Corporate Finance

Corporate Finance

1. 2016 Entry
2. 2017 Entry

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

Overview

The MSc in Corporate Finance is now closed to new applications for 2016/17 entry.

Applications for 2017/18 will open in early November 2016

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

This course gives students the opportunity to specialise in corporate finance, one of the most popular sectors of financial services and will give students the knowledge to successfully navigate the rapidly changing global landscape of corporate finance.

Unique features of this course are:

• Core modules in M&A/Private Equity and Risk Management
• Tuition from 'practitioner' professors who apply theory to real world scenarios
• A choice from over 45 finance related electives
• All teaching done at Cass Business School's location in the heart of London's financial district

This exciting new MSc degree course will develop your financial expertise to the highest level.

The course is a Chartered Financial Analyst Institute (CFA) Partner Programme and is also accredited by Chartered Institute of Management Accountants (CIMA). Please see the Accreditations tab for more information on how you can benefit from this partnership.

International Opportunities

Students on the MSc in Corporate Finance and the MSc in Investment Management are able to apply for an additional year's study at LUISS or Bocconi business schools 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.

View our guide to finance MSc courses at Cass

Individual appointments

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

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 programme students must complete:

eight core courses

and

two additional core modules plus three electives

or

one elective and a Business Research Project

Induction Weeks The MSc in Corporate Finance course starts with two compulsory induction weeks, including:

• 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

Four core modules (30 hours each)

Corporate Finance and Valuation

Provides a thorough understanding of the key decisions companies are expected to make. Broadly speaking these are: investment decision, financing decision and dividend decision. These decisions are expected to lead to the maximisation of the wealth of the shareholders, but in practice a number of complications occur. The course provides a thorough understanding of the factors affecting these decisions. In particular, it assesses the different ways of valuing companies, estimating the cost of capital, forecasting cash flows, raising capital through private equity firms, initial and seasoned equity offerings, choosing between debt and equity, paying dividends, taking over other companies and restructuring assets and liabilities. The course also deals with the interaction between corporate and capital markets and the agency conflicts between managers and shareholders.

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. The second part highlights the key differences in international accounting practices and examines the links between accounting information and stock price behaviour.

Statistics in Finance

Provides detailed coverage of statistical theory and its applications in finance practice. Topics covered include: multivariate regression, volatility tests, ARCH and time-series models, and co-integration. Makes extensive use of e-views software for application of these techniques.

Theory of Finance

This module will make it possible for participants to acquire an understanding of the principal objectives of asset management and the linkages between financial risk and portfolio return. Students will develop an understanding of the structure and functioning of capital markets, an appreciation of the valuation methods for securities and to introduce the principles of portfolio theory.

Term 2

Four core modules (30 hours each)

Topics in Mergers & Acquisitions

This module will provide practical examples and further theory and research on corporate change events (specifically mergers, acquisitions and divestments) including stress (distressed) situations and for both strategic and financial sponsor deals, with an emphasis on the former as a private equity elective will be available in the third term.

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.

Corporate Risk Management

The module will make it possible for participants to acquire an understanding of the principal objectives and constraints of corporate risk management. The aim of this module is to provide students with an understanding of the multinational corporation, the global risk management markets and the use of derivatives and other hedges to mitigate risk exposures.

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. 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.

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.

Term 3

A Business Research Project and one elective

OR

Two modules:

• The Economics of Corporate Governance
• Raising Equity Capital

And three electives*

Electives

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

• Hedge Funds
• Investment Banking in Corporate Finance
• Behavioural Finance
• Fixed Income Securities & Derivatives
• Corporate Restructuring
• Introduction to Banking
• Project Finance
• Raising Equity Capital
• An Introduction to Islamic Banking, Finance & Investment
• Credit Risk Management
• Trading & Market Microstructure
• The Economics of Corporate Governance
• Ethics, Society and the Finance Sector
• Foreign Exchange
• Private Equity Investment
• Technical Analysis and Trading Systems
• Visual Basics in finance

International Electives

• Investment Strategy (Taught in a block format in New York)
• Start Ups: International Field Trip (Taught in Buenos Aires)
• Project Finance & Infrastructure Investment (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)

* If you are a Tier 4 student visa holder and wish to follow the two modules and three 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.

Some recent projects:

• Board of Directors & Firm Value Market Reaction to the Appointment of Executive & Non-executive directorsComparison of Implied & Historical Volatilities in the Currency Markets
• Corporate Finance Distress & Debt Restructuring: An examination of high yield bond issuers
• Did The 1990's US Banking Consolidations Create Value?
• Exploring the Interaction Between Earning Quality & Accounting Standards
• Performance Measurement - The role of EVA
• Private Equity Valuation Model
• What are the determinants of returns in emerging markets
• Why do firms buy back their shares? An Analysis of Share Repurchase Announcements by UK firms

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.

CIMA

Students successfully completing the MSc in Corporate 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

ACCA

Students successfully completing the MSc in Corporate Finance will be awarded exemptions from the following modules:

• F1: Accountant in Business
• F2: Management Accounting
• F3: Financial Accounting

CFA programme partner

The CFA Institute, the global association of investment professionals, recognises the rigour and the relevance of the MSc in Corporate 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 Programme is the essential qualification for those wishing to pursue a career in the finance sector and the CFA Institute recognises the MSc in Corporate 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.

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.

The entry requirements for the MSc Corporate 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.

Read more

References

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

Read more

English 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.

Read more

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.

Read more

GMAT

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

Read more

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): Commences 12 September 2016

Compulsory Induction: 12 - 23 September 2016

Term I
26 September 2016 - 2 December 2016
Term I exams
9 January 2017 - 20 January 2017

Term II
23 January 2017 - 31st March 2017
Term II exams
24 April 2017 - 5 May 2017

Term III
8 May 2017 - 23 June 2017
Term III exams
26 June 2017 - 7 July 2017

Submission deadline for Business Research Project
1 September 2017

Official Course End Date
30...