escuela de negocios

Business in Argentina: Understanding Emerging Markets

Understanding emerging markets is key to identify new business opportunities and obtain the tools to navigate their specific characteristics. This program aims to provid e Argentinian and International MBA students with:

  • a comprehensive understanding of the Latin American business environment;
  • a broad knowledge about the specifics related to Argentina and its culture; and,
  • international networking opportunities.

The program is fully taught in English by UTDT's faculty, who are recognized experts in their fields. Comprised of three intensive, consecutive modules, each lasting one week, "Business in Argentina: Understanding Emerging Markets" has a flexible design that allows participants to take as many courses as their schedules allow.

Program Structure

Each module comprises 33 contact hours, taught from Monday through Thursday, from 9 am to 6.30 pm. Students have 75 minutes for lunch and two short breaks during the day.

An orientation program and city tour are offered to new participants each Sunday.

Students are expected to attend at least 80% of lectures and to pass a mini test and final exam in each module.

Program dates and course abstracts:

Module 1

"International Business Strategies: Challenges and Opportunities in Emerging Markets"

Prof. Sebastián Auguste, Ph.D. in Economics, University of Michigan.


January 08-11, 2024

"Financial Innovations and Digital Banking"

Prof. Viacheslav Mishchenko (Slava), Ph.D. in Economics, Saint Petersburg State University of Finance and Economics, Ph.D. in Computer Science, Omsk State Technical University.


January 08-11, 2024

Module 2

"Social Business in Emerging Markets"

Jaquie Pels, Ph.D. in Business Administration, University of Leicester


January 15-18, 2024

"Financial Planning in Inflationary Environments"

Sebastián Soneyra, MBA, University of Oxford; L.LM. Universidad Torcuato Di Tella; Master of Finance, Universidad Nacional de Rosario.


January 15-18, 2024

Module 3

"Operations Strategy and Emerging Markets"

Prof. Santiago Kraiselburd, Ph.D. in Business Administration, Harvard University.


January 22-25, 2024

Application requirements

Only MBA and EMBA students will be accepted to this program. To apply please submit to

  1. Application form
  2. All of the following documents in one single .pdf file:
    • Transcript of records
    • CV (resume)
    • Scan of a recent passport picture
    • Scan of identification page of passport
    • Signed Acknowledgement of Risks and Release of Responsibility form (download)
  3. Application deadline: October 15, 2023
  4. The acceptance decision will be communicated via email within three weeks of the application deadline.

Travel arrangements and housing

Each participant must arrange and cover the costs of international and local transportation, accommodation, meals, health insurance, travel documents and personal expenses.

A list of suggested accommodations will be sent to accepted students.


Tuition per module: USD 2000 (waived for PIM partners).

Participation fee: USD 100 (will only be charged once, regardless of how many modules the student takes).



An awesome experience that provided a great insight to Latin America. The modules were all taught differently, but I learnt a lot about how to look at strategic decisions from a financial perspective, how to understand the Latin American culture and to manage diverse teams, as well as International Business in Argentina & Latin America. Di Tella´s staff were helpful and always went out of their way to help me and make me feel at home. It was an experience I will never forget!

Mary Jane Kivalu
Otago Business School,
University of Otago
New Zealand

The course was very insightful and challenging, with a good range of case studies. I will be using a lot of this theory with the companies I deal with. The lecturer was great and very passionate; I really enjoyed him. Having local students in the class was a plus, as well as the support the University´s staff gave us.

Matthew Topp
UNSW Business School

The faculty and staff at UTDT did a fantastic job of ensuring that students had a great academic and social experience in Buenos Aires. They were always available for questions and went above and beyond to make sure we had a true Argentinian experience. I had a fantastic time at the school and truly learned a lot. Couldn’t have asked for a more lovely experience and would recommend anyone interested in learning about business in South America to come!

Christine Bequai
Kelley School of Business,
Indiana University

The Advanced Finance for Strategists course was a truly outstanding experience. Taught through exploring real-life case studies across industries, it provided a hands on financial modeling experience, really getting to the core of company and project valuation unlike any other corporate finance course I have experienced before.

Andrew Saunders
Imperial College
Business School

I wanted to take Advanced Finance for Strategists as a challenge, since I haven't been super confident about my finance skills. I'm glad I did! I really loved the professor, Luis Pereiro, who despite our virtual format kept the energy up and all of the students engaged. He broke things down and made sure no student was left behind. I loved the interactive cases, and also learning how to use a new simulation software. Highly recommend this course to all, whether you are interested in a career in finance or not.

Julia Miller
Goizueta Business School
Emory University

Taking the International Business Strategies: Challenges and Opportunities in Emerging Markets course was a unique experience. I did not know a lot about Argentina and I was able to learn the political and economic history which was helpful to understand the local culture and business impact. I also learned of the significant challenges companies face in emerging markets and how remarkable it is when they are successful. I highly recommend this course to anyone who is unfamiliar to international business, especially in LATAM.

Anay Wendt
Kellogg School of Management
at Northwestern University

I really liked the intensive course structure, because it allowed us to earn credits and learn knowledge in a relatively short time. In my home institution (University of Calgary), we also have the one-week short program called "block week course", so I personally never feel the courses were too short. Everything was perfectly arranged. Well done UTDT!!

Benny Zhu
University of


When will know if I have been accepted?

Within three weeks of the application deadline, you will receive an acceptance letter.

How many students will be attending each module?

A minimum of 10 students is required to open each module. The maximum enrollment per module is 60 students.

Is the program only for international students?

No. UTDT MBA students will also be joining this program.

Will the University issue a transcript for participants?

Yes, a transcript will be issued and sent to the home institution within a month of program completion.

How many ECTS is each course worth?

Each course is worth 6.1 ECTS.

Who should I contact for further information about this program?

Please contact


Application form

Emergency contact information

International health coverage valid during the program

Address for sending the transcript

Module(s) that you want to enroll in (select all that apply)

Professional experience

Please tell us about yourself (i.e. what motivates you to take this/these courses, hobbies, etc.)

Please indicate any special dietary or medical needs you may have (only applies to in-person courses)

I allow UTDT to share my name, picture, email, and the names of my current employer and university in the "Face Book" that program participants will receive. 

I don´t allow UTDT to share my name, picture, email, and the names of my current employer and university in the "Face Book" that program participants will receive.

About Prof. Sebastián Auguste

Sebastián has a Ph.D. in Economics from the University of Michigan and is Director of the MBA and Executive MBA programs at Universidad Torcuato Di Tella, where he also serves as professor. He was Associate Economist at FIEL, Research Economist at the Inter American Development Bank and Consultant for the World Bank and other multilateral organizations.

He also worked as advisor for several Latin American governments and companies. His research has been published in the Journal of Monetary Economics among other renowned publications.

Viacheslav Mishchenko

Viacheslav Mishchenko is an experienced finance and technology professional with over 20 years of expertise across banking, academia, and investments. He has served as a top management executive at major Russian banks such as VTB and Sberbank, leading risk management initiatives. His area of competence is creating financial innovations and novel technologies for the banking industry. He possesses hands-on experience with digital banking, having overseen undertakings on automation, big data analytics, and similar projects.

Apart from banking, he has an active role as an investor and advisor for startups that focus on financial technology. Starting in 2020, he invested in fintech, blockchain, AI and play-to-earn ventures. In 2021, he joined a venture capital fund as a Partner to pursue startup investments full-time across emerging verticals such as fintech, martech, and edtech. Additionally, he serves as a member of investment committees in various funds. Drawing from his extensive industry experience, he offers startups valuable guidance on topics such as business models, economic analysis, and venture funding. Slava has taught courses on diverse topics including digital banking, blockchain technology, fintech, and the future of finance. He has taught these subjects at highly regarded Russian universities, including the Higher School of Economics.

About Prof. Jaqueline Pels

Jaqueline Pels (PhD) is Full Professor of Marketing at the University Torcuato Di Tella Business School, Buenos Aires, Argentina. She is the Director of the Inclusive Business Think Tank (ENI-DiTella) as well as a Social Entrepreneur, and founder of JUNTOS. Her research interest is in the areas of inclusive business, emerging economies, marketing theory, relationship, and networking marketing as well as the Service-Dominant logic. Her publications have appeared in leading international journals including Journal of the Academy of Marketing Science, Marketing Theory, Journal of Business Research, Journal of Business and Industrial Marketing, European Journal of Marketing, Journal of Relationship Marketing, amongst others. She has served on the Editorial Boards of the Journal of Marketing, Marketing Theory, Journal of Business, and Industrial Marketing, among others.

Sebastián Soneyra

Sebastián has an MBA from the University of Oxford, a LL.M. from Universidad Torcuato Di Tella (UTDT), a Master in Finance from Universidad Nacional de Rosario (UNR) and he is Chartered Accountant from Universidad Argentina de la Empresa (UADE). Currently he serves as Finance Director for Fresca Group in the UK. He has been Finance Director at Jupiter Group, CFO at The Fruit Farm Group, Head of Procurement at Kleppe and Head of Finance and Operations at Oster in Argentina. He has more than 20 years of experience in finance and operations leading start-ups and mature organisations, restructuring and scaling up businesses within the agri-food and consumer goods industries in Europe and Latin America. His core skills include finance reporting and storytelling, FP&A, cash optimisation, working capital and risk management, and finance transformation.

About Prof. Santiago Kraiselburd

Dr. Santiago Kraiselburd is responsible for business development, knowledge creation, people development and leadership in client facing engagements on Supply Chain Management and Strategic Sourcing & Procurement. Although Santiago has focused on the Consumer Goods industry, he has also served clients in a wide arrange of industries such as Agribusiness, Airline, Automotive, Chemicals, Oil & Gas, etc. In addition to INCAE, Santiago is an Adjunct Professor at the Universidad Torcuato Di Tella (Argentina), and teaches at the Zaragoza Logistics Center (Spain), both in the Massachusetts Institute of Technology (MIT) International Logistics Program and at the Spanish Masters program.

Dr. Kraiselburd received a Doctorate in Business Administration (DBA) from Harvard University, a Masters in Business Administration (MBA) and a Masters of Science in Industrial and Systems Engineering from the University of Southern California (USC), and an Electronic Engineering degree specialized in Microprocessors from the Universidad Nacional de La Plata (Argentina). Dr. Kraiselburd has taught/led research through various appointments at the University of Chicago (USA), Harvard University (USA), IE Business School (Spain), INCAE (Costa Rica), the Instituto Tecnológico y de Estudios Superiores de Monterrey (México, the Massachusetts Institute of Technology (USA), the Universidad Nacional de La Plata (Argentina), the University of Southern California (USA), the Universidad Torcuato Di Tella (Argentina), the University of Toronto (Canada) and the University of St. Gallen (Switzerland). He has written numerous cases and articles published both in academic journals such as Production and Operations Management (POM), Manufacturing & Service Operations Management (M&SOM), International Journal of Production Economics (IJPE), Harvard Deusto Business Review and Supply Chain Quarterly.

International Business Strategies: Challenges and Opportunities in Emerging Markets

This course is focused on learning and developing talent management and self-knowledge skills for successfully working in diverse cultural environments. Special focus is placed on Argentinian and Latin American specific traits and particular challenges.

Main objectives:

Financial Innovations and Digital Banking

This course provides comprehensive coverage of the financial innovations that are transforming banking and finance. It begins with a conceptual foundation, exploring the role of technology in enabling financial innovation, its impact on economic growth, the evolution of digital banking, and the key technologies such as AI, blockchain, big data, and machine learning that underpin it.

The course deals extensively with blockchain and cryptocurrencies, analyzing their technical underpinnings, applications in banking, and the future landscape of digital payments. Similarly, it dives deep into AI and big data, examining use cases and decision-making roles in financial institutions. Regulatory, ethical, and cybersecurity issues are also discussed to provide a holistic perspective.

Real-world case studies are used throughout the curriculum, highlighting examples of digital transformation successes and failures. The course synthesizes conceptual knowledge with practical insights into the implementation of digital banking strategies and fintech solutions. Students develop skills in analyzing the impact of disruptive innovations on traditional banking, and formulating strategic responses to digital challenges.

Cutting-edge topics such as decentralized finance (DeFi), embedded finance, neobanks, digital assets, and open banking APIs are explored to equip students to lead at the forefront of financial innovation. Readings, multimedia resources, projects, and assessments aim to foster the hard and soft skills critical to thriving in an increasingly dematerialized, dynamic, and data-driven financial system.

Overall, the curriculum provides a multidimensional preparation that enables students to critically evaluate financial innovation, demonstrate technological literacy, and strategically navigate the digital future of banking.

Social Business in Emerging Markets

Since the 2008 financial crisis, Emerging Markets' growth projections surpass those of Developed Markets. The Covid-19 pandemic and the current Ukrainian-Russian war do not revert the tendency; in short, Emerging Markets will be key markets in the future. Growth in Emerging markets is driven by the 60-70% of the population that belongs to what has been labeled as Low-Income Consumers (LIC). Unfortunately, current marketing strategies have been created for Developed Markets and have as targets the middle and upper socioeconomic levels. As a result, LICs are largely an unattended market by major multinational corporations & associated brands. In our course, we will explore strategies that aim at capturing this opportunity. Strategies that have the dual aim of doing good while doing well. We will learn how to develop Social Businesses that are economically robust and have a social impact, improving the lives of the underserved LIC.

Financial Planning in Inflationary Environments

The uncertainty of the economic and political environment and the speed of change in an inflationary environment has made a perfect storm for business leaders around the world. Managing a company in a high inflationary economy is a great opportunity for finance leaders to shine and to influence other stakeholders to understand how the organization must respond to unknown challenges.

During the course you will see how a business is affected by inflation, how financial information gets distorted, which initiatives could be implemented to mitigate the impact, and what reporting needs to be prepared to inform timely decisions. In this regard, we will walk through the entire planning process to reflect on why financial planning matters, how to build a robust planning culture, which are the common pitfalls, and how a business plan contributes to the successful execution of the strategy.

We will review the demand and supply planning to understand the key drivers that underpins those processes. We will learn about cost management in order to have a transparent view of the profitability, product mix and cost structure to identify any unsustainable business line. We will also focus on inventory management and how to capture value through pricing strategies.

Furthermore, we will grasp the time value of money and free cash flow frameworks as well as how to manage working capital effectively. To stay ahead of reality and reduce surprises during uncertain and volatile times we will utilise scenario planning to model the impact of changes in cash flows across, pricing, income and costs. We will ‘think the unthinkable’. Through risk management we will learn how to create a risk register and define when to accept, mitigate or transfer a risk.

Finally, with financial analysis tools such as price, volume and cost variances, gross margin analysis, and KPIs, we will figure out how to translate figures into insights which will lead to recommendations and then cascade to concrete action plans. Last but not least, we will learn how to select the right data and define the narrative to tell a simple and compelling finance story.

Operations Strategy and Emerging Markets

Operations Strategy in Emerging Markets is aimed at broadening your understanding of operating challenges well beyond topics covered in core courses, and of specific challenges that arise when operating in developing economies in general and LatAm in particular. Looking at businesses ranging from heavy manufacturing to biotechnology, and covering many of the main industries in the region, the course focuses on the value created and captured by different operating strategies. You will acquire frameworks that enable you to map and analyze the demands of different competitive environments, and become familiar with the menu of potential operating strategies. You will learn how these strategies must be designed to fit with the particular requirements of various competitive environments, as well as your company's competitive strategy.

You will develop the ability to identify and frame complex strategic issues in operations, design operating strategies that address those issues, and take effective action to achieve the full potential of the decisions. The course will expose you to a range of concepts, tools, and techniques for addressing issues such as the design, management and evolution of operating networks, the selection and implementation of new technologies, and the creation of operating systems that effectively connect operations with customers, distribution channels, and suppliers while preparing for competitor’s reactions. The course gives special emphasis to providing you with the tools you will need to participate effectively in these decisions early in your career, especially on global assignments.

Important: this course follows the case method of teaching. As most of you may know, the case method of teaching is based on the idea that you, as a group, will discover the issues and learn from the ideas of others in the class. There will be no lectures, and, therefore, it is essential that you come to class prepared to share your insights and analysis with others. Since the courses schedule is intense, there will not be enough time to read all the assigned materials during the week of class when we will meet. Therefore, it is essential that you read all the assigned materials before arriving to Argentina.