Description

Contents

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.

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 between one and three electives. If all three are completed in year one students can finish the taught part of the course within 18 months.

Electives offered in 2011 are:

• Behavioural Finance
• Corporate Governance
• Corporate Restructuring
• Credit Risk Management
• Exotic Options
• Fixed Income Securities and Derivatives
• Hedge Funds
• Islamic Finance
• Mergers and Acquisitions
• Private Equity Investment
• Project Finance
• Raising Equity Capital
• Real Estate Securitisation
• Technical Analysis and Trading Systems
• Trading and Hedging in the Forex Market

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)

Select two of three

Derivative Applications

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.

Foreign exchange

The increase in the pace of portfolio internationalisation over the past few years means that it is now essential that fund managers understand the foreign exchange markets. Furthermore, foreign exchange is being seen more and more by investors as a separate asset class. This module will demonstrate how foreign exchange risk can be either hedged, or managed effectively so that portfolio returns can be enhanced.

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

Up to three electives, depending on how many were completed in year one, and a Business Research Project

Electives offered in 2011 are:

• Behavioural Finance
• Corporate Governance
• Corporate Restructuring
• Credit Risk Management
• Exotic Options
• Fixed Income Securities and Derivatives
• Hedge Funds
• Islamic Finance
• Mergers and Acquisitions
• Private Equity Investment
• Project Finance
• Raising Equity Capital
• Real Estate Securitisation
• Technical Analysis and Trading Systems
• Trading and Hedging in the Forex Market

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

Every year we welcome students from around 100 different nations to study with us here at Cass. It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. We therefore require all students who have not previously studied in English to sit an IELTS or TOEFL exam. If you are not a native English speaker but have studied or are studying in English at degree level, please submit a copy of your most recent English language test along with your application.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.

TOEFL

For TOEFL we require 107 (Internet Based Test)
Our TOEFL code is 7650, department code 02
We do not offer a pre-sessional English class as an alternative to achieving these scores. Any pre-sessional course should be viewed as a way of settling into living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

English Language Requirements

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
• The Iain Allan Scholarship

Applications for scholarships are considered on a competitive basis. All applications must be received by 7 May 2012, we endeavour to make decisions regarding scholarships as early as possible but some decisions may be held over to July or August each year.

What to do next

To qualify for a scholarship you must have a first class degree or equivalent, be in need of financial assistance, and be in receipt of an offer of a place on a full time Masters course at Cass.

We do not accept scholarship applications from students who have not yet been made an offer of a place at Cass.

Cass Business School Bursaries

Every year dozens of students on our Programme are awarded this bursary in recognition of their previous excellent academic achievements.

This award is open to all applicants on full-time courses on the MSc Programme.

There is no need to apply for the bursary as it is awarded by the Admissions Panel and the candidates are shortlisted from the overall pool of successful applicants. The decisions are made on a merit basis and are usually published in August. If you are awarded this bursary, you will be notified in writing by your Admissions Officer.

The awards usually do not exceed 20% of the tuition fees and take the form of a discount deducted from the second instalment of the tuition fees in January.

Please be informed that it is School policy that only one scholarship/bursary award can be offered to each applicant. Should you be awarded any other scholarship or be funded by an outside source (with the exception of the Chevening Scholarship) you would have to make a choice of which award you would like to accept.

City University alumni discount

Separate to these scholarship schemes all Bachelors graduates of City University holding a 1st class honours degree are entitled to a 10% discount on the fees of a Cass MSc.

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)