Program structure
75% Funded by Industry Partners.
Reserved for Outstanding Applicants.
Accounting
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Ideal for careers in auditing, taxation, and financial reporting.
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We are working to secure max exemptions from ACA.
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We are working to secure max exemptions from ACCA.
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Guaranteed Job at graduation.
16 months, with a 6-month placement.
Investments
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Ideal for careers in investments, wealth management and fintech.
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Investment management, big data analysis and digital finance.
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Courses aligned with the CFA curriculum.
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Guaranteed Job at graduation.
12 months
Bimester | Accounting | Investments |
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Module 1
(Sep–Oct) | MFA 701 – Financial Reporting I | MFA 701 – Financial Reporting I |
MFA 702 – Financial Management | MFA 702 – Financial Management | |
MFA 703 – Quantitative Financial Analysis | MFA 703 – Quantitative Financial Analysis | |
Module 2
(Nov–Dec) | MFA 704 – Financial Economic Applications | MFA 704 – Financial Economic Applications |
MFA 705 – Investments | MFA 705 – Investments | |
MFA 716 – Audit I | MFA 850 – Applied Investments Project I | |
Module 3 (Jan–Feb) | MFA 810 – Applied Accounting Project I | MFA 751 – Financial Derivatives |
MFA 718 – Cyprus Taxation | MFA 761 – Alternative Investments | |
– | MFA 753 – Entrepreneurial Finance (Elective) | |
– | MFA 754 – Decentralized Finance (Elective) | |
Module 4 (Mar–Apr) | MFA 811 – Applied Accounting Project II | MFA 752 – Behavioral Finance & Trading Strategies |
MFA 715 – Corporate Law | MFA 762 – Portfolio Management & Wealth Planning | |
Module 5 (May–Jun) | MFA 800 – ESG, Ethics & Sustainability | MFA 800 – ESG, Ethics & Sustainability |
MFA 812 – Applied Accounting Project III | MFA 851 – Applied Investments Project II | |
Module 6 (Jul–Aug) | – | MFA 852 – Applied Investments Project III |
Module 7 (Sep–Oct) | MFA 719 – Tax Planning & Compliance | – |
MFA 711 – Financial Reporting II | – | |
MFA 713 – Management Accounting & Performance Evaluation I | – | |
Module 8 (Nov–Dec) | MFA 714 – Management Accounting & Performance Evaluation II | – |
MFA 712 – Financial Reporting III | – | |
MFA 717 – Audit II | – |
Semester 1
The second semester introduces more specialized courses that delve deeper into each field's complexities and demands.
Semester 2
The final semester allows students to engage with capstone projects that synthesize their learning and practical applications.
Semester 3
Each course features an interactive format, including the ability to expand and collapse for easy navigation.
Applied Business Project
Students can expect smooth animations and a user-friendly interface throughout the program structure.
Core courses
The course is organized around three broad learning modules. The first module aims at enhancing students’ understanding of the contents and use of financial statements. Students are expected to understand the different account categories, the information contained in each of the financial statements (Income statements, statement of financial position, statement of changes in owners’ equity and cash flow statement) and the four financial statements are linked. The discussion is centered around IAS 1 (conceptual framework) and the fundamental roles of financial information, and what are the quality characteristics that enhance financial information usefulness. We also discuss the difference between accruals and cash flows is discussed, how the credibility of information is enhanced when financial statements are prepared under the accrual basis but also the importance of the statement of cash flows in providing incremental information in evaluation the company’s performance and the credibility of financial statements. We then draw on agency theory to understand manager’s incentives to manage the information in financial statements and discuss the role of GAAP, and external auditors in mitigating this incentives.
The second module is devoted to building a solid understanding of accounting treatments and measurement arising from important financial transactions. In so doing, we will identify the aims and goals of regulators for each accounting treatment analyzed, explain the reasoning behind international differences in treatments, and we will discuss how each treatment is intended to increase the quality of financial reporting but also whether it allows discretion to managers which may lead to the opposite effect. Topics covered in this module include the accounting treatment and costing for inventories (inventory valuation systems and cost-flow assumptions), cash and cash equivalents, marketable securities (and valuation through equity, or income), accounts receivable (net realizable value and expected credit losses), PPE (acquisition, the notion of depreciation and book value, disposals), Intangible assets (recognition, amortization and impairment), short and long term liabilities (interest expense on notes payable and loans paid by installments, bonds and the treatment of bond discounts and premiums), and owners equity (issuance of capital, treasury stock).
We finally discuss and demonstrate the stewardship and valuation roles of accounting information. In terms of the former, we demonstrate how financial information is used to compute basic financial ratios and how these can help assess the firm’s liquidity, solvency, profitability and efficiency. In terms of the latter students, we use financial information as input to basic valuation models to determine the intrinsic value of firms and in bankruptcy prediction.
The course is organized around three broad learning modules.
The first module introduces students to the fundamental principles of corporate finance and the role of financial managers in making corporate and financing decisions. We begin with the time value of money, present and future value concepts, and their applications in loan analysis and the valuation of bonds. Building on these foundations, we examine capital budgeting techniques, focusing on net present value (NPV), internal rate of return (IRR), and other decision criteria, along with the estimation of relevant cash flows, the comparison of projects with different lives, and the role of inflation in real and nominal cash flows. We then extend the analysis to more advanced tools such as sensitivity analysis, decision trees, real options (with the Black–Scholes model), and Monte Carlo simulations to evaluate investment projects under uncertainty.
The second module explores the valuation of securities and the structure of financial markets. We begin with the study of interest rates, including the term structure, spot rates, forward rates, and discount factors, and examine how these concepts are used in bond valuation and the assessment of default risk in corporate bonds. We further analyze the duration and sensitivity of bond prices to interest rate changes. The discussion then turns to corporate financing and payout decisions: how firms raise capital (venture capital, private placements, IPOs, and seasoned offerings), how they return capital to shareholders (dividends versus repurchases), and how taxes and information asymmetries shape payout policies.
The third module focuses on the capital structure, governance, and strategic decisions of the firm. We study the Modigliani–Miller propositions on leverage, the effects of financial risk on expected returns and the cost of equity, and the trade-offs associated with debt policy, including interest tax shields, financial distress costs, and pecking-order preferences. Agency theory is used to examine conflicts of interest between managers and shareholders, compensation design, and the role of corporate governance in mitigating these problems. The course concludes with corporate restructuring, mergers and acquisitions, and leveraged buyouts, highlighting the motives, mechanics, and consequences of these transactions, as well as their role in the market for corporate control.
The course begins by introducing probability distributions and descriptive statistics, essential tools for summarizing financial data and understanding the probability of financial outcomes. Students will then learn sampling techniques and estimation methods, which enable the derivation of insights about financial populations based on sample data. The course then advances to regression analysis, focusing on linear and multiple regression models to explore relationships among financial variables, providing a foundation for modeling dependencies in financial data.
In the latter part of the course, students delve into time-series analysis, exploring methods for forecasting financial data, understanding autocorrelation, and seasonality. Finally, the course covers back-testing, simulation, and scenario analysis techniques, teaching students to evaluate the robustness of investment strategies and assess risks under various market conditions. Practical applications, including case studies and data-driven exercises in packages like R, will allow students to apply these quantitative methods to real-world financial analysis and investment scenarios.
The course begins with foundational economic principles, exploring supply and demand dynamics, market structures, and business cycles, and examines their impacts on investment decisions. Students will learn how inflation and deflation affect various asset classes, followed by a focus on international trade, capital flows, and currency exchange rates, emphasizing their significance in global investment contexts. This foundational knowledge prepares students to analyze the roles of central banks and government policies in influencing economic stability and growth, with particular attention to monetary and fiscal policy tools.
The latter part of the course delves into the effects of regulations and geopolitics on economic performance and market behavior, guiding students in evaluating regulatory environments and managing geopolitical risks in portfolios. The course concludes by integrating economic indicators into the investment process, enabling students to forecast capital market expectations and apply their analyses to real-world investment scenarios. Case studies and project work will allow students to apply course concepts, demonstrating how economic analysis supports informed investment decision-making.
This course introduces students to the field of financial investments. The course begins with a detailed study of the fundamental principles of asset valuation and financing in competitive markets. The general topics covered are a general description of how financial markets operate; lessons from the recent financial crisis; the relationship between risk and return; investors’ tolerance towards risk; the theory behind the pricing of assets (securities) along with its strengths and weaknesses; market efficiency; behavioral finance (how market sentiment may affects investment decisions); and the impact of general macro-economic fundamentals in asset prices.
In addition to grounding the course onto the basic theories governing financial transactions, this course also has a practical point of view as it requires students to become familiar with solving real-life problems (including ESG guidelines on investing), but most importantly it requires them to apply their knowledge in an investment game with real prices (but not real money!). It should be noted that the material covered in this course overlaps with the education requirements of both the CFA (Chartered Financial Analyst) Institute.
The course begins with an exploration of ESG factors in financial statement analysis, helping students understand how to assess ESG-related disclosures and integrate them into financial metrics. This is followed by a focus on ESG in equity and fixed income investments, where students will learn to identify ESG risks and opportunities that affect valuation and investment potential. ESG considerations in alternative investments are also covered, with emphasis on real assets, private capital, and hedge funds.
The second part of the course covers ethical standards and codes essential for professionals in the investment field. Students will study professional standards of practice, ethical practices, and the CFA Institute’s Asset Manager Code of Professional Conduct, exploring how to address conflicts of interest and maintain investor trust. The course concludes with an in-depth analysis of the Global Investment Performance Standards (GIPS), examining the standards for performance presentation and the importance of transparency in reporting. Case studies and real-world examples are included throughout to contextualize ESG integration and ethical conduct in practice.
Accounting
The course examines the rise of IFRS as the predominant set of accounting standards in the world and the process through which IFRS are developed. We then examine specific accounting issues and the required treatments and disclosure that IFRS prescribe, including: The Conceptual Framework, accounting for tangible and intangible assets, write-downs and revaluations of assets, assets held for sale, discontinued operations, leases, income recognition, inventories, construction contracts, the cash flow statement, earnings per share, and tax accounting. Students also have the opportunity to learn about the latest developments in Financial Accounting and apply the regulations to scenarios and cases.
The main objective of this course is to supplement the knowledge of AFN 311 and to provide students with an in- depth comprehensive understanding of financial reporting issues as they apply to financial statements prepared in accordance to International Financial Reporting Standards (IFRS). Emphasis is placed on preparing consolidated financial statements (whether arising from acquisition / disposal of subsidiaries and associates, or joint arrangements). Moreover, the course also covers the accounting treatment of financial instruments, deferred taxation and earnings per share (diluted earnings per share).
Topics covered include: cost classification and behavior, use of cost data in cost-volume-profit analysis, costing systems, cost control through standards and variance analysis, the use of cost data for decision making purposes, activity based costing, just-in-time, new manufacturing environment, job-order, and process costing. Cases and problems illustrating the techniques appropriate to differing managerial contexts are discussed.
This course examines traditional and advanced costing methods such as absorption vs. marginal costing, activity based costing, target costing/ life cycle costing. Also, the course examines throughput in accounting, cost volume profit analysis, relevant costing, risk and uncertainty, pricing, budgeting, advanced variances, performance measurement and control and divisional performance and transfer pricing.
The course examines the Cyprus legal system, as this has developed within the framework of European legislation, and how it affects the modern business environment. It analyzes legal issues commonly encountered while running a business. Topics covered include contracts, offenses (torts), property law, labor law and corporate law (commercial law documents, company incorporation, bankruptcy, limited companies, corporate governance and legislation against money laundering).
The course examines the International Standards on Auditing (ISAs). The adoption of ISAs is required for all Cyprus companies, and groups which are listed on stock exchanges in the European Union. The main purpose of this course is to understand the nature of audit work through reference to the detailed rules governing the profession such as: assessment of audit risk and planning the audit, collection of audit evidence with substantive and analytical procedures, auditor reports, internal control system (evaluation and review). The course emphasizes the ethical issues relating to the auditing profession.
The main objective of this course is to supplement the knowledge of AFN318 and to give emphasis to more advanced issues. The course covers Rules and regulations – liability, fraud, negligence, corporate governance issues, ethics and Acceptance of new and existing clients, Audit Risks, Business Risks, Risks of Material Misstatements. Also the course places emphasis on materiality, analytical procedures, audit methodology, systems and controls, completion of the audit and analysis of the audit report and opinions. Forensic audits are also studied.
The course examines the concepts of tax avoidance and tax evasion. It is an introductory course to UK taxation. The main purpose of this course is to be able to compute personal income taxation, corporation tax for companies, to introduce the concept of value added tax and be able to compute it for VAT registered companies and to understand capital gains tax for individuals and companies.The course emphasizes the ethical issues relating to the tax profession.
The course introduces the students to the Cyprus tax and examines the computation of taxable income. This course analyses the property income, the sole trader, capital allowances, trading losses/partnerships, employment income, pensions and social insurance. Also, the course examines the outline of corporation tax, the trading losses/group losses, overseas aspects, capital gains tax, the special defense contribution and the assessment and collection.
Investment
The course studies the pricing and use of derivative securities (Forward/futures contracts, swaps and options), i.e., financial instruments whose value depends on the price of other basic underlying variables (such as stock prices, indices, foreign currencies, interest rates or commodities). The no-arbitrage pricing principle and its use in pricing forward, futures and swap contracts and in deriving option pricing restrictions is first developed together with the Binomial-tree valuation approach and the Black-Scholes option-pricing model. Then, various extensions of the theoretical option models (adjusted for dividends and early exercise) are presented and various applications are provided, in the pricing of options on stock indices, currencies, or futures and in the risk management (e.g., hedging stock market, foreign currency and interest-rate risk exposure). This course provides the theoretical background for financial derivatives and it also provides ample opportunities for hands-on exercises through class assignments.
The course begins with an overview of behavioral finance, introducing students to psychological concepts such as overconfidence, loss aversion, anchoring, and herd behavior. Students will study how these biases contribute to market inefficiencies, diverging from traditional finance models and the Efficient Market Hypothesis. The course explores market anomalies, such as momentum effects, bubbles, and mean reversion, and examines the influence of investor sentiment on market dynamics.
In the second part of the course, students will focus on trading strategies informed by behavioral finance. Topics include momentum and contrarian strategies, algorithmic and high-frequency trading, and the role of sentiment indicators in shaping trading signals. The course will also cover back-testing techniques, helping students analyze and refine trading strategies. Students will apply behavioral finance insights to design and execute trading strategies, managing behavioral risks in portfolio management. Practical case studies and simulations will reinforce theoretical concepts, providing students with hands-on experience in behavioral finance applications in trading.
New trends in trading will be explored by the use of new technological advancements such as AI.
Financial life cycle of a startup, financial planning, and cash flow management. Students will study the principles of valuation for early-stage companies, focusing on methodologies relevant to startups, such as DCF, the venture capital method, and real options. Key topics such as risk assessment, financial forecasting, and managing limited resources are explored in depth.
In the second part of the course, students will learn about various funding sources, including bootstrapping, angel investors, venture capital, crowdfunding, and non-traditional funding options. The course will also cover strategies for structuring deals and negotiating financing terms, addressing the implications of ownership dilution, investor rights, and governance issues. The course concludes with a focus on exit strategies for entrepreneurs, including initial public offerings (IPOs), mergers and acquisitions, and considerations for sustaining growth. Case studies and real-world examples will be used throughout the course to illustrate entrepreneurial finance concepts and decisions in action.
The course is organized around three broad learning modules.
The first module introduces the technological foundations of decentralized finance (DeFi). We begin with the principles of cryptography and their role in enabling secure digital transactions. Students learn how cryptocurrencies operate, the mechanics of crypto mining, and how decentralization enhances safety, transparency, and anonymity. Through this module, students gain a solid understanding of the infrastructure that underpins blockchain-based financial systems.
The second module focuses on the financial applications and market dynamics of digital assets. We study the return and volatility characteristics of cryptocurrencies and compare them to traditional asset classes. The role of banks and central banks in financial intermediation is revisited in light of new developments such as central bank digital currencies (CBDCs) and blockchain-based banking applications. The module also examines the evolving regulatory landscape, assessing how legal frameworks seek to balance innovation, stability, and investor protection.
The third module places decentralized finance within a broader economic and societal context. We explore the philosophical and theoretical debate between centralization and decentralization, and assess how alternative financial technologies challenge conventional financial systems. Finally, we consider the socio-economic implications of DeFi, including its potential to foster financial inclusion, disrupt existing institutions, and reshape global financial architecture.
The course begins with an overview of the types of alternative investments, covering asset classes such as real estate, real assets, private capital, hedge funds, and commodities. Each asset type is examined for its characteristics, risk factors, return potential, and its role in a diversified portfolio. Students will explore real assets in depth, focusing on real estate, infrastructure, timber, and farmland as long-term, income-generating investments with inflation-hedging properties. Private capital, including private equity, private credit, and venture capital, will be analyzed for their investment processes, exit strategies, and contribution to portfolio diversification.
In the latter part of the course, students will study hedge funds and commodities, exploring different strategies used within hedge funds (e.g., long/short equity, global macro, event-driven) and understanding the pricing dynamics and portfolio implications of commodity investments. The course concludes with a focus on portfolio management of alternative assets, discussing asset allocation strategies, risk management techniques, and ESG considerations. Practical case studies will be integrated throughout to highlight real-world applications and emerging trends in alternative investments, using widely accessible programming languages such as R and Python.
The course begins with foundational elements of portfolio management, starting with the development of an investment policy statement (IPS) and an exploration of modern portfolio management concepts such as diversification, risk-return trade-offs, and efficient market hypotheses. Students will examine various investment vehicles, including ETFs and mutual funds, with a focus on active versus passive strategies, and will learn how market indexes serve as benchmarks for investment performance.
The course then addresses the complexities of managing portfolios for different types of investors. For individual and family investors, topics include risk tolerance, tax impacts, and goal-based investing. For institutional portfolios, students will study liability-driven investment strategies and asset-liability management. Currency management, asset allocation, and portfolio construction are covered in detail, emphasizing the selection and revision of assets to meet specific objectives. The final part of the course focuses on the execution of portfolio decisions, addressing trading strategies, market microstructure, risk management (including environmental risks), and the use of performance attribution and appraisal methods to evaluate investment success. Practical applications and case studies will allow students to apply theoretical concepts to real-world investment management scenarios. New trends in alternative investments, using widely accessible programming languages such as R and Python.
Applied Industry Thesis
This course provides students with practical experience in applying accounting and auditing concepts to real-world situations. Students explore the professional roles and ethical responsibilities of accountants, including the importance of independence in audit teams, and learn how to evaluate the effectiveness of internal controls, assess audit risk, and plan the audit process by setting appropriate materiality levels. The course covers data sampling techniques and the preparation of financial statements, as well as the preparation and evaluation of non-financial information through integrated reporting. Emphasis is also placed on the use of advanced data analytics and artificial intelligence to measure risk, detect anomalies, and improve the quality and efficiency of the audit process. By integrating technical, ethical, and technological perspectives, the course equips students with the applied skills required for contemporary accounting and auditing practice.
This course builds on the foundations developed in Applied Accounting Project I and further enhances students’ ability to apply accounting and auditing techniques in practice. Students continue to explore the professional responsibilities of accountants, with emphasis on maintaining independence in audit teams and strengthening the evaluation of internal controls. The course develops advanced skills in audit planning and risk assessment, including the determination of materiality levels and the application of data sampling methods. Students gain experience in preparing financial statements as well as non-financial disclosures, particularly in the context of integrated reporting and sustainability reporting. A key focus is placed on leveraging advanced data analytics and artificial intelligence to measure risk, identify irregularities, and enhance the effectiveness and efficiency of audit processes. By integrating technical expertise with technology-driven solutions, the course prepares students to address complex challenges in modern accounting and assurance practice.
This course represents the culmination of the Applied Accounting Project sequence and is designed to integrate and apply advanced concepts in accounting, auditing, and assurance. Students refine their understanding of the professional responsibilities of accountants, with particular emphasis on ethical conduct, independence, and the ability to critically evaluate internal controls in complex organizational settings. The course strengthens students’ skills in planning audits, assessing risk, and setting materiality levels, while also applying advanced data sampling techniques. In addition to preparing financial statements, students engage with non-financial disclosures and integrated reporting, recognizing the increasing importance of sustainability and corporate responsibility in financial communication. A distinctive feature of this final project is the intensive use of advanced data analytics and artificial intelligence, which students apply to measure risk, detect anomalies, and enhance the credibility and efficiency of audit outcomes. By working on complex, practice-oriented cases, students demonstrate their ability to combine technical expertise, professional judgment, and technology-driven solutions, preparing them for leadership roles in accounting and assurance.
This course covers the fundamentals of problem scoping and dataset development, beginning with data sourcing, extraction, and storage techniques. Students will develop skills in data cleaning and organization using R and Python, ensuring data readiness for quantitative analysis. Students will explore core financial management concepts as they apply to industry analysis, focusing on key performance indicators (KPIs), valuation metrics, and sector-specific financial characteristics. Practical assignments involve hands-on data collection, cleaning, and initial industry analysis.
The course covers advanced quantitative analysis techniques, including multiple regression analysis, time-series analysis, and financial economic applications relevant to investment management. Topics include risk modeling, portfolio optimization, and valuation of financial derivatives, with practical applications in R or Python. Students will also engage in back-testing and scenario analysis to evaluate model performance. This hands-on course requires students to work extensively with their datasets to create data-driven, implementable solutions.
The course focuses on refining and evaluating investment solutions, including performance attribution, risk assessment, and adjustments for changing market conditions. Students will prepare a final presentation and report, detailing their methods, results, and recommendations. Topics covered include portfolio revision strategies, currency risk, and managing client relationships. The final project includes presenting findings to the partner company and defending the recommended solution.