The Paraguayan Ministry of Finance selected Universidad ORT Uruguay offer a certificate program in economics and another in finance in that country. Dr. Néstor Gandelman, Coordinator of the Department of Economics, explained this university project in March 2013.
-What are the programs for which the Paraguayan Ministry of Finance selected the university?
-These are two programs titled "Diploma in Economics" and "Diploma in Finance." Both will be taught in Asunción, so the instructors will travel there weekly, at least for the duration of this year.
-How did the process unfold that Universidad ORT Uruguay offer those graduate programs?
-This is part of an ongoing effort by the Paraguayan Ministry of Finance to train its civil servants, for which has from the Inter-American Development Bank (IDB).
The selection process was similar to an international bidding process. The Ministry of Finance, in cooperation with the IDB, drafted a set of specifications outlining what they expected from the diploma programs and made them publicly available. In March 2012, a call was issued to institutions interested in pre-qualifying. This resulted in a list of five institutions whose track records were deemed the strongest for potentially offering these programs. The other institutions were from Argentina and Chile. In addition to Universidad ORT Uruguay, the pre-qualified universities in Economics were Torcuato di Tella University and the University of San Andrés in Argentina, and the University of Chile and the Catholic University of Chile. In Finance, the other finalist universities were the University of San Andrés and Austral University in Argentina, and the same two from Chile.
In November 2012, the pre-qualified institutions submitted our technical proposals. These were evaluated, and in January 2013 we were informed that our proposals—both in Economics and Finance—were the ones that received the highest evaluation for the delivery of both certificate programs. It is a great honor to have been selected through an international competition against the best regional institutions.
-Who are they intended for?
-The Academic Unit of that ministry offers a scholarship program for master’s degrees abroad—for example, some Paraguayan students have already come to our university to pursue graduate studies—aimed at those who are able to leave the country. However, there is a group of individuals qualified to pursue studies beyond a university degree who, for personal reasons—such as family obligations—find it difficult to leave Paraguay for extended periods. These certificate programs are designed for them.
-Who will be the teachers?
-Most of our faculty members have been teaching courses in our graduate programs for years. All of them have advanced academic qualifications, and a high percentage hold doctoral degrees. The faculty also includes professionals who are recognized for their contributions to research in economics and finance, as well as others who are recognized for applying their knowledge in these fields within the public sector and private institutions.
We have also signed a cooperation agreement with Pompeu Fabra University through the Barcelona School of Management, which we will implement during the diploma programs. As a result, we will have a few professors from this prestigious university visiting Montevideo and traveling to Asunción to teach their classes as part of the faculty.
-How will the courses be conducted?
-The courses will take place from Wednesday through Saturday in an intensive format. There will be five hours of class each day. The diploma programs are organized into modules that generally consist of two subjects, which will be taught on an alternating basis. At least one instructor will travel to Asunción each week. The alternating schedule is designed to give students the time needed to internalize the required concepts, as well as to offer a variety of topics throughout the module.
Once the courses are completed, students must write a final paper. To assist them in this process, they will be assigned tutors. These tutors will be selected—based on subject matter expertise—by the Academic Coordinator of each certificate program from among the program’s faculty members.
-What will the programs be like?
-The course content is relatively standard and similar to the Specialization Diplomas we offered years ago in Economics and Finance at our Graduate School at Universidad ORT Uruguay.
The Certificate Program in Economics consists of eight modules that form a comprehensive curriculum, providing both general and specialized knowledge, ranging from the basic concepts of micro- and macroeconomics, through intermediate-level content, and culminating in the application of knowledge in basic econometrics and time series analysis.
The Certificate in Finance consists of four modules. It provides both general and specialized knowledge, ranging from basic concepts in mathematics and statistics for finance and quantitative methods to the fundamentals of corporate finance and the valuation of financial assets. The program then covers derivatives, market risk, and fixed income, and concludes with topics in banking, portfolio management, and international finance.
At the end of the courses, all students must write the final essay we just mentioned.
-When will it start?
-The entrance exam will be held on April 1. Remedial courses will begin immediately, and required courses will start in the middle of the month. Final essays are expected to be submitted by December, and the defenses of these papers will take place before the end of the year. Those who have passed all courses will graduate in 2013. Those who have failed any course will have the opportunity to be re-evaluated between February and April, and those who pass will have a second graduation ceremony for their diploma programs.