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Treasury Management & Corporate Finance

The program is split in 3 semester modules. Each of these semester modules can be taken separately. This allows for flexibility in interest and timing. Each semester module lasts 5 months.


The curriculum consists of 3 semester modules covering three distinguishable subdisciplines in Treasury Management and Corporate Finance.

An outline of the semester modules is given below.

Each semester module consists of approximately 18 lecture days. During 18 weeks (5 months) lectures will take place in between 15:30 and 20:00 on Thursday (including halfway a dinner).

The study effort is about 225 hours per semester module: 18 weeks with 4-hour lectures per week and approx. 8 hours of self-study per week.

In order to make the study process for students manageable and feasible, each semester module itself is split in 3 – 4 submodules. This provides a clear overview and organization of the semester module. At the end of each submodule your acquired knowledge and insights are assessed by a written test/case study report with presentation. The schedule of the semester module allows for sufficient preparation time for assignments and tests.

For RT registration all 3 semester modules need to be successfully completed. In addition, two paper assignments need to be completed in the second and third semester module. The topics for these papers can be chosen by interest and match with the curriculum. Acquired knowledge can be applied directly to your organization.

Masters level

The program is taught at Master’s degree level and includes interactive sessions with various academic and professional experts in the field of treasury management and corporate finance.

Excellent team of lecturers

Excellent team of lecturers

The team of lecturers of the programme represents a balanced mix of academic professionals and treasury consultants. Partners in the VU programme are KPMG, Orchard Finance, PwC and Zanders Treasury & Finance Solutions. 

The post-graduate Executive Treasury Management & Corporate Finance programme is a strategic partner of the Dutch Association of Corporate Treasurers (DACT).

teaching treasury management

Modules & Lecturers

  • Semester module: Corporate Financial Risk Management

    This semester module covers the knowledge and practical insights needed for a corporate treasurer to deal with “treasury risks”, including interest risk, FX risk and commodity risk. A wide range of topics on risk management are covered in this semester module, including strategic, technical and organizational subjects from the perspective of a corporate treasurer.


    Risk management policies for treasurers

    • Assessment of risks relevant for corporate treasury
    • Hedging policies

    Financial instruments

    • Interest risk and currency risk
    • Commodity risk (energy and raw materials)
    • Pension risk and Insurance risk
    • Innovations in financial instruments: credit derivatives, energy derivatives, weather derivatives and emission derivatives

    Quantitative risk management with derivatives

    • Pricing derivatives

    Hedge accounting and reporting positions

    • Hedge accounting
    • Relevant accounting and reporting for treasury and corporate finance professionals

    Origins of treasury risks

    • Financial markets and institutions for understanding the drivers of interest and FX
    • Macroeconomics for understanding the drivers of inflation and FX

    Risk management systems and Treasury Control

    • Risk control responsibilities for the treasury department

    The semester module highlights both technical and managerial aspects of risk management.

    Short (not comprehensive) description of the module

    A key theme in this semester module is the effective usage of financial instruments in a treasury setting. It starts with the hedging strategy of corporates: To what extent should which risks be hedged and at which costs? How is risk appetite determined and in what way is it connected to the company’s strategy and financial situation? How is it converted into a hedging strategy? Answers are not given straightforwardly in books. Therefore top professionals in corporate treasury will share their views and insights in this semester module.

    For a good understanding of the functioning and pricing of financial instruments, quantitative insight into the valuation of these instruments is required. To value derivatives mathematical models are applied, including binomial models, Black-Scholes-model, Monte Carlo simulations and volatility modelling.

    A corporate treasurer also needs a good understanding of macroeconomic and monetary developments, which drive the “treasury risks. Economic growth, production and unemployment are linked to inflation, interest rates and exchange rates which in turn determine the pricing of financial instruments including treasury instruments.

    Apart from managing risks, most treasurers have an active role in providing accounting-related information for financial reporting. The treasurer anticipates the consequences for the profit and loss account when financial instruments are used. Accounting rules for the processing of (derivative) financial instruments such as forward currency contracts and interest rate swaps are detailed and complex. The treasurer deals with hedge accounting (IFRS 9) and the extensive and technical disclosures required in the financial statements for the use of financial instruments (IAS 39 and IFRS 7, fair value, amortized cost, effective interest, impairments).

    In order to complete this semester module successfully, some mathematical skills are required. For those who would benefit from it, additional lectures are offered on statistics and mathematics: differentiation /integration, Taylor series, optimization techniques, regression analyses and time series analyses. These extra lectures are by experience accessible for the average treasury practitioner.

  • Semester module: Cash and Treasury Operations

    This semester module offers an extensive and detailed overview of the international cash management practice, liquidity and working capital management and it’s financing. The operations of cash and liquidity management deal with technology (treasury management systems), organizational structure of (global) treasury function, and fiscal consequences of the treasury organization. All these topics are interconnected.


    Cash/Payment systems

    • Cash flow forecasting
    • Cash management, payments and clearing
    • New developments: blockchain technology and crypto currencies
    • Treasury systems, cash management systems (technology and security)

    Short term cash/liquidity management

    • Liquidity management
    • Working capital management
    • ST funding and trade finance

    Organization of the treasury function in a corporate

    • Organization of the treasury function in a corporate
    • Treasury information systems
    • Compliance and governance

    Fiscal Law

    • Fiscal aspects of (international) treasury organization (transfer pricing, intercompany financing etc.)

    Short (not comprehensive) description of the module

    The semester module starts with the principles of international payments, international banking infrastructure, payment systems and the role of correspondent banking. Examples are check clearing, SWIFT, CHIPS, SEPA, EURO1 and TARGET. Next, traditional aspects of cash management are discussed (like multilateral netting, netting cycle, leading and legging, notional pooling, cash concentration) as well as the latest developments ( like blockchain technology and crypto currencies).

    Working capital management, liquidity management and ST financing disciplines are integral and essential to the daily practice of cash management. As theory building in this field is rather limited, a large number of practical cases/solutions are mentioned, for example factoring, asset based financing and securitization.

    Apart from the cash management process itself the semester module treats the technology support and the organization of the treasury function in a (global) corporate. The role of the treasurer and the treasury department varies across corporates. Central versus decentralized, adviser or agent, cost center versus profit center are considerations in the organizational design of the treasury function. Currently the role of the treasurer shifts towards a critically investigative, advisory and supervisory role. The treasurer gets a more active role in the management of the company. This semester module provides professionals with the knowledge and skills to fulfil this role.

    Once choices for the organizational model are made, the internal control of the treasury function comes into play. Important internal control concepts are outlined (COSO model, segregation of duties, necessity compliance with Sarbanes-Oxley legislation) and are illustrated with practical examples. Next to administrative-organizational aspects, information technology to prevent fraud is discussed.

    Attention is paid to the fiscal aspects of international cash management (including withholding tax). Fiscal profit determination of groups, transfer pricing and withholding taxes on (international) money flows are extensively discussed. Considerable attention is given to specific tax aspects of group financing and a large number of financing instruments, including derivatives.

  • Semester module: Corporate Finance & Valuation

    This semester module combines financial statement analysis, corporate valuation corporate finance and corporate financial law. In addition significant attention is given to developments in corporate capital markets which determine the dynamics in this discipline of Corporate Finance and Valuation.


    Corporate Valuation

    • Linking strategy and value creation performance
    • Financial Statement Analysis
    • Corporate Valuation
    • Credit risk and equity risk pricing models

    Corporate Finance & Corporate Capital Markets

    • Debt capacity of corporates
    • Debt capital markets
    • M&A and equity capital markets
    • Alternative corporate financing opportunities

    Corporate Law

    • Contract Law
    • Company Law
    • Legal aspects in market of corporate finance

    Short (not comprehensive) description of the module

    Good practice of corporate valuation and corporate finance starts with a good analysis of the business model which includes at least a financial statement analysis. Execution of this analysis is not straightforward, it requires knowledge on accounting conventions like IFRS and FASB (for example accounting for pensions IAS 19, deferred tax IAS 12 and leasing IAS 17).

    With a thorough qualitative and quantitative understanding of the business model and corporate strategy, a corporate can be valued. In practice, corporate valuation is often based on professional "standards" that match the rather limited theory as closely as possible. Both awareness on practical conventions and theoretical knowledge are needed to make judgements in corporate valuation practice. Starting with the valuation principles, an overview is given of the current state of the art in corporate valuation.

    Next to standard options for corporate financing (equity and bank financing), the semester module addresses asset-based financing, cash-based financing, hybrid financing and project finance. Corporate finance is in essence the match of company's business assets to a large range of corporate financing alternatives offered by the corporate capital market.

    Pricing and availability of corporate capital strongly relates to international developments in corporate capital markets. Current developments in corporate capital markets include the rise of alternatives to bank financing, the private placement markets in Europe and the public bond market in Europe. A rather new development is sustainability finance. Investors increasingly require companies to contribute to sustainability goals.

    Last but not least, this semester module outlines relevant aspects of the legal environment for the corporate finance professional, in the context of increasing regulations and growing internationalization in business. Legal aspects in the market of corporate finance are addressed, for instance: introduction to different types of companies, capital protection for NVs and BVs, regulation regarding groups, legal aspects regarding mergers and acquisitions and the regulatory aspects of the capital market/stock exchange companies. Furthermore, contract law and the law regarding corporate restructuring will be part of the semester module.

  • Two Papers

    For the RT (Register Treasurer) two papers need to be written on a specific treasury topic or specific business case, combining academic insights with professional practice. These papers are written parallel to the second and third semester module. Students write on topics of their interest. As a result, the acquired knowledge can be applied directly to their organizations.

  • Excellent team of lecturers

    The team of lecturers in the program is a balanced mix of academic professionals, corporate treasurers, accounting professionals and treasury consultants. Senior affiliates from KPMG, Orchard Finance, PwC and Zanders Treasury & Finance Solutions contribute as lecturers in the program.

    The post-graduate Executive Treasury Management & Corporate Finance program is a strategic partner of the Dutch Association of Corporate Treasurers (DACT).

    •           dr. A. Brink-van der Meer, VU Amsterdam (corporate law)

    •           dr. S.A. Borovkova, VU Amsterdam (derivatives, quantitative risk management)

    •           prof.dr. W. Bolt, VU Amsterdam (payment systems and blockchain technology and crypto currencies)

    •           H. Buysse, Clairfield Benelux Boer&Croon Corporate Finance, partner (M&A and corporate valuation)

    •           Drs. F. Cleton, KPMG, Treasury Management Services (international risk management)

    •           prof.dr. H. Ebbers, Nyenrode University (macroeconomics)

    •           E. Goemans-Verkleij, Orchard, partner (treasury organization)

    •           dr. B.C. de Graaff LLM, VU Amsterdam (Financial Statement Analysis)

    •           B. Hendriks, CEVA logistics (treasury operations)

    •           S. de Groes, Treasury Foreign Affairs (international cash management)

    •           M. Prinsenberg, PwC (treasury organization)

    •           C. Ruisendaal , PwC (treasury organization)

    •           J. Matthijsen (treasury control)

    •           R. Michon, Orchard, director (working capital management)

    •  H.A. Rijken, VU Amsterdam (corporate finance & valuation)

    •           dr N.J. Seeger, VU Amsterdam (quantitative risk management)

    •           dr K.A. Springer (risk management and treasury operations)

    •           S. van Tol, Zanders Treasury & Finance Solutions, partner (corporate finance and capital markets)

    •           K.J. de Vries, PwC, partner (risk management & sustainability finance)

    •           G. Wognum, PwC (hedge accounting)

We’d love to hear from you

Please feel free to contact our secretariat. You can also visit room HG 7A-49 in the VU main building.

Vrije Universiteit Amsterdam
School of Business and Economics Executive Education
De Boelelaan 1105

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Myrthe Scholze