Securities Valuation and Risk Management

This microdegree is designed for individuals looking to develop strong skills in financial and investment management — whether to deepen existing knowledge or support a career shift. The focus lies on applying modern valuation models and risk assessment tools across real-world business scenarios.

Participants will engage in interactive, practice-oriented learning that combines lectures, group work, and real-life case studies to enhance critical thinking and financial decision-making.

As part of an EFMD-accredited business administration programme, this microdegree offers an internationally recognised learning environment. A diverse faculty and student body provide a multicultural space that encourages strategic thinking and broadens your professional outlook.

The programme is intended for those with basic financial knowledge and prior exposure to topics such as the time value of money, the risk-return relationship, and financial instruments (e.g. stocks and bonds). This background will help participants get the most out of the programme and engage confidently in more advanced discussions.

The microdegree carries a total of 9 ECTS, comprising 72 hours of in-class instruction and 162 hours of independent work.

Valuation of Securities - 48 contact hours, 108 hours of independent study – 6 ECTS

This course offers a structured approach to the valuation of equities and fixed-income securities. Emphasis is placed on both absolute and relative valuation models, with a particular focus on discounted cash flow (DCF) methods. Students will work with real-world data and cases to build confidence in applying valuation models in practice. 
Lecturer: Alar Kein
Alar is a lecturer in Finance and Economics at EBS, focusing on stock market dynamics, including return and volatility spillovers, market anomalies, and the development of financial systems. His research also covers the evolution of the Estonian capital market and the privatization of state-owned enterprises. He holds a PhD in Economics from Clark University (USA), an MSc in International Securities, Investment and Banking from the University of Reading (UK), and a degree in Economics from Tallinn University of Technology. Alar teaches a range of finance courses at EBS, drawing on extensive academic experience as a researcher, lecturer, and associate professor.

Risk Management - 24 contact hours, 54 hours of independent study – 3 ECTS

This course introduces the main categories of business and financial risks and explores the tools used for identifying and managing them. Participants will learn to apply scenario analysis, stress testing, and value-at-risk (VaR) models and understand the organisational role of risk management.   
Lecturer: Juan Sáenz-Diez

Juan is a lecturer in Economics and Finance at EBS, teaching undergraduate finance courses. His research focuses on the strategic management of professional service firms, digital automation in wealth management, and Austrian Economics. Juan holds a degree in aeronautical engineering, an MA in Business Administration from EBS, an Executive MBA from IE Business School, and is a CFA charterholder.

The courses takes place at EBS’s modern campus in Tallinn, Lauteri 3. Students have access to ergonomic classrooms, the EBS library, and the cloud-based Canvas learning platform. The study process is supported by online tools such as Canvas and MS Teams. Free Wi-Fi is available throughout the building.

• Higher secondary education degree or an equivalent qualification;
• Recommended background: Intermediate-level knowledge of finance or relevant experience. Beneficial if you understand the time value of money, risk–return relationship, basic financial instruments (e.g. stocks and bonds), capital budgeting principles and how financial markets work.
• Valid temporary residence permit or EU citizenship.
• Sufficient proficiency in English (B2)
• Passed online consultation with EBS consultant before January 25, 2026

NB! Participants from non-EU countries: If you intend to take this microdegree or any other short-term courses (all Open university courses), you will not be issued a residence permit for your studies. Be sure you have a valid temporary resident permit already given.

Upon completion of the microdegree, the participant:

• Acknowledges trends and best practices in contemporary financial management. (Knowledge)
• Applies financial models and analytical techniques to evaluate investment opportunities and risks. (Application)
• Proposes ethical, sustainable, and digital solutions to financial challenges. (Social dimension)
• Develops personal competencies essential for a successful career in finance. (Individual competencies)
• Critically reflects on personal risk preferences and decision-making processes in the context of business risk. (Personal development)

To complete the microdegree, learners must pass all courses with at least a grade of E (51–60%). Assessment is course-based, with differentiated grading (A–F) based on practical tasks and learning outcomes.

Assessment is course-based, with differentiated grading based on practical tasks and learning outcomes of each course (tests, self-reflections, exams e.t.c)