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Opleiding: Executive Master Class in Corporate Finance
Leerdoel
An advanced management programme designed for executives pursuing, or planning to pursue, a successful career in finance
The Executive Master Class in Corporate Finance is an intensive English-language programme that makes you a financial expert, academically trained and well equipped to analyse and solve complex financial issues.
Why this programme
The Executive Master Class in Corporate Finance is an advanced management programme that provides executives with the training necessary to pursue a successful career in a finance function or in a financial institution. The programme allows you to get a thorough understanding of the most important corporate finance principles and it teaches you to apply these principles in their organisations.
The Vlerick approach
To ensure a practical and action-oriented approach, case studies are used as the primary – but not exclusive – vehicle for teaching. Participants are challenged to deal with real-life situations, apply the appropriate concepts and techniques, decide upon a course of action, and discuss their recommendations in class. The case studies are complemented by group projects and integration exercises. In addition, senior executives address the group at regular times to illustrate major issues raised during the course with their personal experience.
Faculty
The Executive Master Class is taught by Faculty of Vlerick Leuven Gent Management School, supplemented by guest faculty.
Doelgroep
The programme is designed for high potential candidates from a wide variety of professional, educational and cultural backgrounds.
Programma
Module 1: Opening seminar
The residential opening seminar has three important objectives. First of all, we refresh some of the basic concepts of corporate finance by means of an interactive financial game. Secondly, we will consider several cases in business ethics. Furthermore the opening seminar is an excellent opportunity for the participants to get to know each other. This is a crucial step in promoting open discussions and highly interactive sessions throughout the rest of the programme.
Topics covered during this interactive seminar:
- The ultimate goal of a company
- Time value of money
- Introduction to capital budgeting
- Introduction to valuation
- Introduction to risk management
- Business ethics
Module 2: Fundamentals of Corporate Finance
Each company needs assets to operate. These assets can be financed by issuing stocks, raising debt or reinvesting prior earnings. A balanced and healthy funding strategy is becoming important to survive and to create value. Over time there have been numerous examples of organisations that embarked on overly amibitious investment programmes and subsequently discovered that their portfolio could not be financed on acceptable terms. Furthermore some of these programmes actually destroyed corporate value while, due to the time pattern in the future cash generation and necessary reinvestments, cash shortages after initial investment occurred. This could have been avoided with an understanding of the important foundations of corporate finance.
In this module, we discuss:
- The discounted cash flow (DCF)
- Capital structure (Modigliani & Miller)
- Capital budgeting
- Dividend policy
- Cost of capital (WACC)
- Debt management
Module 3: Financial Planning & Short Term Financial Management
Financial planning helps to achieve both greater wealth and financial security. Improper planning can be disastrous. An uninsured loss can wipe out accumulated wealth, insufficient reserves can force a company to abandon the development of a new product, and poor tax planning can result in taxes that are higher than necessary. So, financial planning is crucial − and working capital management, cash management and budgeting are the fundaments of a good plan. This module provides you with a critical understanding of financial planning issues. Afterwards we will discuss how to address cash deficits and surpluses by covering the pros and cons of different short term funding and investment options that are available.
In this module, we discuss:
- Financial planning models
- Working capital management
- Credit management and credit scoring
- Cash management: cash collection & cash pooling
- Overview of alternative sources of funds and relations with banks
- Short term funding & investment alternatives
Module 4: Financial Accounting & Analysis
Managers understand the reality of the business units they run. The role of financial accounting is to communicate this reality to the organisation’s various interest groups through the financial statements. What managers and other stakeholders need to know is how to interpret this information to get to the reality behind the numbers in an international environment.
In this module, we discuss:
- Ratio analysis
- Cash flow analysis
- Earnings quality
- Key concepts and tools necessary for understanding financial statements
- International Accounting Standards compared with other accounting systems
Module 5: Valuation & Long Term Funding
Value creation should be one of the cornerstones of every corporate strategy. We will start by critically discussing valuation tools such as Multiples, Discounted Cash Flow, Adjusted Present Value, etc. In a next step we go beyond traditional techniques and discuss the real option approach. Finally we will look at long term funding alternative, e.g. IPO's.
In this module, we discuss:
- Multiples
- DCF
- APV
- Real options
- IPO
Module 6: Entrepreneurial Finance
The primary objective of this module is to provide an understanding of the concepts and institutions involved in entrepreneurial finance and private equity markets. This module introduces participants to the challenges and pitfalls of financing new enterprises or activities.
Entrepreneurial financing decisions follow a life cycle approach. The cycle begins with identifying opportunities, moves to marshalling resources to take advantage of these opportunities and executing the business plan, and ends with harvesting the venture’s success. Financing decisions should be aligned with the stage of development of an entrepreneurial venture. This module presents current financial economic research and theory to the study of entrepreneurship and new venture finance, based on case studies and presentations by practitioners.
We start with the difference between corporate finance and entrepreneurial finance and explain the basic principles of entrepreneurial finance (staging of investments, ratchets, etc.). We then explain and discuss how to value unquoted companies (relevant discount rate, liquidity premium, the venture capital method, etc.), how to structure a deal in a highly uncertain environment (types of equity, combination of (quasi) equity and debt, contract design), and how to choose the right investor for your company (business angels, venture capital, strategic investor, stock market, etc.).
In this module, we discuss:
- Valuation of a start-up
- Funding strategies
- Venture capital, business angels etc.
- Deal structuring
- Bootstrapping
- MBO and LBOs
Module 7: Mergers & Acquisitions
Mergers and acquisitions are important strategic tools for creating value. They have become an inseparable part of today’s increasingly competitive and global economic environment. Making a successful M&A deal is challenging and requires a lot of care and expertise. In this module, we cover all the steps involved in the M&A process, and many of the crucial elements that can make or break a merger or acquisition are identified, from selecting bona fide prospects to structuring the best deal.
First, we examine the business unit strategy of a company, as a starting point for the corporate M&A strategy. We then go over good practices of a due diligence prior to the M&A deal. Subsequently, we discuss the legal and fiscal actions involved in the process of the merger or acquisition itself. To conclude, we consider how to manage the post-M&A integration.
In this module, we discuss:
- Pré and post merger strategy
- M&A process
- Due diligence
- Legal and fiscal issues
Module 8: Corporate Restructuring
During this 1-day module, we highlight the most important aspects of corporate restructuring. Cash flow constraints affect a company’s value via the impact of bankruptcy costs, underinvestment, agency costs, etc. At that point, the financial manager must make a choice between liquidation and reorganisation. We discuss the pros and cons of both by means of cases. To conclude, we take a look at several restructuring measures: divestures, downsizing, renegotiating contracts, changing the capital structure, etc.
- Bankruptcy costs
- Agency costs
- Conflict of interest between different stakeholders
- Restructuring measures
Module 9: Value Based Management
The ability to understand strategy and interpret it using financial information is a prerequisite for any manager seeking a senior role in business. Strategy is a decision-making process that is used to resolve the field of tension between objectives, requirements of the environment, and available resources. Organisations use a tremendous amount of time, effort, investments, assets and resources to deliver certain values. So, it makes perfect sense that − once the mission, goals and strategies are set − an organisation manages, measures, monitors, encourages and supports to ensure that maximum value is realised.
In this module, we examine the various techniques that can be used to measure value in your organisation. The design and use of contemporary management technologies that have been developed to support value creation in organisations are also discussed.
In this module, we discuss:
- EVA© as a performance measure
- Value drivers
- Organisational design
- Implementation of strategic cost management systems
- Operational cost drivers
- Balanced Scorecard
- Revenue analysis and capacity management
Module 10: International Finance
The business environment has been characterised by high-profile business scandals and failures in which different company stakeholders were involved. As a result the concern and focus on risk management has increased dramatically. In this module we will start from an enterprise wide approach with respect to risk identification, measurement and risk coverage. In a next step we will discuss financial risk management in greater detail with a focus on Foreign Exchange Rate Risk, credit risk etc.
In this module, we discuss:
- Entreprise Risk Management
- Financial risk
- Hedging tools: futures, forwards, options
- Basel II
Module 11: Corporate Finance Overview
In the previous modules, the various aspects of corporate finance are thoroughly discussed. The objective of this seminar is to bring all these aspects together. In real life, a CFO is confronted with multiple challenges simultaneously, so it is important to see how different decisions interact. This will be achieved by addressing real-life integrative cases.
You will need to apply the theories and practices learned in previous modules to solve complex financial issues. In this module, we integrate the concepts and theories that were presented in the previous modules into several business cases.
Module 12: Closing seminar
Most financial applications assume a homo economicus in the decision-making process, but in practice rational behaviour is always driven by personal motivations. When you bear in mind our limited abilities to make complex decisions, you can improve your performances. Through several cases, we take a look at the biases of errors and judgement in our financial decisions. Furthermore, during this closing seminar, we focus on further developing your general management abilities, such as interpersonal and communication skills, negotiation skills and leadership.
In-company project
After successfully completing the core modules, participants are requested to execute an in-company project under the supervision of a faculty advisor. Participants are free to choose the subject of the in-company project. Ideally, the project tackles a real world problem within the organisation where a variety of corporate finance tools can be applied. The scope of the project should be defined so that it can be completed within a 3-month period.
Toelatingseisen
- You have at least 3 years of professional work experience in a financial position (e.g. financial analysts, treasurers, financial consultants, (investment) bankers, venture capitalists, etc.) or a genuine professional interest in corporate finance issues.
- You must have a basic knowledge of financial management.
Opleiding kerngegevens