Finance and Investment

Finance and Investment

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: 18-24 months part-time
Fees: £25,000 (payable over two years)
Financial support: One scholarship worth £2,000 is available to a female applicant for 2016 intake. Please contact Kate Hodson for further details
Application deadline: None - rolling admissions for a September start
Next Information Session: Online: 1st June at 14.30
Applications: Now open

This part-time MSc course in Finance and Investment is highly relevant to professionals already working in the financial services sector. In particular, it will be highly attractive to those looking to either extend the scope of their current responsibilities or to make a career change into an area such as portfolio management, security analysis, risk management, M & A, or financial consultancy.

Please note this postgraduate programme is designed for candidates working full-time in the UK and we will be unable to sponsor overseas students for a student visa for this course.

The innovative structure allows students to tailor the core courses as well as the electives to their individual interests.

Students are offered the opportunity to take extra electives in the first year and complete the taught part of the degree in a shorter period. Please speak to the Admissions Officer for details.

Leading MSc Finance and Investment part-time programme

The structure of the part-time Finance & Investment programme is specifically designed to fit around the busy working lives of professionals working in the finance sector. It meets on Tuesday and Thursday evenings and offers a teaching and learning environment that fully complements the demands of working life*.

The MSc course is a Chartered Financial Analyst Institute (CFA) Partner Programme and is accredited by the Chartered Institute of Securities & Investment (CISI). Please see the Accreditations tab for more information on how you can benefit from these partnerships.

*Students should note that some elective modules or additional tutorial workshops may take place outside of these times.

'The School is very career orientated. This comes through from the lecturers that teach here as well as the Careers Service'
Graham Taylor, MSc in Finance & Investment

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

Information Sessions

• Online: 1st June at 14.30 (BST)

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email Kate Hodson

Apply now >

Course content

We review all our Masters courses regularly 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.

Induction to The Finance & Investment postgraduate course starts with an induction programme, mainly dedicated to a refresher course of basic financial mathematics, statistics, computing and electronic databases.

International elective

All MSc in Finance & Investment students are given the opportunity to attend an international elective in the third term of year one and year two. In May 2013 and 2014 students took part in a Monetary Policy elective delivered in Singapore in partnership with Singapore Management University (SMU).

This elective is an important networking opportunity given Singapore's huge financial importance. There's a possibility that we could be making money in this region or even working here which is why it's good to get to meet new contacts and exchange information and ideas.
Dominic Loureda, MSc in Finance and Investment

Year 1 - Term 1

Two core modules

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

Securities (compulsory)

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 two electives, over the two years of study, and a Business Research Project or five electives and no project.

Electives that were offered in 2015 were:

• Behavioural Finance
• An introduction to Islamic Banking, Finance and Insurance
• Credit Risk Management
• Trading and Market Microstructure
• Ethics, Society and the Finance Sector
• Mergers and Acquisitions
• Energy Markets
• Risk Strategy & Decision Making
• Foreign Exchange
• Pension Finance
• Technical Analysis and Trading Systems
• Advanced Options Trading
• Trading and Hedging in the Forex Market
• Matlab

International Electives

• 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)

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.

Year 2 - Term 1

Two core modules

Financial risk management

The purpose of this module is to analyse the most important approaches to financial (market) and credit risk management for banks and financial institutions. This module analyses 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.

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

Year 2 - Term 2

Two core modules

Structured products

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.

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

Students choose two electives, over the two years of study, and a Business Research Project or five electives and no project.

Electives that were offered in 2015 were:

• Behavioural Finance
• An introduction to Islamic Banking, Finance and Insurance
• Credit Risk Management
• Trading and Market Microstructure
• Ethics, Society and the Finance Sector
• Mergers and Acquisitions
• Energy Markets
• Risk Strategy & Decision Making
• Foreign Exchange
• Pension Finance
• Technical Analysis and Trading Systems
• Advanced Options Trading
• Trading and Hedging in the Forex Market
• Matlab

International Electives

• 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)

MSc Research Project

The project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' 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. The majority of students on part time programmes complete a project in conjunction with their employer. A member of academic staff with expertise in the particular area the student wishes to research will be allocated to supervise the project. This is an excellent opportunity for students' employers to gain immediate benefit from their employee's studies.

Some recent projects:

• Aftermarket performance of BRIC IPOs
• Calibration of Jump Models
• An analysis into the effect of Age of Hedge Funds and their risk and return characteristics
• Behavioural Finance behind the Rationale of M&A transactions
• Using higher order moments in asset pricing models
• Do long/short term Hedge Fund Strategies outperform traditional long only strategies over time.
• Modelling tactical asset allocation decisions using a game based approach
• Arbitrage opportunities and intra-day trading models in the selected CEE economies
• Islamic finance and conventional corporate capital structure
• The relationship between dividend announcement and share price during the time of the recent financial crisis
• Analysis of Publicly Traded Private Equity
• How do firms react around the ex-split date - trend analysis in an emerging market
• Value investing in emerging markets
• Lead-lag relationships between asset classes
• Interest rate risk and the equity exposure of bank institutions
• An empirical investigation of the asset pricing theory: US stock market
• Identifying overvalued and undervalued securities using fundamental analysis
• Private Equity - backed delistings - The evidence from the UK AIM market
• Do multi-manager and fund-of-fund managers provide value for money for UK retail investors?
• An empirical study of the APT and the UK stock market
• Debenhams: A public to private buy-out study and its refloating 2003 -2006
• Skill or luck or high risk in hedge fund management
• Lag-lead relationship between spot and future markets
• Proposed changes to refulation of the UK banking industry
• Simulation of Tactical Asset Allocation for Equity Portfolios
• The reasons behind a number of AIM companies delisting from the market

Teaching staff

The teaching staff on the MSc in Finance & Investment part-time course 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 Finance & Investment.

Course Director

Dr Nick Motson

Other Module Leaders include:

• Prof. Keith Cuthbertson
• Prof. Richard Payne
• Dr. Elena Kalotychou
• Dr. Sotiris Staikouras
• Dr. Dirk Nitzsche

Teaching staff on Cass Talks

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

Prof. Richard Payne discusses whether the computer-based trading industry should be regulated.

Prof. Richard Payne says short-sellers are not the villains some regulators make out

Dr. Dirk Nitzsche discusses the mutual fund industry and explains that success is often merely a matter of luck

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 Finance and Investment part-time programme 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 Finance and Investment 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
• CV
• Personal statement (500-600 words)
• Evidence of employment in the UK

Documents which may follow at a later date

• IELTS/GMAT, if reports available
• Confirmation of professional qualification examinations/exemptions/passes, if applicable
• Two professional references
• 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

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The entry requirements for the MSc Finance & Investment 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 professional references.

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English Requirements

• If you have been working in the UK for at least three years it is unlikely that you will have to take the test
• Please contact the Admissions Officer for details.

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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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

The programme is designed for working professionals and students are expected to be in full time employment in the UK during the course of the programme. Most students on the course work in a financial role or for a...