Overview

The MSc in Banking & International is now closed to new applications.

If any places become available in August we may reopen the course for a limited period.

The MSc in Banking and International Finance is designed to equip you for a very wide range of careers in banks, investment banks, securities firms, portfolio managers, finance departments of industrial and service companies, consultants, central banks, auditors, multinational financial organisations, etc.

Such organisations have a continuous demand for postgraduate-level executives. Consequently, this MSc is popular with high-calibre individuals driven by a desire to work in activities such as: traditional lending, securitisation, credit derivatives, bridge financing, asset management, trading foreign exchange and securities, derivatives and structured products, mergers and acquisitions, initial public offerings, securities custody, retail services, etc

Course characteristics

On a typical intake of around 80 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 permanent and visiting academic faculty. The international learning experience adds to range and depth to the student experience, while generating worldwide networking opportunities after graduation. The average age of students on the MSc in Banking and International Finance course is 25.

'I chose to study a Masters degree as I feel this is crucial in distinguishing you from the competition in such a competitive sector as banking. I selected London because it is a great city to live in with a great range of sport, music, art and nightlife. Also, access to job opportunities was a big factor in my decision making.'
Francesca Falconi from Italy
MSc in Banking and International Finance

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email c.a.woolley@city.ac.uk

Course content

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

The Banking and International Finance course starts with two compulsory induction weeks, mainly dedicated to:

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 (30 hours each)

Commercial and Investment Banking

This module aims to provide students with an insight into the major features of the banking business and to provide a framework for the understanding of the different types of banks and banking activities. The first part of this module will examine the changing business characteristics of the commercial banking industry while the second part will focus on the global investment banking industry.

Financial Statements Analysis

The course is tailored to the needs of Banking and International Finance students and is designed to develop a solid 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 is not restricted to the existing U.S. generally accepted accounting principles, but includes a broad discussion of measurement issues and international accounting standards. The topics that are covered include earnings quality, ratio analysis, fundamental analysis, earnings management, equity-based executive compensation (stock grants and stock options).

Finance and Investments

This module will provide students with a clear understanding of the investment principles of modern investment management. Students will be introduced to the variety of approaches used to price financial assets and to assess both individual asset risk, and the risks embodied in an investment portfolio. This background is crucial for understanding how derivatives can help to manage these risks; how hedge funds operate; how we evaluate the performance of all professional fund managers today; and how high level asset allocation decisions are taken and implemented.

Quantitative Methods for Finance

This module will provide a review of the classical linear regression model and a discussion of how economic models can be validly estimated. Both univariate time-series and multivariate structural models will be considered. Via case studies and computer modelling exercises, students then learn how to apply these techniques to real data. Emphasis is placed on practical applications of methods, and the teaching involves an examination of some empirical studies using the models for the equity and fixed income markets.

Term 2

Four core modules (30 hours each)

Corporate Finance

The main purpose of this module is to develop a clear understanding of the fundamentals of corporate finance and company valuation (and their relationship with the theory and practice of corporate investments through the examination of real-life case studies and contemporary examples). Classes will discuss and compare the main valuation techniques and financing methods. Through the use of examples and case studies, these techniques will be linked to the theory of market efficiency, and then asset pricing models will be discussed. Corporate policy issues such as: capital structure, debt policy and corporate restructuring will be discussed.

Fixed Income & Currency Derivatives

Over the past two decades or so, the world economy has changed profoundly: it has become a truly global system, international flows of goods and money have grown explosively, and capital roams freely around the world. It now makes sense to consider the international dimension as an integral part of financial management. This module will provide students with a clear understanding of options and structured products and their role in financial management for companies engaged in international business (with special focus on banks, investment banks and asset managers.)

Risk Management

This module will analyse the most important approaches to financial (market) and credit risk management for banks and financial institutions. Students will analyse the best practice techniques used to measure and manage these risks as well as 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.

International Finance

The purpose of this module is to provide a clear understanding of the main topics of foreign exchange markets and the range of financial decisions that must take FX rates into account. This topic is crucially important in a world where international trade and international investments have experienced a fast rate of growth. Moreover, a number of decisions by banks and financial institutions are taken against the background of exchange rate variations.

Term 3

Five electives (18 hours each)

OR

One elective and a Business Research Project

In addition, all students will study a Research Methods 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

Electives

You may choose from a wide variety of electives. For example:

  • Current issues in financial reporting
  • Managing relations with the capital markets
  • Consulting skills
  • Corporate governance
  • Advanced Financial Analysis
  • Corporate Restructuring
  • Credit Risk
  • Emerging Markets Finance
  • Entrepreneurial Finance
  • Financial Risk Management
  • Fixed Income Securities and Derivatives
  • Forecasting Financial Markets
  • Futures Markets
  • Mergers and Acquisitions
  • Project Finance
  • Raising Equity Capital
  • Security Analysis

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 the global association of investment professionals, recognises the rigour and the relevance of the MSc in Banking & International Finance and has awarded this programme partner status. The CFA is the essential qualification for those wishing to pursue a career in the finance sector and the CFA recognises the MSc in Banking & International Finance as strong preparation for their professional exams. You also have the option of some additional preparatory classes for the CFA exams.

MSc Research Project

The 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:

  • Investment Styles in Hedge Funds
  • Investment Banking - Conflict of interest within departments, Derivatives or Consulting
  • The Future Development of Derivatives in China
  • Liberalisation of exchange rate in emerging markets
  • Comparison of different systems of taxation for derivatives products
  • Government agencies' role in secondary mortgage market
  • The impact of the Continued Linked Settlement in the Banker Sector
  • Developing of advanced Portfolio Approach for the appropriate determination of the exchange rate
  • Asset Prices in Emerging Markets and Future Real economic developments
  • The Smile Effect

Entry requirements

English Requirements

Every year we welcome students from around 100 different nations to study with us here at Cass. It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. We therefore require all students who have not previously studied in English to sit an IELTS or TOEFL exam. If you are not a native English speaker but have studied or are studying in English at degree level, please submit a copy of your most recent English language test along with your application.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.

TOEFL

For TOEFL we require 107 (Internet Based Test)

Our TOEFL code is 7650, department code 02

We do not offer a pre-sessional English class as an alternative to achieving these scores. Any pre-sessional course should be viewed as a way of settling into living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

Other qualifications

A good Bachelors degree is required to enter this course, usually 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.

Cass Business School operates on a rolling admissions basis. This means that candidates apply for and are admitted all year round to our programmes. Most of our applications are received early in the academic year. To maximise your chances of receiving a positive response, we strongly suggest you apply as early as possible. We aim to return a decision within 4 -6 weeks of receiving your application.

Applicants will need to submit two references, one of which MUST be an academic reference. No work experience is required for this programme although if you do have any relevant experience that will enhance your profile please give details of this.

GMAT

Applicants to the MSc in Banking & International Finance are strongly encouraged to take the GMAT test. A good GMAT score will considerably strengthen your application. The GMAT is one of several admission criteria that will be considered. We look for a well balanced score in the range of 600-800. You must have taken the GMAT before submitting your application. Please note that we can temporarily accept the "test taker" copy of your score if your official report is not available yet but you will need to submit your official score should you be accepted. Please arrange for your score to be sent directly to the MSc programme at Cass Business School. GMAT scores are valid for five years. Further information about GMAT, registration, fees and testing sites is available from www.gmac.com

Our GMAT code is 2C2-R0-84

Tuition fees and term dates

Tuition fees 2012/13

£22,500 Currency Converter

Term dates 2012/13

Compulsory Induction Period
17 September 2012 - 28 September 2012

Please note that these dates are provisional and are subject to change. Contact the MSc office before making any travel arrangements.

Term I
1 October 2012 - 7 December 2012
Term I exams
14 January 2013 - 25 January 2013

Term II
28 January 2013 - 5 April 2013
Term II exams
29 April 2013 - 10 May 2013

Term III
13 May 2013 - 28 June 2013
Term III Assessments
25 June 2013 - 12 July 2013

Business Research Project submission deadline
2 September 2013

Official Course End Date
30 September 2013

Career opportunities

There is a continuous demand for capable postgraduate level executives in the world of finance.

Graduates from the MSc in Banking & International Finance move into a diverse range of careers in the financial sector: investment banking, securities sales and trading, foreign exchange, hedge funds, private banking, credit products, financial and credit risk management and consultancy.

MSc in Banking & International Finance Employability

Our Graduate Destination Survey of last year's MSc in Banking & International Finance cohort shows that 79% of graduates are now either in work (72%) or not job seeking as they are in further study, military service etc. (7%)*

Some examples of where graduates from the 2009/10 MSc in Banking & International Finance are working are:

  • HSBC - Financial Control Division - Management Trainee
  • RBS - Global Trade Finance - Assistant Product Manager
  • Barclays Wealth - Private Banking - Analyst
  • BNP Paribas - Global Equity & Commodity Derivatives Operations - Graduate
  • Stardard Chartered Bank - Corporate Finance - Analyst  

*Based on 2011 survey respondents  

'I love being taught by industry experienced professors. I also love the fact that I am surrounded by so many different nationalities at Cass. It challenges you and has expanded my views on the world.

I will begin my career this summer with an internship at Morgan Stanley in their Institutional Sales & Trading Division. The Cass careers team has assisted me since I arrived in London and have been invaluable in helping me secure this opportunity.'
Ian Schneider from The USA
MSc in Banking and International Finance

Cass Careers Service