mfin-2012 - Educouturier

Masters in Finance
A unique learning & networking experience

Welcome to the
International University of Monaco
Experience Monaco: a unique place to experience the financial industry
Monaco is one of the world’s most recognized financial
centers. The Principality is in particular known for the
quality and health of its private banking sector. In
addition, Monaco hosts a growing and vivid asset
management industry which underpins the Principality’s
strategy of attracting top portfolio managers.
One of the corollaries of this policy has been the rejuvenation
of the local job market for financial analysts and individuals
who enjoy solid technical and quantitative skills.
Keyfacts about Monaco
77 financial establishments over 2km²
33.000 inhabitants
• 7.000 nationals
• 26.000 residents representing 200+ nationalities
One of the safest places in the world
One of the highest GNP per capita: €50,000
Total of assets managed by the Monegasque
banking and finance center: € 75.4 billion
Monaco hosts the world ‘s largest conferences in finance and
in alternative investments, such as the European Alternative
& Institutional Investing Summit (in october); Family offices
and private clients summits (in may), Clean Equity Monaco (in
January) , and the famous “GAIM International” that
attracts a large base of investors (Family offices,
institutional investors , private bankers) and over 500 star fund
managers. IUM’s faculty are regularly invited to speak at these
events, giving their students the opportunity to attend specific
sessions.
Share of the Banks and Financial Activities sector in the
total turnover of the private sector
6482
3327
4081
Source: Division des Statistiques et des Etudes Economiques
861
839
514
362
Wholesale & retail trade
Service providers,
telecoms,
government, etc
Banks and financial
activities
Public works & real estate
Industries
Hotels
Transport
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a unique learning & networking experience

Be part of one of the most unique universities in the world
The International University of Monaco (IUM) reflects the country
where it is located: both are international microcosms, both are
close-knit communities, and both have been uniquely successful
for their size.
IUM is recognized for the personal attention that underpins
its teaching philosophy, as well as for its core values of mutual
respect, open-mindedness, courage, and honesty. Small class
size further facilitates the one-on-one interaction for successful
academic and personal development.
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With this emphasis on individual attention and thanks to its
distinguished faculty, professionals, and experts from all over the
world, IUM will allow you to expand your knowledge and acquire
professional skills within a unique learning environment.
IUM Key Figures
“IUM’s mission is to deliver an excellent business
education in an unparalleled multicultural context
where diversity in personal and professional
backgrounds, cultures, and languages is the rule.”
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Founded in 1986
Nationalities represented: 60+
Student Teacher Ratio: 10 to 1
www.monaco.edu 3

Programs
overview
A word from the programs director
Finance is a notoriously competitive industry that is attracting
some of the best educated individuals. We believe that
financial professionals have many characteristics in common:
a passion for their field, technical competency, personal
integrity, the ability to work efficiently in teams, innovative
ideas and an obsession for value creation.
In our Master in Finance programs we encourage our students
to develop those traits by exposing them to the realities of
financial markets and the best practices of successful financial
institutions.
We allow students to tailor their experience by choosing
early on a specific field of specialization and to work on very
concrete cases and real life applications.
The overall aim underlying our teaching objectives is to build
students’ competitive advantages in those specific niche
markets and to strengthen students’ ability to adapt to ever
changing conditions.
The Master in Finance programs trains the financiers of
tomorrow, providing students with a solid technical
foundation and fostering the personal values and habits
found at the heart of successful careers in finance.
Dr. Gregory Moscato
Programs Director
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a unique learning & networking experience

The Common Core Master Specialization Courses Professional Immersion
Corporate Finance
Derivative Products
and Strategies
Financial Accounting for
Investments
Investment Banking
Macroeconomics for Financial
Forecasting
Portfolio Theory
and Management
Risk Management
Statistics and Financial Data
Analysis
Stock and Bond Valuation
Master in Hedge Funds
& Private Equity
Hedge Fund and Fund of Funds Management
Hedge Fund Strategies
Mergers and Acquisitions
Private Equity
Real Estate Investing
Venture Capital & Entrepreneurial Finance
Master in Quantitative Trading &
Financial Engineering
Analyzing and trading the yield
and credit curves
Financial Econometrics
Financial Modeling in MATLAB
Financial Programing in VBA
Probability Theory & Discrete-Time Finance
Stochastic Calculus & Black-Scholes Theory
Master in Private Banking &
International Wealth Management
Client Relationship Management
Green Finance
International Taxation
Selling Financial Products
Wealth Management
Internship
or
Applied Research
Project
Career Development Program
Individual assessment and individual counseling, preparation to finance graduate programs, mentorship program, and networking events.
Teaching Philosophy
IUM has developed a teaching philosophy based on five
learning principles:
An individual attention: Interactive learning, online
support, and small classes accommodate a variety of
learning styles, with timely formative feedback reinforcing
the learning process and personal development.
A balance of theory and application: With both academics
and professionals using innovative teaching techniques and
online technologies based around lectures, case studies, group
projects, and business simulations, students are readily able to
apply financial theories and models in real life settings.
An active learning: Professors create a dynamic, interactive,
hands-on learning environment that encourages and
expects active engagement from students. Case studies, class
discussion, debate, and online forums are commonly used
across the curriculum to enhance students’ analytical,
creative and problem-solving skills.
A multicultural learning: Building on the cultural diversity
of the student body and faculty, students learn to respect
cultural diversity and to negotiate and capitalize on the
richness that different perspectives bring to financial decisions.
From theory to practice
The MFIN programs ensure that their curriculum match
the financial industry’ standards by working closely with
industry players. Furthermore, IUM organizes a series
of conferences and invites professional guest lecturers
throughout the academic year.
To further reinforce students’ understanding of
professional expectations the MFIN programs organizes
a yearly Business trip to visit firms in European financial
hubs. Past Companies visited include UBS investment
bank (Zurich), Man investments (London), Bain Capital
(London), Pricewaterhouse Coopers (London), Société
Générale Hambros (London).
A cooperative and collaborative learning: Regular group
projects allow students to apply their knowledge to new
situations while developing their skills in leadership,
communication, and teamwork.
www.monaco.edu 5

Master in
hedge funds & private equity
Why a Master in Finance specialized in Hedge Funds and
Private Equity
Mastering the full spectrum of traditional,
alternative and innovative investment strategies in
Hedge Funds and Private Equity
This degree gives students a solid foundation in financial
analysis with a strong emphasis on real life applications in
order to sharpen their business sense.
Thanks to small class sizes, the program is able to ensure a
high quality learning process.
The program integrate IUM’s network of asset managers
and alternative fund managers in the courses conception
in order to ensure that the curriculum includes the latest
developments and expectations of the alternative finance
industry.
The Program at a glance
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Practical orientation with a focus on
fundamental analysis and value creation
Lectures with leading fund managers
Strong emphasis on real life applications in
order for students to sharpen their business
sense
Intense, collaborative environment that
fosters very operational individuals
Students can tailor their learning in order to suit to their
ultimate career objectives
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a unique learning & networking experience

Dr. Dino Sola
Professor of Finance
“If you enjoy the challenge of predicting financial markets, devising investment strategies,
looking for inefficiencies, discovering undervalued securities, testing models and
theories, then the Master in Hedge Funds and Private Equity at IUM is for you.
In this program you will have plenty of opportunities to do all of that, and to learn
how to think like a hedge fund manager. You will also be asked to create your own
(virtual) hedge fund, complete with its legal structure, service providers, due diligence
documents, marketing material, and to present your fund to potential investors.”
Program description
The Master in Finance – Hedge Funds and Private
Equity has been created in order to fulfill the specific
needs of the alternative finance industry. Industry
players, faced with complex, ever changing market dynamics,
need to develop adaptable approaches to the many challenges
they face. They require well educated associates with a solid
analysis capacity, and the ability to find value creating solutions.
This program aims at fostering highly competent finance
professionals with a strong business sense, the capacity to
formulate and implement innovative strategies, and to work
efficiently in intense, detailed oriented finance teams.
Courses
Hedge Fund
Strategies
Concepts studied
Global macro strategies & event‐driven
investing, quantitative techniques such
as long-short pairs trading and statistical
arbitrage, convertible arbitrage, risk
arbitrage,fixed‐income arbitrage, capital
structure arbitrage ...
Courses
Macroeconomics for
Financial Forecasting
Private Equity
Investment
Banking
Risk Management
Mergers and
Acquisitions
Hedge Fund and Fund
of Funds
Management
Concepts studied
Business cycles, national output and
growth, productivity, globalization,
inflation, money supply, ...
The different stages of the private
equity cycle from deal structure, due
diligence, and negotiation to valuation
approaches and exit strategies
The different asset classes (stocks,
bonds, HF, commodities, volatility,
etc.) & the underlying principles and
strategies (passive, active, total return,
and absolute return)
Market risk, liquidity risk, and
operational risk, Value at Risk
(VaR) technique and quantitative
techniques for risk management
Screening of targets, valuation, bid
tactics (and defense tactics), financing,
negotiation, communications, and
integration.
Classification in terms of the
strategies employed and risk‐adjusted
performance evaluation Formation of
a hedge fund , business practices,
ethical issues
Venture Capital and
Entrepreneurial
Finance
Venture capital, bootstrap finance,
mezzanine investing, and turnarounds
Real Estate
Investing
Real estate syndications as an ownership
form, financing alternatives, and the
use of financial leverage
www.monaco.edu 7

Master in
Quantitative Trading & Financial Eng
Why a Master in Financial Engineering & Quantitative Finance
Fostering innovative investment strategies grounded
in rigorous analysis and sound theoretical framework
This degree allows students to learn financial models and
techniques, to recognize their reach and limitations, and to
apply them to complex investment situations.
This quantitative program leads to a wide range of financial
careers such as trader, risk management officer, hedge
funds quant analyst etc.
Thanks to small class sizes and individual attention this
master is able to ensure a high quality learning process.
Students can develop dedicated individualized projects to
suit to their ultimate career objectives.
The Program at a glance
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Small class sizes ensuring a high quality
learning process
Very practical orientation to real world
strategies combined with rigorous theoretical
background
Emphasize the development of innovative
investment approaches. Students can backtest
then manage their strategies on live
market data
Practical individualized projects allow a tailored
path matching career objectives
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a unique learning & networking experience

Dr. Gregory Gadzinski
“ I often hear from prospective students: “They don’t teach you to be a successful trader in a
Master program”. My answer is always the following: you could learn how to trade without
knowing how to build mathematical models, but the difference between a trader that does
not know mathematics and a trader that knows is like the difference between a shaman and a
surgeon.
Which one do you want to be Now, building financial models is very challenging: not only the
mathematics are complex but trading frictions, market imperfections and human nature make
sometimes your model lie far from reality. But make no mistake, financial modeling is worthwhile.
If we do need models and mathematics – you cannot think about finance and economics
without them-, that’s not enough though.“
ineering
Program description
This program is a mathematically-oriented
degree intended for students who aspire to a
career where they will apply theoretical finance
and computer modeling skills to make pricing, hedging,
trading, and portfolio management decisions.
Courses and projects emphasize the practical applications
of these skills while providing the rigorous theoretical framework
essential to a thorough understanding of the principles of
financial engineering. Students learn to combine their analytical
skills with business sense to handle, analyze, and interpret data,
and devise original approaches to complex problems in order to
make sound investment or risk management decisions.
Courses
Analyzing and
Trading the Yield
and Credit Curves
Stochastic Calculus
and quantitative
strategies
Concepts studied
Properties and behavior of the yield
and credit curves and models such as
the Nelson‐Siegel model
The basics of asset pricing and other
quantitative tools such as Stochastic
calculus and the martingale approach
Courses
Derivative Products
and Strategies
Statistics & Financial
Data Analysis
Probability Theory
and Discrete-Time
Finance
Stock and Bond
Valuation
Portfolio Theory
& Management
Financial Programming
in Visual Basic for
Applications
Concepts studied
The “Plain vanilla” financial derivatives
such as options, futures, swaps and the
trading strategies that can be implemented
such as stock‐index arbitrage,
fixed income arbitrage, various options
strategies like strangles, and straddles...
The use of ordinary least squares (OLS)
simple and multiple regression to model
relationships amongst financial and
economic variables
The probability distributions and their
properties, the concept of conditional
expectation of a random variable, and
important limit theorems
The equity valuation models (dividend
discount and free cash flow models, and
P/E ratio valuation), risk and risk measurement,
bond prices and yields, the term
structure of interest rates, interest rate risk
and bond duration and convexity ...
Risk Tolerance, Capital Market Line,
Mean-Variance Criterion, Efficient
Frontier, Single-Index Model, Capital
Asset Pricing Model, Fama-French
Factors, Active Bond Management
Functions and subroutines using different
types of variables, conditional statements,
loops, and arrays; the procedure of debugging;
and how to query an external database
Fin. Modeling
MATLAB
Practitioner’s approach to the implementations
of financial models in MATLAB
Financial
Econometrics
AR, MA, and ARMA models and times series
models such as the Box‐Jenkins approach
www.monaco.edu 9

Master in
private banking & wealth management
Why a Master in Private Banking & International Wealth
Management
Meeting the investment and management
needs of high net worth individuals
IUM has a long tradition of developing multicultural views on
business dynamics. This Master exposes students to a cross
cultural vision of wealth management needs and solutions,
preparing them for international careers. This program, based
in one of the most active hubs for private banking & wealth
management services, offers unparalleled networking and
career opportunities in Monaco.
International and local private banks are fully integrated in
the courses conception in order to ensure that the curriculum
meets the most current standards and expectations of the
financial industry. The program Integrates project-based and
practical learning, including guest seminars, financial
conferences, supervised visits and hands-on field projects.
The Program at a glance
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Average class size of 23 participants from 16
different nationalities
Practical activities include guest seminars,
financial conferences, supervised visits and
hands-on field projects
Unparalleled networking and career opportunities
in Monaco
Renowned lecturers with industry specific
backgrounds
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a unique learning & networking experience

Marco Casella, Managing Partner, International Financial Advisor
GC Group Capital, LLC
“I like IUM for its international student base and its practical approach. I enjoy sharing my
professional experience with the students, getting their feedback and points of view.
I have been having an open dialogue with students helping them find professional opportunities
based on their passions and skills. I particularly enjoy this open dialogue.”
Program description
The Master in Finance – Private Banking and
International Wealth Management has been
devised to address the evolution of the wealth
management industry.
Most private banks are moving away from a product placement
approach to tailor made solutions in order to address their
clients’ needs. They seek well educated advisors with the
ability to understand complex markets dynamics and to master
the full spectrum of financial services and instruments.
The Master in Finance – Private Banking and International
Wealth Management is designed to prepare highly skilled
professionals with a strong business sense and work ethic
who will make a positive contribution to the finance industry,
making them desirable candidates for positions within
private banks, asset management firms or family offices.
Courses
Green Finance
Concepts studied
Financial governance, Socially Responsible
Investments (SRI), green balance sheets
and indicators, carbon trading...
Courses
Wealth
Management
Client Relationship
Management
International
Taxation
Selling Financial
Products
Portfolio Theory and
Management
Investment Banking
Concepts studied
International wealth planning, strategies
(passive, active, total return, and
absolute return), trusts, foundations,
estate planning; tax laws, residence,
asset allocation, risk tolerance, and
behavioral investing
Customer behavior and client segmentation,
private client behavior and total
quality management, acquisition and
retention of high net worth individuals,
image creation, branding and communication
strategies, pricing strategies
Corporate income taxation, residency,
interest deductions, anti‐avoidance
legislation, international tax issues...
The buying process, prospecting techniques,
SPIN method, BATNA, conflict
handling techniques, negotiation styles
Risk Tolerance, Capital Market Line,
Mean-Variance Criterion, Efficient Frontier,
Single-Index Model, Capital Asset Pricing
Model, Fama-French Factors, Active
Bond Management
Capital Formation Process, markets
behavior, Initial Public Offerings (IPO),
Structured Transactions, Asset Backed
and Collateralized Bonds
www.monaco.edu 11

From theory
to practice
At the end of the academic year, the applied research
project or the internship offer students the opportunity
to apply the theory gained in the courses and to
further develop their interests and competencies in a
chosen field of specialization.
In their internship search, students are supported by all IUM
faculty members and by the IUM Career Office, that provide
them with information and guidance on the finance job
market places and help them throughout the year to carefully
prepare their applications in these competitive markets.
Hedge Funds & Private Equity
Anchored in the IUM teaching philosophy, most of the
Hedge Funds and Private Equity courses combine the
rigorous theoretical approach of IUM professors with the
concrete views of Finance professionals .
Courses like Real Estate Investing, Merger and Acquisitions
or Venture Capital are mainly taught by finance top
executives with a proven track records in their fields .
Throughout the year, renowned finance experts from
leading institutions as UBS, Man Investments, JP Morgan
come at IUM to share their view on financial markets trends,
forecasts or on the new investment opportunities.
Hedge funds managers regularly come to IUM and present
their specific strategies and models to students. They are
also invited to evaluate the efficiency of strategies and
models developed by students within some specific courses.
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a unique learning & networking experience

Talal Bessa, MFIN 2009-2010, Junior Private Banker, Bank J. Safra
“When we enroll, we all know that we’ll end up in a group of students with diverse educational and
business backgrounds, but the richness of cultures, nationalities, and personal wealth in any given class
is truly unique. In 2010, the five continents were represented in our class, students were coming from
Colombia, Nigeria, China, the UK, Germany, Lithuania, Russia, Italy, Portugal, Canada, the US , the USA
to name a few countries. We exchanged on our experiences and future strategies, our respective political
and cultural background, and received valuable insight on one another’s field of expertise.
Some people consider the small size of a university a handicap, I consider it a gift. When we study a
technical field like finance, we sometimes need personal assistance and that is not possible in a class
of 150 students. This Master of Finance at IUM is very challenging; so having highly knowledgeable
professionals at our disposal was a gift. “
Quantitative Trading & Financial Engineering
Equipped with the technical and programming skills necessary
to implement financial models and strategies, students have to
develop their own investment strategies and to manage them
in “real markets” conditions.
Students benefit also from practical and interactive
presentations of successful hedge funds managers, that
strengthen their knowledge on quantivative based trading
techniques traditionally used by hedge funds – fixed income
arbitrage, merger arbitrage, relative value and market neutral
strategies and event driven strategies – and that expose
them to the latest cutting edge and innovative approaches to
trading.
Students are invited to create usable tools and models providing
practical and original solutions. Those models are implemented
and tested within an investment or trading company.
Despite the 2008 post-Lehman crisis and the downsizing of
derivatives products’ teams, most of the IUM former students
have successfully secured an internship then a job in equity
derivatives, debt capital markets or in the quantitative hedge
funds industry.
Private Banking & Wealth Management
Senior Private bankers or wealth management advisors
have undoubtedly various backgrounds, profiles and various
ways to develop and manage their portfolio of clients. This
exclusive relationship with high end and “exceptional”
clients means to combine a strong rigorous mindset with
outstanding empathy skills that are not easily acquirable in a
typical academic program.
For this reason, this master program has a strong focus on
practical experience thanks to the interaction and
participation of senior private bankers and wealth
managers. Invited to present their selling methodologies
and investment approaches during courses, those
professionals are also keen on fostering students soft skills
and guiding them in their career choice.
At the end of the academic year, the applied research project
or the internship offer students the opportunity to apply
the theory gained in courses and to further develop their
interests and competencies in a chosen field of specialization.
www.monaco.edu 13

Career
opportunities
A unique student career guidance
In their search of the most suitable career, students may
benefit from the IUM Mentorship Program that matches
eligible IUM students with business executives working
in the targeted industry.
Every year, the IUM Mentorship program connects students
with local or international business leaders who volunteer
to share their knowledge and experience, and guide
students into a suitable career choice.
Students also play central roles in discussion forums, seminars,
and workshops throughout the year that provide exceptional
opportunities to meet with successful business leaders.
Hedge Funds & Private Equity
A passport to enter in the highly competitive
market of the alternatives investment industry.
Over the last years, the world of alternative investments has
been facing novel challenges which has led participants to
reconsider their models, spurring constant innovation and
an increasing level of sophisticated analysis and action, while
strengthening risk management.
Equipped with a thorough knowledge of investment
strategies but also with an open and critical mindset , IUM
Mfin alumni found challenging positions in a large variety
of financial institutions worldwide, in traditional asset
management companies as in alternative investment
companies, in well established areas as in emerging markets.
The broad range of skills they acquired during this intensive and
practical program enabled them to apply for positions such as:
Junior portfolio manager, financial analyst, junior investment
manager, performance analyst, asset allocation analyst, hedge
fund / funds selection analyst, research analyst in specific funds
or in private equity companies...
Some of the companies where they have interned or are
still working are: HSBC Monaco, PriceWaterhousecoopers,
Bloomberg London, Archon Group (Goldman Sachs Group),
UBS investment banking, KnightVinke Monaco/New York,
Monaco Asset Management, SEAF Macedonia, Cathagena
Capital Germany, Odewald & Cie Germany, JP Morgan Chase
New York, EFG Eurofinanciere d’investissements Monaco/
Geneva, Amherst Funds US...
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a unique learning & networking experience

Jacek Maslak, MFIN 2008, Financial Analyst at Knight Vinke
“In addition to the tremendous theoretical knowledge base gained, our professors always
made sure that we learned how to independently apply this knowledge during complex
projects performed under time constraints. Such exercises were a tremendously important
preparation for what I was faced with during my first job experience in the financial sector.
What I found unique about the MFIN program at IUM is the result of finding yourself in
a new and exciting place with a small group of like-minded but very unique and diverse
individuals who are trying to get through the year together. Combined with a very demanding
program this situation created an immense bond of friendship within the group, which I
found to be one of the most valuable and motivating aspects of my studies at IUM.”
Quantitative Trading & Financial Engineering
Careers requiring solid mathematical skills and a
strong interest in financial markets.
Combining a high level in maths and business skills, as well an
advanced knowledge in quantitative economy and computer
science, the IUM graduates finalize their academic year by
an applied research project in partnership with a financial
institution.
Thus, they are particularly well equipped to start a career
in financial trading, risk management or portfolio analysis
within an investment bank, a hedge fund or a financial
consulting company.
Most of the MFIN alumni found jobs as Junior trader in
derivative markets, as quantitative analyst/modeller in
hedge funds or a Junior risk manager, mainly in Amsterdam,
London, New York or Zurich, the most dynamic locations for
the hedge funds and the investment banking industries.
The most recent employers of our Master in Quantitative
Trading & Financial Engineering alumni are: Optiver
(Amsterdam), Alloptions (Amsterdam) , Pivot capital (Monaco),
Sphere Invest (Geneva/Malta), Societe Generale Investment
Banking (London), Natixis Capital Markets (Paris) …
Some of our Alumni have started their own Hedge Funds.
Private Banking & Wealth Management
Careers combining people skills and a solid knowledge
of complex markets dynamics.
The last financial crisis, fast growing emerging markets and
the permanent search for secure and innovative solutions
have profoundly changed the wealth management industry.
Developed in partnerships with well established institutions,
the IUM Master in Private Banking & International Wealth
Management is designed to answer their new needs for
key competencies, combining a thorough understanding of
complex financial schemes and strong relationship
management skills.
IUM alumni are now working in famous private banks,
wealth management boutiques and family offices, financial
advisory companies, asset management / investment firms.
The broad range of skills they acquired during this intensive
and practical program enabled them to apply for positions as:
Junior Private Banker, Real Estate investment manager, funds/
porfolio manager, financial advisor, tax planning officer...
Some of the companies where they have interned or are
still working are: Bank Julius Baer Switzerland, Bank J.Safra
Monaco, Banque Populaire du Luxembourg, Barclays Wealth
Geneva, Credit Foncier Monaco, BNP Paribas Private Bank,
G & G Finance, HSBC Monaco, Ing Bank Amsterdam, Merrill
Lynch Monaco, SocGen Private Banking Monaco, ...
www.monaco.edu 15

Some of
the IUM faculty
Gregory GADZINSKI
Dr. Gadzinski has been teaching Finance and Economics at
IUM since 2005 and was until recently a full-time researcher
at the Hedge Fund Research Institute in Monaco.
He was previously an Assistant Professor of Economics at
the Chair for International Economics in Cologne, Germany.
He also served as a consultant for the European Central
Bank in Frankfurt and for Alpstar Capital, a European Hedge
fund based in Geneva.
Professor Gadzinski holds a PhD in Econometrics from the
GREQAM, Université de la Méditerranée, France.
Bassem Kamar
Dr. Bassem Kamar teaches Economics and Financial Econometrics.
He obtained his PhD in International Economics from
the University of Nice-Sophia Antipolis. He’s the author of a
book on “Exchange Rate Policies and Globalization”, and of
numerous scientific articles covering several topics such as
exchange rates, currency unions, foreign direct investments,
capital flows, banking reforms and regional integration.
Professor Kamar has five years experience as Economist at
the International Monetary Fund (IMF), and five years experience
in Academia. He is currently consulting for the IMF, The
European Union, the African Development Bank and the Arab
Monetary Fund. In 2009 he was elected board member of the
Middle East Economic Association, and is Research Associate at
the Economic Research Forum. He is also the General Manager of
“Global Economic and Financial Consulting (GEFIC)” in Monaco.
Moïse LOUISY-LOUIS
Moïse Louisy-Louis is professor of Financial Accounting and
Corporate Finance at IUM. He received his MBA from IUM
and is currently studying for a PhD in Financial Accounting.
He holds a B.S.B.A with a major in finance from Auburn
University, USA.
Before starting at IUM, he was an Equity Analyst at Knight
Vinke Asset Management in Monaco.
Gregory MOSCATO
Dr. Gregory Moscato has joined IUM’s faculty since 2003 and is
the Director of IUM Master in Finance programs.
Prior to starting his academic career, he has worked as an
account executive on Wall Street for boutique investment
banks and as a futures trader. He has also served as a foreign
exchange consultant.
His main areas of focus are private equity, company & project
valuations and subjective risk measures.
Professor Moscato is a member of the Monaco Venture Capital
Association. He holds an MBA from International University of
Monaco and a PhD from Paris-Est University.
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a unique learning & networking experience

Joseph Michael Payte
Founding board member of the International Association
of Financial Engineers (IAFE), Mr. Payte has also been Vice
President of the International Financial Markets/Swaps/
Derivatives Citibank, and Senior Managing Director of the
International Capital Markets Bear Stearns & Co.
He has an MBA Finance & Intl Business from the Kellogg
School of Management, Northwestern University.
Franco Quillico
Franco Quillico received an MS Summa Cum Laude in
electrical engineering from the Polytechnic of Milan, and an
M.B.A from the Wharton School, University of Pennsylvania.
He worked for Bain & Company and Salomon Brothers.
Since December 1993 Franco Quillico is Managing Partner of
Andromeda Consulting, an advisory firm based in the
Principality of Monaco, focusing on mergers & acquisitions.
Mr. Quillico has advised clients in various industries:
banking, information services, computers, chemicals, real
estate, construction materials, machine tools, automotive,
railroad, utilities, air courier, textiles, printing, food
processing, fast food, entertainment; and in several
countries: Italy, England, France, Belgium, Germany, Spain,
Monaco, Switzerland and the United States.
Michelle SISTO
Michelle Sisto began teaching at IUM in 1994. She holds a
BS in Mathematics from Georgetown University, a DEA in
Mathematics from the University of Nice, and is currently
extending her education with a PhD in Finance at EDHEC
Business School. Michelle has a passion for teaching and
learning and tries to transmit that enthusiasm to her
students. She has published numerous articles and a book
chapter in the field of statistics education and also enjoys
applying statistics to diverse fields such as business
management, traffic monitoring and finance.
She is a member of the European Finance Association, the
American Finance Association, the American Statistical
Association and the International Association of Statistics
Education.
Dino SOLA
Dr. Sola teaches the courses on Hedge Fund Management
and Hedge Fund Strategies at IUM, as well as courses in
financial engineering and quantitative trading. He has a PhD
in Mathematics from the University of California at Santa
Barbara, and believes that “As far as the laws of mathematics
refer to reality, they are not certain, as far as they are certain,
they do not refer to reality” (Albert Einstein). Before joining
IUM, he was a lecturer at the EADA business school in
Barcelona. He is a consultant to hedge fund and fund
of hedge funds businesses, and is a frequent speaker at
international hedge fund conferences.
www.monaco.edu 17

admission
process
Do you have what it takes to be an MFIN student
We consciously select a diverse student body, one that not only
reflects a variety of backgrounds, cultures, and nationalities,
but a wide range of personal interests and professional
ambitions.
We recognize — and welcome — leadership that may be
expressed in many forms, from running an independent
firm, developing proprietary trading strategies, to
spearheading initiatives at work. In essence, we are
looking for evidence of your potential - a portfolio of
experiences, initiatives, and accomplishments that reflect
leadership and capacity for intellectual and professional
growth.
Through the Admissions Process, we identify candidates who
show academic excellence, international awareness, leadership
ability and strong interpersonal skills.
From all over the world, we seek applicants with high
potential who wish to share their talent and ambitions with
their community.
18
a unique learning & networking experience

Admission Criteria
We seek students who are open-minded and who demonstrate
a strong desire to study and work in the finance
industry as well as a clear defintion of their career aspiration.
As a small cohort in a diversified group, we are looking
for students who have the ability to proactively contribute
to the Master experience. At IUM, applicants need to
demonstrate their potential as Business Leaders through personal
achievement and interests.
Application Process
You can start your application online on our web site at
www.monaco.edu
Admission Documents Required
Essays and Short questions
A Bachelor Degree (transcripts)
Proof of English Proficiency
2 Letters of recommendation
CV (resume)
For more information you can contact
Ms. Leila Bello at
lbello@monaco.edu
or by phone at
+377-97- 986-986.
Mr. Aymeric Pazzaglia at
apazzaglia@monaco.edu
or by phone at
+377-97- 986-986.
Please note that the information contained within this brochure may be subject to change
www.monaco.edu 19

International University of Monaco
2, avenue Albert II
MC 98000 Monte-Carlo
Principality of Monaco
Tel: +377.97.986.986
www.monaco.edu
The International University of Monaco
is a partner of the INSEEC Group, one of the largest French
educational institutions with campuses in Paris, Bordeaux, Lyon and London.