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Humboldt-Universität zu Berlin - Finance Group

You are an analyst in the first year...

Conducting financial and economic research and analysis to understand the fundamentals of active investing and asset management.

...and a portfolio manager in the second year

The resulting real-money portfolio is handed over to the incoming class of portfolio managers. They then take over the responsibility of further developing a strategy to allocate and manage the funds.

The Portfolio Management Program (PMP) is an optional two-year elective at ESMT wherein selected students actively manage a real-money portfolio of 1 million Euros per group. The concept of the PMP enables participants to combine theory and practice to develop real trading strategies on the open market. PMP students learn how to cope with the positive and negative dynamics of active investing and how to develop their own trading strategies in global markets.

Program Design

First-year students become financial analysts who get to know the portfolio, while supporting the second-year students who act as portfolio managers and are in charge of the actual asset management process. This structure ensures that portfolio decisions are coordinated among analysts and managers, which is crucial to insure a smooth transition of the portfolios to the next student cohort once per year.

The official PMP meetings take place every other Friday and can be categorized as follows:

1. Introductory Session: The first sessions will be labelled as introductory sessions, where tutors equip the new analysts with all of the theoretical and practical knowledge needed to participate in the PMP. These sessions reinforce the knowledge you acquire during your academic programs and enhance it with applied knowledge in finance, economics and portfolio management.

2. Manager Meeting: The managers present a portfolio update about current performance and risk measures. Additionally, they give an update of the trades that were implemented and those that are planned. Periodically, they present a general market outlook with respect to their portfolio composition.

3. Analyst Meeting: The analysts present their research on market regions, asset classes or investment strategies that are linked to the current portfolio composition. Moreover, they are asked to present new ideas that are discussed with their managers and tutors in advance.

4. Expert Talk: Occasionally, professionals from academia or finance join to share their insights with the PMP students.

5. Technical Meeting: These meetings involve exercises related to a quantitative topic. Each student group solves a set of empirical asset management problems and presents the findings to their tutors and mentors.

The program begins with a kick-off meeting at the end of October, after which the students are divided into three separate working groups to begin the program.

Who should apply?

If you are interested in participating in this program you should bring a genuine interest in financial markets and have some introductory experience with quantitative tools, e.g. basic knowledge of Excel and/or experience in any kind of statistical software (like R, Stata, or Matlab). Most practical aspects of portfolio management will be learned during the program. However, a solid theoretical foundation in finance, investing, economics and/or internship or work experience in those areas is an advantage during the application process.

In addition to the necessary qualifications, candidates should bear in mind that the program can be quite demanding. Students should expect to invest about 6 to 8 hours per week in the PMP.

For further information of the application process, please visit the official program page, or the LinkedIn Profile

Facilities

The PMP Berlin facilities are located at Space Shack, a co-working space in Berlin-Schöneberg founded by ESMT Berlin MBA alumni. Office space on the top floor of the building, including Bloomberg terminals, is dedicated to PMP students for research purposes and available 24/7.

Once per week, students, tutors and mentors gather there for an informal meeting. Official meetings, where PMP participants present their analyses and performance, take place every other Friday.

History & Partners

The PMP, established in 2003 by Peter Pühringer, the founder of ZZ Vermögensverwaltung GmbH, in Vienna, Austria, is a unique and innovative approach combining financial theory with practical asset management. In Vienna, the PMP is part of the Research Institute for Capital Markets and the Vienna University of Economics and Business. In 2010, a second PMP was developed in cooperation with the University of Zurich and the ETH Zurich. As of 2017, the PMP runs as part of the ESMT Berlin Master's in Management.

Portfolio Management Program Vienna, Part of the Institute for Strategic Capital Market Research

Portfolio Management Program Zurich, Part of the Center for Portfolio Management of the University of Zurich

P & K Pühringer Gemeinnützige Stiftung – Sponsor of the program

Further information about the program is available in the 10 Jahre Portfolio Management Festschrift (in German).