aspects of the course are based on recent real deals in the international and Ukrainian markets. 

  1. Strategies for optimizing international investment portfolios

The course is aimed at studying the relationships that arise and develop in the process of optimizing international investment portfolios, including the use of modern software, as well as basic methods of assessing the investment characteristics of individual financial assets and developing optimal international portfolio strategies. It covers fundamental material in the field of portfolio optimization, including basic options and futures valuation models, option and futures strategies for international portfolio investment, approaches to the formation of debt portfolios, basic methods for optimizing international investment portfolios and software products used for this purpose. in practice. The discipline is aimed at forming such a key skill as the optimization of international investment portfolios based on self-generated data sets and estimated investment characteristics of individual financial assets, including the use of modern software.

 

Suitability for employment

 

Graduates can work in international financial organizations, managers of international enterprises, managers of mutual investment institutions, international financial projects, in the field of international banking, in central and local executive bodies, as well as research and consulting organizations in the field of international finance and investment.

 

Accreditation of OP in the period from 23.09.2021 to 25.09.2021. Information on self-assessment of the educational program.