MSc in Shipping, Trade & Finance and Energy, Trade & Finance

MSc in Shipping, Trade & Finance and Energy, Trade & 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 City of London is the centre of the global finance, maritime, insurance and commodity trading industries.

So, Cass is perfectly placed to help you maximise the many opportunities in these areas. And each of this Masters degree will give you the skills necessary to operate at the decision-making levels of activities such as shipping, transport, logistics, supply chain management and related sectors and industries.

A global centre

The course is offered through the Costas Grammenos Centre for Shipping, Trade and Finance.

The MSc courses offered by the Centre reflect the Cass philosophy: advanced, technically challenging programmes that incorporate applied, real-world scenarios.

Students make presentations to lecturers, visitors from the City and other members of the class. This provides you with invaluable practice in using, applying and expressing complex subject matter clearly and concisely to a business audience.

Group work, on the preparation of case studies and a business plan, consolidates the acquired knowledge and also builds the 'soft' skills essential to any future career. From a total of over 1,200 graduates to date, all have taken their place in the international business community.

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: Stuart.Wallace@city.ac.uk

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Course content

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

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

• ten core courses

and

• five electives

or

• one elective and a Business Research Project

These Masters courses all start with two compulsory induction weeks, focused mainly on:

• An introduction to the Cass Careers offering with a focus on 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.
• a refresher course of basic financial mathematics, statistics, computing and electronic databases.

Term 1

Five core modules (30 hours each)

International Economics

Explores the economic relationships between nations; international trade relations and benefits; the effects of barriers to trade and income distribution; trade policy; and international monetary relations. The significance of external influences on fiscal and monetary policy, the balance of payments and the theory and evidence of exchange rate determination all form part of this module, which also looks at the response of the exchange rate to monetary and other shocks, and examines the case for fixed exchange rates.

Managerial Accounting

Introduces the principles of accounting and finance in business and the main techniques in management accounting, planning and control. Covers the interpretation and use of annual reports and accounts, financial and ratio analysis, and their use for managerial decision-making, and budgetary control systems.

Principles of Finance

As a first course in finance, addresses the key issues involved in valuing assets and liabilities on the basis of their future earning power. Students are introduced to the problems involved in specifying risky future earnings and the appropriate rate at which to capitalise them. Payoff asymmetry is examined, and options are valued with the help of both the binomial and Black-Scholes models.

Quantitative Methods

Following the induction course, it covers descriptive and inferential statistics, as well as regression analysis techniques. Develops skills that are essential for other modules and the dissertation and is designed to ensure relevance to everyday business problems.

Shipping Economics*

Focuses on the operational environment of the bulk-shipping sector. Subsequently discusses extensively the microeconomic structure of the four main markets (freight, second-hand, shipbuilding and demolition) in dry bulk and tanker shipping, together with the operational characteristics, international regulations and policies which affect these highly competitive, volatile, but nevertheless exciting industries. Continues with an introduction to liner and container shipping economics and concludes with a discussion of the principles of modern supply chain logistics, of which bulk shipping forms an integral part.

*Sponsored by Thanassis and Marina Martinos

Term 2

Five core modules (30 hours each)

Advanced Quantitative Methods

Builds on the knowledge acquired in Quantitative Methods in Part one and focuses on skills required for advanced analysis in areas such as risk management and forecasting.

Corporate Finance

Builds on the subject matter learned in Principles of Finance in Part one and focuses on the decisions undertaken by the modern industrial corporation, with respect to such areas as expansion, restructuring, capital formation and acquisitions. Applying theoretical concepts to case studies, the student will extend his or her ability to formalise, structure and analyse capital expenditures and investments, including how they are financed and how the risks thereby arising are managed. Topics include mergers and acquisitions; restructuring; investment banking; cost of capital; and the use of futures and options to manage risk.

Financial Markets

Covers the global economic and financial environment within which business corporations operate. Globalisation and integration of markets for debt, equity and risk management have created new opportunities in the capital formation process, but pose great difficulties in navigating successfully. Where should capital be raised? How does one manage the risks from certain currencies and certain sovereign regions? In the context of the globalisation of capital markets, considers the structure, functions and performance of financial markets on an international basis and how they facilitate real economic activity; and the role of institutions operating as global intermediaries within these same markets.

International Commodity Trade

Discusses the theory and practice behind the development of modern patterns of trade, focusing on the world's major bulk commodities, such as grains, petroleum, and ferrous and non-ferrous ores. Considers in depth the distinctive microeconomic characteristics of key commodities, such as storability, perishability and seasonalities; pricing mechanisms and methods of adjustment; the role of key producers and key markets in shaping market conditions.

Shipping Investment and Finance*

The skills developed in both Principles of Finance and Corporate Finance are applied to the shipping industry while introducing several new and important concepts to develop the ability and the analytical tools to make rational shipping investment and finance decisions. Making extensive use of case studies, areas covered include the fundamental principles of shipping investment and finance; vessel investment and disposal markets; investment feasibility studies; bank credit policy, bank credit analysis and proposals; other sources of shipping finance such as shipyards and capital markets; and risk management in shipping.

*Module sponsored by the American Bureau of Shipping (ABS)

Term 3

Five electives (18 hours each)*

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. Electives that were offered in 2015 were:

• Hedge Funds
• Commodity Derivatives & Trading
• Chartering
• Energy Law
• Energy Project Investment & Finance
• Financial Derivatives
• Marine Insurance
• Shipping Law
• Shipping Risk Management
• Shipping Strategy
• Trade Finance
• Corporate Restructuring
• Project Finance
• An Introduction to Islamic Banking, Finance & Insurance
• Ethics, Society and the Finance Sector
• Mergers and Acquisitions
• Energy and Weather Derivatives
• Air Transport
• Retail Supply Chain Management
• Technical Analysis and Trading Systems
• Advanced Options Trading

International Electives

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

Research Methods module

This compulsory 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.

* 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 2015. 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 do a project with a company 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. Student research projects are processed and managed jointly by the MSc Course Office team and the student's Course Director.

Some recent projects:

• The role of human error in tanker accidents
• US-EU air routes and the 'open skies' effect
• Analysis of financial vehicles for the fleet expansion of a small shipping company
• The EU emissions trading scheme in context with the Kyoto Mechanisms and the price determinants of EU allowances
• Supply Chain in the Fashion industry: A case study of ABC Analysis in Lussile S.A.
• Russia, the West, and Energy geopolitics in the CIS: A new tournament in Shadows
• Corporate social responsibility: ways of evaluating carbon footprint
• The changing environment of the vehicle fuel market: a tentative look at the future of gasoline
• The All-Cargo Airlines Consolidation in China and Its Impacts on Airline Competition
• The Impact of a Suez Canal Closure on the UK Supply Chain
• Investigation into the shortage of officers on merchant ships
• Does investing in hedge funds ensure better risk & return
• Risks and challenges in global sourcing and outsourcing: a practical approach to meet demand
• Recent massive IPO's in Greek Shipping: A theoretical and empirical analysis
• Operational expansion of Thessalonica's container terminal and procurement
• The issues of clean development mechanism in developing countries: a case study on Nigeria
• The Effects of the Suez Canal Expansion
• The Kingstone container terminal: will it become a mega-hub?
• Transhipment challenges in the Mediterranean region

Teaching staff

The teaching staff on these MSc programmes have many years of practical experience working in industry and are also active researchers in their fields

This knowledge and experience inform the highly interactive lectures that make up these MSc programmes.

Course Director

Prof. Nikos Nomikos

Other Module Leaders include:

• Prof. Costas Grammenos
• Prof. Michael Tamvakis
• Dr Nikos C. Papapostolou
• Dr Panos Pouliasis
• Dr Amir Alizadeh
• Prof. Lilian de Menezes

Teaching staff on Cass Talks

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

Prof. Michael Tamvakis discusses the Greek crisis and the return of carbon trading

Prof. Michael Tamvakis discusses the soaring increase in oil and its likely impact on the global economic recovery.

Accreditations

The MSc in Shipping, Trade and Finance is validated by the Institute of Chartered Shipbrokers (ICS) consequently, students successful in the courses of:

• International Commodity Trade
• Shipping Economics and Policies
• Shipping Law
• Shipping Investment and Finance

will be granted exemption from three of the following examinations of the Institute:

• Economics of Sea Transport and International Trade
• Introduction to Shipping
• Legal Principles in Shipping Business
• Shipping Finance

Students must choose three out of the four subjects above that they wish to be exempt from as the ICS require potential members to a minimum of four, out of the total of seven, of their professional exams in order to become a member. Students are also only able to choose one of the modules Legal Principles in Shipping Business or Shipping Law for exemption.

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 result, if report 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.

The entry requirements for MSc Shipping, Trade and Finance are as follows:

Degree Level

• 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

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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.

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...