Investment Management

Investment Management

1. 2017 Entry
2. 2016 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: tbc*
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
Applications: Will open in November 2016

The MSc in Investment Management is founded on three principles: academic rigor, relevant knowledge and an international orientation.

You will acquire a sound knowledge of the theoretical foundations that underpin modern investment and risk management techniques. These principles are applied in practice via case studies and the use of online databases such as Bloomberg and simulators. The practical aspect is delivered with extensive input from City of London institutions. Many leading practitioners teach on the course, providing a vital link between theory and practice.

The MSc in Investment Management is a demanding course. During the course you will cover the traditional syllabus of a general Masters degree in finance and develop extensive expertise in a range of specialised areas such as the management of equity and bond portfolios; trading techniques; asset-liability management; risk management; alternative investments; venture capital and management of foreign exchange.

An advisory panel of senior practitioners ensures that the course remains at the forefront of developments within financial markets and reflects topical and technical developments in the marketplace.

The course is a Chartered Financial Analyst Institute (CFA) Programme Partner and is accredited by the Chartered Institute of Securities & Investment (CISI) and the Chartered Alternative Investment Analysts Association (CAIA). 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

Course characteristics

On a typical intake of around 100 students a year, a minimum of 35 nationalities will normally be represented. The international dimension of the course is further developed through the backgrounds of the resident and visiting academic faculty. The international learning experience adds range and depth to the student experience, while generating worldwide networking opportunities after graduation.

International Opportunities

Students on the MSc in Investment Management and the MSc in Corporate Finance are able to apply for an additional year's study at LUISS or Bocconi University in Italy. Two places are available at each school every year. Students are selected on the basis of their term one results at Cass and a short essay.

International elective modules may also be available in term three.

'Studying in London was great. It gave me a global experience.'
Bryan Ciambella from the USA, MSc in Investment Management

Bryan describes more of his experiences at Cass....

Individual Appointments

If you would like to arrange an individual appointment to discuss this course please email Christine Woolley

*Tuition fees for 2017/18 will be confirmed before applications open in November 2016. Tuition fees for 2016/17 were £25,000

Course content

We review all our courses regularly to keep them up-to-date on issues of both theory and practice.

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

eight core courses (15 credits each)

and

five electives (10 credits each)

or

three electives (10 credits each) and an Applied Research Project (20 credits)

or

one elective (10 credits) and a Business Research Project (40 credits)

Assessment of modules on the MSc in Investment Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.

The MSc in Investment Management course starts with two compulsory induction weeks, including:

• An introduction to Cass Careers with a focus on the key skills and attributes that employers are looking for. The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.
• Database inductions, and introductions to the course, studying at Cass and financial services

Term 1

Four core modules

Equity Analysis

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

This course provides the fundamental and advanced techniques/tools used by practitioners to analyse equity markets, measure corporate performance, estimate equity values and ultimately sharpen students' judgement regarding stock market investment. The lectures are highly participative and use practical case studies in measuring cash-flows, understanding relative valuation approaches, performing residual income analysis as well as exploring equity investment tactics.

Fixed Income

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

The aim of this module is to introduce students to all the tools necessary to enable them to understand the problems involved in managing a fixed income portfolio. The focus of this module is on fixed income security markets, pricing and uses for portfolio management or for hedging interest rate risk. It will also cover term structure analysis and the use of derivative instruments in bond portfolio management.

Portfolio Theory

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

Provides students with an understanding of modern portfolio theory and its implications for the pricing of assets. It gives unified approach to asset pricing, asset management and risk management. Topics covered include: portfolio diversification, optimal portfolio construction, expected utility theory, capital asset pricing model and arbitrage pricing theory with applications.

Quantitative Methods in Investment Management

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

This module provides students with the tools required for modelling financial data ranging from the classical linear regression model to nonlinear volatility modelling. Value at Risk (VaR) analysis will also be introduced as a tool for measurement and management of risks in the financial markets. In-depth analysis and practical implementation of VaR approaches including the RiskMetrics system developed by JP Morgan and alternative simulation based techniques is central to the course. VaR validation and stress testing within the Basel regulatory guidelines will also be discussed. Emphasis is placed on the practical applications of methods, and the teaching involves an examination of some empirical studies designed for equity and fixed income markets.

Research Methods Module

• 10 credits
• 3 x 3 hour lectures over the ten week term
• 52 hours self directed study over the ten week term

This compulsory module, run over terms 1 and 2, 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.

Term 2

Four core modules

Alternative Investments

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

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.

Structured Products

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

The aim of the course is to develop students' understanding of derivatives, particularly forwards, options and swaps in both vanilla and exotic forms. A strong emphasis is placed on the use of derivatives in practical applications including risk management and structured products. The students make extensive use of Bloomberg and gain practical experience of the process of designing structured products.

Advanced Financial Statement Analysis

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

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. This 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.

Portfolio Management

• 15 credits
• 3 hours per week in lectures
• 12 hours per week self directed study

The course 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. It includes practical case studies in portfolio construction and performance and asset allocation. Students gain further practical experience through a portfolio management simulation game and the use of use software packages.

Term 3

A Business Research Project (40 credits) and one elective (10 credits)

OR

An Applied Research Project (20 credits) and three electives (10 credits each)

OR

Five electives (10 credits each)

Electives

You may choose from a wide variety of electives, each worth ten credits.

Electives that were offered in 2016 were:

• Energy Project Investment & Finance
• Corporate Restructuring
• Introduction to Banking
• Private equity in Emerging Markets (Advanced)
• Credit Risk Management
• Trading & Market Microstructure
• Ethics, Society and the Finance Sector
• Mergers and Acquisitions
• Energy Markets
• Financial Statement Analysis and Valuation in Banks
• Advanced Company Valuation
• Foreign Exchange
• Technical Analysis and Trading Systems
• Visual Basics in Finance

International Electives

• Investment Strategy (Taught in a block format in New York)
• Project Finance & Infrastructure (Taught in a block format in Madrid)
• Monetary Policy (Taught in a block format in Singapore)
• Global Real Estate Markets (Taught in a block format in Dubai)

There are no additional tuition fees for international electives, with the exception of the Buenos Aires elective for which students are required to contribute £320 towards translators and in country transportation. Students are responsible for their own travel and accommodation costs for all international electives.

More details of programme specification are available here.

*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. 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:

• Active investment strategies on emerging markets
• Active style management of fund of hedge funds: An empirical performance attribution study of alternative investment strategies in a dynamic portfolio context
• An examination of the accuracy of Company Valuation Techniques
• Credit spread and sovereign risk
• Extreme correlation among equity markets
• Globalisation of world stock markets
• How should the risk premium on equities be modelled?
• Performance characteristics for European buy-outs
• The post-bubble European Private Equity Industry
• Valuing credit default swaps, swaptrons and forwards

Teaching staff

The teaching staff on the MSc in Investment Management 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 Investment Management.

Course Director

Dr. Elena Kalotychou

Other Module Leaders include:

• Prof. Andrew Clare
• Dr. Nick Motson
• Dr. Sotiris Staikouras
• Dr Natasha Todorovic
• Prof. Keith Pilbeam (School of Social Sciences)

Teaching staff on Cass Talks

Some of the lecturing staff on the MSc in Investment Management have taken part in recent editions of Cass Talks.

Dr Nick Motson on the bank lending rate probe.

Dr. Nick Motson on whether hedge fund manager behaviour can be likened to casino gambling.

Prof. Andrew Clare on the importance of understanding international business.

Accreditations

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 Institute, the global association of investment professionals, recognises the rigour and the relevance of the MSc Investment Management 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 Investment Management 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.

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 wil be able to apply for an exemption from the CISI Diploma.

Member of CAIA Academic Partnership Programme

The Chartered Alternative Investment Analysts Association (CAIA) is an independent organisation committed to education in the...