Exchange Report,
IE University, Madrid, Spain
Spring 2016
362010
Preparation for the exchange
Paperwork and things to organize
Personally, I found the preparation for the exchange quite easy and simple from the side of the host
university IE. I received a welcome email on October 14th, which informed about the application process,
admission, campus selection and enrollment for the courses. Application process from October 15th to
October 31st included completing the online application and uploading documents, such as a copy of
passport, transcript of records and a JPEG photo. On November 20th, I received my admission email, with
the username and password for the IE online platform (IE Campus), where I was able to find information
about courses and other practical things. On November 20th, IE University’s language center also sent an
email about language course placement tests. If you want to take language courses during the exchange
you have to take a placement test for that language via IE Campus to assess the right level. I took a test in
Spanish but decided not to take any language courses.
The enrollment for courses started on 25th of November and ended on 13th of December. An important
thing to consider when selecting courses is that some of them are offered in Madrid and others in Segovia
campus, which is more than hour away from Madrid city center. I chose to study in Madrid campus,
because the courses seemed more interesting and I preferred to stay in the city center. I did the enrollment
immediately, when it opened to get into the courses I wanted, as first come first served basis was applied.
However, the course enrollment should not be taken too seriously since courses were not full and there
was still a chance to add and drop courses during the first weeks of January, if necessary. The most
important thing to be considered when selecting courses is that attendance to at least 70 % of classes is
mandatory and falling below 70% will for real mean failing the course.
During December, I received other information about the upcoming spring by email, such as important
dates and a chance to talk to an “amigo”, a local IE student, before arriving to Madrid. Also, all the
ERASMUS-students are required to participate in an Erasmus+ OLS language assessment, which is an
approximate 20-30 minutes test of English skills. The first part was needed to do during December before
the exchange and the other one after the exchange period.
For Aalto, I had to hand in some mandatory documents before going for the exchange, such as exchange
place confirmation, exchange student waiver and scholarship commitment. I successfully applied for the
Aalto scholarship during the fall, but unfortunately I forgot to apply for the KY foundation’s exchange grant,
because the apply period was quite short. However, I later found out that I could still apply for that grant in
the spring and receive it afterwards.
Arriving to Madrid
We arrived to Madrid on December 30th with my girlfriend and our Spanish friend came to pick us up from
the airport by car. We had booked flights to Malaga for the next day to celebrate New Year’s Eve there with
our friends. Therefore, our first stay in Madrid lasted just one night, but it was enough to have a good
dinner in a restaurant and have a couple drinks at a night club in Barrio Salamanca. The Finnair two-way
flights to Madrid were some 250 euros each and Iberia Express two-way flights from Madrid to Malaga
were about 50 euros. Also Norwegian flies to Madrid, and it is possible to find two-way tickets as cheap as
150 euros.
I came back to Madrid on January 8th and the first classes were on January 11th. I went straight to the first
class without any orientation. The orientation session was held in the afternoon of the same day. At the
orientation session we could ask questions from IE staff and we were given our IE cards, which were
required to open the campus gates. The same card acted as a printer card for the university’s printers.
Printing cost some cents per page and the minimum amount to be loaded to the card was 10 euros (or 0 if
you did not want to use university’s printers). I recommend loading the 10 euros, because some of the
exams are open book and printing the course slides can be useful then.
Exchange studies
There were quite a lot of courses to choose from and it was not necessary to follow any certain program.
The exchange students were able to choose any courses they want and none of the courses were full. I took
only third and fourth year undergraduate courses, which are offered only in English. BBA courses were
divided into four categories: Finance, Marketing, Entrepreneurship and Other Studies. In addition, I think
you could take International Relations studies, Law studies or language studies.
Some people recommend that in exchange you should pick courses that you would not take in your own
university, for example take marketing courses if you normally study finance. In my opinion, if you want to
go the easy and more useful way, take courses that you already know something about. It is not allowed to
take courses you have already taken in Aalto, but I would recommend doing courses of your own
specialization area. That way you will easily pass the courses without too much stress and in addition learn
something interesting and useful.
Courses
Course (ECTs): Bargaining and Negotiation: Techniques and Methods (3 ECTS)
Professor: Juan Pablo Madiedo
Assessment criteria: Class participation 20%, three quizzes based on the negotiation exercises analysis 20%,
Course Project (Three deliverables – First two deliverables are individual tasks (30%) and the final
deliverable is a group task (30%))
Content: The main goal of this course is to provide students with the necessary tools for improving their
bargaining and negotiation skills as they can be applied in multiple business settings. The course builds on
the idea that negotiation processes should develop on the basis of methodologies that allow for the
creation of value for all stakeholders. It will help a student understand how to prepare for and carry out a
negotiation process and learn about factors that affect the negotiation processes performance and
outcome. I learned to: analyze bargaining and negotiation situations, develop a strategic plan for
negotiation processes according to specific situations, improve understanding of negotiator behavior and
gain confidence as a negotiator.
My evaluation of the course: The course was pretty nice and fun with a lot of different practical
negotiation exercises. The course was really easy to pass.
Course (ECTs): Corporate Valuation (3 ECTS)
Professor: Enrique Marquina
Assessment criteria: Class participation, including individual presentations, counted for 10% of the total
final grade. This included mostly active value added participation in the case discussions. Group
presentations / homework counted for 35% of the final grade. One group per session were requested to
present its findings in front of the class. Final exam represented 55% of the total final grade.
Content: The Value Concept and the key value drivers, the overall process of valuing a company, the most
commonly used methods to value a company, the main transactions in which a corporate valuation may be
conducted, including structured finance, M&A and corporate restructuring.
My evaluation of the course: The course required quite a lot of work as we had to prepare a presentation
for every lecture. The course taught me a lot about valuation but some parts were not covered that
thoroughly. You have to have a good group, because preparing the presentations alone takes too much
time and effort.
Course (ECTs): Financial Modeling with Excel (3 ECTS)
Professor: Paolo Giancane
Assessment criteria: Session participation 30%, Final exam 70%
Content: (a) basic functions (i.e. format, formulas) to introduce modeling in excel; (b) create charts, tables
and presentations in excel; (c) model cash flow projections and financial statements; (d) prepare NPV
analysis leading to project evaluation; (e) create alternative scenarios and linking scenarios into projected
financial statements; (f) use tables, databases, and logical functions for statistical analysis for financial,
commercial or human resources decisions.
My evaluation of the course: The course covered its topic well. Some of the exercises during the classes
were quite tricky but the exam was quite easy, as it had almost the same exercises as we had done during
the classes. Useful course to get used to excel.
Course (ECTs): Financial Derivatives (3 ECTs)
Lecturer: Pablo Simón Cabo
Assessment criteria: Class participation (10%), Problem Sets and Trading Contest (30%) and Final exam
(60%)
Content: The approach of this course was practical. Course explained the main types of financial
derivatives, how they are priced and how they are used in the financial markets
My evaluation of the course: The course was really hands-on the topic, as the teacher came from outside
the academia (he was a bond trader himself in a large Spanish bank). Personally, I did not like his way of
teaching as he was always in a rush, but the two visiting lecturers (his colleagues from BBVA) were really
good. In my opinion, the other derivatives course (Topics in Financial Assets, Markets and Tools) was way
more useful.
Course (ECTs): Topics in Financial Assets, Markets and Tools (3 ECTs)
Lecturer: Sara Farooqi
Assessment criteria: Class participation (10%), three Problem Sets - each (15%), - Final Exam (55%)
Content: The course covered main assets classes: Equity, Interest Rates, Foreign Exchange and Credit. The
course provided a holistic view of financial markets, alongside key frameworks (pricing, optimization,
bootstrapping, simulation etc.).
My evaluation of the course: The course was really practical, as the teacher for this course came from the
industry (JP Morgan). The teacher really explained things thoroughly and answered all the questions
needed. Good course with average amount of work.
Course (ECTs): Interdisciplinary Perspectives on Organization Theory (6 ECTS)
Professor: Maud Pindard
Assessment criteria:
Content: The course provided students with the conceptual tools to understand and influence
organizational situations: analyzing organizational structures and the relation between structure and
organizational goals, understanding how organizational structure can be designed and changed,
understanding and managing organizational culture, analyzing the goals of an organization and the
motivations of its stakeholders, developing theorizing skills (abstraction, analysis and reasoned
argumentation). Additionally, the course made students familiar with the major theories and thinkers of
organization and management theory
My evaluation of the course: The course was really easy and did not require that much work. It had some
nice topics, but overall it was a bit boring.
Course (ECTs): Retailing (3 ECTS)
Professor: Roberto Manzano
Assessment criteria Class participation 20%, exam 40%, group presentation 20% and Final Group
presentation 20%
Content: The course goes through: retail marketing value proposal to consumers and strategy
development, retail alternatives to grow sales and market share, shopper marketing main concepts, major
retail marketing activities: assortment, merchandising, pricing, purchasing experience.
My evaluation of the course: The course covered its topic well and it was quite entertaining. The professor
was really strict (no phones/computers allowed in class) and the grading was also really strict. Still a course
worth to take if you are interested in the topic.
Course (ECTs): Financial Reporting and Analysis (6 ECTS)
Professor: Ronny Hofmann / Andrea Bafundi
Assessment criteria: Class participation and self-assessment 20%, two group cases 20% and Final Exam 60%
Content: Individual and consolidated financial statements under International Financial Reporting
Standards.
My evaluation of the course: The course was by far the best accounting course I have attended. Ronny
Hofmann was really entertaining and good teacher with a lot of funny stories and examples. The course
exam was pretty hard and required some reading.
Free time and other information
Cost of living
In general, Spain is significantly cheaper country to live in than Finland. Although in Madrid, and especially
in Barrio Salamanca, it is not as cheap as in other parts of the country. However, food in grocery stores is
pretty cheap and good quality. I especially recommend going to Mercadona grocery store, because it has
the best value for money.
As we are used to, the university is free of charge for exchange students and there were no extra fees
regarding studies. Buying the course books was not mandatory even though the syllabus said so. Eating in
university is not as comfortable as in Finland, but there is a cafeteria and some small restaurants nearby.
Accommodation
My Spanish friend had helped me to find an apartment in Barrio Salamanca, about 15-minutes-walk away
from IE University. The location was perfect, right next to many excellent restaurants and bars, as well as
the Madrid’s most famous shopping street Calle Serrano. The apartment was fully furnished and it had two
rooms and a bathroom as well as air conditioning, which was really needed during Madrid’s cold winter
nights. The apartment cost about 900 euros a month plus electricity. Expensive is a lot more expensive in
Spain than in Finland, 50 euros a month is not even expensive there.
For just four months stay, it is not that easy to find a cheaper two room apartment in Barrio Salamanca, the
most expensive district in Madrid. However, metro works pretty well in Madrid and therefore it is not a
problem to live further away from IE University. I preferred to pay a little extra to be closer to places and be
able to walk everywhere, instead of wasting my exchange time in metro. And of course, anywhere a room
in a shared flat is a lot cheaper than an apartment if you want to go for it.
Free time / Traveling in Spain / Good to know
IE has different clubs, which organize free time activities. The clubs include e.g. tennis and football. I joined
the football team and we had practice every Monday and 7v7 match every week. We had charter bus
transportation from school to practices, which was really convenient. Thanks to football I got to know
quite many local students, so I really encourage joining some club to get to know people.
As you may have heard, Spanish people go to sleep quite late. It is normal to hear your neighbors yell at 1
or 2 o’clock at night. You will get used to, or at least I did. The Spanish go to restaurant at approximately 22
in the evening and then maybe to a drinking bar at 1 or 2 at night. Then they move to a night club at 4
o’clock and go home at 6.30 in the morning.
I decided not to travel so much in Spain but use my money to football and basketball tickets. I went to
almost 20 football and basketball matches in total. Due to high demand, it can sometimes be really hard to
get tickets to Real Madrid’s football matches, and the tickets are quite expensive if you want to sit near the
field. But it you have to choose between a good seat and an important match, take the latter one as you
can see really well from top row too and the atmosphere is a lot better in the more important matches.
The tickets to Real Madrid’s league matches come for sale to public the Monday before the game at 10 am.
The best way to get a ticket is to go to Estadio Santiago Bernabeu at that time and buy the ticket from
official ticket office. This way you do not have to pay any provision either. However, usually it is enough to
buy the ticket on the internet. Real Madrid’s official website does not accept foreign credit cards but
ticketmaster.es, the other official website for Real Madrid tickets, does accept also foreign credit cards and
Visa Electron. The same website can be used to buy tickets to Atletico Madrid’s matches and Real Madrid’s
basketball games.
I did visit Malaga two times with bullet train (Renfe). The train leaves from Atocha Railway Station and the
tickets can be bought on http://www.renfe.com/. The train was really fast and convenient. If you want to
sleep the whole time in train, I suggest taking a seat in a quiet coach.
If you plan to use metro and public buses, I recommend ordering Madrid’s public transportation card. For
anyone under 26-years-old it costs only 20 euros a month and you can use all the Madrid’s public
transportation. You can order the card on http://www.crtm.es/billetes-y-tarifas/nueva-tarifa-abonojoven.aspx. To order the card, you need a passport photo, which can be taken in a self-service machine at
almost any metro station. The card is delivered by mail to your address.
Final comments
I would really recommend IE University to everyone, as it has good lecturers with small group sizes. In
addition, the contents of the courses were very interesting and more practical than in Finland. At IE you will
also learn to presentation and argumentation skills as the teaching is much more interactive than in
Finland. It was really nice to improve my presentation skills in English at school and learn quite a bit Spanish
during free time. I also noticed that the Spanish way of living is much better for me than the Finnish one.