Securities Valuation and Risk Management

This bachelor-level microdegree programme provides a solid foundation in securities valuation and risk management, combining theory with hands-on applications in financial markets. It develops critical thinking and analytical skills while equipping learners with the tools to apply valuation models and risk mitigation techniques in real-world scenarios. Participants gain the ability to assess asset value, manage business risks, and make informed, ethical financial decisions aligned with market dynamics and corporate responsibility. The programme supports self-awareness and builds the strategic competencies needed for a future-ready international career in finance.
New study group starts at February 1, 2027

Explore the microdegree Register for the microdegree

Practical info

Course Date

01.02.2027 - 19.05.2027

Capacity

9 ECTS (234 academic hours, of which 72 in classroom and 162 individual work)

Lecturers

Alar Kein, Juan R. Saenz-Diez

Language

English

Method

In class

Prerequisites

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.
English at B2 level
Completion of a consultation with EBS is required before 25 January 2026 – book your consultation here

Location

EBS University, A.Lauteri 3, Tallinn

Price

€1,320

Deepen your financial expertise through practical and international learning

The Financial Management microdegree is designed for learners with a foundational understanding of finance who seek to advance their skills in securities valuation and risk management. The program bridges theory and practice, equipping participants with tools to assess investment opportunities and apply modern financial models in real-world decision-making. Through two core courses, you will build a strong analytical foundation supported by case studies, group work, and strategic discussions. The international learning environment and EFMD accreditation enhance your professional credibility and give you a competitive edge in the finance sector.

Who is Securities Valuation and Risk Management intended for?

This microdegree is designed for

finance professionals and analysts with a background in economics and an interest in developing skills in securities valuation and risk management;
junior and mid-level specialists or department managers in business, investment, or finance aiming for leadership roles;
those involved in risk assessment, investment decisions, or financial analysis who need a better understanding of valuation models and risk mitigation;
professionals using financial models and Excel or looking to strengthen their quantitative skills;
business students and graduates with basic financial knowledge who wish to specialise

Explore the microdegree

The on-site learning of the microdegree programme takes place from beginning of Feburary to mid-May 2027. Lectures and seminars are held twice a week on weekdays in a classroom setting. Classes are scheduled during daytime hours, generally between 10:00 and 17:00, and no online or live streams options are provided.

For the exact timetable, please contact us for details.

Topics Covered

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.

Learning Enviroment

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.

Entry requirements:

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.

Learning outcomes

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)

Requirements for completing the micro

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.

Assesment criteria

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

Microdegree Instructors

Alar Kein

Senior Lecturer in Finance

Juan R. Saenz-Diez

Head of the Centre for Free Economic Thought/ Lecturer

Juan Sáenz-Diez joined EBS as a lecturer in the Economics and Finance Department in 2015, when he created the Finance specialization track for the MA in International Business Administration. He is a Doctoral Researcher at EBS, and his research interests include strategic management of professional service firms, digital automation of wealth management firms, and Austrian Economics. Juan has a professional background as a computer graphics developer, technology entrepreneur, financial consultant, and project manager of automated anti-money-laundering systems. He is an aeronautical engineer, holds an MA in business administration from EBS, an Executive MBA from IE Business School, and he is a CFA charter holder. He is a member of CFA Institute, Mises Institute, and Academy of Management.

Certificate

Graduates of the programme will receive a certificate of microdegree with ECTS credits

Register for the microdegree

Lecturers

Alar Kein, Juan R. Saenz-Diez

Method

Students meet with the instructor in class at regularly scheduled times.

Payment options

Payment by invoice or bank link
Would you like to split the invoice? Part can be issued to a company and the rest to an individual.