1. Majors and Minors Accounting, Finance and Actuarial and financial engineering (HIR/BEng) Katrien Antonio, Liesbeth Bruynseels, Kristien Smedts March 16, 2016

2. The AFI research group AFI is short for A ccountancy, F inance, and I nsurance. AFI’s educational coordinators: A ccounting, Auditing, Revisoraat Risk & F inance I nsurance, Actuarial & Financial Engineering Prof. dr. Liesbeth Bruynseels Prof. dr. Kristien Smedts Prof. dr. Katrien Antonio

3. ‘Future selves’ of AFI students

4. CFO Accounting and financial management Banker/Regulator Financial markets, institutions, risk and regulation Auditor/Controller Accountancy and auditing Actuary/Risk modeller Insurance, actuarial and financial engineering

5. AFI Master education Career outlook - In the short run: financial analist, controller, auditor, consultant, corporate finance expert, … - In the long-run: Chief Financial Officer of an internationally oriented company, … Profile of CFO 1

6. AFI Master education Training in accountancy and financial management - Accountancy: Risk Management & Control, International Accounting, Introduction to Auditing and International Auditing Standards - Financial management: Strategic Financial Management, International Business Finance, Financial Statement Analysis and Valuation Profile of CFO 1 Major/Minor A&FM

7. AFI Master education Masterpaper setup (24 stp) - Research paper of 30 pages - In groups of two students - Defense during a poster session - Research seminar (o.a. databases, methodology, statistical software) Profile of CFO 1

8. AFI Master education Masterpaper topics (selection) - Audit partner rotation: evidence for the Belgian audit market - Audit committee replacement following opportunistic insider trading - Reputation in Managerial reporting: Honesty and Capability - Financial constraints and innovation - The effect of the Notional Interest Rate Deduction on the capital structure of Belgian firms - The determinants of the choice between a formal liquidation and a formal reorganization procedure Profile of CFO 1

9. AFI Master education Career outlook - In the short run: financial analist, consultant in financial services, risk manager, asset manager, trader, asset and liability manager, … - In the long-run: executive in a financial services company/regulator, financial expert, … Profile of banker/regulator 2

10. AFI Master education Training in risk and finance - Markets: Asset pricing, Financial products, Trading and exchanges - Banking: Economics of financial intermediation - Risk: Risk management in financial institutions, Loss models Profile of banker/regulator 2 Major Risk&Finance

11. AFI Master education Further specialization in finance - Corporate finance: Strategic financial management, Financial statement analysis & valuation, International business finance - Banking: Credit and Banking, Business Finance - Financial Economics: Macro-finance, Empirics of financial markets Profile of banker/regulator 2 Minor Finance

12. AFI Master education Masterpaper setup (24 stp): see profile 1 Profile of banker/regulator 2

13. AFI Master education Masterpaper topics (selection) - Return predictability of Bitcoin/USD - Modelling macro-economic stress test and its impact on credit portfolio quality - Liquidity risk and multiple venues - Uncertainty and Systematic Risk in banking - Business models of banks in the new regulatory context: the ideal sweetspot for capital, liquidity and leverage? - Stress tests and banks’ incentives for private information disclosure Profile of banker/regulator 2

14. AFI Master education Career outlook - In the short run: actuary, risk manager/modeller, financial engineer, quant trader, regulator, … - In the long-run: executive in a financial services company, chief actuary, regulator, insurance expert, … Profile of actuary/quantitative risk modeller 3

15. AFI Master education Your gateway to a career in actuarial and financial engineering: (1) HIR: Minor Financiële en Actuariële Wetenschappen; (2) BEng: Major Risk & Finance and Minor Financial & Actuarial Engineering; (3) (Rest of) MSc in Insurance Studies + MSc in Financial and Actuarial Engineering. Profile of actuary/quantitative risk modeller 3

16. AFI Master education Profile of actuary/quantitative risk modeller 3 More about this ‘future self’ from www.lrisk.bewww.lrisk.be See ‘Education’ pages and ‘Alumni’ section on LRisk website. “I believe the MFAE is a perfect complementary master for business engineers with an aptitude for quantitative courses.” Alexander Vandewiele, BEng, MSc Insurance Studies & MFAE 2015

17. AFI Master education Career outlook financial manager Auditor controller Information manager (tax) consultant Profile of auditor/controller 4

18. AFI Master education Training in accountancy and auditing Preparation to become certified auditor and accountant, with specialization in the area of: - Accountancy and Auditing: Auditing, Boekhoudrecht Praktijkcollege accounting, Deontologie van accountancy en revisoraat - Law: Vennootschapsbelasting, Personenbelasting, Belasting over de toegevoegde waarde, Vennootschapsrecht, Sociale wetgeving Profile of auditor/controller 4 Major Accountancy & Auditing

19. AFI Master education Further specialisation in accountancy and/or auditing - Accountancy and Auditing: Introduction to auditing and IAS, Boekhoudrecht, Praktijkcollege accounting, Deontologie van accountancy en revisoraat, International accounting, Reporting for banks, Reporting for insurance companies - Auditing: Vennootschapsbelasting, Personenbelasting, Belasting over de toegevoegde waarde, Vennootschapsrecht, Sociale wetgeving Profile of auditor/controller 4 Minor Accountancy & Auditing

20. AFI Master education Masterpaper setup (24 stp): see other profiles. Profile of auditor/controller 4 Mark magazine with De Standaard March 4, 2016

21. Masterpaper topics (a selection) - Audit Committee Chair versus CEO Power and Earnings Quality - TARP banks and their auditors - Internal control deficiencies and Earnings Reliability: the role of the auditor - Audit partner rotation: Evidence for the Belgian bank audit market - Audit firm rotation and market entry Profile of auditor/controller 4 AFI Master education

22. More information? AFI is your gateway for a career in Accounting, Audit, Finance, Risk or Actuarial & Financial Engineering! Contact our educational coordinators for more information: katrien.antonio@kuleuven.be liesbeth.bruynseels@kuleuven.be kristien.smedts@kuleuven.be