{"id":1515,"date":"2023-07-26T12:02:22","date_gmt":"2023-07-26T12:02:22","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/"},"modified":"2026-01-14T09:46:46","modified_gmt":"2026-01-14T08:46:46","slug":"programme","status":"publish","type":"study-programs","link":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/","title":{"rendered":"Programme"},"content":{"rendered":"<div class=\"section py-0 static\">\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><!-- SecondaryNavigationMirror --><div class=\"js-secondary-nav--sticky wp-block-unilux-blocks-secondary-navigation\" id=\"4f0a1617-a2e0-4528-9501-44391d9805f5\">\n    <nav id=\"secondary-navigation\" role=\"navigation\" aria-label=\"Secondary menu\" class=\"secondary-nav\">\n        <button class=\"secondary-nav__button btn btn-solid--primary w-full\" aria-expanded=\"false\" aria-controls=\"secondary-navigation__list\" title=\"The selected page is Overview\" type=\"button\">\n            <span class=\"btn__name mr-auto\">Overview<\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n            <\/svg>\n        <\/button>\n\n        <ul id=\"secondary-navigation__list\" class=\"secondary-nav__list\">\n            <li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Overview<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link isactived\" aria-current=\"page\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Programme<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/career\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Career<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/teaching-staff\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Teaching Staff<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/admissions\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Admissions<\/span>\n    <\/a>\n<\/li>\n        <\/ul>\n    <\/nav>\n<\/div>\n<!-- end SecondaryNavigationMirror --><\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-headline-text-and-image\">\n    \n<div class=\"wp-block-unilux-blocks-wrapper container xl:max-w-screen-xl\">\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"programme\"\n    >\nProgramme<\/h1>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-wrap lg:-mx-32\">\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-7\/12 lg:order-2 lg:px-32\">\n<div class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG-300x173.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG-768x442.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png 825w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/div>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-5\/12 lg:order-1 lg:px-32\">\n<p>The curriculum is designed around the principal dimensions of the wealth management business, including investment products, investor preferences and client attributes, as well as essential additional topics, such as legal structures, taxation, strategy, governance and compliance.<br>The programme is organised intro modules, which group different courses.<br><\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/Brochure-MWM-2021_.pdf\"\n                target=\"_blank\"\n        class=\"btn btn--primary\"\n            >Programme in detail (PDF)<\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/admissions\/\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Admissions<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"academic-contents\"\n    >\nAcademic contents<\/h2>\n\n\n\n<div id=\"tab-nav\" class=\"tab-nav\">\n    <button\n        type=\"button\"\n        class=\"button-toggle btn btn--white w-full\"\n        aria-expanded=\"false\"\n        aria-controls=\"tab-nav__listing\"\n        title=\"The selected tab is CONTENT OF THE CURRENT LABEL\"\n    >\n        <span class=\"btn__name mr-auto\">Semestre 1<\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n        <\/svg>\n    <\/button>\n    <ul\n        id=\"tab-nav__listing\"\n        class=\"tab-nav__listing nav manual\"\n        role=\"tablist\"\n        aria-label=\"91短视频 me\"\n    >\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-9c0f058d-8802-4630-9b16-72fcf4819c24\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-9c0f058d-8802-4630-9b16-72fcf4819c24\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-9c0f058d-8802-4630-9b16-72fcf4819c24\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 1<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-b2930dbd-7b0e-43d0-bd55-d42ac3e0d072\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-b2930dbd-7b0e-43d0-bd55-d42ac3e0d072\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-b2930dbd-7b0e-43d0-bd55-d42ac3e0d072\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 2<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-ea5fdd9f-eeb0-420f-87da-4b67a6efd1b7\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-ea5fdd9f-eeb0-420f-87da-4b67a6efd1b7\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-ea5fdd9f-eeb0-420f-87da-4b67a6efd1b7\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 3<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-fdf9c0e2-6ead-47cd-a02a-fdd90d125799\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-fdf9c0e2-6ead-47cd-a02a-fdd90d125799\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-fdf9c0e2-6ead-47cd-a02a-fdd90d125799\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 4<\/span>\n            <\/button>\n        <\/li>\n            <\/ul>\n<\/div>\n<div class=\"tab-content\">\n    <section\n    id=\"tabpanel-9c0f058d-8802-4630-9b16-72fcf4819c24\"\n    aria-labelledby=\"tab-9c0f058d-8802-4630-9b16-72fcf4819c24\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 1 (2025-2026 Winter)<\/h3>\n    \n<div id=\"accordion-module-6a1505a30962f\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a309657\"\n        >\n            <span class=\"accordion__title\">\n                Empirical Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-1                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a309657\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Empirical Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        \u00a0\u00a0\u00a0 Distinguish between the different types of programming languages<br>\u00a0\u00a0\u00a0 Plot graphs in Excel<br>\u00a0\u00a0\u00a0 Handle dates and time in Excel<br>\u00a0\u00a0\u00a0 Use built-in functions in Excel<br>\u00a0\u00a0\u00a0 Implement sensitivity analysis in Excel<br>\u00a0\u00a0\u00a0 Be more productive in Excel using macros, shortcuts, named variables<br>\u00a0\u00a0\u00a0 Work with random variables and perform basic statistical analyses<br>\u00a0\u00a0\u00a0 Generate financial reports in pdf.<br>\u00a0\u00a0\u00a0 Introduction to Visual Basic for Applications for simple programming on Excel<br>\u00a0\u00a0\u00a0 Create subprograms on VBA to automate tasks in Excels<br>\u00a0\u00a0\u00a0 Get financial data on Bloomberg<br>\u00a0\u00a0\u00a0 Analyse a financial instrument on Bloomberg<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisites: Basic finance knowledge (e.g., present value), and computer knowledge (e.g., open Excel)<br><p>\u00a0<\/p>Part I:\u00a0 Financial Applications using Excel<br>Topic 1: Introduction to modeling<br>\u00a0\u00a0\u00a0\u00a0 Modeling and its uses<br>\u00a0\u00a0\u00a0\u00a0 Principles of model design<br>Topic 2: Statistics basics<br>\u00a0\u00a0\u00a0\u00a0 Functions (sum, average, standard deviation, histogram, descriptive statistics function, etc. )<br>Topic 3: Statistical analysis<br>\u00a0\u00a0\u00a0\u00a0 Statistical significance tests<br>\u00a0\u00a0\u00a0\u00a0 Correlation<br>\u00a0\u00a0\u00a0\u00a0 Regression analysis<br>\u00a0\u00a0\u00a0\u00a0 Hypothesis testing<br>\u00a0\u00a0\u00a0\u00a0 Other types of analysis (Solver Add-in)<br>Topic 4: Financial modeling<br>\u00a0\u00a0\u00a0\u00a0 Gordon growth model<br>\u00a0\u00a0\u00a0\u00a0 Yield curves<br>\u00a0\u00a0\u00a0\u00a0 Simple vs. compound interest rates<br>\u00a0\u00a0\u00a0\u00a0 Duration analysis<br>\u00a0\u00a0\u00a0\u00a0 Portfolio optimization with Markowitz&#8217;s Modern Portfolio Theory (MPT)<br>Part II:\u00a0 VBA and Bloomberg<br>Topic 5: Programing on Excel using Visual Basic for Applications (VBA)<br>\u00a0\u00a0\u00a0 Record macros<br>\u00a0\u00a0\u00a0 Variables, objects, methods and properties<br>\u00a0\u00a0\u00a0 Logical statements and Loops<br>\u00a0\u00a0\u00a0 Functions<br>Topic 6: Bloomberg<br>Part III:\u00a0 Bloomberg Terminal<br> Introduction to Bloomberg<br> Equity (company and industry information, appraisal techniques)<br> Fixed Income (bonds information, duration, yield curve)<br> Credit rating, rating agencies, credit risk<br> Market indices, price and return measurement<br> FX markets, Spot and Forward rates<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>60% seminar paper (take-home)<\/p><br><p>2,500-word (minimum) investment analyst report: a group of students will choose any financial instrument (e.g. fund, equity or Bond) and using Bloomberg\/Excel will analyse the profitability of investing in this instrument. After the presentation, the students will modify the report to adapt the comments obtained during the presentation session.<\/p><br><p><br>30% presentation <\/p><br><p><br>10% Attendance<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br>Financial Modeling, Simon Benninga. (Recommended)<br>Microsoft Excel 2016 Data Analysis and Business Modeling, Wayne Winston. (Recommended)<br><br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30966e\"\n        >\n            <span class=\"accordion__title\">\n                Data Analysis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-2                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30966e\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Data Analysis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Acquire the statistical foundations required to perform statistical analysis in business settings. Very often one needs an accurate and informative analysis of a sample of data. For example, the data might be financial returns, employee salaries, or advertising;<br> Use descriptive statistics to summarise a set of data;<br> Apply methods of statistical inference to try to draw generalisations from the sample for the broader population;<br> Recognize the existence of sampling uncertainty before accepting or rejecting a research hypothesis;<br> Undertake \u2018multivariate\u2019 analysis; <br> Distinguish the relationships between several variables.<br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Acquire the statistical foundations required to perform statistical analysis in business settings. Very often one needs an accurate and informative analysis of a sample of data. For example, the data might be financial returns, employee salaries, or advertising;<br> Use descriptive statistics to summarise a set of data;<br> Apply methods of statistical inference to try to draw generalisations from the sample for the broader population;<br> Recognize the existence of sampling uncertainty before accepting or rejecting a research hypothesis;<br> Undertake \u2018multivariate\u2019 analysis; <br> Distinguish the relationships between several variables.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Pre-requisites: Previous knowledge of statistical analysis is not a prerequisite. Although many participants will previously have studied statistics, the course will aim to accommodate those who have only had minimal exposure to the subject. Furthermore, previous experience with statistical software is not necessary.<br><\/p><p>Econometrics course using the software R for students interested in the finance tracks in the second year.<\/p><p> Use of R (basic datafile manipulation, descriptive statistics, test theory)<br> Simple regression analysis <br> Multiple regression analysis<br> Principal component and cluster analysis<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% Mid-term exam (written exam on computer during course period)<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p> Introductory Econometrics for Finance by Chris Brooks<br> Introductory Econometrics: A Modern Approach by Jeffrey M. Wooldridge<br> Statistics: An introduction using R by Michael J. Crawley<br> Econometric Analysis by William H. Greene<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30967a\"\n        >\n            <span class=\"accordion__title\">\n                Corporate Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-3                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30967a\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Corporate Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p>On completion of the course unit successful students will be able to:<\/p><br><p>At the end of this course students will have learned about the trade-off between risk and return in financial investments. Students will be able to value stocks and bonds in textbook exercises and will be able to conduct real-life stock research on their own. They will have learned how to set-up and make use of financial spreadsheets.<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course introduces students to corporate finance, particularly the capital budgeting decision, the capital structure decision, and valuation approaches. The course starts with an introduction to the corporation, its relations to financial markets and the issuance of periodical financial statements to the public. Three pillars of corporate finance are introduced. The first pillar is the discounted cash valuation approach. Students learn how to value bonds and stocks for given parameter values of risk and return, and to value and compare projects in the net present value framework. The second pillar is the capital asset pricing model. Systematic and unsystematic risks of assets are discussed in the contexts of the capital market line and the security market line. We also allude to alternative pricing models of risk such as the arbitrage pricing theory. The third pillar is the Modigliani and Miller theorem of optimal capital structure with and without taxes, and the limits to the usage of leverage. Building on these pillars, we discuss three approaches to discounted cash flow valuation: the flow-to-equity approach which assumes that firms have a constant leverage ratio, the APV approach which assumes that firms have a pre-specified debt level, and the WACC approach which is flexible in the leverage ratio. We also discuss relative valuation and contingent valuation. Throughout the course, the theoretical concepts are illustrated through textbook problems and real-world applications. We set-up and apply financial spreadsheets to data gathered in real-time from internet sources.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        75% &#8211; final written exam<br>25% &#8211; take-home assignment <br>bonus points &#8211; Virtual stock market game                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Literature<br><\/p><br><p>Ross et al. Corporate Finance <br>Damodaran Applied Corporate Finance <br>Damodaran, Investment valuation<br>Erhardt\/Brigham Corporate Finance <br>Berk\/ DeMarzo Corporate Finance <br>Brealey\/ Myers Principles of Corporate Finance<br>Shefrin, Behavioral Corporate Finance<br><br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a309686\"\n        >\n            <span class=\"accordion__title\">\n                Money, Credit and Banking                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-4                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a309686\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Money, Credit and Banking<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>The course will help students understand :<\/p><br><p>&#8211; The microfoundations: the role of banks in the economy and the key policy challenges raised by their activities<br>&#8211; The role of banks and central banks in monetary policy<br>&#8211; The optimal regulation of banks<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>The goal of this course is to help students understand the role of banks in the economy, the money and credit creation process and the drivers of bank performance. <\/p><p>Based on flow of fund statistics, the course will first provide students with an overview of the financial system of the United-States and Europe and the allocation of credit in the economy. We will then cover the microfoundations of financial intermediation, reviewing the concept of moral hazard, adverse selection and credit rationing. <\/p><p>We will also cover the maturity transformation role of banks and the inherent fragility of the banking system. We will then explore the role of banks in creating money and their interaction with the central bank and monetary policy. Finally, we will study the optimal regulation of banks and discuss current issues such as the banking union. <\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        60% final exam<br>30% presentation<br>10% class participation                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Bibliography:<br>The textbooks for the class are The economics of money, banking, and financial markets by F. Mishkin and Contemporary financial intermediation by S. Greenbaum, A. Thakor and A. Boot and The Prudential Regulation of Banks by M. Dewatripont and J. Tirole. <\/p><br><p>Students are expected to look over the Financial Times or the Wall Street Journal every day as current events related to the course will be discussed in class.<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a309692\"\n        >\n            <span class=\"accordion__title\">\n                Portfolio Theory                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-5                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a309692\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Portfolio Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        -evaluate portfolios<br>-critically assess key assumptions of the CAPM<br>-understand the role of active vs. passive asset management in wealth management<br>-critically evaluate the empirical evidence surrounding portfolio choice<br>-apply portfolio choice from a long-term as well as short-term perspective<br>-give science based advice on investing<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        We will investigate how investors should invest in various assets to form and efficient risk return trade-off. We start pointing out that investment outcomes are random. A first step is understanding class Arrow and Pratt contributions. We then investigate how this can be extended to the multi-asset case and how it is related to Moskowitz (1952). Based on this, we will look at the Capital Asset Pricing Model (CAPM) to determine how assets are priced in equilibrium. Relevant academic contributions here are Treynor (1962), Sharpe (1964), Lintner (1965), and Mossin (1966).<br>We will critically evaluate the underlying assumptions. Among others, the assumption of risk-free borrowing Fisher Black (1972) and short sell restrictions (Ross (1977)) will be discussed. The shape of the utility function is also discussed (Borch paradox (Borch (1969)).<br>We will investigate relevant empirical literature on the CAPM. A special focus will be given on active vs. passive asset management.<br>Apart from the mean-variance analysis, we will also look at the concepts first and second order stochastic dominance. Here, we will see how portfolios can be evaluated based on characteristics of the (portfolio) distribution of returns. Finally, we will look at optimal investment portfolios for long-term investors (such as pension funds or family offices). <br>All topics will be done both, theoretically as well as empirically. <br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        70% written exam <br>30% Participation, presentation, cases                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br>Donaldson, John and Jean-Pierre Danthine. Intermediate Financial Theory. Elsevier Science Technology, 2005. Berk and DeMarzo \u201cCorporate Finance\u201d, various editions, Bodie, Kane, and Marcus \u201cInvestments\u201d, various editions, lecture notes, academic articles.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30969d\"\n        >\n            <span class=\"accordion__title\">\n                Fixed Income                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-7                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30969d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Fixed Income<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-7<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><ul><br><li>Understand and use analytical techniques in the field of fixed-income securities (present value, forward rates, yield-to-maturity, term structure theories, duration calculation and management of interest rate risk)<\/li><br><li>Acquire the key fundamentals for investing in fixed income securities issued by sovereigns, banks and corporates.<br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><li>Introduction to Fixed Income Instruments: Features of Debt Securities<\/li><li>Bond Sectors and Instruments: Sovereign, Agency, Corporate Bonds, Asset Backed &amp; Primary and Secondary Markets<\/li><li>Risks Associated with Investing in Bonds<\/li><li>Introduction to the Valuation of Debt Securities<\/li><li>Yield Measures, Spot and Forward Rates<\/li><li>Measurement of Interest Rate Risk<\/li><li>Term Structure and Volatility of Interest Rates<\/li><li>Interest Rate Derivatives and Valuation of Interest Rate Derivatives<\/li><li>Credit Analysis and Credit Risk<\/li><li>Introduction to Bond Portfolio Management<\/li><li>Managing Funds against a Bond Market Index<\/li><li>Portfolio Immunization and Cash Flow Matching<br><\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% Written Exam (1h30 hours, closed book, no cheat-sheet allowed, calculator allowed)<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><ul><br><li><br>Fixed Income Analysis (Third edition) by Barbara S. Petitt, Jerald Pinto, Wendy Pirie, CFA Institute Investment Series, Wiley.<\/li><br><li>Fixed Income Analytics by Kenneth D. Garbade, MIT Press<\/li><br><li>Credit Risk Measurement by A. Saunders, Wiley Frontiers in Finance.<\/li><br><\/ul><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a3096a9\"\n        >\n            <span class=\"accordion__title\">\n                Sustainable Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-6                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a3096a9\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Sustainable Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><ul><br><li>Understand the importance of sustainable finance, including in financial services<\/li><br><li>Understand different standards and have a high level understanding of the EU regulatory framework <\/li><br><li>Understand principle responsible\/sustainable investment strategies and their use in sustainable finance products <\/li><br><li>Understand how sustainable finance is featured in financial instruments and products\u00a0 <\/li><br><li>Understand the importance and different aspects of transparency and reporting in sustainable finance and sustainable financial products\u00a0 <\/li><br><li>Understand the roles of the key players of the sustainable finance ecosystem<br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Introduction to sustainable finance &amp; responsible investing<br> History of sustainability<br> What is sustainable finance and impact investing?<br> What are Environmental, Social and Governance\/ESG factors?<br> Sustainable Finance and ESG in Luxembourg<br> EU Green Deal <br> EU Action Plan on Sustainable Finance \u2013 EU sustainable finance legislative initiatives<br>Sustainability standards and instruments<br> Sustainability risks and opportunities<br> Global sustainability goals and standards<br> Responsible\/Sustainable Investment Strategies<br> Green, social and sustainability bonds<br> Sustainable financial products: investment funds, insurance products, discretionary mandates<br> Sustainability indices<br>Transparency and reporting<br> EU Sustainable Financial Disclosure Regulation<br> EU Taxonomy<br> Green bond reporting<br> Labelling of financial products<br> ESG data providers<br> ESG rating agencies<br> Impact reporting<br>The sustainable finance ecosystem<br> Investors and asset owners<br> Financial market participants<br> Public authorities and development finance institutions<br> Regulators<br> Stock Exchanges<br> International networks and NGOs<br> Associations and other organisations<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% final written exam <br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><br><br><\/p>EU Commission \u2013 NextGenerationEU \u2013 Make it Green<br>Luxembourg Sustainable Finance Roadmap \u2013 by UNEP Finance Initiative<br>Luxembourg Sustainable Finance Strategy (2021)<br>Luxembourg Action Plan for sustainable finance (2024)<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a3096b4\"\n        >\n            <span class=\"accordion__title\">\n                Financial Accounting                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-19                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a3096b4\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30962f\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Financial Accounting<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-19<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br>&#8211;\u00a0 \u00a0 \u00a0demonstrate a conceptual knowledge and understanding of the accounting framework and the basis of Financial Accounting<br>&#8211;\u00a0\u00a0\u00a0\u00a0 understand and interpret the information gained from the primary Financial Statements<br>&#8211;\u00a0\u00a0\u00a0\u00a0 analyze Balance Sheet Items and Income Statement Items according to International Financial Reporting Standards (IFRS)<br>&#8211;\u00a0\u00a0\u00a0\u00a0 prepare Financial Statements independently by applying IFRS rules and concepts learned throughout the course                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        1. Recap the Basics2. Information for Decision Making: International Financial Reporting Standards3. Selected Balance Sheet Items and Income Statement Items4. Bank Accounting<br><ul><li>Revenue Recognition (IFRS 15)<\/li><li>Inventories (IAS 2)<\/li><li>Property, Plant, and Equipment (IAS 16)<\/li><li>Intangible Assets (IAS 38)<\/li><li>Provisions and Contingent Liabilities (IAS 37)<\/li><li>Pensions and Employee Benefits (IAS 19)<\/li><li>Deferred Taxes (IAS 12)<\/li><li>Foreign Currency Transactions (IAS 21)<\/li><li>Bond and Loans Accounting (IFRS 9)<\/li><li>Lease Liabilities (IFRS 16)<\/li><li>Other Liabilities and Accruals<\/li><li>Etc \u2026<\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>closed book written exam 70%<\/p><br><p>group project with presentations 30%: 3-5 persons per group<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Literature:<br><\/p><br><p>\u00a0<\/p><br><ul><br><li>Picker, R., van der Tas, L., Kolitz, D., Livne, G., Loftus, J., Koning, M., Service, C. (2025). Applying IFRS standards (5th ed.). Wiley.<\/li><br><li>Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2022).\u00a0Financial accounting with international financial reporting standards (5th ed.). Wiley.<\/li><br><li>Young, S. D., Cohen, J., Bens, D. A. (2018). Corporate financial reporting and analysis: A global perspective (4th ed.).\u00a0Wiley.<\/li><br><\/ul><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-b2930dbd-7b0e-43d0-bd55-d42ac3e0d072\"\n    aria-labelledby=\"tab-b2930dbd-7b0e-43d0-bd55-d42ac3e0d072\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 2 (2025-2026 Summer)<\/h3>\n    \n<div id=\"accordion-module-6a1505a30edc2\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30eded\"\n        >\n            <span class=\"accordion__title\">\n                Derivatives                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-12                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30eded\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Derivatives<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-12<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p> Understand what options, futures, and swaps are;<br> Understand the uses of different derivatives;<br> Understand key applications of derivatives in portfolios;<br> Distinguish between hedging, risk management and speculation;<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>This course is designed to introduce students to the theoretical and real world aspects of financial futures, options, and other derivatives. Over the years, the markets for these versatile instruments have grown enormously and have generated a profusion of innovative products and ideas, not to mention periodic crises. Derivatives have become one of the most important tools of modern finance, from both the academic and the practical standpoint. The goal is for you to understand the principles of how these instruments and markets work.<br><\/p><p>Course outline<\/p><p>1. What are derivatives ?<br>2. Futures and Forwards<br>3. Swaps<br>4. Options<br>5. Key applications of derivatives: hedging, risk management, arbitrage and speculation<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        &#8211; 75% written exam<br>&#8211; 25% presentation<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography<br><\/p><br><ul><br><li><br>Hull, John C., Options, Futures, and Other Derivatives, 2014, Pearson Prentice-Hall.<\/li><br><li>Brealey, R., Myers, S., F. Allen Edmans, A., 2023, Principles of Corporate Finance. New York: McGraw-Hill Irwin.<br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee04\"\n        >\n            <span class=\"accordion__title\">\n                Structured Financial Instruments                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-13                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee04\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Structured Financial Instruments<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-13<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><p>On completion of the course unit successful students will be able to:<\/p><br><p> Understand how structured products are structured and sold;<br> Use Vanilla and Exotic Options to create structured products;<br> Know most common structure, how quoted, structured and priced;<br> Understand the risks of structured products from the buyer\u2019s viewpoint; <br> Understand the pricing and hedging of structured products;<br> Understand securitization structures (ABS, RMBS, CDO);<br> Understand the role structured products played in the Great Financial Crisis.<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><p>Financial innovation has been one of the most influential trends prevailing in international financial markets since the 1990s. The ability of structured finance to repackage risks and create assets of various risk profiles has led to a dramatic expansion, for better and for worse, in the issuance of structured securities. The creation and customization of structured financial products are of interest to pension funds, foundations, endowments, insurance companies, banks, investment intermediaries, and retail investors. This course introduces elements of structuring, pricing, and risk management of structured securities. The main topics covered in this class are: <\/p><p> Structured Products. Securities that combine financial instruments to meet specific investment objectives. <br> Securitization. Structured Investments backed by collateral, such as RMBS, ABS, CMBS, and CDO. <br><\/p><p>This course emphasizes the functional understanding of various structured products in engineer- ing risk exposures. <br><\/p><p><br><\/p><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><br><li>100% written exam<\/li><br><li>class participation and optional group presentations for up to 2 bonus points. <\/li><br><\/ul><br><p>Attention: Students must re-enroll for the course in order to retake the exam<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Textbooks <\/p><br><p> Sundaram, R. K., Das, S. R. (2011). Derivatives: principles and practice. New York, NY: McGraw-Hill Irwin. <br> Petitt, B. S., Pinto, J. E., Pirie, W. L. (2015). Fixed Income Analysis. John Wiley Sons. <br>Case studies <\/p><br><p> Denis Gromb and Joe\u0308l Peress. \u201cBig Game: Goldman Sach\u2019s Elephant Hunt in Libya.&#8221; INSEAD Case 6274, 24 Sep 2018. <br> Vall\u00e9e, Boris, and J\u00e9r\u00f4me Lenhardt. &#8220;Deutsche Bank: Structured Retail Products.&#8221; Harvard Business School Case 217-037, November 2016. (Revised March 2018.) <br> Stefano Gatti, Andrea Florio, Gianluca Massimi, and Alberto Nobili. &#8220;Viveracqua Hydrobond: When Infrastructure Investments Meet Securitization.\u201d SDA Bocconi Case n\u00b0 13759, 2016. \u00a0<br>As class develops, other references will be assigned for further advanced background readings.<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee11\"\n        >\n            <span class=\"accordion__title\">\n                Insurance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-14                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee11\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Insurance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-14<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>On completion of the course unit successful students will be able to:<br>&#8211; Develop an understanding of the legal, regulatory and tax considerations relevant to investment-linked insurance for wealth management.<br>&#8211; Acquire a working knowledge of savings insurance in a wealth management context and an appreciation of the key elements of Luxembourg life assurance on the global stage.<br>&#8211; Build an understanding of how unit-linked assurance can contribute to wealth and succession objectives.<br>&#8211; Leave with an appreciation of the levers of insurance-based planning and an ability to identify effective insurance solutions for clients and wealth managers.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><\/p>DescriptionThe course is organized around the following main themes:DefinitionParties involvedMain concepts: Carrier, Policyholder, Life assured, Beneficiaries. Premium (in cash \/ in kind), Surrender\/Withdrawal, Cash value, Life benefitCharging structureAsset protectionRegulatory frameworkProfessional secrecyAdmissible investmentsDistributionApplicable lawIngredients to an effective solutionTaxationOther benefits and value proposition                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam: case study\/ies plus shorter questions (not MCQs).<br>Closed book.<br>\u00a0<br><br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography<br><br>Recommended reading will be highlighted during the course.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee1d\"\n        >\n            <span class=\"accordion__title\">\n                Private Equity and Real Estate                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-9                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee1d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Private Equity and Real Estate<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-9<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><p>On completion of the course unit successful students will be able to:<\/p><br><p> Describe the state of the private equity industry<br> Critically assess different organizational structures<br> Evaluate the financing side of private equity deals<br> Structure and propose private equity deals<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course consists of three parts: <br>1. An introduction to the state of the private equity industry, in particular relating to Luxembourg. <br>2. An asset pricing perspective of private equity. In particular, we will discuss.<br>a. Private equity as an illiquid asset with a focus on exit.<br>b. Private equity and information asymmetries<br>c. Private equity, debt financing, and betting against beta<br>d. Private equity and costly effort from the investors. <br>3. In the last part of the course, students should present investment ideas, picking a particular private equity target. In this exercise, participants should focus on : <br>a. The financing sturture : where is the equity coming from, who provides debt financing ?<br>b. The legal structure and exit strategy<br>c. The target company<br>d. The interplay of the first three points<br>To achieve the last point, participants should i) present their investment idea in class and provide a written case.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        40% written exam<br>20% seminar paper<br>20% presentation<br>20% class participation                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>Research papers will be discussed and distributed during the course.<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee29\"\n        >\n            <span class=\"accordion__title\">\n                Personal Portfolio Management                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-15                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee29\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Personal Portfolio Management<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-15<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to: <\/p><br><p> Consider the client from the point of view of his\/her preferences for risk and return;<br> Determine the risk and return of various asset classes and explain where the risk premium comes from;<br> Understand and master the notion of risk factors and how they explain portfolio returns;<br> Master the Equity Risk Premium and be able to discuss its determinants and evolution;<br> Understand the basics of prospect theory and its influences on the PB client;<br> Link the MiFID \u201csuitability\u201d criterion to investor profiles and identify their dimensions; <br> Identify and avoid the pitfalls in portfolio advice;<br> Go beyond the notions of strategic and tactical asset allocation to better serve the client;<br> Include the investor\u2019s objectives and constraints in the portfolio construction process;<br> Adequately report portfolio performance and explain it is a clear fashion to investors;<br> Adapt the measurement of portfolio performance to the preferences of the investor;<br> Distinguish the types of managerial skills that generate the portfolio returns.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        1. Personal Portfolio Management I<br>a. Investors\u2019 preferences for risk and return<br>i. The notion of risk and the risk premium<br>ii. Investment objectives and constraints<br>iii. Classical view of investors\u2019 preferences<br>iv. The risk-return framework<br>b. The personal asset allocation process<br>i. The portfolio management process<br>ii. Principles of integrated asset allocation<br>iii. Specific individual criteria<br>2. Personal Portfolio Management II<br>a. The client-centric view of the investor<br>i. The investor\u2019s profile: Rational vs. Emotional<br>ii. Risk perception and preferences<br>ii. Preferences for ESG investing<br>b. Personal portfolio construction and management<br>i. Selection of asset classes<br>ii. Portfolio construction and monitoring<br>c. Performance measurement and reporting<br>i. Traditional performance measures<br>ii. Explaining performance to investors<br>iii. Preference-adjusted performance measurement<br>3. Personal Portfolio Management applied to the current market environment<br>a. The logic of the bond market applied to current markets<br>b. The challenge of forecasting realistic returns and risk parameters <br>c. Active vs. passive portfolio management and the fundamental law of asset management<br>d. Adjustment of portfolio risk using beta<br>e. Measuring the risks of investment products<br>d. Diversification in times of market stres                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>70% &#8211; written exam<\/p><br><p>30% &#8211; Participants will be split up in subgroups which will solve two cases during class. Each subgroup will be responsible for presenting the solution of a dedicated part of the second case in class. Each subgroup receives an individual grade for the quality of both the presentation and quality of the solution. The grade holds for the entire subgroup.<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><ul><br><li>Fran\u00e7ois, P. and H\u00fcbner, G. (2024), The Complete Guide to Portfolio Performance. Wiley<\/li><br><li>Other references to be distributed in class<\/li><br><li>Slide decks to be distributed in advance<br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee35\"\n        >\n            <span class=\"accordion__title\">\n                Private Banking                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-16                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee35\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Private Banking<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-16<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><p>On completion of the course unit successful students will be able to: <\/p><br><p> Explain basic structures in Private Banking and principles of Corporate Finance applied to Private Banking;<br> Recognize how the players, the banks and their organizational structures provide value for their clients and their shareholders.<\/p><br><p>This course should give to the students the general framework of what Private Banking is. The course will be a combination of theoretical elements, practical examples and short exercises.<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The large chapters are the following : <br>&#8211; The transformation process in Wealth Management<br>&#8211; C\/I Ratio : How to improve the Productivity in Wealth Management<br>&#8211; Growth in Wealth Management : M &amp; A, Strategic Partnerships and Alliances, Organic Growth<br>&#8211; Empathy: the importance of the unique client Relationship. How to create Enthusiasm?<br>&#8211; Segmentation in Wealth Management : traditional ways to segment and new ways to segment<br>&#8211; The four lines of defence in Wealth Management and the importance of ethical values<br>&#8211; Corporate Governance in the framework of Wealth Management<br>&#8211; American vs European business models in Wealth Management including the lasted trends<br>&#8211; Domestic vs International Wealth Management Centers<br>&#8211; Luxembourg : looking back, where do we stand, the image, the brand and the vision<br>&#8211; Geographical overview of important and emerging International Financial Centers ( full review of 10 centres)<br>&#8211; Luxembourg\u2019s future in such a competitive environment : Value proposition of Luxembourg, the importance of booking platforms<br>&#8211; What does Luxembourg have to do to enter the new dimension?<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam<br>                    <\/div>\n                <\/li>\n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee41\"\n        >\n            <span class=\"accordion__title\">\n                Estate Planning                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-17                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee41\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Estate Planning<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-17<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Have a good knowledge of Luxembourg succession law as well as basic knowledge on international private law applicable to succession and Luxembourg estate planning tools.                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Luxembourg\u00a0 Estate- Principles- EU Succession regulation -Devolution rules- Matrimonial regimes- Forced heirship rules- Taxation -Estate planning -Wills- Donations- Corporate planning tools- Trusts and foundations.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam during course period<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Recommended bibliography:<br><\/p><br><p>Estate Planning Principles and Problems (Gazur Phillips), Wolters Kluwer, 4th edition, 2015<br>The principles of international tax planning (Roy saunders), IBSA, 2014<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee4d\"\n        >\n            <span class=\"accordion__title\">\n                Financial Analysis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-18                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee4d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Financial Analysis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-18<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to: <\/p><br><p> Understand the purpose and objective of financial statement analysis<br> Develop a framework to perform the analysis, including modelling on Excel<br> Collect data from financial statements and other public sources to perform the analysis<br> Process the data and analyze\/interpret it and express opinions<br> Give conclusions and recommendations on a company&#8217;s financial position and current valuation vs. forecasts<br>At the end of the course, the students will be able to perform financial statement analysis in evaluating entrepreneurs&#8217; financial situation in a wealth management context.<br><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Scope of financial analysis: purpose and objective of the analysis<br> Financial statement analysis framework: main steps of the analysis<br> Overview of financial statements and other information sources, including the income statement, balance sheet, cash flow statement, financial notes and management&#8217;s discussion and analysis, published in annual and interim reports<br> Financial analysis technique, including processing data (collection, adjustments, ratios computation&#8230;), interpreting the processed data (level, trends\u2026) and develop conclusions\/recommendations on a company&#8217;s financial position<br> Valuation of companies, with calculation of free cash-flows, preparation of a DCF analysis, determination of multiples and benchmarking with peers.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>50% &#8211; Powerpoint presentation based on an Excel financial model, analysis of historical trend, valuation and investment recommendation<br>50% &#8211; Active class participation<\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>Valuation: Measuring and Managing the Value of Companies (7th Edition)<br>McKinsey Company (2020)<br>CFA Program Curriculum: Level I (2020) \u2013 Financial analysis and Equity valuation<br>CFA Institute &#8211; Pearson, 2020<br>CFA Program Curriculum: Level II (2020) \u2013 Financial analysis and Equity valuation<br>CFA Institute &#8211; Wiley, 2020<br><br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee59\"\n        >\n            <span class=\"accordion__title\">\n                International Taxation                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-20                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee59\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> International Taxation<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-20<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course is designed to provide students with an overview of the Luxembourg and international tax environment and its recent developments as well as to understand the (i) tax challenges of the private wealth management industry, (ii) tax concepts\/strategies applicable to private clients and (iii) Luxembourg toolbox\/practical cases.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Luxembourg corporate tax principles (CIT, MBT, NWT)<br> International tax principles and recent developments<br> Double tax treaties mechanism\/provisions<br> Exchange of information (e.g. treaty, CRS, FATCA)<br> Anti-abuse rules<br> Tax strategies for private clients<br> Luxembourg toolbox for private clients\/practical cases<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><ul><br><li>OECD model<\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee65\"\n        >\n            <span class=\"accordion__title\">\n                Governance and Ethics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-21                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee65\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Governance and Ethics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-21<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><p>On completion of the course unit successful students will be able to: <\/p><br><p> detect ethical and organisational\/governance issues the related risks <br> understand if and how business is influenced by ethical considerations governance options \u00a0<br> find the right words to describe ethical and governance issues explain why they need attention<br> analyse and assess ethical issues and governance problems<br> understand that each business requires tailor made governance and applicable ethical guidelines <br> understand the commitment of staff and other key stakeholders is key to sound governance business ethics<br> link ethics and governance with the sustainability of financial firms, including ESG sustainability<br> distinguish different governance models on strengths and weaknesses<br> detect potential reputational risks related to poor governance conduct<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Introduction to the course &amp; frameworks <br>Key concepts &amp; definitions related to ethics and to governance &#8211; relation between ethics &amp; governance. <br>-Why authorities &amp; companies are spending money on governance &amp; ethics. <br>-Why ethics &amp; governance have always been considered as necessary to human interaction &amp; organisations.<br>-Meaning of reputation, stakeholders, fit &amp; proper, transparency, confidentiality, sound organization, sustainability\u2026 <br>-Several points of view: of staff, board members &amp; authorities\u2026<br>Part 1 Corporate governance: <br>-key stakeholders; shareholders and others; to vote or not to vote; participation and proxy voting; parent-daughter issues&#8230;<br>-Decision making processes, agency theory, stakeholders\u2019 theory<br>-Corporate Governance models in &amp; outside EU.<br>-Key roles: Chair(wo)men, Independent Directors, Board committees, Executive Management; Control functions-Audit, Compliance, Risk\u2026 <br>-Outsourcing issues; corporate codes of ethics and codes of conduct. <br>-Applicable governance rules from financial authorities (EU &amp; CSSF) to banks and management companies of investment funds. <br>-Alternative and upcoming governance models: Sociocracy, Holacracy: Autocracy: opportunities &amp; risks for organisations.<br>Part 2. Ethics in Business, ethical finance, ethics in the financial sector: <br>-Ethical principles and theories. <br>-Moral &#8211; ethical &#8211; legal issues: limits between ethics &amp; regulation in banking and wealth management activities. <br>-Trust vs suspicion &amp; prudence in the financial industry. <br>-Moral dilemmas; moral hazard.<br>-Reputational risks.<br>Part 3. Specific issues &amp; case studies combining both, ethics &amp; governance.<br>-Managing conflicts of interests. <br>-Remuneration policies. <br>-Product governance and other MIFID principles clear, fair &amp; not misleading communication; ban on inducements; consumer protection.<br>-Sustainable finance, green deal, Human rights, international treaties and local rules related to climate neutral finance &amp; ESG criteria\u2026<br>-Tax compliance.<br>-Whistleblowing.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        60% written exam during course period (Show sensitivity to ethical governance issue, capacity to analyse, to communicates propose solutions )<br>30% seminar paper (One page or two about a personal governance issue, ethical dilemma, or similar issue in a professional perspective)<br>10% active participation (Interaction during workshops, case discussions and course)<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>For students who want to deepen the topics. The list is optional non limitative, it mentions texts where major ideas come from. Other references are given in the courses supporting slides.<br><\/p><br><p>All below documents are freely available on the internet is regularly updated.<\/p><br><p>1\/ related to corporate governance (with focus on the financial sector)<br> The Art and Practice of Corporate Governance by David F. Larcker and Brian Tayan<br> Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism by Jeff Gramm<br> Corporate Governance: An International Perspective, 2017, Samuel O Idowu, Kiymet Tunca \u00c7aliyurt<br> Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (3rd Edition)<br>by David F. Larcker and Brian Tayan<br> Owning Our Future: The Emerging Ownership Revolution (overview of the ethical aspects) by Marjorie Kelly<br> The Future of Boards: Meeting the Governance Challenges of the Twenty-First Century by Jay W Lorsch<br> EU directive 2013\/36 EBA Final Guidelines on Internal Governance (revised in 2021)<br> EBA ESMA guidelines on the assessment of the suitability of members of the management body<br> EBA ESMA final joint guidance on fit and proper requirements<br> ECB Guide to fit proper assessments of board members<br> Keynote speech 11\/06\/22 by F. Elderson : Supervising banks\u2019 governance: structure, behaviour and culture https:\/\/www.ecb.europa.eu\/press\/key\/date\/2022\/html\/ecb.sp220611~01ae4a6b1c.en.html<br> Paul Buysse Code III &#8211; Recommendations for unlisted companies (2017)<br> Corporate governance directors&#8217; duties in Luxembourg, Selim Souissi and Anastasiya Chuiko, Luther S.A.<br> The 10 Principles of Corporate Governance of the Luxembourg Stock Exchange<br>2\/ related to Governance \u2018in general\u2019 within human organisations:<br> Sociocracy Holacracy by Ross A. Wirth Reginald A. Butterfield (2021)<br> Reinventing organisations by Frederic Laloux (the text book or illustrated summary: \u201cAn Illustrated Invitation to Join the Conversation on Next-Stage Organizations\u201d)<br> Participation in Sociocratic Organizations- relevance limitations, C. P\u00f6lderl (722-Polderl-Claudia-paper.pdf (vse.cz)<br>3\/ related to financial ethics:<br> The Ethics of Money Finance, Joakim Sandberg, 2019 (part of the Oxford Handbook of Ethics Economics)<br> Handbook on Ethics in Finance, 2021, L.SanJose, J. L. Retolaza, L. van Liedekerke <br>(part of the International Handbooks in business ethics)<br> Ethics in Finance (3rd edition), John R. Boatright<br> Ethics finance, Camebridge University press<br> William Shakespeare: The merchant of Venice (1599); text available video recordings of the play<br> Jacques Ellul: Money and Power (L\u2019homme et l\u2019argent, 1954), chapter IV V<br> ICMA White Paper No. 44 \u2013 The Financial Crisis and the Collapse of Ethical Behaviour<br> Code of Conduct for high level ECB officials (2019\/C89\/3)<br> The Ethics of Sustainability &#8211; Charles J. Kibert, Leslie Thiele, Anna Peterson and Martha Monroe (2018)<br> 5th Ethical and value-based finance in Europe annual report from FEBEA (October 2022)<br><br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a30ee71\"\n        >\n            <span class=\"accordion__title\">\n                Legal Structures                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-22                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a30ee71\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a30edc2\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Legal Structures<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-22<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to: <\/p><br><p> Choose the right structure for clients wishing to set up an estate planning or wealth management legal arrangement<br> Understand the differences between the different Luxembourg company forms and fund structures <br> Explain the main features of trusts, foundations, dedicated funds, limited partnerships, and holding companies;<br> Identify the client\u2019s needs in terms of estate planning and asset protection and suggest the use of some alternative legal structures to address such needs;<br> Coordinate with the client\u2019s legal and tax advisors for the set-up of the relevant legal arrangements;<br> Work out the implications of different legal arrangements for the purposes of banking transactions.<br> Appreciate the main features of the common law and civil law systems in relation to wealth management and estate planning<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course gives an overview of the different types of legal structures mainly used for wealth management, asset protection, and estate planning purposes. The focus is on the legal structures ordinarily practised in the international financial industry (trusts, foundations, partnerships, companies) as well as on some specific Luxembourg law arrangements (companies, funds). Some emphasis is placed on the main differences between the common law and the civil law systems.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam as a Multiple Choice Questions \u2013 Closed Book<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>A full list of compulsory and recommended reading materials is included in the detailed course programme in the Moodle<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-ea5fdd9f-eeb0-420f-87da-4b67a6efd1b7\"\n    aria-labelledby=\"tab-ea5fdd9f-eeb0-420f-87da-4b67a6efd1b7\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 3 (2025-2026 Winter)<\/h3>\n    \n<div id=\"accordion-module-6a1505a314a53\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314a79\"\n        >\n            <span class=\"accordion__title\">\n                Hedge Funds                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            1                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-24                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314a79\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Hedge Funds<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-24<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p> Recognize the characteristics of alternative investments;<br> Understand the risk and return profiles of hedge funds and the characteristics of major hedge fund strategies;<br> Understand the techniques that hedge fund managers use to trade and invest;<br> Grasp the parameters for building a successful hedge fund portfolio;<br> Understand the benefits and pitfalls of hedge fund investing.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Hedge funds are the fastest growing sector of the financial industry that is at the forefront of investment innovation. This course provides an introduction to the major developments in the hedge fund industry. It delves into the techniques used by hedge fund managers to trade and invest. This course aims at giving participants a good understanding and workable knowledge of the techniques that should be part of the toolkit of anyone investing in, analysing and\/or advising private clients on the inclusion of hedge funds in their portfolios.<br>1. Hedge fund overview<br>\u00a0\u00a0 1.1. Evolution of the hedge fund industry<br>\u00a0\u00a0 1.2. Defining a hedge fund: key characteristics<br>\u00a0\u00a0 1.3. Operational and organizational structures<br>2. Hedge fund strategies<br>\u00a0\u00a0 2.1. Understanding the tools used by hedge funds<br>\u00a0\u00a0 2.2. Hedge fund strategies<br>3. Investing in hedge funds<br>\u00a0\u00a0 3.1. Evaluating hedge fund performance<br>\u00a0\u00a0 3.2. Benefits and risks of hedge fund investing<br>\u00a0\u00a0 3.3. Incorporating hedge funds in asset allocation<br>\u00a0\u00a0 3.4. Outlook <br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><br><li>50% group assignment (take home exam) Students will have a deadline to submit their group assignment during the exam session period<\/li><br><li>50% presentation on the case study (assessed during the second session of the course) <br><br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br> Slide deck containing course material, including references for academic papers <br> Case Study:<br>o \u201cAQR\u2019s Delta Strategy\u201d, Harvard Business School (HBS 9-212-038)<br> Optional background reading: <br>o Lhabitant, F.-S., Handbook of Hedge Funds, Wiley (ISBN: 978-0-470-02663-2)<br>o Lo, Andrew W., Hedge Funds: An Analytic Perspective \u2013 Updated Edition (ISBN: 9780691145983)<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314a90\"\n        >\n            <span class=\"accordion__title\">\n                Financial Innovation                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-39                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314a90\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Financial Innovation<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-39<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p> Understand the main driver(s) underlying technological innovations in the financial sector.<br> Understand, and able to critically assess modern technologies driving innovations within the financial sector.<br> Assess the socio-implications of financial innovations, while considering the current business cycle.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course attempts to conceptualize and demystify the complex theme of financial innovation from multiple perspectives.<br>Firstly, an introduction to financial innovation would be provided to the students, leading to an understanding of the motives underlying the increasing adoption of technology-intensive tools and systems by businesses and end-users.<br>Secondly, an introduction to three (3) relevant and disruptive technologies revolutionizing traditional business processes in finance would be taught to the students. A special emphasis would be put on peer-to-peer networks and distributed ledgers, machine learning (ML) as a subset of artificial intelligence (AI), and cloud computing: <br>1) Through distributed ledgers, students would overall be exposed to an understanding of the Blockchain rudiments. <br>2) With regards to machine learning, an overview of the modelling tools would also be taught with the aim at raising a \u201ccritical-thinking\u201d mindset, while preparing the students to act as \u201cgenuine\u201d innovators through the design of innovative ideas relevant to their future career paths.<br>3) With regards to cloud computing, students would be taught its basics, and understand how different cloud models help in solving real business problems.<br>Eventually socio-economic analyses of financial innovations would be discussed during this module with the aim at raising an awareness, by the students, of the mutation of the financial ecosystem (incl. overall economy) and its corollary at human levels.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        40% written exam<br>60% presentation                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>Both commercial and academic documentation. They will be provided prior to the beginning of the course, where relevant.<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314a9c\"\n        >\n            <span class=\"accordion__title\">\n                ABBL Masterclass                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-54                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314a9c\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> ABBL Masterclass<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-54<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> FR<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314aa8\"\n        >\n            <span class=\"accordion__title\">\n                Real Estate                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-25                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314aa8\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Real Estate<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-25<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            After the class, participants should be able to:<br>Describe the state of the real estate industry Critically assess investment decisions and risks in real estate \u00a0 Evaluate real estate investments and their performance drivers Structure and propose real estate deals                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course consists of 3 parts:1. An introduction to the real estate industry, its\u00a0 characteristics and market segments.2. Investing in Real Estatea. Real estate as an illiquid asset class: Direct and indirect investmentsb. Real estate valuationc. Real estate investment decisionsd. Real estate: performance attribution and risk management3. In the last part of the course, students should present investment ideas, picking a particular real estate target. This exercise should focus on :a. The real estate object. What, where and why ?b. The financing structure: where is the equity coming from, who provides debt financing?c. The legal structure and exit strategyd. The interplay of the first three pointsTo achieve part 3, participants should i) present their investment idea in class and ii) provide a written case.To achieve the last point, participants should i) present their investment idea in class and provide a written case.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>60% written exam<br>20% presentation<br>20% class participation<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br>Research papers will be discussed and distributed during the course.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314ab4\"\n        >\n            <span class=\"accordion__title\">\n                Behavioral Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-27                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314ab4\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Behavioral Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-27<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p>\u00a0\u00a0\u00a0 Explain how the insights of behavioral finance complement the traditional finance paradigm, how individuals\u2019 attitudes and behavior affect their own financial decisions and the financial markets overall;<br>\u00a0\u00a0\u00a0 Apply the necessary skills for taking into account behavioral factors in various aspects of financial market analysis;<br>\u00a0\u00a0\u00a0 Recognize behavioral factors that systematically influence financial markets and address how behavioral finance applies to individual investors&#8217; holdings and investment decisions.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The standard paradigm in finance assumes that investors are rational and that their decisions are consistent with expected utility maximization. Behavioral finance suggests that deviations from this standard paradigm are possible; some investors are not fully rational or their choices are not consistent with expected utility maximization because they maximize their utility in a different way than proposed by the standard theory. Departing from the standard paradigm in financial economics, expected utility and the capital asset pricing model, we pinpoint anomalies that show up in the data from the real world and the laboratory. The course includes behavioral models of choice, noise trader risk, psychological biases, and lessons of bounded rationality that help to understand the divergence between observed behavior and the standard paradigm in finance. Finally, behavioral finance suggests nudges to overcome undesired behavior to gain efficiency.<br>Topics covered:<br>\u00a0\u00a0\u00a0 Decision making under risk and uncertainty<br>\u00a0\u00a0\u00a0 Intertemporal choice<br>\u00a0\u00a0\u00a0 Efficient markets<br>\u00a0\u00a0\u00a0 Behavioral biases<br>\u00a0\u00a0\u00a0 Bounded rationality and smart heuristics<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% final written exam<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br>This course is not based on a single textbook but on academic papers. A reader with the required readings will be made available.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314ac0\"\n        >\n            <span class=\"accordion__title\">\n                Investment Funds                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-28                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314ac0\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Investment Funds<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-28<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314acc\"\n        >\n            <span class=\"accordion__title\">\n                Philanthropy                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            1                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-30                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314acc\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Philanthropy<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-30<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.2 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Gain a thorough insight in the motivations and expectations of today\u2019s philanthropists and how to meet these demands as part of a wealth management proposition;<br> Understand the legal and fiscal context of cross border philanthropic giving, as well as various approaches and structures for efficient impact-driven philanthropy;<br> Be proficient in advising wealth management clients in terms of their philanthropic strategy and structuring.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course gives an overview of the different types and approaches towards philanthropy. We will discuss philanthropic motivations and objectives, as well as legal and tax aspects of philanthropic endowments and inheritances. The course will be interactive and examine several contemporary case studies. Topics covered will include:<br>&#8211; Current trends in philanthropy with a focus on what drives European donors. <br>&#8211; The philanthropic engagement journey: transforming an idea into a structured approach and implementing it. <br>&#8211; Legal and tax issues to take into consideration for wealth managers. <br>&#8211; Understanding the complexities of contemporary cross border philanthropy.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        80% written exam during the course period<br>20% class participation interaction<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br>(not mandatory reading) <br> Advising philanthropists: Principles and Practice: Edition directory for Social change 2023 by Emma Beeston and Beth Breeze<br> Do More than Give; The Six Practices of Donors who Change the World by Leslie Crutchfield, 2011 by John Kania Mark Kramer<br> Philanthrocapitalism: How giving can save the world by Mathew Bishop and Michael Green, 2009<br> La Philanthropie &#8211; Un regard Europ\u00e9en, Edition Economica 2023 by Brigitte Duvieusart Luc Tayart de Borms<br> Vers une Philanthropie Strat\u00e9gique, Edition Odile Jacob 2020 by Peter Frumkin, Anne-Claire Pache and Arthur Gautier<br> La philanthropie \u2013 une affaire de familles by Arthur Gautier Anne-Claire Pache, Edition Autrement 2014 <br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314ad7\"\n        >\n            <span class=\"accordion__title\">\n                Microfinance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-40                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314ad7\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Microfinance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-40<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to: <\/p><br><p>&#8211; Explain how microfinance works.<br>&#8211; Illustrate examples related to the fields of microfinance.<br>&#8211; Criticize the debates around microcredit.<br>&#8211; Synthetize the financial mechanisms attached to financing projects.<br>&#8211; Appraise the upcoming stakes of financial development and financial\/social inclusion.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course aims at presenting the main stakes attached to the microfinance industry, as initially introduced in Bangladesh by M. Yunus (2006 Nobel peace prize), and replicated all over the world since then (including Europe and Luxembourg). Several European institutions (private, public, NGOs) are specialized in that field (ex.: Luxembourgish Ethical Funds, European Investment Fund, ADA, ADIE, etc.).<br>Microfinance encompasses (1) microcredit, (2) micro-saving, and (3) micro-insurance. This course insists on the main difficulties of traditional banking (e.g. commercial banks) to finance (or insure) poor entrepreneurs, despite their individual talents, or level of innovation.<br>The specific mechanisms of microfinance are them presented and analysed in detail: group lending, women empowerment, flexible approach to collaterals, impact on poverty and development, financial sustainability, managerial incentives, etc.<br>The reference book of this lesson is the seminal and renowned manuscript from Armendariz and Morduch, published at MIT Press\u00a9: The Economics of Microfinance.<br>During this course, the students are given the opportunity to prepare a take-home presentation on a subject (10 min. oral presentation, up to 2-students per group) of their choice about microfinance \/ finance and development.<br>Outline (depending on the pace of the class):<br>1. Introduction<br>2. The specificities of the credit market (the various forms credit markets)<br>3. Microcredit and Group Lending (information, mechanism, new contracts, women targeting)<br>4. Micro-insurance &amp; Savings<br>5. The impact on poverty and development (methodology issues, empirical findings)<br>[6]. Can microlending be sustainable? (the role of subsidies, two examples)<br>[7]. Incentives, management &amp; organization (case study, multiple objectives, incentives)<br>[8]. Conclusion<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>100% written exam<\/p><br><p><br>Bonus (0 to 3points): Groups of students (up to 2) can make an elective 10 min. oral presentation, which can lead to a bonus (0 to 3pt(s), depending on the presentation), integrated into the written exam grade. The students who do not make such presentation are rated normally.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>\u00a0<\/p><br><p>Reference Book:<br>&#8211; Armendariz B. and J. Morduch: \u201cThe Economics of Microfinance\u201d, MIT Press.<br>Essays:<br>&#8211; YUNUS M.: \u201cBanker to the Poor\u201d, PublicAffairs Ed.<br>&#8211; YUNUS M.: \u201cCreating a World Without Poverty\u201d, PublicAffairs Ed..<br>Other References:<br>&#8211; ZELLER M., R. MEYER: \u201cThe Triangle of Microfinance\u201d [collective book], Johns Hopkins<br>University Press.<br>&#8211; MATTH\u00c4US-MAIER I., J.D. Von PISCHKE: \u201cMicrofinance Investment Funds\u201d [collective book],<br>Springer.<br>&#8211; BOYE S., J. HAJDENBERG, C. POURSAT: \u201cLe Guide de la Microfinance\u201d, Ed\u00b0. D\u2019organisation,<br>Eyrolles.<br>&#8211; CIRAD: \u201cLe microfinancement dans les pays en d\u00e9veloppement\u201d, Les bibliographies du CIRAD.<br>&#8211; Applied Experiments: come from a W.P. by Nicolas EBER (IEP Strasbourg).<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314ae3\"\n        >\n            <span class=\"accordion__title\">\n                Client Communication                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            1                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-32                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314ae3\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Client Communication<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-32<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p>To meat wealth management client and to find out the client\u2019s need and to give the right advice<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Etiquette of meeting and seating clients\u00a0<ol><li>Personality__UL_BLOCK__0__<\/li><li>Enthusiasm__UL_BLOCK__1__<\/li><li>How to discover the client\u2019s need__UL_BLOCK__2__<\/li><li>Body language\u00a0<\/li><li>How to conclude in ten points\u00a0<\/li><li>Q &amp; A\u00a0 and if time roll game<\/li><\/ol>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% Take-home exam during exam session<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>Seminar support<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314aef\"\n        >\n            <span class=\"accordion__title\">\n                Client Acquisition and Relationship Management                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-33                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314aef\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Client Acquisition and Relationship Management <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-33<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.3 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Critically analyse the defining features and operational specificities of the Wealth Management industry, with particular emphasis on the strategic importance of cultivating Long-Term Profitable (LTP) client relationships.<br>2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Evaluate the role of Private Client profiling as a foundational process in understanding client needs, risk appetites, and behavioural patterns that underpin sustainable relationship management.<br>3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Assess the interdependence between the provision of advisory services and the delivery of tailored financial solutions in fostering client trust, loyalty, and long-term profitability.<br>4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Examine how organisational structures and functional roles within Wealth Management institutions are designed to support the consistent delivery of high-quality, client-centric services.<br>5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Interpret and apply key concepts, performance indicators, and financial metrics relevant to measuring relationship strength, client satisfaction, and profitability in the Wealth Management context.<br>6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Demonstrate familiarity with the specialised terminology and professional discourse used within the Wealth Management sector to operate effectively in academic and professional environments.                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Critically analyse the defining features and operational specificities of the Wealth Management industry, with particular emphasis on the strategic importance of cultivating Long-Term Profitable (LTP) client relationships.<br>2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Evaluate the role of Private Client profiling as a foundational process in understanding client needs, risk appetites, and behavioural patterns that underpin sustainable relationship management.<br>3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Assess the interdependence between the provision of advisory services and the delivery of tailored financial solutions in fostering client trust, loyalty, and long-term profitability.<br>4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Examine how organisational structures and functional roles within Wealth Management institutions are designed to support the consistent delivery of high-quality, client-centric services.<br>5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Interpret and apply key concepts, performance indicators, and financial metrics relevant to measuring relationship strength, client satisfaction, and profitability in the Wealth Management context.<br>6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>\u00a0Demonstrate familiarity with the specialised terminology and professional discourse used within the Wealth Management sector to operate effectively in academic and professional environments.<br><br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Lecture 1Market BackdropIndustry OverviewPB vs WM vs retail banking &amp; asset managementSafety Aspects for Clients \u2013 PB vs WMWM industry actors: banks, boutiques, multi-family offices, fintechTransformation process in PB\/WMWhat is \u201cwealth\u201d?Client expectations &amp; Global VariationsWhy Big BanksWM structures we\u2019re likely to encounter in modern daysActivities:Exercise: Universal Bank vs. Boutique PB \u2013 Go-to-Market Showdown\u00a0Lecture 2Recap on Definition of WealthCustomer segments \u00a0Client profiling processCustomer life-cycle needs and behavioursRole of the Advisor\/Relationship Manager\/Private BankerClient Profiles and Interaction ModelsCustomer balance sheet, sources of revenues for the professionals in WMKey Performance Indicators for PW Professionals &amp; Wealth PlatformsActivity:\u00a0Group Exercise KYC, profiling, segments, lifecycle\u00a0Lecture 3Who do you work forSo, you want to be a Client Facing Private Manager?The Human Side of Client AcquisitionThe Dark Side of Client AcquisitionTargeting and Acquiring clientsWhere to find Wealthy ClientsDiversifying and Managing Your Client Acquisition RiskBuilding and Leveraging NetworksSet up your own Process to Acquire ClientsPreparing for Client Meetings: From First Contact to Value CreationActivity:Targeting, Acquisition, KYC, networks using TEMA framework\u00a0Lecture 4Selling \u2013 Products or OutcomesAcquiring and developing clients &#8211;\u00a0 What do you need to find out \u2013 1\/2\/3\u00a0Politically Exposed Persons\u00a0Clients Profiles\u00a0\u201cHiring\u201d or \u201cFiring\u201d your client\u00a0The \u201cTrust\u201d EquationActivity:Discovery, objections, trust, \u201cfiring\u201d clients\u00a0\u00a0Lecture 5Private Clients Needs in the 2020sProducts &amp; Services that Map to NeedsRelationship Management Implications for PlanningCapacity &amp; Client-Facing OrganisationCRM Follow-Up &amp; Specialist SupportPrivate Banking Support Structure &amp; Client LifecycleClient Lifecycle (Who Does What)Activity:Group Debate and Groups Presentation\u00a0Lecture 6Recap of 5 LecturesGuest Speakers IntroductionsReal Life in Private BankingQ&amp;A Session with industry ProfessionalsFinal Assessment<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>70% group presentation of case studies:\u00a0<\/p><br>Group Presentations with active engagement by participants each scored on:<br><ol><br><li>Understanding of the subject area<\/li><br><li>Coherent application of taught principles<\/li><br><li>Fluidity in delivery of case solution<\/li><br><li>Active engagement contribution<\/li><br><\/ol><br><p>30% attendance<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:\u00a0<br><br><br>Reference book recommended: Designing the Customer-Centric Organization &#8211; A Guide to Strategy, Structure, and Process 13 May 2005 Jay R. Galbraith<br>Course syllabus, PPT presentation<br>Course exercises to be prepared in advance by group members<br>Specific reading material for each topic<br>\u00a0Recommended reading lists are at located at the end of each session 1 to 5<br><br>\u00a0 <br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314afa\"\n        >\n            <span class=\"accordion__title\">\n                Digital Currency                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-51                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314afa\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Digital Currency<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-51<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.4 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p>\u00a0<\/p><br><p>After the class, participants should be able to:<\/p><br><p> Be knowledgeable about the story behind the high level of support for the euro and how the European Central Bank works from the inside and plays its role to ensure that monetary policy and payment systems function smoothly. <br> Know the world of Web 3 and the plans behind the digital euro<br><\/p><br><p>\u00a0<\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        As digital enthusiasts, many students try to understand the contemporary trends of in digital currencies. And for many it is still perceived as only a disruption on currencies. Crypto currencies or assets vs central bank digital currencies? What is the point? The domain has developed so much though that even if they may have a vague idea about all possible applications, it makes sense to take a crash course to know how this all works. However, one needs to get first the basic knowledge on money, monetary policy, the role of the European Central Bank, payment systems, their impact on our democratic principles and how all this works in all types of contexts, including in time of high volatility of these markets. These changes will be revolutionizing our daily lives and already impacting the functioning of our economies: over 134 countries &amp; currency unions aim at developing a Central Bank Digital Currency (CBDC) and the digital euro in particular. This course will benefit from contributions of experts from the European Central Bank and from the European Investment Bank and go deeper on monetary policy, payment systems, digitalization and CBDC while gathering students \u2019views.\u00a0                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>35% &#8211; take home assignment (a short analysis and proposal on a subject that could be linked to a workshop)<br>35% &#8211; presentation (A PowerPoint presentation of a few slides)<br>30% &#8211; class participation (Active participation of all students is encouraged individually and in group works by students. This will be considered during each session for the general assessment)<\/p><br><p>\u00a0<\/p><br><p><br>Attention: Students must re-enroll for the course in order to retake the exam<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>\u00a0<\/p><br><p>Recommended readings: <br>Read regularly the Financial Times and the Economist. <br>Useful links :<br><br>1. History-of-things-before-bitcoin-cryptocurrency-part-one<br>2. History-of-things-before-bitcoin-cryptocurrency-part-two<br>3. Before-bitcoin-pt-3-90s-cryptowars<br>4. Before-bitcoin-pt-4-00s-new-millenium<br><br>Books and Studies: <br>Le futur de la monnaie (Michel Aglietta \u2013 Natacha Valla edition Odile Jacob 2021)<br>https:\/\/www.odilejacob.fr\/catalogue\/sciences-humaines\/economie-et-finance\/futur-de-la-monnaie_9782738153999.php<br>Report on a digital euro (ECB 2020)<br>https:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/Report_on_a_digital_euro~4d7268b458.en.pdf<br>Public Consultation on a digital euro<br>https:\/\/epsilon.escb.eu\/limesurvey3\/434111?lang=en<br>Les NFT en 40 questions (DUNOD)<br>Les NFT en 40 questions &#8211; Des r\u00e9ponses claires et d\u00e9taill\u00e9es pour comprendre les Non Fungible Tokens &#8211; Livre et ebook Economie g\u00e9n\u00e9rale de Jean-Guillaume Dumas &#8211; Dunod<br>Blockchain et cryptomonnaies (Que sais-je ?) Primavera De Filippi : Livres &#8211; Bibliographie | Que sais-je ? | Une question \u00e0 toutes les r\u00e9ponses (quesaisje.com)<br>https:\/\/tokenomicsdao.substack.com\/p\/tokenomics-101-bitcoin-and-ethereum<br>https:\/\/tokenomicsdao.com\/<br>European Commission <br>Flash eurobarometers, Standard Eurobarometer 92, and Standard Eurobarometer 93<br>The First Euros: The Creation and Issue of the First Euro Banknotes and the Road to the Europa Series. Antti Heinonen. Director Banknotes. ECB 2015 https:\/\/www.bundesbank.de\/de\/publikationen\/bargeld\/die-ersten-euros-664166<br>Anderton, R., Jarvis, V., Labhard, V., Morgan, J., Petroulakis, F. and Vivian, L. (2020), \u201cVirtually everywhere: digitalisation and the euro area and EU economies\u201d, Occasional Paper Series, No 244, ECB, Frankfurt am Main, June.<br><br>The Euro and the Battle of Ideas, Markus Brunnermeier, Harold James, Jean-Pierre Landau, Princeton University Press, 2016. <br>Movie and documentaries: \u00a0<br>CRYPTOPIA\u00a0 &#8211;\u00a0 Torsten Hoffmann and Michael Watchulonis<br>Bitcoin, Blockchains and the Future of the Internet <br>Nate Martin from 99Bitcoins Crypto whiteboard Bitcoin Explained Simply for Dummies; Bitcoin Trading for Beginners (A Guide in Plain English); <br>What is Bitcoin Cash? &#8211; A Beginner\u2019s Guide; What is Bitcoin Mining? <br>Blockchain Technology Explained Simply ; What is Ethereum? <br>videos of Hasheur https:\/\/www.youtube.com\/c\/hasheur<br>Ready player one \u2013 Steven Spielberg<br><br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314b06\"\n        >\n            <span class=\"accordion__title\">\n                Risk Management                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-35                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314b06\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Risk Management<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-35<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.4 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br> Understand common categories of risk<br> Measure risks<br> Take decisions on risk, including risk mitigation, while being mindful of common pitfalls and biases in decision making under uncertainty<br> Achieve compliance with the key regulatory requirements as regards wealth and risk management<br> Design sound risk governance arrangements<br><p><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Pre-requisites: Students should be familiar with basic calculus and financial concepts taught at Bachelor level.<\/p><p>\u00a0<\/p><p>The course will be structured around 5 main themes:<\/p><p>1. Understanding risk. We reconsider the concept of risk and guide students through the main classes of risks that are relevant in (financial) wealth management.<br>2. Measuring risk. We provide reminders of the main techniques used to quantify risks with a view to take wealth management decisions under uncertainty (risk).<br>3. Managing risk. We show students how to judiciously apply risk management techniques, having due regard to pitfalls and biases that commonly arise when decisions are taken under uncertainty.<br>4. Ensuring compliance with regulatory provisions. We teach the students the key regulatory requirements with respect to wealth and risk management and show them how to ensure compliance<br>5. Designing sound risk governance at the firm wide level. We provide students with an understanding of how to achieve sound and prudent risk management.<br><br><\/p><p><br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        45% assignment<br>45% written exam<br>10% active participation during the lectures<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><ul><br><li><br>Risk Management and Financial Institutions, John Hull, John Wiley Sons Inc<\/li><br><li>Risk Management for Investment Funds, Neuberg Luc all, McGraw Hill <br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a314b12\"\n        >\n            <span class=\"accordion__title\">\n                Compliance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-36                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a314b12\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a314a53\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Compliance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-36<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.4 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understand the regulatory environment and framework<br> Find their way to major applicable financial laws and regulations<br> Identify in which domains compliance plays a major role<br> Improve their capacity to identify, map, assess mitigate compliance risks<br> Understand how to interact cooperate with the compliance function in a constructive and efficient way<br> Understand how the compliance function interacts with authorities and with key internal external functions<br> Understand how a compliance programme is built<br> Acquire a positive attitude and a clear view on the main compliance tasks and challenges<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Compliance: Fundamental aspects and overview of regulatory requirements. The concept of the Compliance Principles, the Compliance Policy and the Compliance Charter<br> Banking secrecy and data protection: Legal framework. Types of confidential and data leak possibilities.<br> Fight against money laundering and terrorist financing: Overview and update of legislation and regulation. Money laundering functions and associated main techniques, including case studies.<br> Market Abuse: Objective and scope of the EU Market Abuse Directive and of the relevant Luxembourg regulation. Case studies on Insider Trading and Market Manipulation.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br>Recommended:<br>* Compliance and the compliance function in banks (http:\/\/www.bis.org\/publ\/bcbs113.pdf) 16p.<br>* Executive Summary of the impact assessment of MIFID II<br>(http:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:52011SC1227from=EN) 7p<br>*The 9 FATF special recommendations to combat terrorism financing <br>(www.fatf-gafi.org\/media\/fatf\/documents\/reports\/FATF%20Standards%20-%20IX%20Special%20Recommendations%20and%20IN%20rc.pdf) 3p<br>*CSSF AML regulation 12-02 (www.cssf.lu\/fileadmin\/files\/Lois_reglements\/Legislation\/RG_CSSF\/RCSSF_No12-02eng.pdf) 18p<br>*The fight against Market Abuse (ALCO Bulletin 29:\u00a0 http:\/\/www.alco.lu\/Bulletin\/Bulletin%2029%20-%20FR-EN.pdf) 6p<br>* Some thoughts of a compliance officer about crypto currencies (June 2018) and other articles out of the ALCO Newsletter (www.alco.lu) 3p.<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-fdf9c0e2-6ead-47cd-a02a-fdd90d125799\"\n    aria-labelledby=\"tab-fdf9c0e2-6ead-47cd-a02a-fdd90d125799\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 4 (2025-2026 Summer)<\/h3>\n    \n<div id=\"accordion-module-6a1505a31aeae\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a31aed7\"\n        >\n            <span class=\"accordion__title\">\n                Applied Master Thesis (including Internship)                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            30                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-55                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a31aed7\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a31aeae\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Applied Master Thesis (including Internship)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 30<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-55<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a1505a31aeef\"\n        >\n            <span class=\"accordion__title\">\n                Academic Master Thesis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            30                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            WEALMG2-47                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a1505a31aeef\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a1505a31aeae\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Academic Master Thesis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 30<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> WEALMG2-47<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.1 <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<\/div>\n<\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The curriculum is designed around the principal dimensions of the wealth management business, including investment products, investor preferences and client attributes, as well as essential additional topics, such as legal structures, taxation, strategy, governance and compliance.<br \/>\nThe programme is organised intro modules, which group different courses.<\/p>\n","protected":false},"author":33,"featured_media":1347,"parent":1514,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Master in Wealth Management ","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"study_program_identifiers":"WEALTHMNGT__F2_MP_WealthMngt2__F2_M_WEALTHMNGT_2","override_seo_title":false},"type-of-studies":[],"teaching-languages":[],"field-of-interest":[],"organisation":[],"authorship":[33],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Master in Wealth Management: Courses | 91短视频<\/title>\n<meta name=\"description\" content=\"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Programme\" \/>\n<meta property=\"og:description\" content=\"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-14T08:46:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\",\"name\":\"Programme - Master in Wealth Management - FSTM I 91短视频\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png\",\"datePublished\":\"2023-07-26T12:02:22+00:00\",\"dateModified\":\"2026-01-14T08:46:46+00:00\",\"description\":\"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png\",\"width\":825,\"height\":475},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.uni.lu\/en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Faculty of Law, Economics and Finance\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Study Programmes\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Master in Wealth Management\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Programme\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"name\":\"FDEF\",\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\",\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"alternateName\":\"Faculty of Law, Economics and Finance I 91短视频\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\",\"name\":\"FDEF - 91短视频 I Uni.lu\",\"alternateName\":\"Faculty of Law, Economics and Finance\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"width\":2560,\"height\":2560,\"caption\":\"FDEF - 91短视频 I Uni.lu\"},\"image\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/04\/24144328\/20200609-Belval-Campus_Henri-Goergen-23.jpg\",\"sameAs\":[\"https:\/\/www.facebook.com\/uni.FDEF.lu\",\"https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/\"],\"email\":\"communication@uni.lu\",\"telephone\":\"+3524666441\",\"address\":{\"@type\":\"PostalAddress\",\"streetAddress\":\"2, place de l\u2019Universit\u00e9\",\"addressLocality\":\"Esch-sur-Alzette\",\"postalCode\":\"4365\",\"addressCountry\":\"LU\"},\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Master in Wealth Management: Courses | 91短视频","description":"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/","og_locale":"en_GB","og_type":"article","og_title":"Programme","og_description":"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.","og_url":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/","og_site_name":"FDEF EN","article_publisher":"https:\/\/www.facebook.com\/uni.FDEF.lu","article_modified_time":"2026-01-14T08:46:46+00:00","og_image":[{"width":825,"height":475,"url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/","url":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/","name":"Programme - Master in Wealth Management - FSTM I 91短视频","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage"},"thumbnailUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png","datePublished":"2023-07-26T12:02:22+00:00","dateModified":"2026-01-14T08:46:46+00:00","description":"The programme for the Master in Wealth Management is designed around the principal dimensions of the wealth management business.","breadcrumb":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#primaryimage","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MWMa2FMpG.png","width":825,"height":475},{"@type":"BreadcrumbList","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/programme\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.uni.lu\/en"},{"@type":"ListItem","position":2,"name":"Faculty of Law, Economics and Finance","item":"https:\/\/www.uni.lu\/fdef-en\/"},{"@type":"ListItem","position":3,"name":"Study Programmes","item":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/"},{"@type":"ListItem","position":4,"name":"Master in Wealth Management","item":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-wealth-management\/"},{"@type":"ListItem","position":5,"name":"Programme"}]},{"@type":"WebSite","@id":"https:\/\/www.uni.lu\/fdef-en\/#website","url":"https:\/\/www.uni.lu\/fdef-en\/","name":"FDEF","description":"Faculty of Law, Economics and Finance I Uni.lu","publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"alternateName":"Faculty of Law, Economics and Finance I 91短视频","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.uni.lu\/fdef-en\/#organization","name":"FDEF - 91短视频 I Uni.lu","alternateName":"Faculty of Law, Economics and Finance","url":"https:\/\/www.uni.lu\/fdef-en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","width":2560,"height":2560,"caption":"FDEF - 91短视频 I Uni.lu"},"image":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/04\/24144328\/20200609-Belval-Campus_Henri-Goergen-23.jpg","sameAs":["https:\/\/www.facebook.com\/uni.FDEF.lu","https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/"],"email":"communication@uni.lu","telephone":"+3524666441","address":{"@type":"PostalAddress","streetAddress":"2, place de l\u2019Universit\u00e9","addressLocality":"Esch-sur-Alzette","postalCode":"4365","addressCountry":"LU"},"description":"Faculty of Law, Economics and Finance I Uni.lu"}]}},"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1515"}],"collection":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs"}],"about":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/types\/study-programs"}],"author":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/33"}],"version-history":[{"count":0,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1515\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1514"}],"wp:authorship":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/33"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media\/1347"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media?parent=1515"}],"wp:term":[{"taxonomy":"type-of-studies","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/type-of-studies?post=1515"},{"taxonomy":"teaching-languages","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/teaching-languages?post=1515"},{"taxonomy":"field-of-interest","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/field-of-interest?post=1515"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/organisation?post=1515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}