M.Sc. Finance & Investment

Cass Business School

Application deadline: We have no specific application deadline, and an early application is recommended
Tuition fee: Visit Programme Website
Start date: September  2014
Credits: 120 ECTS
Languages:
  • English
Location:
Delivery mode: On Campus
Educational variant: Part-time
More information: Go to university website

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Description

This part-time MSc course is highly relevant to professionals already working in the financial services sector. In particular, it will be highly attractive to those looking to either extend the scope of their current responsibilities or to make a career change into an area such as portfolio management, security analysis, risk management, M & A, or financial consultancy.

The innovative structure allows students to tailor the core courses as well as the electives to their individual interests.

Students are offered the opportunity to take extra electives in the first year and complete the taught part of the degree in a shorter period. Please speak to the Admissions Officer for details.

The structure of the part-time programme is specifically designed to fit around the busy working lives of professionals working in the finance sector. It meets on Tuesday and Thursday evenings and offers a teaching and learning environment that fully complements the demands of working life*.

Career opportunities

At the end of your time at Cass, we aim to ensure that you have a highly regarded qualification - and a clear vision of where you want it to take you. Like many of our part time students, you may be using your MSc to enhance your prospects with your current employer. Or perhaps you see it as an opportunity to change your career direction. Either way, you can rest assured that our Careers Service will be there to advise and support you.

Contents

We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Therefore, there may be some change to the detailed content of the modules and occasionally to module titles.

Induction to The Finance & Investments course starts with an induction programme, mainly dedicated to a refresher course of basic financial mathematics, statistics, computing and electronic databases.

International elective

All MSc in Finance & Investment students are given the opportunity to attend an international elective in the third term of year one and year two. In May 2013 students took part in a Monetary Policy elective delivered in Singapore in partnership with Singapore Management University (SMU).

Year 1 - Term 1

Two core modules (30 hours each)

Theory of finance

In this module students are introduced to some of the most important concepts in finance. Knowledge of these concepts and ideas are essential for any student of finance. Students will learn about the issues involved in measuring returns and risks for individual assets and for portfolios of assets. They will also benchmark models of risk, such as CAPM and the important decisions surrounding the choice that a firm must make regarding its financial structure and dividend policy. These issues will arise in other modules in the programme and therefore constitute the foundations of the course.

Quantitative methods for Finance

This module will provide students with a review of the classical linear regression model and a discussion of how econometric models can be validly estimated. Both univariate time-series and multivariate structural models will be considered. Emphasis is placed on the practical applications of methods. The module also involves an extensive investigation of VaR as a way of quantifying risk.

Year 1 - Term 2

Two core modules (30 hours each)

Securities

The purpose of this module is to introduce students to the two most important cash asset classes: bonds and equities. However, emphasis is placed not only on the cash instruments themselves, but also on some of the derivative contracts which are based on these securities. By bringing fixed income together with equities in one module students will also be able to appreciate both the differences between these two asset classes, but just as importantly the similarities too.

Financial statement analysis

This module will provide students with a clear understanding of how users of financial information interpret accounting reports when making business decisions. The emphasis is on the valuation of both equity and debt instruments. Coverage includes a broad discussion of measurement issues and is based on international accounting standards.

Year 1 - Term 3

Students choose two electives, over the two years of study, and a Business Research Project or five electives and no project.

Electives that were offered in 2013 were:

  • Credit Risk Management
  • Fixed Income Securities and Derivatives
  • Global Macro Strategy
  • Islamic Finance
  • Ethics, Society and the Finance Sector
  • Mergers and Acquisitions
  • Energy Markets (Taught in a block format in Dubai)
  • Project Finance & Infrastructure (Taught in a block format in Madrid)
  • Monetary Policy (Taught in a block format in Singapore)
  • Private Equity Investment
  • Technical Analysis and Trading Systems
  • Advanced Options Trading
  • Trading and Hedging in the Forex Market
  • Behavioural Finance

In addition all students will also study a Research Project Management Skills module. This module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete a project.

Year 2 - Term 1

wo core modules (30 hours each)

Financial risk management

The purpose of this module is to analyze the most important approaches to financial (market) and credit risk management for banks and financial institutions. This module analyzes the best practice techniques used to measure and manage these risks. Students will also cover the role of risk management to guide business strategy and achieve shareholder value. Risk management will also be set in the context of the international prudential regulation of financial markets' activity.

Portfolio management

Enables students to understand how modern portfolio and asset pricing theory can be employed for the attainment of investment objectives. It covers in detail the formulation and implementation of various active and passive investment strategies as well as the analysis and management of risks associated with particular strategies. Includes practical case studies in portfolio construction and performance and asset allocation. Students use software packages to gain practical experience.

Year 2 - Term 2

Two core modules (30 hours each)

Structured products

The aim of the course is to develop students' understanding of swaps, options, exotic options and embedded options and their application risk management situations. There will be practical trading simulations and the students will be using the dealing room to gain practical experience.

Alternative Investments

Following the collapse of the world's equity markets between 2001 and 2003, many investors are investing in, or are thinking of investing in, less traditional asset classes as an alternative to equities. The integration of these alternative asset classes into traditional investor portfolios is still at an early stage, leaving investment managers with significant challenges as they seek to satisfy investor demand for these alternatives. It is intended that this module will give students the background in commodities, hedge funds and private equity necessary for today's investment management industry.

Year 2 - Term 3

Students choose two electives, over the two years of study, and a Business Research Project or five electives and no project.

Electives that were offered in 2013 were:

  • Credit Risk Management
  • Fixed Income Securities and Derivatives
  • Global Macro Strategy
  • Islamic Finance
  • Ethics, Society and the Finance Sector
  • Mergers and Acquisitions
  • Energy Markets (Taught in a block format in Dubai)
  • Project Finance & Infrastructure (Taught in a block format in Madrid)
  • Monetary Policy (Taught in a block format in Singapore)
  • Private Equity Investment
  • Technical Analysis and Trading Systems
  • Advanced Options Trading
  • Trading and Hedging in the Forex Market
  • Behavioural Finance

In addition all students will also study a Research Project Management Skills module. This module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete a project.

Requirements

Degree level

A good Bachelors degree is required to enter this course, usually a UK 2.1 or above or the equivalent from an overseas institution. Some level of previous study in finance or quantitative methods is preferred.

Work experience

The programme is designed for working professionals and students are expected to be in full time employment during the course of the programme. A minimum of two years of work experience is necessary in order to contribute fully to discussions in the classroom. Candidates with less than two years should speak directly with an admissions officer before applying. Most students on the course work in a financial role or for a financial services company. While this is not a requirement, a basic understanding of financial services is required. Candidates may be asked to attend an interview as part of the admissions process.

Applicants will need to submit two professional references.

Cass Business School operates on a rolling admissions basis. This means that candidates apply for and are admitted all year round to our programmes. Most of our applications are received early in the academic year. To maximise your chances of receiving a positive response, we strongly suggest you apply as early as possible. We aim to return a decision within 4 -6 weeks of receiving your application.

GMAT

Applicants to the MSc in Finance & Investment are strongly encouraged to take the GMAT test. A good GMAT score will considerably strengthen your application. The GMAT is one of several admission criteria that will be considered. We look for a well balanced score in the range of 600-800. You must have taken the GMAT before submitting your application. Please send us a paper copy of your GMAT test so we can verify this online as we no longer receive paper copies by post. You will need to add the MSc programme at Cass Business School to your list of institutions so we can access your score results online.

English Requirements

Every year we welcome students from around 100 different countries. It is essential that all students have an excellent command of English in order to participate fully in our collaborative learning process. If you are not a native English speaker but have been studying in English at a degree level for the last three years, please submit a copy of your most recent English language test scores/qualification along with your application and a decision will be made by the Admissions Panel. If you have done a 2+2 degree with two years in the UK you WILL be required to provide IELTS or TOEFL scores and possibly to resit the test to meet our academic entry requirements.

Please note that we assess each application on its own merit and you can help us to make decision by providing all relevant documents at the time of application.

We require all Cass MSc students who are not nationals of a majority English-speaking country OR have not successfully completed an academic qualification, at least equivalent to a UK bachelor's degree, which was taught in a majority English-speaking country as defined by the UK Border Agency, to have an overall IELTS score of at least 7.0 (with a minimum of 6.5 in writing). For TOEFL we require, 107 (internet based test) / 263 (computer based test) / 627 (paper based test). Our TOEFL code is 7650.

We do not offer nor accept a pre-sessional English class as an alternative to the listed English tests. Any pre-sessional course should be viewed as an aid to living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

Documents required for decision-making

  • Transcript/interim transcript
  • •Two references, one of which MUST be an academic reference
  • IELTS/TOEFL/GMAT, if reports available
  • Confirmation of professional qualification examinations/exemptions/passes, if applicable

English Language Requirements

IELTS band: 7
CAE score: (read more)

Cambridge English: Advanced (CAE) is part of the Cambridge English suite and is targeted at a high level (IETLS 6.5-8.0). It is an international English language exam set at the right level for academic and professional success. Developed by Cambridge English Language Assessment - part of the University of Cambridge - it helps you stand out from the crowd as a high achiever.

75 (Grade B)
TOEFL paper-based test score : 627
TOEFL iBT® test: 107

IMPORTANT NOTE: Since April 2014 the ETS tests (including TOEFL and TOEIC) are no longer accepted for Tier 4 visa applications to the United Kingdom. The university might still accept these tests to admit you to the university, but if you require a Tier 4 visa to enter the UK and begin your degree programme, these tests will not be sufficient to obtain your Visa.

The IELTS test is most widely accepted by universities and is also accepted for Tier 4 visas to the UK- learn more.

Funding

We appreciate that a Masters degree is a significant investment. Applicants should therefore consider the financial commitment involved, and ensure that their personal finances for the year are fully thought through.

Each year, the Business School makes funds available for scholarships to outstanding students on each of the full time Specialist Masters courses. These include:

  • · Stelios Scholarships
  • · Santander scholarship
  • · The Sareen Foundation Scholarships
  • · September 11th Insurance Trust Scholarship
  • · The Michael M Xylas MSc Scholarship
  • · Pettman Scholarship
  • · Cullum/Towergate Scholarships
  • · The Dean's Scholarship, provided by The Curtain Foundation
  • · Fondazione Pietro Barbaro Scholarship
  • · The Hong Kong Alumni Bursary
  • · Chinese Alumni Bursary
  • · The Escola Nacional de Seguros Scholarship Awards
  • · The Singapore Alumni Bursary
  • · USA Alumni Bursary
  • · Cass Class Gift
  • · Cass Real Estate Club Scholarship
  • · The NMG Consulting Scholarship award
  • · Taiwan Alumni Bursary
  • · Haberman Fund for Actuarial Science

Other funding opportunities

  • Career Development Loans
  • Chevening Scholarship
  • Spencer Educational Foundation Inc. (MSc in Insurance & Risk Management)
  • Entente Cordiale Scholarships (French Students)
  • Schools Competition Act Settlement Trust (Students from specific independent schools)
  • Mansion House Scholarship (Overseas students)
  • Aga Khan Foundation

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Accreditation

Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS).

We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.

CFA programme partner

The CFA the global association of investment professionals, recognises the rigour and the relevance of the MSc in Finance & Investment and has awarded this programme partner status.

The CFA is the essential qualification for those wishing to pursue a career in the finance sector and the CFA recognises the MSc in Finance & Investment as strong preparation for their professional exams.

You also have the option of some additional preparatory classes for the CFA exams.

CISI Centre of Excellence

Cass Business School is one of a select group of UK universities to be designated a Chartered Institute for Securities & Investment (CISI) Centre of Excellence. The CISI designation means that Cass graduates who complete the MSc in Finance & Investment will also be eligible for the award of the CISI Diploma without having to take any of the CISI exams.

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