Finance and Real Estate Finance Combination Track (Finance)
The study programme
In the Finance and Real Estate Finance track, you combine the full slate of real estate courses with a subset of courses from the Corporate Finance or Asset Management tracks. This combination track requires 1.5 years to complete.
The programme
This double specialisation programme consists of 80 credits. You will follow the entire Real Estate track in the 1st study year (including the master thesis), followed by 2 general courses and 2 specialised courses in the 2nd year. If you have a drive to enhance the adoption of sustainability in finance, you can participate in our Honours programme.
COURSES
SEMESTER 1
SEMESTER 2
EC
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Real Estate Markets and Analysis 1Period 15
You will focus on private markets for commercial real estate. First, we will introduce real estate as an investment class and will explain relevant market indicators. After this, you will discuss important topics such as real estate market cycles, the relationship between real estate markets, the wider economy and financial markets, forecasting of real estate markets, the role of location theories, and pricing of real estate and international convergence.
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Real Estate ValuationPeriod 15
You will cover the basic methods to value real estate objects (the DC and DCF method). You will discuss how and when to use the right method and how to get the information (parameters) necessary to do an appraisal. You will learn how to use these methods through several practical case assignments and exercises.
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Applied Financial EconometricsPeriod 1Period 25
In this course you expand your knowledge about regression analysis applied to finance topics, a powerful tool in empirical finance for analysing empirical relationships. You will review estimation and testing of the basic linear regression model, and subsequently will focus on various applications and extensions of the basic model.
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Advanced Real Estate ValuationPeriod 25
This course builds on the knowledge and skills from the Real Estate Valuation course. You will discuss valuations from an investment perspective and will explore topics such as retail valuation, land valuation, the cost approach, the sales comparison approach and automated valuation models of residential properties. You will participate in practical valuation case assignments and a computer workshop. Further topics include confirmation bias in valuation, and advanced DFC analysis.
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Real Estate Markets and Analysis 2Period 25
This course elaborates on your knowledge acquired in Real Estate Markets and Analysis 1. You will discuss concepts and analyse tools in more detail and will study the private investment markets, primary mortgage markets and markets for residential and retail properties. An important and exciting part of this course is the real estate group assignment. You will perform your own real-life market research and construct an investment advice that you will present to a jury of investment practitioners.
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Empirical Methods in FinancePeriod 35
In this course you will focus on the current statistical methodology used in empirical work and the practical implementation of data analysis using STATA. You will attend methodology lectures on how to use the university’s databases and tutorials in which you present and receive feedback on empirical group assignments. Also you will write a first thesis proposal.
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Real Estate and Alternative InvestmentsPeriod 45
This course focuses on real estate and alternative investments from a portfolio perspective. It provides an in-depth analysis of measuring real estate returns, how to construct real estate portfolios, the liquidity of listed and non-listed real estate investments and the pricing of real estate derivatives. Real estate portfolio theory is covered, including real estate investment management and international (foreign) real estate investment. Other asset classes like private equity (buyouts) and venture capital are also covered: how are PE funds structured and valued, what is the role of leverage and what are good investor strategies?
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Real Estate FinancePeriod 45
In this course, you will deep-dive into the financing choice for (international) real estate assets. You will gain the necessary tools to analyse the different funding structures and their market pricing and relative risk. Also, you will learn to analyse financing instruments and markets, with particular focus on mortgages and mortgage-backed securities. Finally, you will learn a real option approach to value real estate developments.
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Thesis Seminar FinancePeriod 43
This course prepares you for writing your Master's thesis. It brings you up-to-date knowledge and professional skills. Also, you will learn how to acquire a critical view on your own work and that of fellow students. In the course you will develop your thesis plan as well as learn to present, discuss and referee other’s work.
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Restricted-choice electivesPeriod 52
Choose 1 of 2 courses: Ethics and Professional Skills in Finance or Sustainable Finance.
COURSES
SEMESTER 1
SEMESTER 2
EC
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Advanced Corporate FinancePeriod 15
Develop an in-depth understanding, a strong intuition and practical knowledge about important topics in corporate finance, such as corporate funding and investment decisions, corporate governance, mergers, and initial public offerings.
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Financial MarketsPeriod 15
Get an introduction to the field of market microstructure—the area of finance that studies trading mechanisms and price formation in securities markets.
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Restricted-choice electivesPeriod 25
Advanced Investments or Corporate Governance.
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Restricted-choice electivesPeriod 25
Banking, Computational Finance, Derivatives or Valuation.
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Master's ThesisPeriod 4Period 5Period 615
The academic programme culminates in a thesis, which allows you to engage with state-of-the-art data analysis and statistical techniques. The Master’s thesis is the final requirement for your graduation. It is your chance to dive deep into a topic in your field of choice (track) that you are enthusiastic about, and allows you to do an independent research project in Finance. A professor of your track will supervise and support you in writing your thesis.
Compulsory course
Elective
Specialisation
Honours programme: A Sustainable Perspective on Finance
The Honours programme is designed for students with excellent analytical and leadership abilities, and a fundamental passion to enhance the adoption of sustainability in finance. It is a challenging programme and a great way to stand out for future employers. The programme must be finished in 1.5 years, and includes 3 additional courses: Sustainable Finance, Honours Course on Impact Investing, and an elective course (Corporate Governance, Advanced Investments, or Financial Regulation).
Real-life case: Valuation of an Amsterdam property
In conjunction with Cushman and Wakefield, students determine the market value of an Amsterdam property based on the rental income streams and operating costs of such a building. One recent example was UNStudio, a mixture of office and retail space. Students do market research to find out the relevant yields and discount rates to capitalise the net income streams. Students present their results and get dedicated feedback from Cushman and Wakefield.
Copyright: EB
The lecturers are very good and try to engage with the student in every wayVera Scholten - student Read Vera's full review
Frequently asked questions
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When do I need to select a specialisation track?
A specialisation track must be chosen when applying for the Master’s programme. However, track modifications are still possible until late October. The criteria for all tracks are identical and do not impact the likelihood of being accepted into the programme.
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How many students are in the programme?
Our Master’s programme is selective and only admits around 40 students per specialisation track.
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What are the weekly contact hours?
Most courses have one 2-3 hour lecture and one 2-hour tutorial per week. Generally students take 3 courses at a time, so count on about 12-15 contact hours per week.
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Will all lectures be held in person, or will there be options for online attendance?
Our preference is for in-person lectures. Certain sessions may be pre-recorded or follow a hybrid format. This entails preparing for Question and Answer (Q&A) sessions through video clips and readings, with subsequent discussions during meetings.
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Is attendance compulsory for lectures, tutorials, and other sessions?
Attendance is usually not compulsory for lectures, but commonly for tutorials and other sessions. Students greatly benefit from being present and engaging in discussions with both the instructor and their classmates.
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What is the typical method of assessment for most courses?
The majority of courses have a written on-site exam, which counts for a large percentage of the final grade. Most courses have additional assessment methods, including oral presentations, developing research proposals, conducting experiments and writing up results. Finally, some courses grade attendance, which is reflected by presence and activity in tutorials and online assignments.