Do you know which modules you’ll be studying on the UAX Master’s in Financial Management?

What does a financial management specialist study?

A financial management specialist is a professional who helps an organisation make the best decisions regarding its financial resources. Their work is not just about keeping track of the figures: it encompasses strategic planning, risk management, securing funding and analysing investment opportunities.

To develop this profile, the modules on a Master’s degree in financial management combine three main areas:

• Technical: accounting, financial analysis, statistics and data modelling.
• Strategic: long-term planning, business valuation and corporate transactions.
• Regulatory and sustainable: regulatory compliance, ESG criteria and responsible finance.

The aim is to integrate these areas to make decisions with a global perspective, just as a Chief Financial Officer (CFO) does .
 

First term

The UAX Master’s Degree in Financial Management and Administration is organised into two four-month terms. The compulsory modules total 60 ECTS. In addition, students entering the programme from non-finance degree backgrounds may take three supplementary modules (12 ECTS) to bring their technical knowledge up to standard.

Below, we explain what you will learn in each module and what it is used for.

Financial Strategy and Long-Term Planning (6 ECTS)

This is the programme’s introductory module. Its aim is to help you understand how a company’s financial strategy is designed from a long-term perspective.

You will learn to:

• Align financial objectives with the overall business plan.
• Draw up financial projections and scenario analyses.
• Optimally structure capital between equity and debt.
• Assess the financial viability of medium- and long-term strategic decisions.

This module establishes the conceptual framework upon which the rest of the Master’s programme is built.

Sustainable Finance and Corporate Social Responsibility (6 ECTS)

Sustainability has moved beyond being a mere add-on to become a central criterion of modern financial management. This module trains you in the integration of ESG (environmental, social and governance) factors into financial decision-making.

The main topics covered include:

• The European regulatory framework on sustainability: green taxonomy, the CSRD and non-financial reporting.
• Sustainable investment products: ESG funds, green bonds and social bonds.
• Assessment of climate and social risk in portfolios and projects.
• The role of Corporate Social Responsibility (CSR) in a company’s reputation and value.

Institutional investors and regulators are already demanding that companies incorporate these criteria. Mastering this subject provides a real competitive advantage in today’s financial market.

Financial and Non-Financial Risk Management (6 ECTS)

Every organisation is exposed to risks which, if not identified and controlled, can jeopardise its viability. This module teaches you how to systematically manage the main types of risk:

Financial risks:

• Market risk: the impact of movements in interest rates, exchange rates and asset prices.
• Credit risk: the probability that a counterparty will fail to meet its obligations.
• Liquidity risk: the ability to meet short-term payments.

Non-financial risks:

• Operational risk: failures in processes, people or technological systems.
• Reputational risk: the impact of a crisis of reputation on the company’s value.
• ESG risk: financial consequences arising from environmental and social factors.

You will also learn how to use hedging instruments such as financial derivatives to mitigate exposure to market risk.

Data Visualisation and Financial Analysis Tools (6 ECTS)

Making data-driven decisions is now a core skill for any finance manager. This module teaches you how to extract, analyse and communicate financial information clearly and effectively.

You will work with:

• Advanced financial modelling in spreadsheets.
• Business business intelligence to build financial scorecards and dashboards.
• Data visualisation techniques to present results to senior management, the board and investors.
• An introduction to data analysis using programming tools applied to the financial sector.

Financial professionals who can transform data into actionable decisions are among the most sought-after by companies today.

Financial Regulation and Compliance (6 ECTS)

The regulatory environment of the financial markets is complex and changes frequently. This module provides you with the tools to navigate this framework with confidence.

You will study:

• The regulatory architecture of European financial markets: ESMA, ECB, CNMV.
• Key regulations: MiFID II, EMIR, Basel III/IV, Solvency II.
• Compliance and internal control systems in financial institutions and listed companies.
• Reporting and transparency obligations towards regulators and investors.
• Prevention of money laundering and terrorist financing.

Understanding the regulations is not optional for anyone working in finance: it is a requirement that companies demand from day one.
 

Supplementary training modules (for entry from other degree programmes)

For students from non-finance degree programmes ( Law , Engineering, etc.), the curriculum includes three bridging modules:

These supplementary modules ensure that all students, regardless of their prior background, start with the technical knowledge required to get the most out of the programme.
 

Second term

Advanced Business Valuation, Mergers and Acquisitions (M&A) (6 ECTS)

Knowing how much a company is worth is one of the most sought-after skills in the financial market. This module trains you in the valuation methods most commonly used in professional practice:

• Discounted Cash Flow (DCF): you project future cash flows and discount them to present value using the weighted average cost of capital (WACC).
• Market multiples: you compare the company with similar listed firms using ratios such as EV/EBITDA or P/E.
• Book value and liquidation value: based on adjusted net assets, relevant in asset sales or liquidation processes.

Alongside valuation, you will study the entire mergers and acquisitions (M&A) process: identifying targets, financial due diligence, structuring the transaction, price negotiation and post-merger integration. This is a field in high demand within investment banking, private equity and strategic consultancy.

Project Finance and Sustainable Investment Evaluation (6 ECTS)

Project finance is the structured financing technique used in large-scale investment projects: infrastructure, renewable energy, concessions or property developments. In this module, you will learn how to structure and evaluate this type of transaction.

The main topics include:

• Designing a project’s financial structure: equity, debt and guarantees.
• Feasibility analysis and financial modelling of long-term projects.
• Evaluation of investments based on sustainability criteria: how ESG factors impact a project’s profitability and risk.
• Green and impact financing: green bonds, sustainability-linked loans and infrastructure funds.

This module is particularly relevant for those wishing to work in corporate banking, infrastructure funds or the energy sector.

Financial Innovation and New Trends in the Sector (6 ECTS)

The financial sector is undergoing a major transformation. This module equips you to understand and capitalise on the technological changes that are redefining the industry:

• Fintech: new business models in payments, lending, investment and insurance.
• Blockchain and digital assets: crypto-assets, asset tokenisation and smart contracts.
• Artificial intelligence in finance: predictive analytics, algorithmic portfolio management and fraud detection.
• Open Banking and PSD2 regulation: how the opening up of banking data is creating new opportunities.
• Insurtech and wealthtech: the digital transformation of the insurance and wealth management sectors.

Understanding these trends is not just an advantage: it is what sets the financial executives of the future apart from those of the past.

External Academic Placements (6 ECTS)

Work placements act as a bridge between your studies and the job market. During this module, you will join a company or financial institution to apply the knowledge acquired throughout the Master’s programme in a real-world setting.

The work placement enables you to:

• Develop professional skills in a real-world work context.
• Expand your network of contacts in the financial sector.
• Gain access to job opportunities or the chance to continue working at the placement company.
• Build your first professional project to strengthen your CV.

UAX has an extensive network of agreements with companies in the sector to facilitate the placement of its students.

Master’s Thesis (6 ECTS)

The Master’s Thesis is the culminating project of the programme. It demonstrates that you have assimilated the skills covered in the Master’s programme and that you are able to apply them independently to a real-world financial problem.

Some common MTh topics in this programme:

• Comprehensive valuation of a listed company.
• Strategic financial plan for a company.
• Feasibility analysis of a sustainable investment project.
• A study on the impact of ESG regulation on portfolio management.

Summary

The UAX Master’s Degree in Financial Management offers a 60 ECTS curriculum organised into two four-month terms. In the first term, you lay the foundations: financial strategy, risk management, regulation, sustainability and data analysis. In the second term, you specialise in the areas with the highest market value: business valuation and M&A, project finance, and fintech innovation, culminating in real-world work placements and your Master’s Thesis. The result is a well-rounded managerial profile, prepared to lead the finance department of any type of organisation.
 

Frequently Asked Questions

How many modules are there on the UAX Master’s in Financial Management? The programme comprises 10 compulsory modules, each worth 6 ECTS, totalling 60 ECTS. Students from non-finance degree programmes may also take three supplementary modules (Financial Accounting, Descriptive Statistics and Basic Financial Mathematics), totalling a further 12 ECTS.

Does it include a work placement? Yes. The programme includes a 6 ECTS ‘External Academic Placement’ module, involving an actual placement with a company or organisation in the financial sector.

Can I enrol if my degree is not in Economics or Business Administration and Management? Yes. Graduates from other disciplines can enrol by taking the three supplementary modules: Financial Accounting, Descriptive Statistics and Basic Financial Mathematics.

What is project finance? Project finance is a structured financing technique used in large-scale investment projects (infrastructure, renewable energy, concessions). The debt and guarantees are backed by the project’s own cash flows, not by the balance sheet of the developer company.

Sources: 

• Syllabus for the Online Master’s Degree in Financial Management and Administration