Corporate Finance Programme Portfolio

Analyse the complexities. Apply the knowledge.

Finance programmes Executive Education - 2010/2011

www.london.edu/cfp/

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London Business School empowers individuals and organisations to perform at their best.
Whether you seek to improve your performance, accelerate your career, instigate change in an organisation, or redefine your personal goals London Business School will ignite your purpose. Ranked as one of the finest business schools in the world, London Business School brings together cutting-edge academic research and the latest business insights, all delivered in a collaborative and diverse learning environment. Participants on our Executive Education programmes come from more than 130 countries. The organisations they work for span every major industry sector and their experiences, cultures and commercial objectives are truly diverse. They are taught by academics who are influential, widely published and fully engaged with the business world. They act as consultants to major institutions, corporations and government agencies, and hold directorships with a wide range of organisations.

The result?
Highly practical programmes that enable you to implement the knowledge and skills you have gained immediately upon your return to work. The very latest business thinking that will help you gain that elusive competitive edge. A collaborative and diverse learning environment that delivers global business perspectives and new business networks spanning borders, industries and functions. A unique opportunity to experience the excitement of learning in one of the worlds most cosmopolitan and vibrant cities. The combination is life-changing and will take you and your organisation further, both now and in the future.

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Leading financial thinking.

Generating maximum value for your organisation requires making the right financial decisions. London Business Schools Corporate Finance Programme Portfolio will enable you to master key corporate finance techniques and formulate strategies to respond to the increasingly complex financial challenges you and your organisation face on a daily basis. Through a sophisticated curriculum based on the latest cutting-edge academic research and up-to-date industry case studies, you will be equipped with a wide range of corporate finance tools you can apply to a variety of practical situations. On the Corporate Finance programmes you study the fundamental techniques of financial analysis, valuation, capital structure, risk management, and restructuring to give you the tools to succeed in this fast-moving industry. The Advanced Corporate Finance programme will further develop your grasp of corporate finance, taking you into the realm of complex financial decision making; training you to tackle intricate valuation and corporate scenarios. These programmes are taught by our world renowned academics, who are leaders in their field and have extensive industry experience. Attending these programmes in London also enables you to share a classroom with leading professionals from across the globe.

Samantha Bown Programme Director, Finance Executive Programmes

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Portfolio overview

The Corporate Finance Programme Portfolio equips you with the accounting and financial skills necessary to succeed.
The portfolio consists of four programmes: Accounting and Financial Analysis Valuation Funding, Risk and Restructuring Advanced Corporate Finance You can tailor your learning by selecting any of the four programmes in combination, or the full portfolio, depending on your individual requirements. Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring are available in both evening and daytime formats so you have the flexibility to choose the one that best suits your schedule. Advanced Corporate Finance is an intensive programme offered in the daytime format. An additional benefit to completing Accounting and Financial Analysis; Valuation; plus the Funding, Risk and Restructuring programmes, is the award of London Business School alumni status. Membership gives you access to an international network of more than 31,500 business professionals.

Who are these programmes for?

The Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring programmes are designed for: General managers Senior finance professionals Executives, consultants, analysts and general managers Business developers Lawyers / legal practitioners Financial planners / advisors Economists and business analysts Auditors and risk managers The Advanced Corporate Finance programme is only suitable for senior finance professionals with at least eight years of relevant industry experience. This is a highly specialised and strategic programme so we select only the top financial professionals in order to create a highly dynamic learning environment. Advanced Corporate Finance participants should already be familiar with valuation methods, capital structure and basic option pricing theory. Therefore, participants who have completed the first three Corporate Finance programmes are also invited to apply for the Advanced Corporate Finance programme.

Portfolio outline
Accounting and Financial Analysis The central theme of this programme is the use of accounting data and financial analysis techniques to assess a companys strength and measure the return that a company is earning on their capital (see page 8 for more details). Valuation This programme equips you with the key valuation techniques required to correctly appraise financial decisions and value companies (see page 9 for more details). Funding, Risk and Restructuring This programme gives you the tools you need to effectively manage a company's financial risk. The programme also provides you with an in-depth understanding of M&A, restructuring, capital structure and the financing options available to companies (see page 10 for more details). Advanced Corporate Finance A natural follow-on from the Corporate Finance programmes, Advanced Corporate Finance takes you into the realm of complex financial decision making. You learn how to tackle intricate valuation and corporate financing decisions effectively (see page 11 for more details).

The learning experience

Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring form part of a three-programme sequence. Together, they are designed to give a thorough grounding in modern corporate finance. If you take all three programmes, the gap between each gives you time to absorb the information and put it to use. You have the opportunity to discuss real-life case studies and apply key concepts introduced in lectures. Group work, discussions and assignments reinforce your learning, and emphasis is placed on class participation. Because these programmes attract experienced, diverse and motivated business professionals from around the world, you gain from sharing international perspectives on corporate finance.

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Portfolio overview

(continued)

Benefits for you

Develop a solid understanding of corporate finance, including the key concepts underpinning modern financial decision making and valuation Gain cutting-edge academic insights, combined with industry best practice Learn from world respected, widely published academics Experience diverse perspectives from both international and UK-based participants Acquire financial toolkits that can be applied immediately in the current business environment Become an alumnus and access an elite network of more than 31,500 international business leaders

The Corporate Finance Programme Portfolio is offered in both an evening and daytime format. Both share the same curriculum and have recently been redesigned to be even more rigorous and practical.

Daytime format: A typical schedule

Each programme on the daytime format is delivered over five days. Programmes are intensive and the days include evening work on campus to provide full immersion in the topics taught, maximising your learning within the timeframe. 08.30 09.00 10.45 12.30 13.30 15.30 17.30 19.00 Coffee Class session 1, followed by break Class session 2 Lunch Class session 3, followed by break Class session 4, followed by break Evening session or study group meetings Dinner

Benefits for your organisation

Builds in-house capability to handle increasingly complex financial challenges your organisation may face Offers flexible learning options to reduce the time away from the office Accelerates professional development of high potential employees, enabling the fast-tracking of management potential Delivers practical tools that can be immediately, and effectively, applied to organisational strategy and decision making

NB. Advanced Corporate Finance is only available in the daytime format.

Evening format: A typical schedule

Each programme on the evening format is delivered every Wednesday for 10 weeks. Every second week there is an optional Thursday class (90 minutes), which offers an opportunity for participants to consolidate their understanding of the material covered in the main Wednesday night lectures. 18.00 Lecture 1 19.30 Group work (dinner and refreshments provided) 20.30 Case study discussion Please note that you are required to allocate time for preparatory work prior to each evening class.

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Inspiration through diversity

As a global business school in a major international centre of business, our Corporate Finance programmes attract the very best.
London Business School is a truly dynamic environment that inspires breakthrough thinking. You will find inspiration from some of the finest business thinkers and learn with and from an international executive peer group. Along with a wide range of nationalities and industries, the Corporate Finance Programme Portfolio attracts participants from a diverse range of job functions including; accountants, regulators, lawyers and solicitors, as well as managers in the public and not-for-profit sectors. This combined with the portfolio's interactive learning style means your learning is complemented by exposure to a broad set of business perspectives.

Nationality of recent participants

North America Africa Central / South America 4% 2% 4% Australia / New Zealand 4% Asia-Pacific 7% Middle East 9% Europe 40%

The Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring programmes have recently powered the performance of:
Accenture American Express Barclays Booz and Company BNP Paribas Credit Suisse European Bank for Reconstruction and Development Exxon Mobile General Electric HM Treasury (UK) IBM JP Morgan KPMG McKinsey and Company Merrill Lynch Morgan Stanley Newmont Mining Corporation Ofcom Oman Oil Company PriceWaterhouseCoopers Reckitt Benckiser Santander UBS Virgin

UK 30%

Industry of recent participants

Travel / Tourism 2% Publishing / Electronic Media 2% Law / Legal Services 2% Automotive / Manufacturing 3% Construction Services 3% Property / Real Estate 3% Food / Beverages / Tobacco 4% Public Admin / Regulatory Bodies 4% Telecommunications / IT 9% Other 9% Professional Services / Consulting 10% Mining / Metals / Chemicals 17% Transport / Distribution 1% Not-for-profit Organisations 1%

Finance / Banking 30%

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Inspiration through diversity (continued)

The Advanced Corporate Finance programme attracts an exceptionally diverse and experienced cohort of business professionals.
The Advanced Corporate Finance programme attracts senior business professionals from a wide range of nationalities and industries. Each participant accepted onto the programme has been selected with the aim of contributing their financial knowledge and professional experiences to the learning dynamic. The acceptance criteria for this accelerated programme means the class includes only the highest calibre of applicants all with a typical range of between eight and 15 years of relevant professional experience.

Nationality of recent participants

Australia / New Zealand 3% Asia-Pacific 5% Africa 5% Central / South America 6% Middle East 7% North America 2%

This programme has recently powered the performance of:

American Appraisal Areva AstraZeneca Barclays ChelloMedia Deutsche Bank Dumby Oil and Gas EDF Energy European Investment Bank KPMG Lloyds Banking Group Millennium PGE Mining and Power PriceWaterhouseCoopers PSA Peugeot Citroen Renova Group Santander Shell (Royal Dutch Shell) Swicorp Telecom Italia Unilever Virgin Zenith Bank
Telecommunications / IT 16% Mining / Metals / Chemicals 18% Other 8% Professional Services / Consulting 6% Food / Beverages / Tobacco 6%

Europe 53%

UK 19%

Industry of recent participants

Automotive / Manufacturing 4% Property / Real Estate 2%

Finance / Banking 40%

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Accounting and Financial Analysis

Financial statements are the main source of information about firms, so we have to know how to make them work for us.
Once you are able to read financial statements and become fluent in the use of accounting information, you can assess, interpret and influence business success. Led by Professor Chris Higson, the Accounting and Financial Analysis programme explains the structure of financial statements and the main accounting standards. You then use modern financial analysis techniques to assess a companys performance, while controlling for certain accounting limitations (e.g. company or country specific practises). The programme also provides you with a firm grounding in the issues surrounding corporate governance, key regulatory frameworks and an understanding of their impact on financial statements. Accounting and Financial Analysis provides a good foundation on which to build your knowledge of other key aspects of corporate finance covered in the other two programmes: Valuation; and Funding, Risk and Restructuring. Accounting and Financial Analysis is available in two formats so you have the flexibility to choose the one that best suits your schedule. The day format is an intensive learning experience with the programme running over five consecutive days. Work continues from morning to evening to enable you to benefit from maximum learning. The evening format is held every Wednesday evening for 10 weeks so you may study without disruption to your work life. While the evening format requires less hours on campus, participants spend a significant proportion of their time outside of this in preparation and reflection on the programme material. Key topics include: Financial statements and accounting standards Modern financial analysis techniques Revenue recognition and expense matching Assets and liabilities recognition On completion, you will be able to: Use financial statements to evaluate a companys performance Assess a companys ability to meet its liabilities Understand the impact of accounting standards and regulatory frameworks Understand major governance issues

Professor Higson promised that after five days of the Accounting and Financial Analysis programme we would have increased our confidence and familiarity with accounting dramatically. This is exactly what happened!
Marco Boni (Italian) Chief Marketing Officer Zurich Insurance, Italy

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Valuation

Gain the power to correctly appraise financial decisions and evaluate companies.
Valuation is the lynchpin of corporate finance. With a thorough understanding of valuation you will be able to drive investment decisions and lead the restructuring, M&A, and financing challenges and opportunities that your organisation faces. Increasingly, it is also used in marketing, strategy and operations management. The Valuation programme equips you with the most effective valuation tools, so you have the power to correctly appraise financial decisions and evaluate companies. As well as becoming fully versed in a full range of valuation techniques and tools, you will learn how to apply discounted cash flow analysis, cost of capital analysis, risk analysis and other valuation tools, including multiples. The programme is designed to give you an understanding of the concepts of value, return and profitability under conditions of risk and uncertainty. Starting from the basics, you work progressively to more complex valuations. Throughout the programme, you will use these skills to work in groups on a company valuation project. The daytime format taught by Professor Ian Cooper, is an intensive learning experience with the programme running over five consecutive days. The timetable includes evening group work valuing a company to enable you to benefit from applying the material covered during the day. You receive preclass reading to help you prepare for the programme and get the most out of your learning. The evening format taught by Professor Christopher Hennessy, starts in January and consists of weekly evening lectures over a 10-week period. Participants are given the option to attend additional evening tutorials designed to help consolidate information learned in the main lectures. Key topics include: Valuation techniques and their application Capital markets and cost of capital Project appraisal methods and their application Company valuation Valuation using multiples Risk and return On completion, you will be able to: Evaluate investment projects Value companies Understand capital market behaviour, risk and cost of capital

The programme is truly world-class in every respect. It is difficult to imagine a more useful programme of this type.
Joseph Siino (American) Senior Vice President Global Intellectual Property, Yahoo!, US

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Funding, Risk and Restructuring

Learn how to design a company's capital structure and risk management strategies, and develop skills to assess corporate restructuring.
Risk management is a vital element of corporate finance. If you have a strong understanding of the practical application of risk management, you are empowered to make the most effective financial decisions. And, as a consequence, you become highly valuable to your organisation. After attending the Funding, Risk and Restructuring programme, you will be equipped with all the tools you need to manage financial risk in an effective and timely way. You will possess an in-depth understanding of the financing options available to your company, and you will have the skills to design strategies for capital structures. The first part of the programme, taught by Professor Christopher Hennessy, focuses on the application of derivatives in corporate finance settings: real options, risk management and optimal gearing. Professor Henri Servaes then looks at the important areas of dividend policy, mergers and acquisitions, corporate restructuring, financial distress, the security issuance process, and long-term financial planning. Funding, Risk and Restructuring is available in two formats so you have the flexibility to choose the one that best suits your schedule. The day format is an intensive learning experience with the programme running over five consecutive days. Work continues from morning to evening to enable you to benefit from maximum learning. The evening format is held every Wednesday evening for 10 weeks so you may study without disruption to your work life. While the evening format requires less hours on campus, participants spend a significant proportion of their time outside of this preparing and reflecting on the programme material. Please note the Funding, Risk and Restructuring programme assumes you are familiar (through previous programme completion or professional experience) with capital project appraisal decisions and valuation, the workings and efficiency of the capital markets, and the basics of capital structure. Key topics include: Hedging and derivatives Risk management Capital structure Mergers & acquisitions Dividend policy Corporate restructuring Long-term financial planning On completion, you will be able to: Design a companys capital structure strategy Raise funds effectively Design a basic risk management strategy Assess the merits of mergers and other restructuring activities Undertake long-term financial planning

A fantastic programme that consolidates your knowledge of corporate finance. I would highly recommend it.
Nicolas Vioix (French) Risk Executive Westfield Shopping Towns Ltd, UK

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Advanced Corporate Finance

A natural follow-on to the Corporate Finance programmes, Advanced Corporate Finance takes you into the realm of complex financial decision making.
This advanced programme examines a series of real business case studies drawn from various industries and countries including many emerging markets which feature an array of financial decisions. The aim is to identify for each business situation which techniques are suitable and which need to be adapted in order to accommodate the complexities of real business. The business problems you will encounter in the Advanced Corporate Finance programme are likely to raise a wide range of issues, many of which will involve advanced valuation techniques (e.g. discounted cash flow methods, relative valuation, decision trees, real options and simulations) applied to complex financial policy and valuation issues (e.g. optimal capital structure, payout policy, project finance, investments in emerging markets and valuation impacts of corporate governance). The programme will elevate your corporate finance decision making to a strategic level and give you the confidence to negotiate through new and emerging markets. You will be able to challenge existing mindsets and use these insights immediately, in a profoundly effective way, to discover new ways of approaching corporate finance in your business arena. As an advanced programme, it is assumed that participants are familiar (through previous study or at least eight years of professional experience) with valuation methods (including the use of the CAPM for determining the cost of capital), capital structure concepts and option pricing theory. The programme is specifically designed for individuals with extensive experience of working in a financial institution, investment bank or in the finance, planning or treasury area of an organisation. General managers and financial managers of corporations in all industry sectors have also found it beneficial. The programme is also popular with consultants, lawyers and other advisers of corporations or investment banks. It is the next logical step if you have completed the three previous Corporate Finance programmes. Advanced Corporate Finance is only available in the daytime format (over five consecutive days). Key topics include: Practical issues in estimating cost of capital Applying valuation techniques, from NPV to real options Financial policy in practice Capital structure decisions Financial distress and bankruptcy On completion, you will be able to: Use valuation tools adapted to specific industries and transactions Adjust cost of capital and expected cash flows to value investments Adapt a companys capital structure to specific circumstances and corporate strategies Know how to prevent and what actions to take in financial distress and bankruptcy Assess a business investment and financial policies in an integrated framework

The programme successfully aligns technical aspects with corporate end perspectives accompanied by valuable business contacts, all being essential for a corporate finance analyst.
Adam Markiewicz (Polish) Director of Financial Analysis PGE Mining & Power, Poland

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World-class faculty

London Business Schools finance faculty are recognised as one of the most pre-eminent groups of finance academics in the world.
Faculty teaching on the Corporate Finance Programme Portfolio are all leaders in their field. Many are consultants to financial institutions, corporations and government agencies. institutions on corporate finance, valuation, cost of capital, regulation, and risk management. He is on the editorial boards of nine leading academic and professional journals and is a winner of London Business School's Senior Executive Programme teaching award.

Chris Higson
Visiting Associate Professor of Accounting, London Business School
BA MSc PhD (London) Chris Higson was previous Chair of the Accounting Group at London Business School. He publishes extensively on the financial performance and valuation of firms and on accounting policy and financial governance, and he regularly comments on television, radio and in the international press on these issues. Chriss latest book is Financial Statements: Economic Analysis and Interpretation and his much anticipated upcoming book is, Private Equity. Chris is a highly regarded teacher and has taught on all the major programmes at London Business School. He has advised many of the worlds leading industrial companies and financial institutions. He also advises a number of governmental and not-for-profit organisations and is a member of the UKs Industrial Development Advisory Board.

Christopher Hennessy
Professor of Finance, London Business School
BA (Swarthmore College) MPA, MA and PhD (Princeton University) Christopher Hennessys research focuses on information economics, moral hazard and debt, debt restructuring, tax planning, and financing dynamics. He is a three-time winner of the Brattle Prize for outstanding corporate finance research published in the Journal of Finance. In 2010, he was recognised as one of four Finance Rising Stars. Christopher is currently Associate Editor of Review of Finance, Finance Research Letters, and Management Science. He is also a research fellow at the Centre for Economic Policy Research in London and the European Corporate Governance Institute. He was formerly senior associate at KPMG Peat Marwick and research analyst at the US Treasury Office of Tax Analysis. Christopher formerly served on the academic advisory boards of Benchmark Metrics and Acumen Global Partners.

Ian Cooper
Professor of Finance, London Business School
MA (Cambridge) MBA PhD (North Carolina) Ian Cooper publishes and researches in the areas of corporate finance, company financing and capital structure, derivative instruments, and international finance. He consults and acts as an expert for numerous corporations and financial

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World-class faculty (continued)

Henri Servaes
Richard Brealey Term Chair Professor of Corporate Governance and Professor of Finance, London Business School
BBA (European University) MSIA PhD (Purdue) Henri Servaes areas of interest include valuation, corporate control, corporate diversification, initial public offerings, capital structure, and investment management. He has published articles on these topics in all of the leading finance journals. He is an associate editor of five journals, including the Journal of Finance. Henri is a research fellow of the Centre for Economic Policy Research and a research associate of the European Corporate Governance Institute. His work has been presented at all major international finance conferences and at more than 70 universities worldwide. Henri has been involved in consulting and executive education for Anglo American, Barclays, Bertelsmann, the Chase Manhattan Bank, Continental, Deutsche Bank, E. ON, The Financial Times (Lex Team), Freshfields, PriceWaterhouseCoopers, and Suez, among others.

Karl Lins
Visiting Professor of Finance, London Business School. David Eccles Professor of Finance, University of Utah
BS (Texas A&M University) MBA (Anderson School at UCLA) PhD (University of North Carolina) Karl researches in the area of international corporate finance, with an emphasis on governance and capital markets, and presents his research at academic and practitioner conferences worldwide. Karl has published his papers in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Accounting Research, the Journal of Financial and Quantitative Analysis, Financial Management, and the Journal of Corporate Finance. He has also done executive teaching at INSEAD in France, Duisenberg School of Finance in Amsterdam, Monterrey Tech in Mexico, University of North Carolina, and University of Utah, and has won several teaching awards at these institutions.

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Participant experience

Name: Julia Gulianskaya Job title: Business Development Manager Company: IBM Russia / CIS Growth Market Region Nationality: Russian
Julia completed three programmes from the Corporate Finance Programme Portfolio daytime format: Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring.

Relevant
A real highlight for me was the impact of the business model on financial statements. It was interesting to discuss the motives behind mergers, corporate control and corporate restructuring. Any growth option in Russia is an investment case and my team and I have to make the evaluation as to whether or not to support it, so this was very relevant and helpful for me. I also appreciated the discussions about synergy valuation because its always raised when youre assessing a potential alliance. It is good to know how to avoid potential mistakes. It has only been a few months since I completed the last programme, but already they have helped me with the project proposal for future investment decisions that Im working on now. I will employ my learnings as I develop this initiative.

Education and career: Julia has a degree in economics

and mathematics. She began her career at the Central Bank of Russia and then moved to Accenture before joining IBM five years ago. She worked initially in the global team, in the UK, Germany, Italy, Eastern Europe and Russia, before taking on her current role.

Deeper insight
I would recommend these programmes for several reasons. First, the level of teaching. The faculty, with their broad academic and business experience, provide great examples that help you structure your thoughts and give you practical ways of connecting immediately with your life situations. Second, the programmes are very well organised. The structure of the course was optimal the time between programmes helped me to catch up at work. Theres a threehour time difference between London and Russia so my teams working day starts much earlier than the programme and I had a couple of hours in the mornings to get up to speed with them. It was very convenient for me. Third, the programmes provide a good return on investment. Anyone can read books, but its so beneficial to have a personal education and share in the experiences of other people as well as the professors.

Credibility
The programmes were a good checkpoint for my own understanding of finance and showed me how I could do things differently in future. They helped me gain a better insight into the motives of financial decision making, especially the factors that can influence finance, investment, and business decisions. The programmes are exceptional in that they are much less academic and far more practical than they might have been, and I see this as a very positive combination that makes it very easy to apply learnings. This also makes the programmes beneficial for any employer because they will see an immediate impact and get the benefits arising from good decision making skills right away. Russia is a growth market and IBM is a global organisation, but sometimes this can be challenging because the environment has an impact on investment decisions. The programmes gave me a better view on these factors, as well as highlighting potential mistakes. It was very helpful to have examples and discussions with professors to understand the financial aspects of different environments across several industries.

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Participant experience

Name: Alejandro Nunez Job title: Director, Debt Capital Markets Company: UBS Nationality: American
Alejandro completed three programmes from the Corporate Finance Programme Portfolio evening format: Accounting and Financial Analysis; Valuation; and Funding, Risk and Restructuring. Alejandro worked for a midsized machinery manufacturer in Northern Italy before joining UBS in London to cover capital markets origination for southern Europe, including Italy and Spain. His role has developed over the past seven years and he is now involved in launching primary issues of debt into the market. He attended the evening format in 2006.

Rewarding experience
It was a fantastic educational and rewarding experience. The lecturers were very good at tying theoretical concepts into modern finance themes, and applying new interests to the real world. I found myself implementing things we had discussed on the programmes in my work at UBS. The reading we were given was very timely and up-to-date, so it was easy to apply what we learned in a rapidly changing market context.

Career impact
My area of work is partly driven by market movements and market trends. Having a stronger, refreshed grounding in some of the theoretical concepts and an increased awareness of a number of topics has helped me in my day-to-day discussions with clients, and to perform better at work. My advice to anyone considering these programmes is that they are well suited to people who have a very good idea of what they want to get out of the curriculum and are willing to cover coursework in a participative environment, but have limited time. When I attended the programmes, two participants travelled by train from Brussels twice a week to participate thats a testament to the quality of the course.

Education and career:

Quality
I thought it would be a good idea to supplement the considerable internal training I get at UBS with an external course in a more dynamic environment. I had received references from colleagues and friends who completed an MBA or Masters in Finance at London Business School, and they talked about the quality of faculty. Of course, the School has an excellent reputation globally and I knew it would give me a distinct advantage when sharing my professional experiences.

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Participant experience

Name: Michal Handzlik Job title: Bank Director Company: PKO Bank, Poland (PKOBP) Nationality: Polish
Michal attended the Advanced Corporate Finance programme in 2007.

Quality of faculty
The strategic part of my job involves looking at M&A transactions, considering where to invest, and assessing whether investments should be continued. What I learnt from the programme was how to relate the models to actual business, structured and positioned within context. It was also good to return to studying so long after university. Corporate finance is a science in a sense, so I was quite surprised that our lecturers presentation style was so good, and included lots of anecdotes. If I had the chance to go back I would go back just for the lecturer.

Education and career: Michal has worked in a variety

of posts in the Polish banking sector, becoming a branch director in 1998, director of payment system products in 1999 and then a controlling director for PKOBP. After a five-year period in retail banking as managing director of BPH, he returned to PKOBP where he is now bank director.

Increased confidence
I feel extremely comfortable now as we look to expand our activities at PKOBP. In areas like valuation, the technical language is very important, so it has increased my confidence during negotiations. Since my return to the office, I have built new valuation tools which will be useful for the company, colleagues and myself to analyse new investments. If you are looking for a great learning experience and want to enhance your thinking, then go on this programme. If I choose another programme to attend in the future, the first place Ill look is London Business School.

Exchanging knowledge
I was looking for a challenging programme, aimed at participants who already have appropriate finance knowledge and qualifications. London Business School offered much better programmes than any of the other schools that I researched, and this programme was the only one that fulfilled my agenda. The Advanced Corporate Finance programme allowed me to exchange knowledge, find worldwide specialists working in different areas, and meet not just directors, but analysts and asset managers practising in many different countries. There were participants from 18 countries and I found it amazing to be able to chat and exchange business knowledge with people from all over the world, from different industries and with different experiences not just during lectures but also during group work.

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Our approach

London Business School delivers a learning experience embedded in real-world practicality and centred on you.
Our approach is centred around you
You as an individual Our programmes develop your skills, knowledge and networks to improve your business performance. You will draw upon and apply your personal experience in a challenging and open environment. We also create the time and space for personal reflection. You and your team The learning experience helps you explore yourself as a leader; including your role and the impact of your business challenges applied in the context of your team, and your wider organisation. Your organisation The central outcome of your learning experience is to provide you with new tools and knowledge that can be directly applied to your organisation's challenges. You develop an action plan to address the specific business issues that you face. Your environment You are challenged to explore how changes in your industry and the global economy impact upon your organisation, now and in the future.

Practical learning and a global perspective

A diversity of people and experiences. The power of London Business School is founded on its ability to harness the perspectives of a wide variety of industries, nationalities and leading companies from around the world, to provide you with a truly international programme experience. Thought-leading faculty complement our diversity with cutting-edge research. This powerful combination creates a dynamic, international executive forum where your assumptions are challenged, your opinions debated and your universe expanded. Practical and interactive learning experiences. Our portfolio of programmes use a range of learning techniques to deliver a holistic approach. These include: faculty-led case studies, class-wide discussions, group work, one-to-one coaching, interpersonal diagnostics, co-consultancy partners, virtual learning, simulations, well-being assessments, action planning and discovery visits. Our central London location attracts and connects you with a diverse network of world-class faculty, participants, alumni and industry leaders. It offers you the opportunity to join an invaluable international network of business professionals that will continually evolve and add value throughout your career.

You Team Organisation Environment

Learn

Apply

Practice

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Personalised learning solutions

The real impact of your London Business School experience becomes apparent over time as you continue to apply the lessons learned to each new business challenge.
The London Business School experience offers you a lifelong return through access to:
Five star research - Apply findings from our world-class research centres: the Aditya Birla India Centre; the Centre for Corporate Governance; the Coller Institute of Private Equity; the Energy Markets Group; the Family Business Research Initiative; the Global Entrepreneurship Monitor; the Hedge Fund Centre and The Management Lab. Publications - Stay ahead with the latest business thinking, insight and analysis from our global faculty. Visit: www.london.edu/bsr/ International network of events - London Business School hosts a series of events around the world, facilitated by academics, programme directors and our own network of leading industry thinkers. Access the worlds finest business thinkers - To advise your organisation, London Business School academics offer private consultancy services. Subject to availability. Career Services - You can access and recruit from the worlds most diverse source of global business talent through our Career Services team. Visit: www.london.edu/recruitourtalent/

For your organisation

We also work with companies on a one-on-one basis to create flexible and intensive programmes that respond to the critical business challenges facing your organisation by: Setting clear objectives based on organisational needs Aligning your learning objectives and talent management strategies Managing the commitment of multiple organisational stakeholders On-going evaluation techniques supported by London Business School To discover how to develop flexible learning solutions for your organisation, please contact our Centre for Management Development: Tel: +44 (0)20 7000 7333 Fax: +44 (0)20 7000 7371 Email: cmdinfo@london.edu

Your personal development plan

In addition to the Corporate Finance Programme Portfolio, we can help you develop a personalised learning plan that delivers powerful development and skills at key points throughout your career. See the end of the brochure for the full portfolio of programmes.To speak to one of our Programme Associates for expert advice on selecting the right programmes for you, please contact us on: Tel: +44 (0)20 7000 7051 Fax: +44 (0)20 7000 7371 Email: execinfo@london.edu

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Your journey begins here: Apply today

Step 1
Select the right programme
It is important you choose the programme that best meets your requirements and fulfils your long-term objectives. Please contact us for expert guidance on the right programme for you. Your Programme Associate will guide you through the aspects of the decision making process, providing you with personalised advice, as well as programme statistics and case studies. They can also arrange for you to speak to a past participant in your country or industry sector. Please see the website for the latest programme dates and fees: www.london.edu/cfp/

Step 2
Reserve a provisional programme place
To ensure you secure your preferred date, please contact the Programme Associate team now to reserve your provisional programme place. You can also reserve your provisional place online: http://interact.london.edu/

Step 3
Complete your application
To apply online, please visit: http://interact.london.edu/
The application system is password protected and contains full instructions. You save your work as you go so you can complete the form over several sessions and submit it once you are ready. Contact us to request a hard copy of the application form.

Please contact us for help and support with your application Email: finance@london.edu Tel: +44 (0)20 7000 7051 Fax: +44 (0)20 7000 7371

Please note: As all the programmes are conducted in English, a good working knowledge of the language is essential. If English is not your first language, we may require evidence of your proficiency. London Business School is committed to working with individuals and organisations to identify the right people for the right programmes at the right time to produce the right outcomes. We value diversity and promote a positive work and study environment. Admission decisions are taken in accordance with best practices and each applicant is considered on his / her own merit.

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Get expert advice from one of our Programme Associates on +44 (0)20 7000 7051

Meeting your critical business challenges at every career stage

London Business Schools Executive Education portfolio allows you and your organisation to select the best learning solutions for your professional development needs. We offer a wide range of learning solutions from two-day to four-week intensive programmes spanning General Management, Leadership, Strategy, Human Resources, Strategic Marketing and Finance.

Early career General Management

Mid career

Senior manager*

Board level

Senior Executive Programme (4 weeks) Accelerated Development Programme (2x2 weeks) Emerging Leaders Programme (3 weeks) Essentials of Leadership (5 days) High Performance People Skills for Leaders (5 days)

Leadership

Negotiating and Inuencing Skills for Senior Managers (5 days) Proteus (6 days) Developing Strategy for Value Creation (5 days) Decision Making for Leaders (2 days)

Strategy Strategic Marketing HR

Executing Strategy for Results (5 days) Mergers and Acquisitions (4 days) Market Driving Strategies (5 days) Customer Focused Marketing: The Key to Unlocking Profits (5 days) Human Resource Strategy in Transforming Organisations (5 days) Talent & Leadership Development: Gaining Competitive Advantage (2 days) Investment Management: Equity Portfolio Management (evening) Investment Management: Fixed Income Markets and Bond Portfolio Management (evening) Investment Management: Derivatives, Markets and Models (evening) Corporate Finance: Accounting and Financial Analysis (evening and daytime) Corporate Finance: Valuation (evening and daytime)

Finance

Corporate Finance: Funding, Risk and Restructuring (evening and daytime) Advanced Corporate Finance (5 days) Masterclass in Private Equity (3 days) Hedge Funds (3 days) Financial Seminar for Senior Managers (5 days) Financing the Entrepreneurial Business (5 days) Customised programmes for organisations

* We understand that responsibilities and level of job complexity may differ depending on your organisation. We carefully select participants to ensure that everyone gains the maximum possible benet from our programmes. Investment Management and Corporate Finance evening programmes run one evening per week over 10 weeks. The corporate nance daytime format runs across 3 x 1 week blocks.

London Business School

Regents Park London NW1 4SA United Kingdom Tel +44 (0)20 7000 7000 Fax +44 (0)20 7000 7001 www.london.edu A Graduate School of the University of London