International Accounting and Finance

International Accounting and Finance

1. 2016 Entry
2. 2017 Entry

• Overview
• Course content
• Teaching staff
• Accreditations
• Entry requirements
• Tuition fees and term dates
• Career opportunities

Overview

Intake: September only
Duration: 12 months full-time
Fees: £25,000 (full-time)
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
Applications: Now open

The Cass in MSc International Accounting & Finance offers an expertly structured course, giving you the real world accounting and finance expertise that leads to a wide range of rewarding international roles. And because Cass is located close to the City of London, you will be perfectly placed to exploit the opportunities created by the degree.

This is a highly practical course. You will need a high level of quantitative skills in order to examine accounting and finance from the perspective of those who use financial reports to evaluate company and managerial performance. You will also gain an essential understanding of the principles underlying current thinking in accounting and finance.

The course is a Chartered Financial Analyst Institute (CFA) Partner Programme. There are exemptions from some exams of the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA). Please see the Accreditations tab for more information on how you can benefit from these partnerships.

View our guide to finance MSc courses at Cass

'The MSc in International Accounting & Finance helped me to achieve my career objectives because I learnt to adapt myself to different situations quickly, and in my field it is important as you are moving from one client to another every two to three weeks. In addition, my Masters degree helped me to sharpen my critical and problem solving skills which are essential in the environment I am working in.'
David Khau, from France, MSc in International Accounting & Finance

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email John Morrissey

Apply now >

Course content

We regularly review all our courses 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.

To satisfy the requirements of the degree programme students must complete:

• eight core courses

and

• five electives

or

• one elective and a Business Research Project

The MSc in International Accounting & Finance course starts with two compulsory induction weeks, focused on:

• an introduction to careers in finance and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
• a refresher course of basic financial mathematics, statistics, computing and electronic databases.

Term 1

Four core modules

Applied Empirical Accounting

This course consists of two parts. The first is dedicated to essential concepts in statistics and econometrics. The second part presents students with seminal papers in accounting and finance that will be discussed in class. This will also provide a starting point for future dissertations. This course ensures that students:

• understand basic concepts in statistics and econometrics
• understand research papers in accounting and finance discussed in the course from a conceptual standpoint
• understand statistical distributions and hypothesis testing

Finance 1: Corporate Finance and Valuation

Provides a thorough understanding of the key factors affecting the valuation of a company; the financing of new ventures through initial and seasoned equity offerings; the choice between various forms of short- and long-term financing; and the interaction between corporates and capital markets. Makes extensive use of real case studies to illustrate theory and compare with relevant academic research.

Financial Reporting

Provides an understanding of the nature of, and assumptions implicit in, the preparation of financial statements and their interpretation. More specifically, enables students to appreciate the methods, rules and assumptions underlying the preparation of published financial statements and to appraise the role of financial accounting data in the measurement of management performance through time and across companies. Based on International GAAP.

Strategic Cost Management

Provides an understanding how accounting is used to support decision-making, planning, control and performance measurement within organisations. After covering key management accounting tools such as costing and budgeting, students will progress to study management control within divisionalised companies as well as developing practices such as activity-based costing and strategic management accounting.

In addition all students will study the Research Methods for Finance Professionals module

Term 2

Four core modules

Accounting Information and Capital Markets

The aim of this course is to develop an understanding of the use of financial statements in valuing securities in international markets. The course provides tools for financial analysts, corporate managers and investment bankers to assess the fundamental value of traded securities in different markets. The course puts significant emphasis on the interactions between global capital markets and the value of the underlying real assets.

International Financial Management

This course provides the student with an integrated view of international financial markets and the management of multinational firms. Students will study the markets for foreign exchange, currency forwards, options, swaps and international equities, studying how they operate and how the instruments traded in these markets are valued.

Finance 2: Advanced Corporate Finance

The market value of a firm depends on the effective utilisation of current and future assets, the funding of such assets and its interaction with capital markets. This module provides an in depth analysis of the theory and international practice of capital structure and dividend policies, mergers and acquisitions and short-term financing issues. The aim of this module is to develop an understanding of modern corporate finance so that the corporate manager, the treasurer, the investment banker, the financial analyst and the accountant will have the conceptual foundations for making intelligent assessments of key financial decisions. The course puts significant emphasis on the interactions between international capital markets and the value of the underlying real assets.

Financial Statement Analysis

Accounting is the lingua franca of the financial world and impacts all aspects of the financial services industry, including corporate finance, asset management and investment banking. The Financial Statement Analysis module will provide a secure grounding in the potential value-relevance of accounting, and in the role of accounting for financial analysis and valuation. The aim of this module is to provide students with an understanding of the characteristics and limitations of accounting data and the role of accounting in the broader financial environment.

Term 3

Five electives*

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. Electives that were offered in 2014 were:

• Banking Strategy
• Investment Banking in Corporate Finance
• Energy Project Investment & Finance
• Corporate Restructuring
• Introduction to Banking
• Ethics, Society and the Finance Sector
• Mergers and Acquisitions
• Corporate Governance

International Electives

• Project Finance & Infrastructure Investment (Taught in a block format in Madrid)
• Procurement (Taught in a block format in Mannheim)

The Institute of Chartered Accountants 'International Financial Reporting Standards (IFRS) Certificate'

Students have the option of studying this specialist module (worth the equivalent of three electives) which provides a unique addition to the MSc in International Accounting and Finance. During the half day sessions students will be given the opportunity to learn about international trade standards and financial regulation. They will also develop a sound understanding of financial information produced under the IFRS. On successful completion of this programme, students will be awarded the ICAEW certificate in IFRS.

*If you are a Tier 4 student visa holder and wish to follow the five electives route in the third term your formal course end-date will be moved forward to 31 July 2017. City University has a legal obligation to report the change in your circumstances to UKVI (UK Visas and Immigration). Consequently, your Tier 4 student visa will be curtailed (shortened) to 60 days after the new course end date (to the end of September). The University cannot continue to sponsor your Tier 4 visa after the completion of the electives as continued engagement with the course is no longer required.

If you choose to undertake the Business Research Project as part of your Masters course then your visa will run for the full the length of programme.

If you want any advice about the implications of taking the elective modules on your Tier 4 visa, please contact the University's International Student Advice team.

MSc Research Project

Students have the option of studying five specialised electives in term three to give them a breadth of subject matter. Alternatively if students would like to study one particular area of interest in depth they have the option of taking one elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.

The Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The Project should be based on independent research either in the context of a single organisation or using third-party sources.

Students are encouraged from the start of the course to think about a topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.

Many students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment post programme, whilst earning course credit. Cass Careers Service works to coordinate projects with organisations and students.

Some recent projects:

• Deciphering the behaviour of private equity funds
• Cost of equity capital and accounting based earnings attributes - observations of UK evidence
• A Review of Underpricing and Short-Run IPO Performance in 2005: Evidence from the London Stock Exchange and Hong Kong Stock Exchange
• M&A and Post-M&A Performance in UK Food Industry: Three Case Studies
• Enron: A lesson in Corporate Governance
• Announcement Effects of Corporate Debt Offerings, the Impact of Credit Rating and Issuer Fundamentals
• The developments in corporate governance & its relation to the independence of the external audit profession
• An Analysis of the Dynamics in the return and volatility of the European Equity & bond market
• European Spin-Offs: The Evidence
• Capital Structure Theory and Practice in China
• The effect of R & D expense on capital markets in the pharmaceutical industry - A comprehensive study of India and The UK
• Evidence of the UK stock market's reaction to dividend announcements
• How do financial regulations affect financial crime in different countries

Teaching staff

The teaching staff on the MSc in International Accounting & Finance have many years of practical experience working in the financial services sector and are also active researchers in their fields

This knowledge and experience inform the highly interactive lectures that make up the MSc in International Accounting & Finance.

Course Director

Dr Arthur Kraft

Other Module Leaders include:

• Dr Anh Tranh
• Andrew Yim
• Dr Pawel Bilinski
• Prof Richard Payne
• Dr Ivana Raonic
• Dr Aneel Keswani
• Dr Giacinta Cestone

Accreditations

CFA programme partner

The CFA Institute, the global association of investment professionals, recognises the rigour and the relevance of the MSc International Accounting and Finance and has awarded this course partner status. CFA Programme Partner status is awarded to a select number of universities around the world whose degree courses incorporate at least 70% of the CFA Program Candidate Body of Knowledge. The CFA Program is the essential qualification for those wishing to pursue a career in the finance sector and the CFA Institute recognises the MSc in International Accounting and Finance as strong preparation for their professional exams.

Cass students on CFA partner courses have the option of taking some additional preparatory classes for the CFA exams. They also have access to CFA study materials (including an online Level 1 sample exam) and complimentary access to Financial Newsbrief, a daily investment brief by the CFA. In addition, there is the opportunity to take part in the CFA Global Investment Research Challenge.

Each year 5 CFA scholarships are available to Cass students, offering financial assistance with the CFA exam registration fees.

CIMA

Students successfully completing the MSc in International Accounting & Finance will be awarded exemptions from the following modules:

• C02: Fundamentals of Financial Accounting
• C03: Fundamentals of Business Mathematics
• F2: Advanced Financial Reporting
• F3: Financial Strategy

MSc in International Accountign & Finance graduates are also eligible for the CIMA Master's Gateway Route

ACCA

Students successfully completing the MSc in International Accounting & Finance will be awarded exemptions from the following modules:

• F1: Accountant in Business
• F2: Management Accounting
• F3: Financial Accounting
• F4: Corporate & Business Law

Entry requirements

Documents required for decision-making

• Transcript/interim transcript
• Current module list if still studying
• CV
• Personal statement (500-600 words)

Documents which may follow at a later date

• IELTS/GMAT, if reports available
• Confirmation of professional qualification examinations/exemptions/passes, if applicable
• Two references
• Work experience is not a requirement of this course
• For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be sent by post to Specialist Masters Programme Office, 106 Bunhill Row, London, EC1Y 8TZ, UK

We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.

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The entry requirements for the MSc International Accounting & Finance are as follows:

Degree Level

• A UK 2.1 or above, or the equivalent from an overseas institution.
• Some level of previous study or evidence of skills in finance or quantitative methods is essential.

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References

Applicants will need to submit two references, one of which MUST be an academic reference.

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English Requirements

• If you have been studying in the UK for the last three years it is unlikely that you will have to take the test
• If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.

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Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.

CFA Claritas Investment Certificate

• Covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.
• Highly recommended, particularly for students from a non finance background.

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GMAT

• Highly recommended
• A well-balanced score in the range of 600-800 will significantly strengthen your application

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Work Experience

Work experience is not a requirement, but please provide details of relevant experience that might enhance your profile. This information will be included in your CV which is required with all applications.

Tuition fees and term dates

Tuition fees 2016/7

Application fee: Nil

Tuition fees: £25,000 Currency Converter

Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)

First instalment: Half fees less deposit (to be paid at registration)
Second instalment: Half fees (paid in January following start of programme)

Term dates 2016/7

In-Person Registration (all students must attend):...