Curriculum

Accounting, Auditing and Control

Our master programme covers all theoretical and practical aspects of collecting, categorising, summarising, analysing, and using financial data in organisations. The core courses range from Advanced Financial Statement Analysis, and Advanced IFRS, over Accounting Process Management, and Business Ethics, to Introduction to Accounting Research, and Programming. These core courses help you to get acquainted with a wide range of topics that are essential for accounting, auditing, control, and finance.

Seminars to deepen, apply and specialise

The core courses provide you with a solid background for attending the subsequent seminars in which you can deepen and apply your knowledge. Two seminars focus on data analytics and financial accounting research, while the third seminar deepens your knowledge in the specialisation that you have chosen.

For example, if you choose the Accounting and Auditing specialisation, you will take the seminar Auditing. If the specialisation of your choice is Accounting and Control, you will take the Management Control seminar, while you follow the Corporate Governance seminar if you enroll in the Accounting and Finance specialisation.

In each of the seminars, you will be expected to write and present several papers, present aspects of the literature or case applications, and actively participate in in-class discussions.

The final block of the programme is devoted to the master’s thesis. You will work on your thesis individually, under close supervision by a member of our academic staff.

Curriculum

The curriculum consists of:

  • 20% Foundation
  • 20% Deepening understanding
  • 60% Critical discussion and evaluation of accounting theory and practice

Study schedule

The Take-Off is the introduction programme for all new students at Erasmus School of Economics. During the Take-Off you will meet your fellow students, get acquainted with our study associations and learn all the ins and outs of your new study programme, supporting information systems and life on campus and in the city.
 

This course aims to prepare students for these changes in the accounting profession. Specifically, this course covers topics of
• Accountants as business analysts
• AIS and firm value
• AIS and internal controls
• Business processes and internal controls
• Cybersecurity and fraud prevention
• Data analytics in accounting
• Emerging technologies in AIS (e.g., blockchain, artificial intelligence, and automation)
• Monitoring and auditing AIS

This course is about doing the right thing while practicing professional accounting. One part of doing the right thing is knowing what you are expected to do in various situations and recognising what will be the effect of our choice taken while practicing professional accounting.

The hardest part of doing the right thing is, therefore, recognizing and avoiding ethical hazards with conflicting expectations. Accountants have special obligations and responsibilities beyond those of other business practitioners so this course aims to develop the ethical analysis of different scenario beyond philosophy ethics courses and beyond business ethics courses.

  • Earnings quality and cash flows versus accruals
  • Creating condensed financial statements
  • Forecasting of future firm performance
  • Equity Valuation (Residual Income Valuation)
  • Financial analysis

The course focuses on understanding complex financial reporting issues such as business combinations, consolidation, foreign currencies, hedge accounting and financial instruments.

  • Introduction to empirical research in Accounting & Finance
  • Theory and hypotheses development
  • Framing research: The predictive validity framework
  • Experiments versus observational studies
  • Basic applied econometrics: Causality and Identification

The general objective of this course is to acquire basic programming skills in R that students can use in data analytics. The topics covered are specified in the course objectives. The skills that you acquire during this course will be useful for the Seminar Data Analytics, Seminar Financial Accounting Research and the MSc Thesis.

  • Introduction to Auditing
  • Audit Research

The general objective of this course is to acquire methodological and analytical skills to analyze large datasets. The analysis of big dataset produces information that can be effectively used to improve decision-making and business outcomes.

In this course, we will focus on empirical financial accounting research topics, such as the capital market implications of accounting information, earnings properties and disclosures. The course is given in a seminar format: sessions take place in small groups of (up to) 24 students and will consist of active discussions about existing research Besides reading academic research, you will learn to apply the knowledge to solve or provide advice to issues in practice. This will be achieved through in-class discussions and assignments, as well as a separate group assignment in which you will write a policy advice on a current topic of debate, drawing from existing academic research.

The thesis is an individual assignment about a subject from your Master's specialisation. More information about thesis subjects, thesis supervisors and the writing process can be found on the Master thesis website.

The Take-Off is the introduction programme for all new students at Erasmus School of Economics. During the Take-Off you will meet your fellow students, get acquainted with our study associations and learn all the ins and outs of your new study programme, supporting information systems and life on campus and in the city.

This course aims to prepare students for these changes in the accounting profession. Specifically, this course covers topics of
• Accountants as business analysts
• AIS and firm value
• AIS and internal controls
• Business processes and internal controls
• Cybersecurity and fraud prevention
• Data analytics in accounting
• Emerging technologies in AIS (e.g., blockchain, artificial intelligence, and automation)
• Monitoring and auditing AIS

This course is about doing the right thing while practicing professional accounting. One part of doing the right thing is knowing what you are expected to do in various situations and recognising what will be the effect of our choice taken while practicing professional accounting.

The hardest part of doing the right thing is, therefore, recognizing and avoiding ethical hazards with conflicting expectations. Accountants have special obligations and responsibilities beyond those of other business practitioners so this course aims to develop the ethical analysis of different scenario beyond philosophy ethics courses and beyond business ethics courses.

This course examines how the insights of behavioural finance complement the traditional paradigm and sheds light on asset price determination, corporate finance decisions, and various Wall Street institutional practices. The course focuses on the application of behavioral finance to two main topics: corporate finance and investments.

Corporate finance aims to understand the financial decisions of companies and extensively deals with agency problems arising from the separation of ownership and control between shareholders and managers. In the course, we will study both the case in which rational managers interact with less than fully rational investors (e.g., in the context of market timing theories) as well as situations where managerial behaviour is less than fully rational (e.g., due to managerial overconfidence), and explore the implications for corporate financial decisions such as investments, M&A activity or capital structure.

  • Earnings quality and cash flows versus accruals
  • Creating condensed financial statements
  • Forecasting of future firm performance
  • Equity Valuation (Residual Income Valuation)
  • Financial analysis

The course focuses on understanding complex financial reporting issues such as business combinations, consolidation, foreign currencies, hedge accounting and financial instruments.

  • Introduction to empirical research in Accounting & Finance
  • Theory and hypotheses development
  • Framing research: The predictive validity framework
  • Experiments versus observational studies
  • Basic applied econometrics: Causality and Identification

The general objective of this course is to acquire basic programming skills in R that students can use in data analytics. The topics covered are specified in the course objectives. The skills that you acquire during this course will be useful for the Seminar Data Analytics, Seminar Financial Accounting Research and the MSc Thesis.

The general objective of this course is to acquire methodological and analytical skills to analyze large datasets. The analysis of big dataset produces information that can be effectively used to improve decision-making and business outcomes.

In this course, we will focus on empirical financial accounting research topics, such as the capital market implications of accounting information, earnings properties and disclosures. The course is given in a seminar format: sessions take place in small groups of (up to) 24 students and will consist of active discussions about existing research Besides reading academic research, you will learn to apply the knowledge to solve or provide advice to issues in practice. This will be achieved through in-class discussions and assignments, as well as a separate group assignment in which you will write a policy advice on a current topic of debate, drawing from existing academic research.

  • Various management control systems are used by firms to assure the organizational goal can be achieved. This course discusses the commonly used control mechanisms such as performance measurement, pay-for-performance systems, target setting, promotion decisions and corporate governance. In particular, why are they used, what are the advantages and disadvantages, and how to apply.
  • This course also relies on cases from financial reports to help students build connections between theories and real-life problems.

The thesis is an individual assignment about a subject from your Master's specialisation. More information about thesis subjects, thesis supervisors and the writing process can be found on the Master thesis website.

The Take-Off is the introduction programme for all new students at Erasmus School of Economics. During the Take-Off you will meet your fellow students, get acquainted with our study associations and learn all the ins and outs of your new study programme, supporting information systems and life on campus and in the city.

This course aims to prepare students for these changes in the accounting profession. Specifically, this course covers topics of

  • Accountants as business analysts
  • AIS and firm value
  • AIS and internal controls
  • Business processes and internal controls
  • Cybersecurity and fraud prevention
  • Data analytics in accounting
  • Emerging technologies in AIS (e.g., blockchain, artificial intelligence, and automation)
  • Monitoring and auditing AIS

This course is about doing the right thing while practicing professional accounting. One part of doing the right thing is knowing what you are expected to do in various situations and recognising what will be the effect of our choice taken while practicing professional accounting.

The hardest part of doing the right thing is, therefore, recognizing and avoiding ethical hazards with conflicting expectations. Accountants have special obligations and responsibilities beyond those of other business practitioners so this course aims to develop the ethical analysis of different scenario beyond philosophy ethics courses and beyond business ethics courses.

The first part of the course provides students with advanced knowledge in capital structure theories that build on taxes, financial distress, and agency costs (static tradeoff theory), information asymmetry (the pecking order theory), and market timing. The second part of the course describes the developments in mergers and in corporate governance. Several practice problems will be discussed and a business case will be worked on.

This course follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy for corporate decision-making. Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on the same broad problem, investment decision-making, the gap between the two sides -- and between theory and practice -- remains large. This course synthesizes cutting-edge developments in corporate finance and related fields -- in particular, real options and game theory -- to help bridge this gap. The course covers a wide range of valuation examples, such as firm valuation, private equity acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions, investments in infrastructure, and oil exploration investment.

  • Earnings quality and cash flows versus accruals
  • Creating condensed financial statements
  • Forecasting of future firm performance
  • Equity Valuation (Residual Income Valuation)
  • Financial analysis

The course focuses on understanding complex financial reporting issues such as business combinations, consolidation, foreign currencies, hedge accounting and financial instruments.

A major part of this course will touch upon the field of Asset Pricing, especially in the lectures regarding the modeling of risk. A proper understanding of risk is fundamental to many financial management applications such as capital budgeting, risk management, portfolio selection and performance evaluation. Subjects include:

  • Basics of Portfolio Theory & CAPM: Normative vs. positive, assumptions, testable implications, pricing errors/kernel.
  • Anomalies: Size, value, momentum & reversal anomalies, why use sorted portfolios.
  • Return and return distributions: Expected return, non-normality, incorporating skewness and kurtosis, the role of expectations and information.
  • Utility functions: First principles (nonsatiation, risk aversion, skewness preference), types of risk aversion, downside risk, Stochastic Dominance.

Banks, insurers and pension funds feature daily in the financial press. The credit crisis has triggered a public debate on the risks, rewards and the costs of the banking, pension and insurance industry. Fundamental questions abound. Why do banks exist? Was it a good idea in 2008 to rescue Bear Stearns, the insurer AIG and let Lehman Brothers fail? What are the cost and benefits of bank supervision? Is there too much leverage in the system? Do financial conglomerates increase or lower the risks for the financial system? What about full reserve banking as an alternative for fractional reserve banking? How is the sector coping with the Corona crisis? What will be the effects of this new crisis in the longer run; will it turn into a financial crisis? We extensively discuss the role and risks of the financial industry and the connection with monetary policy.

This course addresses these kinds of questions by digging deeper.

The financial sector constantly creates new products, services, and institutions. Some examples of paramount importance include financial derivatives, securitization, and cryptocurrencies. This course looks at financial innovation through the prism of risk. First, we study how financial institutions, such as banks, manage risk by creating financial innovations. Second, we explore how regulators set requirements on financial institutions to contain risk-taking. We cover the following topics in detail:

  • Sources of risk for financial institutions
  • Risk measures used in the financial sector
  • Financial regulation
  • Fintech and cryptocurrencies
  • Shadow banking

  • Introduction to empirical research in Accounting & Finance
  • Theory and hypotheses development
  • Framing research: The predictive validity framework
  • Experiments versus observational studies
  • Basic applied econometrics: Causality and Identification

The general objective of this course is to acquire basic programming skills in R that students can use in data analytics. The topics covered are specified in the course objectives. The skills that you acquire during this course will be useful for the Seminar Data Analytics, Seminar Financial Accounting Research and the MSc Thesis.

Corporate governance analyzes two conflicts of interest that arise in the financing of the firm.

The first is the conflict between shareholders and the firm's management. While shareholders usually want to see a high return on their investment, managers might have a different agenda. They could try to use the firm's funds for their own interests, or to build an empire that is big but unprofitable. We will discuss this problem and its two main solutions: monitoring by a big shareholder and incentive contracts that give the managers a share in the value they created for the firm.

The second conflict of interest emerges between controlling shareholder and minority shareholders. The controlling shareholder might try to tunnel money from the firm into her own pocket and thereby to expropriate minority shareholders. Depending on the legal environment, there might be many ways to do this. We will discuss the relevance of this problem and its implications for the ownership structure of the firm and for a firm's ability to obtain outside financing.

Against this background, we will discuss corporate governance laws and codes, the role and composition of the board of directors, executive compensation, the design of financial securities, mergers and acquisitions, and shareholder activism.

This seminar provides you with an opportunity to gain a deeper understanding about what good corporate governance is and why it matters. The course covers some theoretical and legal issues, but its main focus is on empirical research and insights. Therefore, we will analyze, discuss and criticize the methodology used in the empirical research. Hence, this course also aims at building a critical view on any empirical results presented to the student.

Active participation in and a strong commitment to this course are a prerequisite. You are expected to present pieces of the literature and to prepare for in-class discussions. You will also present your own results, ask questions, mention doubts and express your ideas in the class discussion. Hence, learning group dynamics is a positive (and important) side effect of this course.

The general objective of this course is to acquire methodological and analytical skills to analyze large datasets. The analysis of big dataset produces information that can be effectively used to improve decision-making and business outcomes.

In this course, we will focus on empirical financial accounting research topics, such as the capital market implications of accounting information, earnings properties and disclosures. The course is given in a seminar format: sessions take place in small groups of (up to) 24 students and will consist of active discussions about existing research Besides reading academic research, you will learn to apply the knowledge to solve or provide advice to issues in practice. This will be achieved through in-class discussions and assignments, as well as a separate group assignment in which you will write a policy advice on a current topic of debate, drawing from existing academic research.

The thesis is an individual assignment about a subject from your Master's specialisation. More information about thesis subjects, thesis supervisors and the writing process can be found on the Master thesis website.

Disclaimer
The overview above provides an impression of the curriculum for this programme. It is not an up-to-date study schedule for current students. They can find their full study schedules on MyEUR.

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